TCREUR_Public/070613.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 13, 2007, Vol. 8, No. 116

                            Headlines


A U S T R I A

CRISTOLOVEANU KEG: Claims Registration Period Ends July 4
CURASAN KURHOTEL: Claims Registration Period Ends July 2
DIPL.ING. HELMUTH: Vienna Court Orders Business Shutdown
ENT LLC: Claims Registration Period Ends July 3
FESTIVAL KREUZFAHRTEN: Court Approves Additional Distribution

INNGAST GASTRONOMIE: Claims Registration Period Ends July 6
LIFE MEDICAL: Claims Registration Period Ends July 24
NIGHT-IN LLC: Claims Registration Period Ends July 13


B E L G I U M

GENERAL MOTORS: Joins Chrysler & Ford in Healthcare Fund


F R A N C E

EUTELSAT COMMUNICATIONS: Confirms Offer for Satelites Mexicanos
RHODIA SA: Asks AMF to Probe Rumors Over Share Price Movements
SPECIALIZED TECHNOLOGY: Moody's Junks Proposed US$75 Mln Loan


G E R M A N Y

ALLTRANS GMBH: Claims Registration Period Ends July 23
ATC GMBH: Claims Registration Period Ends July 5
AV ORGANISATION: Claims Registration Period Ends July 20
BWE GMBH: Claims Registration Period Ends July 10
CHIQUITA BRANDS: Raises CEO Salary to US$900,000 Annually

DAIMLERCHRYSLER AG: Chrysler Workers Seeking Buyouts Exceed Plan
DAIMLERCHRYSLER: Joins GM & Ford in Healthcare Fund, Sources Say
EDDIE BAUER: ISS Urges Shareholders to OK Directors' Election
EMWS-BAU GMBH: Claims Registration Period Ends June 28
ENJOY ON WHEEL: Claims Registration Period Ends July 23

HILITE INT'L: S&P Rates Proposed US$190 Million Loans at Low-B
HS BAUEN: Claims Registration Period Ends Aug. 15
PHOTRONICS INC: Earns US$14.1 Mln for the Quarter Ended April 29
PHOTRONICS INC: Moody's Cuts US$150 Million Debt Rating to B3
PORTRAIT CORP: CPI Completes Acquisition of All Operating Assets

RUEDIGER KOENEN: Creditors Must Register Claims by June 15
SAINBACH GMBH: Creditors Meeting Slated for July 18
SICHERHEITS BEWACHUNGSUNTERNEHMEN: Creditors' Claims Due June 21
SOCCER - ARENA: Creditors Must Register Claims by July 10
TEXDORF ASSENHANDELS: Creditors Must Register Claims by July 9


K A Z A K H S T A N

ALEM STAR: Proof of Claim Deadline Slated for July 17
ASMM LLP: Creditors Must File Claims July 17
BESKON LLP: Claims Filing Period Ends July 17
ENBEK LLP: Claims Registration Ends July 17
PMS-77 LLP: Creditors' Claims Due July 17

SAYSAN-FISH RYBA: Proof of Claim Deadline Slated for July 13
SHEBERHANA OJSC: Creditors Must File Claims July 13
STANDARD-2 LLP: Claims Filing Period Ends July 17
UYUT LLP: Claims Registration Ends July 17


K Y R G Y Z S T A N

ELAN EXPRESS: Proof of Claim Deadline Slated for July 11
EXPRESS-SAPAR LLC: Creditors Must File Claims by July 11


L U X E M B O U R G

TEKSID ALUMINUM: Gets Consent Solicitation to Amend Indenture


N E T H E R L A N D S

KONINKLIJKE AHOLD: Earns EUR241 Million in First Quarter 2007


P O L A N D

AFFILIATED COMPUTER: Suspends Exclusivity Pact with Cerberus
ELEKTRIM S.A.: Vivendi Files Suit for Fraud & Breach of Contract
OPEN TRAVEL: Bankruptcy Premeditated, Prosecutors Say


R U S S I A

AVNYUGSKIY WOOD-PROM-KHOZ: Creditors Must File Claims by July 19
BRICKWORKS STANDARD: Creditors Must File Claims by June 19
CB EURO-PROM-INVEST:  Creditors Must File Claims by July 19
INPRODUCT CJSC: Creditors Must File Claims by July 19
KRUTOYARSKOYE CJSC: Bankruptcy Hearing Slated for Sept. 5

LEN-GAS-ENERGO: Creditors Must File Claims by July 19
MORDOV-SEL-KHOZ-KHIMIYA: Creditors Must File Claims by July 19
ORENBURGSKAYA TRADING: Creditors Must File Claims by June 19
PMK-14 CJSC: Saratov Bankruptcy Hearing Slated for Oct. 3
RAND CJSC: Creditors Must File Claims by June 19

SHABALINSKIY FLAX: Creditors Must File Claims by June 19
SHENGA-WOOD LLC: Creditors Must File Claims by June 19
SOLID PROPELLANT: Court Starts Bankruptcy Supervision Procedure
VIMPELCOM: Court Upholds Acquisition of Ukrainian Radio Systems
ZNAMENSKAYA OJSC: Creditors Must File Claims by July 19


S P A I N

SURGILIGHT INC: March 31 Balance Sheet Upside-Down by US$625,891


S W I T Z E R L A N D

BRENTSCH IMMOBILIEN: Creditors' Liquidation Claims Due June 25
CHEZ JEANNETTE: Creditors' Liquidation Claims Due June 25
CNS LLC: Creditors' Liquidation Claims Due June 22
FUNK-TAXI A. CATHREIN: Creditors' Liquidation Claims Due June 25
HEBETECH LLC: Creditors' Liquidation Claims Due June 22

HERCULES INC: Moody's Keeps Corporate Family Rating at Ba2
INDIKA LLC: Creditors' Liquidation Claims Due June 25
JUWACO JSC: Creditors' Liquidation Claims Due June 22
MAX STADLER: Creditors' Liquidation Claims Due June 22
SCHMID & PARTNER: Creditors' Liquidation Claims Due June 22

SU KOSMETIK: Creditors' Liquidation Claims Due June 25


T U R K E Y

PETROKIMYA HOLDING: Administration Extends Bidding Deadline


U K R A I N E

BIOSENT-TECH LLC: Claims Filing Deadline Set June 16
KOBO LLC: Creditors Must File Claims by June 16
KROTOM-SV LLC: Claims Filing Deadline Set June 16
LADKOM-VV LLC: Claims Filing Deadline Set June 16
SHPOLA MOVABLE 2: Claims Filing Deadline Set June 16

TAIFUN LLC: Claims Filing Deadline Set June 16
TITUS LLC: Claims Filing Deadline Set June 16
TORGOVITSA: Claims Filing Deadline Set June 16
VOLOSHKA: Creditors Must File Claims by June 16


U N I T E D   K I N G D O M

BOMBARDIER REC: Moody's Rates CDN250 Mil. Sr. Sec. Loan at Ba2
CENTRAL GARDEN: Moody's May Cut Low-B Ratings After Review
DONCASTER LAKERS: May Enter Into Liquidation Procedure
EMI MUSIC: Warner Music Confirms Possible Takeover Bid
FORD MOTOR: Joins GM & Chrysler in Healthcare Fund, Sources Say

KWIK SAVE: Reopens Twenty Stores and Reinstates Staff
WARNER MUSIC: Confirms Possible Takeover Bid for EMI


                            *********

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


CRISTOLOVEANU KEG: Claims Registration Period Ends July 4
---------------------------------------------------------
Creditors owed money by Cristoloveanu KEG NIRO-Reinigungsservice (FN
240029i) have until July 4 to file written proofs of claim to
court-appointed estate administrator Susi Pariasek at:

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

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:30 a.m. on July 18 for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 15
(Bankr. Case No. 2 S 68/07y).  Beate Holper represents Dr. Pariasek in the
bankruptcy proceedings.


CURASAN KURHOTEL: Claims Registration Period Ends July 2
--------------------------------------------------------
Creditors owed money by LLC Curasan Kurhotel Jodschwefelbad (FN 280839z)
have until July 2 to file written proofs of claim to court-appointed
estate administrator Kurt Waldhoer at:

         Dr. Kurt Waldhoer
         Technoparkstrasse 3
         4820 Bad Ischl
         Austria
         Tel: 06132/9003 3401
         Fax: 06132/9003 3430
         E-mail: ra-waldhoer@nextra.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:20 a.m. on July 12 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 Bad Goisern, Austria, the Debtor declared bankruptcy on
May 11 (Bankr. Case No. 20 S 56/07x).


DIPL.ING. HELMUTH: Vienna Court Orders Business Shutdown
--------------------------------------------------------
The Trade Court of Vienna entered May 11 an order shutting down the
business of LLC Dipl.Ing. Helmuth Gande (FN 65682t).

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

The estate administrator can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 7
(Bankr. Case No 4 S 53/07g).   Johanna Abel-Winkler represents Mag. Abel
in the bankruptcy proceedings.


ENT LLC: Claims Registration Period Ends July 3
-----------------------------------------------
Creditors owed money by LLC ENT (FN 122036s) have until July 3 to file
written proofs of claim to court-appointed estate administrator Rene
Lindner at:

         Mag. Rene Lindner
         Fadingerstr. 9
         4020 Linz
         Austria
         Tel: 0732/784080-34
         Fax: 0732/784080-5
         E-mail: konkurs@hengstschlaeger-lindner.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:00 a.m. on July 17 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Hall 522
         Fifth Floor
         Linz
         Austria

Headquartered in Pasching, Austria, the Debtor declared bankruptcy on May
14 (Bankr. Case No. 38 S 32/07w).


FESTIVAL KREUZFAHRTEN: Court Approves Additional Distribution
-------------------------------------------------------------
The Trade Court of Vienna approved on May 11, the distribution of
additional EUR1,854.75 to creditors of LLC Festival Kreuzfahrten (FN
138438k).

The court-appointed estate administrator Stefan Langer will conduct the
additional distribution.

The estate administrator can be reached at:

         Dr. Stefan Langer
         Oelzeltgasse 4
         1030 Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor's Case No. is 4 S 63/04y.


INNGAST GASTRONOMIE: Claims Registration Period Ends July 6
-----------------------------------------------------------
Creditors owed money by LLC INNGAST Gastronomie & Co KG (FN 217385i) have
until July 6 to file written proofs of claim to court-appointed estate
administrator Gernot Amoser at:

         Dr. Gernot Amoser
         Colingasse 3
         6020 Innsbruck
         Austria
         Tel: 0512/58 03 21
         Fax: 0512/58032222
         E-mail: amoser@law-danler.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:30 a.m. on July 23 for the examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Innsbruck, Austria, the Debtor declared bankruptcy on May
14  (Bankr. Case No. 19 S 58/07p).


LIFE MEDICAL: Claims Registration Period Ends July 24
-----------------------------------------------------
Creditors owed money by LLC LIFE Medical (FN 122834p) have until July 24
to file written proofs of claim to court-appointed estate administrator
Guenther Grassner  at:

         Dr. Guenther Grassner
         c/o Dr. Norbert Mooseder
         Suedtirolerstrasse 4-6
         4020 Linz
         Austria
         Tel: 0732/77 08 15
         Fax: 0732/77 08 16
         E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 1:30 p.m. on Aug. 7 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         Second Floor
         Steyr
         Austria

Headquartered in Pfarrkirchen bei Bad Hall, Austria, the Debtor declared
bankruptcy on May 14 (Bankr. Case No. 14 S 18/07f).  Norbert Mooseder
represents Dr. Grassner in the bankruptcy proceedings.


NIGHT-IN LLC: Claims Registration Period Ends July 13
-----------------------------------------------------
Creditors owed money by LLC NIGHT-IN (FN 236460k) have until July 13 to
file written proofs of claim to court-appointed estate administrator
Stephan Kasseroler at:

         Dr. Stephan Kasseroler
         Lieberstrasse 3
         6020 Innsbruck
         Austria
         Tel: 0512/57 13 31
         Fax: 0512/57133199
         E-mail:  office@kasseroler.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 11:00 a.m. on July 30 for the examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Innsbruck, Austria, the Debtor declared bankruptcy on May
14  (Bankr. Case No. 19 S 60/07g).


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


GENERAL MOTORS: Joins Chrysler & Ford in Healthcare Fund
--------------------------------------------------------
DaimlerChrysler AG's Chrysler Group, General Motors Corp. and
Ford Motor Company are in talks to create an independent health-
insurance fund to trim their combined US$114 billion in future
retiree healthcare obligations, Bloomberg News reports, quoting
five people with direct knowledge of the talks as saying.

According to the report, the U.S. automakers would each contribute to the
fund to pay for healthcare benefits of United Auto Workers retirees, the
sources said, requesting anonymity because the negotiations are private.
The talks are preliminary so the fund's size and how much each company
would contribute haven't been determined, they said.

The car companies are trying to deal with healthcare costs that GM CEO
Rick Wagoner says cost them a combined US$12 billion in 2006.  Providing
health care to 2 million employees, retirees and dependents contributed to
losses at each of the U.S. automakers last year, while Japanese rivals
posted record profits, Bloomberg reveals.

Under the proposal, the companies would contribute a percentage of their
retiree liabilities to the fund, whose assets and investment proceeds
would cover retiree medical benefits, Bloomberg relates.

The idea is modeled after the Goodyear Tire & Rubber Co. healthcare plan,
the people said.  The Akron, Ohio-based tiremaker, with a healthcare
liability of US$1.3 billion for United Steelworkers of America retirees,
agreed in December to set up a healthcare trust fund with a one-time US$1
billion payment in cash and stock, after which, Goodyear will have no
further healthcare obligation to current or future union retirees.  The
accord came after an 85-day strike, Bloomberg states.

The joint fund is one of several ideas for cutting labor costs being
weighed by U.S. automakers as they prepare for next month's contract
negotiations with the United Auto Workers, the sources said.  GM, Ford and
Chrysler haven't decided whether to offer the proposal during the talks,
which will replace the current four-year contract expiring in September
2007, Bloomberg quotes three of the sources as saying.  The companies are
exploring a single provider to reduce administration costs and overlapping
services, they said.

The union is aware of the discussions and is willing to consider the idea,
one of the people familiar with the matter said, Bloomberg notes.  GM,
Ford and the UAW last year agreed to a court settlement requiring union
retirees to pay part of their healthcare costs for the first time.
Detroit-based GM and Ford, of Dearborn, Michigan, also pledged not to
alter those retiree healthcare benefits until after 2011 without union
consent.

Last year's settlement, as well as benefit reductions for salaried
workers, helped GM cut retiree healthcare liabilities by 21 percent to
US$64 billion at the end of last year, Bloomberg discloses.  Ford had
retiree obligations of US$31 billion, and Chrysler's potential future tab
is about US$19 billion.  GM has already bought out 34,400 union workers,
and Ford and Chrysler together are trying to persuade 50,000 to leave as
they cut production to match market-share losses to Toyota Motor Corp. and
Honda Motor Co.

GM had about 357,000 union retirees in the U.S. at the end of last year,
Bloomberg says.  Ford reported 570,000 active union and non-union
employees, retirees and dependents.

                      About DaimlerChrysler

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

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

                       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.

                    About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's
largest automaker and has been the global industry sales leader for 76
years.  GM currently employs about 280,000 people around the world.  GM
manufactures its cars and trucks in 33 countries.  General Motors has
Asia-Pacific operations in India, China, Indonesia, Japan, the
Philippines, among others. It has locations in European countries
including Belgium, Austria, and France.  In Latin-America, the company
maintains locations in Argentina, Brazil, Chile, Colombia, Ecuador,
Venezuela, Paraguay and Uruguay.

In 2006, nearly 9.1 million GM cars and trucks were sold globally under
these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER,
Opel, Pontiac, Saab, Saturn and Vauxhall.

As of March 31, 2007, GM's balance sheet showed a stockholders' deficit of
US$4,347,000,000, compared to a positive equity of US$15,779,000,000 at
March 31, 2006.

                            *   *   *

In May 2007, Fitch Ratings has downgraded General Motors Corporation's
senior unsecured debt rating to 'B-/RR5' from 'B/RR4'.  GM's Issuer
Default Rating remains at 'B' and is still on Rating Watch Negative (along
with the other outstanding ratings) by Fitch following the company's
announcement that it will be raising US$4.1 billion in secured financing
and US$1.1 billion in senior unsecured convertible securities.

The US$4.1 billion 364-day facility, to be secured by GM's common equity
holdings in GMAC, will be assigned a rating of 'BB/RR1', while the senior
unsecured convertible securities will be rated 'B-/RR5'.


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


EUTELSAT COMMUNICATIONS: Confirms Offer for Satelites Mexicanos
---------------------------------------------------------------
Eutelsat Communications confirmed submitting an offer together with two
Mexican partners Miguel Aleman Group and Clemente Serna Group for 100
percent ownership of the Mexican satellite operator Satelites Mexicanos.

The proposal has been submitted within the framework of the sale
process of Satmex initiated by the company's shareholders and managed by
Morgan Stanley.

                        About Eutelsat

Headquartered in Paris, France, Eutelsat Communications --
http://www.eutelsat.com/-- is the holding company of Eutelsat
S.A.  The Group is a leading satellite operator with capacity
commercialized on 23 satellites providing coverage over the
entire European continent, as well as the Middle East, Africa,
India and significant parts of Asia and the Americas.  The Group
is one of the world's three leading satellite operators in terms
of revenues.  Its satellites are used for broadcasting nearly
1,800 TV and 900 radio stations to more than 120 million cable
and satellite homes.  The Group also provides TV contribution
services, corporate networks, mobile positioning and
communications, Internet backbone connectivity and broadband
access for terrestrial, maritime and inflight applications.

                            *   *   *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
corporate families in the Telecommunications, Media and Technology
sectors, Moody's Investors Service confirmed its Ba2 Corporate Family
Rating for Eutelsat Communications S.A.

Moody's also assigned a Ba3 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
   ----------               -------    ------  ----------
   Senior Unsecured
   Bank Credit Facility      Ba3        LGD4       55%


RHODIA SA: Asks AMF to Probe Rumors Over Share Price Movements
--------------------------------------------------------------
Rhodia S.A. has decided to request an investigation by the Autorite des
Marches Financiers in view of the unfounded rumors concerning the company,
which resulted in significant trading volumes and price movements on its
shares.

Rhodia confirmed that it has no formation in its possession that could
justify the rumors behind the movement in its share price on Wednesday
morning, June 7, 2007.

According to Bloomberg News, company shares fell almost 15 percent.

“We heard rumors of a profit warning, then of fraud,"  Marie-Caroline
Messager, a trader at Fimat in Paris, was quoted by Bloomberg as saying.
"That could have weighed on the shares, but there's not a strong
probability that the speculation was justified.”

Rhodia reiterated that it is confident in delivering its short and medium
term objectives.

                          About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) --
http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  Rhodia employs around 19,500
people worldwide.   Rhodia is listed on Euronext Paris and the
New York Stock Exchange.  The company has operations in Brazil.

                            *   *   *

As reported in the TCR-Europe on April 26, 2007, Fitch Ratings
affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised
the Outlook to Positive from Stable.  Fitch has assigned Rhodia
SA's proposed issue of up to EUR595.125 million bonds
convertible and/or exchangeable for new and/or existing shares
an expected 'BB-' rating.

As reported in the TCR-Europe on April 23, 2007, Moody's
Investors Service upgraded Rhodia S.A. corporate family rating to Ba3 and
assigned Probability-of-Default rating for the group at Ba3; Moody's also
upgraded senior secured notes at Rhodia S.A. to B1 and assigned LGD
assessment at LGD4 (69%).  The proposed convertible notes are rated (P)B1,
LGD4 (69%).

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Rhodia to BB- from B+, and its long-
term debt rating on the group to B from B-.

At the same time, Standard & Poor's assigned its B senior
unsecured debt rating to Rhodia's proposed new bond, which will
be used for refinancing purposes.


SPECIALIZED TECHNOLOGY: Moody's Junks Proposed US$75 Mln Loan
-------------------------------------------------------------
Moody's Investors Service downgraded the ratings of the proposed first
lien senior secured credit facilities of Specialized Technology Resources,
Inc. to B1 from Ba3 following the upsizing of the first lien term loan by
US$50 million to US$185 million.

The upsizing was accompanied by a reduction in the proposed second lien
term loan by US$50 million to US$75 million.  The Caa1 ratings on the
proposed second lien term loan were affirmed. Concurrently, Moody's
affirmed the B2 Corporate Family Rating and B2 Probability of Default
Ratings of the company.  The outlook for the ratings remains stable.

The ratings are constrained by a high level of overall indebtedness at
close with adjusted pro forma debt to EBITDA for the twelve months ended
March 31, 2007 of about 6.5 times, the company's small size both in
absolute terms and relative to competitors, and Moody's expectations of
negative free cash flow generation in fiscal 2007.  The ratings also
reflect some degree of technological risk with respect to STR Solar.

Although the leverage reflects the relatively high valuation of the
company in relation to current cash flow generation, the ratings recognize
the significant equity contribution and associated sponsor commitment.
The B2 Corporate Family Rating acknowledges STR's geographically diverse
asset base (including laboratories, inspection and audit offices and
manufacturing plants), the continuing outsourcing of manufacturing from
consumer to producer countries and related safety requirements and
regulations which support growth in the quality assurance and testing
business, and the current environment with respect to solar panel
installation subsidies in several countries, along with the
diversification benefits of operating in two unrelated business segments.
Moody's also notes that STR's focus on areas such as social responsibility
and renewable energy is likely to continue to benefit from favorable
social and regulatory trends.

Moody's took these rating actions:

   -- Downgraded the proposed US$20 million first lien revolver
      due 2012 to B1 (LGD 3, 35%) from Ba3 (LGD2, 24%);

   -- Downgraded the proposed US$185 million first lien term
      loan due 2014 to B1 (LGD 3, 35%) from Ba3 (LGD2, 24%);

   -- Affirmed the proposed Caa1 (LGD5, 88%) rated US$75 million
      second lien term loan due 2014;

   -- Affirmed the B2 Probability of Default Rating;

   -- Affirmed the B2 Corporate Family Rating;

   -- The outlook for the ratings is stable.

Specialized Technology Resources -- http://www.strlab.com/--
founded in 1944, is a recognized leader in testing and quality
assurance services for the consumer products industry and the
leading manufacturer of solar module encapsulants globally.  STR
Quality Assurance has established deep and longstanding
relationships with the leading global retailers and
manufacturers in the consumer and retail markets.  STR Solar is
the leading, long-term supplier of encapsulants to many of the
major solar module manufacturers in the industry.  STR has
sophisticated laboratories and offices in over 30 countries
across five continents.  The Company is headquartered in
Enfield, CT and has over 1,500 employees worldwide.  The company
has laboratories located in Mexico, Hong Kong, China, Taiwan,
Singapore, Indonesia, Korea, India, Sri Lanka, Switzerland,
United Kingdom, France, and Turkey, among others.  STR had revenues of
approximately US$135 million for the 12 months ended March 31, 2007.


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G E R M A N Y
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ALLTRANS GMBH: Claims Registration Period Ends July 23
------------------------------------------------------
Creditors of Alltrans GmbH Internationale Spedition have until July 23 to
register their claims with court-appointed insolvency manager Gordon Rapp.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.m. on Sept. 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 Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 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:

         Gordon Rapp
         Gaisbergstr. 6
         69115 Heidelberg
         Germany
         Tel: 06221/97370

The District Court of Mannheim opened bankruptcy proceedings against
Alltrans GmbH Internationale Spedition on May 30.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Alltrans GmbH Internationale Spedition
         Attn: Thomas Sommer, Manager
         Bochumer Str. 3-15
         68219 Mannheim
         Germany


ATC GMBH: Claims Registration Period Ends July 5
------------------------------------------------
Creditors of ATC GmbH have until July 5 to register their claims with
court-appointed insolvency manager Axel Kulas.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on July 26, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         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. Axel Kulas
         Gansheidestr. 43
         70184 Stuttgart
         Germany
         Tel: 0711/70707580

The District Court of Tuebingen opened bankruptcy proceedings against ATC
GmbH on May 31.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         ATC GmbH
         Junghansring 4
         72108 Rottenburg
         Germany

         Attn: Nico Klett, Manager
         Schickhardtstr. 54
         72770 Reutlingen
         Germany


AV ORGANISATION: Claims Registration Period Ends July 20
--------------------------------------------------------
Creditors of AV Organisation GmbH have until July 20 to register their
claims with court-appointed insolvency manager Werner Mueller.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.m. on Aug. 14, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Hall 14/II
         Justiznebenstelle Tiepolostr. 6
         Wuerzburg
         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:

         Werner Mueller
         Mergentheimer Str. 26
         97082 Wuerzburg
         Germany
         Tel: 0931/880800

The District Court of Wuerzburg opened bankruptcy proceedings against AV
Organisation GmbH on May 31.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         AV Organisation GmbH
         Leitengraben 3
         97084 Wuerzburg
         Germany

         Attn: Herrn Joerg Sannemann, Manager
         Neubaustrasse 2
         97070 Wuerzburg
         Germany


BWE GMBH: Claims Registration Period Ends July 10
-------------------------------------------------
Creditors of BWE GmbH have until July 10 to register their claims with
court-appointed insolvency manager Lucas Floether.

Creditors and other interested parties are encouraged to attend the
meeting at 11:30 a.m. on Aug. 20, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 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:

         Dr. Lucas Floether
         Handelweg 1
         68794 Oberhausen-Rheinhausen
         Germany
         Tel: 07254/959599-0

The District Court of Mannheim opened bankruptcy proceedings against BWE
GmbH on May 30.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         BWE GmbH
         Attn: Christian Stylianou, Manager
         Kraichbachstr. 8
         68766 Hockenheim
         Germany


CHIQUITA BRANDS: Raises CEO Salary to US$900,000 Annually
---------------------------------------------------------
Cliff Peale at Enquirer.com reports that Chairperson and Chief Executive
Officer Fernando Aguirre's salary will increase to US$900,000 per year,
despite the US$96-million loss the company incurred in 2006.

Enquirer.com's Mr. Peale notes that Chiquita Brands' stock price also
dropped 25% last year.  The firm didn’t pay any cash bonuses.

However, Mr. Aguirre’s salary will increase and he will receive an award
of US$1.2 million in restricted stock over the next three years, the
report says.

According to Enquirer.com's Mr. Peale, Chiquita Brands directors are
positive that Mr. Aguirre is helping transform the company from a seller
of commodity bananas to a more diversified and more profitable seller of
fruit-based products.

Chiquita Brands director Steven Stanbrook, who heads the compensation
committee, told Enquirer.com's Mr. Peale that the transformation will take
time.  He commented, "The most important long-term objective that Mr.
Aguirre has to achieve is related to a far-reaching transformational
initiative we are pursuing."

Chiquita Brands "meticulously benchmarks against comparable companies,"
Enquirer.com's Mr. Peale notes, citing Mr. Stanbrook.  The director
defended Mr.  Aguirre’s raise, saying that it is fair, especially since
the company has been dealing with regulatory and legal issues that
originated before Mr. Aguirre.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service changed the rating
outlook for Chiquita Brands International, Inc. to negative from
stable.

Ratings affirmed:

* Chiquita Brands International, Inc. (parent holding company)

   -- Corporate family rating at B3

   -- Probability of default rating at B3

   -- US$250 million 7.5% senior unsecured notes due 2014 at
      Caa2 (LGD5, 89%)

   -- US$225 million 8.875% senior unsecured notes due 2015 at
      Caa2 (LGD5, 89%)

* Chiquita Brands LLC (operating subsidiary):

   -- US$200 million senior secured revolving credit agreement
      at B1 (LGD2, 26%)

   -- US$24.3 million senior secured term loan B at B1 (LGD2,
      26%)

   -- US$368.4 million senior secured term loan C at B1 (LGD2,
      26%).


DAIMLERCHRYSLER AG: Chrysler Workers Seeking Buyouts Exceed Plan
----------------------------------------------------------------
About 6,400 U.S. hourly workers have shown interest in taking the buyout
or early retirement package being offered by DaimlerChrysler AG's Chrysler
Group, exceeding the company's target of 4,700 hourly U.S. workers, Dow
Jones Newswires reports.

According to the report, Chrysler spokeswoman Michele Tinson wouldn't
confirm specific numbers but said, "corporate-wide, hourly retirement and
separation program acceptances have exceeded our original projections."

The layoffs are part of Chrysler's restructuring of its North American
operations after posting a US$1.5 billion loss last year.  Cerberus
Capital Management LP is buying the U.S. unit, which has struggled in
recent years to stem a loss of market share in the U.S. to Asian rivals
with leaner cost structures, Dow Jones relates.

General Motors Corp. and Ford Motor Company have seen tens of thousands of
workers accept buyouts and early retirements as those companies cut
capacity in the face of lower market share, Dow Jones reveals.  The U.S.
auto makers have used buyouts since laid-off workers go into a program
known as the Jobs Bank, where they receive much of their pay and benefits
despite not working.

The TCR-Europe reported on March 8, 2007, that Chrysler will offer as much
as US$100,000 to some of its 49,600 hourly workers at 11 U.S. plants to
leave the company as part of its recovery plan, hoping to eliminate 11,000
hourly positions and 2,000 salaried jobs in an effort to return to
profitability following its US$1.475 billion loss in 2006.

Chrysler and the United Auto Workers agreed to two special programs that
will provide retirement and separation incentives for the company's
bargaining-unit employees in the United States as part of the Chrysler
Group's Recovery and Transformation Plan.

The negotiated programs include an Incentive Program for Retirement with
US$70,000 cash lump-sum amount for employees with 30 or more years of
credited service, or who meet a combination of age and years-of-service
eligibility, and an Enhanced Voluntary Termination of Employment Program,
which provides a lump sum payment of US$100,000 for employees with at
least one year of credited service.

                      About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER: Joins GM & Ford in Healthcare Fund, Sources Say
----------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group, General Motors Corp. and
Ford Motor Company are in talks to create an independent health-
insurance fund to trim their combined US$114 billion in future
retiree healthcare obligations, Bloomberg News reports, quoting
five people with direct knowledge of the talks as saying.

According to the report, the U.S. automakers would each contribute to the
fund to pay for healthcare benefits of United Auto Workers retirees, the
sources said, requesting anonymity because the negotiations are private.
The talks are preliminary so the fund's size and how much each company
would contribute haven't been determined, they said.

The car companies are trying to deal with healthcare costs that GM CEO
Rick Wagoner says cost them a combined US$12 billion in 2006.  Providing
health care to 2 million employees, retirees and dependents contributed to
losses at each of the U.S. automakers last year, while Japanese rivals
posted record profits, Bloomberg reveals.

Under the proposal, the companies would contribute a percentage of their
retiree liabilities to the fund, whose assets and investment proceeds
would cover retiree medical benefits, Bloomberg relates.

The idea is modeled after the Goodyear Tire & Rubber Co. healthcare plan,
the people said.  The Akron, Ohio-based tiremaker, with a healthcare
liability of US$1.3 billion for United Steelworkers of America retirees,
agreed in December to set up a healthcare trust fund with a one-time US$1
billion payment in cash and stock, after which, Goodyear will have no
further healthcare obligation to current or future union retirees.  The
accord came after an 85-day strike, Bloomberg states.

The joint fund is one of several ideas for cutting labor costs being
weighed by U.S. automakers as they prepare for next month's contract
negotiations with the United Auto Workers, the sources said.  GM, Ford and
Chrysler haven't decided whether to offer the proposal during the talks,
which will replace the current four-year contract expiring in September
2007, Bloomberg quotes three of the sources as saying.  The companies are
exploring a single provider to reduce administration costs and overlapping
services, they said.

The union is aware of the discussions and is willing to consider the idea,
one of the people familiar with the matter said, Bloomberg notes.  GM,
Ford and the UAW last year agreed to a court settlement requiring union
retirees to pay part of their healthcare costs for the first time.
Detroit-based GM and Ford, of Dearborn, Michigan, also pledged not to
alter those retiree healthcare benefits until after 2011 without union
consent.

Last year's settlement, as well as benefit reductions for salaried
workers, helped GM cut retiree healthcare liabilities by 21 percent to
US$64 billion at the end of last year, Bloomberg discloses.  Ford had
retiree obligations of US$31 billion, and Chrysler's potential future tab
is about US$19 billion.  GM has already bought out 34,400 union workers,
and Ford and Chrysler together are trying to persuade 50,000 to leave as
they cut production to match market-share losses to Toyota Motor Corp. and
Honda Motor Co.

GM had about 357,000 union retirees in the U.S. at the end of last year,
Bloomberg says.  Ford reported 570,000 active union and non-union
employees, retirees and dependents.

                   About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's
largest automaker and has been the global industry sales leader for 76
years.  GM currently employs about 280,000 people around the world.  GM
manufactures its cars and trucks in 33 countries.  General Motors has
Asia-Pacific operations in India, China, Indonesia, Japan, the
Philippines, among others. It has locations in European countries
including Belgium, Austria, and France.  In Latin-America, the company
maintains locations in Argentina, Brazil, Chile, Colombia, Ecuador,
Venezuela, Paraguay and Uruguay.

                      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.

                      About DaimlerChrysler

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

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

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

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

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


EDDIE BAUER: ISS Urges Shareholders to OK Directors' Election
-------------------------------------------------------------
Institutional Shareholders Services has changed its previous
recommendation and is now advising its clients to approve the election of
all nine members of Eddie Bauer Holdings, Inc.'s Board of Directors for
one year terms and to ratify the appointment of the company's independent
registered accounting firm.

ISS continues to recommend approval of the 2007 amendment and restatement
of the 2005 Eddie Bauer Holdings, Inc. Stock Incentive Plan.

On June 6, 2007, the company sent a letter to ISS clarifying the nature of
the tax fees paid by the company to its independent registered public
accounting firm in 2006.  In its recommendation dated June 7, 2007, ISS
concluded, "Previously, ISS did not support the ratification of the
company's auditors because other fees, given the disclosure available,
represented more than 50% of total fees.  Given the new disclosure, we are
changing our vote recommendation to support the ratification of BDO
Seidman as the company's auditors for the current fiscal year.  For
similar reasons, ISS is changing its WITHHOLD vote recommendation of the
Audit Committee members, and recommend a vote FOR independent outsiders
John C. Brouillard, Laurie M. Shahon, and Kenneth M. Reiss."

                        About Eddie Bauer

Based in Redmond, Washington, Eddie Bauer Holdings Inc.
(NASDAQ: EBHI) -- http://www.eddiebauer.com/-- is a specialty
retailer that sells casual sportswear and accessories for the
"modern outdoor lifestyle."  Established in 1920 in Seattle, Eddie Bauer
products are available at about 380 stores throughout the U.S. and Canada,
through catalog sales and online at http://www.eddiebaueroutlet.com/. The
company also participates in joint venture partnerships in Japan and
Germany and has licensing agreements across a variety of product
categories.  Eddie Bauer employs 10,000 part-time and full-time associates
in the U.S. and Canada.

                          *     *     *

As reported in the Troubled Company Reporter on March 26, 2007,
Standard & Poor's Rating Services lowered the ratings on Eddie
Bauer Holdings Inc., to 'B-' from 'B'.

At the same time, Standard & Poor's removed the rating from
CreditWatch with negative implications, where it was placed on
Nov. 13, 2006.  The outlook is negative.


EMWS-BAU GMBH: Claims Registration Period Ends June 28
------------------------------------------------------
Creditors of eMWs-Bau GmbH have until June 28 to register their claims
with court-appointed insolvency manager Joerg Nerlich.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 a.m. on July 19, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Dr. Joerg Nerlich
         Louise-Dumont-Str. 25
         40211 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings against
eMWs-Bau GmbH on May 30.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         eMWs-Bau GmbH
         Johannesstrasse 44
         41542 Dormagen
         Germany

         Attn: Mieczyslaw Wierzbicki, Manager
         Gereonstr. 4
         41569 Rommerskirchen
         Germany


ENJOY ON WHEEL: Claims Registration Period Ends July 23
-------------------------------------------------------
Creditors of Enjoy on Wheel gemeinnuetzige GmbH i.L. have until July 23 to
register their claims with court-appointed insolvency manager Erich
Hoelzemann.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 a.m. on Aug. 13, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 119 B
         Gerichtsstr. 2-6
         48149 Muenster
         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:

         Erich Hoelzemann
         Goethestr. 2
         59065 Hamm
         Germany
         Tel: 02381/924200
         Fax: +4923819242020

The District Court of Muenster opened bankruptcy proceedings against Enjoy
on Wheel gemeinnuetzige GmbH i.L. on May 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Enjoy on Wheel gemeinnuetzige GmbH i.L.
         Gottfried-Polysius-Strasse 10
         59269 Beckum
         Germany


HILITE INT'L: S&P Rates Proposed US$190 Million Loans at Low-B
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate credit
rating to Cleveland-based auto supplier Hilite International Inc.

At the same time, Standard & Poor's assigned its 'BB-' bank loan rating
(two notches above the corporate credit rating) and '1' recovery rating to
Hilite's proposed US$130 million of first-lien senior secured credit
facilities, consisting of a:

    * US$25 million revolving credit facility and
    * US$105 million term loan.

The bank loan rating and recovery rating indicate the likelihood of full
recovery in a default or bankruptcy, based on an assessment of the
company's enterprise value.

Standard & Poor's also assigned its 'B-' bank loan rating (one notch lower
than the corporate credit rating) and '5' recovery rating to Hilite's
proposed US$60 million second-lien senior secured term loan.  The bank
loan rating and recovery rating indicate the likelihood of modest recovery
(10%-30%) in a default or bankruptcy.

The outlook is negative.

The new credit facilities represent one part of Hilite's proposed capital
restructuring.  Proceeds from the credit facilities will be used to
refinance US$145.2 million of existing debt and repurchase US$39.5 million
of third-party PIK preferred stock. Pro forma debt outstanding at close of
the transaction, expected for June 30, will total about US$220 million.

Hilite has international locations in France and Germany.


HS BAUEN: Claims Registration Period Ends Aug. 15
-------------------------------------------------
Creditors of HS Bauen und Wohnen GmbH i.L. have until Aug. 15 to register
their claims with court-appointed insolvency manager Arno Wolf.

Creditors and other interested parties are encouraged to attend the
meeting at 9:20 a.m. on Sept. 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 Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be reached at:

         Arno Wolf
         Minnholzweg 2b
         61476 Kronberg
         Germany
         Tel: 06173/78340
         Fax: 06173/783422
         E-mail: wolf@ra-amend.de
         Web site: http://www.ra-amend.de/

The District Court of Frankfurt (Main) opened bankruptcy proceedings
against HS Bauen und Wohnen GmbH i.L. on May 25.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         HS Bauen und Wohnen GmbH i.L.
         Adalbertstrasse 64
         60486 Frankfurt (Main)
         Germany


PHOTRONICS INC: Earns US$14.1 Mln for the Quarter Ended April 29
----------------------------------------------------------------
Photronics Inc. reported fiscal 2007 second quarter results for
the period ended April 29, 2007, its net income amounted to
$14.1 million, compared to net income of US$5.3 million for the
second quarter of fiscal 2006.

Net income for the second quarter of 2007 includes a net benefit of US$7.9
million relating to the resolution and settlement of United States and
foreign tax liabilities associated with uncertain tax positions in prior
years.  Net income for the second quarter of 2006 included a charge of
US$11.4 million after tax in connection with the company’s previously
disclosed restructuring of its operations in North America.

Sales for the quarter were US$109.6 million, compared to
$119.5 million for the second quarter of fiscal year 2006.
Semiconductor photomasks accounted for US$88.3 million, or 81% of revenues
during the second quarter of fiscal 2007, while flat
panel display photomasks accounted for US$21.3 million, or 19% of
revenues. During the second quarter of fiscal 2006, semiconductor
photomasks accounted for 76% of revenues and FPD photomasks accounted for
24% of revenues.

                         Half-Year Results

Sales for the first six months of 2007 were US$215.6 million,
compared to US$231.4 million for the first half of fiscal 2006.
Semiconductor photomasks accounted for US$173.9 million, or 81% of
revenues during the first six months of fiscal 2007, while FPD photomasks
accounted for US$41.7 million, or 19% of revenues.  Year-over-year,
semiconductor photomask revenues decreased 2%, while FPD photomask
revenues decreased 22.7%.

Net income for the first six months of fiscal 2007 amounted to
$21.9 million, compared to the prior year’s first six months net
income of US$15 million.

                        Balance Sheet Data

The company recorded US$977.3 million in total assets,
$286.7 million in total liabilities, US$47.5 million in minority
interest, and US$643.2 million as of April 29, 2007.

The company's working capital increased US$15.6 million to
$143.2 million at April 29, 2007, as compared to Oct. 29, 2006,
primarily as a result of increased cash generated from operations, and a
decrease in the current portion of long-term borrowings.  At April 29,
2007, US$125 million of the company's outstanding $150 million, 2.25%
convertible subordinated notes due in April of 2008, was reported as
long-term in connection with US$125 million of credit available to the
company under a five-year, revolving credit facility agreement entered
into on June 6, 2007, with a group of financial institutions.

Cash, cash equivalents and short-term investments decreased to
$153.7 million at April 29, 2007, as compared to US$199.3 million at Oct.
29, 2006, primarily due to the redemption of US$87.1 million of the
remaining outstanding balance of the company's 4.75% convertible
subordinated notes.

A full-text copy of the company's second quarter results is
available for free at http://ResearchArchives.com/t/s?20c6

Michael J. Luttati, chief executive officer commented, “While
performance for the quarter was at the lower end of our guidance
range as a result of industry wide semiconductor and flat panel
market conditions, we are pleased with the progress we made
during the quarter.  Our plans to further penetrate the
semiconductor industry’s sub-90 nanometer market are proving
successful, as revenues increased sequentially with an especially strong
performance in Asia.  In flat panel displays, the outlook is improving
after taking nearly a year to work through fluctuating capacity and end
market dynamics.  Our technology focus was recently rewarded with
Photronics having shipped our first Gen 8 production mask set prior to the
quarter’s close.”

Mr. Luttati concluded, "As we move into the second half of fiscal 2007, we
will continue executing against our strategy to increase share in the
advanced semiconductor mask and flat panel markets.  Near-term market
volatility aside, we are optimistic that the company is significantly
improving its competitive position."

                      About Photronics, Inc.

Photronics, Inc. -- http://www.photronics.com/-- is a worldwide
manufacturer of photomasks, which are high precision quartz plates that
contain microscopic images of electronic circuits.  A key element in the
manufacture of semiconductors and flat panel displays, photomasks are used
to transfer circuit patterns onto semiconductor wafers and flat panel
substrates during the
fabrication of integrated circuits, a variety of flat panel
displays and, to a lesser extent, other types of electrical and
optical components.  They are produced in accordance with product designs
provided by customers at strategically located
manufacturing facilities in Korea, Germany, and North America.

                           *     *     *

The company carries Standard & Poor's BB- Long-term Foreign and
Local Issuer Credit Ratings.


PHOTRONICS INC: Moody's Cuts US$150 Million Debt Rating to B3
-------------------------------------------------------------
Moody's Investors Service affirmed Photronics, Inc.'s B1 corporate family
rating and stable outlook following the closing of its new five-year
US$125 million senior secured bank credit facility.  Simultaneously,
Moody's lowered the rating on the existing US$150 million convertible
subordinated note to B3 from B2.

The one-notch downgrade of the subordinated note reflects a higher
loss-given-default point estimate (86% from 73%) under Moody's LGD
framework and the effect of new secured debt entering the capital
structure.  The holding company entity is the borrower under the new
credit facility, which will be guaranteed on an unsecured basis by
Photronics' domestic operating subsidiaries.  Moody's believes the
collateral value of the new debt has minimal value, if any, in a
distressed scenario (i.e., 100% deficiency claim) given that the security
package consists of 100% of the stock of certain material domestic
subsidiaries and 65% of the stock of foreign subsidiaries.

The stable outlook reflects the company's enhanced earnings quality and
reduced financial leverage tempered by limited earnings visibility and a
concentrated customer base (five largest customers represented 46% of
fiscal 2006 revenues).  It also considers the increase in working capital
consumption over the past year without a commensurate increase in revenue,
and significantly higher capital expenditures targeted in fiscal 2007.
Hence, we anticipate free cash flow to be negative in fiscal 2007 as the
company continues to spend to add high-end capacity at a faster pace than
revenue growth, becoming positive again in fiscal 2008.

These ratings were downgraded:

   -- US$150 million 2.25% Convertible Subordinated Note due
      2008 to B3 (LGD-5, 86%) from B2 (LGD-5, 73%).

These ratings were affirmed:

   -- Corporate Family Rating at B1;

   -- Probability of Default Rating at B1.

Photronics, Inc. -- http://www.photronics.com/-- is a worldwide
manufacturer of photomasks, which are high precision quartz plates that
contain microscopic images of electronic circuits.  A key element in the
manufacture of semiconductors and flat panel displays, photomasks are used
to transfer circuit patterns onto semiconductor wafers and flat panel
substrates during the
fabrication of integrated circuits, a variety of flat panel
displays and, to a lesser extent, other types of electrical and
optical components.  They are produced in accordance with product designs
provided by customers at strategically located
manufacturing facilities in Asia, Europe, and North America.  In
Europe, the company maintains operations in Dresden, Germany and
Manchester, U.K.  Revenues for the 12 months ended April 29, 2007 were
US$439 million.


PORTRAIT CORP: CPI Completes Acquisition of All Operating Assets
----------------------------------------------------------------
CPI Corp. disclosed the completion of its planned acquisition of
substantially all of the operating assets of Portrait Corporation of
America, Inc. and its foreign and domestic affiliates.

With expiration of the requisite pre-merger notice period under the
Hart-Scott-Rodino Antitrust Improvement Act on May 23, 2007 and final
approval of the transaction by the United States Bankruptcy Court for the
Southern District of New York on June 4, 2007, the parties were able to
consummate the transaction well ahead of the June 30th deadline
established under their definitive agreement announced on May 2, 2007.

CPI paid a final purchase price of US$82.5 million in cash and assumed
certain liabilities by refinancing its credit facilities with LaSalle
Bank, N.A.  The refinancing also closed on June 8, 2007.

As a result of the acquisition, CPI now operates 2,055 portrait studios in
Wal-Mart stores and supercenters in the U.S., Puerto Rico, Canada, Mexico
and the United Kingdom, bringing the Company's total studio count to
3,095.  CPI is the long-standing exclusive operator of portrait studios in
Sears stores in the U.S. and Canada.  In their most recently completed
fiscal years, the CPI and PCA studios generated combined sales of US$586
million and served approximately 8.5 million customers.

David Meyer, Chairman of the Board of Directors of CPI, commented, "We are
pleased to welcome PCA's many outstanding associates to the CPI family.
The combination of the operations of PCA with CPI creates the clear leader
in the portrait studio market, and we look forward to capitalizing quickly
on the complementary strengths of our two organizations.  We have already
begun making preparations to convert the PCA studios to digital technology
and expect to commence conversions this summer."

Continuing, Mr. Meyer said, "We are excited about the enormous potential
of this combination and are confident that it will benefit our customers,
employees and retail partners as well as our shareholders."

                             About CPI

CPI Corp. (NYSE: CPY) is the leading portrait studio operator in North
America offering photography services in 3,095 locations in the United
States, Puerto Rico, Canada and Mexico as well as the United Kingdom,
principally in Sears and Wal-Mart stores.

                        About Portrait Corp.

Portrait Corporation of America Inc. -- http://pcaintl.com/--
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany, and the United Kingdom.  The company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to church
congregations and other institutions.  Portrait Corporation and its
debtor-affiliates filed for Chapter 11 protection on Aug. 31, 2006 (Bankr
S.D. N.Y. Case No. 06-22541).  John H. Bae, Esq., at Cadwalader Wickersham
& Taft LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' Financial Advisor and
Investment Banker. Kristopher M. Hansen, Esq., at Stroock & Stroock &
Lavan LLP represents the Official Committee of Unsecured Creditors.  Peter
J. Solomon Company serves as financial advisor for the Committee.  At June
30, 2006, the Debtor had total assets of US$153,205,000 and liabilities of
US$372,124,000.  The Court has set July 11, 2007, to consider confirmation
of the Debtor's Amended Chapter 11 Plan of Reorganization.


RUEDIGER KOENEN: Creditors Must Register Claims by June 15
----------------------------------------------------------
Creditors of Ruediger Koenen Verwaltungsgesellschaft mbH have until June
15 to register their claims with court-appointed insolvency manager
Henning Samisch.

Creditors and other interested parties are encouraged to attend the
meeting at 9:40 a.m. on July 10, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tostedt
         Meeting Hall I
         Linden 23
         21255 Tostedt
         Germany

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

The insolvency manager can be reached at:

         Henning Samisch
         Muehlenkamp 59
         22303 Hamburg
         Germany
         Tel: 040 65039-0
         Fax: 040 65039-199

The District Court of Tostedt opened bankruptcy proceedings against
Ruediger Koenen Verwaltungsgesellschaft mbH on May 25.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Ruediger Koenen Verwaltungsgesellschaft mbH
         Bergstr. 17
         27624 Bad Bederkesa
         Germany


SAINBACH GMBH: Creditors Meeting Slated for July 18
---------------------------------------------------
The court-appointed insolvency manager for Sainbach GmbH & Co. KG,
Wolfgang Pieper, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:15 a.m. on July 18.

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

         The District Court of Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         Germany

The Court will also verify the claims set out in the insolvency manager's
report at 10:00 a.m. on Aug. 29 at the same venue.

Creditors have until July 30 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Wolfgang Pieper
         Jahnstr. 74
         63743 Aschaffenburg
         Germany
         Tel: 06028/997718
         Fax: 06028-997719

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

The Debtor can be reached at:

         Sainbach GmbH & Co. KG
         Stengerstr. 9
         63741 Aschaffenburg
         Germany


SICHERHEITS BEWACHUNGSUNTERNEHMEN: Creditors' Claims Due June 21
----------------------------------------------------------------
Creditors of Sicherheits- und Bewachungsunternehmen GmbH have until June
21 to register their claims with court-appointed insolvency manager
Michael Schoor.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 a.m. on July 19, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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 Schoor
         Schorlemmerstrasse 2
         04155 Leipzig
         Germany

The District Court of Leipzig opened bankruptcy proceedings against
Sicherheits- und Bewachungsunternehmen GmbH on May 16.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Sicherheits- und Bewachungsunternehmen GmbH
         Fritz-Siemon-Strasse 15
         04347 Leipzig
         Germany


SOCCER - ARENA: Creditors Must Register Claims by July 10
---------------------------------------------------------
Creditors of Soccer - Arena Schkopau 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 10:40 a.m. on Aug. 7, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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: 0345/5304926

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

The Debtor can be reached at:

         Soccer - Arena Schkopau GmbH
         Philipp-Mueller-Str. 87
         06110 Halle
         Germany


TEXDORF ASSENHANDELS: Creditors Must Register Claims by July 9
--------------------------------------------------------------
Creditors of Texdorf Assenhandels GmbH have until have until July 9 to
register their claims with court-appointed insolvency manager Jens-Soeren
Schroeder.

Creditors and other interested parties are encouraged to attend the
meeting at 9:25 a.m. on Aug. 16, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings against
Texdorf Assenhandels GmbH on May 25.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Texdorf Assenhandels GmbH
         Attn: Youngse Kim, Manager
         Senke 14
         22393 Hamburg
         Germany


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


ALEM STAR: Proof of Claim Deadline Slated for July 17
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Alem Star Multimedia insolvent.

Creditors have until July 17 to submit written proofs of claim  to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Taugul-3, 138
         Almaty
         Kazakhstan
         Tel: 8 777 223 07-71


ASMM LLP: Creditors Must File Claims July 17
--------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has declared
LLP Asmm insolvent.

Creditors have until July 17 to submit written proofs of claim  to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Tel: 8 (3292) 50-97-23


BESKON LLP: Claims Filing Period Ends July 17
---------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has declared
LLP Beskon insolvent.

Creditors have until July 17 to submit written proofs of claim  to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Tel: 8 (3292) 50-97-23


ENBEK LLP: Claims Registration Ends July 17
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Enbek (RNN 531200002919).

Creditors have until July 17 to submit written proofs of claim  to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Room 208
         Jangusurov Str. 113A
         Taldykorgan
         Almaty
         Kazakhstan


PMS-77 LLP: Creditors' Claims Due July 17
-----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
PMS-77 insolvent.

Creditors have until July 17 to submit written proofs of claim  to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Taugul-3, 138
         Almaty
         Kazakhstan
         Tel: 8 777 223 07-71


SAYSAN-FISH RYBA: Proof of Claim Deadline Slated for July 13
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Corporation Saysan-Fish Ryba insolvent.

Creditors have until July 13 to submit written proofs of claim  to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Serikbaev Str. 29-7
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 25-15-33


SHEBERHANA OJSC: Creditors Must File Claims July 13
---------------------------------------------------
OJSC Sheberhana has declared insolvency.  Creditors have until July 13 to
submit written proofs of claim  to:

         OJSC Sheberhana
         Tolebi Str. 2
         Tolebi
         Shusky district
         Jambyl
         Kazakhstan


STANDARD-2 LLP: Claims Filing Period Ends July 17
-------------------------------------------------
AThe Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Standard-2 insolvent.

Creditors have until July 17 to submit written proofs of claim  to:

         AThe Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Ushanov Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakstan
         Tel: 8 (3232) 26-24-41


UYUT LLP: Claims Registration Ends July 17
------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Uyut insolvent.

Creditors have until July 17 to submit written proofs of claim  to:

         AThe Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Ushanov Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakstan
         Tel: 8 (3232) 26-24-41


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


ELAN EXPRESS: Proof of Claim Deadline Slated for July 11
--------------------------------------------------------
LLC Elan Express has declared insolvency.  Creditors have until July 11 to
submit written proofs of claim to:

         LLC Elan Express
         Molodaya Gvardiya Ave. 41
         Bishkek
         Kyrgyzstan


EXPRESS-SAPAR LLC: Creditors Must File Claims by July 11
--------------------------------------------------------
LLC Express-Sapar has declared insolvency.  Creditors have until July 11
to submit written proofs of claim to:

         LLC Express-Sapar
         Eletsky Str. 28
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 93-63-25


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


TEKSID ALUMINUM: Gets Consent Solicitation to Amend Indenture
-------------------------------------------------------------
Teksid Aluminum Luxembourg S.a.r.l., S.C.A. disclosed that, as of 12:00
p.m., New York City time (5:00 p.m., London time), on Thursday, June 7,
2007, consents representing approximately 70% of the EUR205,598,000
aggregate principal amount of its outstanding 11-3/8% Senior Notes due
2011 have been validly delivered pursuant to its previously announced
solicitation of consents to implement certain proposed amendments to the
indenture governing the Senior Notes and to give effect to an immediate
effectiveness of a waiver of any Default or Event of Default arising from
and any claims relating to the Company's failure to comply with the sixth
paragraph of Section 11.15(b)(i) of the Indenture.

Consequently, the Company, the note guarantors and the trustee executed a
supplemental indenture on Thursday, June 7, 2007.  Accordingly, the
proposed amendments have become operative in accordance with their terms
and the Waiver has become effective.

The consent solicitation expired on Friday, June 8, 2007 at 10:00 a.m.,
New York City time (3:00 p.m., London time).

The indenture amendments:

   (a) allow the sale of the Company's equity interest in
       Cevher Dokum Sanayi A.S. to the majority owner,
       Cevher Jant Sanayi A.S.,

   (b) extend the time by which an offer to purchase
       Senior Notes after the sale of Teksid Aluminum
       Poland S.p. z.o.o. is to be made no later than
       June 19, 2007, and

   (c) fix a technical error in the Indenture.

                     About Teksid Aluminum

Teksid Aluminum -- http://www.teksidaluminum.com/--
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings, and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America, and Asia.  The company maintains
operations in Italy, Brazil, and China.

                            *   *   *

As reported in the TCR-Europe on May 9, 2007, Moody's Investors Service
confirmed the Caa3 Corporate Family Rating of Teksid Aluminum Ltd as well
as the Ca rating of the company's senior notes at Teksid Aluminum
Luxembourg Sarl SCA with a stable outlook.

It also lowered its long-term debt rating on the EUR240 million
senior unsecured notes issued by Teksid Aluminum Luxembourg
S.a.r.l., S.C.A. and guaranteed by TKA to 'D' from 'C'.


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


KONINKLIJKE AHOLD: Earns EUR241 Million in First Quarter 2007
-------------------------------------------------------------
Koninklijke Ahold N.V. posted EUR241 million in net profit on EUR13.22
billion in net revenues for the first quarter of 2006, compared with
EUR246 million in net profit on EUR13.32 billion in net revenues for the
same period in 2006.

"The first quarter showed an encouraging start to the year," Chief
Executive Officer Anders Moberg said.

Ahold attributed its lower profit and revenues to worse margins and a
weaker dollar, Reuters reports.

Ahold's Stop & Shop unit experienced a decline in operating profit,
blaming a current restructuring of its U.S. operations, the Associated
Press relates.

The company, Foo Yun Chee writes for Reuters, is overhauling its Stop &
Shop and Giant-Landover stores in the U.S. by cutting prices, adding
private-label goods and selling variety of products.

Mr. Chee suggests that Ahold was hoping to duplicate the success of its
Albert Heijin unit, which first quarter performance allowed Ahold to
offset its temporary decline in the U.S.

“Albert Heijn had a very good performance,” said Erwin Dut pf Kempen & Co.
told Bloomberg News. “The chain has an enormous momentum as it is still
benefiting from the price war it ignited some years ago.”

"U.S. retail reports in line with expectations and provides more comfort
that the value improvement program implementation will be successful,"
Rabo Securities analysts told Reuters.

Mr. Moberg revealed that Ahold is eyeing “small, fill-in acquisitions."

                           About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe.  It has operations in Argentina.  The company's chain
stores include Stop & Shop, Giant, TOPS, Albert Heijn and
Bompreco.  Ahold also supplies food to restaurants, hotels,
healthcare institutions, government facilities, universities,
stadiums, and caterers.

                            *   *   *

In a TCR-Europe report on May 11, 2007, Moody's Investors Service placed
the Ba1 Corporate Family Rating and the Ba1 Senior Unsecured Long-Term
Rating of Koninklijke Ahold N.V. on review for possible upgrade.

The action follows the company's recent announcement that it has
agreed to the disposal of its U.S. Foodservice business to private equity
funds for US$7.1 billion.

As reported in the TCR-Europe on May 7, 2007, Fitch Ratings upgraded the
Issuer Default and senior unsecured ratings of Royal Ahold N.V. (nka
Koninklijke Ahold N.V.) to 'BB+' from 'BB'.  The Outlook on the Issuer
Default rating remains Positive.  Its Short-term rating is affirmed at
'B'.


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


AFFILIATED COMPUTER: Suspends Exclusivity Pact with Cerberus
------------------------------------------------------------
Affiliated Computer Services Inc. has reached an agreement with
Darwin Deason, the holder of approximately 42% of the company's
outstanding voting stock and chairman of the board of directors, and
Cerberus Capital Management LP, to suspend the Exclusivity Agreement
between Mr. Deason and Cerberus.

The suspension of the agreement will enable the company, under the
direction of an appointed Special Committee of independent directors, to
consider the sale of the company, which it considers to be in the best
interests of the company and its stockholders.

On March 20, 2007, the company received a proposal from Mr. Deason and
Cerberus to acquire all of the outstanding shares of the company's common
stock, other than certain shares and options held by Mr. Deason and
members of the company's management team that would be rolled into equity
securities of the acquiring entity, for US$59.25 per share in cash.  Mr.
Deason and Cerberus subsequently increased the offer price to US$62 per
share in cash.

In connection with their proposal, Mr. Deason and Cerberus entered into an
Exclusivity Agreement, dated March 20, 2007, pursuant to which Mr. Deason
agreed to work exclusively with Cerberus to negotiate an acquisition of
the company.

Pursuant to the terms of a Waiver Agreement, dated as of
June 10, 2007, between Mr. Deason, Cerberus and the company, from June 16,
2007 through Aug. 9, 2007, the Special Committee and its financial
advisors, Lazard Freres & Co. LLC, will be soliciting indications of
interest in a transaction involving the company, permitting interested
parties, including Cerberus, to conduct due diligence, and having
discussions with such interested parties regarding potential transactions
involving the company, well as considering all other strategic
alternatives available to the company.

Also during this period, Mr. Deason will be free to have discussions and
negotiations with parties other than Cerberus interested in a potential
transaction with the company.  If the company enters into an agreement
with a party other than Cerberus on or prior to Aug. 19, 2007, the
Exclusivity Agreement terminates.

Under the terms of the Waiver Agreement, the company will reimburse
Cerberus for up to US$7.5 million of documented out-of-pocket expenses
incurred by Cerberus in connection with its proposal.  In addition, if the
company enters into a transaction with another party, the company will pay
Cerberus US$15 million upon consummation of that transaction if, at the
time the transaction is signed or closed, Cerberus has not withdrawn its
proposal to acquire the company, has not reduced its offer price below $62
per share or otherwise modified its proposal in a manner that is
materially adverse to the company, and is diligently pursuing an
acquisition of the company.  Mr. Deason will pay Cerberus 40% of the
positive difference between the value of what Mr. Deason will receive in a
transaction consummated with another party and what Mr. Deason would have
received under the Cerberus proposal.

The Special Committee believes that the terms of the Waiver Agreement will
enable it to conduct a process for considering strategic alternatives
available to the company, including a potential sale of the company that
it considers to be in the best interests of the company and its
stockholders.  There is no assurance that the process undertaken by the
Special Committee will result in any transaction, including a transaction
with Mr. Deason and Cerberus or any other parties.

Interested parties in exploring a potential transaction with the company
may contact the Special Committee's financial or legal advisors:

   -- Financial Advisors
      Attn: Michael J. Biondi/Alex Stern/David Descoteaux
      Lazard Freres & Co. LLC
      Tel: (212) 632-6000

   -- Legal Advisors
      Attn: Thomas A. Roberts/Michael J. Aiello
      Weil, Gotshal & Manges LLP
      Tel: (212) 310-8000

                About Cerberus Capital Management

Headquartered in New York City, and established in 1992, Cerberus Capital
Management LP is one of the world's leading private investment firms with
approximately US$25 billion of capital under management in funds and
accounts.  Through its team of investment and operations professionals,
Cerberus specializes in providing both financial resources and operational
expertise to help transform its portfolio companies into industry leaders
for long-term success and value creation.  Cerberus has offices in Los
Angeles, Chicago and Atlanta, well as advisory offices in London, Baan,
Frankfurt, Tokyo, Osaka and Taipei.

                 About Affiliated Computer Services

Headquartered in Dallas, Texas, Affiliated Computer Services Inc. (NYSE:
ACS) -- http://www.acs-inc.com/-- is a FORTUNE 500
company.  It provides business process outsourcing and information
technology solutions to world-class commercial and government clients.
The company has more than 58,000 employees supporting client operations in
nearly 100 countries.

The company has global operations in Brazil, China, Dominican Republic,
India, Guatemala, Ireland, Philippines, Poland and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on March 29, 2007,
Fitch Ratings placed Affiliated Computer Services Inc. on
Rating Watch Negative after the proposed offer from Darwin Deason, founder
and current chairman of ACS, and Cerberus Capital Management L.P. to
acquire the company in a leveraged buyout transaction valued at US$8.2
billion, including existing debt.

Ratings affected were (i) Issuer Default Rating 'BB'; (ii) Senior secured
revolving credit facility at 'BB'; (iii) Senior secured term loan at 'BB';
and (iv) Senior notes at 'BB-'.


ELEKTRIM S.A.: Vivendi Files Suit for Fraud & Breach of Contract
----------------------------------------------------------------
Vivendi Holdings 1 Corp., the assignee of all claims held by, among
others, General Motors Corp. with respect of its holding, through Everest
Capital Ltd., of Elektrim Finance BV 2%
EUR510,000,000 bonds due 12/18/2005, filed suit in the United States
District Court for the Southern District of Florida against:

  -- Law Debenture Trust Corporation, Plc (U.K.) for Breach of
     Fiduciary Duty and Breach of Contract, and

  -- Elekrim S.A. for Fraud and Breach of Contract.

LDTC served as Elektrim's bond trustee.

Among other things, the Complaint alleges that LDTC:

   (i) breached its fiduciary duty to General Motors and
       other Elektrim bondholders and

  (ii) breached the Second Supplemental Trust Deed, when
       it failed to disclose material information to
       the bondholders prior to the bondholders' decision
       to withdraw their bankruptcy petition against
       Elektrim and when it knowingly accepted proceeds of
       an illegal transaction.

According to a statement by Vivendi's attorney, Alexander Angueira, if
that information had been disclosed, both General Motors and Everest
Capital would not have supported the withdrawal of the bankruptcy
petition, and General Motors and Everest Capital would have retained the
right to recapture assets that Elektrim had fraudulently transferred,
including shares of Polska Telfonia Cyfrowa Sp. z o.o. that were illegally
transferred to Deutsche Telekom AG.

The Complaint seeks damages and an injunction requiring LDTC to hold in
escrow the proceeds relating to the illegal transfer to DT of shares of
PTC.

Vivendi has demanded that LDTC maintain the status quo and not disburse or
transfer any funds relating to the illegal transfer of PTC shares until
the District Court has resolved the issues raised by the Complaint.  Any
disbursement of the funds could prejudice General Motor's rights and those
of Vivendi as assignee to additional funds from Elektrim under the Debt
Restructuring Agreement as set forth in the Complaint.

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- engages in the power and
telecommunication businesses.  In addition to its core business
activities, Elektrim also manufactures sells cables, and
provides data transmission services.

In November 2005, an English court rejected Elektrim's appeal on
a decision declaring it in breach of bond conditions.  The Court
ordered Elektrim in September 2005 to immediately buy back
EUR471.4 million of bonds for having broken a restructuring
agreement signed in 2002.  Holders demanded immediate buyout of
their bonds, which was worth EUR470 million.  Elektrim was
due to redeem the bonds on Dec. 15, 2005, but failed.

Elektrim said it was impossible to redeem the bonds since the
court has frozen its assets.  Bondholders filed the motion to
freeze Elektrim's assets, fearing the group would hide its
assets and declare bankruptcy to avoid repaying its debt.  The
company said it would repay the debt if the collateral were
cancelled.

On Sept. 29, 2006, Elektrim filed a bankruptcy petition with the
possibility of an arrangement, five days before its creditors were set to
launch a lawsuit over the bankruptcy.  Creditors were demanding the
company's liquidation and the introduction of an official bankruptcy
assignee since they have not received payments from the company for nearly
two years.

In a TCR-Europe report on Nov. 2, 2006, a Court in Warsaw rejected the
bankruptcy petition for Elektrim S.A. filed by the company's creditors and
Elektrim Telekomunikacja, following a partial repayment of the company's
debt.

Under an option agreement, Elektrim sold its 48% stake in Polska
Telefonia Cyfrowa to Deutsche Telekom for EUR604 million.
Deutsche Telekom, however, paid the amount to a Vienna
arbitration court.

On Oct. 26, 2006, Elektrim received EUR525 million of the amount and used
it to repay its bondholders.  The partial repayment prompted the Warsaw
Court to dismiss the bankruptcy petition the next day.


OPEN TRAVEL: Bankruptcy Premeditated, Prosecutors Say
-----------------------------------------------------
The bankruptcy of Polish holiday company Open Travel, which was insured by
PLN4 million, was premeditated, Warsaw Business Journal reports citing
prosecutors.

According to the report, the bankruptcy prompted insurers to increase
their rates for travel agencies by up to 40%.

Warsaw Business Journal says Open Travel was insured for an amount twice
less than it should have been.

The holiday company declared bankruptcy on Sept. 26, 2006.  It was
considered the largest bankruptcy in the travel sector in Poland.


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


AVNYUGSKIY WOOD-PROM-KHOZ: Creditors Must File Claims by July 19
----------------------------------------------------------------
Creditors of OJSC Avnyugskiy Wood-Prom-Khoz have until July 19 to submit
proofs of claim to:

         A. Galina
         Insolvency Manager
         Post User Box 14
         Kotlas
         165300 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A05-7100/2006-28.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Avnyugskiy Wood-Prom-Khoz
         Avnyugskiy
         Verkhnetoemskiy
         165511 Arkhangelsk
         Russia


BRICKWORKS STANDARD: Creditors Must File Claims by June 19
----------------------------------------------------------
Creditors of LLC Brickworks Standard (TIN 7412008114) have until June 19
to submit proofs of claim to:

         M. Moiseev
         Insolvency Manager
         Post User Box 249
         620014 Ekaterinburg
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A76-2484/2007-48-33.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         M. Moiseev
         Insolvency Manager
         Post User Box 249
         620014 Ekaterinburg
         Russia


CB EURO-PROM-INVEST:  Creditors Must File Claims by July 19
-----------------------------------------------------------
Creditors of OJSC CB Euro-Prom-Invest have until July 19 to submit proofs
of claim to:

         State Corporation Agency on Endowment Insurance
         Insolvency Manager
         Verkhne-Vaganskiy Tupik Str. 4
         109240 Moscow
         Russia

The Representative of Insolvency Manager

         Post User Box 11
         123022 Moscow
         Russia
         Tel: 8-800-200-08-05

The Arbitration Court of Moscow commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A40-78163/06-71-1174B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC CB Euro-Prom-Invest
         Building 1
         Pogodinskaya Str. 24
         119435 Moscow
         Russia


INPRODUCT CJSC: Creditors Must File Claims by July 19
-----------------------------------------------------
Creditors of CJSC Inproduct have until July 19 to submit proofs of claim to:

         N. Pavlov
         Insolvency Manager
         Building 2
         Stolovyj Per. 6
         121069 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A40 2309/07-36-6B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Inproduct
         Building 2
         B. Nikitskaya Str. 18
         125009 Moscow
         Russia


KRUTOYARSKOYE CJSC: Bankruptcy Hearing Slated for Sept. 5
---------------------------------------------------------
The Arbitration Court of Chelyabinsk will convene on Sept. 5 to hear the
bankruptcy supervision procedure on CJSC Krutoyarskoye.
The case is docketed under Case No. A76-1641/2007-48-34.

The Temporary Insolvency Manager is:

         N. Volkov
         Korabelnaya Str. 8-136
         454045 Chelyabinsk
         Russia

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         CJSC Krutoyarskoye
         Oktyabrkiy
         Chelyabinsk
         Russia


LEN-GAS-ENERGO: Creditors Must File Claims by July 19
-----------------------------------------------------
Creditors of CJSC Len-Aas-Energo have until July 19 to submit proofs of
claim to:

         N. Karpova
         Insolvency Manager
         Apt.128
         K. Marksa Str. 13
         163000 Arkhangelsk
         Russia
         Tel/Fax: 20-18-28

The Arbitration Court of Arkhangelsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. AO5-13292/2006-8.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Len-Aas-Energo
         K. Zinina Str. 2a
         Yarensk
         Lenskiy
         165780 Arkhangelsk
         Russia


MORDOV-SEL-KHOZ-KHIMIYA: Creditors Must File Claims by July 19
--------------------------------------------------------------
Creditors of OJSC Mordov-Sel-Khoz-Khimiya have until July 19 to submit
proofs of claim to:

         N. Burykin
         Insolvency Manager
         Building 2
         Lenina Pr. 12a
         Saransk
         430000 Mordoviya
         Russia

The Arbitration Court of Mordoviya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A39-5442/06-163/12.

The Court is located at:

        The Arbitration Court of Mordoviya
         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya Republic
         Russia

The Debtor can be reached at:

         OJSC Mordov-Sel-Khoz-Khimiya
         Saransk
         Mordoviya
         Russia


ORENBURGSKAYA TRADING: Creditors Must File Claims by June 19
------------------------------------------------------------
Creditors of LLC Orenburgskaya Trading Company (TIN/KPP
5611035084/561101001) have until June 19 to submit proofs of claim to:

         S. Egorova
         Insolvency Manager
         Post User Box 44
         Orlova Str. 5
         460006 Orenburg
         Russia
         Tel/Fax: (3532) 78-38-36

The Arbitration Court of Orenburg commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A47-1567/2007-14GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Orenburgskaya Trading Company
         Turgeneva Str. 17
         460023 Orenburg
         Russia


PMK-14 CJSC: Saratov Bankruptcy Hearing Slated for Oct. 3
---------------------------------------------------------
The Arbitration Court of Saratov will convene on Oct. 3 to hear the
bankruptcy supervision procedure on CJSC PMK-14.  The case is docketed
under Case No. A-57-103/07-40.

The Insolvency Manager is:

         M. Sotnik
         Tsvetochnaya Str. 1 B
         410009 Saratov
         Russia

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         CJSC PMK-14
         Dachnaya Str. 5
         Engels
         413117 Saratov
         Russia


RAND CJSC: Creditors Must File Claims by June 19
------------------------------------------------
Creditors of CJSC Rand have until June 19 to submit proofs of claim to:

         A. Tarasov
         Insolvency Manager
         Office 56
         Building 1
         K. Marksa Str. 31
         163000 Arkhangelsk
         Russia

The Arbitration Court of Murmansk commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A42-1535/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Rand
         Maklakova Str. 30
         Murmansk
         Russia


SHABALINSKIY FLAX: Creditors Must File Claims by June 19
--------------------------------------------------------
Creditors of OJSC Shabalinskiy Flax Factory have until June 19 to submit
proofs of claim to:

         V. Sitnikov
         Insolvency Manager
         Derendyaeva Str., 14
         610000 Kirov
         Russia

The Arbitration Court of Kirov commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A28-129/07-68/24.

The Court is located at:

        The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Shabalinskiy Flax Factory
         Garyaevy
         Shabalinskiy
         Kirov
         Russia


SHENGA-WOOD LLC: Creditors Must File Claims by June 19
------------------------------------------------------
Creditors of LLC Shenga-Wood have until June 19 to submit proofs of claim to:

         S. Tifanov
         Insolvency Manager
         Volodarskogo Str., 36a
         163000 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A05-3292/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Shenga-Wood
         Apt. 3
         Lomonosova Str. 89B
         Shenkursk
         Arkhangelsk
         Russia


SOLID PROPELLANT: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Krasnoyarsk commenced bankruptcy supervision
procedure on Municipal Unitary Enterprise Solid Propellant.  The case is
docketed under Case No. A33-1575/2007.

The Temporary Insolvency Manager is:

         E. Rafalskiy
         Premise 182
         Abakanskaya Str. 41
         Minusinsk
         662603 Krasnoyarsk
         Russia

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise Solid Propellant
         Shushenskoye
         Krasnoyarsk
         Russia


VIMPELCOM: Court Upholds Acquisition of Ukrainian Radio Systems
---------------------------------------------------------------
The Supreme Arbitration Court of Russia has ruled in favor of OJSC
Vimpel-Communications in one of the lawsuits filed by Telenor East Invest
AS.  The court’s decision upheld the validity of the September 2005
shareholder vote which approved the acquisition of CJSC "Ukrainian Radio
Systems"as an interested party transaction.

The ruling is final and may not be appealed.

With today’s ruling, VimpelCom has now conclusively won two of the three
lawsuits brought by Telenor East Invest AS in connection with the
acquisition of URS.  The remaining lawsuit brought by Telenor East Invest
AS to declare invalid and unwind the URS transaction was won by VimpelCom
in the lower court and has been appealed by Telenor.   The appeal is
scheduled to be heard by the Court of Appeals on June 25, 2007.  VimpelCom
will continue to vigorously defend its position in this lawsuit.

The VimpelCom Group includes companies operating in Russia, Kazakhstan,
Ukraine, Uzbekistan, Tajikistan, Georgia and Armenia.  The VimpelCom
Group's GSM and 3G license portfolio covers a territory with a population
of about 250 million.  This includes the entire territories of Russia,
Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia and Armenia.
VimpelCom was the first Russian company to list its shares on the New York
Stock Exchange.  VimpelCom's ADSs are listed on the NYSE under the symbol
"VIP".

                         About VimpelCom

Headquartered in Moscow, Russia, VimpelCom (NYSE: VIP) --
http://www.vimpelcom.com/-- provides mobile telecommunications
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.

                        *     *     *

As reported in the TCR-Europe on March 13, 2007, Moody's Investors Service
upgraded the corporate family and existing bond ratings of Open Joint
Stock Company Vimpel Communications to Ba2 from Ba3.  Moody's said the
outlook on the ratings is stable.


ZNAMENSKAYA OJSC: Creditors Must File Claims by July 19
-------------------------------------------------------
Creditors of OJSC Agricultural Company Znamenskaya have until July 19 to
submit proofs of claim to:

         S. Artamonov
         Insolvency Manager
         Post User Box 223
         241050 Bryansk
         Russia

The Arbitration Court of Orel commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
A48-4859/06-20b.

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Agricultural Company Znamenskaya
         Kirova Str. 24
         Znamenskoye
         Znamenskiy
         Orel
         Russia


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


SURGILIGHT INC: March 31 Balance Sheet Upside-Down by US$625,891
----------------------------------------------------------------
SurgiLight Inc. reported a net loss of US$137,258 on revenue of US$119,000
for the first quarter ended March 31, 2007, compared with a net loss of
US$294,845 on zero revenue for the same period in 2006.

Equipment sales for the quarter ended March 31, 2007, increased to
US$119,000 from US$0 during the quarter ended March 31, 2006.  The 2007
quarter revenue increase was due to the company continuing to develop its
international sales and marketing activities, especially in the European
Community where it received CE approval during February 2005.

At March 31, 2007, the company's balance sheet showed US$4,895,810 in
total assets, US$5,521,701 in total liabilities, resulting in a US$625,891
total stockholders' deficit.

The company's balance sheet at March 31, 2007, also showed strained
liquidity with US$694,509 in total current assets available to pay
US$5,521,701 in total current liabilities.

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?20ca

                      Going Concern Doubt

Richard L. Brown & Company P.A., in Tampa, Florida, expressed substantial
doubt about SurgiLight 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
losses from operations and net capital deficiency.

                     About SurgiLight Inc.

Headquartered in Orlando, Florida. SurgiLight Inc. (Other OTC: SRGL.PK) --
http://www.surgilight.com/index.html-- distributes ophthalmic lasers and
related products and services based on its own and licensed intellectual
property, primarily for use in refractive and presbyopia procedures.

The company has operations in China, Mexico and Spain.


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


BRENTSCH IMMOBILIEN: Creditors' Liquidation Claims Due June 25
--------------------------------------------------------------
Creditors of JSC Brentsch Immobilien have until June 25 to submit their
claims to:

         Beatrice Ronzani-Boscardin
         Liquidator
         Goethestrasse 25
         9008 St. Gallen
         Switzerland

The Debtor can be reached at:

         JSC Brentsch Immobilien
         St. Gallen
         Switzerland


CHEZ JEANNETTE: Creditors' Liquidation Claims Due June 25
---------------------------------------------------------
Creditors of LLC Chez Jeannette have until June 25 to submit their claims to:

         Heinz Wiederkehr
         Liquidator
         Rummelstrasse 27
         5610 Wohlen
         Bremgarten AG
         Switzerland

The Debtor can be reached at:

         LLC Chez Jeannette
         Aarau AG
         Switzerland


CNS LLC: Creditors' Liquidation Claims Due June 22
--------------------------------------------------
Creditors of LLC CNS have until June 22 to submit their claims to:

         Gertrud Khiar
         Liquidator
         Buhlstrasse 6
         Postfach 2116
         8645 Rapperswil-Jona
         See-Gaster SG
         Switzerland

The Debtor can be reached at:

         LLC CNS
         Rapperswil-Jona
         See-Gaster SG
         Switzerland


FUNK-TAXI A. CATHREIN: Creditors' Liquidation Claims Due June 25
----------------------------------------------------------------
Creditors of JSC Funk-Taxi A. Cathrein have until June 25 to submit their
claims to:

         Treuhandburo Bruno Ittig
         Liquidator
         Furkastrasse
         3983 Morel
         Switzerland

The Debtor can be reached at:

         JSC Funk-Taxi A. Cathrein
         Brig-Glis VS
         Switzerland


HEBETECH LLC: Creditors' Liquidation Claims Due June 22
-------------------------------------------------------
Creditors of LLC Hebetech have until June 22 to submit their claims to:

         Rolf Nyfeler
         Liquidator
         Oberriedenstr. 62
         5412 Gebenstorf
         Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Hebetech
         Turgi
         Baden AG
         Switzerland


HERCULES INC: Moody's Keeps Corporate Family Rating at Ba2
----------------------------------------------------------
Moody's Investors Service affirmed the Ba2 corporate family rating of
Hercules, Inc. and changed the rating outlook to positive from stable.

At the same time, Hercules speculative grade liquidity rating was raised
to SGL-1 from SGL-2 indicating very good liquidity over the next 12
months.  The positive outlook reflects Moody's anticipation that Hercules
can reduce debt by roughly US$200 million in 2007 and that this will cause
credit metrics to improve to levels that are strong relative to the Ba2
rating by the end of this year.  About US$21 million of the Term Loan B
was paid down in the first quarter of 2007.  The outlook improvement also
reflects Moody's expectation of further debt reduction in 2008 and 2009,
after which Moody's expects absolute debt levels to stabilize.  Provided
that capital expenditures remain moderate, there are no large acquisitions
and prospective dividend actions/share repurchases are prudently sized,
the company should be able to generate retained cash flow to adjusted
total debt above 20%, free cash flow to adjusted total debt of over 10%,
and a fixed charge coverage ratio (EBITDA to interest) of over 4.5X times.
If these metrics are realized Moody's could reassess the appropriateness
of the Ba2 ratings after the end of 2007.  Conversely, an unexpected
increase in legacy liabilities and bolt on acquisitions that would cause
debt to remain at or above US$900 million could cause Moody's outlook to
return to stable.

Ratings Raised:

   -- SGL raised to SGL-1 from SGL-2

Ratings affirmed:

   -- CFR: Ba2;

   -- PDR: Ba2;

   -- US$150 million Gtd Sr Sec Revolving Credit Facility due
      10/2010, Baa3, LGD2, 18%;

   -- US$354 million Gtd Sr Sec Term Loan B due 10/2010, Baa3,
      LGD2, 18%;

   -- US$100 million 6.60% Gtd Sr Sec Putable Notes due 2027,
      Baa3, LGD2, 18%;

   -- US$16 million 11.125% Gtd Sr Unsec Notes due 2007, Ba2,
      LGD3, 40%;

   -- US$250 million 6.75% Gtd Sr Sub Notes due 2029, Ba3, LGD4,
      61%;

   -- US$3 million 8.00% Conv Sub Debentures due 2010, B1, LGD5,
      89%;

   -- US$217 million 6.50% Jr Sub Deferrable Int. Debentures due
      2029, B1, LGD5, 89%.

The Speculative Grade Liquidity rating was raised reflecting improvements in:

   (1) the company's cash flow;
   (2) the availability under its committed bank facilities; and
   (3) the headroom under its covenant requirements.

Hercules' Ba2 CFR is supported by leading market positions in its two main
businesses including the Aqualon Group and the Paper Technologies/Ventures
Group and particularly by relatively strong EBITDA operating margins of
over 20% in the Aqualon group.  The Aqualon Group has the higher organic
growth potential while the Paper Group's growth potential is more aligned
with GDP growth rates.  The rating has been tempered by weak financial
metrics with Debt/EBITDA averaging 4.1X and EBITDA/Interest averaging 3.0X
over the last three years.  The credit profile has been negatively
impacted by legacy liabilities (asbestos and environmental) and
significant debt-like obligations (pensions and operating leases) although
Moody's expects the pension underfunding to improve at the end of 2007 as
it did in 2006.  The rating is supported by Hercules' significant cash
balance, which stood at US$160 million as of March 31, 2007.  Cash
increased significantly after the sale of 51% of FiberVisions and US$103
million of these proceeds were subsequently used to redeem all but US$16
million of the 11.125% notes due 2007 via a tender offer.  With the
exception of the ongoing asbestos liability, Moody's expects that the bulk
of the negative cash flow impact related to Hercules' lawsuits and legacy
liabilities will be more muted in the future than it has been in the
recent past.  Hercules will become responsible for the cash portion of its
asbestos settlements and defense expenses starting in 2008.  These
payments will continue until Hercules' Future Coverage Agreement
settlement with its insurers becomes effective, which occurs after about
US$260 million of incremental costs have been paid by the company.
Assuming these costs average US$35 million per year, this insurance
coverage will not initiate until after 2014.

Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE: HPC)
-- http://www.herc.com/-- is a global manufacturer and marketer
of specialty chemicals and related services.  Its principal
products are chemicals for the paper industry, water-soluble
polymers, and specialty resins.  The company has its regional
headquarters in China and Switzerland, and a production facility
in Brazil.  Revenues for the LTM period ending March 31, 2007 were about
US$2 billion.


INDIKA LLC: Creditors' Liquidation Claims Due June 25
-----------------------------------------------------
Creditors of LLC Indika have until June 25 to submit their claims to:

         Fernando Elmo
         Liquidator
         Zurichstrasse 39
         8840 Einsiedeln SZ
         Switzerland

The Debtor can be reached at:

         LLC Indika
         Einsiedeln SZ
         Switzerland


JUWACO JSC: Creditors' Liquidation Claims Due June 22
-----------------------------------------------------
Creditors of JSC Juwaco have until June 22 to submit their claims to:

         Eduard Germann
         Liquidator
         Eichbergstrasse 2
         7205 Zizers
         Landquart GR
         Switzerland

The Debtor can be reached at:

         JSC Juwaco
         Zizers
         Landquart GR
         Switzerland


MAX STADLER: Creditors' Liquidation Claims Due June 22
------------------------------------------------------
Creditors of JSC Max Stadler have until June 22 to submit their claims to:

         Brigitte Stadler
         Liquidator
         Hauptstrasse 149
         3286 Muntelier
         See FR
         Switzerland

The Debtor can be reached at:

         JSC Max Stadler
         Muntelier
         See FR
         Switzerland


SCHMID & PARTNER: Creditors' Liquidation Claims Due June 22
-----------------------------------------------------------
Creditors of LLC Schmid & Partner, Schonentannen have until
June 22 to submit their claims to:

         Hanspeter Schmid
         Liquidator
         Schonentannen
         3152 Mamishaus
         Switzerland

The Debtor can be reached at:

         LLC Schmid & Partner, Schonentannen
         Wahlern
         Schwarzenburg BE
         Switzerland


SU KOSMETIK: Creditors' Liquidation Claims Due June 25
------------------------------------------------------
Creditors of JSC SU Kosmetik Vertrieb have until June 25 to submit their
claims to:

         JSC Fogal
         Liquidator
         Claridenstrasse 20
         8002 Zurich
         Switzerland

The Debtor can be reached at:

         JSC SU Kosmetik Vertrieb
         Zurich
         Switzerland


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


PETROKIMYA HOLDING: Administration Extends Bidding Deadline
-----------------------------------------------------------
The Turkish Privatization Administration (OIB) moved the final bidding
date for Petkim Petrokimya Holding A.S. to June 28, 2007, from June 15,
2007, Seeurope reports, citing Today's Zaman as its source.

In a written statement, Metin Kilci, OIB president told Istanbul Stock
Exchange that the extended deadline for privatization of Petkim's 51%
share by block sale is in accordance with the sixth article to the bid
specifications.

As reported in the TCR-Europe on April 11, 2007, OIB announced on Feb. 8 a
privatization tender of 51% of Petkim shares through a block sale.

The administration owns 54% of Pektim and the Republic of
Turkey, State Pension Fund holds 7%.  Currently, 39% of Petkim
shares are traded on the Istanbul Stock Exchange.

Headquartered in Turkey, Petkim Petrokimya Holding A.S. --
http://www.petkim.com.tr/-- is a petrochemical company.  It was founded
in 1965 as a state-owned entity in Turkey.

                      *    *    *

As reported in the TCR-Europe on April 11, 2007, Fitch Ratings assigned BB
Local Currency and Foreign Currency Issuer Default ratings to Petkim
Petrokimya Holdings A.S., with Outlooks Stable.


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


BIOSENT-TECH LLC: Claims Filing Deadline Set June 16
----------------------------------------------------
Creditors of LLC Biosent-Tech (code EDRPOU 34454213) have until June 16 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.
23/163-b.

The Debtor can be reached at:

         LLC Biosent-Tech
         Vozdukhoflotsky Avenue 54
         03151 Kiev
         Ukraine


KOBO LLC: Creditors Must File Claims by June 16
-----------------------------------------------
Creditors of LLC Kobo (code EDRPOU 32750741) have until June 16 to submit
their proofs of claim to:

         Liudmila Katereniuk
         Liquidator
         Krasnoarmeyskaya Str.102
         58000 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy supervision procedure
on the company on April 24.  The case is docketed under Case No. 8/75/B.

The Court is located at:

         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Debtor can be reached at:

         LLC Kobo
         Apartment 30
         Solnechny District 18
         Novodniestrovsk
         60236 Chernovcy
         Ukraine


KROTOM-SV LLC: Claims Filing Deadline Set June 16
-------------------------------------------------
Creditors of LLC Krotom-SV (code EDRPOU 33832662) have until June 16 to
submit their proofs of claim to:

         LLC Fars Travel
         Liquidator
         Mayakovsky Avenue
         02222 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
23/130-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Krotom-SV
         Panas Mirny Str. 16/13
         01103 Kiev
         Ukraine


LADKOM-VV LLC: Claims Filing Deadline Set June 16
-------------------------------------------------
Creditors of LLC Ladkom-VV (code EDRPOU 33743170) have until June 16 to
submit their proofs of claim to:

         LLC Fars Travel
         Liquidator
         Mayakovsky Avenue
         02222 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
23/129-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ladkom-VV
         Railway Highway 47
         01103 Kiev
         Ukraine


SHPOLA MOVABLE 2: Claims Filing Deadline Set June 16
----------------------------------------------------
Creditors of OJSC Shpola Movable Mechanized Column 2 (code EDRPOU
03587827) have until June 16 to submit their proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. 01/5634.

The Debtor can be reached at:

         OJSC Shpola Movable Mechanized Column 2
         Shpola
         Lebedinskaya Str. 142
         Cherkassy
         Ukraine


TAIFUN LLC: Claims Filing Deadline Set June 16
----------------------------------------------
Creditors of LLC Taifun (code EDRPOU 24911798) have until
June 16 to submit their proofs of claim to:

The Court is located at:

         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. 16/114/07.

The Debtor can be reached at:

         LLC Taifun
         Griaznov Str. 51/10
         Zaporozhje
         Ukraine


TITUS LLC: Claims Filing Deadline Set June 16
---------------------------------------------
Creditors of LLC Titus (code EDRPOU 33869954) have until June 16 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. 16/115/07.

The Debtor can be reached at:

         LLC Titus
         Griaznov Str. 51/10
         Zaporozhje
         Ukraine


TORGOVITSA: Claims Filing Deadline Set June 16
----------------------------------------------
Creditors of Torgovitsa (code EDRPOU 02777856) have until
June 16 to submit their proofs of claim to:

         Vasily Rybak
         Liquidator
         Kiev Str. 34
         Apartment 117
         33027 Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
8/23.

The Court is located at:

         The Economic Court of Rivne
         Yavornitski Str. 59
         33001 Rivne
         Ukraine

The Debtor can be reached at:

         Torgovitsa
         Rivne Ukraine
         Mlinov District


VOLOSHKA: Creditors Must File Claims by June 16
-----------------------------------------------
Creditors of Children's Health Camp Voloshka (code EDRPOU 30296675) have
until June 16 to submit their proofs of claim to:

         O. Briukhovetsky
         Temporary Insolvency Manager
         Stary Podol Str. 8
         36011 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy supervision procedure
on the company on April 24.  The case is docketed under Case No. 4/34.

The Court is located at:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         Children's Health Camp Voloshka
         Golovach
         38774 Poltava
         Ukraine


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


BOMBARDIER REC: Moody's Rates CDN250 Mil. Sr. Sec. Loan at Ba2
---------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Bombardier Recreational
Products' CDN250 million senior secured revolver and a B1 rating to BRP's
CDN1.2 billion senior secured term loan.

Proceeds from the transaction will be used to refinance the company's
existing debt (CDN800 million term loan) and pay a dividend to its
shareholders (the total dividend, which is expected to be paid later in
the year, is expected to approximate CAD$535, - CDN435 million from the
term loan and CAD$100 million from free cash flow).

The ratings on the existing first lien and second lien bank debt will be
withdrawn following the close of the transaction.  At the same time,
Moody's affirmed BRP's B1 corporate family rating and B1 probability of
default rating with a negative outlook.

"Moody's believes that the significant improvements in the company's cost
structure over the last few years demonstrated by the 335 bps gross margin
percentage improvement in fiscal 2007 from 2006, diversification in the
company's product offerings and the introduction of new products enabled
it to maintain a B1 rating, albeit weakly positioned, despite the
aggressive financial policies of increasing debt to fund shareholder
returns." said Kevin Cassidy, Vice President/Senior Analyst at Moody's
Investors Service.

"The negative outlook reflects Moody's concern that the company's
aggressive financial policies have reduced its financial flexibility to
withstand a downturn in the recreational sports industry amid continuing
uncertainty in consumer spending" said Mr. Cassidy.  "Failure to reduce
and sustain adjusted leverage, measured as adjusted debt/EBITDA, below 5x
by the end of the year would likely result in a downgrade" Mr. Cassidy
further noted.  The proposed transaction will increase adjusted leverage
to above 5x from 3.8x; adjusted leverage was 4.8x following the May 2006
leverage recapitalization.  The negative outlook also reflects Moody's
concern over the lack of maintenance financial covenants.

The ratings for the term loan and revolver reflect both the overall
probability of default of the company, to which Moody's has affirmed the
PDR of B1, and a loss given default assessment of LGD2 (26%) for the
revolver and LGD4 (53%) for the term loan. Both the revolving credit
facility and the term loan benefit from the full guarantees of the
existing and future subsidiaries.  The revolver has a 1st lien priority
interest on inventory and accounts receivable and a 2nd priority lien on
the remaining assets, and the term has the inverse security interest.
Moody's believes that the term loan's collateral coverage approximates
50%, based on a combination of valuation techniques.

Ratings assigned:

   -- CAD$250 million senior secured revolver, due 2012, at Ba2;

   -- U.S. equivalent of CAD$1,230 million senior secured term
      loan, due 2014, at B1;

Rating affirmed:

   -- Corporate family rating at B1;
   -- Probability of default rating at B1.

Headquartered in Quebec, Canada, Bombardier Recreational
Products Inc. -- http://www.brp.com/-- a privately held
company, is a world leader in the design, development,
manufacturing, distribution and marketing of motorised
recreational vehicles.  The company's portfolio of brands and
products includes: Ski-Doo(R) and Lynx(TM) snowmobiles, Sea-
Doo(R) watercraft and sport boats, Johnson(R) and Evinrude(R)
outboard engines, direct injection technologies such as Evinrude
E-TEC(R), Can-Am(TM) all-terrain vehicles, Rotax(R) engines and
karts.

The company has operations in Japan, Australia, Brazil, France,
the Netherlands, Norway, the United Kingdom, and the United
States, among others.  Net sales for the 12-month period ended January
2007 were approximately CAD$2.7 billion.


CENTRAL GARDEN: Moody's May Cut Low-B Ratings After Review
----------------------------------------------------------
Moody's Investors Service placed the ratings of Central Garden & Pet
Company under review for possible downgrade.

The review was prompted by the company's announcement that operating
performance will be weaker than anticipated, reflecting unfavorable
weather conditions in the Southeastern U.S. that have affected the lawn
and garden business.

Moody's is also concerned that this issue compounds other business
challenges, including soft demand in the aquatics category and continued
volatility in grain prices that has pressured bird seed margins.  LGD
assessments are subject to change upon completion of the review.

These ratings were placed under review for possible downgrade:

   -- Corporate family rating at Ba3;

   -- Probability-of-default rating at Ba3;

   -- US$150 million senior subordinated notes due 2013 at B2;

   -- US$350 million senior secured revolving credit facility
      due 2011 at Ba2;

   -- US$300 million senior secured term loan due 2012 at Ba2.

Moody's review will focus on the impact of weaker than expected results on
credit metrics, the outlook for the remainder of fiscal 2007, the
company's ability to comply with financial covenants under the senior
secured credit facilities that were recently amended, its liquidity
position, the potential for excess inventories, and the performance of
other key regions.

Headquartered in Walnut Creek, California, Central Garden & Pet
Company (NASDAQ: CENT) -- http://www.central.com/-- markets and
produces branded products for the lawn & garden and pet supplies
markets.  Products are sold to specialty independent and mass
retailers.  The company also provides a host of other regional and
application-specific garden and pet brands and supplies.  The company has
approximately 5,000 employees, primarily in North America and Europe.  The
company has a presence in the United Kingdom.  Sales were US$1.7 billion
for the 12 months ended March 31, 2007.


DONCASTER LAKERS: May Enter Into Liquidation Procedure
------------------------------------------------------
British rugby league club Doncaster Lakers, which entered into a company
voluntary arrangement to eliminate debts of more than GBP1 million, may
opt for liquidation after potential acquirers called off a proposed
takeover, BBC News reports.

According to Doncaster owner John Wright, unless GBP25,000 is raised
today, Wednesday, June 13, 2007, the rugby league club will have to wind
up.

Mr. Wright is selling his full shareholding for GBP50,000 at GBP5 a share.
  He is donating the proceeds directly back to the club.

"I took the CVA route to eliminate debts and give new owners a clean
sheet, unencumbered by unaffordable contracts and possible claims, at
considerable cost to myself," Mr. Wright was quoted BBC as saying.  "I was
giving my shares to the new owners for just GBP1 yet they still pulled
out, and now the situation is very serious."

Doncaster intended to submit an application for a Super League franchise
in 2009.  However, the club encountered financial problems due to low gate
receipts, BBC relates.

In December 2006 the club moved into the new Keepmoat stadium.


EMI MUSIC: Warner Music Confirms Possible Takeover Bid
------------------------------------------------------
Warner Music Group Corp. confirms that it continues actively to consider
an offer for EMI Group plc, despite its bid being snubbed in favor of an
equity firm.

Warner stated in its Web site that such its offer would be pre-conditional
on appropriate anti-trust clearances being obtained (or the pre-conditions
waived) but not subject to any other pre-condition.  A further
announcement will be made in due course.

EMI, the world's third largest music producer, have been subject to
several takeover bids from Warner Music and other equity firms after it
suffered losses due to a shrinking CD market and rampant online piracy.

On May 21, EMI's board of directors accepted a GBP2.4 billion offer from
Terra Firma Capital, subject to shareholder approval.

However, Ethan Smith of the Wall Street Journal last week noted that
Warner Music believes it could get EMI's recorded-music assets despite
Terra Firma's offer.

According to that report, Warner's executives and investors may counter
Terra Firma's bid, though people close to the company think that Warner
will not go much higher than its original GBP2.4 billion offer.  WSJ adds
that even if Warner acquired EMI, antitrust regulations would require the
music firm to sell the publishing house.

Two sources familiar with the matter had told Reuters that Warner Music
was more likely than not to make an improved offer by early next week.

                       Warner Music Bid

Prior to the Terra Firma recommendation, Warner Music sweetened its bid to
acquire EMI by offering to pay a break-up fee of between GBP50 million and
GBP100 million in case the European Commission blocks its planned takeover
of the U.K. music group, Dominic White of The Telegraph relates.

On March 2, 2007, EMI rejected Warner Music's GBP2.1 billion
non-binding takeover bid, saying that the price of 260 pence per
share in cash for EMI is inadequate.  According to Mr. White of
The Telegraph, EMI also cited concerns that Warner had not
offered to take any of the regulatory risk in relation to the
takeover.

Warner Music, The Telegraph says, indicated to EMI that the
break-up fee would not add to its latest bid but would only be
applied if the deal were blocked.  Warner adds that it is not
ready to make an unconditional offer for EMI as it could
potentially struggle to find a buyer for the latter's recorded
music assets, The Telegraph relates.

Warner Music has begun due diligence after gaining access to
EMI's books last week, Emiko Terazono and Andrew Edgecliffe-
Johnson of The Financial Times report.

                    About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries.  Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Philippines, Thailand, and the United Kingdom, among others.

                          About EMI

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

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

The company issued two profit warnings since January 2007.

                            *   *   *

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

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

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

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

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

(iii) has installed Eric Nicoli, hitherto chairman of the group
       as CEO of EMI Group and of EMI Recorded Music and is
       reviewing its balance sheet.


FORD MOTOR: Joins GM & Chrysler in Healthcare Fund, Sources Say
---------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group, General Motors Corp. and
Ford Motor Company are in talks to create an independent health-
insurance fund to trim their combined US$114 billion in future
retiree healthcare obligations, Bloomberg News reports, quoting
five people with direct knowledge of the talks as saying.

According to the report, the U.S. automakers would each contribute to the
fund to pay for healthcare benefits of United Auto Workers retirees, the
sources said, requesting anonymity because the negotiations are private.
The talks are preliminary so the fund's size and how much each company
would contribute haven't been determined, they said.

The car companies are trying to deal with healthcare costs that GM CEO
Rick Wagoner says cost them a combined US$12 billion in 2006.  Providing
health care to 2 million employees, retirees and dependents contributed to
losses at each of the U.S. automakers last year, while Japanese rivals
posted record profits, Bloomberg reveals.

Under the proposal, the companies would contribute a percentage of their
retiree liabilities to the fund, whose assets and investment proceeds
would cover retiree medical benefits, Bloomberg relates.

The idea is modeled after the Goodyear Tire & Rubber Co. healthcare plan,
the people said.  The Akron, Ohio-based tiremaker, with a healthcare
liability of US$1.3 billion for United Steelworkers of America retirees,
agreed in December to set up a healthcare trust fund with a one-time US$1
billion payment in cash and stock, after which, Goodyear will have no
further healthcare obligation to current or future union retirees.  The
accord came after an 85-day strike, Bloomberg states.

The joint fund is one of several ideas for cutting labor costs being
weighed by U.S. automakers as they prepare for next month's contract
negotiations with the United Auto Workers, the sources said.  GM, Ford and
Chrysler haven't decided whether to offer the proposal during the talks,
which will replace the current four-year contract expiring in September
2007, Bloomberg quotes three of the sources as saying.  The companies are
exploring a single provider to reduce administration costs and overlapping
services, they said.

The union is aware of the discussions and is willing to consider the idea,
one of the people familiar with the matter said, Bloomberg notes.  GM,
Ford and the UAW last year agreed to a court settlement requiring union
retirees to pay part of their healthcare costs for the first time.
Detroit-based GM and Ford, of Dearborn, Michigan, also pledged not to
alter those retiree healthcare benefits until after 2011 without union
consent.

Last year's settlement, as well as benefit reductions for salaried
workers, helped GM cut retiree healthcare liabilities by 21 percent to
US$64 billion at the end of last year, Bloomberg discloses.  Ford had
retiree obligations of US$31 billion, and Chrysler's potential future tab
is about US$19 billion.  GM has already bought out 34,400 union workers,
and Ford and Chrysler together are trying to persuade 50,000 to leave as
they cut production to match market-share losses to Toyota Motor Corp. and
Honda Motor Co.

GM had about 357,000 union retirees in the U.S. at the end of last year,
Bloomberg says.  Ford reported 570,000 active union and non-union
employees, retirees and dependents.

                      About DaimlerChrysler

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

                   About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's
largest automaker and has been the global industry sales leader for 76
years.  GM currently employs about 280,000 people around the world.  GM
manufactures its cars and trucks in 33 countries.  General Motors has
Asia-Pacific operations in India, China, Indonesia, Japan, the
Philippines, among others. It has locations in European countries
including Belgium, Austria, and France.  In Latin-America, the company
maintains locations in Argentina, Brazil, Chile, Colombia, Ecuador,
Venezuela, Paraguay and Uruguay.

                      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.


KWIK SAVE: Reopens Twenty Stores and Reinstates Staff
-----------------------------------------------------
Kwik Save Ltd. will reopen 20 of the 79 stores it closed and has asked
redundant staff to return to work, reports say.

Sarah Butler and Robert Lindsay of the Times Online said that the company,
backed by property tycoon Brendan Murtagh, was hopeful on securing new
financing but no deal was secured.  Kwik Save is still working with KPMG
on the matter.

The company decided to re-open the stores after discussing with financial
backers on the future of the business, Times Online relates.

According to the Sunday Times, Kwik Save has until June 15, 2007, to
secure new financing to avert bankruptcy, after lodging a notice of
intention to file for administration at the Manchester courts.

Kwik Save director Steve McArdle stated in a letter that employees will be
paid for June 2007 in full, even if they did not work for part of that
month.  The staff are due to receive redundancy pay on June 23, 2007,
reports say.

"Usdaw has written to Kwik Save asking them tough questions about
long-term job security for any of our members who may wish to take up
their offer and how they intend to resolve supply chain problems to ensure
there is enough stock on the shelves so the reopened stores can trade
competitively," a spokesman for shopworkers union USDAW was quoted by
Times Online as saying.

Headquartered in Huddersfield, England, Kwik Save Ltd.
-- http://www.kwiksave.co.uk/-- is a discount supermarket chain in the
United Kingdom, which is owned and operated by Kwik Save Group Ltd. (fka
BTTF Ltd.).

As reported in the TCR-Europe on June 7, 2007, Kwik Save was seeking
capital injection after suffering from a sharp decline in sales and
mounting losses.  The company reportedly had
conflicts with its major suppliers due to payment delays, resulting to
limited stocks on basic products.


WARNER MUSIC: Confirms Possible Takeover Bid for EMI
----------------------------------------------------
Warner Music Group Corp. confirms that it continues actively to consider
an offer for EMI Group plc, despite its bid being snubbed in favor of an
equity firm.

Warner stated in its Web site that such its offer would be pre-conditional
on appropriate anti-trust clearances being obtained (or the pre-conditions
waived) but not subject to any other pre-condition.  A further
announcement will be made in due course.

EMI, the world's third largest music producer, have been subject to
several takeover bids from Warner Music and other equity firms after it
suffered losses due to a shrinking CD market and rampant online piracy.

On May 21, EMI's board of directors accepted a GBP2.4 billion offer from
Terra Firma Capital, subject to shareholder approval.

However, Ethan Smith of the Wall Street Journal last week noted that
Warner Music believes it could get EMI's recorded-music assets despite
Terra Firma's offer.

According to that report, Warner's executives and investors may counter
Terra Firma's bid, though people close to the company think that Warner
will not go much higher than its original GBP2.4 billion offer.  WSJ adds
that even if Warner acquired EMI, antitrust regulations would require the
music firm to sell the publishing house.

Two sources familiar with the matter had told Reuters that Warner Music
was more likely than not to make an improved offer by early next week.

                       Warner Music Bid

Prior to the Terra Firma recommendation, Warner Music sweetened its bid to
acquire EMI by offering to pay a break-up fee of between GBP50 million and
GBP100 million in case the European Commission blocks its planned takeover
of the U.K. music group, Dominic White of The Telegraph relates.

On March 2, 2007, EMI rejected Warner Music's GBP2.1 billion
non-binding takeover bid, saying that the price of 260 pence per
share in cash for EMI is inadequate.  According to Mr. White of
The Telegraph, EMI also cited concerns that Warner had not
offered to take any of the regulatory risk in relation to the
takeover.

Warner Music, The Telegraph says, indicated to EMI that the
break-up fee would not add to its latest bid but would only be
applied if the deal were blocked.  Warner adds that it is not
ready to make an unconditional offer for EMI as it could
potentially struggle to find a buyer for the latter's recorded
music assets, The Telegraph relates.

Warner Music has begun due diligence after gaining access to
EMI's books last week, Emiko Terazono and Andrew Edgecliffe-
Johnson of The Financial Times report.

                          About EMI

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

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

The company issued two profit warnings since January 2007.

                    About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries.  Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Philippines, Thailand, and the United Kingdom, among others.

                            *   *   *

As reported in the Troubled Company Reporter-Europe on June 8, 2007, while
it is currently uncertain whether Warner Music Group Corp. (Warner; IDR
rated 'BB-' with a Stable Outlook by Fitch) will make a competing bid for
EMI Group Plc (EMI), any theoretical bid for EMI would likely result in a
Rating Watch Negative for Warner's ratings and its subsidiaries, according
to Fitch Ratings.

In a TCR-Europe report on May 25, 2007, Standard & Poor's Ratings Services
said that its ratings on New York City-based Warner Music Group Corp.,
including its 'BB-' corporate credit rating, remain on CreditWatch with
negative implications, where they were initially placed on Feb. 22, 2007,
following the company's statement that it was exploring a possible merger
agreement with EMI Group PLC (B+/Watch Neg/B).


                            *********

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.


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