---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, February 26, 2007, Vol. 8, No. 40    

                            Headlines


A U S T R I A

ALFRED NEBEL: Claims Registration Period Ends March 28
E.U. GASTRO: Creditors' Meeting Slated for March 7
FRIEDRICH POELZL: Claims Registration Period Ends March 13
GEFAHRGUT SCHULUNG: Claims Registration Period Ends April 3
H-G TROCKENBAU: Claims Registration Period Ends March 28

MIBU BAUELEMENTE: Claims Registration Period Ends April 2
PERFECZ LLC: Claims Registration Period Ends March 19
PHOENIX GASTRONOMIE: Claims Registration Period Ends April 2
SILLABER HOTELWASCHEREI: Creditors' Meeting Slated for March 2
TEXTIL SONDEREGGER: Claims Registration Period Ends March 12


B E L G I U M

GENERAL MOTORS: Inks US$1-Bln Global Networking Deal with AT&T


D E N M A R K

TDC A/S: Earns DKK1.29 Billion in Fourth Quarter Ended Dec. 31


F I N L A N D

BRIGHTPOINT INC: Inks Agreement to Purchase Daangaard Telecom
BRIGHTPOINT INC: Acquisition Spurs S&P's Negative Outlook


F R A N C E

VALASSIS COMMUNICATIONS: Earns US$51.3 Mln in Year Ended Dec. 31
VALASSIS COMM: S&P Puts B- Rating on US$590-Mln Unsecured Notes


G E R M A N Y

AAREAL BANK: Moody's Lifts Ba2 Rating to Baa3 on EUR14-Mln Notes
AGARIUS GASTRO: Claims Registration Period Ends March 30
ALF-TECHNIK: Claims Registration Period Ends March 31
B.E. TOP: Creditors' Meeting Slated for March 9
BAUGESELLSCHAFT WOLF: Claims Registration Period Ends March 22

BAUTRAGERGESELLSCHAFT KLEINER: Claims Registration Ends May 7
BEROSUISSE IMMOBILIEN: Claims Registration Period Ends March 28
BRAUN JUNIOR: Claims Registration Period Ends April 10
BRUNNENBAU & MICROTUNNELING: Claims Registration Ends March 15
CODE ONE: Claims Registration Period Ends March 12

DAIMLERCHRYSLER AG: Chrysler CEO LaSorda Contacts Employees
DF DENTAL: Claims Registration Period Ends March 13
DR. RUTHER & WEISS: Claims Registration Ends March 29
EDEWECHTER STAHL: Claims Registration Ends April 3

EILERS GMBH: Claims Registration Ends March 30
EISENBERGER MOHREN: Claims Registration Ends March 23
ELIMOR IMPORT: Claims Registration Ends March 28
FOTO-SPEZIALGESCHAFT KARL: Claims Registration Ends March 23
FUBO TROCKENBAU: Claims Registration Ends April 20

GROH & WI-DE-MANN: Claims Registration Ends March 27
HK HEIZUNG: Claims Registration Ends March 26
INTERNATIONAL DESIGN: Claims Registration Ends March 20
ISEBEK VERWALTUNGSGESELLSCHAFT: Proofs of Claim Due April 12
JOHANNES KOESTER: Creditors Must Register Claims by March 23

KATHNER METALLBAUELEMENTE: Creditors' Meeting Slated for April 2
KOENIGSHOF OBST: Creditors Must Register Claims by March 26
KRACHT GMBH: Creditors Must Register Claims by April 17
KRISTIN BERGHOLZ: Claims Registration Ends March 23
LAGERHAUS BILLBROOK: Claims Registration Ends March 30

LAURER BAU: Claims Registration Ends March 16
MARX UND LIEBENBERG: Claims Registration Ends March 12
MEESE FERTIGHAUS: Claims Registration Ends April 5
R & P I RICHTER: Claims Registration Period Ends April 5
RDS MUSIC: Claims Registration Period Ends March 21

REY SUNPOINT: Claims Registration Period Ends April 10
QMS AG: Claims Registration Period Ends April 5
SANITAR & HEIZUNGS: Claims Registration Period Ends March 16


G R E E C E

CENTRAL PARKING: Earns US$9.3-Mln for Q1 Ended Dec. 31, 2006
CENTRAL PARKING: KCPC Holdings Acquires Firm for US$733 Million
CENTRAL PARKING: Moody's Places Ba3 CFR on Merger Agreement


H U N G A R Y

BORSODCHEM: Distributes 170,848 Treasury Shares to Employees


I R E L A N D

KINTYRE CLO: S&P Assigns BB- Ratings to EUR11.55-Mln Notes
SCOTTISH RE: AM Best Continues Review After Published Loss
SCOTTISH RE: 4Q Earnings Report Cues Fitch to Lower Ratings


I T A L Y

POPOLARE ITALIANA: Prosecutors Want Trial for Former Executives


K A Z A K H S T A N

ACTOBECOMSERVICE LLP: Creditors Must File Claims by April 6
BANK CASPIAN: Fitch Affirms B+ IDR with Stable Outlook
BANK CENTERCREDIT: Fitch Affirms BB- IDR with Stable Outlook
DON LTD: Creditors' Claims Due April 6
JANATALAP LLP: Proof of Claim Deadline Slated for April 6

JEZGORTECHMASH LLP: Claims Registration Ends April 6
KAZKOMMERTS INT'L: Fitch Assigns BB+ Ratings to New Loans
MATRIX CONSTRUCTION: Claims Filing Period Ends April 6
OMIRLIK-1 LLP: Creditors Must File Claims by April 6
ORIENTIR LLP: Creditors' Claims Due April 6

PRINT-EXPRESS LLP: Proof of Claim Deadline Slated for April 6
RAM-BI LLP: Claims Registration Ends April 6
RICKS LLP: Claims Filing Period Ends April 6


K Y R G Y Z S T A N

BASSEIN-STROY LLC: Claims Filing Period Ends April 6


R U S S I A

AGRO-WOOD LLC: Creditors Must File Claims by March 3
AVANGARD LLC: Creditors Must File Claims by March 3
AZERDEMIRYOLBANK: Significant Growth Cues Fitch to Lift CCC+ IDR
BUGURUSLAN-BREAD LLC: Creditors Must File Claims by March 3
CROWN-M CJSC: Creditors Must File Claims by March 3

ITUS-DELTA CJSC: Creditors Must File Claims by March 3
LOTOSHANSKOYE CJSC: Court Starts Bankruptcy Supervision
LUKOIL OAO: To Close Petrol Network Deal by Second Quarter
NORTH TRADE: Creditors Must File Claims by March 3
NORTH-WEST INDUSTRIAL: Creditors Must File Claims by March 3

NORTH-WOOD LLC: Kareliya Bankruptcy Hearing Slated for April 30
OB'-OIL-GAS-STROY: Names D. Pushkarev as Insolvency Manager
POLYMER CJSC: Creditors Must File Claims by March 3
QUARTZ CERAMICS: Creditors Must File Claims by March 3
ROSNO OAO: Moody's Puts Ba1 Insurance Financial Strength Rating

SAKHA-JEWELER-PETERSBURG: Creditors Must File Claims by March 3
SBERBANK ROSSII: Raises RUR230 Billion from Moscow IPO
YUGRA-AGRO-PRODUCT: Creditors Must File Claims by March 3


S W I T Z E R L A N D

AW ENGINEERING: Creditors' Liquidation Claims Due March 12
BOBTEAM.CH LLC: Creditors' Liquidation Claims Due March 12
E-CONNECTION SARL: Creditors' Liquidation Claims Due March 31
HERZOG LANDTECHNIK: Creditors' Liquidation Claims Due March 12
MATTER + SIEGMANN JSC: Creditors' Liquidation Claims Due Mar. 15

MTS SHIPPING: Creditors' Liquidation Claims Due March 16
SETRUS ASSET: Creditors' Liquidation Claims Due March 16
SUNZI CONSULTING: Creditors' Liquidation Claims Due March 12
TOURISM AND HOTEL: Creditors' Liquidation Claims Due March 12
VISUAL IMPULSE: Creditors' Liquidation Claims Due March 12


U K R A I N E

REKON TRANS: Claims Submission Deadline Set March 5
SOYUZ LLC: Claims Submission Deadline Set March 8
STARPLAZA LLC: Claims Submission Deadline Set March 5
TECHNOLUX LLC: Claims Submission Deadline Set March 5
TH VINIA: Claims Submission Deadline Set March 8


U N I T E D   K I N G D O M

A CLARKE: Taps Paul Stanley to Liquidate Assets
ADVANCED MARKETING: Committee Wants to Hire Traxi as Advisor
ADVANCED MARKETING: Court OKs Sale of PGW's Distribution Rights
AMERICAN AXLE: Moody's Assigns Ba3 Rating on US$300-Mln Notes
AMT COMMUNICATIONS: Creditors' Meeting Slated for March 1

ANCHOR SECURITY: Creditors Confirm Liquidator's Appointment
ARUNDEL FESTIVAL: Appoints G. W. Rhodes as Liquidator
ATLANTIC ELECTRICAL: Creditors' Meeting Slated for March 6
AZTEC COMMUNICATIONS: Taps Begbies Traynor as Administrators
BOOKWORLD: Administrator Receives Calls from Potential Buyers

CAPITAL DIRECTORIES: H. J. Sorsky Leads Liquidation Procedure
CHAPTER III CLOTHING: Claims Filing Period Ends April 13
COLT TELECOM: Incurs EUR18.8 Million Net Losses in 2006
CORRUPAD PACKAGING: Claims Filing Period Ends March 30
DIGITAL UNIVERSITY: Creditors' Meeting Slated for March 5

EUROHOME UK: S&P Assigns BB Ratings to GBP6.48-Mln Notes
FITZROY GREEN: Claims Filing Period Ends May 15
FORWARD VISION: Names Peter Albert Nottingham as Administrator
FOURTH DECO: S&P Assigns BB Prelim Ratings to Class F Notes
GEOBLOCK LTD: Creditors' Meeting Slated for March 7

GEOFFREY E. MACPHERSON: Joint Liquidators Take Over Operations
GOODACRE CARPETS: Taps Christopher Ratten to Administer Assets
GREENHILL FURNITURE: Creditors' Meeting Slated for March 1
HAMPTON DEVELOPMENTS: Creditors' Meeting Slated for March 1
HEAT SHOP: Brings In Joint Administrators from F A Simms

HITEK SYSTEMS: Creditors' Meeting Slated for March 1
HOLLAND CLARKE: Claims Filing Period Ends April 13
I B P INTERNATIONAL: Taps Joint Administrators from Recovery hjs
IBF METALWORKS: Claims Filing Period Ends March 21
IKON AUTOMOTIVE: Taps Cooper Parry as Joint Administrators

INGLEWOOD ARCHITECTURE: Taps Administrator from XL Business
INTERNATIONAL LICENSING: Taps Stephen Goderski as Administrator
JAMES GRAY: Hires H. J. Sorsky to Liquidate Assets
JAYS SOUTH: Appoints Laurence Russell as Liquidator
KROOS LTD: Names Administrator from Bond Partners

LADBROKES PLC: Dec. 31 Balance Sheet Upside-Down by GBP626.9 Mln
LOYALFAST LTD: Creditors' Meeting Slated for March 1
LUMASIGN LTD: Names George H. W. Griffith Liquidator
LYNMETH CONSTRUCTION: Brings In Liquidators from Ashcrofts
MATRIX EUROPE: Creditors' Meeting Slated for March 1

MERRION PACKAGING: Appoints PwC as Joint Administrators
MSR BUILDERS: Creditors' Meeting Slated for March 1
P J DOYLE: Calls In Liquidator from Moore Stephens
PARK PRECISION: Claims Filing Period Ends March 22
RAY ACQUISITION: Moody's May Upgrade Junk Rating After Review

RAY ACQUISITION: S&P Puts EUR600-Mln Notes on Watch Positive
RENTOKIL INITIAL: Dec. 31 Stockholders' Deficit is EUR533.6 Mln
REXEL SA: S&P Puts B Credit Rating on CreditWatch Positive
SCANA U.K.: Creditors' Meeting Slated for March 9
SEA CONTAINERS: Committees Seek to Create Info Sharing Protocol

SEA CONTAINERS: GNER Signs GBP20 Mln Lease to Expand Train Fleet
SISTRA LTD: Creditors Confirm Voluntary Liquidation
SUSSEX REFINED: Hires Liquidators from Herron Fisher
VAN LAUREN: Claims Filing Period Ends May 14
YELL GROUP: Issues 503,049 Ordinary Shares Under Stock Plan

* BOND PRICING: For the Week February 19 to February 23, 2007

                            *********

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


ALFRED NEBEL: Claims Registration Period Ends March 28
------------------------------------------------------
Creditors owed money by LLC Alfred Nebel (FN 176407y) have until
March 28 to file written proofs of claim to court-appointed
estate administrator Walter Kainz at:

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

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 7 (Bankr. Case No. 38 S 7/07t).  Eva Wexberg represents
Dr. Kainz in the bankruptcy proceedings.


E.U. GASTRO: Creditors' Meeting Slated for March 7
--------------------------------------------------
Creditors owed money by LLC E.U. Gastro (FN 260349t) are
encouraged to attend the first creditors' meeting at 11:05 a.m.
on March 7.

The creditors' meeting will be held at:

         The Land Court of Leoben
         Hall 4
         First Floor
         Leoben, Austria

The Court will also examine the claims at 10:00 a.m. on
April 11, at the same venue.

Creditors have until March 20 to file written proofs of claim to
court-appointed estate administrator Karl Maier at:

         Dr. Karl Maier
         Hauptplatz 13
         8720 Knittelfeld
         Austria
         Tel: 03512-83428
         Fax: 03512-83428-50
         E-mail: office@ra-maier.at  

Headquartered in Knittelfeld, Austria, the Debtor declared
bankruptcy on Feb. 6 (Case No. 17 S 11/07x).  


FRIEDRICH POELZL: Claims Registration Period Ends March 13
----------------------------------------------------------
Creditors owed money by LLC Friedrich Poelzl (FN 227671k) have
until March 13 to file written proofs of claim to court-
appointed estate administrator Anton Hintermeier at:

         Dr. Anton Hintermeier
         Andreas Hoferstrasse 8
         3100 St. Poelten
         Austria
         Tel: 02742/847
         Fax: 02742/847-50
         E-mail: stpoelten@lhup.at  

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

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor (Old Building)
         St. Poelten, Austria

Headquartered in Matzleinsdorf bei Melk, Austria, the Debtor
declared bankruptcy on Feb. 6 (Bankr. Case No. 14 S 32/07g).


GEFAHRGUT SCHULUNG: Claims Registration Period Ends April 3
-----------------------------------------------------------
Creditors owed money by LLC Gefahrgut Schulung & Beratung (FN
219786s) have until April 3 to file written proofs of claim to
court-appointed estate administrator Wolfgang Kempf at:

         Mag. Wolfgang Kempf
         Buergerstrasse 41
         4020 Linz
         Austria
         Tel: 77 72 07
         Fax: 78 25 70
         E-mail: ra.kempf.linz@utanet.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 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 Gallneukirchen, Austria, the Debtor declared
bankruptcy on Feb. 5 (Bankr. Case No. 38 S 7/07v).


H-G TROCKENBAU: Claims Registration Period Ends March 28
--------------------------------------------------------
Creditors owed money by LLC H-G Trockenbau (FN 207035p) have
until March 28 to file written proofs of claim to court-
appointed estate administrator Hans-Joerg Haftner at:

         Dr. Robert Klein
         c/o Dr. Thomas Deschka
         Spiegelgasse 10
         1010 Vienna
         Austria
         Tel: 513 99 39
         Fax: 513 99 39-30
         E-mail: klein@lawcenter.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on April 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 6 (Bankr. Case No. 4 S 16/07s).  Thomas Deschka
represents Dr. Klein in the bankruptcy proceedings.


MIBU BAUELEMENTE: Claims Registration Period Ends April 2
---------------------------------------------------------
Creditors owed money by LLC Mibu Bauelemente (FN 43467y) have
until April 2 to file written proofs of claim to court-appointed
estate administrator Eberhard Wallentin at:

         Dr. Eberhard Wallentin
         Porzellangasse 4-6
         1090 Vienna
         Austria
         Tel: 313 74-0
         Fax: 313 74-80
         E-mail: office@ksw.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 16 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 6 (Bankr. Case No. 3 S 8/07g).  


PERFECZ LLC: Claims Registration Period Ends March 19
-----------------------------------------------------
Creditors owed money by LLC Perfecz (FN 281421f) have until
March 13 to file written proofs of claim to court-appointed
estate administrator Michael Pfleger at:

         Mag. Michael Pfleger
         Hauptplatz 1/2
         3300 Amstetten
         Austria
         Tel: 07472/61 303
         Fax: 07472/61 303-50
         E-mail: amstetten@lhup.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:10 a.m. on April 3 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor (Old Building)
         St. Poelten, Austria

Headquartered in Amstetten, Austria, the Debtor declared
bankruptcy on Feb. 5 (Bankr. Case No. 14 S 26/07z).


PHOENIX GASTRONOMIE: Claims Registration Period Ends April 2
------------------------------------------------------------
Creditors owed money by LLC Phoenix Gastronomie (FN 264104p)
have until April 2 to file written proofs of claim to court-
appointed estate administrator Kurt Dallamassl at:

         Dr. Kurt Dallamassl
         Marktplatz 14
         4810 Gmunden
         Austria
         Tel: 07612/63421
         Fax: 07612/70066
         E-mail: meingast-dallamassl@eurojuris.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 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 Gmunden, Austria, the Debtor declared
bankruptcy on Feb. 6 (Bankr. Case No. 20 S 19/07f).  


SILLABER HOTELWASCHEREI: Creditors' Meeting Slated for March 2
--------------------------------------------------------------
Creditors owed money by LLC Sillaber Hotelwascherei (FN 204228k)
are encouraged to attend the first creditors' meeting at 9:00
a.m. on March 2.

The creditors' meeting will be held at:

         The Land Court of Salzburg
         Hall 256
         Second Floor
         Salzburg, Austria

The Court will also examine the claims at 9:00 a.m. on April 20,
at the same venue.

Creditors have until April 6 to file written proofs of claim to
court-appointed estate administrator Walter Aichinger at:

         Dr. Walter Aichinger
         Ignaz-Rieder-Kai 11c
         5020 Salzburg
         Austria
         Tel: 0662-622301
         Fax: 0662-623000
         E-mail: law@raits-ebner.at  

Headquartered in Leogang, Austria, the Debtor declared
bankruptcy on Feb. 5 (Case No. 44 S 6/07t).  


TEXTIL SONDEREGGER: Claims Registration Period Ends March 12
------------------------------------------------------------
Creditors owed money by LLC Textil Sonderegger (FN 64576s) have
until March 12 to file written proofs of claim to court-
appointed estate administrator Daniela Weiss at:

         Mag. Daniela Weiss
         c/o Dr. Bernhard Ess
         Hirschgraben 14
         6800 Feldkirch
         Austria
         Tel: 05522/79090
         Fax: 05522/79090-7
         E-mail: rechtsanwalt-feldkirch@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on March 22 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Feldkirch
         Hall 45
         First Floor
         Feldkirch, Austria

Headquartered in Rankweil, Austria, the Debtor declared
bankruptcy on Feb. 6 (Bankr. Case No. 14 S 4/07m).  Bernhard Ess
represents Mag. Weiss in the bankruptcy proceedings.


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


GENERAL MOTORS: Inks US$1-Bln Global Networking Deal with AT&T
--------------------------------------------------------------
General Motors Corp. has awarded AT&T Inc. a five-year global
networking contract worth nearly US$1 billion.  The agreement is
one of the largest commercial contracts in AT&T history.

Under the agreement, AT&T will deliver next-generation
telecommunications capabilities that will enable GM to further
integrate its global resources.  In addition, GM named AT&T a
strategic information technology supplier to support its third-
generation information technology business model, which is
designed to ensure that GM's IT suppliers are working as one
around the world.  In that role, AT&T will provide network-
integration management covering all aspects of GM's worldwide
telecommunications infrastructure, including voice and data
applications and systems support.

As part of the agreement, AT&T will be responsible for managing
the performance of key regional telecommunications providers
around the world in addition to network management
responsibility for participating telephone companies to drive
consistent, uniform IT service delivery and support.  In
addition, AT&T will continue to collaborate with GM's
Information Systems and Services organization to support its
global business strategy.

The contract renews and expands an existing strategic global
relationship in which AT&T provides GM with a global Virtual
Private Network solution, integrating GM locations around the
world.  AT&T's solution supports a full range of capabilities
including local, long distance, global voice mail, conferencing,
high speed Internet access and telecommunications business-
continuity services.

The network, based on Multiprotocol Label Switching technology,
provides a standardized technology infrastructure that will
enable GM to integrate networks, applications and devices and to
evolve into a single streamlined, communications platform based
on Internet Protocol with consistent standards and capabilities.  
As a result, employees across the enterprise will have the same
telecommunications tools, such as common voice mail and
conferencing capabilities, and will enjoy the same quality of
service whether they're sitting in the corporate headquarters in
Detroit or in a manufacturing facility in Australia.

"AT&T's networking expertise and global reach make it uniquely
qualified to meet the telecommunications needs of a global,
multinational company like ours," said Ralph Szygenda, group
vice president and chief information officer of General Motors.  
"This agreement is a strategic step toward strengthening
telecommunications across our global enterprise.  It ensures
that we have the basic infrastructure in place to give GM
employees anywhere in the world the ability to collaborate
online in real time on engineering, manufacturing, design and
supply-chain.  It is expected to enable increased productivity
and collaboration and to maximize GM's global network."

"GM's vision for global integration using an IP-based technology
platform and uniform service standards around the world managed
by trusted technology partners is a bellwether for multinational
corporations," said Ron Spears, executive vice president of AT&T
Global Business Sales.  "We are excited to be a strategic
information technology supplier to GM and are anxious to deliver
the benefits of next-generation telecommunications services."

                            About AT&T

AT&T Inc. (NYSE: T) -- http://www.att.com/-- is a premier  
communications holding company in the United States and around
the world, with operating subsidiaries providing services under
the AT&T brand.  AT&T is the recognized world leader in
providing IP-based communications services to businesses and the
U.S. leader in providing wireless, high speed Internet access,
local and long distance voice, and directory publishing and
advertising through its Yellow Pages and YELLOWPAGES.COM
organizations.

                     About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including Belgium, France, Germany, India, Mexico,
and its vehicles are sold in 200 countries.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
Dec. 15, 2006, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating and other ratings on General Motors
Corp. and removed them from CreditWatch with negative
implications, where they were placed March 29, 2006.  S&P said
the outlook is negative.

As reported in the TCR-Europe on Nov. 16, 2006, Standard &
Poor's Ratings Services assigned its 'B+' bank loan rating to
General Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The
'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

At the same time, Moody's Investors Service assigned a Ba3,
LGD1, 9% rating to the proposed US$1.5 Billion secured term loan
of General Motors Corp.  The term loan will be secured by a
first priority perfected security interest in all of the U.S.
machinery and equipment, and special tools of GM and Saturn
Corp.


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


TDC A/S: Earns DKK1.29 Billion in Fourth Quarter Ended Dec. 31
--------------------------------------------------------------
TDC A/S released its unaudited financial results for the fourth
quarter ended Dec. 31, 2006.

TDC posted DKK1.29 billion in net income against DKK12.26
billion in net revenues for the fourth quarter ended
Dec. 31, 2006, compared with DKK4.38 billion in net income
against DKK12.32 in net revenues for the same period in 2005.

At Dec. 31, 2006, the Group's balance sheet showed DKK80.77
billion in total assets and DKK77.19 billion in total
liabilities, resulting in a DKK3.57 billion stockholders'
equity.

                       Outlook for 2007

Revenue is expected to be on level with revenue in 2006. The
decrease in the landline business and the divestment of Bite
will be offset largely by continued growth in broadband and
mobile activities.

Net income is expected to decrease 5% - 10% in 2007, due to the
full year impact of the change in the capital structure, partly
compensated for by more efficient operations.

A full-text copy of the Group's financial report for the fourth
quarter ended Dec. 31, 2006, is available for free at
http://ResearchArchives.com/t/s?1a49

                         About TDC A/S

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

                        *     *     *

As reported in the TCR-Europe on Jan. 25, Fitch Ratings says it
does not expect the intended sale by TDC A/S of its Lithuanian
and Latvian mobile subsidiary Bite to affect TDC's Issuer
Default rating of 'BB-' or the ratings of TDC's and NTC
Holdings'.

* TDC's debt instruments:

   -- Senior secured bank facilities rated 'BB+'

   -- EMTN bonds rated 'BB-':

         -- DEM 5% notes due 2008
         -- JPY 1.28% notes due 2008
         -- EUR5.625% notes due 2009
         -- EUR6.5% notes due 2012

   -- NTC Holdings senior notes rated 'B+':

         -- EUR800-million 8.25% senior notes due 2016;
         -- US$600-million 8.875% senior notes due 2016;
         -- EUR750-million floating-rate notes due 2016


=============
F I N L A N D
=============


BRIGHTPOINT INC: Inks Agreement to Purchase Daangaard Telecom
-------------------------------------------------------------
Brightpoint Inc. disclosed Feb. 20, that it has entered into a
definitive Stock Purchase Agreement to acquire all of the
outstanding shares of Dangaard Telecom A/S.

"This transaction will join together two of the most prominent
players in the wireless handset distribution and logistics
industry to create the true global leader," stated Robert J.
Laikin, Chief Executive Officer and Chairman of the Board of
Brightpoint, Inc.  "I firmly believe our two companies
complement each other perfectly in terms of geography, service
offerings and shared commitment to operational excellence.  Our
vendors, customers, employees and shareholders will all benefit
from the global platform created by this transaction."

"Our combined resources will allow us to leverage the
capabilities and best practices from both companies in order to
offer advanced wireless services to our customers and business
partners in the many attractive markets around the world in
which we operate," stated Michael Koehn Milland, Chief Operating
Officer of Dangaard Telecom.

"We believe that the combined group will have the best in class
platform to deliver the most innovative, efficient and effective
solutions to global wireless handset manufacturers, network
operators and retailers.  The proposed transaction is extremely
compelling and we believe that the combined company will enjoy
substantial synergies and unique growth prospects," stated
Christian Dyvig, Partner, Nordic Capital.

The executive management team of the combined company post-
closing will be:

Brightpoint, Inc.
-----------------  

    * Robert J. Laikin
      Chairman of the Board and Chief Executive Officer

    * J. Mark Howell
      Co-Chief Operating Officer and President, Americas

    * Michael Koehn Milland
      Co-Chief Operating Officer and President of International

    * Anthony W. Boor
      Executive Vice President and Chief Financial Officer

    * Steven E. Fivel
      Executive Vice President, General Counsel and Secretary

Regional
--------

Americas:

    * J. Mark Howell, Co-Chief Operating Officer and President,
         Americas

    * John J. Ludwig, Chief Financial Officer, Americas

Europe:

    * Steen F. Pedersen, President Europe

    * Hans Peter Alnor, Chief Financial Officer, Europe

Asia Pacific:

    * Bruce Thomlinson, President, Asia Pacific

    * Paul Ringrose, Chief Financial Officer, Asia Pacific

Emerging Markets:

    * Jac Currie, President, Emerging Markets

               Overview of the Proposed Transaction

The Boards of Directors of Brightpoint, Inc. and Dangaard
Holding, A/S unanimously approved the proposed transaction.  The
proposed transaction is subject to customary closing conditions
including, without limitation, certain regulatory approvals and
the approval by Brightpoint's shareholders.  Under the terms of
the proposed transaction, Brightpoint, Inc. will issue 30
million newly issued shares of its common stock and US$100,000
to Dangaard Holding A/S, an affiliate of Nordic Capital Fund VI,
in exchange for all of the outstanding shares of Dangaard
Telecom A/S.  The Shareholder will have the right to nominate up
to 3 members to serve on the Brightpoint, Inc. Board of
Directors (subject to approval by the Board's Corporate
Governance and Nominating Committee).  The number of directors
the Shareholder can nominate will decline if their ownership
percentage in Brightpoint, Inc. falls below certain agreed upon
thresholds.  The Brightpoint, Inc. Board of Directors will
continue to have 9 total Board Members.  Deutsche Bank
Securities acted as sole financial advisor and Blank Rome LLP
acted as legal counsel to Brightpoint.

Latham & Watkins LLP acted as legal counsel to Dangaard.

                      About Dangaard Telecom

Dangaard Telecom -- http://www.dangaard.com/-- is a privately  
held portfolio company of Nordic Capital Fund VI.  Dangaard is a
distributor of mobile phones, smartphones and original
accessories for mobile phones.  The company is the preferred
Value Adding Distributor for a number of the world's largest
manufacturers of mobile phones, Mobile Network Operators,
Service Providers, retail chains and enterprise customers.  The
strong position, gained through many years of experience, is
achieved by being flexible, proactive and innovative in the
relationship with its cooperation partners.  Dangaard Telecom is
represented by subsidiaries in 14 countries.  The company has
around 1,000 employees.

                        About Brightpoint

Brightpoint, Inc. (NASDAQ:CELL) -- http://www.brightpoint.com/
-- is a distributor of wireless devices and a provider of
customized logistic services to the wireless industry.  In 2006,
Brightpoint handled 53.5 million wireless devices globally.  
Brightpoint's innovative services include distribution, channel
development, fulfillment, product customization, eBusiness
solutions, and other outsourced services that integrate
seamlessly with its customers.  Brightpoint's effective and
efficient platform allows its customers to benefit from quickly
deployed, flexible, and cost effective solutions.  The company
has around 2,100 employees in 15 countries, including Finland
and Slovak Republic.


BRIGHTPOINT INC: Acquisition Spurs S&P's Negative Outlook
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Plainfield, Indiana-based Brightpoint Inc. and
revised the outlook to negative from stable.  The actions
followed the company's recent report that it has agreed to
acquire Dangaard Telecom A/S for around US$308 million in stock.

"The outlook revision reflects a more leveraged financial
profile and potential integration issues," said Standard &
Poor's credit analyst Martha Toll-Reed.

The rating on Brightpoint reflects the company's fairly narrow
product base, significant but improving supplier concentration,
and relatively modest operating margins.  These factors are
partially offset by Brightpoint's good market position and
increased geographic, supplier, and customer diversity.

Brightpoint is a leading distributor and provider of value-added
logistics services in the fragmented and highly competitive
market for wireless communications products.


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


VALASSIS COMMUNICATIONS: Earns US$51.3 Mln in Year Ended Dec. 31
----------------------------------------------------------------
Valassis Communications Inc. earned US$51.3 million of net
income on US$1 billion of revenues for the year ended Dec. 31,
2006, compared with US$95.4 million of net income on US$1.1
billion of revenues for the year ended Dec. 31, 2005.

The significant decrease in net income is primarily due to the
negative effects of the intense competitive pricing pressure in
the Free-standing Inserts (FSI) segment and lower volumes and
competitive pricing pressure in the Neighborhood Targeted
segment.  

Results for 2006 also include after-tax charges of US$24.6
million related to the pending ADVO Inc. acquisition and related
litigation which was settled in December 2006 and US$1.4 million
related to the close-down of both the French agency business and
eSettlement business unit of NCH Marketing Services Inc.

The decrease in revenues is mainly attributable to the decline
in Free-standing Inserts segment revenues, which continues to be
negatively impacted by an intense competitive pricing
environment.  Valassis also experienced a significant decline in
the Neighborhood Targeted segment.

Cost of sales was US$789.6 million in 2006 compared to
US$836.3 million in 2005.  Gross margin in 2006 was 24.3%,
compared to 26.1% in 2005.  The continued decrease in gross
margin percentage from 2006 compared to 2005 was primarily the
result of competitive pricing issues in the FSI segment.  
Additionally, the gross margin percentage was negatively
impacted by a change in mix resulting in a larger percentage of
sales from lower margin products.

Selling, general and administrative expenses increased in 2006
to US$151.4 million versus US$142.7 million in 2005, primarily
due to US$16.1 million in legal and professional expenses
related to the merger agreement and related litigation between
Valassis and ADVO incurred during 2006 as well as US$3.6 million
in expenses related to the close-down of the French agency
business and eSettlement business unit of NCH.

These expenses were partly offset by restructuring charges of
US$6.9 million in 2005 related to the full integration of the
components of the Household Targeted business segment, which
resulted in the elimination of PreVision as a stand-alone
entity, right-sizing of coupon-clearing operations primarily in
Europe and other efficiency-related headcount reductions.

Interest expense was US$24.7 million in 2006, compared to
US$10.9 million in 2005.  The increase in expense is due largely
to US$13.8 million in charges related to the termination of a
US$400 million interest-rate swap contract and premiums paid for
two separate US$400 million interest-rate swap contracts.  These
contracts were entered into as a bridge hedge for a portion of
the acquisition financing related to the pending ADVO
acquisition.

Included in other income for 2004 is a US$6.5 million gain due
to the settlement of a property claim related to a fire at the
Corby, England facility.

Income tax expense represents 38.6% of earnings before income
taxes in 2006 compared to 34.8% in 2005 and 35.8% in 2004. The
increase in the effective tax rate is the result of the majority
of the US$16.1 million in legal and professional expenses
incurred in 2006 related to the litigation between Valassis and
ADVO, which was settled in December 2006, not being deductible.

At Dec. 31, 2006, the company's balance sheet showed
US$801.4 million in total assets, US$633.8 million in total
liabilities, and US$167.6 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1a0a

                      Acquisition of ADVO Inc.

On July 5, 2006, Valassis Communications, Inc. signed a Merger
Agreement with ADVO Inc. a Delaware corporation, and Michigan
Acquisition Corp., a wholly owned subsidiary of Valassis.  Under
the Merger Agreement, Michigan Acquisition Corp. will merge with
ADVO.  After the merger, ADVO will become a wholly owned
subsidiary of Valassis.

Valassis filed suit on Aug. 30, 2006, seeking to rescind its
US$1.3 billion merger agreement with ADVO based on fraud and
material adverse changes.

On Dec. 19, 2006, the companies agreed to dismiss, with
prejudice, the lawsuit between the parties.  Pursuant to the
amended Merger Agreement, the company will acquire all of the
outstanding shares of common stock of ADVO for US$33.00 in cash
per share.  

The company's obligations under the amended Merger Agreement are
not conditioned on obtaining financing and there are no
conditions to close other than the approval of ADVO's
stockholders and the absence of any injunction or other legal
restraint to the merger.

                      Sources and Uses of Cash

Cash and cash equivalents totaled US$52.6 million at Dec. 31,
2006, versus US$64.3 million at Dec. 31, 2005.  

Cash flow from operating activities was US$49.8 million in 2006,
compared to US$116.2 million in 2005.

Net cash used in investing activities was US$50.6 million
primarily as a result of US$30.5 million in net purchases of
auction-rate securities and capital expenditures of US$16.3
million.  This compared with US$133,000 net cash provided by
investing activities in 2005.

Cash used in financing activities was US$12.6 million for 2006,
primarily driven by repayment of US$14.4 million of debt.  This
compared with net cash used in financing activities of
US$135.4 million in 2005.  The company suspended its share
repurchase program in February 2006, therefore cash used in
financing activities was significantly lower in 2006 than in
2005.

At Dec. 31, 2006, Valassis' debt was US$259.9 million, which
consisted of US$100.0 million of its 6 5/8% Senior Notes due
2009 and US$160 million of Senior Convertible Notes due 2033.

                       About Valassis

Headquartered in Livonia, Michigan, Valassis Communications Inc.
(NYSE: VCI) -- http://www.valassis.com/-- provides marketing   
services to consumer-packaged goods manufacturers, retailers,
technology companies and other customers with operations in the
United States, Europe, Mexico and Canada.  Valassis' products
and services portfolio includes: newspaper-delivered promotions
and advertisements such as inserts, sampling, polybags and on-
page advertisements; direct-to-door advertising and sampling;
direct mail; Internet-delivered marketing; loyalty marketing
software; coupon and promotion clearing; and promotion planning
and analytic services.  Valassis subsidiaries include Valassis
Canada, Promotion Watch, Valassis Relationship Marketing
Systems, LLC and NCH Marketing Services Inc.

The company also operates in France, Germany, Italy, Spain,
U.K., Mexico and Canada.

                        *     *     *

As reported in the Troubled COmpany Reporter-Europe on Feb. 19,
Moody's Investors Service assigned a B3 rating to Valassis
Communications Inc.'s proposed US$590-million of fixed and
floating rate senior unsecured notes due 2015.  

Moody's Feb. 12, 2007 rating action on Valassis contemplated the
issuance of US$590-million of junior debt in conjunction with
the acquisition of ADVO and the company's existing ratings are
not affected by the issuance of the new senior unsecured notes.  
Valassis' Corporate Family rating is B1 and the rating outlook
remains stable.


VALASSIS COMM: S&P Puts B- Rating on US$590-Mln Unsecured Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' rating to
Valassis Communications Inc.'s proposed US$590 million senior
unsecured notes.  

The notes are rated two notches below the 'B+' corporate credit
rating on Valassis, reflecting the sizable amount of secured
debt in the company's proposed capital structure.  Proceeds from
the proposed notes would be used to partially finance Valassis'
US$1.2 billion acquisition of ADVO, including the refinancing of
about US$125 million in debt at ADVO.
     
The 'B+' corporate credit rating on Valassis was affirmed, and
the rating outlook is stable.  Also, Standard & Poor's affirmed
all other ratings on Valassis, including its 'BB-' rating on
Valassis' existing US$160 million senior unsecured convertible
notes due 2033 and US$100 million senior unsecured notes due
2009.  These issues are rated one notch above the corporate
credit rating, reflecting springing liens that are expected to
secure both issues upon the close of the proposed senior secured
facility.  The rating on these issues remains on CreditWatch
with negative implications, pending the close of the company's
proposed credit facility, at which time Standard & Poor's
expects to affirm them.  Pro forma for proposed debt issuance,
Valassis had US$1.5 billion in lease-adjusted debt as of
December 2006.

"The ratings reflect high levels of pro forma leverage and
challenges that Valassis will face as it reverses trends of
declining profitability in each of its and ADVO's respective
businesses," said Standard & Poor's credit analyst Emile
Courtney.

Headquartered in Livonia, Michigan, Valassis Communications Inc.
(NYSE: VCI) -- http://www.valassis.com/-- provides marketing  
services to consumer-packaged goods manufacturers, retailers,
technology companies and other customers with operations in the
United States, Europe, Mexico and Canada.  Valassis' products
and services portfolio includes: newspaper-delivered promotions
and advertisements such as inserts, sampling, polybags and
on-page advertisements; direct-to-door advertising and sampling;
direct mail; Internet-delivered marketing; loyalty marketing
software; coupon and promotion clearing; and promotion planning
and analytic services.  


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


AAREAL BANK: Moody's Lifts Ba2 Rating to Baa3 on EUR14-Mln Notes
----------------------------------------------------------------
Moody's Investors Service upgraded these classes of Notes of
Global Commercial Three, a synthetic CMBS issuance from Aareal
Bank AG:

   -- EUR95-million Class A2 Floating Rate Credit Linked Notes
      to Aaa from Aa1;

   -- EUR51-million Class B Floating Rate Credit Linked Notes
      to Aaa from Aa2;

   -- EUR60.5-million Class C Floating Rate Credit Linked Notes
      to Aa2 from A2;

   -- EUR51.5-million Class D Floating Rate Credit Linked Notes
      to A3 from Baa2; and

   -- EUR14-million Class E Floating Rate Credit Linked Notes
      to Baa3 from Ba2.

At the same time Moody's has affirmed the Aaa rating of Class
A1+.

The upgrade of Class A2, B, C, D and E Notes is based upon:

   (i) an increase in credit enhancement due to the
       prepayment/repayment of loans in the reference pool;

  (ii) the absence of credit events reported since closing in
       October 2004; and

(iii) the current performance of the portfolio.

Due to prepayments/repayments the reference pool amount has
reduced from EUR1.2 billion at closing to EUR489 million as of
the fourth quarter 2006.  All repayments/prepayments have been
allocated sequentially.  This has increased the credit
enhancement available for all classes of notes.  The weighted
average DSCR of the transaction is 2.1x and the weighted average
reported LTV of the pool has decreased from 63.1% at closing to
49.1% as of the fourth quarter 2006.

Moody's notes that the diversity in the pool has decreased and
there is also increased concentration risk, which exposes mainly
the more junior classes to credit risk.  The number of loans in
the reference pool has reduced from 50 at closing to 25.  The
five largest exposures contribute now 42.6% of pool balance
compared to 26.3% at closing.


AGARIUS GASTRO: Claims Registration Period Ends March 30
--------------------------------------------------------
Creditors of Agarius Gastro GmbH have until March 30 to register
their claims with court-appointed insolvency manager Dirk
Rueffert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 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 Osnabrueck
         Hall N 301
         Kollegienwall 10
         49074 Osnabrueck
         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 contacted at:

         Dr. Dirk Rueffert
         Stahlwerksweg 10 b
         49084 Osnabrueck
         Germany
         Tel: 0541/7607070
         Fax: 0541/7607071
         E-mail: dirk.rueffert@rueffert-rechtsanwalte.de

The District Court of Osnabrueck opened bankruptcy proceedings
against Agarius Gastro GmbH on Feb. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Agarius Gastro GmbH
         Attn: Hans-Udo Martin Agarius, Manager
         Markt 25
         49074 Osnabrueck
         Germany


ALF-TECHNIK: Claims Registration Period Ends March 31
-----------------------------------------------------
Creditors of ALF-Technik GmbH have until March 31 to register
their claims with court-appointed insolvency manager Henning
Jung.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 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 Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         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 contacted at:

         Henning Jung
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166311
         Fax: 0561/3166312
         E-mail: ks@leonhardt-westhelle.eu

The District Court of Kassel opened bankruptcy proceedings
against ALF-Technik GmbH on Feb. 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         ALF-Technik GmbH
         Attn: Angelo Ludwig, Manager
         Erlenbuschstrasse 12
         34233 Fuldatal
         Germany


B.E. TOP: Creditors' Meeting Slated for March 9
-----------------------------------------------
The court-appointed insolvency manager for B.E. TOP Deutschland
GmbH, Wilhelm Wessel, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:45
a.m. on March 9.

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

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

The Court will also verify the claims set out in the insolvency
manager's report on April 24, at the same venue.

Creditors have until April 3 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Wilhelm Wessel
         Roeckstrasse 1
         23568 Luebeck
         Germany

The District Court of Norderstedt opened bankruptcy proceedings
against B.E. TOP Deutschland GmbH on Feb. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         B.E. TOP Deutschland GmbH
         Attn: Albertus Cornelis Dollen, Manager
         Industriestrasse 10
         23812 Wahlstedt
         Germany


BAUGESELLSCHAFT WOLF: Claims Registration Period Ends March 22
--------------------------------------------------------------
Creditors of Baugesellschaft Wolf mbH have until March 22 to
register their claims with court-appointed insolvency manager
Andre Schirrmeister.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on April 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany

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

The insolvency manager can be contacted at:

         Andre Schirrmeister
         Magdeburger Strasse 23
         06112 Halle
         Germany

The District Court of Dessau opened bankruptcy proceedings
against Baugesellschaft Wolf mbH on Feb. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Baugesellschaft Wolf mbH
         Attn: Gerhold Wolf, Manager
         Hauptstr. 20
         39264 Walternienburg
         Germany


BAUTRAGERGESELLSCHAFT KLEINER: Claims Registration Ends May 7
-------------------------------------------------------------
Creditors of Bautragergesellschaft Kleiner Tonberg mbH have
until May 7 to register their claims with court-appointed
insolvency manager Frank Kreuznacht.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on June 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Hall 91
         Untermarkt 17
         Muehlhausen
         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 contacted at:

         Dr. Frank Kreuznacht
         Untermarkt 23
         99974 Muehlhausen
         Germany

The District Court of Muehlhausen opened bankruptcy proceedings
against Bautragergesellschaft Kleiner Tonberg mbH on Feb. 6.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Bautragergesellschaft Kleiner Tonberg mbH
         Attn: Gerhard Dellemann, Manager
         Klosterstrasse 20
         37318 Uder
         Germany


BEROSUISSE IMMOBILIEN: Claims Registration Period Ends March 28
---------------------------------------------------------------
Creditors of Berosuisse Immobilien GmbH have until March 28 to
register their claims with court-appointed insolvency manager
Rainer Emmer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on April 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 contacted at:

         Rainer Emmer
         Birkenstr. 18
         72574 Bad Urach
         Germany

The District Court of Tuebingen opened bankruptcy proceedings
against Berosuisse Immobilien GmbH on Feb. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Berosuisse Immobilien GmbH
         Echazufer 24
         72764 Reutlingen
         Germany

         Attn: Guido Ackermann, Manager
         Schmiedener Str. 8a
         5013 Niedergoesgen/Schweiz
         Germany


BRAUN JUNIOR: Claims Registration Period Ends April 10
------------------------------------------------------
Creditors of BRAUN Junior Geruestbau GmbH have until April 10 to
register their claims with court-appointed insolvency manager
Juergen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 contacted at:

         Dr. Juergen Wallner
         Delitzscher Strasse 70
         06112 Halle
         Germany
         Tel: 0345/614080
         Fax: 0345/6140810
         Web site: http://www.wallnerweiss.info/

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against BRAUN Junior Geruestbau GmbH on Feb. 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         BRAUN Junior Geruestbau GmbH
         Attn: Frank Becker, Manager
         Reideburger Str. 42
         06116 Halle
         Germany


BRUNNENBAU & MICROTUNNELING: Claims Registration Ends March 15
--------------------------------------------------------------
Creditors of Brunnenbau & Microtunneling GmbH have until
March 15 to register their claims with court-appointed
insolvency manager Nikolaus Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on April 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 Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany

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

The insolvency manager can be contacted at:

         Dr. Nikolaus Schmidt
         Magdeburger Strasse 23
         06112 Halle
         Germany

The District Court of Dessau opened bankruptcy proceedings
against Brunnenbau & Microtunneling GmbH on Feb. 14.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Brunnenbau & Microtunneling GmbH
         Attn: Gerd Maczkewicz, Manager
         Haupt-strasse 178
         06926 Holzdorf
         Germany


CODE ONE: Claims Registration Period Ends March 12
--------------------------------------------------
Creditors of Code one Automaten GmbH have until March 12 to
register their claims with court-appointed insolvency manager
Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 2, 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 388
         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 contacted at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Code one Automaten GmbH on Feb. 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Code one Automaten GmbH
         Glockhammer 16
         41460 Neuss
         Germany

         Attn: Josef Litwak, Manager
         Hoefel 25
         40885 Ratingen
         Germany


DAIMLERCHRYSLER AG: Chrysler CEO LaSorda Contacts Employees
-----------------------------------------------------------
Chrysler Group Chief Executive Tom LaSorda has sent an e-mail
message to employees saying that a "frenzy of rumors" circulated
that DaimlerChrysler AG is seeking partners and strategic
options for the group.

In his message posted on a media Web site, Mr. LaSorda said,
"The board of management has a duty to consider all options, but
while this process is ongoing, the board -- including myself --
can't comment on developments because of strict legal
requirements."

He added that, "It may take weeks or months before official
comments can be made on some issues."

He stressed that: "Meanwhile, our job is very clear.  Our
mission is to produce great cars and trucks, to take care of our
customers and to restore profitability ...  Whatever fork in the
road we may take, we first have to make sure we're on the road -
- and the recovery and transformation plan is that road."

As reported in the Troubled Company Reporter on Feb. 15, 2007,
Chrysler Group disclosed of a three-year Recovery and
Transformation Plan that will result in an employee reduction of
13,000 people from 2007 to 2009 and US$4.5 billion financial
improvements by 2009.

                       About DaimlerChrysler

Headquartered in Stuttgart, Germany, DaimlerChrysler AG --
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 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.


DF DENTAL: Claims Registration Period Ends March 13
---------------------------------------------------
Creditors of DF Dental GmbH have until March 13 to register
their claims with court-appointed insolvency manager Rolf
Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on April 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 Essen
         Meeting Hall 291
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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 contacted at:

         Rolf Weidmann
         Alfredstr. 279
         45133 Essen
         Germany
         Tel: 0201/437760

The District Court of Essen opened bankruptcy proceedings
against DF Dental GmbH on Feb. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         DF Dental GmbH
         Ruettenscheider Str. 137
         45130 Essen
         Germany

         Attn: Gerhard Fiegler, Manager
         Op de Heie 26
         45359 Essen
         Germany


DR. RUTHER & WEISS: Claims Registration Ends March 29
-----------------------------------------------------
Creditors of Dr. Ruther & Weiss GmbH have until March 29 to
register their claims with court-appointed insolvency manager
Mathias Dorn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 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 Kempten
         Residenzplatz 4-6
         87435 Kempten
         Germany

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

The insolvency manager can be reached at:

         Mathias Dorn
         Allgauer Str. 1
         87435 Kempten
         Tel: (0831) 5800434
         Fax: (0831) 5800464

The District Court of Kempten opened bankruptcy proceedings
against Dr. Ruther & Weiss GmbH on Feb. 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Dr. Ruther & Weiss GmbH
         Lauenbuehlstr. 59
         88161 Lindenberg
         Germany


EDEWECHTER STAHL: Claims Registration Ends April 3
--------------------------------------------------
Creditors of Edewechter Stahl Rocky GmbH have until April 3 to
register their claims with court-appointed insolvency manager
Wolf-Dieter H. Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 3:20 p.m. on April 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Room 2 OG
         Elisabethstrasse 6
         26135 Oldenburg
         Germany

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

The insolvency manager can be reached at:

         Wolf-Dieter H. Weber
         Hauptstr. 91
         26188 Edewecht
         Tel: 04405 7071, 7072
         Fax: 04405 8046
         E-mail: Kanzlei@Weber-Kanzlei.de

The District Court of Oldenburg opened bankruptcy proceedings
against Edewechter Stahl Rocky GmbH on Feb. 14.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Edewechter Stahl Rocky GmbH
         Hafenstr. 27
         26188 Edewecht
         Germany


EILERS GMBH: Claims Registration Ends March 30
----------------------------------------------
Creditors of Eilers GmbH have until March 30 to register their
claims with court-appointed insolvency manager Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 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 Aurich
         Hall 018
         Schlossplatz 2
         26603 Aurich
         Germany

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

The insolvency manager can be reached at:

         Stefan Hinrichs
         Heiligengeiststr. 29
         26121 Oldenburg
         Germany
         Tel: 0441/21891-0
         Fax: 0441 21891-39

The District Court of Aurich opened bankruptcy proceedings
against Eilers GmbH on Feb. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Eilers GmbH
         Kuckucksleegde 31
         26629 Grossefehn
         Germany


EISENBERGER MOHREN: Claims Registration Ends March 23
-----------------------------------------------------
Creditors of Eisenberger Mohren Backstuebl GmbH have until
March 23 to register their claims with court-appointed
insolvency manager Goerge Scheid.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on April 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Rudolf-Diener-Str. 1
         Zimmer 317
         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:

         Goerge Scheid
         Rudolf-Diener-Str. 9
         07545 Gera
         Germany

The District Court of Gera opened bankruptcy proceedings against
Eisenberger Mohren Backstuebl GmbH on Feb. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Eisenberger Mohren Backstuebl GmbH  
         GF Martin Zehnter
         Koenigshofener Str. 14
         07607 Eisenberg
         Germany


ELIMOR IMPORT: Claims Registration Ends March 28
------------------------------------------------
Creditors of Elimor Import-Export-Handels GmbH have until
March 28 to register their claims with court-appointed
insolvency manager Dr. Harald Hess.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on April 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 Kaiserslautern
         Hall 8
         Bahnhofstr. 24
         67655 Kaiserslautern
         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. Harald Hess
         W.-Th.-Roemheld-Str. 14
         55130 Mainz
         Germany
         Tel: 06131/2850-0
         Fax: 06131/2850-28

The District Court of Kaiserslautern opened bankruptcy
proceedings against Elimor Import-Export-Handels GmbH on Feb. 6.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Elimor Import-Export-Handels GmbH
         Raiffeisenstr. 1
         67294 Ilbesheim
         Germany


FOTO-SPEZIALGESCHAFT KARL: Claims Registration Ends March 23
------------------------------------------------------------
Creditors of Foto-Spezialgeschaft Karl Geis GmbH have until
March 23 to register their claims with court-appointed
insolvency manager Helmut Achenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         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:

         Helmut Achenbach
         Wilhelmshoeher Allee 169, D
         34121 Kassel
         Germany
         Tel: 0561/2075680
         Fax: 0561/20756820
         E-mail: info@pflug-achenbach.de

The District Court of Kassel opened bankruptcy proceedings
against Foto-Spezialgeschaft Karl Geis GmbH on Feb. 13.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Foto-Spezialgeschaft Karl Geis GmbH
         Attn: Kate Breuerand Sabine Pfalzgraf, Managers
         Wilhelmshoeher Allee 262 + 124
         34131 Kassel
         Germany


FUBO TROCKENBAU: Claims Registration Ends April 20
--------------------------------------------------
Creditors of FUBO Trockenbau und Fussbodenverlegungs GmbH have
until April 20 to register their claims with court-appointed
insolvency manager Frank-M. Rhode.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 11, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         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:

         Frank-M. Rhode
         Graf-Moltke-Str. 62
         28211 Bremen
         Germany
         Tel: 0421/348520
         Fax: 0421/341078

The District Court of Syke opened bankruptcy proceedings against
FUBO Trockenbau und Fussbodenverlegungs GmbH on Feb. 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FUBO Trockenbau und Fussbodenverlegungs GmbH
         Damaschkestrasse 8
         31582 Nienburg/Weser
         Germany

         Attn: Lars Jager, Manager
         Am Heidebusch 7
         13627 Berlin
         Germany


GROH & WI-DE-MANN: Claims Registration Ends March 27
----------------------------------------------------
Creditors of Groh & Wi-de-mann GmbH have until March 27 to
register their claims with court-appointed insolvency manager
Markus M. Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Fuerstenstrasse 21
         Chemnitz
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Chemnitz opened bankruptcy proceedings
against Groh & Wi-de-mann GmbH on Feb. 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Groh & Wi-de-mann GmbH
         Attn: An-dre La--abs, Manager
         Gue-ter-stra-sse 11
         08527 Plau-en
         Germany


HK HEIZUNG: Claims Registration Ends March 26
---------------------------------------------
Creditors of HK Heizung Sanitar GmbH have until March 26 to
register their claims with court-appointed insolvency manager
Marc Schmidt-Thieme.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 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 Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Marc Schmidt-Thieme
         Soldnerstr. 2
         68219 Mannheim
         Germany         
         Tel: 0621/87708-0
         Fax: 0621/8770820

The District Court of Darmstadt opened bankruptcy proceedings
against HK Heizung Sanitar GmbH on Feb. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         HK Heizung Sanitar GmbH
         Attn: Horst Krupp, Manager
         Liebersbacher Strasse 57
         69488 Birkenau
         Germany


INTERNATIONAL DESIGN: Claims Registration Ends March 20
-------------------------------------------------------
Creditors of International Design Company GmbH (IDCO) have until
March 20 to register their claims with court-appointed
insolvency manager Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 4, 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. Biner Bahr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against International Design Company GmbH (IDCO) on Feb. 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         International Design Company GmbH (IDCO)
         Herzogstr. 1
         40217 Duesseldorf
         Germany


ISEBEK VERWALTUNGSGESELLSCHAFT: Proofs of Claim Due April 12
------------------------------------------------------------
Creditors of Isebek Verwaltungsgesellschaft mbH have until
April 12 to register their claims with court-appointed
insolvency manager Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         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. Steffen Koch
         Sophienstr. 1
         30159 Hannover
         Germany
         Tel: 0511/3539910
         Fax: 0511/35399110

The District Court of Hildesheim opened bankruptcy proceedings
against Isebek Verwaltungsgesellschaft mbH on Feb. 12.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Isebek Verwaltungsgesellschaft mbH
         Bruncker Stieg 4
         31061 Alfeld
         Germany

         Attn: Sven Pieper, Manager
         Braamkoppelweg 18
         22395 Hamburg
         Germany


JOHANNES KOESTER: Creditors Must Register Claims by March 23
------------------------------------------------------------
Creditors of Johannes Koester GmbH have until March 23 to
register their claims with court-appointed insolvency manager
Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on April 12, 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 Osterode am Harz
         Hall 12
         Amtshof 20
         37520 Osterode am Harz
         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:

         Torsten Gutmann
         Lueders Partnerschaftsgesellschaft
         Zum Blauen See 5
         31275 Hannover/Lehrte
         Germany
         Tel: 05132-8268-38
         Fax: 05132-8268-96
         E-mail: Gutmann@luederslaw.de

The District Court of Osterode am Harz opened bankruptcy
proceedings against Johannes K"ster GmbH on Feb. 14.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Johannes Koester GmbH
         Attn: Wolfgang Pieloth, Manager
         Thueringer Strasse 106
         37534 Gittelde-Teichhuette
         Germany


KATHNER METALLBAUELEMENTE: Creditors' Meeting Slated for April 2
----------------------------------------------------------------
The court-appointed insolvency manager for Kathner
Metallbauelemente und Montage GmbH i.L., Ruediger Wienberg, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:15 a.m. on April 2.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:10 a.m. on July 2 at the same venue.

Creditors have until May 3 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin]
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Kathner Metallbauelemente und Montage GmbH
i.L. on Feb. 14.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Kathner Metallbauelemente und Montage GmbH i.L.
         Warener Str. 5
         12683 Berlin
         Germany


KOENIGSHOF OBST: Creditors Must Register Claims by March 26
-----------------------------------------------------------
Creditors of Koenigshof Obst-, Gemuese- und Transporte-GmbH have
until March 26 to register their claims with court-appointed
insolvency manager Claus-Peter Langer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on April 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Claus-Peter Langer
         Herzog-Wilhelm-Str. 17
         80331 Munich
         Germany
         Tel: 089/23 68 58-0
         Fax: 089/2603440

The District Court of Munich opened bankruptcy proceedings
against Koenigshof Obst-, Gemuese- und Transporte-GmbH on
Feb. 7.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Koenigshof Obst-, Gemuese- und Transporte-GmbH
         Maria-Probst-Str. 47
         80939 Munich
         Germany


KRACHT GMBH: Creditors Must Register Claims by April 17
-------------------------------------------------------
Creditors of Kracht GmbH Sanitar-Heizung-Solartechnik have until
April 17 to register their claims with court-appointed
insolvency manager Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Kracht GmbH Sanitar-Heizung-Solartechnik on Feb. 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kracht GmbH Sanitar-Heizung-Solartechnik
         Attn: Klaus Reblin, Manager
         Johanniterstrasse 10
         47053 Duisburg
         Germany


KRISTIN BERGHOLZ: Claims Registration Ends March 23
---------------------------------------------------
Creditors of Kristin Bergholz Elektro GmbH have until March 23
to register their claims with court-appointed insolvency manager
Stephan Poppe.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Dessau opened bankruptcy proceedings
against Kristin Bergholz Elektro GmbH on Feb. 14.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Kristin Bergholz Elektro GmbH
         Dobritzer Strasse 25
         39264 Deetz
         Germany

         Attn: Martina Joest, Manager
         Blankenburger Strasse 141
         13127 Berlin
         Germany


LAGERHAUS BILLBROOK: Claims Registration Ends March 30
------------------------------------------------------
Creditors of Lagerhaus Billbrook GmbH & Co. KG have until
March 30 to register their claims with court-appointed
insolvency manager Hendrik Rogge.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Hendrik Rogge
         Albert-Einstein-Ring 15
         22761 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Lagerhaus Billbrook GmbH & Co. KG on Oct. 11, 2006.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Lagerhaus Billbrook GmbH & Co. KG
         Werner-Siemens-Strasse 92
         22113 Hamburg
         Germany

         Attn: Thomas Link, Manager
         Steinheimplatz 11 c/o Steeger
         22767 Hamburg
         Germany


LAURER BAU: Claims Registration Ends March 16
---------------------------------------------
Creditors of Laurer Bau GmbH have until March 16 to register
their claims with court-appointed insolvency manager Helmut
Holzapfel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on April 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 Regensburg
         Room 105
         Augustenstr. 5
         Regensburg
         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. Helmut Holzapfel
         Ringstr. 2 - 4
         94234 Viechtach
         Germany
         Tel: 09942/428
         Telefax: 09942/948050 + 6053

The District Court of Regensburg opened bankruptcy proceedings
against Laurer Bau GmbH on Feb. 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Laurer Bau GmbH
         Im Gewerbegebiet 7
         93458 Eschlkam
         Germany


MARX UND LIEBENBERG: Claims Registration Ends March 12
------------------------------------------------------
Creditors of Marx und Liebenberg Restaurationsbetriebs GmbH have
until March 12 to register their claims with court-appointed
insolvency manager Friedrich Knoop.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on April 2, 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 388
         3rd 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:

         Friedrich Knoop
         Robertstrasse 3
         40229 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Marx und Liebenberg Restaurationsbetriebs GmbH on Feb.
12.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Marx und Liebenberg Restaurationsbetriebs GmbH
         Wetterstr. 2
         40233 Duesseldorf
         Germany

         Attn: Sascha Liebenberg, Manager
         Nagelsweg 56
         40477 Duesseldorf


MEESE FERTIGHAUS: Claims Registration Ends April 5
--------------------------------------------------
Creditors of Meese Fertighaus GmbH & Co. KG have until April 5
to register their claims with court-appointed insolvency manager
Klaus Wrede.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 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 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:

         Klaus Wrede
         Lennestrasse 10
         39112 Magdeburg
         Germany
         Tel: 0391/59733-0
         Fax: 0391/59733-33

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Meese Fertighaus GmbH & Co. KG on Feb. 6.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Meese Fertighaus GmbH & Co. KG
         An der Huette 3
         06311 Helbra
         Germany


R & P I RICHTER: Claims Registration Period Ends April 5
--------------------------------------------------------
Creditors of R & P I Richter & Potz Immobilien GmbH have until
April 5 to register their claims with court-appointed insolvency
manager Christoph Henningsmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 10:55 a.m. on April 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Christoph Henningsmeier
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against R & P I Richter & Potz Immobilien GmbH on Feb. 13.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         R & P I Richter & Potz Immobilien GmbH
         Hammerbrookstrasse 93
         20097 Hamburg
         Germany


RDS MUSIC: Claims Registration Period Ends March 21
---------------------------------------------------
Creditors of R.D.S. Music Systems GmbH have until March 21 to
register their claims with court-appointed insolvency manager
Andreas Sontopski.

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

The meeting of creditors will be held at:

         The District Court 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:

         Andreas Sontopski
         Gnoiener Platz 1
         48493 Wettringen
         Germany
         Tel: 02557/9384-0
         Fax: +492557938450

The District Court of Muenster opened bankruptcy proceedings
against R.D.S. Music Systems GmbH on Feb. 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         R.D.S. Music Systems GmbH
         Attn: Ralph Morsthuis, Manager
         Bokerhook 38
         48607 Ochtrup
         Germany


REY SUNPOINT: Claims Registration Period Ends April 10
------------------------------------------------------
Creditors of Rey Sunpoint Sonnenstudio Betriebs-GmbH have until
April 10 to register their claims with court-appointed
insolvency manager Dr. Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on May 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 Room I
         Area CE.02
         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:

         Dr. Achim Ahrendt
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany
         Tel.: 040/899560
         Fax: 040/8995641

The District Court of Tostedt opened bankruptcy proceedings
against Rey Sunpoint Sonnenstudio Betriebs-GmbH on Feb. 14.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

  Rey Sunpoint Sonnenstudio Betriebs-GmbH
  Lindenstr. 12
  21244 Buchholz
  Germany


QMS AG: Claims Registration Period Ends April 5
-----------------------------------------------
Creditors of QMS AG Quality-Management-Service
Aktiengesellschaft have until April 5 to register their claims
with court-appointed insolvency manager Dr. Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at 3:30 p.m. on April 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Amberg
         Room 115
         Meeting Hall V
         First Stock
         Baustadelgasse 1
         Amberg
         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. Hubert Ampferl
         Stahlstrasse 17
         90411 Nuernberg
         Germany
         Tel: 0911/951 285-0
         Fax: 0911/951 285-10

The District Court of Amberg opened bankruptcy proceedings
against QMS AG Quality-Management-Service Aktiengesellschaft on
Feb. 15.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         QMS AG Quality-Management-Service Aktiengesellschaft
         Dr.-Pils-Str. 1
         92266 Ensdorf
         Germany


SANITAR & HEIZUNGS: Claims Registration Period Ends March 16
------------------------------------------------------------
Creditors of Sanitar & Heizungs GmbH have until March 16 to
register their claims with court-appointed insolvency manager
Dr. Mark Zeuner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on April 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 Schwerin
         Hall 7
         Demmlerplatz 14
         Schwerin
         Germany

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

The insolvency manager can be reached at:

         Dr. Mark Zeuner
         Beethovenstr. 13
         19053 Schwerin
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against Sanitar & Heizungs GmbH on Feb. 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Sanitar & Heizungs GmbH
         Attn: Reno Schutzel, Manager
         Robeler Str. 55a
         19395 Ganzlin
         Germany


===========
G R E E C E
===========


CENTRAL PARKING: Earns US$9.3-Mln for Q1 Ended Dec. 31, 2006
------------------------------------------------------------
Central Parking Corp. filed its first fiscal quarter financial
statements ended Dec. 31, 2006, with the Securities and Exchange
Commission on Feb. 9, 2007.

Net earnings, which include property-related gains and
discontinued operations for the first quarter of fiscal 2007,
were US$9.3 million, compared with US$18 million in the year
earlier period.

Total revenues for the first fiscal quarter were US$281.7
million compared with US$272.5 million in the first quarter of
fiscal 2006.  Excluding reimbursed management expenses, revenues
in the first quarter of fiscal 2007 were US$160.8 million
compared with US$160 million in the prior year period.

The company reported that operating earnings before property-
related gains for its first fiscal quarter ended Dec. 31, 2006,
increased to US$15.4 million compared with US$7.7 million earned
in the first quarter of the previous fiscal year.

Earnings from continuing operations, which include property-
related gains for the first quarter of fiscal 2007, totaled
US$8.4 million compared with US$16.4 million in the year-earlier
period.

Pre-tax property-related gains totaled US$400,000 in the first
quarter of fiscal 2007 compared with US$22.9 million in the
first quarter of last year.

"The on-going execution of our strategic plan continues to drive
improvements in operating results," President and Chief
Executive Officer Emanuel J. Eads said.

"The first quarter of fiscal 2007 marks the fourth consecutive
quarter we have recorded substantial, year-over-year gains in
operating earnings.

"Same store sales increases of 5.8% and reduced costs improved
margins in our leased and owned segment to 11.4%, compared with
8.7% in the first quarter of last year.

Management contract margins improved to 62% compared with 61.3%
in the first quarter of 2006 while general and administrative
costs decreased by US$3.3 million, or 15.7%.

"We continue to make good progress in executing other aspects of
our strategic plan as well.  Our Operational Excellence
initiative, which is focused on increasing profits at the
location level, gained momentum during the quarter as we
expanded the program to Los Angeles and Washington, D.C., and
initiated a 'jumpstart' program to introduce Operational
Excellence concepts company-wide.

"Our efforts to capitalize on the burgeoning downtown
residential market were rewarded with three new contracts: a
long-term lease to operate a 360 space garage serving the
Millennium Center in Chicago, management agreements to operate a
400 space garage at 1500 Locust in Philadelphia, and a 388 space
garage in Wilmington, Del.

"We also have had success across other market segments, as
evidenced by the award of a multiple facility contract by Oregon
Health & Science University in Portland, Ore.

"This contract, which became effective Oct. 1, 2006, includes a
garage, two surface lots, two valet operations, and a shuttle
operation.

"We also continue to add profitable, new business in our
international markets.  The most significant recent example is
the addition of a lease to operate a 900-space facility in
Calgary, Alberta.

"Our focus on the high-end hospitality market continues to yield
positive results as we signed leases to operate the Marriott San
Diego and the Hyatt La Jolla.

"We also signed a contract to manage Phoenix Plaza, one of the
largest office developments in Phoenix, Ariz.," Mr. Eads
concluded.

The company has made the determination that due to the strategic
review process it announced on Nov. 28, 2006, it will not hold a
conference call to discuss first quarter results.

At Dec. 31, 2006, the company had US$789.03 million in total
assets, US$373.48 million in total liabilities, and
US$415.55 million in total shareholders' equity.

Full-text copies of the company's first quarter financials are
available for free at http://ResearchArchives.com/t/s?19e1  

                       About Central Parking

Nashville, Tenn.-based Central Parking Corporation (NYSE: CPC)
-- http://www.parking.com/-- owns, operates, and manages  
parking and related services including surface and multi-level
parking facilities, design consultation, customer and employee
shuttle services, valet and special event parking, parking meter
enforcement, toll-road collections, and parking notice and
collection services.  As of Dec. 31, 2006, Central Parking
operates more than 3,100 parking facilities containing over
1.5 million spaces at locations in 37 states, the District of
Columbia, Canada, Puerto Rico, the United Kingdom, the Republic
of Ireland, Chile, Colombia, Peru, Spain, Switzerland, and
Greece.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 4, 2006,
Standard & Poor's Ratings Services placed its rating on Central
Parking Corp., including the B+ corporate credit rating, on
CreditWatch with negative implications.


CENTRAL PARKING: KCPC Holdings Acquires Firm for US$733 Million
---------------------------------------------------------------
Central Parking Corp. entered into an agreement and plan of
merger with KCPC Holdings Inc., a company formed by affiliates
of Kohlberg & Company LLC, Lubert-Adler L.P., and Chrysalis
Capital Partners L.P.

Under the terms of the merger agreement, Central Parking's
shareholders will receive US$22.53 per share in cash,
representing a premium of approximately 30.8% over Central
Parking's closing share price on Nov. 27, 2006, the day before
the Company announced that it had engaged The Blackstone Group
L.P. to assist it in evaluating strategic alternatives.

Central Parking's Board of Directors, following the unanimous
recommendation of a Special Committee composed entirely of
independent directors, has approved the merger agreement and
also will recommend approval by Central Parking's shareholders.

"I believe this transaction is very exciting for our
shareholders," Monroe J. Carell, Executive Chairman and founder
of Central Parking, said.  "This Company has been so important
to me for many years.  It has been a real joy to work with many
talented employees and our business associates. I believe the
Company will continue to prosper under the new ownership."

"We are pleased to be entering into this transaction, which
provides important benefits to our shareholders, clients,
employees, and other stakeholders," Emanuel J. Eads, Central
Parking's president and chief executive officer, said.  "This
agreement represents a strong endorsement of our strategic plan
and the significant progress we have made in executing the plan.  
With the full backing of private equity partners who recognize
our growth potential and share our vision for the future, we
will be in an even stronger position to deliver outstanding
service to our management clients, landlords and parking
customers."

KCPC Holdings, Inc. has received equity and debt financing
commitments totaling US$903 million, and the closing is not
subject to a financing contingency.  Closing of the transaction
will be completed in the second calendar quarter of 2007. The
merger is subject to the approval of Central Parking's
shareholders, requisite regulatory approvals and customary
closing conditions.  Mr. Carell, his family and related
entities, who are collectively the largest shareholder of
Central Parking, have entered into voting agreements to vote in
favor of the merger agreement unless the merger agreement is
terminated or materially amended.

The Blackstone Group served as exclusive financial advisor to
the Company in connection with the transaction and provided the
Special Committee with an opinion that the consideration to be
received by Central Parking's shareholders is fair from a
financial point of view.

                    About Kohlberg & Company

Headquartered in Mt. Kisco, New York, Kohlberg & Company L.L.C.
-- http://www.kohlberg.com/-- is a leading U.S. private equity  
firm with offices in Mt. Kisco, New York and Palo Alto,
California.  Since its inception in 1987, Kohlberg has completed
over 90 platform and add-on acquisitions as the control investor
in a variety of industries, including infrastructure,
manufacturing, healthcare, consumer products and service
industries.  Kohlberg has invested a total of US$1.6 billion in
equity across five private equity funds with an aggregate
transaction value of approximately US$6 billion.

               About Chrysalis Capital Partners

Chrysalis Capital Partners L.P. -- http://www.ccpfund.com/-- is  
a private equity firm managing US$300 million of committed
capital and focused on control investments in special situations
involving middle-market companies in a wide variety of
industries across the United States.

                   About Lubert-Adler Partners

Lubert-Adler Partners, L.P. -- http://www.lubertadler.com/-- is  
a real estate private equity firm headquartered in Philadelphia
with offices in New York, Los Angeles, London, Atlanta, and
Baltimore. Lubert-Adler was founded in 1997 and has raised over
US$4 billion of equity across five funds and has invested in
over US$20 billion of real estate assets.  Lubert-Adler's
current fund -- Fund V -- represents US$1.7 billion of equity
and commenced in 2006.

                      About Central Parking

Nashville, Tenn.-based Central Parking Corporation (NYSE: CPC)
-- http://www.parking.com/-- owns, operates, and manages  
parking and related services including surface and multi-level
parking facilities, design consultation, customer and employee
shuttle services, valet and special event parking, parking meter
enforcement, toll-road collections, and parking notice and
collection services.  As of Dec. 31, 2006, Central Parking
operates more than 3,100 parking facilities containing over
1.5 million spaces at locations in 37 states, the District of
Columbia, Canada, Puerto Rico, the United Kingdom, the Republic
of Ireland, Chile, Colombia, Peru, Spain, Switzerland, and
Greece.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 4, 2006,
Standard & Poor's Ratings Services placed its rating on Central
Parking Corp., including the B+ corporate credit rating, on
CreditWatch with negative implications.


CENTRAL PARKING: Moody's Places Ba3 CFR on Merger Agreement
-----------------------------------------------------------
Moody's Investors Service placed the Ba3 Corporate Family Rating
and B2 rating on the convertible trust issued preferred
securities of Central Parking Corp. on review for possible
downgrade following the company's announcement that it entered
into a definitive agreement to be acquired by a consortium of
private investment funds.

Under the terms of the merger agreement, Central Parking's
common equity shareholders will receive US$22.53 per share in
cash or about US$745 million.

The transaction has been approved by the Board of Directors of
Central Parking based on the unanimous recommendation of a
special committee of the board consisting of independent
directors.  The merger is subject to the approval of Central
Parking's shareholders, requisite regulatory approvals and
customary closing conditions.  The chairman of the company, his
family and related entities, who collectively own 47% of the
common stock of Central Parking, have entered into voting
agreements to vote in favor of the merger agreement unless the
merger agreement is terminated or materially amended.

Central Parking may terminate the merger agreement under certain
circumstances, including if its board of directors determines in
good faith that it has received a superior proposal, and
otherwise complies with certain terms of the merger agreement.
In connection with such termination, the company must pay a fee
of US$22.4 million to the equity sponsors.  If the merger
agreement is terminated because the equity sponsors fail to
obtain sufficient financing, then a US$30 million payment will
be due to the company.

Moody's affirmed the Baa3 rating on the US$299-million senior
secured credit facility of Central Parking since the merger
agreement provides that the credit facility will be repaid in
connection with the closing of the buyout.  The merger agreement
also provides that at the effective time of the merger, each
outstanding share of the Trust Issued Preferred Securities
issued by Central Parking Finance Trust, a statutory business
trust and wholly-owned subsidiary of Central Parking, shall
remain outstanding and shall thereafter be convertible at the
election of the holder of the TIPS into an amount equal to the
product of the common stock merger consideration times the
number of shares of company common stock into which the TIPS
could have been converted at the effective time. Any TIPS, which
remain outstanding after the buyout, may be notched to two
notches below the Corporate Family Rating.

Moody's review will focus on the expected capital structure,
liquidity position and operating strategy of Central Parking
upon completion of the buyout transaction, including any
disposition strategies for owned real estate.  Moody's expects
key credit metrics to deteriorate substantially if the buyout
transaction is consummated.  Therefore, a multiple notch
downgrade of the Corporate Family Rating is possible if the
transaction is financed primarily with debt.  The review will be
completed when a transaction is completed or substantially
completed.

Moody's placed these ratings on review for possible downgrade:

   -- US$78-million 5.25% convertible trust issued preferred
      securities (issued by the Central Parking Finance Trust),
      rated B2 (LGD 6, 93%);

   -- Corporate family rating, Ba3; and

   -- Probability of default rating, Ba3.

Moody's affirmed these ratings:

   -- US$225-million senior secured revolving credit facility      
      due 2008, rated Baa3 (LGD 2, 15%)

   -- US$74 million senior secured term loan facility due 2010,
      rated Baa3 (LGD 2, 15%)

Central Parking Corp., headquartered in Nashville, Tennessee, is
a leading provider of parking and transportation-related
services.  As of Dec. 31, 2006, the Company operated more than
3,100 parking facilities containing around 1.5 million spaces at
locations in 37 states, the District of Columbia, Canada, Puerto
Rico, Chile, Colombia, Peru, the United Kingdom, the Republic of
Ireland, Spain, Greece, Italy and Switzerland.  Revenues for the
12-month period ending Dec. 31, 2006, were about US$1.1 billion.


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


BORSODCHEM: Distributes 170,848 Treasury Shares to Employees
------------------------------------------------------------
BorsodChem Nyrt. distributed on Feb 21, 170,848 pieces of
treasury shares for its 2,763 employees to their securities
accounts at UniCredit Bank Hungary Zrt. under its Registered
Employee Share Ownership Program approved by the Hungarian
Ministry of Finance (Registration Number 65982EP2005), and in
correspondence with Resolution No. 94/2006 of BorsodChem's Board
of Directors of Dec. 27, 2006.

Following the transaction, the number of the Company's treasury
shares decreased by 170,848 pieces to 1,022,370.

                        About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. (fka
BorsodChem Rt) -- http://www.borsodchem.hu/-- produces   
chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC
resins, and additives for the plastic and rubber industries.
The Company exports its products mainly to Western Europe.

At Dec. 31, 2006, the Company's balance sheet showed HUF288.7
billion in total assets and HUF139.8 billion in total
liabilities, resulting in GBP148.9 billion in shareholders'
equity.

                        *     *     *

As of Feb. 5, BorsodChem's long-term foreign and local issuer
credit carry Standard and Poor's B+ rating with stable outlook


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


KINTYRE CLO: S&P Assigns BB- Ratings to EUR11.55-Mln Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR313.25 million floating-rate notes to
be issued by Kintyre CLO I PLC.  At the same time, Kintyre will
issue EUR36.75 million of unrated notes.
  
At closing, Kintyre will issue the notes, the proceeds of which,
net of any upfront costs and expenses, will be used to acquire a
portfolio of senior secured loans, second-lien loans, mezzanine
obligations, high-yield obligations, and synthetic securities.
  
The portfolio will be managed by Plemont Portfolio Managers
Ltd., as portfolio manager, and RBS CDO Fund and Investment
Group as investment adviser.  It is RBS CFIG's third leveraged
loan CLO to be rated by Standard & Poor's.  The transaction is
expected to be 90% ramped at closing, with the target par amount
of EUR338 million being acquired over a six-month period from
the closing date.
  
Kintyre may include up to 25% of noneuro assets.  The currency
mismatch between these assets and the entirely euro-denominated
liabilities will be mitigated through a series of perfect asset
swaps that will be entered into by the issuer and the
counterparty on the closing date and during the life of the
transaction.  The counterparty must be rated 'A-1+'.
  
Kintyre is a bankruptcy-remote, public limited company, which
was incorporated on October 2006, under the laws of Ireland.  
Its only purposes are to acquire the portfolio, issue the notes,
and engage in certain related transactions.
  
  
                          Ratings List
  
Kintyre CLO I PLC
   EUR350 Million Floating-Rate Notes
  
            Class          Prelim.        Prelim.
                           rating         amount (Mln. EUR)
  
            E deferrable
              notes        BB-             11.55
            A              AAA            239.75
            B deferrable
              notes        AA              20.30
            C deferrable
              notes        A               21.70
            D deferrable
              notes        BBB-            19.95
            Subordinated
              notes        NR              36.75


SCOTTISH RE: AM Best Continues Review After Published Loss
----------------------------------------------------------
A.M. Best Co. has commented that the financial strength, issuer
credit and debt ratings of Scottish Re Group Limited (Cayman
Islands) [NYSE: SCT] and its operating subsidiaries remain
unchanged and continue to be under review with positive
implications following the announcement by Scottish Re that its
net loss for fourth quarter and full year 2006 was US$233.8
million and US$376.7 million, respectively.

The loss for fourth quarter 2006 was driven primarily by a
number of write-downs including goodwill, deferred acquisition
costs, reinsurance recoverable and deferred tax assets.  
Moreover, Scottish Re's operating earnings from its North
American reinsurance segment were adversely affected by higher
mortality and unfavorable lapse experience.

The results for 2006 continue to reflect the difficulties
Scottish Re has with earlier tax planning strategies, weak
accounting systems and higher expenses associated with
collateral financing and interest costs as a result of rating
downgrades and liquidity concerns.

Despite the reported loss in fourth quarter 2006, which was
significantly below expectations, A.M. Best is maintaining
Scottish Re's ratings based on the belief that MassMutual
Capital Partners LLC and Cerberus Capital Management L.P. will
move forward with their previously announced intent to invest
US$600 million into Scottish Re.  In addition, Scottish Re is
amending the original terms of the agreement to provide for
additional indemnification to these investors of up to US$68.5
million should mortality experience deteriorate below a
predetermined level over the next three years.  A.M. Best
expects the transaction to close in second quarter 2007.  The
capital investment will be a major step toward improving
Scottish Re's liquidity posture and should enable it to resume
meaningful new business activities.

Scottish Re's statutory results for its onshore operating
companies are not yet public.  Although the main items driving
the reported net loss are primarily GAAP related and thus not
expected to materially impact U.S. statutory results, A.M. Best
will revisit Scottish Re's ratings should statutory earnings and
capital levels be reported significantly below A.M. Best's
expectations.  Furthermore, any deterioration in the perceived
commitment of the acquiring entities by A.M. Best would result
in a downgrading of the company's ratings.

A.M. Best last rated Scottish Re last Nov. 28, 2006. The same
ratings continue to be under review after the announcement of
the Scottish Re's net loss for last year.

Nov. 28, 2006 Ratings:

The FSRs of B (Fair) and the ICRs of "bb+" remain under review,
and the implications have been revised to positive from negative
for the following subsidiaries of Scottish Re Group Ltd.:

   -- Scottish Annuity & Life Insurance Company (Cayman) Ltd.
   -- Scottish Re (U.S.), Inc.
   -- Scottish Re Life Corporation
   -- Scottish Re Limited
   -- Orkney Re, Inc.

The ICR of "b" remains under review and the implication has been
revised to positive from negative for Scottish Re Group Ltd.

The following debt ratings remain under review, and the
implications have been revised to positive from negative:

Scottish Re Group Limited:

   -- "b" on US$115 million 4.5% senior unsecured convertible
       notes, due 2022

   -- "ccc+" on US$143 million 5.875% of hybrid capital units,
      due 2007

   -- "ccc+" on US$125 million non-cumulative preferred shares

Stingray Pass-thru Trust:

   -- "bb" on US$325 million senior unsecured pass-thru
       certificates, due 2012

The following indicative ratings for debt securities under the
shelf registration remain under review, and the implications
have been revised to positive from negative:

Scottish Re Group Limited:

   -- "ccc+" on preferred stock
   -- "b-" on subordinated debt
   -- "b" on senior unsecured debt
   -- Scottish Holdings Statutory Trust II and III
   -- "b-" on preferred securities

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a  
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland,
Singapore, the United Kingdom and the United States.  Its
flagship operating subsidiaries include Scottish Annuity & Life
Insurance Company (Cayman) Ltd. and Scottish Re (US), Inc.  
Scottish Re Capital Markets, Inc., a member of Scottish Re Group
Ltd., is a registered broker dealer that specializes in
securitization of life insurance assets and liabilities.


SCOTTISH RE: 4Q Earnings Report Cues Fitch to Lower Ratings
-----------------------------------------------------------
Fitch Ratings has downgraded Scottish Re Group Ltd.'s (NYSE:
SCT) ratings:

  Scottish Re Group Ltd.:

   -- Issuer Default Rating to 'B+' from 'BB';

   -- Preferred Stock to 'B-' from 'B+'; and

   -- 'RR6' Recovery Rating Assigned.

  Operating subsidiaries:

   -- Insurer Financial Strength to 'BB+' from 'BBB'.

All ratings remain on Rating Watch Evolving.

The ratings action follows Scottish Re's release of earnings for
the fourth quarter of 2006, which highlight the business and
operating challenges and uncertainties that the Company
continues to face.  Excluding one-time items, run-rate operating
earnings capacity is significantly below Fitch's ratings
expectations.  Of note was the significant impact of higher than
estimated retrocession costs, as well as adverse mortality and
lapse experience.  Additional items such as lower new business
profits, and higher financing and collateral costs can be
attributed to the Company's liquidity issues and ratings
downgrades in the summer and fall of 2006.

The rating action reflects Fitch's heightened concern that the
pending agreement with MassMutual Capital Partners LLC and
Cerberus Capital Management, L.P. or MassMutual/Cerberus could
be called off due to further deterioration in Scottish Re's
business position and earnings profile as discussed in the
above-mentioned earnings release.

The ratings remain on Rating Watch Evolving reflecting the
pending MassMutual/Cerberus agreement, which is expected to
result in a new equity investment into the company of US$600
million.  The successful close of that agreement would alleviate
near-term concerns for collateral financing in 2007, is expected
to have a positive impact on Scottish Re's business prospects
and franchise, and may result in an upgrade in the ratings
assigned to SCT and its affiliates sometime shortly following
the close of the transaction.

If the transaction does not close, Fitch expects that the
ratings of the holding company would be downgraded to a level no
higher than 'CC' and the IFS ratings would be downgraded to no
higher than 'CCC'.

These ratings have been downgraded and remain on Rating Watch
Evolving:

  Scottish Annuity & Life Insurance Company (Cayman) Limited

     -- IFS downgraded to 'BB+' from 'BBB'
  
  Scottish Re (U.S.) Inc.

     -- IFS downgraded to 'BB+' from 'BBB'

  Scottish Re Limited

     -- IFS downgraded to 'BB+' from 'BBB'

  Scottish Re Group Limited

     -- IDR downgraded to 'B+' from 'BB'; and

     -- 7.25% US$125 million non-cumulative perpetual preferred
        stock downgraded to 'B-' from 'B+'; 'RR6' Assigned.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a  
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland,
Singapore, the United Kingdom and the United States.  Its
flagship operating subsidiaries include Scottish Annuity & Life
Insurance Company (Cayman) Ltd. and Scottish Re (US), Inc.  
Scottish Re Capital Markets, Inc., a member of Scottish Re Group
Ltd., is a registered broker dealer that specializes in
securitization of life insurance assets and liabilities.


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


POPOLARE ITALIANA: Prosecutors Want Trial for Former Executives
---------------------------------------------------------------
Milan prosecutors have asked an Italian court to commence trial
against nine firms and 84 individuals for allegedly committing
financial crimes related to Banca Popolare Italiana S.p.A.'s
failed takeover of Banca Antonveneta S.p.A., Dow Jones Newswire
reports citing a court document.

According to Dow Jones, those facing possible trial include:

   -- Gianpiero Fiorani, former BPI CEO;
   -- Gianfranco Boni, former BPI CFO; and
   -- Antonio Fazio, former Bank of Italy governor.

The request for trial, Dow Jones adds, marks the end of a two-
year probe involving Italian finance, which resulted in Mr.
Fazio's resignation and Mr. Fiorani's short jail detention.

                  About Banca Popolare Italiana

Headquartered in Lodi, Italy, Banca Popolare Italiana --
http://www.bancapopolareitaliana.it/-- attracts deposits and  
offers commercial banking services.  The Bank offers securities
brokerage, asset management, mortgage loans, insurance, lease
financing and treasury services and manages mutual funds.  
Through a subsidiary, Banca Popolare Italiana offers merchant
banking services and medium- and long-term lending.

                        *     *     *

As of Feb. 23, BPI carries Moody's Investors Service's D
financial strength rating, Ba2 junior subordinated debt rating,
and Ba2 preferred stock and Tier III debt ratings.

At the same time, BPI also carries Fitch's C financial strength
rating, BB+ junior subordinated debt rating, and BB+ preferred
stock rating.


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


ACTOBECOMSERVICE LLP: Creditors Must File Claims by April 6
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Actobecomservice insolvent.  

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

         The Specialized Inter-Regional Economic Court of Aktube
         Altynsarin Str. 31
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


BANK CASPIAN: Fitch Affirms B+ IDR with Stable Outlook
------------------------------------------------------
Fitch Ratings affirmed Kazakhstan-based Bank Caspian's ratings
at Issuer Default 'B+', Short-term 'B', Individual 'D' and
Support '5'.  The Outlook on the Issuer Default rating remains
Stable.

The ratings of Caspian reflect the risks associated with rapid
retail loan book growth, increased reliance on foreign funding
and certain weaknesses in the operating environment.  However,
they also take into account the bank's continued strong
performance, sound capital ratios due to internal generation and
reasonable liquidity profile.

Upside for the ratings could result from further profitable
franchise growth accompanied by good asset quality and the
development of track record by the bank's new management.  At
the same time, downward pressure could result from a marked
deterioration in asset quality, driving pressure on capital
adequacy, or an increase in the bank's risk appetite.

At end-2006, Caspian was the ninth-largest commercial bank in
Kazakhstan with a 2.2% share of the banking system's assets.  
Although Caspian has been a first mover and leader in the very
lucrative express-lending market in Kazakhstan, it continues to
also serve the corporate and SME segments.  In December 2006,
Baring Vostok Capital Partners, a private equity firm investing
in the CIS, became a controlling shareholder in Caspian.  As a
result of this transaction, 94.7% of the bank's shares were
acquired by the Dutch-registered Caspian Group B.V., which in
turn is beneficially owned by BVCP and Kazakhstani businessman
Vyacheslav Kim.


BANK CENTERCREDIT: Fitch Affirms BB- IDR with Stable Outlook
------------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based Bank Centercredit's
ratings at Issuer Default 'BB-', Short-term 'B', Individual 'D'
and Support '3'.  The Outlook on the Issuer Default rating
remains Stable.

BCC's Issuer Default, Short-term and Support ratings reflect
Fitch's view of the moderate likelihood of state support being
available to the bank in case of necessity.  The Individual
rating of BCC reflects its very rapid growth, the relatively
high concentration in the bank's loan book and its modest
capitalization, as well as certain weaknesses in the operating
environment.  However, the Individual rating also considers the
bank's strong profitability, relatively well-diversified funding
base and low reported levels of loan impairment to date.

"Fitch does not expect the support floor of BCC's IDR to change,
given our current view of the authorities' propensity to provide
support to banks of BCC's size," says Alexei Kechko, Associate
Director of Fitch's Financial Institutions Group in Moscow.  
"Although significant gains in market shares, in particular in a
larger banking sector, could cause Fitch to reconsider its view
of the sovereign's propensity to provide support, we note that
the bank's growth rate has been and is planned to remain
somewhat lower than the exceptional pace of expansion of the
Kazakhstani banking sector as a whole."

Movement in BCC's Individual rating is not expected in the near-
term.  However, a moderation in growth rates and an extended
track record of good asset quality and performance would be
positive for the bank's standalone credit profile.

BCC was one of the six largest banks in Kazakhstan, with a
market share in assets of around 7.8% at end-September 2006.  It
focuses primarily on the SME and retail segments, utilising its
nationwide network.  Fitch is informed that the Chairman of the
Board of Directors, Bakhytbek Bayseitov, and senior management
own a 51% stake in the bank.


DON LTD: Creditors' Claims Due April 6
--------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Don Ltd insolvent.  

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

         The Specialized Inter-Regional Economic Court of Aktube
         Altynsarin Str. 31
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


JANATALAP LLP: Proof of Claim Deadline Slated for April 6
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Janatalap insolvent.  

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

         The Specialized Inter-Regional Economic Court of
         Kyzylorda
         Abai Str. 48
         Kyzylorda
         Kazakhstan
         Tel: 8 (32422) 23-56-11


JEZGORTECHMASH LLP: Claims Registration Ends April 6
----------------------------------------------------
LLP Jezgortechmash has declared insolvency.  Creditors have
until April 6 to submit written proofs of claim to:

         LLP Jezgortechmash
         Sylykbaev Str. 20
         Jezkazgan
         Karaganda
         Kazakhstan


KAZKOMMERTS INT'L: Fitch Assigns BB+ Ratings to New Loans
---------------------------------------------------------
Fitch Ratings assigned Kazkommerts International B.V.'s
EUR750 million 6.875% notes due February 2017 and GBP350 million
7.625% notes due February 2012 final Long-term 'BB+' ratings.  

The issues are made under Kazkommerts International B.V.'s
US$3 billion guaranteed debt issuance program rated Long-term
'BB+' for foreign currency notes with maturities in excess of
one year and Short-term 'B' for foreign currency notes with
maturities of less than one year.

KKB is one of the two largest commercial banks in Kazakhstan.


MATRIX CONSTRUCTION: Claims Filing Period Ends April 6
------------------------------------------------------
LLP Matrix Construction Company has declared insolvency.  

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

         LLP Matrix Construction Company
         Nemirovich-Danchenko Str. 18
         Almaty
         Kazakhstan


OMIRLIK-1 LLP: Creditors Must File Claims by April 6
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Omirlik-1 insolvent.

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

         The Specialized Inter-Regional Economic Court of
         Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


ORIENTIR LLP: Creditors' Claims Due April 6
-------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Orientir insolvent.  

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

         The Specialized Inter-Regional Economic Court of West
         Kazakhstan Region
         Chapaev Str. 2
         Podstepnoye
         Terektinsky District
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (232) 36-4-72


PRINT-EXPRESS LLP: Proof of Claim Deadline Slated for April 6
-------------------------------------------------------------
LLP Print-Express 2002 has declared insolvency.  Creditors have
until April 6 to submit written proofs of claim to:

         LLP Print-Express 2002
         Micro District "Golubye Prudy", 13-223
         Karaganda
         Kazakhstan


RAM-BI LLP: Claims Registration Ends April 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Ram-Bi insolvent.  

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan Region
         Chapaev Str. 2
         Podstepnoye
         Terektinsky District
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (232) 36-4-72


RICKS LLP: Claims Filing Period Ends April 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Ricks insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin Str. 37
         Uralsk
         West Kazakhstan Region
         Kazakhstan


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


BASSEIN-STROY LLC: Claims Filing Period Ends April 6
----------------------------------------------------
LLC Bassein-Story has declared insolvency.  Creditors have until
April 6 to submit written proofs of claim to:

         LLC Bassein-Story
         Den Saopin Str. 23
         Bishkek
         Kyrgyzstan


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


AGRO-WOOD LLC: Creditors Must File Claims by March 3
----------------------------------------------------
Creditors of LLC Agro-Wood have until March 3 to submit written
proofs of claim to:

         V. Melikhova, Insolvency Manager
         Office 35
         Budenovskiy Pr. 19A
         344002 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A53-18419/06-S1-30.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agro-Wood
         Rabochiy Spusk Str. 1
         Novocherkassk, Rostov
         Russia


AVANGARD LLC: Creditors Must File Claims by March 3
---------------------------------------------------
Creditors of LLC Avangard have until March 3 to submit written
proofs of claim to:

         S. Khistnyj, Temporary Insolvency Manager
         Office 75
         Zootekhnicheskiy Per. 15
         355029 Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A63-15411/06-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 458 b
         Stavropol  
         Russia

The Debtor can be reached at:

         LLC Avangard
         Predgornyj
         Stavropol
         Russia


AZERDEMIRYOLBANK: Significant Growth Cues Fitch to Lift CCC+ IDR
----------------------------------------------------------------
Fitch Ratings upgraded Azerbaijan-based Azerdemiryolbank's
Issuer Default rating to 'B-' from 'CCC+' and Short-term rating
to 'B' from 'C'.  The Individual 'D/E' and Support '5' ratings
are affirmed.  The Outlook on the IDR remains Stable.

The upgrade reflects Azerdemir's significant business growth,
although its size remains very small by international standards.  
It also reflects the bank's improving funding profile, including
through international borrowings.  In addition, the upgrade
takes into consideration its reasonable profitability and asset
quality to date and very low related-party exposures.  However,
there are still considerable concentrations in the loan book,
and rapid loan growth in a still relatively high-risk operating
environment entails high credit risks and may put pressure on
capitalization.

Upside to the ratings is limited in the near term, but a
substantial expansion of the bank's franchise without
compromising asset quality, a reduction of loan concentrations
and a strengthening of capitalization would be positive for the
bank's credit profile.  Downward pressure could result mainly
from deterioration of capital ratios or an increase of
impairment levels following rapid loan growth.

Azerdemir was established in 1989 by the Azerbaijani State
Railway Company, though since 1995 the main shareholder has been
the Hajiyev family.  In December 2005, the EBRD acquired a 25% +
1 share in the bank through a share issue.


BUGURUSLAN-BREAD LLC: Creditors Must File Claims by March 3
-----------------------------------------------------------
Creditors of LLC Buguruslan-Bread have until March 3 to submit
written proofs of claim to:

         D. Korobkov, Insolvency Manager
         Post User Box 9520
         443013 Samara
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-11123/2006-14GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Buguruslan-Bread
         Baymakovskoye Shosse, 1
         Buguruslan
         461630 Orenburg
         Russia


CROWN-M CJSC: Creditors Must File Claims by March 3
---------------------------------------------------
Creditors of CJSC Trade-Investment House Crown-M have until
March 3 to submit written proofs of claim to:

         N. Popov, Insolvency Manager
         Post User Box 336
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-38331/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Trade-Investment House Crown-M
         Apartment 13
         Dashkevicha, 11A/9
         Petrodvorets, St. Petersburg
         Russia


ITUS-DELTA CJSC: Creditors Must File Claims by March 3
------------------------------------------------------
Creditors of CJSC Itus-Delta have until March 3 to submit
written proofs of claim to:

         N. Popov, Insolvency Manager
         Post User Box 366
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-35308/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Itus-Delta
         Gorokhovaya Str. 47
         St. Petersburg
         Russia


LOTOSHANSKOYE CJSC: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Novosibirsk commenced bankruptcy
supervision procedure on CJSC Lobinskoye.  The case is docketed
under Case No. A45-1/07-4/1.

The Temporary Insolvency Manager is:

         V. Poroshkov
         Post User Box 337
         630102 Novosibirsk
         Russia

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk  
         Russia

The Debtor can be reached at:

         CJSC Lotoshanskoye
         Lotoshnoye
         Krasnozerskiy, Novosibirsk
         Russia


LUKOIL OAO: To Close Petrol Network Deal by Second Quarter
----------------------------------------------------------
OAO Lukoil plans to complete the US$400-million acquisition of a
petrol station network from ConocoPhillips in the second quarter
of 2007, RIA Novosti reports citing Vagit Alekperov, company
president.

Mr. Alekperov said he hoped the regulating bodies approve the
deal by the target date.  In a TCR-Europe report on Jan. 30, the
European Commission will close its review into deal by Feb. 21,
Analytical Information Agency reports.

In a TCR-Europe report on Dec. 13, 2006, Lukoil acquired a chain
of 376 gasoline stations in Europe located in:

   -- Belgium (156),
   -- Poland (83),
   -- Finland (49),
   -- Czech Republic (44),
   -- Hungary (30), and
   -- Slovakia (14).

Leonid Fedun, Lukoil Vice President, said the acquisitions would
boost the company's annual retail sales by 11.4 million metric
tons.  The company will rename the petrol stations as Jet-
branded within two years.

The deal will hike Lukoil's market share in:

   -- Belgium to 8.3%,
   -- Poland to 6%,
   -- Finland to 29%,
   -- Czech Republic 4%,
   -- Hungary 6%, and
   -- Slovakia 3.5%.

                         About Lukoil

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

                         *     *     *

OAO Lukoil carries Standard & Poor's BB+ long-term foreign and
local issuer credit ratings with a positive outlook.


NORTH TRADE: Creditors Must File Claims by March 3
--------------------------------------------------
Creditors of CJSC Fuel-Chemical Company North Trade have until
March 3 to submit written proofs of claim to:

         N. Popov, Insolvency Manager
         Post User Box 366
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-30939/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Fuel-Chemical Company North Trade
         Ligovskiy Pr. 48
         St. Petersburg
         Russia


NORTH-WEST INDUSTRIAL: Creditors Must File Claims by March 3
------------------------------------------------------------
Creditors of CJSC North-West Industrial Company have until
March 3 to submit written proofs of claim to:

         N. Popov, Insolvency Manager
         Post User Box 366
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-38397/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC North-West Industrial Company
         Tavricheskaya, 39
         St. Petersburg
         Russia


NORTH-WOOD LLC: Kareliya Bankruptcy Hearing Slated for April 30
---------------------------------------------------------------
The Arbitration Court of Kareliya will convene at 10:00 a.m. on
April 30 to hear the bankruptcy supervision procedure on LLC
North-Wood.  The case is docketed under Case No. A26-8104/
2066-184.

The Temporary Insolvency Manager is:

         A. Zhukov
         Post User Box 12
         109443 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Kareliya
         Krasnoarmeyskaya Str. 24a
         Petrozavodsk
         185610 Kareliya  
         Russia

The Debtor can be reached at:

         LLC North-Wood
         Krasnoarmeyskaya Str. 15
         Lakhdenpokhye, Kareliya
         Russia


OB'-OIL-GAS-STROY: Names D. Pushkarev as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy appointed Mr. D.
Pushkarev as Insolvency Manager for OJSC Ob'-Oil-Gas-Story.  He
can be reached at:

         D. Pushkarev
         Office 305a
         Stankostroiteley Str. 1
         625048 Tyumen
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A81-313/2006.

The Court is located at:

         The Arbitration Court of Yamalo-Nenetskiy
         Chubynina Str. 37A
         Salekhard
         Yamalo-Nenetskiy Autonomous  
         Russia

The Debtor can be reached at:

         OJSC Ob'-Oil-Gas-Story
         Yamalo-Nenetskiy
         Russia


POLYMER CJSC: Creditors Must File Claims by March 3
---------------------------------------------------
Creditors of CJSC Polymer have until March 3 to submit written
proofs of claim to:

         V. Zotyev, Temporary Insolvency Manager
         Nakhichevanskiy Per. 64
         344000 Rostov-na-Donu
         Russia

The Arbitration Court of Dagestan commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A15-1492/06.

The Debtor can be reached at:

         CJSC Polymer
         A. Akushinskogo Pr. 109
         Makhachkala
         Dagestan
         Russia


QUARTZ CERAMICS: Creditors Must File Claims by March 3
------------------------------------------------------
Creditors of CJSC Quartz Ceramics have until March 3 to submit
written proofs of claim to:

         N. Popov, Insolvency Manager
         Post User Box 366
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-36538/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Quartz Ceramics
         Rastannaya, 27a
         St. Petersburg
         Russia


ROSNO OAO: Moody's Puts Ba1 Insurance Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service placed the Ba1 insurance financial
strength rating and the Aa1.ru national scale rating of the
Russian insurer OAO ROSNO on review for possible upgrade, after
the announcement that Allianz is now assuming a majority stake
in the Russian group.

Since 2001, Rosno had been majority owned by two shareholders,
AFK Sistema (B1 long-term corporate family rating) with a 49.2%
stake, and Allianz SE (Aa3 insurance financial strength and
senior unsecured debt rating) with a 47.4% stake.  Both
shareholders disclosed that they signed a share purchase
agreement, after which Allianz now holds around 97% in ROSNO.

In placing ROSNO's rating under review for possible upgrade,
Moody's said that it expects policyholders and creditors to
benefit from ROSNO's becoming a subsidiary of Allianz, one of
the world's leading and most diversified insurance groups.
Moody's review of ROSNO's ratings will focus on establishing the
likelihood of parental support going forward as well as the
extent of ROSNO's integration into Allianz Group in the short to
medium term.

The date of the prior rating action on ROSNO was on Jan. 29,
when Moody's assigned a first time IFSR of Ba1 on a global scale
and IFSR of Aa1.ru on a national scale.

These ratings were placed on review for possible upgrade:

   * OAO ROSNO

     -- insurance financial strength rating at Ba1, stable
        outlook;

   * OAO ROSNO
     
     -- national scale rating at Aa1.ru.

Based in Moscow, Russia, ROSNO is one of the leading Russian
insurers.  ROSNO had shareholders' equity of US$98.4 million
under International Financial Reporting Standards as of Dec. 31,
2005.  For FY 2005, it reported Gross Premiums Written of
US$549.6 million and net income of US$20.2 million.

Allianz SE, headquartered in Munich, Germany, is a major
international financial services group and one of Europe's
largest insurers.  It reported total revenues of EUR101.1
billion in 2006 and had shareholders' equity including minority
interests of EUR56.9 billion as of Dec. 31, 2006.


SAKHA-JEWELER-PETERSBURG: Creditors Must File Claims by March 3
---------------------------------------------------------------
Creditors of CJSC Sakha-Jeweler-Petersburg have until March 3 to
submit written proofs of claim to:

         N. Popov, Insolvency Manager
         Post User Box 183
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
ankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-29265/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Sakha-Jeweler-Petersburg
         Apartment 208
         Sadovaya, 54
         St. Petersburg
         Russia


SBERBANK ROSSII: Raises RUR230 Billion from Moscow IPO
------------------------------------------------------
OAO Sberbank Rossii raised around RUR230 billion following its
initial public offering in Moscow, Russia, Bloomberg News
reports citing Russia's Finance Ministry.

The bank sold the shares at RUR89,000 apiece and received orders
for around RUR260 billion of stock, Irina Yershova, Finance
Ministry spokeswoman, told Bloomberg News.

In a TCR-Europe report on Feb. 22, Alexei Rybnikov, head of
Micex Stock Exchange, said that Sberbank's current shareholders
-- Russia's Central Bank, local billionaires and fund groups --
were expected to participate in the IPO to prevent the dilution
of their shares.  Mr. Rybnikov added that with Sberbank's
existing owners buying newly issued shares, public investors
might only acquire up to US$3 billion of new stock.  The IPO was
aimed at reducing Russia's stake in Sberbank from 64% to 58%,
Bloomberg News says.

According to Bloomberg News, the IPO attracted investors in a
market dominated by energy and commodity stocks and an economy
that has grown for nine straight years.

Sberbank commenced its initial public offering on Feb. 1 in
Moscow, Russia.  Sberbank is selling 3.5 billion shares during
the IPO period.  In a TCR-Europe report on Feb. 2, the company
said it is eyeing to raise US$12 billion from the IPO, and is
planning to use the amount to finance its expansion.  JPMorgan
Chase & Co. and Credit Suisse Group are managing the IPO, which,
if successful, would value Sberbank at around US$81 billion,
Bloomberg News says.

                        About Sberbank

Headquartered in Moscow, OAO Sberbank Rossii --
http://www.sbrf.ru/eng/-- provides a full range of banking  
services, including commercial, investment, merchant, mortgage
and retail banking, and a complete range of travel, lending and
credit services.  The Bank operates through 17 territorial
banks, 921 divisions and 19,390 subdivisions across Russia.

                        *     *     *

As of Feb. 1, 2006, Sberbank carries Moody's Investors Service's
D financial strength rating with stable outlook.

At the same time, it also carries Fitch's C Individual Rating.


YUGRA-AGRO-PRODUCT: Creditors Must File Claims by March 3
---------------------------------------------------------
Creditors of LLC Yugra-Agro-Product have until March 3 to submit
written proofs of claim to:

         I. Daurova, Insolvency Manager
         Room 212
         Dimitrova Str. 4/1
         Maykop, Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32-255416/2006-27/2429-B.

The Court is located at:

         The Arbitration Court of Krasnodar  
         Krasnaya Str. 6
         Krasnodar  
         Russia

The Debtor can be reached at:

         LLC Yugra-Agro-Product
         Leningradskaya Str., 23
         Gulkevichi, Krasnodar
         Russia


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


AW ENGINEERING: Creditors' Liquidation Claims Due March 12
----------------------------------------------------------
Creditors of LLC AW Engineering have until March 12 to submit
their claims to:

         Antonius C. M. Wegdam
         Liquidator
         Bachhaldenstrasse 15
         5621 Zufikon
         Bremgarten AG
         Switzerland

The Debtor can be reached at:

         LLC AW Engineering
         Zufikon
         Bremgarten AG
         Switzerland


BOBTEAM.CH LLC: Creditors' Liquidation Claims Due March 12
----------------------------------------------------------
Creditors of LLC bobteam.ch have until March 12 to submit their
claims to:

         Ralph Ruegg
         Liquidator
         Hinterhofstrasse 24
         8808 Pfaffikon SZ
         Switzerland

The Debtor can be reached at:

         LLC bobteam.ch
         Freienbach
         Hofe SZ
         Switzerland


E-CONNECTION SARL: Creditors' Liquidation Claims Due March 31
-------------------------------------------------------------
Creditors of LLC e-connection Sarl have until March 31 to submit
their claims to:

         Roger Morier
         Liquidator
         Route du Moos 84
         1785 Cressier
         See FR
         Switzerland

The Debtor can be reached at:

         LLC e-connection Sarl
         Cressier
         See FR
         Switzerland


HERZOG LANDTECHNIK: Creditors' Liquidation Claims Due March 12
--------------------------------------------------------------
Creditors of LLC Herzog Landtechnik have until March 12 to
submit their claims to:

         Franz Herzog
         Liquidator
         Sarmenstorferstrasse 2
         5615 Fahrwangen
         Lenzburg AG
         Switzerland

The Debtor can be reached at:

         LLC Herzog Landtechnik
         Fahrwangen
         Lenzburg AG
         Switzerland


MATTER + SIEGMANN JSC: Creditors' Liquidation Claims Due Mar. 15
----------------------------------------------------------------
Creditors of JSC Matter + Siegmann have until March 15 to submit
their claims to:

         Ursula Matter-Rechsteiner
         Liquidator
         Limmatauweg 2
         5408 Ennetbaden
         Switzerland

The Debtor can be reached at:

         JSC Matter + Siegmann
         Wohlen
         Bremgarten AG
         Switzerland


MTS SHIPPING: Creditors' Liquidation Claims Due March 16
--------------------------------------------------------
Creditors of JSC MTS shipping Agency have until March 16 to
submit their claims to:

         JSC Confidas Treuhand
         Liquidator
         Gubelstrasse 5
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC MTS shipping Agency
         Zug
         Switzerland


SETRUS ASSET: Creditors' Liquidation Claims Due March 16
--------------------------------------------------------
Creditors of JSC Setrus Asset Management have until March 16 to
submit their claims to:

         JSC Confidas Treuhand
         Liquidator
         Gubelstrasse 5
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Setrus Asset Management
         Zug
         Switzerland


SUNZI CONSULTING: Creditors' Liquidation Claims Due March 12
------------------------------------------------------------
Creditors of LLC Sunzi Consulting have until March 12 to submit
their claims to:

         Markus Graf von Matuschka-Greiffenclau
         Liquidator
         Waldparkstr. 6
         9220 Bischofszell TG
         Switzerland

The Debtor can be reached at:

         LLC Sunzi Consulting
         Bischofszell TG
         Switzerland


TOURISM AND HOTEL: Creditors' Liquidation Claims Due March 12
-------------------------------------------------------------
Creditors of JSC Tourism and Hotel Representatives have until
March 12 to submit their claims to:

         Bommer + Partner
         Liquidator
         Strandweg 33
         3004 Bern
         Switzerland

The Debtor can be reached at:

         JSC Tourism and Hotel Representatives
         Hunenberg ZG
         Switzerland


VISUAL IMPULSE: Creditors' Liquidation Claims Due March 12
----------------------------------------------------------
Creditors of LLC visual impulse have until March 12 to submit
their claims to:

         Lorenzo Carmine
         Liquidator
         Zelgweg 16
         5405 Dattwil
         Switzerland

The Debtor can be reached at:

         LLC visual impulse
         Oberbozberg
         Brugg AG
         Switzerland


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


REKON TRANS: Claims Submission Deadline Set March 5
---------------------------------------------------
Creditors of LLC Rekon Trans (code EDRPOU 33969102) have until
March 5 to submit written proofs of claim to:

         Mikhail Curika, Liquidator
         General Karpenko Str. 2/1
         Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on Jan. 10 after finding it insolvent.  The
case is docketed under Case No. 10/651/06.

The Court is located at:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine


SOYUZ LLC: Claims Submission Deadline Set March 8
-------------------------------------------------
Creditors of LLC Soyuz (code EDRPOU 32584358) have until March 8
to submit written proofs of claim to:

         Jury Ushach, Liquidator
         Pobeda Avenue 189
         14027 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/395-b.

The Court is located at:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         LLC Soyuz
         Grushevsky Str. 16a
         Olshany
         Sosnicky District
         16130 Chernigov
         Ukraine


STARPLAZA LLC: Claims Submission Deadline Set March 5
-----------------------------------------------------
Creditors of LLC Starplaza (code EDRPOU 34437486) have until
March 5 to submit written proofs of claim to:

         Mikhail Curika, Liquidator
         General Karpenko Str. 2/1
         Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on Jan. 18 after finding it insolvent.  The
case is docketed under Case No. 14/475/06.  

The Court is located at:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine


TECHNOLUX LLC: Claims Submission Deadline Set March 5
-----------------------------------------------------
Creditors of LLC Technolux (code EDRPOU 33188398) have until
March 5 to submit written proofs of claim to:

         Mikhail Curika, Liquidator
         General Karpenko Str. 2/1
         Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on Jan. 25 after finding it insolvent.  The
case is docketed under Case No. 2/13/07.

The Court is located at:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine


TH VINIA: Claims Submission Deadline Set March 8
------------------------------------------------
Creditors of LLC TH Vinia (code EDRPOU 32230478) have until
March 8 to submit written proofs of claim to:

         I. Dragun, Liquidator
         Sobornaya Str. 34/14
         33028 Rovno
         Ukraine

The Economic Court of Rovno commenced bankruptcy proceedings
against the company on Jan. 10 after finding it insolvent.  The
case is docketed under Case No. 8/70.

The Court is located at:

         The Economic Court of Rovno
         Yavornitski Str. 59
         33001 Rovno
         Ukraine
The Debtor can be reached at:

         LLC TH Vinia
         Duke Vladimir Str. 112-A
         33009 Rovno
         Ukraine


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


A CLARKE: Taps Paul Stanley to Liquidate Assets
-----------------------------------------------
Paul Stanley of Begbies Traynor was appointed liquidator of A
Clarke Flooring Ltd. on Feb. 13 for the creditors' voluntary
winding-up procedure.

Begbies Traynor -- http://www.begbies.com/-- assists companies,  
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.   

The company can be reached at:

         A Clarke Flooring Ltd.
         31 Oakwood Drive
         Bolton
         Lancashire
         BL1 5EE
         England
         Tel: 01204 840 043


ADVANCED MARKETING: Committee Wants to Hire Traxi as Advisor
------------------------------------------------------------
The Official Committee of Unsecured Creditors in Advanced
Marketing Services Inc. and its debtor-affiliates' bankruptcy
cases has selected Traxi LLC to serve as its financial advisors
because of the firm's experience and knowledge.  The Committee
believes that Traxi is well qualified to represent it in the
Debtors' bankruptcy cases.

Accordingly, the Creditors Committee asks the United States
Court for the District of Delaware to approve Traxi's retention,
effective as of Jan. 12.

As the Creditors Committee's financial advisors, Traxi will:

    (a) provide financial analysis related to the proposed
        debtor-in-possession financing motion and other first
        day motions, including assistance in negotiations,
        attendance at hearings, and testimony;

    (b) review all financial information prepared by the Debtors
        or its consultants as requested by the Committee,
        including a review of the Debtors' financial statements
        as of the Petition Date showing in detail all assets and
        liabilities and priority and secured creditors;

    (c) monitor the Debtors' activities regarding cash
        expenditures, receivable collections, asset sales and
        projected cash requirements;

    (d) attend at meetings including the Committee, the Debtors,
        creditors, their attorneys and consultants, federal and
        state authorities, if required;

    (e) review the Debtors' periodic operating and cash flow
        statements;

    (f) review the Debtors' books and records for intercompany
        transactions, related party transactions, potential
        preferences, fraudulent conveyances and other potential
        prepetition investigations;

    (g) investigate any prepetition acts, conduct, property,
        liabilities and financial condition of the Debtors,
        their management, creditors including the operation of
        their business, and as appropriate, avoidance actions;

    (h) review any business plans prepared by the Debtors or
        their consultants;

    (i) review and analyze proposed transactions for which the
        Debtors seek Court approval;

    (j) assist in the Debtors' sale process, collectively or in
        segments, parts or other delineations, if any;

    (k) assist the Committee in developing, evaluating,
        structuring and negotiating the terms and conditions of
        all potential plans of reorganization;

    (l) estimate the value of the securities, if any, that may
        be issued to unsecured creditors under any the Plan;

    (m) provide expert testimony on the results of the
        Committee's findings;

    (n) analyze potential divestitures of the Debtors'
        operations;

    (o) assist the Committee in developing alternative Plans,
        including contacting potential Plan sponsors if
        appropriate; and

    (p) provide the Committee with other and further financial
        advisory services with respect to the Debtors, including
        valuation, general restructuring and advice with respect
        to financial, business and economic issues, as may arise
        during the course of the restructuring as requested by
        the Committee.

Traxi will be paid on an hourly basis, plus reimbursement of the
actual and necessary expenses that Traxi incurs in accordance
with the ordinary and customary rates, which are in effect on
the date the services are rendered, William Sinnott of Random
House, the Committee Chairperson, says.

Traxi's hourly rates are:

        Professional                      Hourly Rate
        ------------                      -----------
        Partners/Managing Directors     US$450 - US$525
        Managers/Directors              US$275 - US$425
        Associate/Analysts              US$125 - US$275

According to Mr. Sinnott, the charges set forth are based on
actual time charges on an hourly basis and based on the
experience and expertise of the professional involved.  The
hourly rates set forth are subject to periodic adjustments to
reflect economic and other conditions.

Anthony J. Pacchia, senior managing director and unit holder at
Traxi, assures the Court that Traxi represents no other entity
in connection with the Debtors' bankruptcy cases, is a
"disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code, and does not hold or represent
any interest adverse to the Creditors Committee with respect to
the matters on which it is to be employed.

                    About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services Inc.
-- http://www.advmkt.com/-- provides customized merchandising,  
wholesaling, distribution, and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom, and Australia and employs
around 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.  
When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.  
(Advanced Marketing Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)

The Debtors' exclusive period to file a chapter 11 plan expires
on April 28, 2007.


ADVANCED MARKETING: Court OKs Sale of PGW's Distribution Rights
---------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates
obtained authority from the United States Bankruptcy Court for
the District of Delaware to sell Publishers Group West Inc.'s
rights under its distribution agreements with various publishers
to Perseus Books LLC and Client Distribution Services Inc.

The Court also approved the Debtors' purchase agreement with
Perseus including the assumption and assignment of contracts to
CDS.

TCR-Europe reported on Feb. 15 that National Book Network Inc.
made a competing and superior bid to purchase PGW's rights under
its distribution agreements with various publishers, as
disclosed by Rich Publishing LLC in its objection to the
proposed sale to Perseus and CDI.  NBN offered to pay 85 cents
on the dollar for the claims of all PGW publishers, Rich
Publishing said.

As reported in the Troubled Company Reporter on Feb. 14, Amber-
Allen Publishing Inc. disclosed that it would not enter into a
Publisher Agreement with Perseus.  Consequently, it asked the
Court to include these provisions in the order approving the
sale of PGW's rights under its distribution agreements to
Perseus and CDS:

    (a) The Amber-Allen Distribution Agreement is deemed
        rejected, effective immediately upon entry of the ruling
        granting the PGW Sale; and

    (b) Within five business days of entry of that Court ruling,
        PGW will cooperate with Amber-Allen to return Amber-
        Allen's books, and Amber-Allen will pay the reasonable
        freight and handling charges.

Judge Christopher S. Sontchi clarified in its order that nothing
will constitute an exercise of jurisdiction over an approval by
the Court of any of the Consenting Publisher Distribution
Agreements or the New Publisher Agreements other than to
authorize the Debtors to assume and assign the Assigned
Contracts to CDS, including the requirement of the execution of
the Agreements.

Upon the closing of the PGW Sale, the Distribution Agreements of
all Consenting Publishers will be deemed assumed and assigned
subject to the terms of the Purchase Agreement and the
Assignment Agreement.  Upon the assumption and assignment, no
payments made to Consenting Publishers prepetition on account of
obligations due under the Assumed Contracts will be recoverable
by, or for the benefit of, the Debtors' estates under the
Bankruptcy Code including Sections 547 or 550.

"We are excited to move forward as quickly as possible to write
checks to PGW clients and to provide some certainty for PGW
employees," said David Steinberger, president and chief
executive of Perseus, The New York Times reported.

National Book Network Inc., which formally delivered its
competing bid to the Court on Feb. 14, offered to pay 85 cents
on the dollar for the claims of all PGW publishers.

Perseus, on the other hand, offered 70 cents on the dollar for
the claims of all Consenting publishers.

Judge Sontchi said the consideration under the PGW Sale is fair
and reasonable and provides reasonably equivalent value in
exchange for the assets transferred.  The sale process was fair.  
The competitive sales process was not stifled.  The price was
negotiated at arm's-length between commercially sophisticated
entities represented by counsel.  The price was not the product
of collusion or unfair or inequitable conduct and was the
highest price offered.

Perseus Books acted in good faith within the meaning of Section
363(m) of the Bankruptcy Code, Judge Sontchi added.

               Amber-Allen Contract Deemed Rejected

To address the objection filed by Amber-Allen Publishing Inc.,
Judge Sontchi ruled that:

    (a) the marketing and distribution agreement between PGW and
        AAP will be deemed rejected and terminated effective
        upon closing of the PGW Sale;

    (b) PGW will cooperate with AAP to enable AAP to retrieve
        all Products in PGW's possession, custody or control
        within 15 days after the closing of the PGW Sale with
        AAP paying all freight and handling charges for the
        retrieval;

    (c) upon the closing of the PGW Sale, AAP will be deemed to
        have waived any claim for damages arising out of the
        rejection of the AAP Agreement; and

    (d) notwithstanding the rejection and termination of the AAP
        Agreement, AAP will continue to accept returns of
        Products from PGW's trade accounts until the earlier of
        the effective date of any confirmed Plan in the Debtors'
        Chapter 11 cases, conversion to Chapter 7, or the date
        that is one year from the rejection and termination, and
        will credit the returns dollar for dollar against AAP's
        prepetition unsecured claim.

All objections to the Sale that were not previously withdrawn
are overruled.

A full-text copy of the Court-approved Purchase Agreement
between the Debtors and Perseus Books is available at no charge
at http://researcharchives.com/t/s?1a2d

                    About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services Inc.
-- http://www.advmkt.com/-- provides customized merchandising,  
wholesaling, distribution, and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom, and Australia and employs
around 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.  
When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.  
(Advanced Marketing Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)

The Debtors' exclusive period to file a chapter 11 plan expires
on April 28, 2007.


AMERICAN AXLE: Moody's Assigns Ba3 Rating on US$300-Mln Notes
-------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating (LGD-4, 56%) to
American Axle & Manufacturing Inc.'s new issue of US$300-million
of unsecured notes.

At the same time, the rating agency raised the company's
Speculative Grade Liquidity rating to SGL-1 and affirmed the
company's existing Corporate Family Rating of Ba3 and negative
outlook.  

Although the company's leverage measurements will initially
increase as a result of the new debt, its margins, cash flows
and coverage ratios should improve during 2007 as a result of
restructuring initiatives and employee buy-out programs
initiated during 2006.  The company's liquidity profile will be
strengthened from the combination of retention of a portion of
the proceeds as corporate cash, increased availability under its
bank revolving credit facility, and free cash flow generation.
The result of improved liquidity and expected trends in key
metrics help maintain the company's position in the Ba3 rating
category despite the modest initial increase in debt levels.  
The negative outlook recognizes the considerable near-term
uncertainty posed by the September 2007 expiration of the Big-3
UAW contract and the possibility of any related strikes or work
actions.  In addition, due to its significant supply contracts
relating to General Motors' T900 trucks and SUVs, American Axle
remains vulnerable to further shifts in consumer preference away
from these segments.

"American Axle's credit metrics could improve by late 2007 and
into 2008 as the benefits of its restructuring initiatives begin
to take hold" Edwin Wiest, vice president with Moody's said.
"However, the company and the entire automotive supplier sector
will face considerable near-term uncertainty until the Big-3 UAW
contract negotiations are finalized." Mr. Wiest went on to say
that, "Given this uncertainty, the company's effort to
strengthen is liquidity position is constructive."

American Axle will use a portion of the proceeds from the issue
to reduce outstandings under its bank revolving credit facility
and money market borrowings, which collectively amounted to
US$134 million at the end of December 2006.  The balance will be
retained as cash.  On a pro forma basis for year end 2006,
debt/EBITDA on a trailing basis would increase from roughly 3
times to 3.5 times.  Following its Special Attrition Program and
other restructuring actions in the fourth quarter of 2006, the
company is expected to achieve significant savings in its cost
structure.  This should facilitate higher EBITDA generation,
and, along with lower capital expenditures, produce positive
free cash flow over the intermediate period.  In turn, coverage
and leverage metrics should exhibit positive trends and help
position the company in the Ba3 rating category.

Nonetheless, American Axle remains vulnerable to a challenging
industry environment, faces ongoing correlation of its results
with GM's production of light trucks, and continues with its
revenues concentrated in North America.  Those issues along with
uncertainties on the ultimate application of higher cash
balances warrant maintaining a negative outlook until OEM labor
contract issues are resolved and final consumer demand for
vehicles based on the GM T900 in a higher fuel cost environment
is confirmed beyond an introductory period.

The Speculative Grade Liquidity rating of SGL-1 represents
excellent liquidity over the coming twelve months.  This
develops from the increase in internal resources from the
retention of a portion of the note proceeds, minimal, if any,
near term debt maturities, and expectations of free cash flow of
at least US$100 million in 2007.  External sources will
effectively increase as a result of the repayment of revolving
credit borrowings.  The company should have ample room under its
principal financial covenants, which measure debt net of cash
and exclude certain non-recurring charges from the measurement
of EBITDA and their related impact on deemed net worth.  All of
the company's bank obligations and notes are currently
unsecured, which establishes some flexibility to generate
alternative liquidity, if needed, subject to lien baskets and
sale/leaseback limitations in their respective indentures.

The notes will be issued under the company's existing shelf
registration.  However, the indenture will include a change in
control provision.  As with American Axle's existing bank debt
and unsecured notes, the issue will be guaranteed by American
Axle's holding company parent.  Given the unsecured nature of
the debt claims in the company's capital structure, recovery
rates in Moody's Loss Given Default assessment have not
materially changed from earlier measurement dates and are LGD-4,
56 %.

Ratings assigned:

   * American Axle & Manufacturing, Inc.

     -- US$300 million of guaranteed senior unsecured notes due
        2017, Ba3 (LGD-4, 56%)

Ratings changed:

   * American Axle & Manufacturing, Inc.

     -- Speculative Grade Liquidity rating to SGL-1 from SGL-2

Loss Given Default Assessments revised:

   * American Axle & Manufacturing, Inc. and American Axle &
     Manufacturing Holdings, Inc.

     -- Senior unsecured term loan and Senior Unsecured notes to
        LGD-4, 56% from LGD-4, 57%

Ratings affirmed:

   * American Axle & Manufacturing Holdings, Inc.

     -- Corporate Family Rating, Ba3

     -- Senior Unsecured Convertible Notes, Ba3

   * American Axle & Manufacturing, Inc.

     -- Senior Unsecured Term Loan, Ba3

     -- Senior Unsecured Notes, Ba3

American Axle's revolving credit facility is not rated.  The
last rating action was on Dec. 8, 2006, at which time all of the
company's ratings were confirmed after being placed under review
for downgrade on Oct. 5, 2006.

American Axle & Manufacturing, Inc., headquartered in Detroit,
MI, is a world leader in the manufacture, design, engineering
and validation of driveline systems and related components and
modules, chassis systems, and metal-formed products for light
truck, SUV's and passenger cars.  The company has manufacturing
locations in the USA, Mexico, the United Kingdom, and Brazil and
has recently opened new plants in Poland and China.  The company
reported revenues of US$3.2 billion in 2006.


AMT COMMUNICATIONS: Creditors' Meeting Slated for March 1
---------------------------------------------------------
Creditors of AMT Communications Ltd. will meet at noon on  
March 1 at:

         Stoke Talke Travel Lodge  
         Newcastle Road
         A34  
         Talke
         Stoke-on-Trent  
         ST7 1UP
         England
        
Creditors who want to vote at the meeting have until noon on
Feb. 28 to submit their proxy forms together with particulars of
their claims or of any security at the offices of:

         T.H.Associates
         Towngate House
         116-118 Towngate
         Leyland
         Preston  
         PR25 2LQ
         England

T. J. Hargreaves of T.H. Associates will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require during the period before the date of
the meeting.


ANCHOR SECURITY: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------------
Creditors of Anchor Security Solutions Ltd. confirmed on Feb. 14
the appointment of Roderick Graham Butcher of Butcher Woods as
the company's liquidator.

The company can be reached at:

         Anchor Security Solutions Ltd.
         The Big Peg
         120 Vyse Street
         Hockley
         Birmingham
         West Midlands
         B18 6NF
         England
         Tel: 0121 250 2025


ARUNDEL FESTIVAL: Appoints G. W. Rhodes as Liquidator
-----------------------------------------------------
G. W. Rhodes of Begbies Traynor was appointed liquidator of
Arundel Festival Society Ltd. on Feb. 14 for the creditors'
voluntary winding-up proceeding.

Begbies Traynor -- http://www.begbies.com/-- assists companies,  
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.   

The company can be reached at:

         Arundel Festival Society Ltd.
         The Mary Gate
         London Road
         Arundel
         West Sussex
         BN189AT
         England
         Tel: 01903 883 690
         Fax: 01903 884 243


ATLANTIC ELECTRICAL: Creditors' Meeting Slated for March 6
----------------------------------------------------------
Creditors of Atlantic Electrical Ltd. will meet at 1:00 p.m. on
March 6 at:
  
         Purnells  
         St. Marks House
         3 Gold Tops
         Newport
         South Wales  
         NP20 4PG
         Wales

Creditors who want to vote must submit their proxy forms
together with particulars of their claims or of any security at
the said address before the meeting.
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge on March 2.


AZTEC COMMUNICATIONS: Taps Begbies Traynor as Administrators
------------------------------------------------------------
G. N. Lee and P. Stanley of Begbies Traynor were appointed joint
administrators of Aztec Communications Group Ltd. (Company
Number 02398828) on Feb. 9.

Begbies Traynor -- http://www.begbies.com/-- assists companies,  
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.   

The company can be reached at:

         Aztec Communications Group Ltd.
         St. Georges House 195-203
         Waterloo Road
         Southwark
         London
         SE1 8UX
         England
         Tel: 020 7738 8989  
         Fax: 020 7803 4017


BOOKWORLD: Administrator Receives Calls from Potential Buyers
-------------------------------------------------------------
Tom MacLennan, the administrator for Bookworld, Bargain Books
and bw!, confirmed that he received a substantial number of
calls from interested parties for the Debtor's business and has
already issued 40 sales packs.

Mr. MacLennan set Feb. 28, as closing date for the offers.

"I am delighted with the level of interest, which reflects well
on the strength of the brand and augurs well for the sale of the
business as a going concern," Mr. MacLennan stated.

Tenon Recovery will continue to trade the business while
managing the sale process.  The administrator does not
anticipate further announcement after the closing date for
offers.

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.

Headquartered in Edinburg, Scotland Bookworld, Bargain Books and
bw! -- http://www.bbwbooks.co.uk/-- sells books from  
established authors and titles at highly competitive prices.
The company was established in 1977.  It has 50 stores and
employed 397 staff.  It has a turnover of GBP30 million.

Growing competition from Internet retailers and supermarkets had
affected the company's profitability.  It called in an
administrator on Feb. 13.


CAPITAL DIRECTORIES: H. J. Sorsky Leads Liquidation Procedure
-------------------------------------------------------------
H. J. Sorsky of SPW Poppleton & Appleby was appointed liquidator
of Capital Directories Ltd. on Feb. 12 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Capital Directories Ltd.
         197-199 City Road
         Hackney
         London
         EC1V1JN
         England
         Tel: 020 7336 7700
         Fax: 020 7336 7345


CHAPTER III CLOTHING: Claims Filing Period Ends April 13
--------------------------------------------------------
Creditors of Chapter III Clothing Ltd. have until April 13 to
send in their full names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         David Ronald Elliott
         Liquidator
         Moore Stephens LLP
         Victory House
         Admiralty Place  
         Chatham Maritime
         Kent  
         ME4 4QU
         England

David Ronald Elliott of Moore Stephens LLP was appointed
liquidator of the company on Feb. 13.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.


COLT TELECOM: Incurs EUR18.8 Million Net Losses in 2006
-------------------------------------------------------
Colt Telecom Group S.A. released its financial results for the
twelve months ended Dec. 31, 2006.

Colt posted EUR18.8 million in net losses against EUR1.8 billion
in net revenues for the twelve months ended Dec. 31, 2006,
compared with EUR489.8 million in net losses against EUR1.82
billion in net revenues for the same period in 2005.

At Dec. 31, 2006, the Company's consolidated balance sheet
showed EUR1.8 billion in total assets and EUR895.3 million in
total liabilities, resulting in a EUR924.4-million stockholders'
equity.

The Company's Dec. 31 balance sheet also showed strained
liquidity with EUR554.2 million in total current assets
available to pay EUR586.9 million in total liabilities coming
due within the next 12 months.

"COLT made progress again in 2006," Timothy Hilton, COLT's
Chairman, said.  "We continued to grow our data and Managed
Services revenues.  We continued to transform the Group and to
improve earnings and cash flow despite an accelerating decline
in voice revenues.  We also successfully moved our domicile to
Luxembourg, raised EUR440.6 million in new equity and redeemed
EUR583.4 million of debt so that COLT leaves 2006 with net debt
of less than EUR70 million."

"As COLT's new chairman I would like to thank both Barry Bateman
for his hard work, enthusiasm and commitment to COLT over the
last 10 years and also Jean-Yves Charlier, our Chief Executive
for the past two-and-a-half years, for moving the business
forward in a particularly challenging environment.  I would also
like to welcome Rakesh Bhasin as our new Chief Executive," Mr.
Hilton added.

Rakesh Bhasin, Chief Executive Officer, said, "Building on the
foundations laid by Barry and Jean-Yves, in the fourth quarter
COLT achieved its second consecutive quarterly net profit and
was cash flow positive for the second year running.

"Our markets continue to be highly competitive. Total revenues
for the fourth quarter were broadly in line with both
comparative periods, with the impact of declining voice revenues
being offset by the growth in our data and Managed Services
revenues.  The decline in voice continues to be focused on
Germany and the U.K., where revenues declined more sharply in
the fourth quarter.  Data revenues have continued to improve,
rising by 6.9% for the year and by 10.2% over the same quarter
in 2005.

"We also continued to improve our infrastructure, with all but
one country now having transferred their customer facing
operations to our new Customer Service Centre in Barcelona and
the remaining seven countries moving on to our new India based
ERP platform.

"Looking forward, COLT will continue to take the actions
necessary to improve the business and deliver long term
shareholder value.  I am currently reviewing all aspects of the
business and working with our Board and senior management to
determine the best way forward for the Group in its next stage
of development.

"The outcome for 2007 is harder than normal to predict because
of the potential investment consequences of this review and the
uncertain full year impact of increasingly soft voice revenues,
nevertheless we expect further progress in 2007.

"In 2007, our focus will be on growing revenue, especially data
and Managed Services, introducing more innovative services and
technologies, providing an outstanding customer experience and
continuing to manage our costs and capital expenditure so that
COLT becomes an even stronger business," Mr. Bhasin concluded.

COLT has appointed Hans Eggerstedt as Senior Independent
Director.  Mr Eggerstedt is Chairman of the Audit Committee and
has been a non-Executive Director of the COLT Board since June
2003.

Headquartered in London, United Kingdom, Colt Telecom --
http://www.colt.net/-- offers business communication services   
across Europe.  Through its fiber optic network, the Company
offers voice, bandwidth, e-business and managed network services
to finance, industry and service sector customers and
governments.

                        *     *     *

As of Feb. 23, Colt Telecom Group S.A. carries Moody's B2 long-
term corporate family rating.  Moody's said the outlook is
stable.

Standard & Poor's rates Colt Telecom's long-term foreign issuer
credit and long-term local issuer credit at B.  The outlook is
stable.


CORRUPAD PACKAGING: Claims Filing Period Ends March 30
------------------------------------------------------
Creditors of Corrupad Packaging Ltd. have until March 30 to send
their names and addresses and particulars of their debts or
claims and the names and addresses of the solicitors (if any),
to:

         David Hill and John W. Davies
         Joint Liquidators  
         Begbies Traynor  
         Fifth Floor
         Riverside House
         31 Cathedral Road
         Cardiff  
         CF11 9HB
         Wales

Begbies Traynor -- http://www.begbies.com/-- assists companies,  
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.


DIGITAL UNIVERSITY: Creditors' Meeting Slated for March 5
---------------------------------------------------------
Creditors of Digital University Press Ltd. will meet at
11:30 a.m. on March 5 at:
  
         Begbies Traynor
         The Old Exchange
         234 Southchurch Road
         Southend-on-Sea
         Essex  
         SS1 2EG
         England

Creditors who want to vote at the meeting have until noon on
March 2 to submit their proxy forms together with particulars of
their claims or of any security at the said address.
  
Wayne Macpherson of Begbies Traynor will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.

Begbies Traynor -- http://www.begbies.com/-- assists companies,  
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.


EUROHOME UK: S&P Assigns BB Ratings to GBP6.48-Mln Notes
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP350.000 million mortgage-backed
floating-rate notes, plus an overissuance of GBP4.725 million
excess-spread-backed floating-rate notes to be issued by
Eurohome U.K. Mortgages 2007-1 PLC.

                          Ratings List
  
Eurohome U.K. Mortgages 2007-1 PLC
   GBP350.000 Million Mortgage-Backed Floating-Rate Notes Plus
   An Overissuance Of GBP4.725 Million Excess-Spread-Backed
   Floating-Rate Notes
  
           Class          Prelim.        Prelim.
                          rating         amount (Mil. GBP)

           C              BB               4.725
           B2             BB               1.750
           A              AAA            299.425
           B1             BBB             15.750
           M1             AA              19.425
           M2             A               13.650
           MERCs          AAA                N/A


Eurohome U.K. Mortgages 2007-1 is the first transaction to
securitize residential mortgages offered in the U.K. by Deutsche
Bank AG's newly established U.K. mortgage origination arm, db
mortgages.
  
Five classes of notes will be issued that, following prefunding,
will be collateralized against GBP350 million of mortgages.  In
addition, the issuer will offer a class C note backed solely by
excess spread.
  
The completion mortgage portfolio is expected to consist of
conforming and nonconforming loans, plus all related security
for the loans.  It is also expected to comprise first-ranking
mortgages on properties in England, Wales, and Northern Ireland,
and standard securities on properties in Scotland.
  
The portfolio comprises a large portion of buy-to-let properties
and borrowers whose income has been self-certified.

To mitigate exposure to various interest rate movements, the
transaction features an interest rate cap agreement, a discount
margin reserve, a fixed/floating swap, and a bank-base rate swap
agreement.


FITZROY GREEN: Claims Filing Period Ends May 15
-----------------------------------------------
Creditors of Fitzroy Green Ltd. have until May 15 to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

         Anthony Hyams
         Liquidator
         Marriotts LLP
         Allan House
         10 John Princes Street  
         London  
         W1G 0AH
         England

Anthony Harry Hyams of Marriotts LLP was appointed liquidator of
the company on Feb. 15.


FORWARD VISION: Names Peter Albert Nottingham as Administrator
--------------------------------------------------------------
Peter Albert Nottingham of Nottingham Watson was named
administrator of Forward Vision Communications Ltd. (Company
Number 2574935) on Feb. 2.

The administrator can be reached at:

         Peter Albert Nottingham
         Nottingham Watson
         15 Highfield Road
         Hall Green
         Birmingham
         B28 0EL
         England

The company can be reached at:

         Forward Vision Communications Ltd.
         10 Claverdon Close
         Solihull
         West Midlands
         B91 1QP  
         England
         Tel: 0121 224 7575  
         Fax: 0121 711 7600


FOURTH DECO: S&P Assigns BB Prelim Ratings to Class F Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP672.884 million commercial mortgage-
backed floating-rate notes to be issued by DECO 12 - U.K. 4 PLC,
an SPE incorporated in England and Wales.
  
At closing, the issuer will use the note issuance proceeds to
purchase a portfolio of 10 loans secured against 41 commercial
properties located throughout the U.K. The two largest loans
account for 90.2% of the pool.
  
The transaction is the fourth DECO U.K. CMBS securitization to
be undertaken by Deutsche Bank AG and will use a similar
structure to previous transactions in the series.
  
  
                          Ratings List

DECO 12 - U.K. 4 PLC
   GBP672.884 Million Commercial Mortgage-Backed Floating-Rate
   Notes

              Class          Prelim.        Prelim.
                             rating         amount (Mln. GBP)
              -----          -------        -----------------
              F              BB               1.134
              A1             AAA            475.000
              A2             AAA            115.000
              B              AA              35.000
              C              A               28.000
              D              BBB             16.000
              E              BBB-             2.750


GEOBLOCK LTD: Creditors' Meeting Slated for March 7
---------------------------------------------------
Creditors of Geoblock Ltd. will meet at 11:30 a.m. on March 7
at:

         Fourth Floor
         Allan House
         10 John Princes Street
         London  
         W1G 0AH
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on March 5.


GEOFFREY E. MACPHERSON: Joint Liquidators Take Over Operations
--------------------------------------------------------------
Stuart David Maddison and Edward Mark Shires of
PricewaterhouseCoopers LLP were appointed joint liquidators of
Geoffrey E. Macpherson Ltd. on Feb. 13 for the creditors'
voluntary winding-up proceeding.

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

The company can be reached at:

         Geoffrey E. Macpherson Ltd.
         Unit 8  
         The Midway  
         Nottingham  
         Nottinghamshire  
         NG7 2TS  
         England
         Tel: 0115 986 8701  
         Fax: 0115 986 4430


GOODACRE CARPETS: Taps Christopher Ratten to Administer Assets
--------------------------------------------------------------
Christopher Ratten of Tenon Recovery was appointed administrator
of Goodacre Carpets of Kendal Ltd. (Company Number 04441820) on
Feb. 2.

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.

The company can be reached at:

         Goodacre Carpets of Kendal Ltd.
         Castle Mill
         Aynam Road
         Kendal
         Cumbria
         LA9 7DF  
         England
         Tel: 01539 723 601  
         Fax: 01539 732 442


GREENHILL FURNITURE: Creditors' Meeting Slated for March 1
----------------------------------------------------------
Creditors of Greenhill Furniture Ltd. (formerly Greenhill Pine
Ltd.) will meet at 10:30 a.m. on March 1 at:
  
         Cooper Parry LLP
         14 Park Row
         Nottingham  
         NG1 6GR
         England

Creditors who want to vote at the meeting have until noon on
Feb. 28 to submit their proxy forms together with particulars of
their claims or of any security at the said address.
  
Tyrone Shaun Courtman and Jeremy Philip William Meadows of
Cooper Parry LLP will furnish creditors with information
concerning the company's affairs free of charge.

Cooper Parry LLP -- http://www.cooperparry.com/-- are advisers  
to private business.


HAMPTON DEVELOPMENTS: Creditors' Meeting Slated for March 1
-----------------------------------------------------------
Creditors Hampton Developments Ltd. will meet at 11:00 a.m. on
March 1 at:
  
         Abbott Fielding
         Nexus House
         2 Cray Road
         Sidcup
         Kent  
         DA14 5DB
         England

Creditors who want to vote at the meeting have until noon on  
Feb. 28 to submit their proxy forms together with particulars of
their claims or of any security at the said address.
  
Andrew Tate and Nedim Ailyan of Abbott Fielding will furnish
creditors with information concerning the company's affairs free
of charge as they may reasonably require.


HEAT SHOP: Brings In Joint Administrators from F A Simms
--------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F A Simms &
Partners Plc were appointed joint administrators of Heat Shop
(Nottingham) Ltd. (Company Number 2389372) on Jan. 26.

The administrators can be reached at:

         Richard Frank Simms and Martin Richard Buttriss
         F A Simms & Partners Plc
         Insol House  
         39 Station Road  
         Lutterworth
         Leicestershire  
         LE17 4AP  
         England
         Tel: 01455 557111  
         Fax: 01455 552572
         E-mail: rsimms@fasimms.com

The company can be reached at:

         Heat Shop (Nottingham) Ltd.  
         Unit 33 Westley Grange
         West Avenue
         Wigston
         Leicestershire
         LE18 2FB  
         England
         Tel: 0116 288 4333  
         Fax: 0116 288 1444


HITEK SYSTEMS: Creditors' Meeting Slated for March 1
----------------------------------------------------
Creditors of Hitek Systems Ltd. will meet at 11:00 a.m. on  
March 1 at:

         SPW Poppleton & Appleby
         Gable House
         239 Regents Park Road
         London  
         N3 3LF
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on Feb. 27 at the offices of SPW Poppleton & Appleby.


HOLLAND CLARKE: Claims Filing Period Ends April 13
--------------------------------------------------
Creditors of Holland Clarke Consultancy Ltd. have until April 13
to send their details, in writing, of any claim against the
company to:

         Guy Charles David Harrison
         Liquidator
         Crane & Partners
         Sussex House
         8-10 Homesdale Road
         Bromley
         Kent  
         BR2 9LZ
         England


Guy Charles David Harrison of Crane & Partners was appointed
liquidator of the company on Feb. 15.


I B P INTERNATIONAL: Taps Joint Administrators from Recovery hjs
----------------------------------------------------------------
Gordon John Johnston and Shane Biddlecombe of Recovery hjs were
appointed joint administrators of I B P International Ltd.
(Company Number 03036224) on Feb. 2.

The administrators can be reached at:

         Gordon John Johnston and Shane Biddlecombe
         Recovery hjs
         12-14 Carlton Place  
         Southampton
         Hampshire  
         SO15 2EA  
         England
         Tel: 023 8023 4222  
         Fax: 023 8023 4888
         E-mail: gordon.johnston@hjsaccountants.co.uk

The company can be reached at:

         I B P International Ltd.  
         A 1 Beresford Road
         Gillingham  
         Kent  
         ME7 4ES  
         England
         Tel: 01634 854 000  
         Fax: 01634 852 007


IBF METALWORKS: Claims Filing Period Ends March 21
--------------------------------------------------
Creditors of IBF (Metalworks) Ltd. have until March 21 to send
in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         C. H. I. Moore
         Liquidator
         K.J. Watkin & Co.
         Emerald House
         20-22 Anchor Road
         Aldridge
         Walsall WS9 8PH
         England

C. H. I. Moore of K.J. Watkin & Co. was appointed liquidator of
the company on Jan. 25.


IKON AUTOMOTIVE: Taps Cooper Parry as Joint Administrators
----------------------------------------------------------
Tyrone Shaun Courtman and Jeremy Philip William Meadows of
Cooper Parry LLP were appointed joint administrators of Ikon
Automotive Ltd. (Company Number 03538248) on Feb. 9.

Cooper Parry LLP -- http://www.cooperparry.com/-- are advisers  
to private business.  

The company can be reached at:

         Ikon Automotive Ltd.  
         Erica Road
         Stacey Bushes
         Milton Keynes
         Buckinghamshire
         MK12 6HS  
         England
         Tel: 01908 312 800


INGLEWOOD ARCHITECTURE: Taps Administrator from XL Business
-----------------------------------------------------------
Jeremy Nicholas Bleazard of XL Business Solutions Ltd. was
appointed administrator of Inglewood Architecture Ltd. (Company
Number 03189647) on Feb. 8.

The administrator can be reached at:

         Jeremy Nicholas Bleazard
         XL Business Solutions Limited  
         1st Floor
         2-4 Market Street
         Cleckheaton BD19 5AJ
         United Kingdom
         Fax: 01274 870606
         Tel: 01274 870101
         E-mail: enquiries@xlbs.co.uk
                 jbleazard@xlbs.co.uk  

The company can be reached at:

         Inglewood Architechture Ltd.  
         Ings Mill  
         Dale Street
         Ossett
         West Yorkshire
         WF5 9HQ  
         England
         Tel: 01759 373 616


INTERNATIONAL LICENSING: Taps Stephen Goderski as Administrator
---------------------------------------------------------------
Stephen Goderski of Geoffrey Martin & Co. was appointed
administrator of International Licensing and Copyright Ltd. (t/a
ILC) (Company Number 02849811) on Feb. 6.

The administrator can be reached at:

         Stephen Goderski
         Geoffrey Martin & Co.  
         7-8 Conduit Street  
         London  
         W1S 2XF  
         England
         Tel: 020 7495 1100  
         Fax: 020 7495 1144
         E-mail: stephen.goderski@geoffreymartin.co.uk  

The company can be reached at:

         International Licensing & Copyright Ltd.
         Pinewood Road
         Iver
         Buckinghamshire
         SL0 0NH
         England
         Tel: 01753 785 631  
         Fax: 01753 785 632


JAMES GRAY: Hires H. J. Sorsky to Liquidate Assets
--------------------------------------------------
H. J. Sorsky of SPW Poppleton & Appleby was appointed liquidator
of James Gray Lasersharp Ltd. (t/a Charles R Meek Ltd.) on  
Feb. 14 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         James Gray Lasersharp Ltd.
         51 East Duck Lees Lane
         Enfield
         Middlesex
         EN3 7JG
         England
         Tel: 020 8805 5355


JAYS SOUTH: Appoints Laurence Russell as Liquidator
---------------------------------------------------
Laurence Russell of Albert Goodman was appointed liquidator of
Jays (South West) Ltd. on Feb. 15 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Jays (South West) Ltd.
         Drove Road
         Weston Super Mare
         Avon
         BS233NX
         England
         Tel: 01934 412 244


KROOS LTD: Names Administrator from Bond Partners
-------------------------------------------------
T Papanicola of Bond Partners LLP was appointed administrator of
Kroos Ltd. (Company Number 04570998) on Feb. 8.

The administrator can be reached at:

         T Papanicola
         Bond Partners LLP
         Turnpike Gate House
         Alcester Heath
         Alcester
         Warwickshire  
         B49 5NJ
         England
         Tel: 01789 766406   

The company can be reached at:

         Kroos Ltd.
         Amec Ind Est
         Dundonald Road
         London  
         SW19 3QJ  
         England
         Tel: 020 8544 9954  
         Fax: 020 8544 9234


LADBROKES PLC: Dec. 31 Balance Sheet Upside-Down by GBP626.9 Mln
----------------------------------------------------------------
Ladbrokes plc released its preliminary financial results for the
year ended Dec. 31, 2006.

Ladbrokes posted GBP617.2 million in net profit against GBP970
million net revenues for the year ended Dec. 31, 2006, compared
with GBP331 million in net profit against GBP908.5 million in
net revenues for the same period in 2005.

At Dec. 31, 2006, the Company's consolidated balance sheet
showed GBP852.9 million in total assets and GBP1.5 billion in
total liabilities, resulting in a GBP626.9-million stockholders'
deficit.

The Board has recommended a final dividend of 8.6 pence per
share payable on June 1 to shareholders on the register on
March 2.  This final dividend, together with the interim
dividend of 4.6 pence, gives a total dividend of 13.2 pence.

"We can look back on a year of achievement, both at home and
internationally and we are pleased to post a record profit
performance," Ladbrokes Chief Executive, Christopher Bell,
commented.  "We began the year by selling the hotel division,
delivering one of the biggest returns to shareholders on record
and announcing our consultancy in China.  Along the way we have
expanded our online business, invested in our retail estate by
launching Ladbrokes Xtra and commenced the rollout of the latest
FOBTs.  We ended the year by winning licences and acquiring
shops in Italy and began 2007 by signing a JV to launch a
betting business in Spain.  Early trading in 2007 has been
satisfactory with good football results but more cancellations
of horse racing fixtures this year than last. 2007 has its own
challenges but we remain confident in the future prospects for
Ladbrokes plc."

"2006 has been a good year for Ladbrokes plc," Sir Ian Robinson,
Chairman, said.  "In its first year following the sale of Hilton
International in February 2006, management has successfully
established Ladbrokes as a market leading, standalone betting
and gaming company, in which profitability for continuing
operations increased by 7.7%.  We have also made substantial
progress in furthering our international ambitions during 2006,
which the Board is confident will create shareholder value in
future years."

"As you are aware, we commenced discussions with 888 last
November.  These discussions continue and are complex because of
the current conditions in the U.S.  We will update the market as
and when appropriate," Mr. Robinson added.

                             Outlook

Trading in the first seven weeks of 2007 has been satisfactory,
with good football results but a higher level of U.K. horse
racing cancellations this year than last, due to the excessively
wet weather.

eGaming continues to perform strongly and is ahead of our
expectations.  Telephone Betting is behind last year due to
tough High Rollers comparators but is in line with expectations.

International expansion plans are on track and Ladbrokes
anticipates positive contribution from 2008.

Following a 2006 that included a successful World Cup, the Board
recognizes that 2007 does have its own challenges but remains
confident in the future prospects for Ladbrokes.

                    International Development

Following the award of licenses in the recent Italian tender
process, Ladbrokes plans to open 61 betting centers and 51
corners in the next 18 months.  It has recently acquired four
betting centers and will seek to achieve our target of around
200 outlets over the next three years.  It also purchased a
remote license in Italy and will target opportunities in
Internet and telephone.

In preparation for the regulation of sports betting in the
Madrid region, Ladbrokes has formed a joint venture company with
the Spanish market leader, Cirsa Slot.  The expectation is that
other regions will regulate sports betting following Madrid's
announcement.

It is anticipated that opportunities in Italy and Spain will be
central to Ladbrokes' three to five year guidance of GBP20-40
million EBIT per annum.

Ladbrokes also provides a consultancy service to the operator of
400 Happy Pool betting shops in China, which have now expanded
into three provinces.  In addition, Ladbrokes has formed a joint
venture company with MegaInfo Holdings Ltd., in order to develop
betting products for the Chinese Sports Lottery.

Asia and Europe remain the key international targets and
Ladbrokes is exploring a number of additional opportunities in
these areas.

                          Casino Development

The Ladbrokes Casino and Sportsbar at London's Paddington Hilton
has steadily increased its membership numbers since opening in
July 2006.

Ladbrokes will bid for the regional casino license in Manchester
and is interested in operating several of the 16 new small and
large casinos to be awarded under the 2005 Gambling Act.

A full-text copy of the company's financial report for the year
ended Dec. 31, 2006, is available for free at:
http://ResearchArchives.com/t/s?1a42

                         About Ladbrokes

Headquartered in Watford, United Kingdom, Ladbrokes plc --
http://www.ladbrokesplc.com/-- engages in fixed odds betting.  
The company is comprised of Ladbrokes, the biggest retail
bookmaker in the U.K. and Ireland, Ladbrokes.com, a world-
leading provider of interactive betting and gaming services,
Vernons, the leading football pools operator and Ladbrokes
Casinos, which opened its first casino at the Hilton London
Paddington in July 2006.

                        *     *     *

As of Feb. 23, Ladbrokes plc carries Moody's Ba2 senior
unsecured debt rating.  The outlook is stable.

Standard & Poor's rates Ladbrokes' long-term foreign issuer
credit and long-term local issuer credit at BB.  The outlook is
stable.


LOYALFAST LTD: Creditors' Meeting Slated for March 1
----------------------------------------------------
Creditors of Loyalfast Ltd. will meet at 11:00 a.m. on March 1
at:
  
         BRI Business Recovery and Insolvency
         100-102 St. James Road
         Northampton  
         NN5 5LF
         England

A list of names and addresses of the company's creditors will be
available for inspection on Feb. 27 and Feb. 28 at the offices
of BRI Business Recovery and Insolvency.


LUMASIGN LTD: Names George H. W. Griffith Liquidator
----------------------------------------------------
George H. W. Griffith of George H. W. Griffith Ltd. (t/a
Griffith & Griffith) was appointed liquidator of Lumasign Ltd.
on Feb. 14 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Lumasign Ltd.
         Unit 7
         Crewe Close
         Blidworth
         Mansfield
         Nottinghamshire
         NG210TA
         England
         Tel: 0845 130 0288
         Fax: 0121 323 3535


LYNMETH CONSTRUCTION: Brings In Liquidators from Ashcrofts
-----------------------------------------------------------
Harjinder Johal and George Michael of Ashcrofts were appointed
joint liquidators of Lynmeth Construction Ltd. on Feb. 15 for
the creditors' voluntary winding-up proceeding.

Ashcrofts -- http://www.ashcrofts.net/-- offers hands on  
expertise specializing in Business Recovery and Insolvency
providing positive solutions for negative situations.

The company can be reached at:

         Lynmeth Construction Ltd.
         73 Nathans Road
         Wembley
         Middlesex
         HA0 3RU
         England
         Tel: 020 8904 1847
         Fax: 020 8998 2112


MATRIX EUROPE: Creditors' Meeting Slated for March 1
----------------------------------------------------
Creditors of Matrix Europe Ltd. will meet at 10:15 a.m. on  
March 1 at:
  
         Premier Travel Inn
         7-11 Lower Moseley Street
         Bishopsgate
         Manchester  
         M2 3DW  
         England

Creditors who want to vote at the meeting have until noon on  
Feb. 28 to submit their proxy forms together with particulars of
their claims or of any security at the offices of:

         Kroll  
         The Observatory
         Chapel Walks
         Manchester
         M2 1HL
         England
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on Feb. 27 and Feb. 28 at the offices of Kroll.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.


MERRION PACKAGING: Appoints PwC as Joint Administrators
-------------------------------------------------------
Russell Stewart Cash and Michael Horrocks of
PricewaterhouseCoopers LLP were appointed joint administrators
of Merrion Packaging Ltd. (Company Number 04746130) on Feb. 14.

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

The company can be reached at:

         Merrion Packaging Ltd.
         Green Lane
         Junction 19 Industrial Park
         Heywood
         OL10 1NB
         Lancashire
         England
         Tel: 01706 364511
         Fax: 01706 360335


MSR BUILDERS: Creditors' Meeting Slated for March 1
---------------------------------------------------
Creditors of MSR Builders Merchants Ltd. will meet at 10:30 a.m.
on March 1 at:
  
         Southampton Park Hotel
         Cumberland Place
         Southampton  
         SO15 2WY
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on Feb. 27 and Feb. 28 at the offices of:

         Grant Thornton U.K. LLP
         31 Carlton Crescent
         Southampton  
         SO15 2EW
         England

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--  
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.


P J DOYLE: Calls In Liquidator from Moore Stephens
--------------------------------------------------
Colin Prescott of Moore Stephens LLP was appointed liquidator of  
P J Doyle Electrical Ltd. on Oct. 24, 2006, for the creditors'
voluntary winding-up procedure.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

The company can be reached at:

         P J Doyle (Electrical) Ltd.
         78 Cumnor Road
         Boars Hill
         Oxford
         Oxfordshire
         OX1 5JP
         England
         Tel: 01865 327 222
         Fax: 01865 327 110


PARK PRECISION: Claims Filing Period Ends March 22
--------------------------------------------------
Creditors of Park Precision Ltd. have until March 22 to send in
their full names, their addresses and particulars of their debts
or claims, to:

         Peter Adrian Finn
         Liquidator
         Businesscare Solutions Ltd.  
         Tong Hall
         Tong
         West Yorkshire  
         BD4 0RR
         England

Peter Adrian Finn of Businesscare Solutions Ltd. was appointed
liquidator of the company on Feb. 8.


RAY ACQUISITION: Moody's May Upgrade Junk Rating After Review
-------------------------------------------------------------
Moody's Investors Service placed Ray Acquisition SCA's corporate
family rating (currently B2/Stable) on review for possible
upgrade following the company's announcement to undertake an
initial public offering and to use proceeds to repay debt.

The ratings on Rays' EUR600-million 9.375% Senior Subordinated
Notes due 2015 (currently rated Caa1) and on Rexel SA's EUR1.5-
billion Senior Credit Facilities (currently rated B2) have also
been placed on review for possible upgrade.

Moody's understands that the company intends to raise a minimum
of EUR800 million in its IPO.  If all proceeds are used to
reduce debt this will result in materially improved credit
metrics and lead to greater financial flexibility.  The planned
IPO proposes access to equity capital markets, and the use of
proceeds for debt reduction points to more conservative
financial policies.  These factors, together with the company's
continued positive trend in its financial performance, place
upward pressure on credit ratings.

Moody's review will focus on the make up of the revised capital
structure and how this impacts the credit risk profile, together
with changes to financial policies and the positive momentum
shown in the company's financial performance.

Ray Acquisition SCA is the direct parent of Rexel SA, which is
the world's largest distributor of low and ultra low voltage
electrical parts and components.  For the 12-months ended
Dec. 31, 2006, Ray reported total sales and EBITDA of EUR9.3
billion and EUR638 million respectively.


RAY ACQUISITION: S&P Puts EUR600-Mln Notes on Watch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its 'B' long-term corporate credit rating
on France-based business-to-business electrical parts
distributor Rexel S.A. and Ray Acquisition SCA, the 99.99%
parent company, which is owned by Rexel's financial investors.

"The CreditWatch placement reflects the potential strengthening
of Rexels's financial profile likely to stem from the proposed
IPO, which is expected to raise a minimum of EUR800 million in
capital," said Standard & Poor's credit analyst Eve Greb. The
current EUR1.11-billion shareholder loan is expected to be
repaid either through an additional capital increase or
converted into equity.

"Although the details of the proposed transaction are yet to be
determined, a positive rating action is likely to be triggered
if the IPO goes ahead and if a substantial portion of the
proceeds is used to reduce net indebtedness," said Ms. Greb.  
This could involve a claw-back of up to 35% or a full redemption
of the outstanding bonds amounting to EUR600 million issued by
Ray Acquisition.

A successful IPO would lead to a three-notch upgrade to 'BB' for
the rating on Rexel and Ray Acquisition if the new capital
structure results in pro forma funds from operations to adjusted
debt of between 15% and 20% on a sustained basis.  A ratio of
FFO to adjusted debt in excess of this level would likely result
in a four-notch upgrade to 'BB+'.  Ratio targets are relatively
low for the rating category, reflecting the strong free
operating cash flow.

Following the IPO, Rexel will remain majority owned by the group
of private equity investors, which is composed of Clayton
Dubilier & Rice, Eurazeo, Merrill Lynch Global Private Equity,
and other equity investors.

The CreditWatch placement will be resolved once the details of
the transaction have been finalized and the ultimate success, or
otherwise, of the IPO is assured.


RENTOKIL INITIAL: Dec. 31 Stockholders' Deficit is EUR533.6 Mln
---------------------------------------------------------------
Rentokil Initial plc released its preliminary unaudited
financial results for the year ended Dec. 31, 2006.

Rentokil posted EUR247.1 million in net profit against EUR2.1
billion in net revenues for the year ended Dec. 31, 2006,
compared with EUR324.4 million in net profit against EUR1.9
billion in net revenues for the same period in 2005.

At Dec. 31, 2006, the Company's consolidated balance sheet
showed EUR1.8 billion in total assets and EUR2.3 billion in
total liabilities, resulting in a EUR533.6-million stockholders'
deficit.

The Company's Dec. 31 balance sheet also showed strained
liquidity with EUR672.6 million in total current assets
available to pay EUR1.1 billion in total liabilities coming due
within the next 12 months.

Doug Flynn, Chief Executive Officer of Rentokil Initial plc,
said, "In 2006 we made good progress against our stated
objectives.  We have improved customer retention rates in all
our divisions, which in turn has helped drive strong revenue
growth.  Our profitability is starting to improve in many
businesses and the full year results were in line with
expectations.

"We are seeking to rebalance the portfolio towards future growth
and I am pleased with the progress we have made in building
leadership positions in markets around the world through a
combination of acquisitions and operational improvements.

"We are seeing good momentum across large parts of the group and
overall we expect 2007 to be a year of stabilization.  However,
there remains much to do.  In particular, we are focused on our
Textiles and Washroom Services operations in general and
especially in the U.K. and France.  I am confident that the
changes introduced will deliver results in all our businesses.
This will not happen overnight but the right team is now in
place and the right actions are being taken," Mr. Flynn
concluded.

A full-text copy of the company's financial report for the year
ended Dec. 31, 2006, is available for free at:  
http://ResearchArchives.com/t/s?1a48

Headquartered in West Sussex, England, Rentokil Initial PLC --
http://www.rentokil-initial.com/-- is one of the largest  
business services companies in the world, operating in all the
major economies of Europe, North America, Asia Pacific and
Africa.  The company has some 90,000 employees providing a range
of support services in over 40 countries.


REXEL SA: S&P Puts B Credit Rating on CreditWatch Positive
----------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its 'B' long-term corporate credit rating
on France-based business-to-business electrical parts
distributor Rexel S.A. and Ray Acquisition SCA, the 99.99%
parent company, which is owned by Rexel's financial investors.

At the same time, the 'CCC+' rating on Ray Acquisition's EUR600
million senior subordinated notes, maturing in 2015, and the 'B'
issue rating on Ray Acquisition's EUR2.1 billion senior secured
facilities were put on CreditWatch with positive implications.  
The rating action followed the announcement that Rexel has filed
IPO documents with the French securities authorities.

"The CreditWatch placement reflects the potential strengthening
of Rexels's financial profile likely to stem from the proposed
IPO, which is expected to raise a minimum of EUR800 million in
capital," said Standard & Poor's credit analyst Eve Greb.  The
current EUR1.11-billion shareholder loan will be repaid either
through an additional capital increase or converted into equity.

"Although the details of the proposed transaction are yet to be
determined, a positive rating action is likely to be triggered
if the IPO goes ahead and if a substantial portion of the
proceeds is used to reduce net indebtedness," said Ms. Greb.  
This could involve a claw-back of up to 35% or a full redemption
of the outstanding bonds amounting to EUR600 million issued by
Ray Acquisition.

A successful IPO would lead to a three-notch upgrade to 'BB' for
the rating on Rexel and Ray Acquisition if the new capital
structure results in pro forma funds from operations to adjusted
debt of between 15% and 20% on a sustained basis.  A ratio of
FFO to adjusted debt in excess of this level would likely result
in a four-notch upgrade to 'BB+'.  Ratio targets are relatively
low for the rating category, reflecting the strong free
operating cash flow.

Following the IPO, Rexel will remain majority owned by the group
of private equity investors, which is composed of Clayton
Dubilier & Rice, Eurazeo, Merrill Lynch Global Private Equity,
and other equity investors.

The CreditWatch placement will be resolved once the details of
the transaction have been finalized and the ultimate success, or
otherwise, of the IPO is assured.


SCANA U.K.: Creditors' Meeting Slated for March 9
-------------------------------------------------
Creditors of Scana U.K. Ltd. will meet at 11:00 a.m. on March 9
at:
  
         The Conifers
         Filton Road
         Hambrook
         Bristol  
         BS16 1QG
         England

Creditors who want to vote at the meeting have until noon on  
March 8 to submit their proxy forms together with particulars of
their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on March 7.


SEA CONTAINERS: Committees Seek to Create Info Sharing Protocol
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Sea Containers
Ltd. and the Official Committee of Unsecured Creditors of Sea
Containers Services Ltd. jointly ask the Honorable Kevin J.
Carey of the U.S. Bankruptcy Court for the District of Delaware
to clarify that Section 1102(b)(3)(A) of the Bankruptcy Code
does not authorize or require them to provide access to the
Debtors' confidential and other non-public proprietary
information, or to privileged information, to the creditors they
represent.

The Official Committees, however, agree that they will provide
access to Privileged Information to any party so long as it is
not Confidential Information and the relevant privilege was held
and controlled solely by an Official Committee.

Pursuant to the Bankruptcy Abuse Prevention and Consumer
Protection Act of 2005, each of the Committees is required to
provide access to information for creditors it represents.

Derek C. Abbott, Esq., at Morris, Nichols, Arsht & Tunnell LLP,
in Wilmington, Delaware, relates that the Debtors operate in a
competitive industry where the dissemination of confidential
information to parties who are not bound by any confidentiality
agreement could be disastrous to the Debtors.  Confidential
Information includes business strategies and intended
initiatives.

If the Debtors' general creditors could require an Official
Committee to give them access to Confidential Information in the
Committee's possession, the information could easily become
public and could be used by competitors to the detriment of the
Debtors' business operations, Mr. Abbott points out.

Mr. Abbott notes that other Confidential Information, including
compensation levels or other employee information, is of a
sensitive nature and their public disclosure would affect
employee morale and similar problems for the Debtors, and
violate federal and state privacy laws.

According to Mr. Abbott, the request will benefit the Committees
and their constituents by permitting them to receive
Confidential Information from the Debtors without the fear that
individual creditors could force them to breach confidentiality.  
"Unless it is made clear that the risk of dissemination of
Privileged Information does not exist, the estate representation
structure envisioned by the Bankruptcy Code would become
immediately dysfunctional," he adds.

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA,
SCRB) -- http://www.seacontainers.com/-- provides passenger and  
freight transport and marine container leasing.  Registered in
Bermuda, the company has regional operating offices in London,
Genoa, New York, Rio de Janeiro, Sydney, and Singapore.  The
company is owned almost entirely by United States shareholders
and its primary listing is on the New York Stock Exchange (SCRA
and SCRB) since 1974.  On Oct. 3, 2006, the company's common
shares and senior notes were suspended from trading on the NYSE
and NYSE Arca after the company's failure to file its 2005
annual report on Form 10-K and its quarterly reports on Form 10-
Q during 2006 with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 11;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' exclusive period to file a plan expires on June 12.  
They have until Aug. 11, to solicit acceptances to that plan.


SEA CONTAINERS: GNER Signs GBP20 Mln Lease to Expand Train Fleet
----------------------------------------------------------------
Sea Containers Ltd.'s railway subsidiary, Great North Eastern
Railway, has leased two diesel High Speed Trains, Transport
Briefing reports.

According to Transport, the High Speed Trains, which were
previously used by Midland Mainline, were procured by GNER from
Porterbrook Leasing Company and will be overhauled during the
next two years as part of a GBP20,000,000 leasing package.

The acquisition was in connection with its new 12 additional
weekday services between Yorkshire, the East Midlands and
London.  The new run was approved by United Kingdom's Office of
Rail Regulation and is set for launching on May 21, 2007.

With the HSTs, GNER will be able to run a half hourly service
between Leeds and London King's Cross and will provide an
additional 1,600,000 seats a year.

Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA,
SCRB) -- http://www.seacontainers.com/-- provides passenger and  
freight transport and marine container leasing.  Registered in
Bermuda, the company has regional operating offices in London,
Genoa, New York, Rio de Janeiro, Sydney, and Singapore.  The
company is owned almost entirely by United States shareholders
and its primary listing is on the New York Stock Exchange (SCRA
and SCRB) since 1974.  On Oct. 3, 2006, the company's common
shares and senior notes were suspended from trading on the NYSE
and NYSE Arca after the company's failure to file its 2005
annual report on Form 10-K and its quarterly reports on Form 10-
Q during 2006 with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 11;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' exclusive period to file a plan expires on June 12.
They have until Aug. 11, to solicit acceptances to that plan.


SISTRA LTD: Creditors Confirm Voluntary Liquidation
---------------------------------------------------
Creditors of Sistra Ltd. confirmed on Feb. 13 the company's
resolutions for voluntary liquidation and the appointment of  
Allan Cooper and John Russell of The P&A Partnership as
liquidators.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing  
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

The company can be reached at:

         Sistra Ltd.
         7 Acton Road
         Long Eaton
         Nottingham
         Nottinghamshire
         NG101FR
         England
         Tel: 0115 972 3236


SUSSEX REFINED: Hires Liquidators from Herron Fisher
----------------------------------------------------
Christopher Herron and Nicola Jayne Fisher of Herron Fisher were
appointed joint liquidators of Sussex Refined Oils Ltd. on  
Feb. 16 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Sussex Refined Oils Ltd.
         11 Vicarage Road
         Eastbourne
         East Sussex
         BN208AT
         England
         Tel: 01323 749 500


VAN LAUREN: Claims Filing Period Ends May 14
--------------------------------------------
Creditors of Van Lauren (Imports) Ltd. have until May 14 to send
in their names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Mark Levy
         Liquidator
         Berley
         76 New Cavendish Street
         London  
         W1G 9TB
         England

Mark Levy of Berley was appointed liquidator of the company on
Feb. 14.


YELL GROUP: Issues 503,049 Ordinary Shares Under Stock Plan
-----------------------------------------------------------
Application has been made to the London Stock Exchange and the
U.K. Listing Authority for the listing of 503,049 ordinary
shares of 1 pence each fully paid in Yell Group plc.

The shares have been issued to satisfy obligations under the
Yell Group plc 2003 Employee Stock Purchase Plan and will rank
pari passu with the existing ordinary shares.

Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories     
business operating in the classified advertising market through
printed, online and phone media in the U.K. and the US.

                        *     *     *

As of Feb. 9, Yell Group plc carries Moody's Ba3 long-term
corporate family rating.  Moody's said the outlook is stable.

Standard & Poor's rates Yell's long-term foreign issuer credit
and long-term local issuer credit at BB-.  The outlook is
stable.


* BOND PRICING: For the Week February 19 to February 23, 2007
-------------------------------------------------------------

Issuer                    Coupon   Maturity   Currency   Price     
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      63.91
                          0.250    10/14/26     CDN      37.64
Republic of Austria       7.000    08/04/25     EUR      70.04
                          5.000    10/10/25     EUR      69.41

DENMARK
-------
Kommunekredit             0.500    05/11/29     CDN      41.06

FINLAND
-------
Muni Finance PLC          0.250    06/28/40     CDN      19.53
                          0.500    09/24/20     CDN      58.61
                          1.000    11/21/16     NZD      59.92
                          0.500    04/26/13     AUD      70.48
                          1.000    03/19/13     AUD      73.58

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      69.18
Alcatel S.A.              4.750    01/01/11     EUR      17.01
Altran Technologies S.A.  3.750    01/01/09     EUR      12.40
AXA S.A.                  6.000    01/29/49     EUR      70.81
BNP Paribas               0.250    12/20/14     US$      67.76
CAP Gemini S.A.           2.500    01/01/10     EUR      60.91
                          1.000    01/01/12     EUR      59.03
Club Mediterranee S.A.    3.000    11/01/08     EUR      65.74
                          4.375    11/01/10     EUR      50.62
Elior S.A.                1.000    06/08/07     EUR      19.88
Havas S.A.                4.000    01/01/09     EUR      10.71
Infogrames
   Entertainment S.A.     4.000    04/01/09     EUR       6.70
                          1.500    07/01/11     EUR      23.49
Ingenico                  2.750    01/01/12     EUR      19.59
Maurel & Prom             3.500    01/01/10     EUR      22.72
Publicis Group            0.750    07/17/08     EUR      35.24
                          1.000    01/18/18     EUR      43.80
Rallye                    3.750    01/01/08     EUR      49.11
Scor S.A.                 4.125    01/01/10     EUR       2.46
Soc Air France            2.750    04/01/20     EUR      35.54
Soitec                    4.625    12/20/09     EUR      22.66
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.07
Valeo                     2.375    01/01/11     EUR      47.89
Vivendi Universal S.A.    1.750    10/30/08     EUR      32.50
Wendel Invest S.A.        2.000    06/19/09     EUR      52.64

GERMANY
-------
Deutsche Bank AG          5.000    10/13/35     EUR      68.07
KfW Bankengruppe          0.500    10/30/13     AUD      67.68
                          0.500    12/19/17     EUR      68.41
                          5.000    07/07/20     EUR      76.83
                          5.000    07/29/20     EUR      76.45
                          6.000    07/21/25     EUR      73.81
                          5.000    09/01/25     EUR      75.94
                          5.000    08/10/30     EUR      70.74
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.41


ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      71.35

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      48.52
                          0.250    07/08/33     CDN      26.53
Irish Perm Plc            6.125    02/15/35     EUR      70.38
Magnolia Finance IV Plc   1.050    12/20/45     US$      25.88

LUXEMBOURG
----------
Teksid Aluminum S.A.     12.375    07/15/11     EUR      64.38


NETHERLANDS
-----------
BK Ned Gemeenten          0.500    06/27/18     CDN      63.38
                          0.500    02/24/25     CDN      48.56
EM.TV Finance B.V.        5.250    05/08/13     EUR       6.09
Gerling Global
   Rentefonds             6.625    08/16/21     EUR      59.90
Lehman Bros TSY B.V.      8.250    03/16/35     EUR      70.31
Ned Waterschapbk          6.500    08/15/35     EUR      71.48
                          6.000    06/30/45     EUR      72.06
Nib Capital Bank N.V.     7.000    02/21/40     EUR      63.73
Rabobank Groep N.V.       6.000    02/22/35     EUR      76.23
                          8.000    02/23/35     EUR      67.28
                          5.000    02/28/35     EUR      76.39
                          7.000    03/23/35     EUR      72.23
                         
NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.22

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.47

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400    04/20/35     GBP      57.52
                          1.678    07/03/56     GBP      36.77
National Grid Gas Plc     2.228    06/28/35     GBP      57.41
                          1.754    10/17/36     GBP      49.94
                          1.771    03/30/37     GBP      49.98
Royal BK Scotland Plc     0.250    03/27/14     US$      71.57
                          9.500    04/04/25     US$      74.84
                          7.000    06/09/25     EUR      75.36
                          7.000    06/29/30     EUR      68.17
                          7.000    02/15/45     US$      72.50
                          6.500    02/23/45     EUR      72.42
RSL Communications Plc   10.125    03/01/08     US$       6.75
Wessex Water Finance Plc  1.369    07/31/57     GBP      33.78

                             *********

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/books/to order any title today.

                           *********

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

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

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

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

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

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


                 * * * End of Transmission * * *