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

                           E U R O P E

             Wednesday, March 7, 2007, Vol. 8, No. 47

                            Headlines


A U S T R I A

BEST ELEKTRO: Claims Registration Period Ends April 4
CON.TEC.-LIMEX: Linz Court Orders Business Shutdown
HALITI LLC: Estate Administrator Declares Insufficient Assets
INTERNET CAFE: Graz Court Orders Business Shutdown
R & R LLC: Claims Registration Period Ends April 4

R.V.P. REIFENHANDEL: Graz Court Orders Business Shutdown
SCHNEIDER BAU: Claims Registration Period Ends April 9
WT WARMETECHNIK: Vienna Court Orders Business Shutdown


B E L G I U M

LEVI STRAUSS: S&P Rates Proposed US$325 Million Senior Loan at B
TENNECO INC: Timothy Donovan Resigns as Executive Vice-President
TENNECO INC: Moody's Rates US$830 Million Loans at Ba1
TENNECO INC: S&P Rates Proposed US$830-Mln Bank Facilities at BB


C Y P R U S

BANK OF CYPRUS: Posts EUR299 Million Profit for Year Ended 2006


C Z E C H   R E P U B L I C

ON SEMICONDUCTOR: Dec. 31 Balance Sheet Upside-Down by US$225MM


D E N M A R K

COMPUTER SCIENCES: Files Delinquent Quarterly Reports with SEC


F R A N C E

ALLIANCE ONE: Selling US$150 Million of 8.5% Sr. Unsecured Notes
LEVEL 3: Majority of Noteholders Agree to Amend Bond Indenture


G E R M A N Y

AHLER GMBH: Claims Registration Period Ends April 4
AQUATHERM BADER: Claims Registration Period Ends March 31
AUTOHAUS BERGMANN: Claims Registration Period Ends March 28
AUTOHAUS WEBER: Claims Registration Period Ends April 10
AUTOMOBILE HOFFMANN: Claims Registration Period Ends April 10

B + B INTERIEUR: Claims Registration Period Ends March 24
BENEDIKT KUHN: Claims Registration Period Ends April 9
BERUTEX GMBH: Claims Registration Period Ends April 10
BILDERFUERST FOTO: Claims Registration Period Ends April 4
BUCKEYE TECH: Plans to Redeem US$5-Mln of 9-1/4% Senior Notes

BWS - TELEMATIK: Claims Registration Ends April 5
CREV GMBH: Claims Registration Ends April 4
DAIMLERCHRYSLER AG: Mulls Possible Sale of Chrysler Finance Arm
DAIMLERCHRYSLER AG: Blackstone Leads Bidding Race for U.S. Arm
DAIMLERCHRYSLER AG: Will Develop Hybrid Drive System with BMW

DENTAL-LABOR WOLFGANG: Claims Registration Ends March 23
DUERR AG: Ralph Heuwing Replaces Martin Hollenhorst as CFO
EMIL W. MEYER: Claims Registration Period Ends April 13
FLORA-DAS GARTENZENTRUM: Claims Registration Period Ends April 5
FRUCHTGROSSHANDEL GNOYKE: Claims Registration Ends April 5

HAIR FACTORY: Claims Registration Ends April 4
HAUS & BODEN: Claims Registration Period Ends April 4
HERZBERG & THOM: Claims Registration Ends March 29
HOME & TREND: Claims Registration Ends April 5
HONNEN MALEREI: Claims Registration Ends April 5

INGENIEURGESELLSCHAFT ALBRECHT: Claims Registration Ends Mar. 22
INSTA-SERVICE INSTALLATION: Claims Registration Ends April 2


H U N G A R Y

AES CORP: Appoints Andres Gluski as Chief Operating Officer


I R E L A N D

GAP INC: Earns US$219 Million for Period Ended February 3
RMF EURO: Moody's Rates EUR17.1-Mln Deferrable Notes at (P)Ba3


K A Z A K H S T A N

AMM-CONCERN LLP: Creditors Must File Claims by April 13
ANIPRA HOLDING: Creditors' Claims Due April 6
BASTAU TM: Proof of Claim Deadline Slated for April 13
COMPUTER SYSTEMS: Claims Registration Ends April 13
KAMKOR-DOS SSIKO: Claims Filing Period Ends April 13

LAGUNA LLP: Creditors Must File Claims by April 6
NASH DOM: Creditors' Claims Due April 13
TOLEP-BI ATA: Proof of Claim Deadline Slated for April 13
ULYTAU LLP: Claims Registration Ends April 13


K Y R G Y Z S T A N

HOTEL KG: Claims Filing Period Ends April 13
MACK FOOD: Creditors Must File Claims by April 13


L U X E M B O U R G

NORTEL NETWORKS: DBRS Says Restatements Won't Affect Low Ratings


N E T H E R L A N D S

ITRON INC: Completes Private Placement of 4,086,958 Shares
ITRON INC: Earns US$33.8 Million in Year Ended December 31


P O R T U G A L

BEARINGPOINT INC: Notifies NYSE on 2006 Form 10-K Filing Delay
BEARINGPOINT INC: Lenders Waive Filing Deadline Through March 15
BEARINGPOINT INC: Discloses Preliminary 2006 Financial Results


R U S S I A

A. RADISHEV OJSC: Court Starts Bankruptcy Supervision Procedure
AERO-TRANS-LEASING: Court Names I. Ponamorev to Manage Assets
ARCTIC S CJSC: Creditors Must File Claims by April 10
BETONIT CJSC: Creditors Must File Claims by March 10
CORUNDUM LLC: Creditors Must File Claims by March 10

DIAMOND LLC: Creditors Must File Claims by March 10
DVINSKIYE LESOPROMYSHLENNIKI: Asset Sale Slated for March 13
GRANITE CJSC: Creditors Must File Claims by March 10
KHARABALINSKOYE GRAIN: Creditors Must File Claims by March 10
KUBAN-RAPID LLC: Creditors Must File Claims by March 10

LOCKO FINANCE: Fitch Assigns B- Rating to US$100-Mln Loan Issue
NIKMAS CJSC: Creditors Must File Claims by March 10
PERTOPOLIS CJSC: Creditors Must File Claims by March 10
PETERSBURG TRADING: Creditors Must File Claims by March 10
SANTAS OJSC: Creditors Must File Claims by March 10

SEV-ZAP-FURNITURE: Creditors Must File Claims by March 10
TORG-METAL LLC: Creditors Must File Claims by March 10


S P A I N

TDA CAM: Moody's Junks EUR12.8-Million Series D Notes


S W I T Z E R L A N D

A-Z TEPPICHZENTER: Bern Court Closes Bankruptcy Proceedings
ALENI JSC: Claims Registration Period Ends March 21
ASIA INTER-TRANS: Creditors' Liquidation Claims Due March 23
AUDIOTECH JSC: Creditors' Liquidation Claims Due March 26
AUTOROP FAHRZEUG: Creditors' Liquidation Claims Due March 26

BITSOFT 2000: Creditors' Liquidation Claims Due March 26
BUCHBINDEREI LACK: Creditors' Liquidation Claims Due March 26
CHARTERBOAT-FERIEN: Creditors' Liquidation Claims Due March 26
CVC BUSINESSWEB: Creditors' Liquidation Claims Due March 26
G. ENGLER HAUSGERATE: Creditors' Liquidation Claims Due March 26

HAUSPLAN IMMOBILIEN: Creditors' Liquidation Claims Due March 26
LEMON MARKETING: Basel Court Closes Bankruptcy Proceedings
OKS SCHOCH: St. Gallen Court Starts Bankruptcy Proceedings
TACHO-DIENST: Bern Court Closes Bankruptcy Proceedings


T U R K E Y

CALIK HOLDING: Fitch Rates US$200-Million Notes at B+/RR4


U K R A I N E

FRIENDSHIP LLC: Creditors Must File Proofs of Claim by March 11
KURAHOVE ENERGY: Creditors Must File Proofs of Claim by March 11
LOGOS LLC: Proofs of Claim Filing Deadline Set March 11
MINI-ELDO LLC: Creditors Must File Proofs of Claim by March 11
TULIGOLOVSKOE LLC: Proofs of Claim Filing Deadline Set March 11


U N I T E D   K I N G D O M

ADVANCED MARKETING: Wants to Pay Staff Sale-Related Incentives
BIG PLANT: Appoints Joint Administrators from Mazars LLP
BLUE LAMP: Brings In Liquidators from Kroll
BRITISH AIRWAYS: Open Skies Deal Favors US, Chairman Says
CARGO LINK: Brings In Administrators from DTE Leonard

CLEAR CHANNEL: Urges Shareholders to Vote for Proposed Merger
CONSTELLATION BRANDS: Poor Sales Trigger Lower Earnings Outlook
CULDAFF CONSTRUCTION: Enters Voluntary Liquidation
EASY MOVE: Names Timothy Heasegrave as Administrator
EUROSAIL UK: Fitch Puts Low-B Ratings to GBP-23.8 Million Notes

FOCUS DIY: Moody's Further Junks Notes on Debt Restructuring
FORD MOTOR: Nears Deal to Sell Aston Martin Unit in Auction
FORD MOTOR: Eyes 2007 Profit for European Divisions
FORD MOTOR: Signs Deal Selling APCO to Trident IV
FRUDD CONSTRUCTION: Creditors' Meeting Slated for March 12

GEO. A. WILLIAMS: Brings In KPMG as Joint Administrators
GETTY IMAGES: Delays Form 10-K Filing Due to Stock Options Probe
GRANGE CERAMICS: Names David Jenner Cork Liquidator
HARRIER SHOES: Joint Liquidators Take Over Operations
HILTON HOTELS: Scandic Hotel Sale Spurs S&P to Lift BB Ratings

INERTIA PARTNERSHIP: High Court Orders Compulsory Liquidation
ITEC TECHNOLOGIES: Appoints Mark Reynolds as Liquidator
LADBROKES PLC: Names Brian Wallace as Group Finance Director
MASTER WEAVERS: Taps Liquidators from Moore Stephens
MIGHTY MUESLI: Creditors Confirm Liquidator's Appointment

MILLENNIUM FURNITURE: Creditors Ratify Liquidator's Appointment
OAKSFIELD CONSTRUCTION: Joint Liquidators Take Over Operations
QUDOS DESIGN: Appoints Tenon Recovery as Joint Administrator
RANK GROUP: Completes Sale of Hard Rock Biz to Seminole Tribe
RANK GROUP: Posts GBP119 Million Prelim Net Income for 2006

RENOVATIONS BIRMINGHAM: Claims Filing Period Ends August 22
REX CAMPBELL: Names Liquidator to Wind Up Business
ROYAL & SUN: Completes Disposal of U.S. Businesses to Arrowpoint
SCOTTISH RE: Shareholders Okay MassMutal Capital & Cerberus Deal
SCOTTISH RE: S&P Holds Ratings Watch on MassMutual/Cerberus Deal

SMILES ON FACES: Creditors Ratify Voluntary Liquidation
TOWER RECORDS: Court Sets March 15 Auction Sale of IP Assets
TOWER RECORDS: Selects Hilco Merchant as Liquidation Consultant
TOWER RECORDS: Lease Assignment Period Extended Through March 30
VIRGIN MEDIA: Warns Legal Action Over Carriage Dispute with Sky

VISIONSAT COMMUNICATIONS: Appoints O'Sullivan as Liquidator
WADES COFFEE: Appoints Liquidators from David Horner & Co.
WINDMILL MACHINE: Taps Nigel Price to Liquidate Assets
WORLDTEL LTD: Hires N. H. Sinclair to Liquidate Assets

                            *********

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


BEST ELEKTRO: Claims Registration Period Ends April 4
-----------------------------------------------------
Creditors owed money by LLC Best Elektro (fka LLC BAZALA) (FN
228221w) have until April 4 to file written proofs of claim to
court-appointed estate administrator Christiane Pirker at:

         Dr. Christiane Pirker
         Hasenhutgasse 9
         Haus 3
         1120 Vienna
         Austria
         Tel: 817 57 57
         Fax: 817 57 55 17
         E-mail: dr.christiane.pirker@chello.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on April 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 14 (Bankr. Case No. 2 S 24/07b).


CON.TEC.-LIMEX: Linz Court Orders Business Shutdown
---------------------------------------------------
The Land Court of Linz entered Feb. 14 an order shutting down
the business of LLC Con.Tec.-Limex (FN 160974b).

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

The estate administrator can be reached at:

         Mag. Christian Ebmer
         Schillerstrasse 12
         4020 Linz
         Austria
         Tel: 0732/65 69 69
         Fax: 0732/65 69 69-60
         E-mail: office@hep.co.at

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Feb. 12 (Bankr. Case No. 12 S 17/07y).


HALITI LLC: Estate Administrator Declares Insufficient Assets
-------------------------------------------------------------
Mag. Petra Diwok, the court-appointed estate administrator for
LLC Haliti (FN 268687d), declared Feb. 14 that the Debtor's
property is insufficient to cover creditors' claim.

The Land Court of Korneuburg is yet to rule on the property
manager's claim.

Headquartered in Himberg bei Wien, Austria, the Debtor declared
bankruptcy on Feb. 1 (Bankr. Case No. 36 S 14/07m).  Viktor
Igali-Igalffy represents Mag. Diwok in the bankruptcy
proceedings.

The estate administrator can be reached at:

         Mag. Petra Diwok
         c/o Dr. Viktor Igali-Igalffy
         Landstrasser Hauptstrasse 34
         1030 Vienna
         Austria
         Tel: 713 80 57
         Fax: 01/713 07 76
         E-mail: diwok@aon.at
                 vii@aon.at


INTERNET CAFE: Graz Court Orders Business Shutdown
--------------------------------------------------
The Land Court of Graz entered Feb. 14 an order shutting down
the business of LLC internet cafe (FN 204276g).

Court-appointed estate administrator Roland Gsellmann
recommended the business shutdown after determining that the
Debtor's estate is insufficient to cover creditors' claims.

The estate administrator can be reached at:

         Dr. Roland Gsellmann
         Farberplatz 1
         8010 Graz
         Austria
         Tel: 0316/835692
         Fax: 0316/835692-15
         E-mail: office@herdeygsellmann.at

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Feb. 2 (Bankr. Case No. 26 S 10/07a).


R & R LLC: Claims Registration Period Ends April 4
--------------------------------------------------
Creditors owed money by LLC R & R (FN 88446v) have until April 4
to file written proofs of claim to court-appointed estate
administrator Stephan Riel at:

         Dr. Stephan Riel
         c/o Dr. Johannes Jaksch
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 14 (Bankr. Case No. 2 S 23/07f).  Johannes Jaksch
represents Dr. Riel in the bankruptcy proceedings.


R.V.P. REIFENHANDEL: Graz Court Orders Business Shutdown
--------------------------------------------------------
The Land Court of Graz entered Feb. 14 an order shutting down
the business of LLC R.V.P. Reifenhandel (FN 244411d).

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

The estate administrator can be reached at:

         Dr. Gerhard Petrowitsch
         Kadagasse 11
         8430 Leibnitz
         Austria
         Tel: 03452/82837
         Fax: 03452/82837 7
         E-mail: office@ra-petrowitsch.at

Headquartered in Wildon, Austria, the Debtor declared bankruptcy
on Feb. 2 (Bankr. Case No. 25 S 10/07v).


SCHNEIDER BAU: Claims Registration Period Ends April 9
------------------------------------------------------
Creditors owed money by LLC Schneider Bau (FN 64811k) have until
April 9 to file written proofs of claim to court-appointed
estate administrator Horst Lumper at:

         Dr. Horst Lumper
         Weiherstrasse 3/I
         Second Floor
         6900 Bregenz
         Austria
         Tel: 05574/43422
         Fax: 05574/43422-12
         E-mail: office@ra-lumper.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 19 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 Hoechst, Austria, the Debtor declared
bankruptcy on Feb. 14 (Bankr. Case No. 13 S 6/07y).


WT WARMETECHNIK: Vienna Court Orders Business Shutdown
------------------------------------------------------
The Trade Court of Vienna entered Feb. 14 an order shutting down
the business of LLC WT Warmetechnik (FN 196709d).

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

The estate administrator can be reached at:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Vienna
         Austria
         Tel: 512 97 06
         Fax: 512 97 06 20
         E-mail: ra-g.bauer@aon.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 1 (Bankr. Case No. 5 S 11/07p).


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


LEVI STRAUSS: S&P Rates Proposed US$325 Million Senior Loan at B
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
apparel marketer and distributor Levi Strauss & Co.'s proposed
US$325-million senior unsecured term loan due 2014.

Proceeds from the term loan, along with cash on hand, will be
used to retire or fully call the existing US$380-million
floating rate notes due April 2012.

At the same time, Standard & Poor's said it raised all of its
ratings on the San Francisco-based company by one notch,
including raising its 'B-' long-term corporate credit rating to
'B'.

The outlook is positive.

"The rating upgrade incorporates the company's continued
improved operating performance and enhanced liquidity profile,
its increased financial flexibility from its proposed
refinancing, and our expectation that the positive operating
trends will continue," said Standard & Poor's credit analyst
Susan Ding.

The ratings on Levi Strauss & Co. reflect its leveraged
financial profile and participation in the intensely competitive
denim and casual pants market.  The ratings also incorporate the
inherent fashion risk in the apparel industry, and company-
specific rating concerns, including management's ability to
fully turn around the company, revitalize its brands, and
sustain its revenue base.


TENNECO INC: Timothy Donovan Resigns as Executive Vice-President
----------------------------------------------------------------
Tenneco Inc. disclosed that Timothy R. Donovan, executive vice
president, general counsel and member of the board of directors,
is leaving the company to pursue another opportunity.

Mr. Donovan's resignation from Tenneco is effective on March 16.
His resignation from the company's board of directors was
effective Feb. 28.  Tim joined Tenneco as senior vice president
and general counsel in August 1999.

Both internal and external candidates will be considered to fill
the general counsel position.

"Tim has played an important role in establishing Tenneco as a
successful stand-alone company.  Over the past seven years, his
leadership and strong legal counsel have greatly facilitated
Tenneco's restructuring efforts and growth strategies around the
world," said Gregg Sherrill, chairman and CEO, Tenneco.  "On
behalf of all Tenneco employees, I thank Tim for his outstanding
contributions and dedication.  We wish him much success in his
new endeavor."

Headquartered in Lake Forest, Illinois, Tenneco Inc. --
http://www.tenneco.com/-- is a leading manufacturer of
automotive ride control and emissions control products and
systems for both the worldwide original equipment market and
aftermarket.  Leading brands include Monroe(R), Rancho(R), and
Fric Rot ride control products and Walker(R) and Gillet emission
control products.

The company has global operations in Argentina, Japan, and
Germany, among others, with its European operations
headquartered in Brussels, Belgium.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 27,
2006, Moody's Investors Service confirmed its B1 Corporate
Family Rating for Tenneco Inc. in connection with the rating
agency's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the U.S. Automotive
and Equipment sectors.


TENNECO INC: Moody's Rates US$830 Million Loans at Ba1
------------------------------------------------------
Moody's Investors Service has assigned Ba1 ratings to the new
first-lien senior secured credit facilities of Tenneco
Automotive, Inc.

In a related action, Moody's has affirmed these ratings:

   * the company's Corporate Family Rating at B1; and,

   * the ratings on the senior secured  second-lien notes and
     senior subordinated notes, at B1 and B3, respectively.

The outlook remains stable.

Tenneco's business profile as an automotive component supplier
is strong, benefiting from good geographic and customer
diversity and well balanced exposures to the original equipment
and aftermarket segments.  The company's leading positions in
the markets it serves are well defended by ongoing investment in
new technologies. Tenneco's emission technologies for diesel
engines and portfolio of ride control technologies for passenger
and commercial vehicles should enable it to increase its content
on vehicle platforms and demonstrate strong revenue growth even
as overall automotive demand weakens.  These attributes are
potentially supportive of a higher rating under Moody's rating
methodology for auto parts suppliers.

However, the ratings balance these strengths against the
company's high financial leverage and moderate profit margins;
which yield overall financial metrics more consistent with the
assigned rating.  For the fiscal year ending Dec. 31, 2006.
Tenneco's debt/EBITDA is approximately 4.3x, while EBIT/Interest
is approximately 1.5x.

Going forward, Tenneco expects increased revenue to result from
higher booked business in emission controls and greater
penetration in the commercial vehicle exhaust segment.  Margins
should be stable through this time frame as continuing industry
pressures and the greater amounts of lower margin substrate
sales in revenue are offset by new business growth and
continuing efforts to control costs.  Nevertheless, the company
will face some headwinds from lower production volumes at key
automotive OEMs, and ongoing commodity cost volatility.

The refinancing should also moderate borrowing costs and enhance
the company's overall financial flexibility.  Upon closing of
the new senior secured credit facilities Tenneco is expected to
have full access to its US$375 million revolving credit and
unused availability under the US$177.5 million letter of
credit/revolving credit facility.  The company also maintains
large cash balances which could be used to reduce debt, although
indenture provisions currently place some limitations on the
ability to reduce some of the company's higher coupon
obligations during the near term.

Ratings assigned:

   * Ba1, LGD2, 16% to the five-year US$375 million first lien
     senior secured revolving credit facility;

   * Ba1, LGD2, 16% to the seven-year US$177.5 million first
     lien senior secured L/C and revolving credit facility;

   * Ba1, LGD2, 16% to the five-year US$100 million term loan A;

   * Ba1, LGD2, 16% to the seven-year US$177.5 million first
     lien senior secured term Loan B;

Ratings affirmed:

   * B1 Corporate Family rating;

   * B1 Probability of Default rating;

   * B1 rating for the US$475 million 10.25% guaranteed senior
     secured second-lien notes due 2013, with the LGD Assessment
     changed to LGD3, 43% from LGD3, 42%;

   * B3, LGD6, 92% rating for the 8.625% guaranteed senior
     subordinated unsecured notes due November 2014,

These ratings will be withdrawn upon their refinancing:

   * Tenneco's guaranteed credit facilities consisting of:

      -- Ba1, LGD2, 16% on the US$320 million first-lien senior
         secured revolving credit facility due December 2008;

      -- Ba1, LGD2, 16% on the US$155 million first-lien senior
         secured term loan B letter of credit/revolving loan
         facility due December 2010;

      -- Ba1, LGD2, 16% on the US$356 million remaining first-
         lien senior secured term loan B facility due December
         2010;

The last rating action was on Sept. 22, 2006 when the LGD
Methodology was applied.

The rating outlook is stable.

Future events that could improve Tenneco's rating or rating
outlook include the generation of material new business awards
that facilitate improved margins coupled with debt reduction
that enhances overall credit metrics.  Consideration for a
higher rating or outlook could arise if any combination of these
factors were to increase EBIT/Interest coverage to over 2.0x or
reduce leverage below 4.0x.

Assuming no protracted disruptions in automotive production,
downward pressure on the ratings is not expected during the near
term.  Consideration for a lower outlook or rating could arise
if credit metrics were to deteriorate such that leverage,
measured by Debt/EBITDA, were to exceed 5.0x or if EBIT/Interest
coverage fell to 1.0x on a sustained basis.  The ratings could
also be adversely affected if the company's current sound
liquidity profile were to weaken.

Headquartered in Lake Forest, Illinois, Tenneco Inc. --
http://www.tenneco.com/-- is a leading manufacturer of
automotive ride control and emissions control products and
systems for both the worldwide original equipment market and
aftermarket.  Leading brands include Monroe(R), Rancho(R), and
Fric Rot ride control products and Walker(R) and Gillet emission
control products.

The company has global operations in Argentina, Japan, and
Germany, among others, with its European operations
headquartered in Brussels, Belgium.


TENNECO INC: S&P Rates Proposed US$830-Mln Bank Facilities at BB
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' bank loan
ratings and recovery ratings of '1' to Tenneco Inc.'s proposed
US$830 million bank facilities, indicating expectations for
recovery of 100% of principal in the event of a payment default.

In addition, a recovery rating of '3' was assigned Tenneco's
existing US$475 million 10.25% senior secured notes due July 15,
2013, indicating Standard & Poor's expectation of meaningful
prospects for recovery in the event of a payment default.  The
rating was also raised to 'B+' from 'B'.

Standard & Poor's will withdraw its ratings on Tenneco's
existing bank facilities upon the closing of the proposed bank
facilities.

Tenneco's ratings reflect the company's weak business profile
and highly leveraged, but stable, financial profile.  Tenneco's
credit measures modestly slipped in 2006 amid a difficult
environment in the second half of the year.  The company
benefits from good diversity among its customers, business
platforms, and regions of operation.  However, Tenneco is still
exposed to declining vehicle production by its large customers;
General Motors Corp. and Ford Motor Co.

Headquartered in Lake Forest, Illinois, Tenneco Inc. --
http://www.tenneco.com/-- is a leading manufacturer of
automotive ride control and emissions control products and
systems for both the worldwide original equipment market and
aftermarket.  Leading brands include Monroe(R), Rancho(R), and
Fric Rot ride control products and Walker(R) and Gillet emission
control products.

The company has global operations in Argentina, Japan, and
Germany, among others, with its European operations
headquartered in Brussels, Belgium.


===========
C Y P R U S
===========


BANK OF CYPRUS: Posts EUR299 Million Profit for Year Ended 2006
---------------------------------------------------------------
Bank of Cyprus Public Co. Ltd. released its preliminary
financial results for the year ended Dec. 31, 2006.

The bank posted a EUR299.47 million profit on EUR1.5 billion in
turnover for the year ended Dec. 31, 2006, compared with a
EUR142.35 million profit on EUR1.2 billion in turnover for the
same period in 2005.

At Dec. 31, 2006, the bank has EUR24.48 billion in total assets,
EUR22.91 billion in total liabilities and EUR1.56 billion in
shareholders' equity.

The Board of Directors of Bank of Cyprus approved the audited
consolidated financial statements of the group for the year
ended Dec. 31, 2006.

The final audited financial results do not differ from the
preliminary results.  The summary of the company's financial
results is:

   -- group profit after tax for 2006 reached EUR317 million,
      recording an increase of 153% compared to 2005.  There was
      a significant improvement in all of the Group's
      performance indicators during 2006, with the return on
      equity ratio increasing to 21.7% and the cost to income
      ratio decreasing to 46.7%.  The fast growth rate of the
      Group's business in Cyprus, combined with the cost
      containment program, the very positive course of the
      Group's insurance operations and the continuation of its
      dynamic expansion in Greece contributed to the
      profitability improvement.  It is noted that the Group's
      profits primarily come from core banking and insurance
      operations;

   -- the improvement in the Group's loan portfolio quality
      indicators is exceptional.  Specifically, the ratio of
      non-performing loans to total loans has improved from 9.3%
      at Jan. 1, 2006, to 5.6% at Dec. 31, 2006, thus enabling
      the annual provision charge to decrease to 0.7% of
      total loans; and

   -- the increased Group profitability, led to the decision of
      the Board of Directors of the Bank to propose at the
      Annual General Meeting of its shareholders a dividend of
      EUR0.17 per share.  The total of the proposed dividend and
      the interim dividend of EUR0.12 per share, which was paid
      in December 2006 amounts to EUR0.29 per share compared to
      EUR0.12 paid last year, recording an increase of 143%.

The director's report and the financial statements for 2006 will
be considered at the annual general meeting, which is going to
convened on June 6.  At the same general meeting, the final
proposed dividend will also be considered for approval.

A full-text copy of Bank of Cyprus' annual results is available
at no charge at http://ResearchArchives.com/t/s?1ace

                      About Bank of Cyprus

Headquartered in Nicosia, Cyprus, Bank of Cyprus --
http://www.bankofcyprus.com/-- offers a wide range of financial
products and services, which include banking services in Cyprus,
Greece, United Kingdom, Australia and Channel Islands, finance,
leasing, factoring, brokerage, fund management, general and life
insurance services in Cyprus and Greece, and investment banking
services in Cyprus.

                          *     *     *

As reported in the TCR-Europe on Nov. 10, 2006, Moody's
Investors Service changed to positive from stable the outlooks
for the Baa1 foreign currency long-term deposit rating and D+
financial strength rating assigned to Bank of Cyprus Public
Company Ltd.  Also changed to positive from stable, are the
outlooks for BOC's Baa1 foreign currency senior debt and Baa2
foreign currency subordinated debt ratings.  At the same time,
Moody's affirmed the Prime-2 for both foreign currency short-
term deposits and for commercial paper.


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


ON SEMICONDUCTOR: Dec. 31 Balance Sheet Upside-Down by US$225MM
---------------------------------------------------------------
On Semiconductor Corp. reported net income of US$272.1 million
on total revenues of US$1.532 billion for the year ended
Dec. 31, 2006, compared with net income of US$100.6 million on
total revenues of US$1.261 billion in 2005.

The company's 2006 net income included US$6.9 million in
restructuring, asset impairment and other benefits, while 2005
net income included US$3.3 million in restructuring, asset
impairment and other charges.

The company's gross margin increased by approximately 530 basis
points to 38.5 percent in 2006 from 33.2 percent in 2005.

During the fourth quarter of 2006, the company reported net
income of US$87.4 million on US$401.6 million of total revenues.
Net income for the fourth quarter of 2006 included US$10.2
million in restructuring, asset impairment and other benefits
primarily related to a favorable insurance settlement and gains
on idle real property sales.  Fourth quarter 2006 results also
included approximately US$3 million associated with stock based
compensation expense due to the adoption of FAS 123(R) Share
Based Payment.

"2006 was another strong year for the company," said Keith
Jackson, ON Semiconductor president and CEO.  "For the year, we
achieved the highest gross margin, net income and earnings per
fully diluted share in the company's history and enter 2007 in a
position to continue our strong financial performance."

"During the last quarter of 2006, we successfully executed a
series of financial transactions enabling the company to reduce
the overall cost of its debt and repurchase approximately 12
percent of the company's then outstanding shares of common
stock.  As we enter 2007, we are excited about our financial
prospects for the year which should be fueled by our new product
pipeline and ongoing design wins in the Computing, Digital
Consumer, Automotive and Power Regulation markets."

At Dec. 31, 2006, the company's balance sheet showed
US$1.42 billion in total assets, US$1.62 billion in total
liabilities, US$20.8 million in minority interests in
consolidated subsidiaries resulting in a US$225.4 million total
stockholders' deficit.

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?1ab4

                       About ON Semiconductor

ON Semiconductor Corp. (NASDAQ: ONNN) -- http://www.onsemi.com/
-- supplies power solutions to engineers, purchasing
professionals, distributors and contract manufacturers in the
computer, cell phone, portable devices, automotive and
industrial markets.  The company has operations in Japan and the
Czech Republic.


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


COMPUTER SCIENCES: Files Delinquent Quarterly Reports with SEC
--------------------------------------------------------------
Computer Sciences Corporation is withdrawing its previously
announced consent solicitation with respect to all of its
outstanding:

   -- 3.50% Notes due 2008;
   -- 6.25% Notes due 2009;
   -- 7.375% Notes due 2011; and
   -- 5.00% Notes due 2013.

On Feb. 21, CSC commenced the Consent Solicitation requesting a
one-time waiver through July 9 of any default or event of
default that has arisen prior to the effective date of the
waiver by virtue of CSC's failure to file with the U.S.
Securities and Exchange Commission and furnish to Citibank,
N.A., the Trustee, with respect to the Notes, and holders of the
Notes, certain reports required to be so filed and furnished by
CSC pursuant to the terms of the indentures governing the Notes.

                     Stock Options Probe

On Feb. 28, CSC completed its internal investigation of its
stock option grant practices, which was initiated by CSC's Board
of Directors in response to investigations of CSC's option grant
practices by the SEC and the United States Attorney's Office for
the Eastern District of New York.

Following the completion of this internal investigation, CSC has
transmitted to the SEC, for filing on March 5, CSC's Quarterly
Reports on Form 10-Q for the fiscal quarters ended Sept. 29,
2006, and Dec. 29, 2006, and has also furnished Citibank, N.A.,
as Trustee, copies of such reports, which will cure any default
under the indentures for which the one-time waiver was being
sought pursuant to the Consent Solicitation.  Accordingly, CSC
has elected to withdraw the Consent Solicitation effective
immediately.

On Dec. 8, 2006, CSC received a notice of default from the
Trustee alleging a default under the various indentures
governing the Notes arising from CSC's failure to timely file
the Quarterly Report for the fiscal quarter ended Sept. 29,
2006.

On Dec. 21, 2006, CSC obtained a waiver through March 9, 2007,
from more than a majority of the holders of CSC's outstanding
6.25% Notes with respect to its failure to file the Quarterly
Report for the fiscal quarter ended Sept. 29, 2006.

                           About CSC

Headquartered in El Segundo, California, Computer Sciences
Corporation -- http://www.csc.com/-- is a leading global
information technology (IT) services company.  CSC's mission is
to provide customers in industry and government with solutions
crafted to meet their specific challenges and enable them to
profit from the advanced use of technology.

With approximately 77,000 employees, CSC provides innovative
solutions for customers around the world by applying leading
technologies and CSC's own advanced capabilities. These include
systems design and integration; IT and business process
outsourcing; applications software development; Web and
application hosting; and management consulting.  CSC reported
revenue of US$14.7 billion for the 12 months ended Dec. 29,
2006.  It maintains operations in Thailand, Australia, China,
Czech Republic, Slovakia, Denmark, France, among others.


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


ALLIANCE ONE: Selling US$150 Million of 8.5% Sr. Unsecured Notes
----------------------------------------------------------------
Alliance One International Inc. has agreed to sell US$150
million an aggregate principal amount of unsecured 8.5% senior
notes due 2012.  The senior notes will be sold at 99.507% of
their face amount.

The company intends to use the proceeds of the proposed offering
to repay outstanding borrowings under its existing senior
secured term loans.  The offering of the notes is subject to
certain customary closing conditions.

Based in Morrisville, North Carolina, Alliance One
International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a
leaf tobacco merchant.  The company has worldwide operations in
Argentina, Bangladesh, Brazil, Bulgaria, Canada, China, France,
Philippines, Malaysia, and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 27, 2006,
Moody's Investors Service's confirmed its B2 Corporate Family
Rating for Alliance One International, Inc., and upgraded its B2
rating on the Company's US$300 million senior secured revolver
to B1.  In addition, Moody's assigned an LGD3 rating to notes,
suggesting noteholders will experience a 37% loss in the event
of a default.


LEVEL 3: Majority of Noteholders Agree to Amend Bond Indenture
--------------------------------------------------------------
Level 3 Communications Inc. had accepted tenders and consents
for approximately 73% of the aggregate principal amount
outstanding of the 11% Senior Notes due 2008.

In addition, Level 3 Financing Inc. had accepted tenders and
consents for approximately 96% of the aggregate principal amount
outstanding of its Floating Rate Senior Notes due 2011.

In connection with the tender offer and related consent
solicitation for the 11% Notes, on March 1, Level 3
Communications, Inc., entered into a Supplemental Indenture
amending the Indenture, dated as of Feb. 29, 2000, between Level
3 Communications, Inc., and The Bank of New York, as Trustee,
relating to the 11% Notes.  The 11% Supplemental Indenture
amends the 11% Note Indenture to eliminate substantially all of
the covenants and certain events of default and related
provisions contained in the 11% Note Indenture.

In connection with the tender offer and related consent
solicitation for the Floating Rate Notes, on March 1, Level 3
Financing, Inc. entered into a Supplemental Indenture amending
the Indenture, dated as of March 14, 2006, among Level 3
Financing, as Guarantor, Level 3 Financing, Inc., as Issuer, and
The Bank of New York, as Trustee, relating to the Floating Rate
Notes.  The Floating Rate Supplemental Indenture was entered
into among Level 3 Communications, Inc., Level 3 Financing,
Inc., Level 3 Communications, LLC, Broadwing Financial Services,
Inc. and The Bank of New York, as Trustee.  The Floating Rate
Supplemental Indenture amends the Floating Rate Note Indenture
to:

   (i) eliminate substantially all of the covenants and certain
       events of default and related provisions contained in the
       Floating Rate Indenture and

  (ii) modify the provisions in the Floating Rate Indenture
       providing for satisfaction and discharge and covenant
       defeasance.

The tender offer for the 11% Notes and the tender offer for the
Floating Rate Notes are each scheduled to expire at 12:01 a.m.,
New York City time, on March 15.  Notes tendered in the Tender
Offers after the Consent Time, but prior to the Expiration Date
will not receive a consent payment.  Notes tendered in the
Tender Offers on or prior to the Consent Time may no longer be
withdrawn.  The settlement date for notes tendered in the Tender
Offers on or prior to the Consent Time was March 1.

Copies of each Offer to Purchase and each related Letter of
Transmittal may be obtained from the Information Agent for the
Tender Offers, Global Bondholder Services Corporation, at
(212) 430-3774 and (866) 389-1500 (toll-free).  Merrill Lynch &
Co. is the Dealer Manager for the Tender Offers.  Questions
regarding the tender offer may be directed to Merrill Lynch &
Co. at (888) 654-8637 (toll-free) and (212) 449-4914.

                          About Level 3

Headquartered in Broomfield, Colorado, Level 3 Communications
Inc. (Nasdaq: LVLT) -- http://www.level3.com/-- is an
international communications company.  The company provides a
comprehensive suite of services over its broadband fiber optic
network including Internet Protocol (IP) services, broadband
transport and infrastructure services, colocation services,
voice services and voice over IP services.  In Europe, the
company maintains operations in Belgium, Denmark, France,
Germany, and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 23,
Standard & Poor's Rating Services raised its ratings on
Broomfield, Colorado-based Level 3 Communications Inc. and
wholly owned subsidiary, Level 3 Financing Inc., including the
corporate credit rating, which was raised to 'B-' from 'CCC+'.
The outlook is stable.

As reported in the Troubled Company Reporter on Feb. 14,
Moody's Investors Service assigned a B1 rating to Level 3
Financing Inc.'s new $1 billion term loan and a B3 rating to the
US$1 billion fixed and floating rate notes at Financing.

Moody's affirmed Level 3 Communications, Inc.'s corporate family
rating at Caa1 with a stable outlook, as the pro-forma leverage
is expected to remain in the 8.5x range, as Moody's expects the
company to use the additional liquidity to refinance higher
coupon debt.


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


AHLER GMBH: Claims Registration Period Ends April 4
---------------------------------------------------
Creditors of Ahler GmbH have until April 4 to register their
claims with court-appointed insolvency manager Holger Zbick.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 112 B
         First Floor
         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 contacted at:

         Holger Zbick
         Marktplatz 2/4
         48712 Gescher
         Germany
         Tel: 02542/9178-0
         Fax: +492542917829

The District Court of Muenster opened bankruptcy proceedings
against Ahler GmbH on Feb. 27.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Ahler GmbH
         Attn: Wilhelm Ahler, Manager
         Windmhlenstrasse 15
         48691 Vreden
         Germany


AQUATHERM BADER: Claims Registration Period Ends March 31
---------------------------------------------------------
Creditors of AQUATHERM Bader & Warmetechnik GmbH have until
March 31 to register their claims with court-appointed
insolvency manager Andree Wernicke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         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:

         Andree Wernicke
         c/o Kanzlei Scheidle & Partner
         Grottenau 6
         86150 Augsburg
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against AQUATHERM Bader & Warmetechnik GmbH on Feb. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         AQUATHERM Bader & Warmetechnik GmbH
         Attn: Christinelli Manfred, Manager
         Goegginger Str. 105 a
         86199 Augsburg
         Germany


AUTOHAUS BERGMANN: Claims Registration Period Ends March 28
-----------------------------------------------------------
Creditors of Autohaus Bergmann GmbH have until March 28 to
register their claims with court-appointed insolvency manager
Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Muenster
         Meeting Hall 101 B
         First Floor
         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 contacted at:

         Dr. Stephan Thiemann
         Lublinring 12
         48147 Muenster
         Germany
         Tel: 0251/16283-0
         Fax: +492511628311

The District Court of Muenster opened bankruptcy proceedings
against Autohaus Bergmann GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Autohaus Bergmann GmbH
         Oststrasse 1
         48301 Nottuln
         Germany

         Attn: Erich Jeran, Manager
         Ludwig-Uhland-Strasse 19
         59348 Luedinghausen
         Germany


AUTOHAUS WEBER: Claims Registration Period Ends April 10
--------------------------------------------------------
Creditors of Autohaus Weber & Hoffrichter GmbH & Co. KG have
until April 10 to register their claims with court-appointed
insolvency manager Ulrich Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on May 15, 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 Siegen
         Hall 009
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         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:

         Ulrich Kuehn
         Riehler Str. 26
         50668 Cologne
         Germany
         Tel: (0221) 9726157
         Fax: (0221) 9726227

The District Court of Siegen opened bankruptcy proceedings
against Autohaus Weber & Hoffrichter GmbH & Co. KG on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Autohaus Weber & Hoffrichter GmbH & Co. KG
         Weidenauer Str. 20
         57078 Siegen
         Germany


AUTOMOBILE HOFFMANN: Claims Registration Period Ends April 10
-------------------------------------------------------------
Creditors of Automobile Hoffmann GmbH have until April 10 to
register their claims with court-appointed insolvency manager
Ralf Sinz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on May 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be contacted at:

         Dr. Ralf Sinz
         Zeughausstrasse 28-38
         50667 Cologne
         Germany
         Tel: 921 2223
         Fax: +492219212221

The District Court of Cologne opened bankruptcy proceedings
against Automobile Hoffmann GmbH on Feb. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Automobile Hoffmann GmbH
         Berrenrather Str. 164-168
         50937 Cologne
         Germany

         Attn: Wolfgang Hoffmann, Manager
         Berrenrather Str. 282
         50937 Cologne
         Germany


B + B INTERIEUR: Claims Registration Period Ends March 24
---------------------------------------------------------
Creditors of B + B interieur GmbH have until March 24 to
register their claims with court-appointed insolvency manager
Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be contacted at:

         Dr. Christoph Schulte-Kaubruegger
         Rheinlanddamm 199
         44139 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against B + B interieur GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         B + B interieur GmbH
         Weddepoth 24
         44137 Dortmund
         Germany

         Attn: Kurt Andorff, Manager
         Bordenweg 7
         59069 Hamm
         Germany


BENEDIKT KUHN: Claims Registration Period Ends April 9
------------------------------------------------------
Creditors of Benedikt Kuhn GmbH have until April 9 to register
their claims with court-appointed insolvency manager Friedrich
Elsholz.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.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 Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 3:00 p.m. on May 8, at the same venue.

The insolvency manager can be contacted at:

         Friedrich Elsholz
         Agathaplatz 1
         63739 Aschaffenburg
         Germany
         Tel: 06021/386850
         Fax: 06021/3868555

The District Court of Aschaffenburg opened bankruptcy
proceedings against Benedikt Kuhn GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Benedikt Kuhn GmbH
         Bollenwaldstrasse 111
         63743 Aschaffenburg
         Germany


BERUTEX GMBH: Claims Registration Period Ends April 10
------------------------------------------------------
Creditors of Berutex GmbH & Co. KG have until April 10 to
register their claims with court-appointed insolvency manager
Norbert Weber.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Norbert Weber
         Richmodstr. 6
         50667 Cologne
         Germany
         Tel: 0221-92042-220
         Fax: 004922192042200

The District Court of Cologne opened bankruptcy proceedings
against Berutex GmbH & Co. KG on Feb. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Berutex GmbH & Co. KG
         Hermannsbergstr. 31
         51709 Marienheide
         Germany


BILDERFUERST FOTO: Claims Registration Period Ends April 4
----------------------------------------------------------
Creditors of bilderfuerst foto GmbH sued bilderfuerst digital
have until April 4 to register their claims with court-appointed
insolvency manager Carin Hoesel-Eichinger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on May 2, at which time the insolvency
manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         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:

         Carin Hoesel-Eichinger
         Aussere Sulzbacher Str. 155
         90491 Nuremberg
         Germany
         Tel: 0911/586178-0
         Fax: 0911/586178-20

The District Court of Nuremberg opened bankruptcy proceedings
against bilderfuerst foto GmbH sued bilderfuerst digital on
March 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         bilderfuerst foto GmbH sued bilderfuerst digital
         Breite Gasse 24
         90402 Nuremberg
         Germany


BUCKEYE TECH: Plans to Redeem US$5-Mln of 9-1/4% Senior Notes
-------------------------------------------------------------
Buckeye Technologies Inc. intends to call for redemption
US$5 million in aggregate principal amount of its outstanding
9-1/4% Senior Subordinated Notes due 2008, or about 8% of the
outstanding 2008 Notes, on or about March 30 in accordance with
their terms.

The company said that a formal notice of redemption will be
sent separately to the affected holders of the 2008 Notes, in
accordance with the terms of the indenture for the 2008 Notes.

                   About Buckeye Technologies

Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
(NYSE:BKI) -- http://www.bkitech.com/-- manufactures and
markets specialty fibers and nonwoven materials.  The company
currently operates facilities in the United States, Germany,
Canada, and Brazil.  Its products are sold worldwide to makers
of consumer and industrial goods.

                           *     *     *

The company carries Standard & Poor's BB- Corporate Credit
Rating and Moody's Investors Service's B2 Corporate Family
Rating.


BWS - TELEMATIK: Claims Registration Ends April 5
-------------------------------------------------
Creditors of bws - Telematik, Berufliche Weiterbildung & Sozial-
Service GmbH have until April 5 to register their claims with
court-appointed insolvency manager Dr. Werner Poehlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:15 p.m. on May 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 Ansbach
         Meeting Room 3
         Promenade 3
         91522 Ansbach
         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. Werner Poehlmann
         Aussere Sulzbacher Str. 118
         90491 Nuernberg
         Germany
         Tel: 0911/59 89 00
         Tel: 0911/59 89 011

The District Court of Ansbach opened bankruptcy proceedings
against bws - Telematik, Berufliche Weiterbildung & Sozial-
Service GmbH on March 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         bws - Telematik, Berufliche Weiterbildung & Sozial-
         Service GmbH
         Bahnhofplatz 7-9
         91522 Ansbach
         Germany


CREV GMBH: Claims Registration Ends April 4
-------------------------------------------
Creditors of CREV GmbH have until April 4 to register their
claims with court-appointed insolvency manager Constance
Friedlein.

Creditors and other interested parties are encouraged to attend
the meeting at 12:55 p.m. on May 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 Hof
         Meeting Room 012
         Ground Floor
         Berliner Place 1
         95030 Hof
         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:

         Constance Friedlein
         Rathenaustr. 7
         95444 Bayreuth
         Germany
         Tel: 0921/759330
         Fax: 0921/7593350

The District Court of Hof opened bankruptcy proceedings against
CREV GmbH on March 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         CREV GmbH
         Plauener Str. 123
         95028 Hof
         Germany


DAIMLERCHRYSLER AG: Mulls Possible Sale of Chrysler Finance Arm
---------------------------------------------------------------
DaimlerChrysler AG is leaving all options open for Chrysler
Group, including a possible sale of its Chrysler Financial auto
loan and leasing unit, according to published reports.

If the company decides to divest its loss-making U.S. unit,
DaimlerChrysler CEO Dieter Zetsche said "we have the option to
do the same with the financial arm, or not," Bloomberg relates.

Speculations of a possible sale or spin-off arose after Mr.
Zetsche announced on Feb. 14 that his company is keeping all
options open for Chrysler, a report carried by The New York
Times says.

"Chrysler must follow the same turnaround path as Ford and
[General Motors], whether they are part of Daimler or owned by
someone else," Pete Hastings, a fixed-income analyst at Morgan
Keegan & Co., told Bloomberg News.

General Motors Corp. last year sold a 51% stake in its General
Motors Acceptance Corp. finance unit to a consortium of
investors led by Cerberus FIM Investors LLC and including wholly
owned subsidiaries of Citigroup Inc., Aozora Bank Ltd., and The
PNC Financial Services Group Inc.  The sale carries a US$7.4
billion purchase price, a US$2.7 billion cash dividend from
GMAC, and other transaction related cash flows including the
monetization of certain retained assets.  GM and the Cerberus-
led consortium invested US$1.9 billion of cash in preferred
equity in GMAC -- US$1.4 billion by GM and US$500 million by the
consortium.

Ford, on the other hand, said it doesn't plan to sell part of
its Ford Motor Credit finance unit, Bloomberg relates.

Chrysler Group earlier posted an operating loss of EUR1.12
billion in 2006, compared with an operating profit of EUR1.53
million in 2005.  Its 2006 revenues of EUR47.1 billion were
significantly lower than its EUR50.1 billion revenues in 2005.
The company blamed lower volumes and a weaker U.S. dollar on
average for the deteriorating operating results.

                       About DaimlerChrysler

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

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

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

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


DAIMLERCHRYSLER AG: Blackstone Leads Bidding Race for U.S. Arm
--------------------------------------------------------------
Blackstone Group is the leading contender to buy DaimlerChrysler
AG's Chrysler Group, Reuters reports citing The Detroit News as
its source.

According to the report, the private equity firm is moving
forward with a detailed analysis of Chrysler's finances and
operations with an eye toward making a formal bid.

Other possible buyers to the German automaker's troubled U.S.
unit include Cerberus Capital Management, Reuters said, quoting
The Detroit News.

Reuters relates that two sources close to the sales said last
week that a detailed sales prospectus for Chrysler Group bidders
should be completed soon, the first step toward a potential sale
that would unwind the 1998 merger that created DaimlerChrysler.

Private equity firms are expected to be among the potential
bidders for Chrysler that would consider the automaker's sale-
related documents, the sources told Reuters.

                       Lower February Sales

As reported in the Troubled Company Reporter-Europe on March 2,
DaimlerChrysler AG's Chrysler Group reported sales for February
2007 of 174,506 units; down 8% compared with February 2006 with
190,367 units.  All sales figures are reported unadjusted.

"In a generally soft market environment in February, the
Chrysler Group had good traffic and solid customer interest
especially for our newly launched, fuel efficient models like
the Dodge Avenger, Dodge Caliber, and Jeep(R) Compass.  Also,
the Jeep Wrangler had its best February ever," Chrysler Group
Vice President for Sales and Field Operations Steven Landry
said.

The Dodge Avenger posted sales of 5,205 units.  The vehicle is
one of the Chrysler Group's five new models that achieve 30
miles per gallon or better in highway driving.

Jeep Wrangler and Wrangler Unlimited continued to post strong
sales in February with 9,240 units, a rise of 63% over February
2006 sales of 5,673 units.  February 2007 marks the best month
of February in the history of the Jeep Wrangler.

Sales of the Jeep Compass increased 3% over the previous month
with 4,071 units compared with 3,965 units in January 2007.

The Dodge Caliber finished February with sales of 9,900 units,
an increase of 14% compared with last month with 8,672 units.

Dodge Ram pickup sales continued to increase after an already
strong January and posted sales of 28,633 units, up by 17% over
the previous month with 24,379 units.

"Building on the sales momentum of the Dodge Ram in the first
two months of 2007, March will be the Chrysler Group's 'National
Truck Month.'

"Our marketing approach will primarily focus on our biggest
volume model, the Dodge Ram, and tie it with the value of one of
our most successful product features, the legendary HEMI(R)
engine," Chrysler Group Vice President for Sales and Dealer
Operations Michael Manley said.

"Customers have the opportunity to get a no-extra-charge HEMI
engine upgrade for the Dodge Ram 1500 as well as the Dodge
Durango.  We are confident that 'National Truck Month' will
resonate well with our customers."

Chrysler Group finished the month with 492,230 units of
inventory, or a 68-day supply.  Inventory is down by 8% compared
with February 2006 when it was at 532,534 units.

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

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

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

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


DAIMLERCHRYSLER AG: Will Develop Hybrid Drive System with BMW
-------------------------------------------------------------
DaimlerChrysler AG and the BMW Group will develop as equal
partners an innovative hybrid module for rear-wheel-drive
premium segment cars in an expansion of their previous
collaboration in the field of hybrid drive systems.

Both carmakers plan to commercialize the new module within the
next three years.  This collaboration will allow the two
companies to share their extensive know-how and to achieve
increased efficiency through economies of scale.

The decision to jointly develop hybrid drive components will
allow DaimlerChrysler and BMW to extend their range of
innovative drive systems for rear-wheel-drive premium segment
cars.

Both manufacturers will benefit from the pooling of development
capacity, which will make for faster commercialization, and from
improved cost efficiencies due to higher unit volumes.

The components will be individually adapted by the two companies
to the different character of the two brands.

"Cooperation in the field of innovative drive systems makes good
sense not only from a technical but also from an economic
standpoint," emphasized Dr. Thomas Weber, member of
DaimlerChrysler's Board of Management responsible for Group
Research and Mercedes Car Group Development.

"It will help to strengthen the competitiveness of two German
manufacturers whose requirements in the premium segment are very
similar.  This is a segment where rapid commercialization of
drive technologies offering high efficiency, performance, and
comfort is particularly important."

"This collaboration will allow us to broaden our technological
base in the area of future hybrid drive systems for the premium
class and will allow the two companies to pool their innovative
resources," said Dr. Klaus Draeger, member of BMW's Board of
Management responsible for Development and Purchasing.

"The distinct identities of the different brands will not be
affected, since the relevant technologies will be tailored to
fit the specific character of the different vehicles."

Both technically and geographically, the core development work
on the proposed hybrid module, which will be of the mild hybrid
type, will take place in Germany, at the relevant engine and
drive-train development sites.

A common project framework will ensure close integration of the
development teams and will harness the combined knowledge base
of both manufacturers.

Synchronized development procedures, joint testing, and state-
of-the-art quality assurance and development methods will assist
the efficient implementation of the project.

This new collaboration between BMW and DaimlerChrysler extends
the existing cooperation at the Hybrid Development Center in
Troy, USA, which began in 2005.

Both companies are rapidly expanding their portfolio of
alternative drive technologies and rounding out their range of
hybrid drive components.

                      About DaimlerChrysler

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

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

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

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


DENTAL-LABOR WOLFGANG: Claims Registration Ends March 23
--------------------------------------------------------
Creditors of Dental-Labor Wolfgang Becker GmbH have until
March 23 to register their claims with court-appointed
insolvency manager Jutta Ruedlin.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.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 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:

         Jutta Ruedlin
         Markt 4
         34212 Melsungen
         Tel: 05661 926280
         Fax: 05661 9262820
         E-mail: melsungen@Henningsmeier.de

The District Court of Kassel opened bankruptcy proceedings
against Dental-Labor Wolfgang Becker GmbH on Feb. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Dental-Labor Wolfgang Becker GmbH
         Pfalzstr. 9
         34260 Kaufungen
         Germany


DUERR AG: Ralph Heuwing Replaces Martin Hollenhorst as CFO
----------------------------------------------------------
The Presidium of Duerr AG's supervisory board proposed the
appointment of Ralph Heuwing as a full member of the board of
management effective May 14, 2007.  Mr. Heuwing will take over
the responsibilities of Martin Hollenhorst as chief financial
officer.

Mr. Hollenhorst gave notice that he did not wish to renew his
contract of employment, which expires in April 2008.  The
Presidium proposed to the supervisory board to prematurely
dissolve Mr. Hollenhorst's contract of employment by mutual
agreement.

Mr. Hollenhorst will take part of the company's annual general
meeting on May 18, and leave the company on May 21.

The presidium of Duerr AG's supervisory board thanked Mr.
Hollenhorst for his successful work on behalf of Duerr and
wished him the best for the future.

Mr. Heuwing is partner and managing director at Boston
Consulting Group, where he has been working since 1990, lately
as a member of the management team for Germany, Austria and
Greece.  He has experience in strategy, organization and
efficiency enhancement not only in mechanical and plant
engineering but also in the banking sector.

                         About Duerr AG

Headquartered in Stuttgart, Germany, Duerr AG --
http://www.durr.com/en-- supplies products, systems, and
services for automobile manufacturing.   Its range of products
and services covers important stages of vehicle production.   As
a systems supplier, Duerr plans and builds complete paint shops
and final assembly facilities.   It also delivers cleaning and
filtration systems for the manufacture of engine and
transmission components as well as balancing systems.

                        *     *     *

As of Feb. 20, Duerr AG carries these ratings:

Moody's:

   -- Long-term Corporate Family: B2
   -- Senior Subordinated Debt: Caa1
   -- Outlook: Negative

Standard & Poor's

   -- Long-Term Foreign Issuer Credit: B
   -- Long-Term Local Issuer Credit: B
   -- Outlook: Stable


EMIL W. MEYER: Claims Registration Period Ends April 13
-------------------------------------------------------
Creditors of Emil W. Meyer GmbH have until April 13 to register
their claims with court-appointed insolvency manager Reinhard
Titz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on May 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Reinhard Titz
         Speersort 4/6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Emil W. Meyer GmbH on Feb. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Emil W. Meyer GmbH
         Bessemerweg 6 a
         22761 Hamburg
         Germany

         Attn: Lutz Meyer-Grimm, Manager
         Oelsnerring 145
         22609 Hamburg
         Germany


FLORA-DAS GARTENZENTRUM: Claims Registration Period Ends April 5
----------------------------------------------------------------
Creditors of FLORA - DAS Gartenzentrum GmbH have until April 5
to register their claims with court-appointed insolvency manager
Dr. Peer Moeller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 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 Luebeck
         Hall 256
         Am Burgfeld 7
         23568 Luebeck
         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. Peer Moeller
         Untere Querstr. 1
         23730 Neustadt
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against FLORA - DAS Gartenzentrum GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FLORA - DAS Gartenzentrum GmbH
         Grootkoppel 6
         23566 Luebeck
         Germany


FRUCHTGROSSHANDEL GNOYKE: Claims Registration Ends April 5
----------------------------------------------------------
Creditors of Fruchtgrosshandel Gnoyke GmbH have until April 5 to
register their claims with court-appointed insolvency manager
Thorsten Schnoor.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 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 Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Thorsten Schnoor
         Wendenstrasse 4
         20097 Hamburg
         Germany

The District Court of Rostock opened bankruptcy proceedings
against Fruchtgrosshandel Gnoyke GmbH on March 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Fruchtgrosshandel Gnoyke GmbH
         Attn: Angelika Lehmann and Peter Jark, Managers
         Hanseatenstrasse 5
         18146 Rostock
         Germany


HAIR FACTORY: Claims Registration Ends April 4
----------------------------------------------
Creditors of HAIR FACTORY GmbH have until April 4 to register
their claims with court-appointed insolvency manager Dr. Kai
Christian Uhr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 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 Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         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. Kai Christian Uhr
         Aeussere Sulz-bacher Str. 118
         90491 Nuremberg
         Germany
         Tel: 0911/59890-0
         Fax: 0911/59890-11

The District Court of Nuremberg opened bankruptcy proceedings
against HAIR FACTORY GmbH on March 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         HAIR FACTORY GmbH
         Allersberger Strasse 61
         90461 Nuremberg
         Germany

         Attn: Erol Polat, Manager
         Gu-gelstrasse 110
         90459 Nuremberg
         Germany


HAUS & BODEN: Claims Registration Period Ends April 4
-----------------------------------------------------
Creditors of Haus & Boden Massivhaus GmbH have until April 4 to
register their claims with court-appointed insolvency manager
Stefan Oppermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on May 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 Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         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. Stefan Oppermann
         Aussere Sulzbacher Str. 118
         90491 Nuremberg
         Germany
         Tel: 0911/59890-0
         Fax: 0911/59890-11

The District Court of Nuremberg opened bankruptcy proceedings
against Haus & Boden Massivhaus GmbH on March 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Haus & Boden Massivhaus GmbH
         Attn: Joachim Helmut Leib, Manager
         Schulstr. 7
         90584 Allersberg
         Germany


HERZBERG & THOM: Claims Registration Ends March 29
--------------------------------------------------
Creditors of Herzberg & Thom GmbH have until March 29 to
register their claims with court-appointed insolvency manager
Joerg Sievers.

Creditors and other interested parties are encouraged to attend
the meeting on May 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 Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund
         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:

         Joerg Sievers
         Robert-Blum-Str. 1
         17489 Greifswald
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Herzberg & Thom GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Herzberg & Thom GmbH
         Attn: Harry Thom and Hermann Herzberg, Managers
         Stralsunder-Str. 25-30
         17489 Greifswald
         Germany


HOME & TREND: Claims Registration Ends April 5
----------------------------------------------
Creditors of Home & Trend Vermietungsgesellschaft mbH have until
April 5 to register their claims with court-appointed insolvency
manager Marcus Janca.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 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 Luebeck
         Hall E3
         Am Burgfeld 7
         23568 Luebeck
         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:

         Marcus Janca
         Untere Querstr. 1
         23730 Neustadt/H
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against Home & Trend Vermietungsgesellschaft mbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Home & Trend Vermietungsgesellschaft mbH
         Attn: Herrn Sven Reuter, Manager
         Grootkoppel 4-6
         23566 Luebeck
         Germany


HONNEN MALEREI: Claims Registration Ends April 5
------------------------------------------------
Creditors of Honnen Malerei GmbH have until April 5 to register
their claims with court-appointed insolvency manager Wilhelm
Klaas.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         Germany

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

The insolvency manager can be reached at:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld
         Germany
         Tel: 02151/80580
         Fax: 02151/805858

The District Court of Kleve opened bankruptcy proceedings
against Honnen Malerei GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Honnen Malerei GmbH
         Loeweg 3
         47669 Wachtendonk
         Germany

         Attn: Monika Honnen, Manager
         Ossietzky-Str. 12
         47906 Kempen
         Germany


INGENIEURGESELLSCHAFT ALBRECHT: Claims Registration Ends Mar. 22
----------------------------------------------------------------
Creditors of Ingenieurgesellschaft Albrecht. Doblies mbH have
until March 22 to register their claims with court-appointed
insolvency manager Frank Imberger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         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 Imberger
         Huestrasse 34
         44787 Bochum
         Germany

The District Court of Bochum opened bankruptcy proceedings
against Ingenieurgesellschaft Albrecht. Doblies mbH on Feb. 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ingenieurgesellschaft Albrecht. Doblies mbH
         Karlstr. 48
         80333 Munich
         Germany

         Attn: Dieter Blaurock, Liquidator
         Farnstr. 46
         44789 Bochum
         Germany


INSTA-SERVICE INSTALLATION: Claims Registration Ends April 2
------------------------------------------------------------
Creditors of Insta-Service Installation & Heizungsbau GmbH have
until April 2 to register their claims with court-appointed
insolvency manager Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on May 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 Duisburg
         Hall C315
         Third 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:

         Dr. Frank Kebekus
         Carl-Theodor-Str. 1
         40213 Duesseldorf
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Insta-Service Installation & Heizungsbau GmbH on
March 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Insta-Service Installation & Heizungsbau GmbH
         Wittekindstr. 41
         47051 Duisburg
         Germany

         Attn: Angelika Rausch, Manager
         Duesseldorfer Str. 275
         47053 Duisburg
         Germany


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


AES CORP: Appoints Andres Gluski as Chief Operating Officer
-----------------------------------------------------------
The AES Corporation appointed Andres Gluski as executive vice
president and chief operating officer, a move that will enable
the company to maintain its focus on operational excellence as
it continues to pursue new growth opportunities.

Dr. Gluski will oversee AES's generation and distribution
businesses in its four geographic regions as well as human
resources, safety and environment, information technology,
engineering and construction, insurance and strategic sourcing.
He continues to report to AES President and Chief Executive
Officer Paul Hanrahan.

Dr. Gluski, who joined AES in 2000, most recently was an AES
executive vice president and president of AES Latin America.
Previously, he held business leadership positions in Chile and
Venezuela.  Prior to AES, Dr. Gluski worked in executive
positions in multilateral and financial institutions and in
private utilities.  He earned a PhD in Economics from the
University of Virginia, an MA in Economics from the University
of Virginia and a BA from Wake Forest University, where he
graduated Phi Beta Kappa.

"As we continue to grow our company into new areas, it is
critical that we maintain our focus on our existing operating
businesses," Mr. Hanrahan said.  "Andres has played a key role
in AES's overall success and in Latin America in particular.  He
led our growth initiatives in key markets, including Chile and
Panama, and completed the restructuring and refinancing of our
Latin American businesses.  Andres has the broad experience
needed to help us achieve the company's long-term goals in the
new position of Chief Operating Officer."

                            About AES

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

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

                        *     *     *

As reported in the TCR-Europe on Oct. 23, 2006, Moody's
Investors Service affirmed its B1 Corporate Family Rating for
AES Corp. in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on the company's loans
and bond debt obligations including the B1 rating on its senior
unsecured notes 7.75% due 2014, which was also given an LGD4
loss-given default rating, suggesting note holders will
experience a 55% loss in the event of a default.


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


GAP INC: Earns US$219 Million for Period Ended February 3
---------------------------------------------------------
Gap Inc. earned US$219 million on net revenues of US$4.9 billion
for the 14 weeks ended Feb. 3, compared to net income of
US$337 million on US$4.8 billion of net revenues for the 13
weeks ended Jan. 28, 2006.

The company also earned US$778 million on US$15.9 billion of net
revenues for the 53 weeks ended Feb. 3, compared to a net income
of US$1.1 billion on net revenues of US$16 billion for the 52
weeks ended Jan. 28, 2006.

The company noted that fiscal year 2006 had 53 weeks versus 52
weeks in fiscal 2005.

"We were not satisfied with our 2006 results and are taking
action," said Bob Fisher, interim president and chief executive
officer of Gap Inc.  "In 2007, we are focusing on three
priorities: fixing our core business by creating the right
product and outstanding store experiences; retaining and
developing the best talent in the industry; and examining our
organizational structure to ensure that we enable our brands to
make decisions and effect change more efficiently.  I am
confident that we are taking the necessary actions to revitalize
our brands."

Since Jan. 2007, the company has taken the following actions:

   * Leadership changes.  The company's board of directors
     announced a change in the chief executive officer position.
     Mr. Fisher, the company's current non-employee chairman of
     the board of directors, stepped in to serve as interim
     president and chief executive officer.  The company is in
     the final stages of selecting a search firm for a permanent
     chief executive officer.  In addition, the company
     announced Marka Hansen, former president of Banana
     Republic, as the new president of Gap Brand and Michael
     Cape as the new executive vice president of marketing for
     Old Navy.

   * Conversion of Old Navy's Outlet stores into Old Navy
     stores.  In order to drive improved returns and leverage
     its existing retail channel, the company made the decision
     in February to convert its 45 Old Navy Outlet stores into
     stand-alone Old Navy stores.  The company expects the
     conversion to be completed by October 2007.

   * Closure of distribution facility.  As part of the company's
     on-going assessment of its network capacity, it made the
     decision in February to close a distribution facility in
     Hebron, Kentucky.

   * Closure of Forth & Towne.  After thorough analysis revealed
     that the concept was not demonstrating enough potential to
     deliver acceptable long-term return on investment, the
     company announced on Feb. 26 that it would close Forth
     & Towne.  The company plans to close all 19 stores by the
     end of June 2007.

Net sales for the 14 weeks ended Feb. 3 rose 2% to US$4.9
billion, compared with US$4.8 billion for the 13 weeks ended
Jan. 28, 2006.  Comparable store sales for the 13 weeks ended
Jan. 27, decreased 7%, compared with a decrease of 6% for the
fourth quarter of the prior year.

Net sales for the 53 weeks ended Feb. 3 were US$15.9 billion.
Net sales were US$16 billion for the 52 weeks ended Jan. 28,
2006. Comparable store sales for the 52 weeks ended Jan. 27
decreased 7%, compared with a decrease of 5% in the prior year.
The company's online sales for the 53 weeks ended Feb. 3
increased 23 percent compared with the 52 weeks ended
Jan. 28, 2006.

                         About Gap Inc.

Headquartered in San Francisco, California, Gap Inc. (NYSE: GPS)
-- http://www.gapinc.com/-- is an international specialty
retailer offering clothing, accessories and personal care
products for men, women, children and babies under the Gap,
Banana Republic, Old Navy, Forth & Towne and Piperlime brand
names.  Gap Inc. operates more than 3,100 stores in the United
States, the United Kingdom, Canada, France, Ireland and Japan.
In addition, Gap Inc. is expanding its international presence
with franchise agreements for Gap and Banana Republic in
Southeast Asia and the Middle East.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 7, 2007,
Moody's Investors Service downgraded Gap Inc. senior unsecured
notes to Ba1 and assigned a corporate family rating of Ba1 and
speculative grade liquidity rating of SGL-1.  The rating outlook
is stable.


RMF EURO: Moody's Rates EUR17.1-Mln Deferrable Notes at (P)Ba3
--------------------------------------------------------------
Moody's assigned provisional credit ratings to five classes of
notes and a Revolving Facility to be issued by RMF Euro CDO V
PLC, an Irish special purpose company.  The ratings are as
follows:

    -- EUR275-million Class I Senior Secured Floating Rate
       Notes, due 2023:(P)Aaa;

    -- EUR110-million Revolving Facility, due 2023: (P)Aaa;

    -- EUR48.9-million Class II Senior Secured Floating Rate
       Notes due 2023: (P)Aa2;

    -- EUR20.8-million Class III Deferrable Mezzanine Floating
       Rate Notes, due 2023: (P)A2;

    -- EUR33-million Class IV Deferrable Mezzanine Floating Rate
       Notes, due 2023: (P)Baa3;

    -- EUR17.1-million Class V Deferrable Mezzanine Floating
       Rate Notes, due 2023: (P)Ba3; and

    -- EUR53.8-million Subordinated Notes, due 2023 are expected
       to be issued but will not be rated by Moody's.

The provisional ratings address the expected loss posed to
investors by the legal final maturity in 2023.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks, such as those associated with the timing
of principal prepayments and other market risks, have not been
addressed and may have a significant effect on yield to
investors.

These provisional ratings are based upon:

   1. An assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   2. The protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   3. The over-collateralization of the Notes and the Revolving
      Facility;

   4. The analysis of the foreign currency risk involved in the
      transaction; and the proposed interest rate swap
      transactions, which substantially mitigate the risk to the
      Issuer from the potential fixed/floating interest mismatch
      between the collateral portfolio and the Notes/Revolving
      Facility;

   5. The expertise of Pemba Credit Advisers as a collateral
      manager; and

   6. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of approximately EUR550-
million, comprised primarily of European senior and mezzanine
loans and high yield bonds.  This portfolio is dynamically
managed by Pemba Credit Advisers.  Pemba Credit Advisers team
was formerly part of RMF Investment Management, which is a
wholly owned indirect subsidiary of Man Group plc.

This portfolio will be partially acquired on the closing date
and partially during the 9 months ramp-up period in compliance
with portfolio guidelines.  Thereafter, the portfolio of loans
will be actively managed and the portfolio manager will have the
option to buy or sell assets in the portfolio.  Any addition or
removal of assets will be subject to a number of portfolio
criteria.

This transaction features a multi-currency Revolving Facility
that ranks together with the Class I Notes.  It can be drawn in
Euros and also Sterling, US Dollars, Canadian Dollars, Danish
Krone, Norwegian Krone, Swedish Krone and Swiss Francs.  Non-
Euro denominated advances will be used to purchase loans
denominated in the same Non-Euro currency.  Should such Non-Euro
denominated assets default, Non-Euro advances would not be fully
collateralised by Non-Euro denominated assets and therefore Euro
proceeds may need to be converted into the relevant Non-Euro
currency in order to redeem Non-Euro advances, thus creating a
foreign exchange risk exposure that is partially mitigated by
the use of options. This currency risk has been considered in
Moody's analysis.

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions.  Upon a conclusive review
of the transaction and associated documentation, Moody's will
endeavour to assign definitive ratings.  A definitive rating (if
any) may differ from a provisional rating.

The transaction is arranged by BNP Paribas.


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


AMM-CONCERN LLP: Creditors Must File Claims by April 13
-------------------------------------------------------
LLP Amm-Concern has declared insolvency.  Creditors have until
April 13 to submit written proofs of claim to:

         LLP Amm-Concern
         Bogenbai baatyr Str. 156a
         Almaty
         Kazakhstan


ANIPRA HOLDING: Creditors' Claims Due April 6
---------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Anipra Holding Ltd insolvent.

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

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


BASTAU TM: Proof of Claim Deadline Slated for April 13
------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Bastau Tm insolvent.

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

         Tax Committee on South Kazakhstan Region
         Shymkent
         South Kazakhstan Region
         Kazakhstan


COMPUTER SYSTEMS: Claims Registration Ends April 13
---------------------------------------------------
LLP Company Computer Systems has declared insolvency.  Creditors
have until April 13 to submit written proofs of claim to:

         LLP Company Computer Systems
         Ospanov Str. 152-15
         Almaty
         Kazakhstan


KAMKOR-DOS SSIKO: Claims Filing Period Ends April 13
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kamkor-Dos Ssiko insolvent.

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

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


LAGUNA LLP: Creditors Must File Claims by April 6
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Laguna insolvent.

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

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


NASH DOM: Creditors' Claims Due April 13
----------------------------------------
LLP Construction Company Nash Dom has declared insolvency.
Creditors have until April 13 to submit written proofs of claim
to:

         LLP Construction Company Nash Dom
         Factory DVP
         Novaya Gavan ave. 6
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan


TOLEP-BI ATA: Proof of Claim Deadline Slated for April 13
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Tolep-Bi Ata insolvent.

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

         Tax Committee on South Kazakhstan Region
         Shymkent
         South Kazakhstan Region
         Kazakhstan


ULYTAU LLP: Claims Registration Ends April 13
---------------------------------------------
LLP Construction-Trade Centre Ulytau has declared insolvency.
Creditors have until April 13 to submit written proofs of claim
to:

         LLP Construction-Trade Centre Ulytau
         Brusilovsky Str. 72/1
         Almaty District
         Astana
         Kazakhstan


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


HOTEL KG: Claims Filing Period Ends April 13
--------------------------------------------
LLC Hotel KG has declared insolvency.  Creditors have until
April 13 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 68-14-45.


MACK FOOD: Creditors Must File Claims by April 13
-------------------------------------------------
LLC Mack Food has declared insolvency.  Creditors have until
April 13 to submit written proofs of claim to:

         LLC Mack Food
         Chuikov Str. 82-16
         Bishkek, Kyrgyzstan


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


NORTEL NETWORKS: DBRS Says Restatements Won't Affect Low Ratings
----------------------------------------------------------------
Dominion Bond Rating Service notes that Nortel Networks
Corporation accounting restatements will not have an immediate
impact on its B (low) long-term ratings.

DBRS recognizes the size of the accounting restatements are not
material and are all non-cash in nature.

In addition, the company expects to have its 2006 10K filed by
the required Mar. 16 deadline.  However, DBRS has become more
concerned regarding Nortel's financial reporting mechanisms.
Although the company has publicly indicated that the probability
of further accounting restatements have likely become "slimmer,"
the probability of last minute restatement could still exist
until the substantial implementation of its new financial
control reporting system which is not expected to occur until
the second half of 2007.

DBRS acknowledges that management has made progress on the
previously identified five major internal control weaknesses
outlined in its 2005 10K filing.  However, it is still somewhat
disconcerting that internal control breaches, even minor ones,
have led to increased uncertainty about financial reporting.

DBRS will now more closely monitor the change in auditors at
Nortel as well as the departure of the current CFO, both of
which are occurring during what now appears to be a time of
somewhat heightened uncertainty, especially relating to
confidence in accurate and timely financial reporting from
Nortel.  If the filing of accurate financial statements, along
with a clear succession path of the company's financial unit is
not properly addressed in the near-term, DBRS reserves the right
to take negative rating action based solely on these issues,
regardless of the financial performance of the Company.

DBRS notes that based on current unaudited figures, Nortel's
business performance appears acceptable for its current ratings,
which is also supported by the Company facing no substantial
near-term maturities, a substantial cash balance estimated by
management at US$3.5 billion, along with the expectation of
continued support from Export Development Canada though its
US$750 million support facility.  DBRS estimates that Nortel has
approximately US$4.5 billion in gross debt outstanding.

Notwithstanding, DBRS believes that Nortel needs to put its
internal control issues behind it as the communication equipment
vendor market continues to undergo a structural shift as a
result of competitors merging to create greater economies of
scale, while new entrants from emerging markets continue to
price aggressively, taking market share away from more
established vendors such as Nortel.


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


ITRON INC: Completes Private Placement of 4,086,958 Shares
----------------------------------------------------------
Itron Inc. has completed the private placement of 4,086,958
shares of its common stock to ten institutional investors.

As reported, the company issued 4,086,958 million shares of its
common stock, no par value, to certain institutional investors
pursuant to a securities purchase agreement dated Feb. 25, 2007,
for an aggregate purchase price of US$235.0 million, or US$57.50
per share, which represents a 5% discount from the five-day
average share closing price during the week of Feb. 12 of
US$60.52. Net proceeds were US$225.3 million.

                        About Itron

Itron Inc. (NASDAQ: ITRI) -- http://www.itron.com/-- is a
technology provider and critical source of knowledge to the
global energy and water industries.  Nearly 3,000 utilities
worldwide rely on Itron technology to provide the knowledge they
require to optimize the delivery and use of energy and water.
Itron creates value for its clients by providing industry-
leading solutions for electricity metering; meter data
collection; energy information management; demand response; load
forecasting, analysis and consulting services; distribution
system design and optimization; web-based workforce automation;
and enterprise and residential energy management.  Effective
April 2006, Itron has acquired Brazil's ELO Tecnologia.  The
company maintains operations in Canada, Qatar, Mexico, Taiwan,
France and Australia, The Netherlands, and The United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter on Mar. 2, 2007,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB-' corporate credit rating, on Itron Inc. on CreditWatch
with negative implications.


ITRON INC: Earns US$33.8 Million in Year Ended December 31
--------------------------------------------------------
Itron Inc. reported net earnings of US$33.8 million on total
revenues of US$644 million for the year ended Dec. 31, 2006,
compared with net earnings of US$33.1 million on total revenues
of US$552.7 million a year ago.

Sales revenues increased US$90.7 million in 2006, compared with
2005, as a result of increased sales of electricity meters,
automated meter reading gas modules and installation services.

Service revenues, consisting of post-sale maintenance support
and outsourcing revenues, increased slightly in 2006, compared
with 2005.

One customer, Progress Energy, represented 16% of total revenues
for the year ended Dec. 31, 2006.  No single customer
represented more than 10% of total revenues for 2005.

Sales gross margin was US$244.8 million in 2006, compared to
US$211.8 million in 2005.  As a percentage of revenue, this was
slightly lower compared with 2005, due to a shift in product
mix, including a higher portion of installation services.
Service gross margin was US$22.7 million in 2006, compared with
US$21.8 million in 2005.

Operating expenses increased to US$205.7 million in 2006, from
US$187.4 million in 2005.  The increase in total operating
expenses is mainly due to approximately US$8.3 million
associated with the company's adoption of SFAS 123(R), which
requires expensing of stock-based compensation, and the US$11.7
million increase in product development expenses, mainly due to
the development of the company's advanced metering
infrastructure (AMI) solution.

Total other expense was US$9.5 million in 2006, compared to
US$18.7 million in 2005.  The decrease in other expense was
mainly due to the increase in interest income to US$9.5 million
in 2006, from interest income of US$302,000 in 2005.

The company recorded income tax expenses of US$18.5 million in
2006, compared with an income tax benefit of US$5.5 million in
2005.  The 2005 actual income tax rate was a benefit of 20%,
which was lower than the statutory tax rate due to the benefit
of research credits and the completion of a research credit
study for the years 1997 through 2004, in which the company
recognized a US$5.9 million net tax credit as an offset to the
provision for income taxes.

In addition, as part of a reorganization of the company's legal
entities for operational efficiencies, the company recognized
US$8 million in deferred tax assets from prior years that had
been fully reserved, associated primarily with certain foreign
operations.

At Dec. 31, 2006, the company's balance sheet showed
US$988.5 million in total assets, US$597.5 million in total
liabilities, and US$391 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?1ab6

                     Cash and Cash Equivalents

At Dec. 31, 2006, the company had US$361,405 in cash and cash
equivalents, compared to US$33,638 at Dec. 31, 2005.  The
increase in cash and cash equivalents during 2006 resulted from
US$345 million of convertible notes issued in August 2006, the
proceeds of which were placed in cash equivalents and short-term
investments with the intent to invest in complementary
businesses, products or technologies.

                          About Itron Inc.

Itron Inc. (NASDAQ: ITRI) -- http://www.itron.com/-- provides
solutions to electric, gas and water utilities worldwide to
enable them to optimize the delivery and use of energy and
water.  Solutions include electric meters, handheld computers,
mobile and fixed network automated meter reading (AMR), advanced
metering infrastructure (AMI), water leak detection and related
software and services.  Additionally, the company sells
enterprise software to manage, analyze and forecast important
utility data.  The company maintains operations in Canada,
Qatar, Mexico, Taiwan, France and Australia, The Netherlands,
and The United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on Mar. 2, 2007,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB-' corporate credit rating, on Itron Inc. on CreditWatch
with negative implications.


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


BEARINGPOINT INC: Notifies NYSE on 2006 Form 10-K Filing Delay
--------------------------------------------------------------
BearingPoint Inc. notified the New York Stock Exchange on
March 1 that it will be unable to file its 2006 Form 10-K in
timely manner.

As a result, the company will be subject to the procedures
specified in Section 802.01E of the NYSE's Listed Company Manual
which, among other things, provides that the NYSE will monitor
the company and the filing status of the 2006 Form 10-K.

If the company has not filed its 2006 Form 10-K within six
months of the filing due date of the 2006 Form 10-K, the NYSE
will determine whether the company should be given up to an
additional six months to file its 2006 Form 10-K.  The NYSE may
instead commence suspension and delisting procedures.  The
company expects to receive a letter from the NYSE regarding
these procedures.

                       About BearingPoint

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                          *     *     *

Moody's Investors Service's rated BearingPoint Inc.'s 2.5%
Series A Convertible Subordinated Debentures due 2024 at B3.


BEARINGPOINT INC: Lenders Waive Filing Deadline Through March 15
----------------------------------------------------------------
BearingPoint Inc. obtained on Feb. 28 a limited waiver to the
Fifth Amended Credit Agreement, dated as of Oct. 31, 2006 among
the company, BearingPoint, LLC, the guarantors party, the
lenders party, General Electric Capital Corporation, as
syndication agent and collateral agent, Wells Fargo Foothill,
LLC, as documentation agent, UBS Securities, LLC, as lead
arranger, UBS AG Stamford Branch, as issuing bank and
administrative agent, and UBS Loan Finance LLC, as swingline
lender.

On July 19, 2005, the company entered into a US$150 million
Senior Secured Credit Facility, which was amended on Dec. 21,
2005, March 30, 2006, July 19, 2006, Sept. 29, 2006 and Oct. 31,
2006.

The 2005 Credit Facility provides for revolving credit and
advances, including issuance of letters of credit.  Advances
under the revolving credit line are limited by the available
borrowing base, which is based upon a percentage of eligible
accounts receivable.  As of Dec. 31, 2005, the company did not
have availability under the borrowing base.  As of Sept. 30,
2006, the company had approximately US$22 million available
under the borrowing base.

Among other things, the Waiver waives the delivery requirement
of the company's Form 10-K for the year ended Dec. 31, 2006 and
of its Forms 10-Q for the fiscal quarters ended March 31, 2006
and June 30, 2006 until March 15.

                       About BearingPoint

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                          *     *     *

Moody's Investors Service's rated BearingPoint Inc.'s 2.5%
Series A Convertible Subordinated Debentures due 2024 at B3.


BEARINGPOINT INC: Discloses Preliminary 2006 Financial Results
--------------------------------------------------------------
BearingPoint, Inc. reported preliminary, unaudited results for
its fiscal year ending Dec. 31, 2006.

Gross revenue for 2006 is expected to be in the range of US$3.45
to US$3.55 billion, representing a 2% to 5% growth rate over
2005.

Net revenue for 2006 is expected to be in the range of US$2.55
to US$2.65 billion, an approximately 5% to 10% increase over the
prior year.

Net loss before tax for 2006 is expected to be in the range of
US$144 to US$214 million.

The factors that will impact the 2006 net loss before tax
include, among other things:

    * significant finance and accounting costs related to the
      completion of its 2006 financial statements and related
      audit, approximately US$252 million,

    * occupancy costs, approximately US$142 million,

    * systems costs, approximately US$126 million, and

    * settlement of contractual disputes, approximately
      US$67 million.

The preliminary, unaudited information provided is, in part,
based on the company's current estimate of results from
operations for the second half of 2006, and remains subject to
change based on actual results, the subsequent occurrence or
identification of events prior to the completion of the closing
and audit of its 2006 financial statements, as well as any
further adjustments made in connection with the closing and
audit procedures.

The company also cautioned that estimated payments in connection
with the settlement of its dispute with Hawaiian Telcom
Communications, Inc., anticipated costs related to the design
and implementation of its North American financial systems
upgrades, payments of employee bonuses and other additional
accrued expenses for 2006 could significantly impact its cash
balances for the first quarter of fiscal 2007, if recently
improved cash collection levels are not sustained.

"Our year-over-year top-line growth is evidence that our
strategy is working and, while we continued to experience
abnormally high infrastructure expense, our business units'
performance continues to improve," CEO Harry You commented.  "I
am extremely proud of the work our people are doing and that
BearingPoint continues to be the management and technology
consulting firm of choice for many government and commercial
clients worldwide."

              Employee Ownership Stake Exploration

The company also stated that its Board of Directors has
authorized exploration of the feasibility of providing a
significant employee ownership stake in the company's EMEA
(Europe, Middle East and Africa) business unit to the employees
of that unit.  Through external investment and employee
acquisitions, the company would expect to monetize a significant
portion of its investment in its EMEA business unit.  This
decision is consistent with the company's stated goals of
increasing shareholder value, increasing employee ownership,
strengthening its balance sheet, and boosting customer
confidence.  At this time, the work is exploratory and no
specific plans or timetable for a final decision have been
approved by the Board.

"We have been considering a number of strategic options to
maximize value for our shareholders and to make BearingPoint a
stronger company, both financially and operationally," Mr. You
said.  "Putting additional equity in the hands of our employees
is consistent with our stated objectives.  We believe that
exploring this option for our EMEA business unit will enable us
to accelerate our vision to become the next great consultancy
and springboard the Company's growth."

                       About BearingPoint

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                          *     *     *

Moody's Investors Service's rated BearingPoint Inc.'s 2.5%
Series A Convertible Subordinated Debentures due 2024 at B3.


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


A. RADISHEV OJSC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy supervision procedure on OJSC Leather Factory Named
After A. Radishev.  The case is docketed under Case No.
A56-36146/2006.

The Temporary Insolvency Manager is:

         M. Moskvin
         Premise 10N
         Letter A
         P.S. 79
         Bolshoy Pr.
         197022 St. Petersburg
         Russia

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:

         OJSC Leather Factory Named After A. Radishev
         Kozhevennaya Liniya, 27
         199106 St. Petersburg
         Russia


AERO-TRANS-LEASING: Court Names I. Ponamorev to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Ulyanovsk appointed Mr. I. Ponamorev as
Insolvency Manager for CJSC Aero-Trans-Leasing.  He can be
reached at:

         I. Ponamorev
         Rakhmaninova Str. 1
         Penza
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A72-5716/06-17/63-b.

The Debtor can be reached at:

         I. Ponamorev
         Rakhmaninova Str. 1
         Penza
         Russia


ARCTIC S CJSC: Creditors Must File Claims by April 10
-----------------------------------------------------
Creditors of CJSC Arctic S have until April 10 to submit proofs
of claim to:

         A. Pirogov, Insolvency Manager
         Post User Box 285
         185035 Petrozavodsk
         Russia

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A42-3135/2006.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         A. Pirogov, Insolvency Manager
         Post User Box 285
         185035 Petrozavodsk
         Russia


BETONIT CJSC: Creditors Must File Claims by March 10
----------------------------------------------------
Creditors of CJSC Betonit have until March 10 to submit proofs
of claim to:

         P. Tarasov, Insolvency Manager
         Post User Box 19
         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. A56-25051/2006.

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 Betonit
         Sergeja Tyulenina Per. 3/25
         St. Petersburg
         Russia


CORUNDUM LLC: Creditors Must File Claims by March 10
----------------------------------------------------
Creditors of LLC Corundum have until March 10 to submit proofs
of claim to:

         A. Trifonov, Insolvency Manager
         Post User Box 383
         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. A56-35683/2006.

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:

         LLC Corundum
         Zastavskaya 33 l. O
         St. Petersburg
         Russia


DIAMOND LLC: Creditors Must File Claims by March 10
---------------------------------------------------
Creditors of LLC Diamond have until March 10 to submit proofs of
claim to:

         A. Trifonov, Insolvency Manager
         Post User Box 383
         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. A56-32510/2006.


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:

         LLC Diamond
         Laboratornyj Pr. 23
         St. Petersburg
         Russia


DVINSKIYE LESOPROMYSHLENNIKI: Asset Sale Slated for March 13
------------------------------------------------------------
The insolvency manager and bidding organizer for OJSC Dvinskiye
Lesopromyshlenniki will open a public auction for the company's
properties at 3:00 p.m. on March 13 at:

         The Insolvency Manager and Bidding Organizer
         Office 408
         Uritskogo Str. 17
         Arkhangelsk
         Russia

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

         OJSC Dvinskiye Lesopromyshlenniki
         Settlement Account 40702810904010100976
         Correspondent Account 3010181010000000000601
         BIK 041117601
         Arkhangelskiy OSB 8637
         Russia

Bidding documents must be submitted to:

         The Insolvency Manager and Bidding Organizer
         Office 408
         Uritskogo Str. 17
         Arkhangelsk
         Russia

The Debtor can be reached at:

         OJSC Dvinskiye Lesopromyshlenniki
         Dvenskoy
         Verkhnetoemskiy, Arkhangelsk
         Russia


GRANITE CJSC: Creditors Must File Claims by March 10
----------------------------------------------------
Creditors of CJSC Granite have until March 10 to submit 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. A56-38358/2006.

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 Granite
         Apartment 8N
         Letter A
         Nekrasova Str. 40
         St. Petersburg
         Russia


KHARABALINSKOYE GRAIN: Creditors Must File Claims by March 10
-------------------------------------------------------------
Creditors of OJSC Kharabalinskoye Grain Receiving Enterprise
have until March 10 to submit proofs of claim to:

         Y. Panfilov, Temporary Insolvency Manager
         Post User Box 370
         Central Post Office
         414000 Astrakhan
         Russia

The Arbitration Court of Astrakhan commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A06-6997/2006-11.

The Court is located at:

         The Arbitration Court of Astrakhan
         Gubernatora A. Guzhvina Str. 6.
         Astrakhan
         Russia

The Debtor can be reached at:

         OJSC Kharabalinskoye Grain Receiving Enterprise
         1st Bazovskaya Str. 19
         Kharabali
         416010 Astrakhan
         Russia


KUBAN-RAPID LLC: Creditors Must File Claims by March 10
-------------------------------------------------------
Creditors of LLC Kuban-Rapid (TIN 2309069876) have until
March 10 to submit proofs of claim to:

         N. Lyadnov, Temporary Insolvency Manager
         Furmanova Str. 6A
         Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
supervision procedure on the company.  The hearing in the Court
will convene at 2:30 p.m. on April 24.  The case is docketed
under Case No. A32-24397/05-27/365-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Staroderevenkovskaya St.
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Kuban-Rapid
         Furmanova Str. 6A
         Krasnodar
         Russia


LOCKO FINANCE: Fitch Assigns B- Rating to US$100-Mln Loan Issue
---------------------------------------------------------------
Fitch Ratings assigned Locko Finance p.l.c's US$100 million 10%
issue of limited recourse loan participation notes due 2010
final Recovery Rating 'RR4' and Long-term 'B-' ratings.

The notes are to be used solely for financing a loan to Locko-
Bank, rated Issuer Default 'B-', Short-term 'B', Individual 'D',
Support '5' and National Long-term 'BB+'.  The Outlooks on the
Issuer Default and National Long-term ratings are Stable.

Locko is a Moscow-based bank with 18 outlets, focusing primarily
on SME lending.  The bank is owned by several individuals - none
of whom has a stake of more than 20% - the IFC and East Capital
Group.  The input of the foreign shareholders may result in more
ambitious growth in the medium term, with the aim of improving
market share and franchise strength.


NIKMAS CJSC: Creditors Must File Claims by March 10
---------------------------------------------------
Creditors of CJSC Nikmas have until March 10 to submit proofs of
claim to:

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

The Arbitration Court of Samara commenced bankruptcy supervision
procedure on the company.  The hearing in the Court will convene
at 2:00 p.m. on May 16.  The case is docketed under Case No.
A55-18647/06.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         Samara
         Russia

The Debtor can be reached at:

         CJSC Nikmas
         Samara
         Russia


PERTOPOLIS CJSC: Creditors Must File Claims by March 10
-------------------------------------------------------
Creditors of CJSC Pertopolis have until March 10 to submit
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. A56-30097/2006.

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 Pertopolis
         Apartment 8
         Kamenoostrovskiy Pr. 24
         St. Petersburg
         Russia


PETERSBURG TRADING: Creditors Must File Claims by March 10
----------------------------------------------------------
Creditors of CJSC Petersburg Trading Company have until March 10
to submit proofs of claim to:

         A. Trifonov, Insolvency Manager
         Post User Box 383
         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. A56-33649/2006.

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 Petersburg Trading Company
         Bukharestskaya Str. 23, 1, 15
         St. Petersburg
         Russia


SANTAS OJSC: Creditors Must File Claims by March 10
---------------------------------------------------
Creditors of OJSC Agency of Immovable Property Santas have until
March 10 to submit 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. A56-38417/2006.

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:

         OJSC Agency of Immovable Property Santas
         Mayakovskogo Str. 45
         St. Petersburg
         Russia


SEV-ZAP-FURNITURE: Creditors Must File Claims by March 10
---------------------------------------------------------
Creditors of CJSC Sev-Zap-Furniture have until March 10 to
submit proofs of claim to:

         A. Trifonov, Insolvency Manager
         Post User Box 383
         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. A56-30480/2006.

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 Sev-Zap-Furniture
         B. Zelenina, 43
         St. Petersburg
         Russia


TORG-METAL LLC: Creditors Must File Claims by March 10
------------------------------------------------------
Creditors of LLC Torg-Metal have until March 10 to submit proofs
of claim to:

         G. Taskanina, Temporary Insolvency Manager
         Office 501
         Kayani Str. 18
         344019 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy supervision
procedure on the company.  The hearing in the Court will convene
on April 17.  The case is docketed under Case No. A53-18507/
06-S1-8.

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 Torg-Metal
         Sovkhoznaya Str. 60
         Belaya Kalitva
         347041 Rostov
         Russia


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


TDA CAM: Moody's Junks EUR12.8-Million Series D Notes
-----------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
four series of Bonos de Titulizacion de Activos to be issued by
TdA CAM 8 Fondo de Titulizacion de Activos, a Spanish asset
securitization fund that has been created by Titulizacion de
Activos, S.G.F.T, S.A.  Moody's has assigned these ratings:

   -- (P)Aaa to the EUR1.63-billion Series A notes: (P)Aaa;
   -- (P)Aa3 to the EUR45.9-million Series B notes: (P)Aa3;
   -- (P)Baa1 to the EUR18.7-million Series C notes: (P)Baa1;
   -- (P)Ca to the EUR12.8-million Series D notes: (P)Ca.

The ratings address the expected loss posed to investors by the
legal final maturity.  In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal
at par on or before the rated final legal maturity date for
Notes A to C, and ultimate payment of principal and interest on
the final legal maturity for Note D.  Moody's ratings address
only the credit risks associated with the transaction.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

According to Moody's, this deal benefits from several credit
strengths including:

   (1) strong swaps to hedge interest rate risk in the
       transaction and secure the weighted average interest rate
       on the notes, plus 65 bps and to cover the servicer fee
       in the event that Caja de Ahorros del Mediterraneo is
       substituted as servicer;

   (2) a reserve fund that is fully funded upfront to cover any
       potential shortfall in interest and principal;

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

   (4) the fact that 100% of the loans are secured by first-lien
       residential mortgages; and

   (5) the quality of CAM as originator and servicer.

However, Moody's notes that the deal also features credit
weaknesses, notably:

   (1) the inclusion of some high LTV loans in the portfolio
       (22% of the portfolio over 80% LTV), which leads to a
       higher expected default frequency and more severe
       expected losses;

   (2) the strong geographical concentration in the region of
       Valencia, which is a consequence of the originator's
       position as one of the main savings banks within this
       region;

   (3) the fact that pro-rata amortization of the Series B and C
       notes leads to reduced credit enhancement of the senior
       class in absolute terms and

   (4) the negative impact of the interest deferral trigger on
       the subordinated series.  These increased risks were
       reflected in the credit enhancement calculation.

TDA Cam 8 comes to market with a portfolio of first lien
mortgage loans backed by residential properties.  The pool has
19.491 loans accounting for a maximum amount of over 2 bn euros
in issuance.  Current LTV levels are good with average CLTV of
[68.50%], and OLTV of [72.87%] (lower levels than in the
previous transaction -- In addition the transaction also
benefits from a good seasoning of over [2.31] years.

Moody's based its ratings on:

   (1) an evaluation of the underlying portfolio of mortgage
       loans securing the structure; and

   (2) the transaction's structural protections, which include
       the subordinate position of Series B and C with respect
       to Series A notes, the strength of the cash flows
       (including the reserve fund) and any excess spread
       available to cover losses.

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions.  Upon a conclusive review
of the transaction and associated documentation, the rating
agency will endeavour to assign a definitive rating.  A
definitive rating, if any, may differ from a provisional rating.


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


A-Z TEPPICHZENTER: Bern Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Bern entered Feb. 12 an order closing
the bankruptcy proceedings of LLC A-Z Teppichzenter.

The Debtor can be reached at:

         LLC A-Z Teppichzenter
         Scheibenstrasse 25
         3014 Bern
         Switzerland

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         Office Bern
         3011 Bern
         Switzerland


ALENI JSC: Claims Registration Period Ends March 21
---------------------------------------------------
The Bankruptcy Court of Basel-Stadt commenced bankruptcy
proceedings against JSC Aleni on Oct. 23, 2006.

Creditors have until March 21 to file their written proofs of
claim.

The Debtor can be reached at:

         JSC Aleni
         Kannenfeldstrasse 22
         4002 Basel BS
         Switzerland

The Bankruptcy Service of Basel-Stadt can be reached at:

         Bankruptcy Service of Basel-Stadt
         4051 Basel BS
         Switzerland


ASIA INTER-TRANS: Creditors' Liquidation Claims Due March 23
------------------------------------------------------------
Creditors of Asia Inter-Trans Ltd. have until March 23 to submit
their claims to:

         Bruno Schelbert
         Liquidator
         Baarerstrasse 53
         6304 Zug
         Switzerland

The Debtor can be reached at:

         Asia Inter-Trans Ltd.
         Zug
         Switzerland


AUDIOTECH JSC: Creditors' Liquidation Claims Due March 26
---------------------------------------------------------
Creditors of JSC Audiotech have until March 26 to submit their
claims to:

         Walter Kurer
         Liquidator
         Rummelring 12
         5610 Wohlen
         Bremgarten AG
         Switzerland

The Debtor can be reached at:

         JSC Audiotech
         Lupfig
         Brugg AG
         Switzerland


AUTOROP FAHRZEUG: Creditors' Liquidation Claims Due March 26
------------------------------------------------------------
Creditors of JSC Autorop Fahrzeug-Technik have until March 26 to
submit their claims to:

         Beat Lustenberger
         Liquidator
         JSC Beat Lustenberger Treuhand
         Chamerstrasse 79
         6303 Zug
         Switzerland

The Debtor can be reached at:

         JSC Autorop Fahrzeug-Technik
         Zug
         Switzerland


BITSOFT 2000: Creditors' Liquidation Claims Due March 26
--------------------------------------------------------
Creditors of LLC bitSoft 2000 have until March 26 to submit
their claims to:

         Martin Inderbitzin
         Liquidator
         Stanserstrasse 9
         6362 Stansstad NW
         Switzerland

The Debtor can be reached at:

         LLC bitSoft 2000
         Stansstad NW
         Switzerland


BUCHBINDEREI LACK: Creditors' Liquidation Claims Due March 26
-------------------------------------------------------------
Creditors of JSC Buchbinderei Lack have until March 26 to submit
their claims to:

         Reto Muller TRM Treuhand
         Liquidator
         Aquasanastrasse 8
         7001 Chur
         Plessur GR
         Switzerland

The Debtor can be reached at:

         JSC Buchbinderei Lack
         Chur
         Plessur GR
         Switzerland


CHARTERBOAT-FERIEN: Creditors' Liquidation Claims Due March 26
--------------------------------------------------------------
Creditors of JSC Charterboat-Ferien, E. + M. Thommen have until
March 26 to submit their claims to:

         Madeleine Thommen
         Liquidator
         Enge Gasse 19
         4242 Laufen BL
         Switzerland

The Debtor can be reached at:

         JSC Charterboat-Ferien, E. + M. Thommen
         Laufen BL
         Switzerland


CVC BUSINESSWEB: Creditors' Liquidation Claims Due March 26
-----------------------------------------------------------
Creditors of LLC CVC BusinessWeb have until March 26 to submit
their claims to:

         Mauro Sbalzarini
         Liquidator
         Wilenstrasse 28
         8832 Wilen SZ
         Switzerland

The Debtor can be reached at:

         LLC CVC BusinessWeb
         Freienbach
         Hofe SZ
         Switzerland


G. ENGLER HAUSGERATE: Creditors' Liquidation Claims Due March 26
----------------------------------------------------------------
Creditors of LLC G. Engler Hausgerate have until March 26 to
submit their claims to:

         Marc Engler
         Liquidator
         Heinrichstrasse 219
         8005 Zurich
         Switzerland

The Debtor can be reached at:

         LLC G. Engler Hausgerate
         8044 Zurich
         Switzerland


HAUSPLAN IMMOBILIEN: Creditors' Liquidation Claims Due March 26
---------------------------------------------------------------
Creditors of JSC Hausplan Immobilien have until March 26 to
submit their claims to:

         Dr. Urban Bieri
         Liquidator
         Ober-Emmenweid 46
         6020 Emmenbrucke
         Switzerland

The Debtor can be reached at:

         JSC Hausplan Immobilien
         Lucerne
         Switzerland


LEMON MARKETING: Basel Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Arlesheim in Basel entered Feb. 16 an
order closing the bankruptcy proceedings of LLC Lemon marketing
& werbung.

The Debtor can be reached at:

         LLC Lemon marketing & werbung
         Im Steinenmuller 4a
         4142 Munchenstein
         Arlesheim BL
         Switzerland

The Bankruptcy Service of Arlesheim can be reached at:

         Bankruptcy Service of Arlesheim
         4144 Arlesheim BL
         Switzerland


OKS SCHOCH: St. Gallen Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against LLC OKS Schoch on Feb. 13.

The Debtor can be reached at:

         LLC OKS Schoch
         Hauptstrasse 96
         9430 St. Margrethen
         Rheintal SG
         Switzerland

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Max Banziger
         9001 St. Gallen
         Switzerland


TACHO-DIENST: Bern Court Closes Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Bern entered Feb. 12 an order closing
the bankruptcy proceedings of LLC Tacho-Dienst.

The Debtor can be reached at:

         LLC Tacho-Dienst
         Rosenweg 25c
         3007 Bern
         Switzerland

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         Office Bern
         3011 Bern
         Switzerland


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


CALIK HOLDING: Fitch Rates US$200-Million Notes at B+/RR4
---------------------------------------------------------
Fitch Ratings assigned Globus Capital Finance S.A.'s
US$200 million 8.5% notes maturing in 2012 a final foreign
currency senior unsecured rating of 'B+' and a final Recovery
Rating of 'RR4'.

Globus Capital Finance S.A. is the debt-issuing vehicle of
Turkey-based Calik Holding A.S.

The final ratings on the notes follows a review of the final
terms and conditions conforming to information already received
when Fitch assigned the expected ratings of 'B+'/'RR4' on 15
February 2007.

Globus has the sole purpose of using the note proceeds to
finance a loan to Calik as set out in a loan agreement, the
rights and benefits of which are charged to the benefit of
noteholders.  The 'B+' rating of the notes is in line with
Calik's Issuer Default rating of 'B+' published on 14 February
2007.  Proceeds of the notes will be used to refinance existing
debt and working capital requirements of Calik and its
subsidiaries. The notes constitute direct, unconditional,
unsubordinated and unsecured obligations of Globus and rank
equally with all other present or future unsecured and
unsubordinated obligations of the issuer.

Calik and its two subsidiaries, Calik Enerji A.S. and Gap Insaat
Yatirim ve Dis Ticaret A.S., together guarantee Globus'
obligations in respect of the loan, on an unconditional,
irrevocably joint and several basis.  The terms and conditions
of the loan agreement include a limitation on Calik Holding's
consolidated debt, using a maximum consolidated leverage ratio
of 4.0x.  This is consistent with the intentions of the Calik
group to restructure its existing debt without further leverage.

Noteholders will have the right to require Globus to prepay
their notes in the event of an asset sale or merger that results
in a two-notch downgrade by Fitch of Calik's foreign currency
IDR or the foreign currency senior unsecured rating of the notes
or likewise the withdrawal by Fitch of either Calik's ratings or
those of the notes.  There are also covenants relating to
transactions with affiliates, mergers and disposals as described
in the loan agreement.  The governing law of the loan agreement,
including the guarantees and the notes, is English law and the
jurisdiction is the courts of England.


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


FRIENDSHIP LLC: Creditors Must File Proofs of Claim by March 11
---------------------------------------------------------------
Creditors of LLC Friendship (code EDRPOU 03777383) have until
March 11 to submit written proofs of claim to:

         Alexander Atamanov, Liquidator
         Levanevsky Str. 10/1
         Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on Jan. 29 after finding it insolvent.  The
case is docketed under Case No. 7/5-07.

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Debtor can be reached at:

         LLC Friendship
         Shkolnaya Str. 7
         Markovka
         Belopolye District
         Sumy
         Ukraine


KURAHOVE ENERGY: Creditors Must File Proofs of Claim by March 11
----------------------------------------------------------------
Creditors of LLC Kurahove Energy Building (code EDRPOU 00119793)
have until March 11 to submit written proofs of claim to:

         V. Paterilov, Liquidator
         P.O. Box 6915
         83050 Donetsk-50
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 42/157B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Kurahove Energy Building
         Plehanov Str. 1
         Kurahove
         Mariinsky District
         85612 Donetsk
         Ukraine


LOGOS LLC: Proofs of Claim Filing Deadline Set March 11
-------------------------------------------------------
Creditors of LLC Logos (code EDRPOU 22387318) have until
March 11 to submit written proofs of claim to:

         Nadezhda Slidziona, Temporary Insolvency Manager
         Novovoznesenskaya Str. 103
         79056 Lvov
         Ukraine

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
6/180-4/270.

The Court is located at:

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

The Debtor can be reached at:

         LLC Logos
         Promyshlennaya Str. 2
         Piatnichany
         Striy District
         82423 Lvov
         Ukraine


MINI-ELDO LLC: Creditors Must File Proofs of Claim by March 11
--------------------------------------------------------------
Creditors of LLC Mini-Eldo (code EDRPOU 13826204) have until
March 11 to submit written proofs of claim to:

         Taras Yurkevich, Liquidator
         P. Panch Str. 8/29
         79020 Lvov
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company on Jan. 22 after finding it insolvent.  The
case is docketed under Case No. 6/168-8/263.

The Court is located at:

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

The Debtor can be reached at:

         LLC Mini-Eldo
         Stepanovna Str. 47
         79018 Lvov
         Ukraine


TULIGOLOVSKOE LLC: Proofs of Claim Filing Deadline Set March 11
---------------------------------------------------------------
Creditors of LLC Tuligolovskoe (code EDRPOU 30647505) have until
March 11 to submit written proofs of claim to:

         Olga Naumova, Temporary Insolvency Manager
         Kirov Str. 25, of. 714
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
8/590-06.

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Debtor can be reached at:

         LLC Tuligolovskoe
         Tuligolovo
         Kroleveckoe District
         41320 Sumy
         Ukraine


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


ADVANCED MARKETING: Wants to Pay Staff Sale-Related Incentives
--------------------------------------------------------------
Advanced Marketing Services and its debtor-affiliates ask the
United States Bankruptcy Court for the District of Delaware for
approval for the payment of:

a) sale-related incentives to AMS employees including
    members of senior management (AMS Management Incentive
    Plan)

b) retention plan to certain AMS non-management employees (AMS
    Employee Retention Plan)

c) allowing all payments hereunder as administrative expenses
    of the estates.

This request is being made to ensure the continued availability
of qualified, trained, and motivated personnel and executives
necessary to bring an AMS sale to completion and to oversee and
implement the complicated business arrangements necessary to
effect a sale of the business or its material parts and an
inventory return program.

The TCR-Europe reported on Feb. 23 that AMS and Baker & Taylor
Inc. signed on Feb. 16 an asset purchase agreement for the sale
of majority of Debtor's assets.

As reported in the TCR-Europe on Feb. 26, the Court approved the
asset purchase agreement between Publishers Group West Inc. and
Perseus Books LLC pursuant to which PGW will transition to
Perseus the books and business of all publishers who consented
to the deal.

The aforementioned plans were formulated to provide incentives
and reward the performance of critical employees who were called
upon to take on additional responsibilities and expend
significantly more hours working than contemplated by the normal
terms of their employment, as part of Debtors' efforts to
negotiate and close the PGW transaction and solicit interest of
Baker & Taylor and potential over-bidders for the AMS business.

The approval and implementation of the AMS Management Incentive
Plan and AMS Employee Retention Plan assures not only continued
services for the consenting publishers under the asset purchase
agreement between PGW and Perseus, but also a significant
reduction in claims against the estate of PGW.  Under the
Perseus deal, PGW will continue to provide transition services
to Perseus following the closing.

Furthermore, the services of these key employees will be
required in order to complete the return of US$40 million of
inventory not to be acquired by Baker & Taylor in the 20 days
contemplated by the asset purchase agreement the company signed
with Baker & Taylor.

               Management Incentive Plan Summary

A pool of funds shall be made available to the AMS Incentive
Plan Participants, conditioned upon the occurrence of either the
closing of the asset to Baker & Taylor or a transaction that is
higher or otherwise better.

As a further condition to payment, AMS has required the
successful completion of an inventory return program.  The Baker
& Taylor sale documents currently provide that, unless otherwise
agreed by Baker & Taylor, all inventory must be removed from
AMS's facilities within 20 days of closing to the extent that it
is not sold to Baker & Taylor.

The initial amount of the Incentive Compensation Pool shall be
US$765,000.  Additional compensation will only be earned upon
consummation of an alternative transaction of a higher or better
value than the value that the Debtors would receive upon
consummation of the Baker & Taylor sale.

The increase, if any, to the Incentive Compensation Pool will
only increase as the aggregate consideration received by the
Debtors increases, subject to the further condition that the
aggregate consideration received by the Debtors are sufficient
to pay the break up fee (if any) owed to Baker & Taylor under
the asset purchase agreement.

Debtors propose that the Incentive Compensation Pool receive 1%
of any additional consideration in excess of the purchase price
under the asset purchase agreement.  For any additional
consideration that exceeds US$2 million above the purchase price
under the asset purchase agreement, the Incentive Compensation
Pool shall receive 2% of such excess consideration.

              Employee Retention Plan Summary

The new AMS Employee Retention Plan provides for payments to
certain additional key employees of AMS based on their continued
employments with AMS.  The Debtors have determined that the
total anticipated cost of the AMS Employee Retention Program is
approximately US$915,000, net of applicable employer paid taxes.
The AMS Employee Retention Program applies to approximately 67
employees.

Pursuant to the Plan, key employees are eligible to receive
bonuses in the range of US$7,500 to US$50,000, based on (1) a
conideration of their compensation in effect upon their approval
for participation in the AMS Employee Retention Plan, (2)
employment position classification, and (3) continued employment
with the Debtors on April 30.  Importantly, any key employee who
receives an offer of employment by Baker & Taylor will not be
eligible for payment under the plan.

Debtors believe that the potential costs associated with the
loss of employees would be far in excess of the combined costs
of the AMS Employee Retention Plan, and that without the Plan,
the employees will leave, causing an interruption in AMS's
business operations and irreversible harm to the value of the
estates.

The Debtors also believe that the loss of these key employees
may make it impossible to close the sale to Baker & Taylor and
thus to realize value for the estate, and will make the
inventory program contemplated by the agreement with Baker &
Taylor more expensive to implement.

                      Debtors' Arguments

Implementation of the AMS Employee Programs pursuant to Section
363(b) of the Bankruptcy Code is a valid Exercise of the
Debtors' judgment.

  -- Debtors have articulated a valid business reason for
     implementing the AMS Management Incentive Plan.


  -- The AMS Employee Retention Plan is supported by a valid
     business reason.


Implementation of the AMS Employee Programs may additionally be
authorized pursuant to Section 105(a) of the Bankruptcy Code.

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 approximately 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.

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


BIG PLANT: Appoints Joint Administrators from Mazars LLP
--------------------------------------------------------
Timothy Colin Hamilton Ball and Alistair Steven Wood of Mazars
LLP were appointed joint administrators of Big Plant Shop Ltd.
(Company Number 04029983) on Feb. 14.

Mazars -- http://www.mazars.com/-- provides in audit,
accounting, tax, and advisory services.

The company can be reached at:

         Big Plant Shop Ltd.
         Orchard House
         Albemarle Road
         Taunton
         Somerset
         TA1 1BJ
         England
         Tel: 01823 252 242


BLUE LAMP: Brings In Liquidators from Kroll
-------------------------------------------
Philip Duffy and David Whitehouse of Kroll were appointed joint
liquidators of Blue Lamp Security Ltd. on Feb. 22 for the
creditors' voluntary winding-up procedure.

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.

The company can be reached at:

         Blue Lamp Security Ltd.
         Capital House
         32 Church Road
         Cheadle Hulme
         Cheadle
         Cheshire
         SK8 7JB
         England
         Tel: 0161 482 8660
         Fax: 0161 482 8662


BRITISH AIRWAYS: Open Skies Deal Favors US, Chairman Says
---------------------------------------------------------
British Airways Plc Chairman Martin Broughton has urged the EU
Transport Council not to sell Europe short but to keep its
sights high and push for a new aviation treaty with the US that
can change the future not cement in the past.

He made his comments in a speech in London on Monday, March 5,
at an industry conference called "Turbulent Times: Regulation,
Security and Profitability in the Airline Industry".

The conference comes after the end of talks between the EU and
the US, which recommended a new draft aviation agreement that
will be considered by the Transport Council later this month.

Mr. Broughton said the draft agreement was based on a US open
skies model which was a template designed to bolster US
interests that offered miniscule concessions dressed up as
significant breakthroughs.

The draft agreement is significantly imbalanced in favor of the
US, and is no different in economic terms to deals previously
rejected by the Transport Council in June 2004 and November
2005.

Far from a step towards truly liberalizing aviation it was more
likely to be a "dead end" that would put back the prospect of a
real breakthrough for many years and set the US model of open
skies in concrete.

"Once the US have achieved their prime negotiating objectives of
achieving an open skies deal, its motivation to liberalize
further will evaporate," he said.

At the heart of the US model are unlimited traffic rights for US
airlines to fly not just between the US and the EU, but onwards
into the EU single market and beyond to the rest of the world.

But access to the US domestic market, the biggest in the world,
remains closed to EU airlines, and the opportunities for them to
fly beyond the US are limited.

What is more, the Fly America program, which reserves US
government and government-funded traffic for US airlines only,
has been maintained.  The only concession that the US was able
to make was the derisory one of allowing EU airlines to carry
government traffic on routes with less than 60 passengers a
year.

"In aggregate these crumbs don't come anywhere near balancing up
the inherent imbalance in the open skies model," Mr. Broughton
added.

"The commission is putting its legal obligation to get the US to
recognize the EU single market ahead of the EU's economic
interest.

"BA supports the commission's mandate to negotiate not an open
skies deal but an open aviation area based on the model of the
EU internal aviation market," he said.

The key difference is the issue of relaxing the regulations
surrounding the ownership and control of US airlines.  The US
negotiators had ruled this out, however, by refusing to consider
any item that would require the endorsement of Congress.

The negotiators had been left to "creatively scrape the barrel
by including existing US policy on ownership limits and
franchising into the draft agreement".

Implicit in the Commission's mandate is the freedom to offer 100
per cent ownership and control of EU airlines to US interests so
long as it is reciprocated.  "But only Congress can deliver what
the EU has been mandated to negotiate, so ultimately the
discussions will have to go to Congress, he said.

"Chancellor Merkel of Germany, the current president of the EU,
has recently proposed to President Bush that the EU and the US
should form a transatlantic economic area, a single market in
which the regulatory barriers to the movement of people, goods
and capital across the Atlantic would be minimized.

"A transatlantic open aviation area could represent an important
component of such an agreement.  Settling for a US model open
skies deal now would be selling Europe short.

"The German presidency and the rest of the council must not be
satisfied with a bad deal.  So my message to the council is to
continue to keep its sights high and push the negotiators to
deliver a deal that can change the future, not cement in the
past," he said.

                       About the Company

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

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


CARGO LINK: Brings In Administrators from DTE Leonard
-----------------------------------------------------
P. D. Masters and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of Cargo Link Distribution Services Ltd.
(Company Number 04726834) on Feb. 22.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services, and insurance & risk management.

The company can be reached at:

         Cargo Link Distribution Services Ltd.
         Nasmyth Road
         Daventry
         Northamptonshire
         NN11 8NF
         England
         Tel: 01327 701 430


CLEAR CHANNEL: Urges Shareholders to Vote for Proposed Merger
-------------------------------------------------------------
Clear Channel Communications, Inc., disclosed that it would mail
a letter to its shareholders regarding the proposed merger with
a group led by T.H. Lee Partners, L.P. and Bain Capital
Partners, LLC, for US$37.60 per share in cash.

The company's letter states:

Dear Fellow Shareholder:

At the March 21st special meeting of Clear Channel shareholders,
you will make a critical decision regarding the future of your
company.  If shareholders approve the company's agreement to be
acquired by funds sponsored by Bain Capital Partners, LLC and
Thomas H. Lee Partners, L.P., you will receive US$37.60 in cash
for each share of common stock you own.  The disinterested
directors of your Board have unanimously determined that the
merger is fair and in your best interests.  WE URGE YOU TO VOTE
FOR THE PROPOSED MERGER TODAY.

THE PROPOSED MERGER IS THE RESULT OF A HIGHLY COMPETITIVE PUBLIC
AUCTION CONDUCTED BY THE DISINTERESTED MEMBERS OF THE BOARD

The disinterested directors carefully managed the auction
process to maximize the competitive dynamics of the bid process
to obtain the highest price available:

    * Multiple rounds of robust bidding,

    * Firm, fully financed offers submitted by two separate
      consortiums of private equity funds,

    * Virtually every leading private equity sponsor
      participated -- no strategic buyers emerged, and

    * During the "go-shop" period, the company's financial
      advisor contacted a total of 22 potential strategic and
      private equity buyers, none of whom expressed interest in
      bidding for Clear Channel.

WE FIRMLY BELIEVE THERE IS NOT ANOTHER COMPETITIVE BIDDER FOR
CLEAR CHANNEL, AND THAT US$37.60 PER SHARE IN CASH MAXIMIZES
VALUE AND CERTAINTY

The auction process was conducted by the disinterested members
of the Board of Directors, and supported by a Special Advisory
Committee composed of three disinterested directors.  The Board
and the Special Advisory Committee also received advice and
assistance from separate financial and legal advisors, who were
actively involved in the auction process.  In order to ensure
independence, these meetings - and all of the Board's
deliberations in relation to the competitive sale process - were
conducted without the participation of Clear Channel management
or the Mays family.  Chairman and founder L. Lowry Mays has
informed the company that he will be selling a substantial
majority of his holdings in the transaction.

THE PROPOSED MERGER IS THE RESULT OF A COMPREHENSIVE REVIEW OF
STRATEGIC ALTERNATIVES

This merger proposal is the result of a comprehensive review of
strategic alternatives designed to enhance shareholder value,
taking into account the continued challenges in the radio sector
and the Board's views of the recent growth in the domestic
outdoor sector, as well as Clear Channel's future growth
opportunities.  During their review, the disinterested directors
considered a full range of alternatives other than the sale of
the company, including a sale or spin-off of Clear Channel
Outdoor, recapitalization, share repurchase and special
dividend, as well as remaining as an independent company.
Particular consideration was given to the structural issues
related to any potential separation of Clear Channel Outdoor,
including significant tax implications, and the likely trading
value of its shares in the absence of this transaction.

In light of these considerations, the unanimous conclusion of
the disinterested directors was that the US$37.60 per share in
cash merger proposal results in the greatest value and delivers
the greatest certainty to shareholders.

THE MERGER PROPOSAL DELIVERS A 28% PREMIUM OVER THE AVERAGE
SHARE PRICE DURING THE 60 TRADING DAYS PRIOR TO THE COMPANY'S
ANNOUNCEMENT THAT THE BOARD WAS CONSIDERING STRATEGIC
ALTERNATIVES

The all-cash merger consideration of US$37.60 per share
represents a premium of approximately 28% over the average
closing share price during the 60 trading days ended
Oct. 24, 2006, the day prior to the company's announcement of
the Board's decision to consider strategic alternatives, and a
premium of approximately 26% over the average closing share
price during the one-year period prior to the announcement of
the merger.

The merger consideration is also a significant premium to
research analysts' stock price targets for Clear Channel, prior
to the company's announcement that the Board was exploring
strategic alternatives.

The merger agreement negotiated by the disinterested directors
contains measures designed to ensure shareholders certainty of
closing as well as to protect against business and market risks,
including:

    * Certainty of US$37.60 in cash,

    * Regular annual dividend of US$0.75 per share to be paid
      quarterly through closing,

    * Daily "ticking fee" -- in order to ensure that the
      transaction is closed as soon as possible -- of the lesser
      of 8% interest per year or the company's operating cash
      flow beginning Jan. 1, 2008, through closing,

    * Equity and debt commitments with no financing conditions,

    * Requirement for the buyers to take all necessary steps to
      obtain regulatory approval, with reverse break-up fees
      owed in the event of a failure to close should regulatory
      approval not be received, and

    * The ability to receive and consider competing proposals.

YOUR VOTE IS EXTREMELY IMPORTANT -- NOT VOTING IS A VOTE AGAINST
THE MERGER

Approval of the merger agreement requires the affirmative vote
of two-thirds of Clear Channel's outstanding shares.  Not voting
has the same effect as a vote against the merger.  Please vote
for the merger today by telephone or by Internet, as available
per the instructions on the enclosed proxy card, or by signing
and returning the enclosed proxy card in the postage-paid
envelope provided.

If you have any questions or need assistance in voting your
shares, please call our proxy solicitor, Innisfree M&A
Incorporated, toll-free at (877) 456-3427.

Thank you for your support.

On behalf of the Board of Directors,

Alan D. Feld - Perry J. Lewis

            About Thomas H. Lee Partners, L.P.

Thomas H. Lee Partners or THL Partners is one of the oldest and
most successful private equity investment firms in the United
States.  Since its founding in 1974, THL Partners has become the
preeminent growth buyout firm, investing approximately US$12
billion of equity capital in more than 100 businesses with an
aggregate purchase price of more than US$100 billion, completing
over 200 add-on acquisitions for portfolio companies, and
generating superior returns for its investors and partners.  The
firm currently manages approximately US$20 billion of committed
capital.  Notable transactions sponsored by the firm include
Dunkin Brands, Nielsen, Michael Foods, Houghton Mifflin Company,
Fisher Scientific, Experian, TransWestern, Snapple Beverage and
ProSiebenSat1 Media.

             About Bain Capital Partners, LLC

Bain Capital http://www.baincapital.com/-- is a global private
investment firm that manages several pools of capital including
private equity, high-yield assets, mezzanine capital and public
equity with more than US$40 billion in assets under management.
Since its inception in 1984, Bain Capital has made private
equity investments and add-on acquisitions in over 230 companies
around the world, including investments in a broad range of
companies such as Burger King, HCA, Warner, Chilcott, Toys "R"
Us, AMC Entertainment, Sensata Technologies, Burlington Coat
Factory and ProSiebenSat1 Media.  Headquartered in Boston, Bain
Capital has offices in New York, London, Munich, Tokyo, Hong
Kong and Shanghai.

                 About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc. -
- http://www.clearchannel.com/-- (NYSE:CCU) is a global leader
in the out-of-home advertising industry with radio and
television stations and outdoor displays.  Aside from the U.S.,
the company operates in 11 countries -- Norway, Denmark, the
United Kingdom, Singapore, China, the Czech Republic,
Switzerland, the Netherlands, Australia, Mexico and New
Zealand.

                          *     *     *

Clear Channel's long-term local and foreign issuer credits carry
Standard & Poor's BB+ rating.

In addition, the company's senior unsecured debt and long-term
issuer default ratings were placed by Fitch at BB- on Nov. 16,
2006.


CONSTELLATION BRANDS: Poor Sales Trigger Lower Earnings Outlook
---------------------------------------------------------------
Constellation Brands Inc. disclosed that declining U.K. sales
and lower demand from U.S. wholesalers will pull the company's
2008 earnings way below analysts' estimates, Bloomberg News
relates.

According to the report, Constellation Brands, which issued a
news release on March 1, said that cheaper imports from
Australia have enticed U.K. consumers to switch from the
company's Nottage Hill and other brands.

"Our confidence in Constellation's long-term growth remains
strong and we continue to take actions intended to strengthen
the company during increasing consolidation in the beverage
alcohol industry," stated Richard Sands, Constellation Brands'
chairman and chief executive officer.

"We believe the logic of these actions is sound given the
business environment in which we currently operate, and we
believe those actions will position us well as Constellation
continues to invest in its brands and distribution network,
reduce costs and enter new markets.  Our unwavering commitment
to continuing along a path that we firmly believe results in
increasing shareholder value over the long term requires that we
maintain our focus on the road ahead."

The company also mentioned significant factors expected to
impact fiscal 2008 earnings, which include ongoing challenges in
the U.K. market, reflecting the U.K. retail environment, and the
Australian wine oversupply.  The combination of these factors
has resulted in pricing pressures and has made it difficult to
recover additional cost including the annual U.K. duty increase.

Another significant factor expected to impact fiscal 2008
financial performance is the Constellation Wines U.S. operating
plan decision to reduce distributor wine inventory levels in the
U.S.

As distributors continue to consolidate and become larger, the
company has been working with them on supply chain technology
improvements to gain efficiencies.  Distributors are looking to
operate with lower levels of inventory while maintaining
appropriate service levels to retailers.

In response, Constellation Wines U.S. is planning to reduce
distributor inventory levels and looks to complete most of this
effort during the first half of the fiscal year.

Management believes this is the right strategic decision for the
business and it is being driven by Constellation's desire to
work closely with its distributors on supply chain efficiencies,
lowering costs for both Constellation and its distributors, and
ultimately making the company's brands more competitive in the
marketplace.

"Absent the U.K. situation and our decision to reduce U.S. wine
inventories at distributors, our core branded beverage alcohol
business is expected to perform well," Mr. Sands says.

"We are confident in our U.S. and Canadian branded wine
businesses as we continue to see consumers trading up, and we
are very enthusiastic about the potential from our Crown Imports
beer joint venture and our premium spirits growth platform that
will be further energized by our SVEDKA Vodka acquisition.
Additionally, we are encouraged by our near-term new product
development efforts, increased marketing support for key brands
and our previously announced U.K. facilities realignment," Mr.
Sands continues.

Constellation Brands' Board of Directors has authorized the
repurchase of up to US$500 million of the company's common
stock.  In addition, the company expects to close the previously
reported purchase of SVEDKA Vodka by mid-March.

In relation to the deals, Fitch Ratings has downgraded
Constellation Brands' issuer default rating to 'BB-' from 'BB';
Standard & Poor's Ratings Services lowered its corporate credit
and bank loan ratings to 'BB-' from 'BB'; and Moody's lowered
the company's corporate family rating to Ba3 from Ba2.

                   About Constellation Brands

Constellation Brands, Inc. (NYSE:STZ, ASX:CBR), --
http://www.cbrands.com/-- is an international producer and
marketer of beverage alcohol brands with a broad portfolio
across the wine, spirits and imported beer categories.  Well-
known brands in Constellation's portfolio include: Almaden,
Arbor Mist, Vendange, Woodbridge by Robert Mondavi, Hardys,
Goundrey, Nobilo, Kim Crawford, Alice White, Ruffino, Kumala,
Robert Mondavi Private Selection, Rex Goliath, Toasted Head,
Blackstone, Ravenswood, Estancia, Franciscan Oakville Estate,
Inniskillin, Jackson-Triggs, Simi, Robert Mondavi Winery,
Stowells, Blackthorn, Black Velvet, Mr. Boston, Fleischmann's,
Paul Masson Grande Amber Brandy, Chi-Chi's, 99 Schnapps,
Ridgemont Reserve 1792, Effen Vodka, Corona Extra, Corona Light,
Pacifico, Modelo Especial, Negra Modelo, St. Pauli Girl,
Tsingtao.   The company has operations in Australia, Japan, and
New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter on March 5, Moody's
lowered the company's corporate family rating and probability of
default rating to Ba3 from Ba2 after the company reported a new
US$500 million share repurchase program.  Moody's revised its
outlook to stable from negative.

Standard & Poor's Ratings Services lowered its ratings on
Constellation Brands, including its corporate credit and bank
loan ratings to 'BB-' from 'BB', with a stable outlook.

Fitch Ratings has downgraded Constellation Brands' issuer
default rating, bank credit facility, and senior unsecured notes
to 'BB-' from 'BB'.


CULDAFF CONSTRUCTION: Enters Voluntary Liquidation
--------------------------------------------------
Culdaff Construction Co. Ltd. resolved to voluntarily liquidate
its assets due to a cash-flow crisis, Scotsman reports.

A total of 150 employees on the company's offices in Scotland,
Teesside, Leeds and South Wales, were made redundant.

According to the report, business advisers from PKF (U.K.) LLP
are helping the civil engineering company with the proceedings.
PKF disclosed that the company's assets would be auctioned after
a liquidator is appointed.

PKF (U.K.) LLP -- http://www.pkf.co.uk-- specializes in
advising the management of developing private and public
businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

Headquartered in Glaslow, Scotland, Culdaff Construction Co.
Ltd. is a civil engineering firm.  It reports a turnover of
around GBP12 million a year.


EASY MOVE: Names Timothy Heasegrave as Administrator
----------------------------------------------------
Timothy Heaselgrave of The Till Morris Partnership was appointed
administrator of Easy Move Asbestos Ltd. (Company Number
04471413) on Feb. 23.

The administrator can be reached at:

         Timothy Heaselgrave
         The Till Morris Partnership
         2 Church Street
         Warwick
         Warwickshire
         CV34 4AB
         England
         Tel: 01926 497 722
         Fax: 01926 497 733

The company can be reached at:

         Easy Move Asbestos Ltd.
         18 Moor Road
         Strelley
         Nottingham
         Nottinghamshire
         NG8 6LP
         England
         Tel: 0115 929 8520
         Fax: 0115 929 8580


EUROSAIL UK: Fitch Puts Low-B Ratings to GBP-23.8 Million Notes
---------------------------------------------------------------
Fitch Ratings assigned final ratings to Eurosail UK 07-1 NC
Plc's GBP700 million-equivalent mortgage-backed floating-rate
notes as follows:

   -- GBP-equivalent 217 million Class A1, due 2026: 'AAA';

   -- GBP-equivalent 152.6 million Class A2, due 2045: 'AAA';

   -- GBP-equivalent 231 million Class A3, due 2045: 'AAA';

   -- GBP-equivalent 35.01 million Class A3c detachable coupons,
      due 2010: 'AAA';

   -- GBP-equivalent 44.8 million Class B, due 2045: 'AA';

   -- GBP-equivalent 28.35 million Class C, due 2045: 'A';

   -- GBP-equivalent 20.65 million Class D1, due 2045: 'BBB';

   -- GBP-equivalent 5.6 million Class E1c, due 2045: 'BB';

   -- GBP-equivalent 16.1 million Class DTc, due 2045: 'BBB';

   -- GBP-equivalent 9.1 million Class ETc, due 2045: 'BB'; and

   -- GBP-equivalent 3.5 million Class FTc, due 2045: 'B'.

This transaction is a securitization of prime and near-prime
residential mortgages originated and located in the U.K.  The
final ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of
Southern Pacific Mortgage Limited, GMAC-RFC, and Preferred
Mortgages Limited and the transaction's sound legal structure.

Credit enhancement for the Class A notes is initially 14.85%,
provided by the subordination of the Class B notes, the Class C
notes, the Class D1 notes, the Class E1c notes, and an initial
and target reserve fund of 0.65%.

The Class DTc, ETc and FTc notes are to be repaid solely by
excess spread available in the transaction.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its UK Residential Mortgage
Default Model, dated Feb. 5.  The agency also modeled cash-flows
using the results of the default model, with structural stresses
including various prepayment and interest rate scenarios.  The
cash-flow tests showed that each Class of notes could withstand
loan losses at a level corresponding to the related stress
scenario without incurring any principal loss or interest
shortfall and can retire principal by legal final maturity.


FOCUS DIY: Moody's Further Junks Notes on Debt Restructuring
------------------------------------------------------------
Moody's Investors Service downgraded Focus DIY Holdings Limited
to be issued by Focus (Finance) PLC:

   -- corporate family rating to Caa3 from Caa1;

   -- senior secured rating of Focus DIY (Investments) Limited
      to Caa2 from Caa1; and

   -- senior subordinated rating on the notes due in 2015 to
      Ca from Caa3.

The outlook on the ratings has been changed to stable.  The last
rating action was on Dec. 14, 2006.

The downgrade of the company's Corporate Family Rating to Caa3
from Caa1 reflects Moody's concern about the possible outcomes
of the strategic review of the company, including a potential
sale, being conducted by Rothschild.  Moody's recognizes that
management has been able:

   (i) to stabilize the operating performance of the company,
       and

  (ii) to obtain the support from Senior Lenders and Mezzanine
       Note holders for the strategic review and, in the
       meantime, a waiver on the requirement to provide audited
       financials by the end of February.

However, in Moody's opinion, a possible debt restructuring may
result in losses for current debt holders, given the limited
amount of tangible assets available to the company and the
ongoing pressure on the UK DIY market.

The one notch differential between the senior secured credit
facility, downgraded to Caa2, and the mezzanine notes,
downgraded to Ca, reflects the different position within the
capital structure in conjunction with the expected low recovery
rate at a group level.  The Ca rating on the mezzanine notes
reflects the weak position of those lenders in a potential debt
restructuring, given their second ranking claim compared to
senior lenders.

At this stage it is difficult to envisage upward pressure on the
rating, however, the rating could be upgraded if the company
were to find a solution to its financing structure and
demonstrate significant improvement in cash flow generation from
operations.  On the other side, further weakening on Moody's
perception of possible recovery rate or further delays in
finding a resolution with senior lenders and mezzanine note
holders which may erode the company's liquidity profile may
cause a further downgrade.  When Moody's applies its European
Loss Given Default methodology after March 19, it is anticipated
that the current notching of the relative debt instruments
within the Focus capital structure will remain unchanged.

Ratings affected by today's action are:

   -- Corporate family rating at Focus DIY Holdings Limited
      downgraded to Caa3 from Caa1;

   -- GBP285-million senior credit facilities at Focus DIY
      (Investments) Limited downgraded to Caa2 from Caa1;

   -- GBP100-million 9.375% Mezzanine Notes due 2015 at Focus
      (Finance) PLC downgraded to Ca from Caa3.

Headquartered in Crewe, UK Focus DIY Holdings Limited is the
third largest DIY retailer, by market share, in the UK and
operates 252 stores.  Revenues during the first nine months
ending July 2006 stood at GBP532.1 million.


FORD MOTOR: Nears Deal to Sell Aston Martin Unit in Auction
-----------------------------------------------------------
Ford Motor Co. could announce the sale of its Aston Martin
sports car unit for GBP450 million as early as this week, an
unidentified source tells News Limited.

Speaking at the Merrill Lynch Global Automotive Conference in
Geneva on Monday, Ford Europe head Lewis Booth said that the
sale of all or a part of the luxury sports car brand "has not
reached conclusion" but that a sale would conclude sometime this
year, The Wall Street Journal relates.

According to media reports, possible bidders include:

  * Motor-racing firm Prodrive, with Egypt's Naeem investment
    bank;

  * UK buyout firm Doughty Hanson;

  * Canadian car parts company Magna;

  * Syrian-born property mogul Simon Halabi; and

  * a consortium including Australian media billionaire James
    Packer.

Ford has explored strategic options for Aston Martin in August
last year, with particular emphasis on a potential sale of all
or a portion of the unit.

Aston Martin, up for sale for more than GBP450 million, is part
of the company's Premier Automotive Group -- the organization
under which all of Ford's European brands are grouped.  The
group also includes other brands like Volvo, Land Rover, and
Jaguar.

The sale of Aston Martin is in line with the company's cost
reduction plan, which, according to its chief executive officer
Alan R. Mulally, includes the reduction of the number of vehicle
platforms the company uses around the world and increase in the
number of shared parts.

The auction is run by UBS AG.

                        About Ford Motor Co.

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

                          *     *     *

As reported in the TCR-Europe on Dec. 13, 2006, Standard &
Poor's Ratings Services affirmed its 'B' bank loan and '2'
recovery ratings on Ford Motor Co. after the company increased
the size of its proposed senior secured credit facilities to
between US$17.5 billion and US$18.5 billion, up from US$15
billion.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of
both the secured facilities and the senior unsecured convertible
notes being offered.

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


FORD MOTOR: Eyes 2007 Profit for European Divisions
---------------------------------------------------
Ford of Europe and Premier Automotive Group, the European
divisions of Ford Motor Co., are expected to report a profit in
2007, after posting a US$455 million pretax profit last year,
Terry Kosdrosky writes for The Wall Street Journal.

According to WSJ, the positive expectation spurred from a growth
in new markets, such as Russia, and a good response to new
products and benefits from past cost-cutting measures.

Ford of Europe head Lewis Booth indicated the two divisions
won't be a drag on pretax profits as its "fundamental business
structure" in the region is improving, WSJ relates.

                        About Ford Motor Co.

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

                          *     *     *

As reported in the TCR-Europe on Dec. 13, 2006, Standard &
Poor's Ratings Services affirmed its 'B' bank loan and '2'
recovery ratings on Ford Motor Co. after the company increased
the size of its proposed senior secured credit facilities to
between US$17.5 billion and US$18.5 billion, up from US$15
billion.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of
both the secured facilities and the senior unsecured convertible
notes being offered.

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


FORD MOTOR: Signs Deal Selling APCO to Trident IV
-------------------------------------------------
Ford Motor Company has entered into a definitive agreement to
sell Automobile Protection Corporation to Trident IV, L.P., a
private equity fund managed by Stone Point Capital LLC.  The
transaction is the result of the review of strategic options for
the business announced by Ford on Oct. 11, 2006.

The sale is expected to close during the second quarter and is
subject to customary closing conditions, including applicable
regulatory approvals.  Terms and conditions specific to the
agreement are not being disclosed at this time.

Last week, Ford estimated US$11,182 million in total life-time
costs for restructuring actions.

Of the total US$11,182 million of estimated costs, Ford says
that US$9,982 million has been accrued in 2006 and the balance,
which is primarily related to salaried personnel-reduction
programs, is expected to be accrued in the first quarter of
2007.

The company expects a curtailment gain for other postretirement
employee benefit obligations related to hourly personnel
separations that occur in 2007, which gain the company expects
to record in 2007.  Of the estimated costs, those relating to
Job Bank Benefits and personnel-reduction programs also
constitute cash expenditure estimates.

The restructuring cost estimates relate to the automaker's
previously announced commitment to accelerate its restructuring
plan, referred to as Way Forward plan.

The "Way Forward" plan includes closing plants and laying off up
to 45,000 employees.

                            About APCO

APCO, a wholly-owned subsidiary of Ford Motor Company, was
purchased by Ford Motor Company in July 1999.  APCO offers
vehicle service contracts and related after-market products to
dealers of all makes and models.

                           About Trident

Stone Point Capital is a global private equity firm based in
Greenwich, Conn., that manages the Trident Funds and has raised
more than US$8 billion in committed capital to make investments
in the global insurance and financial services industries.

                       About Ford Motor Co.

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

                          *     *     *

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

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

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


FRUDD CONSTRUCTION: Creditors' Meeting Slated for March 12
----------------------------------------------------------
Creditors of Frudd Construction Ltd. (fka Frudd Building
Services Ltd.) will meet at 2:00 p.m. on March 12 at:

         The Gateway Hotel
         Nuthall Road
         Nottingham
         NG8 6AZ
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on March 9 at:

         Robert Hunter Kelly and Charles Graham John King
         Joint Administrators
         Ernst & Young LLP
         Cloth Hall Court
         14 King Street
         Leeds
         LS1 2JN
         England
         Tel: +44 [0] 113 298 2200
         Fax: +44 [0] 113 298 2201

Ernst & Young -- http://www.ey.com/-- is global organization
help companies in businesses across all industries-from emerging
growth companies to global powerhouses-deal with a broad range
of business issues.  It has 107,000 people in 140 countries
around the globe pursue the highest levels of integrity, quality
and professionalism to provide clients with a broad array of
services relating to audit and risk-related services, tax, and
transactions.


GEO. A. WILLIAMS: Brings In KPMG as Joint Administrators
--------------------------------------------------------
Mark Firmin and Howard Smith of KPMG Restructuring were
appointed joint administrators of retail chain Geo. A. Williams
& Son Ltd. by the company's directors on March 2.

Williams Music has a long history in the North East of England
but has recently lost money on an Internet venture and
experienced poor trading on the high street.

"All stores have closed and employees have been sent home while
we establish an accurate picture of the current situation.  This
review will be completed as quickly as possible to minimize
uncertainty for the business' staff, customers and other
stakeholders," Mark Firmin disclosed.

"We are keen to speak with any parties interested in buying the
business as a going concern," Mr. Firmin added.

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

Headquartered in Stockton-on-Tees, England, Geo. A. Williams &
Son Ltd. retails musical instruments.  The company, which
employs 79 staff, has 13 outlets throughout the U.K.,
predominantly in the North East and Yorkshire.


GETTY IMAGES: Delays Form 10-K Filing Due to Stock Options Probe
----------------------------------------------------------------
Getty Images notified the U. S. Securities and Exchange
Commission that the filing of its 2006 annual report will be
late because of an investigation into the Seattle company's
stock options practices.  The company previously delayed filing
its third quarter 2006 report for the same reason.

In a related matter, Getty also filed a Form 8-K with the SEC
indicating that it has received notice of an "event of default"
concerning its US$265 million in series B debentures due 2023.
The notice is based on the Getty's failure to file the third
quarter 2006 financial report.

In November, Getty Images received two "notices of purported
default" from holders of the debentures, demanding that the
company remedy the purported default within sixty days.  Getty's
failure to cure the default within the time period led to the
"event of default" notice received late in February, Getty said.
The company has maintained that the late filings do not
constitute a default and has left open the option of a legal
battle over the situation.

In notifying the SEC of the late annual report filing, Getty
said an internal committee has not completed its probe of the
company's historical stock options grant practices.  The company
did not specify a completion date for the investigation, which
was started after the SEC requested information about Getty's
stock options procedures.

Getty has publicly reported US$807.3 million in total revenue
for 2006, but the figure is considered preliminary until the
stock options investigation is finished and final financial
reports are filed with the government.

Concerning the event of default, Getty said that, ". . . the
trustee (The Bank of New York) or holders of at least 25% in
aggregate principal amount of the Debentures then outstanding
could declare all unpaid principal and accrued interest on the
Debentures then outstanding to be immediately due and payable."

Getty said it has enough money to pay the off the debt if
necessary.

                     About Getty Images

Getty Images Inc. (NYSE: GYI) -- http://gettyimages.com/--  
creates and distributes visual content and the first place
creative professionals turn to discover, purchase and manage
imagery.  The company's award-winning photographers and imagery
help customers create inspiring work which appears every day in
the world's most influential newspapers, magazines, advertising
campaigns, films, television programs, books and Web sites.
Headquartered in Seattle, WA and serving customers in more than
100 countries, Getty Images believes in the power of imagery to
drive positive change, educate, inform, and entertain.  The
company has corporate offices in Australia, the United Kingdom
and Argentina.

                         *     *     *

Moody's Investors Service upgraded the credit ratings of Getty
Images, Inc. and changed the ratings outlook to stable from
positive.

As reported in the Troubled Company Reporter - Europe on Dec. 6,
2006, Standard & Poor's Ratings Services lowered its ratings on
Seattle, Wash.-based visual imagery company Getty Images Inc.,
including lowering the corporate credit rating to 'B+' from
'BB', and placed the ratings on CreditWatch with developing
implications.

As of Sept. 30, 2006, Getty had US$265 million of convertible
notes outstanding.


GRANGE CERAMICS: Names David Jenner Cork Liquidator
---------------------------------------------------
David Jenner Cork of McCabe Ford Williams was appointed
liquidator of Grange Ceramics Ltd. on Feb. 22 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Grange Ceramics Ltd.
         88-90 Queen Street
         Ramsgate
         Kent
         CT119ER
         England
         Tel: 01843 851 585
         Fax: 01843 852 585


HARRIER SHOES: Joint Liquidators Take Over Operations
-----------------------------------------------------
Gary Steven Pettit and Peter John Windatt of BRI Business
Recovery were appointed joint liquidators of Harrier Shoes Ltd.
on Feb. 15 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Harrier Shoes Ltd.
         34 Kenmuir Road
         Finedon
         Wellingborough
         Northamptonshire
         NN9 5LS
         England
         Tel: 01933 681 401


HILTON HOTELS: Scandic Hotel Sale Spurs S&P to Lift BB Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
and senior unsecured ratings on Hilton Hotels Corp. to 'BB+'
from 'BB' and removed the ratings from CreditWatch where they
were placed with positive implications on Jan. 31.  The outlook
is stable.

The upgrade reflects a pace of deleveraging that is faster than
the expectation at the time of the company's February 2006
acquisition of Hilton International.  The upgrade follows the
announced sale today of the company's Scandic-branded hotel
portfolio to private equity firm EQT for US$1 billion in net
proceeds.

"We view the Scandic sale favorably because Hilton is expected
to use the US$1 billion in net sale proceeds to repay debt.  In
addition, the sale would result in the transfer of a meaningful
portion of Hilton's fixed lease obligations, as well as improve
margins in Hilton's global lodging portfolio," said
Standard & Poor's credit analyst Emile Courtney.


INERTIA PARTNERSHIP: High Court Orders Compulsory Liquidation
-------------------------------------------------------------
The High Court of England and Wales has placed The Inertia
Partnership LLP into compulsory liquidation after the East
Sussex-based company assisted boiler rooms, which were
unlawfully promoting and selling shares to the U.K. consumers.

The order was made against the company as a result of a winding-
up petition presented by the Financial Services Authority
because Inertia was found to have arranged at least GBP1 million
worth of investment deals without authorization under the
Financial Services & Markets Act 2000.

The Hon. Jonathan Crow QC said that Inertia played a significant
role in the operations of these boiler rooms and its
participation was calculated to provide comfort and reassurance
to consumers.  He found that consumers were charged 'exorbitant'
commissions -- up to 200% of the actual price received by the
share issuing company.  He added that this is an appropriate
case for the court to mark its disapproval of Inertia's
activities.

The FSA investigation found that investors were cold called by
boiler rooms, including Integra Advisory Group, AIM Management
and Standford Long, who misled investors.  Inertia acted as an
escrow agent and made arrangements for the purchase of shares in
a number of the U.K. companies.

Investigations also revealed that Inertia had dealings with
Porterland Associates, based in the Seychelles, which is not
authorized by the FSA and is believed to be involved in boiler
room activity.  As the company is based overseas the FSA can
take little direct action against it.

"Investors were encouraged to take comfort in the fact that
Inertia was based in the U.K. so their investment was supposedly
safe, when in fact it was transferring substantial sums of
investors' money to an unauthorized overseas organization.
Because Inertia was not authorized, investors do not have
protection for the money they have paid over, such as access to
the Financial Services Compensation Scheme or the Financial
Ombudsman Service.  Investors should always be cautious when
they are cold called by any firm promoting or offering to sell
shares and should first check to ensure that the firm is
authorized by the FSA," Jonathan Phelan, head of retail
enforcement at the FSA, disclosed.


ITEC TECHNOLOGIES: Appoints Mark Reynolds as Liquidator
-------------------------------------------------------
Mark Reynolds of Valentine & Co. was appointed liquidator of
ITEC Technologies Ltd. on Feb. 22 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         ITEC Technologies Ltd.
         198 Nottingham Road
         Langley Mill
         Nottingham
         Nottinghamshire
         NG164HG
         England
         Tel: 01773 717 771


LADBROKES PLC: Names Brian Wallace as Group Finance Director
------------------------------------------------------------
Ladbrokes plc has appointed Brian Wallace as Group Finance
Director.

Mr. Wallace replaces Rosemary Thorne, who will leave the company
next month to pursue new challenges.  Ms. Thorne joined the
company last January and played a significant part in the
transition of the organization into an independent betting and
gaming plc following the disposal of the Hilton International
hotels division.

Mr. Wallace, formerly Deputy Chief Executive and Group Finance
Director of Hilton Group plc will rejoin the company as Group
Finance Director with immediate effect.  He was retained by
Hilton Hotels Corp. following the sale of Hilton International.
Prior to joining Hilton Group plc Brian held senior positions in
Geest and Schlumberger.  He is currently the Senior Independent
Non-Executive Director at Hays plc and a Non-Executive Director
of Scottish & Newcastle plc.

"I would like to thank Rosemary for the valuable contribution
she has made and wish her every success for the future,"
Ladbrokes Chief Executive Christopher Bell said.  "The
appointment of Brian will further strengthen the management
team, particularly given his retail knowledge and international
experience."

                        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.

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.

                        *     *     *

As reported in the TCR-Europe on Oct. 26, 2006, Standard &
Poor's Ratings Services affirmed its 'BB' ratings on the senior
unsecured debt of the U.K.-based gaming operator Ladbrokes PLC
and its guaranteed subsidiary Ladbrokes Group Finance PLC, and
removed the ratings from CreditWatch with negative implications.

Moody's Investors Service downgraded in February 2006 the senior
unsecured long-term ratings of Hilton Group Plc (nka Ladbrokes
Plc) and its guaranteed subsidiaries to Ba2 from Baa3; the
outlook is stable.


MASTER WEAVERS: Taps Liquidators from Moore Stephens
----------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint liquidators of Master Weavers Ltd. on
Feb. 16 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:

         Master Weavers Ltd.
         Franchise Street
         Kidderminster
         Worcestershire
         DY116RE
         England
         Tel: 01562 747 636


MIGHTY MUESLI: Creditors Confirm Liquidator's Appointment
---------------------------------------------------------
Creditors of Mighty Muesli Ltd. confirmed on Feb. 23 the
appointment of Richard James Burkill as the company's
liquidator.

The company can be reached at:

         Mighty Muesli Ltd.
         East Hill House
         Ottery St. Mary
         Devon
         EX111PJ
         England
         Tel: 01 404 814 467
         Fax: 01 404 814 467


MILLENNIUM FURNITURE: Creditors Ratify Liquidator's Appointment
---------------------------------------------------------------
Creditors of Millennium Furniture Imports (Retail) Ltd. ratified
on Feb. 23 the company's resolutions for voluntary liquidation
and the appointment of Jonathan Lord of Bridgestones as
liquidator.

The company can be reached at:

         Millennium Furniture Imports (Retail) Ltd.
         Unit 2
         Red Rose Retail Center
         Regent Road
         Salford
         Lancashire
         M5 3GR
         England
         Tel: 0161 848 7667


OAKSFIELD CONSTRUCTION: Joint Liquidators Take Over Operations
--------------------------------------------------------------
Matthew Colin Bowker and David A. Willis of Jacksons Jolliffe
Cork were appointed joint liquidators of Oaksfield Construction
Ltd. on Feb. 22 for the creditors' voluntary winding-up
proceeding.

Jacksons Jolliffe Cork -- http://www.jjcork.co.uk/-- engages
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.

The company can be reached at:

         Oaksfield Construction Ltd.
         16 Oaksfield
         Methley
         Leeds
         West Yorkshire
         LS269AE
         England
         Tel: 01977 520 555


QUDOS DESIGN: Appoints Tenon Recovery as Joint Administrator
------------------------------------------------------------
Steven John Parker and Trevor John Binyon of Tenon Recovery were
appointed joint administrators of Qudos Design Ltd. (Company
Number 3293528) on Feb. 23.

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

The company can be reached at:

         Qudos Design Ltd.
         4 Constables Boathouse
         15 Thames Street
         Hampton
         Middlesex
         TW12 2EW
         England
         Tel: 020 8979 8880
         Fax: 020 8979 9881


RANK GROUP: Completes Sale of Hard Rock Biz to Seminole Tribe
-------------------------------------------------------------
The Rank Group Plc has completed the sale of its Hard Rock
business to subsidiaries of the Seminole Tribe of Florida for
US$965 million (approximately GBP502 million).

The increase in the sterling equivalent of the purchase price
from an estimated GBP490 million on Dec. 7, 2006, to GBP502
million at March 5 is as a result of changes in exchange rates
during that period.

The disposal and a proposal for a GBP350 million special
dividend payment received shareholder approval at an
extraordinary general meeting on Jan. 8.

The special dividend of 65 pence per share will be paid on
April 9 to shareholders on the register at March 23.  The
payment of the special dividend will be accompanied by an 18 for
25 share consolidation.

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                        *     *     *

As reported in the TCR-Europe on Feb. 2, Moody's Investors
Service downgraded to Ba3 from Ba2 the corporate family and
issuer ratings of The Rank Group Plc and the debt ratings of its
subsidiary Rank Group Finance plc.  Moody's said the outlook is
negative.

In December 2006, Fitch Ratings affirmed The Rank Group Plc's
Issuer Default ratings at B+ with Negative Outlook, senior
unsecured rating at B+ and Short-term rating at B.  The ratings
are simultaneously withdrawn.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


RANK GROUP: Posts GBP119 Million Prelim Net Income for 2006
-----------------------------------------------------------
The Rank Group Plc released its unaudited preliminary financial
results for the year ended Dec. 31, 2006.

Rank posted GBP119 million in net profit against GBP549.6
million in net revenues for the year ended Dec. 31, 2006,
compared with GBP208.5 million in net losses against GBP529.8
million in net revenues for the same period in 2005.

At Dec. 31, 2006, the Group's balance sheet showed GBP867.5
million in total assets and GBP792.2 million in total
liabilities resulting in a GBP75.3-million stockholders' equity.

"Through the actions that we have taken in 2006 we have
repositioned the Group to focus purely on mainstream gaming,"
Ian Burke, chief executive of The Rank Group Plc, said.  "This
is a market where we have a depth of operating experience, a
portfolio of strategically important assets and recognized
brands and where we see opportunities for sustained long-term
growth."

"During 2006 we agreed or completed asset disposals totaling
more than GBP1.1 billion, including the sales of Deluxe Film,
Hard Rock and US Holidays.  By the time that the GBP350 million
special dividend is paid on April 9, 2007, we will have returned
GBP550 million to shareholders in the space of 14 months
(excluding ordinary dividends)," Mr. Burke continued.

"As a result of our program of restructuring, we have
transformed Rank into a focused gaming business.

"We see long-term growth prospects in the U.K. gaming market and
we believe that, with our integrated model of bingo, casino and
betting with both retail and on-line distribution, we are well
placed to benefit from the predicted increases in consumer
spending on mainstream gaming.

"In the short-term we recognize that our businesses face a
number of challenges, most notably the smoking ban which will be
effective across the whole of Britain from July this year.  Our
strategy is to take vigorous action to meet these challenges
while retaining our long-term focus on the growth opportunities
for Rank," Mr. Burke concluded.

                       Smoking Bans

Scotland's ban on smoking in enclosed public places contributed
to a 15% reduction in likefor-like revenue from Rank's Scottish
bingo clubs from the point of its introduction in March 2006 to
the end of the year.  Similar bans will be introduced this year
in Wales (April 2) and England (July 1).  The Group has
implemented a broad strategy to counter the negative effects of
the smoking ban, including improving facilities for members who
wish to smoke, working with the Gambling Commission to adapt our
games and stepping up new member recruitment.  However the
smoking ban remains the most immediate concern for the Group.

Top Rank Espana, Rank's Spanish bingo clubs business, has had to
adapt to a partial smoking ban which only permits smoking in up
to 30% of the club's gaming area.  From Sept. 1, 2006, it has
been a legal requirement that these smoking areas be segregated
from non-smoking areas by physical partitions.  These changes
caused an element of disruption but the business has taken all
steps necessary to comply with the regulations.  As Rank has no
casinos in Scotland at present, it has no first-hand knowledge
of the effect of a smoking ban on casinos.  Industry data
suggests that, since the ban came into force, casinos in
Scotland have under-performed slightly against those in England
and Wales.

                      Gambling Act 2005

In September 2007, the majority of the provisions of the
Gambling Act 2005 (2005 Act) will be implemented.  The 2005 Act
brings a number of benefits for Rank's businesses including:

   -- the relaxation of advertising restrictions for casinos;
   -- the opportunity to charge "rake" on card room poker;
   -- the ability to test new casino and bingo games; and
   -- the removal of limits on linked games and the ability to
      create rollover jackpots in bingo.

The major negative aspect of the 2005 Act for Rank is the loss
of Section 21 gaming terminals as a result of the
reclassification of gaming machines.  At Dec. 31, 2006, Rank had
1,145 Section 21 terminals across its estate, including 949 in
Mecca Bingo and 196 in Grosvenor Casinos.

To counter the loss of these terminals, Rank is introducing a
range of improvements to our electronic gaming product,
including the upgrading of AWP prizes from GBP25 to GBP35, the
maximization of Section 31 "Jackpot" machine allocation and the
gradual replacement of "reel" machines with "video" machines.
At present a number of the 2005 Act regulations governing the
changes described have yet to be published in their final form.

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                        *     *     *

As reported in the TCR-Europe on Feb. 2, Moody's Investors
Service downgraded to Ba3 from Ba2 the corporate family and
issuer ratings of The Rank Group Plc and the debt ratings of its
subsidiary Rank Group Finance plc.  Moody's said the outlook is
negative.

In December 2006, Fitch Ratings affirmed The Rank Group Plc's
Issuer Default ratings at B+ with Negative Outlook, senior
unsecured rating at B+ and Short-term rating at B.  The ratings
are simultaneously withdrawn.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


RENOVATIONS BIRMINGHAM: Claims Filing Period Ends August 22
-----------------------------------------------------------
Creditors of Renovations (Birmingham) Ltd. have until Aug. 22 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:

         M. H. Abdulali
         Liquidator
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         ST1 5TL
         England

M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on Feb. 22.

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.


REX CAMPBELL: Names Liquidator to Wind Up Business
--------------------------------------------------
Richard Ian Williamson of Campbell Crossley and Davis was
appointed liquidator of Rex Campbell Engineers Ltd. on Feb. 23
for the creditors' voluntary winding-up proceeding.

Campbell Crossley and Davis -- http://www.campbell-crossley-
davis.co.uk -- specializes in debt problems leading to
insolvency.  It is a partnership and is associated to the
general accountancy practice of Crossley and Davis.

The company can be reached at:

         Rex Campbell Engineers Ltd.
         Phoenix Works
         Steeley Lane
         Chorley
         Lancashire
         PR6 0RJ
         England
         Tel: 01257 266 522
         Fax: 01257 241 362


ROYAL & SUN: Completes Disposal of U.S. Businesses to Arrowpoint
----------------------------------------------------------------
Arrowpoint Capital Corp. has completed the acquisition of all
Royal & SunAlliance USA businesses formerly owned by Royal & Sun
Alliance Insurance Group plc of London.

Under the terms of the transaction approved Feb. 20 by Delaware
Insurance Commissioner Matthew Denn, Arrowpoint Capital will
focus on meeting policyholder obligations through a continuation
of current operational, financial and governance guidelines.

Arrowpoint Capital Corp. was formed in June 2006 by the senior
management and outside directors of Royal & SunAlliance USA.
The company is led by former R&SA USA President & CEO John Tighe
and his senior management team, who have successfully headed
Royal's US operation since 2003.

"Our focus has always been on our obligation to all of our
policyholders - the successful completion of this transaction is
a huge win for them," Mr. Tighe said.  "The transaction builds
on the strong success we've achieved to date through our
restructuring efforts and provides us with a solid foundation
for taking the business forward.  Most importantly, it
represents an excellent outcome for our policyholders, who are
the primary beneficiaries of the acquisition and the additional
US$287.5 million it provides."

Under the terms of the transaction, Arrowpoint Capital
management purchased 100% of the interests of Arrowpoint General
Partnership, the US holding entity, which owned the R&SA USA
businesses, for US$300 million of deferred consideration.  At
the close of the transaction, the Group contributed US$287.5
million of additional capital to the US-regulated entities.

"I would like to express my appreciation to Commissioner Denn,
the Delaware Insurance Department and Professor Hamermesh, the
independent hearing officer, who worked tirelessly to ensure a
fair, thorough and open process," Mr. Tighe said.

In addition to members of the management team, the Arrowpoint
board will include Michael Crall, formerly CEO of Equitas and
President & Chief Executive of Argonaut Insurance Company, who
serves as chairman; Edward Muhl, former Superintendent of
Insurance for the State of New York, Commissioner of Insurance
for the State of Maryland and President of the National
Association of Insurance Commissioners; and Larry Simmons,
former President & CEO of Royal & Sun Alliance Insurance Company
of Canada and Western Assurance Company.

                      About Arrowpoint Capital

Arrowpoint Capital Corp. is a newly formed company comprised of
the former senior management and outside directors of Royal &
SunAlliance USA.  Headquartered in Charlotte, NC, the company
will build on its experience in both run-off and active
insurance businesses by focusing on operational objectives,
including investment, claim and expense management, to satisfy
policyholder obligations.

Headquartered in London, Royal & SunAlliance Insurance Group PLC
-- http://www.royalsunalliance.com/-- is a FTSE 100 company,
listed on the London Stock Exchange and in New York.  The group
consists of three regions -- U.K., Scandinavia and International
-- with operations in 30 countries, providing general insurance
products to over 20 million customers worldwide.

                        *     *     *

As of Feb. 22, Royal & SunAlliance Insurance Group PLC carries
Moody's Ba1 preferred stock rating.


SCOTTISH RE: Shareholders Okay MassMutal Capital & Cerberus Deal
----------------------------------------------------------------
Scottish Re Group Limited's shareholders approved a set of
proposals relating to the investment by MassMutual Capital
Partners LLC and an affiliate of Cerberus Capital Management,
L.P. at an Extraordinary General Meeting of Shareholders that
was held in Hamilton, Bermuda.

The approval of the proposals by the shareholders represents an
important step in the closing of the transaction, which after
receiving regulatory approval, will result in MassMutual Capital
and Cerberus each investing US$300 million into the company for
a total equity investment of US$600 million.  Upon close of the
transaction, MassMutual Capital and Cerberus will have a
controlling voting equity interest in the company.

"We are very pleased that our shareholders have approved the
transaction and, on behalf of the board of directors, we thank
them for their support during this difficult period," said Paul
Goldean, Scottish Re's Chief Executive Officer.  "We look
forward to expeditiously closing the transaction and working
with MassMutual Capital and Cerberus to achieve our financial
goals and deliver long-term value to our shareholders."

Pending certain regulatory approvals, the transaction is
expected to close in early second quarter of this year.

                  About Scottish Re Group

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.

                        *    *    *

As reported in the Troubled Company Reporter-Europe on Feb. 26,
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'.

Fitch said all ratings remain on Rating Watch Evolving.

In a TCR-Europe report on Nov. 29, 2006, Moody's Investors
Service disclosed that it continues to review the ratings of
Scottish Re Group Ltd. with direction uncertain following the
announcement by the company that it has entered into an
agreement to sell a majority stake to MassMutual Capital
Partners LLC, a member of the MassMutual Financial Group and
Cerberus Capital Management, L.P., a private investment firm.

Moody's said the continuing review affects the debt rating of
Scottish Re (senior unsecured at Ba3), as well as the Baa3
insurance financial strength ratings of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (U.S.), Inc.  The
uncertain direction of the review indicates the possibility that
Scottish Re's ratings could be upgraded, downgraded, or
confirmed depending on future developments at Scottish Re.

These ratings continue on review with direction uncertain:

   Scottish Re Group Limited

   -- senior unsecured debt of Ba3;

   -- senior unsecured shelf of (P)Ba3; subordinate shelf of
      (P)B1;

   -- junior subordinate shelf of (P)B1;

   -- preferred stock of B2; and

   -- preferred stock shelf of (P)B2.

   Scottish Holdings Statutory Trust II

   -- preferred stock shelf of (P)B1

   Scottish Holdings Statutory Trust III

   -- preferred stock shelf of (P)B1

   Scottish Annuity & Life Insurance Co (Cayman) Ltd.

   -- insurance financial strength of Baa3

   Premium Asset Trust Series 2004-4

   -- senior secured debt of Baa3 (based on IFS of SALIC)

   Scottish Re (U.S.), Inc.

   -- insurance financial strength of Baa3

   Stingray Pass-Through Certificates

   -- senior secured debt of Baa3 (based on IFS rating of SALIC)

On Sept. 5, 2006 Moody's changed the direction of review for
Scottish Re's ratings to uncertain from possible downgrade.


SCOTTISH RE: S&P Holds Ratings Watch on MassMutual/Cerberus Deal
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Scottish Re Group Ltd. (B/Watch Dev/--) and affiliated operating
companies remain on CreditWatch with developing implications
following the announcement by the company that the shareholders
have approved the transaction by which MassMutual Capital
Partners LLC and affiliates of Cerberus Capital Management L.P.
would provide an equity infusion of US$600 million in a
transaction to close in the second quarter of 2007.

MassMutual Capital and Cerberus Capital will also provide
additional funds for short- and long-term liquidity and capital
needs.  The transaction among the parties is planned to close in
the second quarter of 2007, assuming regulatory approval.  The
shareholder approval is a positive step for Scottish Re.

If the deal closes, Standard & Poor's expects to raise the
counterparty credit rating on Scottish Re Group Ltd. to a level
not likely to exceed 'BB-' and would raise the counterparty
credit and financial strength ratings on Scottish Re's operating
companies as well as the ratings on dependent unwrapped
securitized deals related to Scottish Re to levels not likely to
exceed 'BBB-'.  However, in the event the deal is not
consummated, the current ratings would likely be lowered
substantially (three or more notches).  Without the deal, it
would be difficult for Scottish Re to proceed with an orderly
run-off or manage as an operating company.  At the closing of
the proposed equity infusion, Standard & Poor's will evaluate
the ratings based on the terms of the transaction, the financial
and operational profile of the company, and the expected
prospective financial and business profile of Scottish Re.

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


SMILES ON FACES: Creditors Ratify Voluntary Liquidation
-------------------------------------------------------
Creditors of Smiles On Faces Ltd. ratified on Feb. 21 the
company's resolutions for voluntary liquidation and the
appointment of Alan H. Tomlinson of Tomlinsons as liquidator.

Tomlinsons -- http://www.tomlinsons.co.uk/-- specializes in all
types of business recovery and insolvency procedures, as well as
offering advice to companies and individuals who believe they
may be heading towards, or are already in, financial difficulty.

The company can be reached at:

         Smiles On Faces Ltd.
         St. Peter Street
         Blackburn
         Lancashire
         BB2 2HD
         England
         Tel: 01254 660 661


TOWER RECORDS: Court Sets March 15 Auction Sale of IP Assets
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
the bidding procedures proposed by MTS Inc. dba Tower Records
and its debtor-affiliates for the sale of their intellectual
property assets, subject to higher and better offers.

The IP Assets include the Debtors' website business, including
Tower.com, trademarks, and international licenses.

The Court set the auction sale for March 15 at 10:00 a.m. ET,
at the offices of Akin Gump Strauss Hauer & Feld LLP, 590
Madison Avenue in New York.

Potential bidders must be able submit a written offer to
purchase any or all of the IP Assets by March 12.

The prevailing bidder must consummate and fund the sale prior to
4:00 p.m. ET on March 20, while the back-up bidder must be able
to keep its bid open and irrevocable until the later of 5:00
p.m. ET on March 21, 2006, or the closing of the purchase by the
prevailing bidder.

The Court will convene a hearing at 2:00 p.m. ET on March 19 to
consider the sale of the IP Assets to the winning bidder.

Objections to the sale, if any, are due on or before noon ET on
March 16.

                            IP Assets

The IP Assets were part of the Debtors' Court-approved auction
in October 2006, but were never sold due to the inability of the
Debtors to close sale transactions.

On Sept. 6, 2006, the Debtors obtained Court approval for the
sale of substantially all of their assets.  The Debtors' assets
were auctioned in October 2006 in accordance with a consortium
of bids made by multiple parties.  Included in the consortium of
bids was the successful bid of Norton LLC for, among other
things, the Debtors' website business.

According to the Debtors, the sale of the website business did
not push through because of some business, technical and
operational issues that became apparent in the course of the
negotiations.

                          CIT Obligation

At the commencement of their chapter 11 cases, the Debtors'
capital structure included approximately US$80 million in first
priority secured debt owed to CIT Group/Business Credit Inc. as
well as more than US$70 million of second priority secured debt
asserted by secured trade vendors.  In addition, the Debtors
estimate that they face at least another US$50 million in
unsecured claims.

Proceeds from the October Auction Sale were used to pay in full
the first priority secured debt the Debtors owe CIT.

                        About Tower Records

Headquartered in West Sacramento, California, MTS, Inc., dba
Tower Records -- http://www.towerrecords.com/-- is a retailer
of music in the U.S., with nearly 100 company-owned music, book,
and video stores.  The company has stores in the United Kingdom,
the Philippines and Colombia.

The Company and its affiliates previously filed for chapter 11
protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No. 04-
10394).  The Court confirmed the Debtors' plan on March 15,
2004.

The Company and seven of its affiliates filed their second
voluntary chapter 11 petition on Aug. 20, 2006 (Bankr. D. Del.
Case Nos. 06-10886 through 06-10893).  Richards, Layton &
Finger, P.A. and O'Melveny & Myers LLP represent the Debtors.
The Official Committee of Unsecured Creditors is represented by
McGuirewoods LLP and Cozen O'Connor.  When the Debtors filed for
protection from their creditors, they estimated assets and debts
of more than US$100 million.  The Debtors' exclusive period to
file a chapter 11 plan expires on Dec. 18, 2006.

Moody's Investors Service gave the company's issuer rating and
long-term corporate family rating a Ca, and its senior
subordinated rating a C.


TOWER RECORDS: Selects Hilco Merchant as Liquidation Consultant
---------------------------------------------------------------
MTS Inc. dba Tower Records and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware for authority
to employ Hilco Merchant Resources LLC as their retail inventory
liquidation consultant.

Hilco will serve as consultant with respect to the potential
dispute that the Debtors have with the joint venture of the
Great American Group LLC and Hudson Capital Group LLC.

Specifically, Hilco will assist the Debtors and its
professionals in analyzing the appropriate adjustment to the
retail price of merchandise, if any, due to the agent under the
agency agreement and applicable documents governing the conduct
of store closing or going-out-of-business sales for the Debtors.

At the Debtors' request, Hilco will also communicate with the
Debtors' creditor constituencies and will provide expert witness
testimony on the matter in connection with applicable court
proceedings.

Hilco will be compensated through a percentage fee basis:

  Final Guaranteed Amount (millions)    Percentage Fee
  ----------------------------------    --------------
           US$99.5 - US$100.0                     0%
          US$100.0 - US$101.0                     5%
          US$101.0 - US$102.0                     9%
          US$102.0 - US$103.0                    13%
          US$103.0 - US$104.0                    17%
          US$104.0 +                             20%

To the best of the Debtors' knowledge, Hilco does not hold
any interest adverse to their estates.

                       About Tower Records
Headquartered in West Sacramento, California, MTS, Inc., dba
Tower Records -- http://www.towerrecords.com/-- is a retailer
of music in the U.S., with nearly 100 company-owned music, book,
and video stores.  The company has stores in the United Kingdom,
the Philippines and Colombia.

The Company and its affiliates previously filed for chapter 11
protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No. 04-
10394).  The Court confirmed the Debtors' plan on March 15,
2004.

The Company and seven of its affiliates filed their second
voluntary chapter 11 petition on Aug. 20, 2006 (Bankr. D. Del.
Case Nos. 06-10886 through 06-10893).  Richards, Layton &
Finger, P.A. and O'Melveny & Myers LLP represent the Debtors.
The Official Committee of Unsecured Creditors is represented by
McGuirewoods LLP and Cozen O'Connor.  When the Debtors filed for
protection from their creditors, they estimated assets and debts
of more than US$100 million.  The Debtors' exclusive period to
file a chapter 11 plan expires on Dec. 18, 2006.

Moody's Investors Service gave the company's issuer rating and
long-term corporate family rating a Ca, and its senior
subordinated rating a C.


TOWER RECORDS: Lease Assignment Period Extended Through March 30
----------------------------------------------------------------
On Oct. 25, 2006, the U.S. Bankruptcy Court for the District of
Delaware entered an order approving the:

   a) execution and delivery of certain designation rights
      agreements between MTS Inc. dba Tower Records; its debtor-
      affiliates; and a joint venture comprised of Great
      American Group LLC, Hudson Capital Group LLC, Crystal
      Capital Fund LP, and Retail Consulting Services LLC; and

   b) consummation of the transactions contemplated by the
      designation rights agreement.

The designation rights agreement grants the Joint Venture, as
purchaser, exclusive right to select and identify, from time to
time between the effective date of the designation rights
agreement and March 18 one or more designees to which any or all
of the Debtors' nonresidential leasehold interests may be sold
and assigned.

On Nov. 17, 2006, the Court gave the Debtors until March 18 to
assume or reject nonresidential leases.

One of the Debtors is party to a lease agreement with Nordhoff
Way LLC, as successor in interest to the Williams Family Trust,
for the premises located at 19320 Nordhoff Street, in
Northridge, California.

Subsequently, pursuant to the lease decision order, the Joint
Venture delivered a notice to the Debtors, Nordhoff, and other
parties-in-interest of the Joint Venture's intent to cause the
assumption by the Debtors, and assignment to the Joint Venture's
designee, of the Northridge Lease.

Nordhoff objected.

Accordingly, in a stipulation approved by the Court, the
Debtors, the Joint Venture, and Nordhoff agreed that:

   -- to give the parties sufficient time to draft definitive
      documentation with respect to the Northridge Lease only,
      the designation rights period and assignment period will
      be extended until March 30, 2007; and

   -- the hearing on Nordhoff's objection to the assumption and
      assignment of the Northridge Lease is adjourned to March
      12.

                       About Tower Records

Headquartered in West Sacramento, California, MTS, Inc., dba
Tower Records -- http://www.towerrecords.com/-- is a retailer
of music in the U.S., with nearly 100 company-owned music, book,
and video stores.  The company has stores in the United Kingdom,
the Philippines and Colombia.

The Company and its affiliates previously filed for chapter 11
protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No. 04-
10394).  The Court confirmed the Debtors' plan on March 15,
2004.

The Company and seven of its affiliates filed their second
voluntary chapter 11 petition on Aug. 20, 2006 (Bankr. D. Del.
Case Nos. 06-10886 through 06-10893).  Richards, Layton &
Finger, P.A. and O'Melveny & Myers LLP represent the Debtors.
The Official Committee of Unsecured Creditors is represented by
McGuirewoods LLP and Cozen O'Connor.  When the Debtors filed for
protection from their creditors, they estimated assets and debts
of more than US$100 million.  The Debtors' exclusive period to
file a chapter 11 plan expires on Dec. 18, 2006.

Moody's Investors Service gave the company's issuer rating and
long-term corporate family rating a Ca, and its senior
subordinated rating a C.


VIRGIN MEDIA: Warns Legal Action Over Carriage Dispute with Sky
---------------------------------------------------------------
Virgin Media Inc. (fka NTL Inc.) has formally advised British
Sky Broadcasting Group plc that it will pursue action in the
high court if their carriage disputes are not resolved within 30
days.  This comes on the heels of Sky's rejection of an offer by
Virgin Media to have the matter resolved through legally binding
arbitration by an independent expert.

Virgin Media is challenging the pay TV giant for its abuse of
dominance.

The remedies sought will include supply of Sky's basic channels
at a reasonable commercial rate, as well as fair payment for
Sky's carriage of Virgin Media TV channels, such as Living and
Bravo.  Virgin Media will also seek damages if the dispute is
not resolved.

"We are not interested in prolonging this dispute any longer
than necessary but we will not allow Virgin Media or our
customers to be the victim of Sky's market power.  In the
interest of the consumer, we want these issues resolved
quickly," Steve Burch, Virgin Media CEO, said.

Virgin Media has chosen to publicize its actions [Mon]day
because, given ongoing media coverage of this issue, consumers
have a right to understand more about the facts behind the
headlines and what Virgin Media is doing to put things right.
The numbers behind Sky's pricing proposals speak for themselves
and reveal the extreme nature of their behavior.

Historically, Sky and Virgin Media have each retailed the
other's channels to their customers: Virgin Media TV channels,
such as Living and Bravo, have been retailed by Sky to its
customers; and Sky's basics channels have been retailed by
Virgin Media to its customers.

In the past few months, Sky has demanded nearly double the price
for its basic channels (whose popularity is declining), while
forcing a dramatic cut in the price it pays for Virgin Media
TV's channels (whose popularity is increasing).  More
specifically:

In Virgin Media homes, the viewing share of Sky's basic channels
has fallen by about 20% over the last three years.  Despite
this, Sky has demanded that Virgin Media pay nearly double the
existing arrangement for retailing the channels.  Sky has sought
to increase the fees to about GBP48.5 million per year
(including some GBP8 million for some ancillary services)

In January, despite a 15% increase in the viewing share of
Virgin Media TV's channels over the last three years in Sky
homes, Sky forced Virgin Media to accept an 85% reduction in the
price it pays for the channels

Even when adjusted for the Sky basic channels' marginally higher
share of total viewership and its larger subscriber base, Sky is
demanding an annual price per subscriber some 1700% higher than
it pays for the Virgin Media TV channels

This gaping disparity in channel valuation is the hallmark of
Sky's systematic abuse of dominance and their longer term
objective of suppressing existing and emerging competition from
other companies.  Throughout both sets of negotiations, Virgin
Media have proposed relatively small adjustments to the status
quo (mostly in Sky's favor).  Sky, by contrast, has consistently
tried to use their market power to fundamentally change in their
favor the dynamics of the pay TV market.

Sky's premium sports and movie channels are not part of this
dispute and remain available to Virgin Media's customers.

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

As of Feb. 13, Virgin Media Inc. (fka NTL Inc.) carries these
ratings:

   * Moody's Investors Service:

      -- Long-Term Corporate Family Rating: Ba3

   * Standard & Poor's:

      -- Long-Term Foreign Issuer Credit Rating: B+
      -- Long-Term Local Issuer Credit Rating: B+
      -- Outlook Positive

   * Fitch:

      -- Long-Term Foreign Issuer Default Rating: B+
      -- Short-Term Issuer Default Rating: B
      -- Short-Term Rating: B
      -- Outlook Stable


VISIONSAT COMMUNICATIONS: Appoints O'Sullivan as Liquidator
-----------------------------------------------------------
Jeremiah Anthony O'Sullivan of Bishop Fleming was appointed
liquidator of Visionsat Communications Ltd. on Feb. 27 for the
creditors' voluntary winding-up proceeding.

Bishop Fleming -- http://www.bishopfleming.co.uk/-- provides
services that include tax advice, financial forecasts, business
planning and corporate finance.

The company can be reached at:

         Visionsat Communications Ltd.
         Unit 10 Camelot Court
         Somerton Business Park
         Bancombe Road
         Somerton
         Somerset
         TA116SB
         England
         Tel: 01458 273 289
         Fax: 01458 273 758


WADES COFFEE: Appoints Liquidators from David Horner & Co.
----------------------------------------------------------
David Anthony Horner and David Adam Broadbent of David Horner &
Co. were appointed joint liquidators of Wades Coffee House Ltd.
(t/a Wades Delicatessen) on Feb. 23 for the creditors' voluntary
winding-up procedure.

David Horner & Co. -- http://www.davidhornerandco.co.uk/--  
offers practical advice and solutions to all types of
businesses, individuals and creditors, often enabling formal
insolvency to be avoided.

The company can be reached at:

         Wades Coffee House Ltd.
         Coniscliffe Road
         Darlington
         County Durham
         DL3 7RG
         England
         Tel: 01325 312 839


WINDMILL MACHINE: Taps Nigel Price to Liquidate Assets
------------------------------------------------------
Nigel Price of Moore Stephens LLP was appointed liquidator of
Windmill Machine Services Ltd. on Feb. 19 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:

         Windmill Machine Services Ltd.
         Walsh Lane
         Meriden
         Coventry
         West Midlands
         CV7 7JY
         England
         Tel: 01676 523 838
         Fax: 01676 522 532


WORLDTEL LTD: Hires N. H. Sinclair to Liquidate Assets
------------------------------------------------------
N. H. Sinclair of Kroll Ltd. was appointed liquidator of
Worldtel Ltd. on Feb. 22 for the creditors' voluntary winding-up
proceeding.

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.

The company can be reached at:

         Worldtel Ltd
         Regent Street
         City of Westminster
         London
         SW1Y 4LR
         England
         Fax: 020 7389 0501

                           *********

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
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Information contained herein is obtained from sources believed
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                 * * * End of Transmission * * *