/raid1/www/Hosts/bankrupt/TCREUR_Public/070327.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, March 27, 2007, Vol. 8, No. 61

                            Headlines


A U S T R I A

ING. R. ZEILER: Creditors' Meeting Slated for April 11
INNOV.ATIONS TRADE: Claims Registration Period Ends April 16
KOI SYSTEMS: Claims Registration Period Ends April 23
ON THE AGE: Claims Registration Period Ends April 24
SAMMIZ LLC: Claims Registration Period Ends April 24

SELENOGRAPHIE LLC: Claims Registration Period Ends April 24
VITO VITOROVIC: Claims Registration Period Ends April 20


C Z E C H   R E P U B L I C

AGROBANKA PRAHA: CNB's Singer Warns Shareholders vs Bankruptcy


D E N M A R K

TDC A/S: Owners Seek Lower Interest on EUR9-Bln Takeover Loan


F R A N C E

RHODIA SA: Presents Site Closure Plans to Works Council
RHODIA SA: S&P Affirms B+ Ratings on Continuing Improvements
SAUR SAS: S&P Keeps BB Ratings on CreditWatch Negative
SMOBY-MAJORETTE: French Court Grants Safeguard Procedure


G E R M A N Y

AGENT-RP GMBH: Claims Registration Period Ends May 5
AMERICAN SPORTSWEAR: Claims Registration Period Ends May 4
APH AKADEMIE: Claims Registration Period Ends May 11
ASA AHLENER: Claims Registration Period Ends April 25
ASYA BOCHUM: Claims Registration Period Ends April 30

AUTOHAUS BITTNER: Claims Registration Period Ends May 21
BAUGESCHAFT WILFRIED: Claims Registration Period Ends April 16
BDV-BAUZENTRUM: Creditors' Meeting Slated for May 25
BILFINGER BERGER: Claims Registration Ends May 5
FRANK MUEHLING: Claims Registration Ends May 15

GASTRONOMIEBETRIEB STUMM: Claims Registration Ends May 23
GEDILAN TECHNOLOGIES: Creditors' Meeting Slated for April 12
GERUESTBAU GMBH: Claims Registration Ends April 27
GRUMAN-IMMOBILIEN GMBH: Claims Registration Ends April 20
GUIDO-S FAHRSCHULE: Claims Registration Ends April 10

HERMEKE HAUSBAU: Claims Registration Ends May 8
HS GEBAUDESERVICE: Claims Registration Period Ends April 10
IGW-BAU GESELLSCHAFT: Creditors Must Register Claims by April 19
K & E GASTRONOMIE: Claims Registration Period Ends April 3
K & E HANDEL: Claims Registration Period Ends April 3

K & L IHR: Claims Registration Period Ends March 30
KLINIKUM NIEDERBERG: Claims Registration Period Ends April 5
KRS GEBAUDEREINGUNG: Creditors Must File Claims by April 20
LIFE MAXIMUM: Creditors Must Register Claims by June 14
MTS LEASING: Germany Demands Probe Into Fraud Case in Romania

N & W HOCHBAU: Claims Registration Ends May 25
NEUSAM WOHNUNGS: Claims Registration April 12
PAPIERVERARBEITUNGS-MASCHINEN: Claims Registration Ends April 17
PRO - MA PROJEKTMANAGEMENT: Claims Registration Ends May 8
RATIONAL GEBAUDEREINIGUNG: Claims Registration Ends April 19

RIZZI SPEDITION: Claims Registration Period Ends March 30
SGL CARBON: S&P Lifts Ratings to BB on Better Financial Profile
SOLID MV: Claims Registration Period Ends May 18
STRATOS GLOBAL: CIP Canada Inks US$576 Million Acquisition Pact
WEVAMED WARENHANDEL: Claims Registration Period Ends April 17


I R E L A N D

BACCHUS 2007-1: Moody's Rates EUR11-Mln Class E Notes at (P)Ba3
SMURFIT KAPPA: Moody's Assigns Ba3 Corporate Family Rating
SMURFIT KAPPA: Fitch Upgrades IDR to BB- on Debt Prepayment
WINDERMERE X: Fitch Rates EUR14.5-Million Class F Notes at BB
WINDERMERE X: S&P Rates EUR14.5 Million Class F Notes at BB


I T A L Y

ALITALIA SPA: Posts EUR405.2 Million in Pre-Tax Losses for 2006
SEAT PAGINE: Investors Keep Terms on Existing Agreement


K A Z A K H S T A N

ALIGARH XXI: Creditors Must File Claims by May 8
ANONIM SHIRKETI: Creditors' Claims Due May 4
BATYR LLP: Proof of Claim Deadline Slated for May 8
FAIS-JIHAZ LLP: Claims Registration Ends May 8
JASULAN LLP: Claims Filing Period Ends May 8

KAZINTERCOM EKIBASTUZ: Creditors Must File Claims by May 1
KOSTANAI-ZERNO 2004: Creditors' Claims Due May 8
KURYLYSKORKEMSTROY LLP: Proof of Claim Deadline Slated for May 4
NEW TECHNICS: Claims Registration Ends May 1
STALKER-PLUS LLP: Claims Filing Period Ends May 8


K Y R G Y Z S T A N

BISHKEK BUSINESS: Creditors' Meeting Slated for April 4
JACKSON CENTRAL: Claims Filing Period Ends May 8


N E T H E R L A N D S

KONINKLIJKE AHOLD: Earns EUR915 Million for Full Year 2006


P O R T U G A L

HIPOTOTTA NO. 5: Moody's Junks EUR10-Mln Class F Mortgage Notes


R O M A N I A

MTS LEASING: Germany Demands Probe Into Fraud Case in Romania


R U S S I A

AGRO-BUILDER LLC: Creditors Must File Claims by April 10
AGRO-SERVICE OJSC: Creditors Must File Claims by May 10
AGRO-STORY CJSC: Orenburg Bankruptcy Hearing Slated for May 22
EAR CJSC: Creditors Must File Claims by May 10
MDM BANK: Gets US$100-Mln Loan from International Finance Corp

MORDOVSKIY SUGAR: Court Names E. Mochalov as Insolvency Manager
NIVA-CERAMICS OJSC: Asset Sale Slated for April 10
NIZHEGORODSKIY TROLLEYBUS: Creditors Must File Claims by May 10
ORSIL CJSC: Creditors Must File Claims by May 10
PROMSVYAZBANK JSCB: Bank of China Provides US$30-Mln Credit Line

ROSNEFT OIL: Faces TNK-BP Unit in Today's Yukos Stake Auction
SEVER-TRANS-STROY: Creditors Must File Claims by May 10
STRELKA LLC: Krasnodar Bankruptcy Hearing Slated for June 18
STROY-SIB-OM': Creditors Must File Claims by May 10
TANTAL-D CJSC: Saratov Bankruptcy Hearing Slated for May 15

TELESEM'-KURSK CJSC: Creditors Must File Claims by April 10
TNK-BP HOLDING: To Take Part in Today's Yukos Stake Auction
TNK-BP HOLDING: Main Yukos Shareholder May File Suit Against Bid
TROSKAL CJSC: Creditors Must File Claims by April 10
VZLET OJSC: Court Starts Bankruptcy Supervision Procedure

YUKOS OIL: TNK-BP Holding To Take Part in Today's Stake Auction
YUKOS OIL: Main Shareholder Might Sue TNK-BP on Yukos Stake Bid
YUKOS OIL: PwC to Continue Russian Business Despite Issues


S W I T Z E R L A N D

ALDOPA LLC: Creditors' Liquidation Claims Due April 10
ANGELINI LLC: Schwyz Court Closes Bankruptcy Proceedings
C.D.M. TECHNOLOGIES: Creditors' Liquidation Claims Due April 5
DACASA LLC: Claims Registration Period Ends April 2
FLAMMTECH BRANDSCHUTZ: Claims Registration Period Ends April 2

HAJOMIX LLC: Creditors' Liquidation Claims Due April 10
KINDERTAGESSTATTE IISBAR: Liquidation Claims Due April 10
MEGACAT JSC: Lucerne Court Closes Bankruptcy Proceedings
OMICO LLC: Creditors' Liquidation Claims Due April 10
V.R.S.U. JSC: Creditors' Liquidation Claims Due April 10


U K R A I N E

AGRICULTURAL ENERGY: Creditors Must File Claims by March 29
ANTIKOR-92 LLC: Creditors Must File Proofs of Claim by March 29
BRASKO LLC: Creditors Must File Proofs of Claim by March 29
GLUHOV LLC: Creditors Must File Proofs of Claim by March 29
I-VANE LLC: Creditors Must File Proofs of Claim by March 29

INDUSTRIAL HYDROCOMPLEX: Creditors Must File Claims by March 30
MIRIS: Creditors Must File Proofs of Claim by March 29
NEVOS-ENERGY LLC: Creditors Must Register Claims by March 29
NOVREM-NIKOLAEV LLC: Creditors Must File Claims by March 29
TRANS EXPRESS LLC: Creditors Must Submit Claims by March 29

TRIMARAN: Creditors Must File Proofs of Claim by March 29
TRITON LLC: Creditors Must File Proofs of Claim by March 29
TRIUMF POLUS: Creditors Must File Proofs of Claim by March 29
VOLIN SPECIALIZED: Creditors Must File Claims by March 29


U N I T E D   K I N G D O M

AQUADOS UK: Claims Filing Period Ends April 12
BISCIT INTERNET: O-Bit Telecom Buys Customer Database List
BOURS ELECTRICAL: Taps Begbies Traynor as Joint Administrators
C VICKERS: Joint Liquidators Take Over Operations
BRITISH AIRWAYS: S&P Retains BB+ Ratings After Open Skies Vote

CHESHIRE AUTOTRADE: Appoints Jonathan Lord as Liquidator
CLAYTIME LTD: Claims Filing Period Ends April 13
CUCCOLINI UK: Claims Filing Period Ends Aug. 15
EXECUTIVE LEISURE: Taps Kiran Mistry to Liquidate Assets
FOUR SEASONS: Names Eileen T. F. Sale Liquidator

GETTY IMAGES: Moody's Affirms Low-B Ratings on Limited Business
GTP LTD: Claims Filing Period Ends April 26
GUY BIRKIN: Claims Filing Period Ends May 4
HALCYON TYPE: Hires Chris Williams as Liquidator
HORNITEX LTD: Claims Filing Period Ends May 4

J D KROUSE: Claims Filing Period Ends April 15
LONDON AND EDINBURGH: Claims Filing Period Ends April 30
LONDON PORTRAIT: Taps Joint Administrators from Tenon Recovery
MARK ALDWORTH: Claims Filing Period Ends June 7
MEADE CAPITAL: Appoints Joint Administrators from Moore Stephens

MEDI-PLINTH LTD: Brings In Joint Administrators from Menzies
OAKDALE BAKERIES: BakeSense Buys Wigan & Doncaster Sites
PLANET TEXTILES: Appoints Moore Stephens to Administer Assets
REDWOODSTONE LTD: Creditors' Meeting Slated for April 10
REXEL SA: Fitch Places B IDR on Watch on Planned IPO Launch

STIRLING GRAPHICS: Brings In Liquidator from Begbies Traynor
TALISMAN-6 FINANCE: Fitch Rates EUR15.5-Mln Class F Notes at BB
THOMAS FERGUSON: Claims Filing Period Ends April 15
TOWER RECORDS: Caiman Holdings Buys Trademark & Site for US$4.2M
TWOCAN LTD: G. W. Rhodes Leads Liquidation Procedure

* Moody's Reports on European Speculative-Grade Default Rate

* Large Companies with Insolvent Balance Sheets

                            *********

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


ING. R. ZEILER: Creditors' Meeting Slated for April 11
------------------------------------------------------
Creditors owed money by LLC Ing. R. Zeiler (FN 58103x) are
encouraged to attend the first creditors' meeting at 9:30 a.m.
on April 11.

The creditors' meeting will be held at:

         The Land Court of Salzburg
         Hall 256
         Second Floor
         Salzburg
         Austria

The Court will also examine the claims at 8:45 a.m. on May 4, at
the same venue.

Creditors have until April 20 to file written proofs of claim to
court-appointed estate administrator Michael Oberbichler at:

         Dr. Michael Oberbichler
         Sparkassenstr. 26
         5500 Bischofshofen
         Austria
         Tel: 06462-3150-0
         Fax: 06462-3150-15
         E-mail: office@rae-oberbichler.at

Headquartered in Radstadt, Austria, the Debtor declared
bankruptcy on March 2 (Case No. 44 S 11/07b).


INNOV.ATIONS TRADE: Claims Registration Period Ends April 16
------------------------------------------------------------
Creditors owed money by LLC Innov.Ations Trade (FN 242868i) have
until April 16 to file written proofs of claim to court-
appointed estate administrator Christoph Doppelbauer at:

         Mag. Christoph Doppelbauer
         Vogelweiderstrasse 9
         4600 Wels
         Austria
         Tel: 07242/351300
         Fax: 07242/351300-389
         E-mail: anwalt@dop.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:40 p.m. on April 26 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on Feb. 26 (Bankr. Case No. 20 S 26/07k).


KOI SYSTEMS: Claims Registration Period Ends April 23
-----------------------------------------------------
Creditors owed money by LLC Koi Systems (FN 246895g) have until
April 23 to file written proofs of claim to court-appointed
estate administrator Martin Honemann at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 7 for the examination
of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 26 (Bankr. Case No. 3 S 30/07t).  Eva Wexberg represents
Dr. Kainz in the bankruptcy proceedings.


ON THE AGE: Claims Registration Period Ends April 24
----------------------------------------------------
Creditors owed money by LLC on the age (FN 270562k) have until
April 24 to file written proofs of claim to court-appointed
estate administrator Johannes Leon at:

         Dr. Johannes Leon
         Reichsratsstrasse 5
         1010 Vienna
         Austria
         Tel: 402 15 54
         Fax: 402 15 54 54
         E-mail: office@leonlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 p.m. on May 8 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 23 (Bankr. Case No. 6 S 25/07d).


SAMMIZ LLC: Claims Registration Period Ends April 24
----------------------------------------------------
Creditors owed money by LLC Sammiz (FN 199288x) have until
April 24 to file written proofs of claim to court-appointed
estate administrator Erwin Senoner at:

         Dr. Erwin Senoner
         c/o Dr. Georg Freimueller
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on May 8 for the examination of
claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 23 (Bankr. Case No. 6 S 7/07g).  Georg Freimueller
represents Dr. Senoner in the bankruptcy proceedings.


SELENOGRAPHIE LLC: Claims Registration Period Ends April 24
-----------------------------------------------------------
Creditors owed money by LLC Selenographie (FN 215052d) have
until April 24 to file written proofs of claim to court-
appointed estate administrator Katharina Widhalm-Budak at:

         Dr. Katharina Widhalm-Budak
         c/o Dr. Klemens Dallinger
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 10 37
         Fax: 513 10 37 22
         E-mail: widhalm-budak@anwaltsteam.at
                 dallinger@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on May 8 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 23 (Bankr. Case No. 6 S 24/07g).  Klemens Dallinger
represents Dr. Widhalm-Budak in the bankruptcy proceedings.


VITO VITOROVIC: Claims Registration Period Ends April 20
--------------------------------------------------------
Creditors owed money by KEG "VITO" Vitorovic Dragan (FN 252087t)
have until April 20 to file written proofs of claim to court-
appointed estate administrator Martin Honemann at:

         Mag. Martin Honemann
         Oelzeltgasse 4
         1030 Vienna
         Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: martin.honemann@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on May 4 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 6 (Bankr. Case No. 28 S 24/07v).


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


AGROBANKA PRAHA: CNB's Singer Warns Shareholders vs Bankruptcy
--------------------------------------------------------------
Czech National Bank vice-governor Miroslav Singer has sent a
letter to the shareholders of Agrobanka Praha warning them
against their plan to file a bankruptcy petition, Euro OnLine
reports.

As reported in the TCR-Europe on March 13, Agrobanka's
supervisory board may advise the bank's receiver to file for
bankruptcy because it is insolvent and in liquidation.

Mr. Singer wrote that the CNB, an Agrobanka shareholder, fears
that GE Money Bank might be counted as part of the company's
bankruptcy assets if the board of directors and the company's
liquidator pursues their plan to file the petition, Euro OnLine
reveals.

Agrobanka board member Jiri Kellner, who is also the association
head for Agrobanka's minority shareholders, said that the Czech
branch of GE Money Bank would be part of the bankruptcy assets
in case of a filing.

However, GE Money Bank spokeswoman Eva Chaloupkova slammed Mr.
Kellner's claims saying that it is a legally baseless
assumption, Prague Daily Monitor reveals.

"Agrobanka Praha is an independent company which no longer
shares any activities with GE Money Bank.  GE Money Bank rejects
all speculations that it could be included in Agrobanka Praha's
bankruptcy assets," Ms. Chaloupkova said.

                        About Agrobanka

Agrobanka Praha a.s., a financial institution established in
March 1990, once had over 330 branches across the Czech
Republic.  However, it ran into liquidity problems in 1996 and
is currently under administration.

It used to be the Czech Republic's fifth-largest bank and the
largest fully private bank in the country during its heyday.  GE
Money Bank materialized from the part of Agrobanka acquired by
GE Capital.


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


TDC A/S: Owners Seek Lower Interest on EUR9-Bln Takeover Loan
-------------------------------------------------------------
Kohlberg Kravis Roberts & Co. and Blackstone Group LP are
calling on lenders to cut interest on the EUR9-billion (US$12
billion) loan they used to finance the US$15.3-billion takeover
of TDC A/S in January 2006, Cecile Gutscher writes for Bloomberg
News.

According to two bankers arranging the deal, TDC's owners are
seeking interest premiums on the longest-maturity bank loans to
drop to 212.5 basis points above interbank lending rates from a
margin of 287.5 basis points, Bloomberg relates.

The bankers reveal that lenders to TDC will receive a fee if
they agree to the lower rates.  However, two-thirds of lenders
need to accept for the TDC deal to push through.

Bloomberg says more companies will follow TDC's move as investor
demand for buyout firm debt is high after fund managers raised a
record of EUR30 billion to invest in loans.

"There's an arbitrage between where deals were done a year ago
versus where pricing is now," Richard Howell, head of leveraged
capital markets at Lehman Brothers in London, told Bloomberg.
"More companies will exploit that opportunity."

Jean-Yves Lancestremere, TDC's investor relations manager in
Copenhagen, refused to comment on the matter.

                        About TDC A/S

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

                        *     *     *

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

* TDC's debt instruments:

   -- Senior secured bank facilities rated 'BB+'

   -- EMTN bonds rated 'BB-':

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

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

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


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


RHODIA SA: Presents Site Closure Plans to Works Council
-------------------------------------------------------
Rhodia S.A. presented a plan to close the Mulhouse Dornach site
in France to its Work Council.  The closure would take effect on
Dec. 31, 2007.

An economic analysis of the site's business activities has
illustrated a difficult competitive situation being faced by
agrochemical and pharmaceutical intermediates.  Considerable
efforts were made to cut costs and increase prices, but these
have not halted the decline in these businesses.

Rhodia will make effort to propose a redeployment solution to
all employees concerned.  The outline agreement signed on
March 14, with the group's two main trade union allows for the
redeployment of staff impacted to be anticipated.

As of March 23, alternative employment has been identified for
more than 100 employees out of the 135 based at the site.

                          About Rhodia

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

                           *    *    *

As of March 9, Rhodia S.A. carries Moody's 'B1' Long-term
Corporate Family Rating, 'B2' Senior Unsecured Debt and 'B3'
Senior Subordinate.

Fitch Ratings upgraded the Issuer Default rating of Rhodia SA to
'BB-' from 'B+'; the EUR300 million revolving credit facility
rating to 'BB+' from 'BB'; the senior notes due 2010 and 2013
rating to 'BB-' from 'B+'; and the senior subordinated notes due
2011 rating to 'B' from 'B-'.  The Outlook on the IDR is Stable.


RHODIA SA: S&P Affirms B+ Ratings on Continuing Improvements
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
France-based chemicals producer Rhodia S.A. to positive from
stable, reflecting continuing good business and financial
momentum.

At the same time, the 'B+' long-term and 'B' short-term
corporate credit ratings on the group were affirmed.  With 2006
sales of EUR5 billion, Rhodia is one of the largest chemical
groups in Europe.

The outlook revision reflects Rhodia's significantly improved
operational and financial results in 2006, due in particular to:

   -- management's turnaround strategy;

   -- the group's track record in terms of achievements against
      its plan; and

   -- the potential for a higher rating in the medium term if
      Rhodia is able to generate positive free operating cash
      flow and improve its cash flow metrics.

Rhodia's financial profile remains the main rating constraint,
although S&P believe that it has room for improvement.  Free
funds from operations to adjusted debt remained weak in 2006,
albeit stronger than in previous years.  FOCF was negative due
to still-material cash restructuring expenses, higher
inventories, and higher interest relative to EBITDA.  This
should improve, however, given higher FFO and only moderately
higher capital expenditures.

The group's business profile has improved in recent years. The
2006 EBITDA margin was in line with or better than peers,
showing marked progress from subpar performance in the past,
reaching about 14% compared with 9.5% in 2005.  This reflects in
large part the group's so far successful three-pillar turnaround
plan.

"The positive outlook reflects the potential for an upgrade in
the medium term if Rhodia maintains good operating momentum and
financial focus, enabling the group to achieve positive FOCF and
higher cash flow protection measures," said Standard & Poor's
credit analyst Lucas Sevenin.

The outlook could be revised back to stable if operating
performance and market conditions deteriorate materially against
expectations, notably in the core polyamide market, or if the
return to positive FOCF is slower than expected.


SAUR SAS: S&P Keeps BB Ratings on CreditWatch Negative
------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' long-term
corporate credit ratings on France-based FG4 S.A. and Saur
S.A.S., which are respectively the finance subsidiary and the
main operating company of the Saur water and waste management
group, remain on CreditWatch with negative implications, where
they were placed on Dec. 12, 2006.

This follows the announcement that a consortium, comprising
French state-owned bank Caisse des Depots et Consignations,
French waste management company Seche Environnement, and the
infrastructure fund of French insurer AXA, has entered into
exclusive negotiations to acquire 100% of the Saur group.  The
stakes within the consortium would be 47%, 33%, and 20%.

"Assuming this acquisition goes through, in order to resolve the
CreditWatch we will focus on the new owners' strategy for the
Saur group; the group's leverage, including that of the
acquisition holding, whose debt will be nonrecourse to its three
shareholders; and the structure of this debt," said Standard &
Poor's credit analyst Hugues de la Presle.

The Saur group had total debt outstanding of EUR765 million at
the end of December 2006.


SMOBY-MAJORETTE: French Court Grants Safeguard Procedure
--------------------------------------------------------
The Commercial Court of Lons-le-Saunier (Jura) placed Smoby-
Majorette under a safeguard procedure for six months after the
toymaker's acquisition of rivals Majorette-Solido and Berchet
resulted to a EUR300-million debt, AFP reports.

According to the report, the procedure will allow Smoby to
freeze interest payments on the debt and further negotiate with
its banks while business activity continues.

The group incurred losses of EUR25.7 million after buying
Berchet in 2005, AFP relates.

The toy manufacturer hopes to find an investor who will inject
fresh capital yet remain a minority.

Under French law, investors holding more than 30% of outstanding
shares in a company are required to buyout other minority
shareholders, the Financial Times relates.

Headquartered in Lavans les Saint-Claude, France, Smoby --
http://www.smoby.fr-- specializes in the creation, development,
production and distribution of toys for children from birth to
age 10.  Its toy collection includes over 2,000 products divided
into groups for specific age ranges.  Its products are marketed
under such brand names as Smoby, Berchet, Ecoiffier, Majorette,
Solido, Smoby Engineering and Mob.  The Company's principal
subsidiaries include Ecoiffier, which focuses on the design and
production of toys, and Mob, which is a producer of plastic
packaging.  Smoby has a presence in over 90 countries globally,
with commercial and/or industrial operations in South America,
Asia and throughout Europe.  The Company's products are sold
worldwide through a network of 18 subsidiaries, with 65% of
sales generated outside of France.  In France, the Company
employs 1, 300 workers.


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


AGENT-RP GMBH: Claims Registration Period Ends May 5
----------------------------------------------------
Creditors of Agent-RP GmbH have until May 5 to register their
claims with court-appointed insolvency manager Heiko Rautmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on June 5, 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 Wolfsburg
         Hall D
         Rothenfelder Strasse 43
         38440 Wolfsburg
         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:

         Heiko Rautmann
         Editharing 31
         39108 Magdeburg
         Germany
         Tel: 0391/5066030
         Fax: 0391/5066033
         E-mail: Heiko.Rautmann@gmx.de

The District Court of Wolfsburg opened bankruptcy proceedings
against Agent-RP GmbH on March 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Agent-RP GmbH
         Industriestr. 2
         38458 Velpke
         Germany

         Attn: Peter Look, Manager
         Wendenstr. 9
         38448 Wolfsburg
         Germany


AMERICAN SPORTSWEAR: Claims Registration Period Ends May 4
----------------------------------------------------------
Creditors of American Sportswear Vertriebs GmbH i.L. have until
May 4 to register their claims with court-appointed insolvency
manager Daniel Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 21, 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 Memmingen
         Meeting Hall 115
         Ground Floor
         Buxacher Strasse 6
         Memmingen
         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:

         Daniel Bauch
         SKP Partnerschaftsgesellschaft
         Eserwallstrasse 1-3
         86150 Augsburg
         Germany
         Tel: 0821/5093311
         Fax: 0821/5093322

The District Court of Memmingen opened bankruptcy proceedings
against American Sportswear Vertriebs GmbH i.L. on March 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         American Sportswear Vertriebs GmbH i.L.
         Karatasstr. 5
         87700 Memmingen
         Germany


APH AKADEMIE: Claims Registration Period Ends May 11
----------------------------------------------------
Creditors of aph Akademie fuer Photographie GmbH have until
May 11 to register their claims with court-appointed insolvency
manager Karsten Toetter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:55 a.m. on June 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B405
         Fourth Floor
         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 contacted at:

         Karsten Toetter
         Speersort 4/6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against aph Akademie fuer Photographie GmbH on March 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         aph Akademie fuer Photographie GmbH
         Attn: Karin Prien, Manager
         Holstenwall 12
         20355 Hamburg
         Germany


ASA AHLENER: Claims Registration Period Ends April 25
-----------------------------------------------------
Creditors of ASA Ahlener Stahl- und Anlagenbau GmbH have until
April 25 to register their claims with court-appointed
insolvency manager Frank Kreuznacht.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on May 16, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Dr. Frank Kreuznacht
         Wolbecker Windmuehle 15 a
         48167 Muenster
         Germany
         Tel: 02506/821-0
         Fax: +492506821100

The District Court of Muenster opened bankruptcy proceedings
against ASA Ahlener Stahl- und Anlagenbau GmbH on March 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         ASA Ahlener Stahl- und Anlagenbau GmbH
         Theodor-Schwarte-Strasse 61
         59227 Ahlen
         Germany

         Attn: Ziya Sarim, Manager
         Vorhelmer Weg 105
         59227 Ahlen
         Germany


ASYA BOCHUM: Claims Registration Period Ends April 30
-----------------------------------------------------
Creditors of Asya Bochum GmbH have until April 30 to register
their claims with court-appointed insolvency manager Frank
Imberger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 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 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 contacted at:

         Frank Imberger
         Huestrasse 34
         44787 Bochum
         Germany

The District Court of Bochum opened bankruptcy proceedings
against Asya Bochum GmbH on March 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Asya Bochum GmbH
         Bruederstr. 15
         44787 Bochum
         Germany


AUTOHAUS BITTNER: Claims Registration Period Ends May 21
--------------------------------------------------------
Creditors of Autohaus Bittner GmbH have until May 21 to register
their claims with court-appointed insolvency manager Joerg
Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 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 Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany

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

The insolvency manager can be contacted at:

         Joerg Riedemann
         Muehlweg 47
         06114 Halle
         Germany
         Tel: 0345/293900
         Fax: 0345/2939029

The District Court of Dessau opened bankruptcy proceedings
against Autohaus Bittner GmbH on March 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Autohaus Bittner GmbH
         Wittenberger Str. 3
         06749 Bitterfeld
         Germany


BAUGESCHAFT WILFRIED: Claims Registration Period Ends April 16
--------------------------------------------------------------
Creditors of Baugeschaft Wilfried Kroeger GmbH have until
April 16 to register their claims with court-appointed
insolvency manager Hermann Berding.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on April 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Vechta
         Hall 129
         Main Building
         Kapitelplatz 8
         49377 Vechta
         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:

         Hermann Berding
         Jammertal 1
         49661 Cloppenburg
         Germany
         Tel: 04471/91260
         Fax: 04471/82997

The District Court of Vechta opened bankruptcy proceedings
against Baugeschaft Wilfried Kroeger GmbH on March 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Baugeschaft Wilfried Kroeger GmbH
         Attn: Wilfried Kroeger, Manager
         Stakamp 17
         49429 Visbek
         Germany


BDV-BAUZENTRUM: Creditors' Meeting Slated for May 25
----------------------------------------------------
The court-appointed insolvency manager for BDV-Bauzentrum GmbH &
Co. KG, Wilhelm Klaas, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:06 a.m. on May 25.

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

         The District Court of Krefeld
         Meeting Room H 131
         First Floor
         Nordwall 131
         47798 Krefeld
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:04 a.m. on July 13 at the same venue.

Creditors have until May 25 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld
         Germany
         Tel: (02151) 80580
         Fax: +4902151805858

The District Court of Krefeld opened bankruptcy proceedings
against BDV-Bauzentrum GmbH & Co. KG on March 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         BDV-Bauzentrum GmbH & Co. KG
         Maysweg 2 B
         47918 Toenisvorst
         Germany


BILFINGER BERGER: Claims Registration Ends May 5
------------------------------------------------
Creditors of Bilfinger Berger Entsorgung Sued GmbH have until
May 5 to register their claims with court-appointed insolvency
manager Barbara Beutler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on June 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Barbara Beutler
         Schwanthalerstr. 32
         80336 Munich
         Tel: 089/54511-0
         Fax: 089/54511-444

The District Court of Munich opened bankruptcy proceedings
against Bilfinger Berger Entsorgung Sued GmbH on March 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bilfinger Berger Entsorgung Sued GmbH
         Kreuzstr. 24
         82319 Starnberg
         Germany


FRANK MUEHLING: Claims Registration Ends May 15
-----------------------------------------------
Creditors of Frank Muehling GmbH Glas-, Gebaude- und
Spezialreinigung have until May 15 to register their claims with
court-appointed insolvency manager Dr. Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Volkhard Frenzel
         Magdeburger Str. 23
         06112 Halle
         Germany
         Tel: 0345/2311111
         Fax: 0345/2311199

The District Court of Leipzig opened bankruptcy proceedings
against Frank Muehling GmbH Glas-, Gebaude- und Spezialreinigung
on March 15.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Frank Muehling GmbH Glas-, Gebaude- und
         Spezialreinigung
         Friedrich-Ebert-Str. 55a
         04416 Markkleeberg
         Germany


GASTRONOMIEBETRIEB STUMM: Claims Registration Ends May 23
---------------------------------------------------------
Creditors of Stumm & Gueterbock GmbH have until May 23 to
register their claims with court-appointed insolvency manager
Ulrich Maschmann.

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

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden
         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:

         Ulrich Maschmann
         Martha-von-Opel-Weg 9
         65307 Bad Schwalbach
         Germany
         Tel: 06124-706 70
         Fax: 06124-706 720
         E-mail: info@maschmann.com

The District Court of Wiesbaden opened bankruptcy proceedings
against Stumm & Gueterbock GmbH on March 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Gastronomiebetrieb Stumm & Gueterbock GmbH
         Erich-Kastner-Str. 5
         65232 Taunusstein
         Germany

         Attn: Juergen Stumm, Manager
         Dudenstr. 2
         65232 Taunusstein
         Germany


GEDILAN TECHNOLOGIES: Creditors' Meeting Slated for April 12
------------------------------------------------------------
The court-appointed insolvency manager for Gedilan Technologies
GmbH, Dr. Christoph Schulte-Kaubruegger, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 8:50 a.m. on April 12.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:05 a.m. on June 21 at the same venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Gedilan Technologies GmbH on Feb. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

The Debtor can be reached at:

         Gedilan Technologies GmbH
         Kantstr. 72
         10627 Berlin
         Germany


GERUESTBAU GMBH: Claims Registration Ends April 27
--------------------------------------------------
Creditors of Geruestbau GmbH have until April 27 to register
their claims with court-appointed insolvency manager Hans-Ulrich
Kloz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.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 Hanau
         Area E03
         Engelhardstrasse 21
         63450 Hanau
         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:

         Hans-Ulrich Kloz
         Gerichtsfach 75
         Kurt-Blaum-Platz 1
         D 63450 Hanau
         Germany
         Tel: 06181/93210
         Fax: 932120
         E-mail: INFO@KLOZ-HAHN.DE

The District Court of Hanau opened bankruptcy proceedings
against Geruestbau GmbH on March 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Geruestbau GmbH
         Huttengrandstrasse 4
         36396 Steinau
         Germany


GRUMAN-IMMOBILIEN GMBH: Claims Registration Ends April 20
---------------------------------------------------------
Creditors of GRUMAN-Immobilien GmbH have until April 20 to
register their claims with court-appointed insolvency manager
Uwe Degen-Gellenbeck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Stralsund
         Hall A4 21
         Fourth Floor
         House A
         Franconia Dam 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:

         Uwe Degen-Gellenbeck
         Joh.-Seb.-Bach-Str. 21
         17489 Greifswald
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against GRUMAN-Immobilien GmbH on March 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         GRUMAN-Immobilien GmbH
         Attn: Peter Rabe, Manager
         R.-Blum-Str. 18
         17489 Greifswald
         Germany


GUIDO-S FAHRSCHULE: Claims Registration Ends April 10
-----------------------------------------------------
Creditors of Guido-s Fahrschule GmbH have until April 10 to
register their claims with court-appointed insolvency manager
Frank Ziegler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 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 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:

         Frank Ziegler
         Untere Koenigsstrasse 71
         34117 Kassel
         Germany
         Tel: 0561/78496-0
         Fax: 0561/78496-22
         E-mail: info@rechtsanwalt-in-kassel.de

The District Court of Kassel opened bankruptcy proceedings
against Guido-s Fahrschule GmbH on March 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Guido-s Fahrschule GmbH
         Attn: Guido Rissland, Manager
         Frankfurter Strasse 56
         34121 Kassel
         Germany


HERMEKE HAUSBAU: Claims Registration Ends May 8
-----------------------------------------------
Creditors of Hermeke Hausbau GmbH have until May 8 to register
their claims with court-appointed insolvency manager Dr. Dirk
Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 7, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against Hermeke Hausbau GmbH on March 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hermeke Hausbau GmbH
         Attn: Frau Steffi Hermeke, Manager
         Dorfstrasse 5
         16835 Wulkow
         Germany


HS GEBAUDESERVICE: Claims Registration Period Ends April 10
-----------------------------------------------------------
Creditors of HS Gebaudeservice GmbH have until April 10 to
register their claims with court-appointed insolvency manager
Rolf G. Pohlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:55 a.m. on May 10, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 101
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be contacted at:

         Rolf G. Pohlmann
         Richard-Strauss-Str. 69
         81677 Munich
         Germany

The District Court of Munich opened bankruptcy proceedings
against HS Gebaudeservice GmbH on March 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         HS Gebaudeservice GmbH
         Attn: Abdul Wahab Al-Baeiti, Manager
         Landsberger Str. 443
         81241 Munich
         Germany


IGW-BAU GESELLSCHAFT: Creditors Must Register Claims by April 19
----------------------------------------------------------------
Creditors of IGW-Bau Gesellschaft mbH have until April 19 to
register their claims with court-appointed insolvency manager
Dr. Frank Kreuznacht.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on May 29, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         Hall N 301
         Kollegienwall 10
         49074 Osnabrueck
         Germany

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

The insolvency manager can be reached at:

         Frank Kreuznacht
         Wolbecker Windmuehle 15a
         48167 Muenster
         Germany
         Tel: 02506/821-0
         Fax: 02506/821-100
         E-mail: Rechtsanwaelte@dr-wiengarten.de

The District Court of Osnabrueck opened bankruptcy proceedings
against IGW-Bau Gesellschaft mbH on March 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         IGW-Bau Gesellschaft mbH
         Meller Landstrasse 55
         49086 Osnabrueck
         Germany

         Attn: Bernhard Pohlmann, Manager
         Brock 45
         48346 Ostbevern
         Germany


K & E GASTRONOMIE: Claims Registration Period Ends April 3
----------------------------------------------------------
Creditors of K & E Gastronomie GmbH have until April 3 to
register their claims with court-appointed insolvency manager
Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on April 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Duesseldorf opened bankruptcy proceedings
against K & E Gastronomie GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Georg Kreplin
         Breite Strasse 27
         40213 Duesseldorf
         Germany

The Debtor can be reached at:

         K & E Gastronomie GmbH
         Koenigsallee 22
         40212 Duesseldorf
         Germany

         Attn: Antonino Laudani, Manager
         Worringer Str. 82
         40211 Duesseldorf
         Germany


K & E HANDEL: Claims Registration Period Ends April 3
-----------------------------------------------------
Creditors of K & E Handel GmbH have until April 3 to register
their claims with court-appointed insolvency manager Georg
Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on April 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Duesseldorf opened bankruptcy proceedings
against K & E Gastronomie GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Georg Kreplin
         Breite Strasse 27
         40213 Duesseldorf
         Germany

The Debtor can be reached at:

         K & E Handel GmbH
         Koenigsallee 22
         40212 Duesseldorf
         Germany


K & L IHR: Claims Registration Period Ends March 30
---------------------------------------------------
Creditors of K & L Ihr Buerodienstleister GmbH have until
March 30 to register their claims with court-appointed
insolvency manager Dr. Volker Viniol.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 4
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         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 District Court of Stuttgart opened bankruptcy proceedings
against K & L Ihr Buerodienstleister GmbH on March 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Dr. Volker Viniol
         Danneckerstr. 52
         70182 Stuttgart
         Germany
         Tel: 0711/23 88 90
         Fax: 0711/23 88 930

The Debtor can be reached at:

         K & L Ihr Buerodienstleister GmbH
         Attn: Hermann Walter, Manager
         Hessbruehlstr. 69 A
         70565 Stuttgart
         Germany


KLINIKUM NIEDERBERG: Claims Registration Period Ends April 5
------------------------------------------------------------
Creditors of Klinikum Niederberg GmbH have until April 5 to
register their claims with court-appointed insolvency manager
Hans Peter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         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 District Court of Wuppertal opened bankruptcy proceedings
against Klinikum Niederberg GmbH on March 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Hans Peter Runkel
         Friedrich-Ebert-Strasse 146
         42117 Wuppertal
         Germany
         Tel: 0202/30 20 71
         Fax: 0202/31 47 08

The Debtor can be reached at:

         Klinikum Niederberg GmbH
         Attn: Michael Kaufmann, Manager
         Robert-Koch-Str. 2
         42549 Velbert
         Germany


KRS GEBAUDEREINGUNG: Creditors Must File Claims by April 20
-----------------------------------------------------------
Creditors of KRS Gebaudereingung Service Gebaudereinigung
Service GmbH have until April 20 to register their claims with
court-appointed insolvency manager Martin Wagner.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 31, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 13
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         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:

         Martin Wagner
         Heilbronner Str. 86
         70191 Stuttgart
         Germany
         Tel: 0711/25 97 29-0
         Fax: 0711/25 97 29-999

The District Court of Stuttgart opened bankruptcy proceedings
against KRS Gebaudereingung Service Gebaudereinigung Service
GmbH on March 20.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         KRS Gebaudereingung Service
         Gebaudereinigung Service GmbH
         Hessbruehlstr. 69 a
         70565 Stuttgart
         Germany


LIFE MAXIMUM: Creditors Must Register Claims by June 14
-------------------------------------------------------
Creditors of life maximum fitness GmbH have until June 14 to
register their claims with court-appointed insolvency manager
Dr. Thomas Dithmar.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on July 5, 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 Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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:

         Thomas Dithmar
         Barbarossahof 3
         99092 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against life maximum fitness GmbH on March 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         life maximum fitness GmbH
         Attn: Claudia Mhlhaus, Manager
         Hirschlachufer 7
         99084 Erfurt
         Germany


MTS LEASING: Germany Demands Probe Into Fraud Case in Romania
-------------------------------------------------------------
The Frankfurt Prosecution Office is demanding a probe into the
alleged fraud committed by MTS Leasing GmbH against its ten
former Romanian clients as the German company can be penalized
for committing criminal acts abroad, HotNews.ro reports.

According to the report, MTS Leasing, which opened in Romania as
a real estate financial company, embezzled a total value of
EUR50 million from the 700 contracts it closed.

Over 70 complaints were filed against the real estate financial
company in Romania.

Investigators reveal MTS Leasing failed to fulfill obligations
under its signed deals.  Out of the EUR15.5 million paid by
clients, only EUR6 million were used to build homes, HotNews.ro
relates.

A client also claimed that the Romanian Economy and Commerce
Ministry allowed MTS Leasing to enter the market without
receiving any official recognition of its financial status.

"We have to demand Romanian authorities and the people who lost,
respectively, to answer some questions that can't be clarified
here," the head of the Criminal Police in Wiesbaden said.

In December 2006, the Wiesbaden Criminal Police closed its
investigation of the MTS Leasing case.

The company's German executives denied the company's application
for insolvency proceedings in July 2005.

The officials were then reacting to reports by local media in
Romania, which purportedly quoted a company press release
stating that it had declared bankruptcy.  The German execs
confirmed, however, that one of its financial advisers, Calin
Armen, had embezzled company funds.

MTS Leasing GmbH specializes in real estate financing for
constructions.  Based in Germany, it entered the Romanian market
by establishing a representative office in 2004.


N & W HOCHBAU: Claims Registration Ends May 25
----------------------------------------------
Creditors of N & W Hochbau GmbH have until May 25 to register
their claims with court-appointed insolvency manager Ralph
Schmid.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 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 Muenster
         Meeting Hall 119 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Ralph Schmid
         Dulmener Str. 92
         48653 Coesfeld
         Germany
         Tel: 02541/915-01
         Fax: 02541-915600

The District Court of Muenster opened bankruptcy proceedings
against N & W Hochbau GmbH on March 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         N & W Hochbau GmbH
         Attn: Ulrich Nielander, Manager
         Westerholtweg 8
         59394 Nordkirchen
         Germany


NEUSAM WOHNUNGS: Claims Registration April 12
---------------------------------------------
Creditors of Neusam Wohnungs - und Gewerbebau GmbH have until
April 12 to register their claims with court-appointed
insolvency manager Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 11:40 a.m. on May 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 Bamberg
         Meeting Hall 031
         Synagogenplatz 1
         96047 Bamberg
         Germany

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

The insolvency manager can be reached at:

         Joachim Exner
         Stahlstrasse 17
         90411 Nuremberg
         Germany
         Tel: 0911/9512850
         Telefax: 0911/951285-10

The District Court of Bamberg opened bankruptcy proceedings
against Neusam Wohnungs - und Gewerbebau GmbH on March 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Neusam Wohnungs - und Gewerbebau GmbH
         Goessmannsberg 29
         91346 Wiesenttal
         Germany


PAPIERVERARBEITUNGS-MASCHINEN: Claims Registration Ends April 17
----------------------------------------------------------------
Creditors of PVM Papierverarbeitungs-Maschinen GmbH have until
April 17 to register their claims with court-appointed
insolvency manager Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Duesseldorf opened bankruptcy proceedings
against PVM Papierverarbeitungs-Maschinen GmbH on March 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PVM Papierverarbeitungs-Maschinen GmbH
         Attn: Dirk Kruse, Manager
         Pestalozzistr. 174
         40549 Duesseldorf
         Germany


PRO - MA PROJEKTMANAGEMENT: Claims Registration Ends May 8
----------------------------------------------------------
Creditors of Pro - Ma Projektmanagement Bau und Sanierung GmbH
have until May 8 to register their claims with court-appointed
insolvency manager Klaus Wrede.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Pro - Ma Projektmanagement Bau und Sanierung
GmbH on March 15.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Pro - Ma Projektmanagement Bau und Sanierung GmbH
         Attn: Peter Biskaborn, Manager
         Herrmann-Guenther-Str. 60a
         06313 Hergisdorf
         Germany


RATIONAL GEBAUDEREINIGUNG: Claims Registration Ends April 19
------------------------------------------------------------
Creditors of Rational Gebaudereinigung GmbH have until April 19
to register their claims with court-appointed insolvency manager
Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 10, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

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

The Debtor can be reached at:

         Rational Gebaudereinigung GmbH
         Attn: Winfried Hemmerich, Manager
         Hohbrinkstr. 13 - 15
         44379 Dortmund
         Germany


RIZZI SPEDITION: Claims Registration Period Ends March 30
---------------------------------------------------------
Creditors of Rizzi Spedition GmbH have until March 30 to
register their claims with court-appointed insolvency manager
Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Area 232
         Second Floor
         West Wing
         Schloss
         68149 Mannheim
         Germany

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

The insolvency manager can be reached at:

         Peter Depre
         O 4, 13-16
         68161 Mannheim
         Tel: 0621/120780

The District Court of Mannheim opened bankruptcy proceedings
against Rizzi Spedition GmbH on March 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Rizzi Spedition GmbH
         Otto- Hahn- Str. 21
         68169 Mannheim
         Germany

         Attn: Steffen Edinger, Manager
         Sandloch 13 - 15
         Ludwigshafen
         Germany


SGL CARBON: S&P Lifts Ratings to BB on Better Financial Profile
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Germany-based graphite-electrodes
producer SGL Carbon AG to 'BB' from 'BB-'.  The outlook is
stable.

At the same time, the rating on the EUR270 million 2012
subordinated bonds issued by related entity SGL Carbon
Luxembourg S.A., and guaranteed by SGL, was raised to 'B+' from
'B'.

"The rating action reflects SGL's much improved financial risk
profile and follows a period of improving and healthy operating
performance," said Standard & Poor's credit analyst Alex
Herbert.

In the financial year ended Dec. 31, 2006, higher profitability
mainly in the carbon and graphite segment increased EBITDA by
26% to EUR223 million, at a margin of 18.8%, compared with 16.6%
in 2005.  Adjusted funds from operations increased substantially
to EUR184 million.  At year-end, adjusted debt declined to
EUR489 million, and on this basis the FFO-to-adjusted debt ratio
improved markedly to 38% in 2006, from 16% in 2005.  Adjusted
debt to EBITDA improved to 2.5x from 3.6x.

SGL has shifted its strategic focus toward growth, evident in
medium-term targets of annual revenues of about EUR1.7 billion
to EUR1.8 billion by 2011, approximately 50% above the 2006
level, and operating margins of 12%-16% over the same period.
Strategically, the company is seeking to position itself in
growth markets where demand for carbon and graphite products is
growing faster than in the core graphite-electrodes segment,
which is closely tied to demand from the steel industry.

"Standard & Poor's expects that SGL will continue to generate
positive FOCF over the next couple of years, although this could
be quite limited due to higher capital expenditures and working-
capital needs," Mr. Herbert added.

Despite the improved financial risk profile, however, the
ratings remain constrained by continued intense cost pressures,
a concentrated supplier base, and still-high reliance on the
cyclical steel industry. We therefore see limited upside
potential based on the company's existing weak business risk
profile.  A more aggressive financial policy, including major
debt-financed acquisitions, could have a negative impact on the
ratings or outlook.


SOLID MV: Claims Registration Period Ends May 18
------------------------------------------------
Creditors of Solid Mv Bau GmbH have until May 18 to register
their claims with court-appointed insolvency manager Bernd
Statz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E03
         Engelhardstrasse 21
         63450 Hanau
         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:

         Bernd Statz
         Muehlstrasse 25
         D 63526 Erlensee
         Germany
         Tel: 06183/900370
         Fax: 06183/900371

The District Court of Hanau opened bankruptcy proceedings
against Solid Mv Bau GmbH on March 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Solid Mv Bau GmbH
         Attn: Franjo Vajcek, Manager
         Birkenweg 3
         63526 Erlensee
         Germany


STRATOS GLOBAL: CIP Canada Inks US$576 Million Acquisition Pact
---------------------------------------------------------------
Stratos Global Corp. has entered into a definitive agreement to
be acquired by CIP Canada Investment Inc., a wholly owned
subsidiary of Communications Investment Partners Limited, a
professional investment company with a focus on satellite
services.

Until at least April 2009, an independent Canadian trust
established by CIP Canada will hold the Stratos shares and
exercise sole voting control over Stratos.

Under the terms of the agreement, CIP Canada would acquire
beneficial ownership of 100% of Stratos Global through a Plan of
Arrangement under the Canada Business Corporations Act for a
cash purchase price of CDN$6.40 per share.  The purchase price
represents a premium of 7% compared with the closing price of
Stratos shares on March 8, the day before an article appeared in
The Globe & Mail highlighting the possibility of a sale of
Stratos.  The premium is 15% compared with the most recent 30-
day average through March 8 and 25% compared with the 90-day
average through that date.  The total transaction value,
including the assumption of net debt, is US$576 million at
current exchange rates.

The transaction will be indirectly financed by a wholly owned
subsidiary of Inmarsat plc, Inmarsat Finance III Limited.  There
is no financing condition to the obligations of CIP Canada to
consummate the transaction.  Arrangements and plans are in place
from third parties and Inmarsat Finance to address any debt
refinancing requirements at Stratos.  Inmarsat Finance will have
a call option exercisable beginning in April 2009, and expiring
in December 2010, to acquire 100% of Stratos from CIP, but will
not have any legal ownership in, or managerial control of
Stratos.

"After careful consideration, the Stratos Board of Directors
unanimously concluded that this is the right transaction for
Stratos' shareholders, customers, partners, and employees,"
Charles Bissegger, Stratos' chairman of the Board of Directors,
said.

"This transaction will allow Stratos to remain as an independent
company executing its strategy through April 2009, and will
promote stability of our business in the post-April 2009 period
when our existing distribution agreements with Inmarsat come up
for renewal," James Parm, Stratos' president and chief executive
officer, added.

Following closing, Stratos will continue to have a Board of
Directors comprised of a majority of independent, non-executive
directors, and key management is expected to remain with
Stratos.  None of the directors will be selected by or
affiliated with Inmarsat or CIP.

The Plan of Arrangement will require approval by an Ontario
court and by 66-2/3% of votes cast at a special meeting of
Stratos shareholders.  A Stratos Management Proxy Circular
detailing the terms of the transaction and the date of the
special shareholders meeting is expected to be mailed to Stratos
shareholders in late April 2007.  The transaction will also be
subject to customary conditions and regulatory approvals,
including any applicable clearances under competition laws and
the Federal Communications Commission.  The transaction is
expected to close in the third quarter of 2007.

Bear, Stearns & Co. Inc. acted as financial advisor to the
Special Committee of the Board of Directors of Stratos and RBC
Capital Markets acted as financial advisor to Stratos.  Both
firms provided fairness opinions to the Board of Directors
indicating that the cash consideration to be received in the
transaction is fair from a financial point of view to Stratos
shareholders.

                            About CIP

Communications Investment Partners Limited is a professional
investment company incorporated in 2006.  The directors of CIP
collectively have more than 50 years of experience as directors
of and advisors to satellite services companies in both the
mobile satellite and fixed satellite services sectors.

                          About Stratos

Headquartered in Bethesda, Maryland, Stratos Corporation (TSX:
SGB) -- http://www.stratosglobal.com/-- is a publicly traded
company that provides a range of mobile and fixed-site remote
communications solutions for users operating beyond the reach of
traditional networks.  The company has offices in Canada,
Brazil, the United Kingdom, Norway, Germany, the Netherlands,
Sweden, Italy, Spain, Turkey, Russia, Kenya, South Africa,
United Arab Emirates, India, Hong Kong, Japan, Singapore,
Australia and New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter on March 23, 2007,
Standard & Poor's Ratings Services raised the ratings on remote
telecommunications service provider Stratos Global Corp.,
including the long-term corporate credit rating to 'B+' from
'B'.


WEVAMED WARENHANDEL: Claims Registration Period Ends April 17
-------------------------------------------------------------
Creditors of Wevamed Warenhandel- und Vertriebs GmbH have until
April 17 to register their claims with court-appointed
insolvency manager Dr. Gerrit Hoelzle.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on May 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Gerrit Hoelzle
         Rheinstrasse 75
         47623 Kevelaer
         Germany
         Tel: 02832/97720
         Fax: 02832/977229

The District Court of Kleve opened bankruptcy proceedings
against Wevamed Warenhandel- und Vertriebs GmbH on March 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wevamed Warenhandel- und Vertriebs GmbH
         Attn: Karl Heinrich Friedrich van Asselt, Manager
         Luitgardisstr. 11
         46446 Emmerich
         Germany


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


BACCHUS 2007-1: Moody's Rates EUR11-Mln Class E Notes at (P)Ba3
---------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to five
classes of Notes issued by Bacchus 2007-1 plc, a bankruptcy
remote special purpose vehicle incorporated under the laws of
Ireland.

The provisional ratings assigned are:

   -- EUR197.4-million Class A Senior Secured Floating Rate
      Notes due 2023: (P)Aaa;

   -- EUR80-million Revolving Credit Facility due 2023: (P)Aaa;

   -- EUR32-million Class B Senior Secured Floating Rate Notes
      due 2023: (P)Aa2;

   -- EUR23,000,000 Class C Senior Secured Floating Rate Notes
      due 2023: (P)A2;

   -- EUR22.6-million Class D Senior Secured Floating Rate Notes
      due 2023: (P)Baa3; and

   -- EUR11-million Class E Senior Secured Floating Rate Notes
      due 2023: (P)Ba3.

The ratings of the notes address the expected loss posed to
investors by the legal maturity of each class (in 2023).

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

This transaction is a high yield collateralized loan obligation
related to a portfolio composed of mostly European mid cap
senior and mezzanine leveraged loans.  This portfolio is
dynamically managed by IKB Deutsche Industriebank AG through IKB
Fund Management.  It is expected that the portfolio will be
[85%] ramped-up at closing.

The remainder of the portfolio will be acquired during the
[three-month] ramp-up period at the end of which the portfolio
shall comply with these tests (subject to Moody's matrix): a
diversity score greater than [38], a weighted average rating
factor lower than [2,450], weighted average spread greater than
[2.70%], a minimum deferred interest on mezzanine loans of
[0.1%] of the portfolio and a weighted average recovery rate
greater than [56%].

Thereafter, the portfolio of loans will be actively managed and
the portfolio manager will have the option to direct the issuer
to buy or sell loans.  Any addition or removal of loans will be
subject to a number of portfolio criteria.

This transaction features a dual-currency revolving credit
facility that can be drawn either in Euro or in Sterling.
Sterling advances will be initially used to purchase loans
denominated in Sterling.  Should such Sterling assets default,
Sterling advances would not be fully collateralized by Sterling
assets and therefore Euro proceeds may need to be converted into
Sterling in order to redeem Sterling advances, thus creating a
foreign exchange risk exposure.  Options will be available to
mitigate such risk.  This currency risk has been considered in
Moody's analysis.

This transaction is arranged by BNP Paribas.


SMURFIT KAPPA: Moody's Assigns Ba3 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service assigned a Ba3 Corporate Family Rating
to Smurfit Kappa plc, the ultimate parent company of Smurfit
Kappa Holdings plc and the entity publishing consolidated group
accounts, and simultaneously withdrew the CFR for Smurfit Kappa
Holdings plc.

In line with Moody's Loss-Given-Default methodology, a
"Probability of Default Rating" of Ba3 was also assigned.  The
outlook is stable.

Furthermore, following the successful partial flotation of its
shares, SK applied the net proceeds of approximately EUR 1.4
billion for these transactions:

   (1) Following a public tender offer for the US$750-million
       2012 Senior Notes (rating unchanged at B2) as well as for
       the EUR350-million 2012 Senior Notes (rating unchanged at
       B2), SK has so far redeemed US$470-million and EUR219-
       million respectively.  (Moody's has noted that the
       company has launched a tender offer for another portion
       of these 2012 issues that will bring the amount
       outstanding of the 2012 Senior Notes to about 10% for
       each tranche.)

   (2) In addition, on March 21, SK has redeemed its EUR90-
       million Shareholder PIK loan (unrated).

   (3) On March 21, SK has issued a call for the remaining 10%
       of outstanding EUR325-million 11.5% Senior PIK Notes due
       2015 (rating upgraded from Caa1 to B2).

As a result of this emerging new capital structure and in the
context of the implementation of Moody's Loss Given Default
methodology for European corporates from March 19, several debt
instruments of SK were consequently upgraded, and these rating
changes were made to the rated debt instruments:

   * Smurfit Kappa plc

     -- A Ba3 Corporate Family Rating was assigned.

   * Smurfit Kappa Holdings plc

     -- The Ba3 Corporate Family Rating was withdrawn.

     -- EUR325-million 11.5% Senior PIK Notes 2015: The rating
        was upgraded from Caa1 to B2, with an LGD rate of 96%
        and an LGD assessment of LGD 6; the rating will be
        withdrawn upon successful redemption of all securities.

   * Smurfit Kappa Funding plc

     -- EUR131-million (face amount) 10.125% Senior Notes 2012:
        The B2 issue rating was affirmed, with an LGD rate of
        93% and an LGD assessment of LGD 6;

     -- US$280-million (face amount) 9.625% Senior Notes 2012:
        The B2 issue rating was affirmed, with an LGD rate of
        93% and an LGD assessment of LGD 6;

     -- EUR217.5-million Senior Subordinated Notes 2015: The B3
        issue rating was upgraded to B2, with an LGD rate of 95%
        and an LGD assessment of LGD 6; and

     -- US$200-million 7.75% Senior Subordinated Notes 2015: The
        B3 issue rating was upgraded to B2, with an LGD rate of
        95% and an LGD assessment of LGD 6.

   * Smurfit Kappa Treasury Funding Limited

     -- US$292-million Yankee Bond 2025, The Ba3 issue rating
        was upgraded to Ba2, with an LGD rate of 39% and an LGD
        assessment of LGD 3.

As a result of the implementation of the LGD methodology,
Moody's has upgraded to B2 the ratings of EUR 217.5-million
Senior Subordinated Notes due 2015 and the US$200-million 7.75%
Senior Subordinated Notes due 2015.  At the same time, the
US$292-million Yankee Bond, which matures in 2025, was upgraded
to Ba2, reflecting the significant presence of junior debt in
the capital structure, resulting in a one-notch differential
between the rating of the senior secured facility and the
corporate family rating.

Moody's will also withdraw the rating for the EUR325-million
11.5% Senior PIK Notes due 2015 after SK issued a call for the
remaining 10% of outstanding notes; the rating will be withdrawn
once these notes have been fully settled.

Smurfit Kappa plc, headquartered in Dublin, Ireland, is Europe's
largest integrated manufacturer of containerboard, corrugated
containers and other paper-based packaging products.  SK also
holds leading positions in Latin America, which accounted for
13% of group sales, which totaled approximately EUR7 billion at
FYE 2006.


SMURFIT KAPPA: Fitch Upgrades IDR to BB- on Debt Prepayment
-----------------------------------------------------------
Following the completion of Smurfit Kappa Acquisitions' initial
public offering of new shares in Smurfit Kappa Plc, and the use
of proceeds to prepay debt, Fitch has taken a series of rating
actions for the group:

* Smurfit Kappa Acquisitions' Issuer Default rating is
   upgraded to 'BB-' from 'B+'; the Rating Watch Positive
   status is removed and a Stable Outlook is in place.  Its
   senior secured facilities are affirmed at 'BB+' and the
   rating for the guaranteed debenture notes is upgraded to
   'BB+' from 'BB'.

* Smurfit Kappa Funding's remaining EUR131 million and
   US$280 million senior notes due 2012 are upgraded to 'BB-'
   from 'B' and are placed on Rating Watch Positive pending the
   outcome of the further tender offer launched by the company
   on Thursday, March 22.  Its EUR217.5 million and US$200
   million senior subordinated notes due 2015 are upgraded to
   'B+' from 'B-'.

* The rating for the Smurfit Kappa Holdings PIK notes is
   upgraded to 'B' and withdrawn.  A summary of these debt
   instrument ratings is shown below.

* Smurfit Kappa Group's IPO raised EUR1,495 million in gross
   primary proceeds, EUR200 million more than anticipated, and
   the company has immediately applied proceeds in redemption of
   its PIK Notes and a part of its 2012 senior notes.  Fitch
   estimates that SKG's net total leverage has been reduced as a
   result of the IPO to 4.3x on a pro forma basis from 5.3x
   reported at FYE06.  The company has issued a redemption
   notice for the remaining PIK Notes that will be redeemed in
   April.

"The success of the IPO and the prepayment of approximately
EUR1 billion of non-shareholder debt already, with potentially
over EUR250 million further prepayments anticipated in the next
few weeks, has significantly reduced SKG's leverage and
increased financial flexibility," said Michelle De Angelis,
Senior Director in Fitch's Leveraged Finance team in London.
"The resulting credit profile of the company is commensurate
with a 'BB minus' rating, but further positive rating momentum
could result from additional deleveraging and sustained EBITDA
margin improvements during the next 12 to 18 months."

The rating of the senior secured bank facilities remains
unchanged, but the combination of the overall enhancement of
SKG's credit profile together with the reduced outstanding
amount of the senior notes resulted in a two-notch upgrade of
both the senior notes due 2012 and the senior subordinated notes
due 2015.  A further tender offer has been launched in respect
of the senior notes, which will see the additional funds raised
used in further debt redemption, bringing the balance of 2012
notes outstanding to potentially as little as EUR33 million and
US$72 million.  At that point, the leverage differential between
senior secured debt and the senior notes could be as little as
0.1x and in Fitch's view the rating differential between the
senior secured debt and the senior notes could be similarly
reduced to a single notch.  The agency has therefore applied a
Positive Rating Watch to the senior notes rating, and if the
tender offer is successful, the rating of these notes could be
upgraded to 'BB'.

SKG Instrument ratings summary:

   -- Smurfit Kappa Acquisitions' senior secured facilities:
      'BB+'

   -- Smurfit Capital Funding's guaranteed debentures due 2025:
      'BB+'

   -- Smurfit Kappa Funding's senior notes due 2012: 'BB-'
      Rating Watch Positive

   -- Smurfit Kappa Funding's senior subordinated notes due
      2015: 'B+'


WINDERMERE X: Fitch Rates EUR14.5-Million Class F Notes at BB
-------------------------------------------------------------
Fitch Ratings assigned Winderemere X CMBS Ltd. floating-rate
notes due 2015 expected ratings:

   -- EUR1,180,000,000 Class A: 'AAA'
   -- EUR50,000 Class X: 'AAA'
   -- EUR56,000,000 Class B: 'AA+'
   -- EUR64,000,000 Class C: 'AA'
   -- EUR112,900,000 Class D: 'A'
   -- EUR70,000,000 Class E: 'BBB'
   -- EUR14,506,000 Class F: 'BB'

The expected ratings reflect the positive and negative features
of the underlying collateral and the integrity of the legal and
financial structures.  They address the timely payment of
interest on the notes and the ultimate repayment of principal by
final legal maturity in October 2019.  The final ratings are
contingent on the receipt of final documents conforming to
information already received.

This transaction is the securitization of a multi-borrower pool
of 15 commercial mortgage loans.  The loans are originated by
subsidiaries of Lehman Brothers Inc. and are secured by real
estate located in Germany, France, the Netherlands, Switzerland
and Italy.  The largest loan accounts for 23.8% of the loan pool
and is secured by six office properties located across Germany,
with a concentration in and around Frankfurt.  The transaction
includes four capex facilities and proceeds from the sales of
the notes relating to these facilities are kept in separate
accounts invested in eligible investment and are only
transferred to the issuer once certain tests are met.

The underlying loan collateral consists of 167 properties
located in Germany, France, Netherlands, Switzerland, and Italy,
with a total market value of EUR2 billion.  The note issuance
represents an initial weighted average loan-to-value ratio of
72.1%, reducing to a balloon LTV of 69.6%, assuming no changes
in value, any prepayments or defaults occurring prior to
individual loan maturities.  Payments due on the issued notes
will be funded from principal and interest payments on the Swiss
unsecured loans and the German, French, Italian and Dutch
secured loans.

Interest and principal for the notes are paid quarterly in
arrears on each payment date, commencing in July 2007.
Scheduled amortization on the loans is allocated sequentially.
Prepayments and final repayments on the loans are allocated to
the notes on a 50% sequential and 50% pro rata basis the
structure benefits from a liquidity facility, expected to total
EUR97.3 million closing.


WINDERMERE X: S&P Rates EUR14.5 Million Class F Notes at BB
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1.497 billion commercial mortgage-
backed floating-rate notes to be issued by Windermere X CMBS
Ltd., a special purpose entity.

At closing, the Irish issuer will use the note issuance proceeds
to:

   -- acquire a portfolio of eight commercial mortgage loans
      secured by office, retail, mixed-use, multifamily and
      logistic properties in Germany;

   -- acquire a commercial mortgage loan secured by an office
      building located in Paris, France;

   -- acquire a portfolio of two commercial mortgage loans
      secured predominantly by office properties in the
      Netherlands;

   -- acquire the Italian notes to be issued by the Italian
      issuer, which will entitle the Irish issuer to receive
      payments of interest and repayments of principal for one
      loan secured by office properties in Italy, and another
      loan that is a VAT facility; and

   -- advance three loans to the Swiss issuer, which will
      entitle the Irish issuer to receive payments of interest
      and repayments of principal from three loans secured on
      office, retail, and leisure properties in Switzerland.

Of the loans, four feature additional debt in the form of
subordinated B-notes. One of these, plus a further four loans
provide for an undrawn capex facility that can be made to the
borrowers under certain circumstances.

                          Ratings List

Windermere X CMBS Ltd.
   EUR1.497 Billion Commercial Mortgage-Backed Floating-Rate
   Notes

                          Prelim.        Prelim. Amount
           Class          rating           (Mln. EUR)
           -----          ------            --------
           A              AAA              1,180.000
           X              AAA                  0.050
           B              AAA                 56.000
           C              AA                  64.000
           D              A                  112.900
           E              BBB                 70.000
           F              BB                  14.506


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


ALITALIA SPA: Posts EUR405.2 Million in Pre-Tax Losses for 2006
---------------------------------------------------------------
Alitalia S.p.A. released its financial results for the full year
and fourth quarter ended Dec. 31, 2006.

The company published EUR405.2 million in pre-tax losses on
EUR4.72 billion in net revenues for the full year 2006, compared
with EUR144.2 million in pre-tax losses for 2005.

The company published EUR405.2 million in pre-tax losses on
EUR4.72 billion in net revenues for the full year 2006, compared
with EUR144.2 million in pre-tax losses on EUR4.22 billion in
net revenues for 2005.

Alitalia posted EUR129.84 million in pre-tax losses on
EUR1.01 billion in net revenues for the fourth quarter of 2006,
compared with EUR36.72 million in pre-tax losses on EUR1.08
billion in net revenues for same period in 2005.

The deficit marks the eighth year Alitalia succumbed to losses,
Reuters reports.  The company posted net losses of EUR256
million in 2000, EUR907 million in 2001, EUR520 million in 2003,
EUR813 million in 2004, and EUR168 million in 2005.  The company
registered a profit in 2002, but after a EUR1.4 billion capital
increase.

Alitalia forecasted an improvement of the results in 2007,
Reuters reports.  The company said it may end 2007 in black,
conditional to positive performance from "extraordinary
operations in the budget."  The forecast affirms a previous
prediction earlier this month, when the company said it expects
an improvement in its operations.

The national airline also froze all major transactions amidst
its impending sale and will not write down the value of its
aging fleet, AFX News reports.

In a TCR-Europe report on March 1, Alitalia had been mulling to
write off up to EUR400 million of the value of its fleet, which
mostly consists of older MD80 planes.  The move, AFX News
suggests, could have forced Alitalia to launch a capital
increase to cover losses from the write off.

                         About Alitalia

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

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


SEAT PAGINE: Investors Keep Terms on Existing Agreement
-------------------------------------------------------
Investitori Associati and other investors of Seat Pagine Gialle
S.p.A extended an existing agreement with the company, keeping
its terms and conditions for another three years, Bloomberg News
reports.

Investitori Associati, CVC Capital Partners, Permira and BC
Partners, which bought control of the company in August 2003,
hold about 49.6% of Seat Pagine.

Seat Pagine's net income fell 39% in 2006, after the company
spent money to add products and services in targeting new
advertising clients.

The company posted an EUR80.1 million net income for the year
ended 2006 compared with an EUR131.9 million net income in 2005.

                    About Seat Pagine Gialle

Headquartered in Turin, Italy, Seat Pagine Gialle S.p.A. --
http://www.seat.it/-- provides a multimedia platform for
assisting in the development of business contacts between users
and advertisers.

                          *     *     *

Moody's Investors Service assigned Seat Pagine Gialle S.p.A. a
Ba3 Corporate Family Rating, with stable outlook.

Fitch Ratings also placed the company an Issuer Default rating
of BB- with Stable Outlook.  Fitch also assigned rating of BB to
Seat's senior secured facilities, and B+ to the senior notes
issued by Lighthouse International Company S.A.

Standard & Poors also assigned BB- Long-term Local and Foreign
Issuer Rating to Seat.


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


ALIGARH XXI: Creditors Must File Claims by May 8
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Aligarh XXI insolvent.

Creditors have until May 8 to submit written proofs of claim to:

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


ANONIM SHIRKETI: Creditors' Claims Due May 4
--------------------------------------------
Branch Of JSC Mob Mobilia Decaration Anonim Shirketi has
declared insolvency.

Creditors have until May 4 to submit written proofs of claim to:

         Branch Of JSC Mob Mobilia
         Decaration Anonim Shirketi
         Melovaya Station
         Micro District 22
         Aktau
         Mangistau
         Kazakshtan


BATYR LLP: Proof of Claim Deadline Slated for May 8
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Batyr insolvent.

Creditors have until May 8 to submit written proofs of claim to:

         LLP Batyr
         Micro District 9, 12-124
         Kostanai
         Kazakshtan
         Tel: 8 (3142) 22-02-93


FAIS-JIHAZ LLP: Claims Registration Ends May 8
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Fais-Jihaz insolvent.

Creditors have until May 8 to submit written proofs of claim to:

         LLP Fais-Jihaz
         Office 74, 75
         Kazyk bi Str. 50
         Almaty
         Kazakhstan
         Tel: 8 (3272) 72-12-50
              8 (3272) 72-18-09


JASULAN LLP: Claims Filing Period Ends May 8
--------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Jasulan insolvent.

Creditors have until May 8 to submit written proofs of claim to:

         Building Of Former Kindergarten #51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


KAZINTERCOM EKIBASTUZ: Creditors Must File Claims by May 1
----------------------------------------------------------
LLP Kazintercom Ekibastuz has declared insolvency.  Creditors
have until May 1 to submit written proofs of claim to:

         LLP Kazintercom Ekibastuz
         20th. Ujny proesd Str. 26-1
         Ekibastuz
         Pavlodar
         Kazakshtan


KOSTANAI-ZERNO 2004: Creditors' Claims Due May 8
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kostanai-Zerno 2004 insolvent.

Creditors have until May 8 to submit written proofs of claim to:

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


KURYLYSKORKEMSTROY LLP: Proof of Claim Deadline Slated for May 4
----------------------------------------------------------------
LLP Kurylyskorkemstroy has declared insolvency.  Creditors have
until May 4 to submit written proofs of claim to:

         LLP Kurylyskorkemstroy
         Krugovoy Tupik, 30
         Shymkent
         South Kazakhstan Region
         Kazakhstan


NEW TECHNICS: Claims Registration Ends May 1
--------------------------------------------
LLP New Technics Kz has declared insolvency.  Creditors have
until May 1 to submit written proofs of claim to:

         LLP New Technics Kz
         Mailin Str. 85
         Tursibsky District
         050054 Almaty
         Kazakshtan


STALKER-PLUS LLP: Claims Filing Period Ends May 8
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Stalker-Plus insolvent.

Creditors have until May 8 to submit written proofs of claim to:

         Building Of Former Kindergarten #51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


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


BISHKEK BUSINESS: Creditors' Meeting Slated for April 4
-------------------------------------------------------
Creditors of LLC Bishkek Business and Building System Group will
convene at 11:00 a.m. on April 4 at:

         Karakulskaya Str. 1a
         Bishkek
         Kyrgyzstan

The meeting will discuss:

   -- the announcement of the group's bankruptcy;

   -- the application of the bankruptcy proceedings in
      extrajudicial procedure; and

   -- the appointment of temporary insolvency manager.

Proxies must have authorization to vote.


JACKSON CENTRAL: Claims Filing Period Ends May 8
------------------------------------------------
LLC Jackson Central Asia has declared insolvency.  Creditors
have until May 8 to submit written proofs of claim to:

         LLC Jackson Central Asia
         Micro District 10, 25-51
         Bishkek, Kyrgyzstan


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


KONINKLIJKE AHOLD: Earns EUR915 Million for Full Year 2006
----------------------------------------------------------
Koninklijke Ahold N.V. released its financial results for the
year and fourth quarter ended Dec. 31, 2006.

Ahold posted EUR915 million in net profit on EUR44.87 billion in
net revenues for 2006, compared with EUR146 million in net
profit on EUR43.98 billion in net revenues for 2005.

Ahold posted EUR240 million in net profit on EUR10.38 billion in
net revenues for the fourth quarter of 2006, compared with
EUR108 million in net profit on EUR10.69 billion in net revenues
for the same period 2005.

As of Dec. 31, 2006, the company had EUR18.44 billion in net
assets, EUR13.17 billion in net liabilities and EUR5.27 billion
in shareholders' equity.

"Ahold met the targets we set last year," Anders Moberg,
President and CEO of Ahold, said.  "U.S. Foodservice delivered
1.7% operating margin, our retail operations performed in line
with our margin guidance and exceeded sales growth guidance.
Group Office Support costs are down and we have reduced net debt
even more than we said we would.  Our Value Improvement Program
at Stop & Shop is on track and we have already seen encouraging
improvements in the way customers perceive our produce
department, both in terms of price and quality."

For 2007, Ahold plans to continue its announced strategy.  The
company plans to increase the amount of return to shareholders
from EUR2 billion to EUR3 billion, subject to the divestment of
USF.  This will be executed through a share buyback program.

                         About Ahold

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

                        *     *     *

As reported on Dec. 22, 2006, Standard & Poor's Ratings Services
revised its outlook on the Dutch food retailer and food service
distributor Koninklijke Ahold N.V. to positive from stable.  At
the same time, the 'BB+/B' long- and short-term corporate credit
ratings were affirmed.

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


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


HIPOTOTTA NO. 5: Moody's Junks EUR10-Mln Class F Mortgage Notes
---------------------------------------------------------------
Moody's Investors Service assigned definitive long-term credit
ratings to these Notes issued by Hipototta No. 5 plc:

   -- EUR200-million Class A1 Mortgage Backed Floating Rate
      Notes due 2060: Aaa;

   -- EUR1.69-billion Class A2 Mortgage Backed Floating Rate
      Notes due 2060: Aaa;

   -- EUR26-million Class B Mortgage Backed Floating Rate Notes
      due 2060: Aa2

   -- EUR24-million Class C Mortgage Backed Floating Rate Notes
      due 2060: A1;

   -- EUR26-million Class D Mortgage Backed Floating Rate Notes
      due 2060: Baa2;

   -- EUR31-million Class E Mortgage Backed Floating Rate Notes
      due 2060: Ba3; and

   -- EUR10-million Class F Mortgage Backed Floating Rate Notes
      due 2060: Ca.

Hipototta No. 5 plc is the fifth residential mortgage backed
securities transaction backed by mortgage loans originated by
Banco Santander Totta S.A. (rated A1/Prime-1), a 100% subsidiary
of Banco Santander Central Hispano S.A. (rated Aa3/Prime-1)) and
fourth player in the Portuguese market.

Hipototta No 5 is a transaction characterized by good quality
collateral.  LTV levels, both current and original LTVs is
relatively low as compared to some recent Portuguese
transactions.  CLTV levels are at 63.2% whereas OLTV levels are
at 65.7%.  In addition, the transaction benefits from having
loans which are all current at time of closing.  In addition,
the proportion of subsidized loans is very low (0.03%).

The ratings assigned are based primarily on:

   (1) The credit quality of the underlying mortgage loans;

   (2) The protection provided by the cash reserve starting at
       0.5% at closing and will amortize 3 years post closing
       subject to certain performance criteria;

   (3) The protection provided by the guaranteed gross excess
       spread of 90 bps plus the weighted average margin on the
       Notes, provided by the Swap counterparty on the
       performing loans which is a strong mitigant against
       possible margin compression of the loans;

   (4) the transaction's structure and legal features; and

   (5) the high credit quality of Banco Santander Totta S.A.
       (rated A1/Prime-1) acting as originator and servicer of
       the loans.

The definitive 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 the Class A to E notes.  The structure allows
for ultimate payment of interest and principal on or before the
rated final legal maturity date for Class F notes.


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


MTS LEASING: Germany Demands Probe Into Fraud Case in Romania
-------------------------------------------------------------
The Frankfurt Prosecution Office is demanding a probe into the
alleged fraud committed by MTS Leasing GmbH against its ten
former Romanian clients as the German company can be penalized
for committing criminal acts abroad, HotNews.ro reports.

According to the report, MTS Leasing, which opened in Romania as
a real estate financial company, embezzled a total value of
EUR50 million from the 700 contracts it closed.

Over 70 complaints were filed against the real estate financial
company in Romania.

Investigators reveal MTS Leasing failed to fulfill obligations
under its signed deals.  Out of the EUR15.5 million paid by
clients, only EUR6 million were used to build homes, HotNews.ro
relates.

A client also claimed that the Romanian Economy and Commerce
Ministry allowed MTS Leasing to enter the market without
receiving any official recognition of its financial status.

"We have to demand Romanian authorities and the people who lost,
respectively, to answer some questions that can't be clarified
here," the head of the Criminal Police in Wiesbaden said.

In December 2006, the Wiesbaden Criminal Police closed its
investigation of the MTS Leasing case.

The company's German executives denied the company's application
for insolvency proceedings in July 2005.

The officials were then reacting to reports by local media in
Romania, which purportedly quoted a company press release
stating that it had declared bankruptcy.  The German execs
confirmed, however, that one of its financial advisers, Calin
Armen, had embezzled company funds.

MTS Leasing GmbH specializes in real estate financing for
constructions.  Based in Germany, it entered the Romanian market
by establishing a representative office in 2004.


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


AGRO-BUILDER LLC: Creditors Must File Claims by April 10
--------------------------------------------------------
Creditors of LLC Agro-Builder (TIN 2341009945) have until
April 10 to submit proofs of claim to:

         G. Bashentsev, Temporary Insolvency Manager
         Office 307
         Kolkhoznaya Str. 3
         Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
supervision procedure on LLC Agro-Builder (TIN 2341009945).
The case is docketed under Case No. A-32-29763/2006-37/2716-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Staroderevenkovskaya St.
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Agro-Builder
         Leningradskaya St.
         Krasnodar
         Russia


AGRO-SERVICE OJSC: Creditors Must File Claims by May 10
-------------------------------------------------------
Creditors of OJSC Agro-Service have until May 10 to submit
proofs of claim to:

         Y. Eroshkin, Insolvency Manager
         Fedoseenko Str. 17-103
         Saransk
         430001 Mordoviya
         Russia

The Arbitration Court of Mordoviya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A39-4209/06-143/12.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Agro-Service
         Torbeevo
         Torbeevskiy, Mordoviya
         Russia


AGRO-STORY CJSC: Orenburg Bankruptcy Hearing Slated for May 22
--------------------------------------------------------------
The Arbitration Court of Orenburg will convene at 9:30 a.m. on
May 22 to hear the bankruptcy supervision procedure on CJSC
Agro-Stroy.  The case is docketed under Case No. A47-698/
2007-14 GK.

The Temporary Insolvency Manager is:

         V. Gusev
         Parkovaya Str. 6
         Chebenki
         460550 Orenburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Agro-Story
         Kazanskaya Str. 32
         Sofievka
         Ponomarevskiy
         461795 Orenburg
         Russia


EAR CJSC: Creditors Must File Claims by May 10
----------------------------------------------
Creditors of CJSC Ear have until May 10 to submit proofs of
claim to:

         Y. Rodionov, Insolvency Manager
         Post User Box 2153
         656037 Barnaul
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A03-10881/06-B.

The Court is located at:

         The Arbitration Court of Altay
         Lenina Pr. 76
         Barnaul
         656015 Altay
         Russia

The Debtor can be reached at:

         CJSC Ear
         Tselinnaya Str. 15
         Smolenskoye
         Smolenskiy
         659600 Altay
         Russia


MDM BANK: Gets US$100-Mln Loan from International Finance Corp
--------------------------------------------------------------
The Board of Directors of International Finance Corp. approved a
US$100-million eight-year loan to OJSC MDM Bank.

The Bank will use the loan to expand availability of residential
mortgages and SME loans primarily in the regions outside Moscow.
In addition IFC will provide a trade finance facility to the
Bank in the amount of US$35 million under the Global Trade
Finance Program.

IFC and MDM Bank are also in negotiations about potential
investment into the Bank's equity.

This project is one of IFC's most sizable transactions with
Russian banks to date.  It is also the first time ever IFC has
offered to invest in one of the largest Russian private banks.

"We highly value the support we have received from such a
globally important financial institution as IFC," Michel
Perhirin, CEO and Chairman of MDM Bank's management board, said.
"Given the thorough approach used by IFC to the selection of its
financial partners, we can take pride in having their stamp of
approval on MDM Bank.  This confirms our efforts in building a
sustainable, profitable and transparent business, with high
quality of management and corporate governance."

                           About MDM

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

                         *     *     *

In a TCR-Europe report on Dec. 26, 2006, Standard & Poor's
Ratings Services raised its long-term counterparty credit rating
on MDM Bank to 'BB-' from 'B+'.  S&P said the outlook is stable.
At the same time, the 'B' short-term counterparty credit rating
on the bank was affirmed.

As reported in the TCR-Europe on Dec 20, Fitch Ratings affirmed
Russia-based MDM Bank's and parent MDM Holding GmbH's ratings:

   * MDM Bank:

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

      -- Subordinated debt: affirmed at 'B+'

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

      -- Short-term rating affirmed at 'B'

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

      -- Support rating: affirmed at '4'

   * MDM Holding GmbH:

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

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


MORDOVSKIY SUGAR: Court Names E. Mochalov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Mordoviya appointed Mr. E. Mochalov as
Insolvency Manager for LLC Mordovskiy Sugar.  He can be reached
at:

         E. Mochalov
         Room 11
         Zhukovskogo Pr. 12
         Saransk
         430000 Mordoviya
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A39-4399/06-194/6.

The Court is located at:

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

The Debtor can be reached at:

         LLC Mordovskiy Sugar
         A. Nevskogo Str. 67
         Saransk, Mordoviya
         Russia


NIVA-CERAMICS OJSC: Asset Sale Slated for April 10
--------------------------------------------------
CJSC Fund Sodeystvie, the bidding organizer for OJSC
Glazunovskiy Factory of Ceramic Products Niva-Ceramics, will
open a public auction for the company's properties at 2:00 p.m.
on April 10 at:

         CJSC Fund Sodeystvie
         Room 301
         Lenina Str. 39a
         Orel
         Russia

The company has set a RUR5.95 million starting price for the
auctioned assets.

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

         CJSC Fund Sodeystvie
         Settlement Account 40702810203400000229
         Correspondent Account 3010181080000000000790
         BIK 045402790
         ORU OJSC MInB
         Orel
         Russia

Bidding documents must be submitted to:

         CJSC Fund Sodeystvie
         Room 301
         Lenina Str. 39a
         Orel
         Russia

The Debtor can be reached at:

         OJSC Glazunovskiy Factory of Ceramic Products Niva-
         Ceramics
         Turgeneva Str. 11
         Glazunovka
         Glazunovskiy
         303340 Orel
         Russia


NIZHEGORODSKIY TROLLEYBUS: Creditors Must File Claims by May 10
---------------------------------------------------------------
Creditors of OJSC Nizhegorodskiy Trolleybus have until May 10 to
submit proofs of claim to:

         A. Zharikov, Insolvency Manager
         Betankura Str. 3
         Nizhniy Novgorod
         Russia

The Arbitration Court Nizhniy Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43-34751/2006 27-1034.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Nizhegorodskiy Trolleybus
         Nizhniy Novgorod
         Russia


ORSIL CJSC: Creditors Must File Claims by May 10
------------------------------------------------
Creditors of CJSC Orsil (TIN 5045001395) have until May 10 to
submit proofs of claim to:

         A. Kubasov, Insolvency Manager
         Volgogradskiy Pr. 28-b
         109316 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-9480/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Orsil
         Pristantsionnaya Str.
         Stupino
         142800 Moscow
         Russia


PROMSVYAZBANK JSCB: Bank of China Provides US$30-Mln Credit Line
----------------------------------------------------------------
JSCB Promsvyazbank signed a foreign trade finance agreement with
Bank of China, receiving a US$30 million line of credit.

The initial amount of credit may be further increased upon
utilization.  Each tranche is due for repayment within one year.
The signing of this agreement will help Promsvyazbank expand its
trade finance capability for its customers doing trade with
China.

According to Artem Konstandian, senior vice-president and
director of international business department of the Bank, this
agreement is very important for Russia's banking community.

"For the first time in history Bank of China signs an agreement
with a Russian bank which in addition to traditional documentary
instruments contemplates post-financing of letters of credit,"
Mr. Konstandian said.

The development of business with the countries of the Asia
Pacific region, and primarily with China, is regarded by
Promsvyazbank as one of the top priorities in its commercial
activities.  Since 2004 the Bank has been running a
representative office in China.  The Bank has established
correspondent relationships with all top Chinese banks.  The
availability of credit risk limits from Chinese banks will allow
Promsvyazbank to provide its Russian customers with such
facilities as trade finance and international factoring thus
enabling them to carry out settlements with Chinese partners on
more favorable terms.

                       About Promsvyazbank

Headquartered in Moscow, Russia, JSCB Promsvyazbank --
http://www.psbank.ru/eng/-- engages in lending business,
project finance, leasing regional projects expanding its
presence in the financial markets.

Alexey and Dmitry Annaniev are the major shareholders in the
Bank.  Nova Ljubljanska Banka (Slovenia) holds 3.65% while
Rostelecom owns 0.27%.

                        *     *     *

In a TCR-Europe report on Dec. 21, 2006, Standard & Poor's
Ratings Services raised its long- and short-term counterparty
credit ratings on Russia-based Promsvyazbank JSCB to 'B+/B' from
'B/C'.

At the same time, the ratings were removed from CreditWatch
where they had been placed with positive implications on
Aug. 31, 2006, following the announcement that Germany-based
Commerzbank AG was acquiring a 15.3% stake in PSB, with a
potential step-by-step increase to a majority stake in the
medium term.  The outlook is positive.

As reported in the TCR-Europe on Dec. 11, 2006, Moody's
Investors Service changed from stable to positive the outlook on
Promsvyasbank's Ba3 long-term foreign currency deposit and debt
ratings.  The outlook on the bank's D- financial strength rating
remains unchanged.

At the same time the outlook for the Ba3 long-term foreign
currency debt rating assigned to US$125 million 8.75% senior
unsecured loan participation notes and the B1 long-term foreign
currency debt rating assigned to the US$200 million 9.625%
subordinated loan participation notes issued by PSB Finance S.A.
have also been changed to positive.

As reported in the TCR-Europe on Dec. 8, 2006, Fitch Ratings
changed the Outlook on the Issuer Default Rating of Russia-based
Promsvyazbank to Positive from Stable.  The bank's ratings are
affirmed at IDR B+, Short-term B, Individual D, and Support 5.

Fitch has assigned an expected Long-term rating of B+ to PSB's
upcoming senior unsecured eurobond and an expected Long-term
rating of B- to its upcoming subordinated debt issue.

Fitch Ratings assigned PSB Finance S.A.'s upcoming senior notes
issue expected ratings of Long-term B+ and Recovery RR4.  The
issue is to be used solely for financing a loan to Russia-based
JSC Promsvyazbank, which has been upgraded to Issuer Default
rating B+ from B.  Fitch has also assigned an expected Long-term
rating of B- to the bank's upcoming subordinated debt issue.


ROSNEFT OIL: Faces TNK-BP Unit in Today's Yukos Stake Auction
-------------------------------------------------------------
OAO Rosneft Oil Co. and TNK-BP Holding Ltd., through its
Samotlorneftegaz unit, will go head-to-head today in the auction
to acquire OAO Yukos Oil Co.'s 9.44% stake in Rosneft, various
reports say.

Alexander Shchadrin, spokesman for TNK-BP, said acquiring the
stake would help develop strategic ties with Rosneft.  According
to The Moscow Times, BP holds a little more than 1 percent in
ROsneft, when it purchased the stake for US$1 billion in July
2006.

TNK-BP's participation in the auction, however, will rival
Rosneft, whose 100% indirect subsidiary, RN-Razvitiye, already
filed a request with the Federal Antimonopoly Service to acquire
the stake.

In a TCR-Europe report on March 22, Rosneft inked a deal to
directly borrow US$13 billion from a group of bank comprised of
ABN AMRO, Barclays, BNP Paribas, Calyon, Citibank, Goldman
Sachs, J.P. Morgan Chase, and Morgan Stanley to finance the
asset purchase.  Rosneft will also guarantee a US$9-billion loan
for RN-Razvitiye.

                          Helping Hand

Analysts, however, doubt that TNK-BP's participation in the
auction is aimed at formalizing the process, International
Herald Tribune reports.

"You need two companies to hold an auction, that's key," Nadia
Kazakova of MDM Bank told Bloomberg News.  "TNK-BP is a helping
hand, not a rival bidder."

"The easiest explanation is that they are the complimentary
bidder to facilitate the processes," said Chris Weafer of Alfa
Bank told IHT.

Peter Henshaw, TNK-BP vice president, stressed that the company
is seriously participating in the auction.

Mr. Weafer commented that today's auction is similar to the
auction for Yuganskneftegaz, wherein the Russian government
invited international oil groups to participate to legitimize
the process.

"It's clear that the Kremlin has been actively trying to
persuade Western oil companies to participate in the process,
but ultimately, it's most likely state companies -- Gazprom and
Rosneft -- who will acquire the plum assets," Mr. Weafer told
Moscow Times.

Rosneft and Gazprom are expected to go toe-to-toe over Yukos'
two production units and five refineries.

Yukos is scheduled to sell its 9.44% stake in state-owned
Rosneft Oil, which includes promissory notes issued by
Yuganskneftegaz, Yukos' former main production unit, for
RUR195.5 billion ($7.47 billion) today.

Meanwhile, its 20% stake in Gazprom Neft, along with Yukos'
ArcticGaz unit and 20 other assets in one lot, will carry a
RUR145-billion starting price during the April 4 auction.

Eduard Rebgun, in his capacity as bankruptcy receiver for Yukos
Oil, disclosed three more auctions to sell 35 Yukos assets worth
about RUR3.6 billion, RosBusinessConsulting reports.

The bidding for the assets started March 19, 2007.  Bidding
details show:

            Bidding    Auction         Starting   Bid Increment
   Assets   Deadline   Date         Price (RUR)           (RUR)
   ------   --------   -------   --------------  --------------
   Lot 4    Apr. 13    Apr. 17     2.64 billion   26.39 million
   Lot 5    Apr. 16    Apr. 18   992.31 million    9.92 million
   Lot 6    Apr. 18    Apr. 20     3.12 million          31,000

An unidentified source told Interfax that assets under Lot 4,
which will feature Yukos's stakes in various energy companies,
include:

   -- ZAO Energy Service Co. (100%),
   -- ESKOM- EnergoTrade (100%),
   -- Belgorodenergo (25.73%),
   -- Tambovenergo (25.15%),
   -- Tambov Energy Sales Company (25.15%),
   -- Tambov Trunk Grid Company (25.15%),
   -- Belgorod Trunk Grid Company (25%),
   -- Belgorod Sales Company (25%),
   -- Corporate Service Systems (25%), and
   -- Territorial Generation Company No. 4 (3.18%).

RBC says the fifth lot will be comprised of nine assets while
the sixth would include eight non-core assets of the bankrupt
oil firm.

                        About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for 2000-
2003.  Yugansk eventually was bought by state-owned Rosneft,
which is now claiming more than US$12 billion from Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.

                          About TNK-BP

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

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

                          About Rosneft

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

                         *     *     *

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

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


SEVER-TRANS-STROY: Creditors Must File Claims by May 10
-------------------------------------------------------
Creditors of LLC Sever-Trans-Stroy have until May 10 to submit
proofs of claim to:

         A. Stankevich, Temporary Insolvency Manager
         Apartment 5
         Kommunisticheskaya Str. 44/2
         Suktyvkar
         167001 Komi
         Russia

The Arbitration Court of Komi will convene on June 28 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No.  A29-8826/2006-3B.

The Court is located at:

         The Arbitration Court of Komi
         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar
         Russia

The Debtor can be reached at:

         LLC Sever-Trans-Story
         Usinskiy
         Parma, Komi
         Russia


STRELKA LLC: Krasnodar Bankruptcy Hearing Slated for June 18
------------------------------------------------------------
The Arbitration Court of Krasnodar will convene at 10:00 a.m. on
June 18 to hear the bankruptcy supervision procedure on LLC
Agricultural Company Strelka.  The case is docketed under Case
No. A-32-1252/2007-60/55B.

The Temporary Insolvency Manager is:

         I. Galotin
         Nizhnyaya Str. 78 A
         Raevskaya St.
         353983 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Staroderevenkovskaya St.
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Agricultural Company Strelka
         Lenina Str. 8v
         Strelki
         Temryukskiy
         353539 Krasnodar
         Russia


STROY-SIB-OM': Creditors Must File Claims by May 10
---------------------------------------------------
Creditors of LLC Stroy-Sib-Om have until May 10 to submit proofs
of claim to:

         A. Petrov, Insolvency Manager
         N. Danchenko Str. 165-316
         630087 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-16340/06-54/437.

The Court is located at:

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

The Debtor can be reached at:

         A. Petrov, Insolvency Manager
         N. Danchenko Str. 165-316
         630087 Novosibirsk
         Russia


TANTAL-D CJSC: Saratov Bankruptcy Hearing Slated for May 15
-----------------------------------------------------------
The Arbitration Court of Saratov will convene at 2:30 p.m. on
May 15 to hear the bankruptcy supervision procedure on CJSC
Tantal-D.   The case is docketed under Case No. A-57-565B/
06-23.

The Temporary Insolvency Manager is:

         S. Rassadin
         Post User Box 152
         600017 Vladimir
         Russia

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Tantal-D
         50 Let Oktyabrya Str. 110A
         Saratov
         Russia


TELESEM'-KURSK CJSC: Creditors Must File Claims by April 10
-----------------------------------------------------------
Creditors of CJSC Telesem'-Kursk have until April 10 to submit
proofs of claim to:

         Y. Maslov, Insolvency Manager
         Post User Box 111
         308000 Belgorod
         Russia

The Arbitration Court of Kursk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A35-8589/06 g.

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         CJSC Telesem'-Kursk
         Nikitskaya, 12
         Kursk
         Russia


TNK-BP HOLDING: To Take Part in Today's Yukos Stake Auction
-----------------------------------------------------------
Samotlorneftegaz, a unit of TNK-BP Holding Ltd., will
participate in today's auction to acquire OAO Yukos Oil Co.'s
9.44% stake in OAO Rosneft Oil Co., various reports say.

Alexander Shchadrin, spokesman for TNK-BP, said acquiring the
stake would help develop strategic ties with Rosneft.  According
to The Moscow Times, BP holds a little more than 1 percent in
Rosneft, when it purchased the stake for US$1 billion in July
2006.

TNK-BP's participation in the auction, however, will rival
Rosneft, whose 100% indirect subsidiary, RN-Razvitiye, already
filed a request with the Federal Antimonopoly Service to acquire
the stake.

In a TCR-Europe report on March 22, Rosneft inked a deal to
directly borrow US$13 billion from a group of bank comprised of
ABN AMRO, Barclays, BNP Paribas, Calyon, Citibank, Goldman
Sachs, J.P. Morgan Chase, and Morgan Stanley to finance the
asset purchase.  Rosneft will also guarantee a US$9-billion loan
for RN-Razvitiye.

                          Helping Hand

Analysts, however, doubt that TNK-BP's participation in the
auction is aimed at formalizing the process, International
Herald Tribune reports.

"You need two companies to hold an auction, that's key," Nadia
Kazakova of MDM Bank told Bloomberg News.  "TNK-BP is a helping
hand, not a rival bidder."

"The easiest explanation is that they are the complimentary
bidder to facilitate the processes," said Chris Weafer of Alfa
Bank told IHT.

Peter Henshaw, TNK-BP vice president, stressed that the company
is seriously participating in the auction.

Mr. Weafer commented that today's auction is similar to the
auction for Yuganskneftegaz, wherein the Russian government
invited international oil groups to participate to legitimize
the process.

"It's clear that the Kremlin has been actively trying to
persuade Western oil companies to participate in the process,
but ultimately, it's most likely state companies -- Gazprom and
Rosneft -- who will acquire the plum assets," Mr. Weafer told
Moscow Times.

Rosneft and Gazprom are expected to go toe-to-toe over Yukos'
two production units and five refineries.

Yukos is scheduled to sell its 9.44% stake in state-owned
Rosneft Oil, which includes promissory notes issued by
Yuganskneftegaz, Yukos' former main production unit, for
RUR195.5 billion ($7.47 billion) today.

Meanwhile, its 20% stake in Gazprom Neft, along with Yukos'
ArcticGaz unit and 20 other assets in one lot, will carry a
RUR145-billion starting price during the April 4 auction.

Eduard Rebgun, in his capacity as bankruptcy receiver for Yukos
Oil, disclosed three more auctions to sell 35 Yukos assets worth
about RUR3.6 billion, RosBusinessConsulting reports.

The bidding for the assets started March 19, 2007.  Bidding
details show:

            Bidding    Auction         Starting   Bid Increment
   Assets   Deadline   Date         Price (RUR)           (RUR)
   ------   --------   -------   --------------  --------------
   Lot 4    Apr. 13    Apr. 17     2.64 billion   26.39 million
   Lot 5    Apr. 16    Apr. 18   992.31 million    9.92 million
   Lot 6    Apr. 18    Apr. 20     3.12 million          31,000

An unidentified source told Interfax that assets under Lot 4,
which will feature Yukos's stakes in various energy companies,
include:

   -- ZAO Energy Service Co. (100%),
   -- ESKOM- EnergoTrade (100%),
   -- Belgorodenergo (25.73%),
   -- Tambovenergo (25.15%),
   -- Tambov Energy Sales Company (25.15%),
   -- Tambov Trunk Grid Company (25.15%),
   -- Belgorod Trunk Grid Company (25%),
   -- Belgorod Sales Company (25%),
   -- Corporate Service Systems (25%), and
   -- Territorial Generation Company No. 4 (3.18%).

RBC says the fifth lot will be comprised of nine assets while
the sixth would include eight non-core assets of the bankrupt
oil firm.

                         About Rosneft

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

                         About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for 2000-
2003.  Yugansk eventually was bought by state-owned Rosneft,
which is now claiming more than US$12 billion from Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.

                          About TNK-BP

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

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

                          *     *     *

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

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

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


TNK-BP HOLDING: Main Yukos Shareholder May File Suit Against Bid
----------------------------------------------------------------
GML Ltd. warned it might file a case against TNK-BP Holding Ltd.
if the latter acquires OAO Yukos Oil Co.'s 9.44% stake in OAO
Rosneft Oil Co., David Robertson writes for The Times.

"Anybody buying these assets at auction should think long and
hard about it," Tim Osborne, GML director, told The Times.  "We
say that Yukos was stolen by the Russian Federation and anybody
that buys its assets at auction are receiving stolen goods."

GML, which holds a majority stake in Yukos, has filed a US$50-
million claim suit against the Russian government under the
Energy Charter Treaty, with the case being heard in The Hague by
the United Nations Commission on International Trade Law, The
Times relates.  A hearing is slated in June 2007 to determine
whether the court has the jurisdiction to judge the case.
Russia argues that the court has no jurisdiction and should
dismiss the case.

Mr. Osborne added that if the court dismisses its claim, it
would go after U.S. and U.K. firms that benefited from Yukos's
break-up.

TNK-BP, via its Samotlorneftegaz unit, confirmed it will
participate in today's auction to acquire Yukos' stake in
Rosneft.

Alexander Shchadrin, spokesman for TNK-BP, said acquiring the
stake would help develop strategic ties with Rosneft, in which
the European fuel giant already controls less than a percent
holding.

TNK-BP's participation in the auction, however, will rival
Rosneft, whose 100% indirect subsidiary, RN-Razvitiye, already
filed a request with Federal Antimonopoly Service to acquire the
stake.

                         About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for 2000-
2003.  Yugansk eventually was bought by state-owned Rosneft,
which is now claiming more than US$12 billion from Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.

                          About TNK-BP

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

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

                          *     *     *

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

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

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


TROSKAL CJSC: Creditors Must File Claims by April 10
----------------------------------------------------
Creditors of CJSC Troskal have until April 10 to submit proofs
of claim to:

         M. Klimov, Insolvency Manager
         Post User Box 79
         600000 Vladimir
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-14024/2006-K1-475B/20B.

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir
         Russia

The Debtor can be reached at:

         CJSC Troskal
         Vladimir
         Russia


VZLET OJSC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Mordoviya commenced bankruptcy
supervision procedure on OJSC Vzlet.  The case is docketed under
Case No. A39-248/2007-8/6.

The Temporary Insolvency Manager is:

         E. Mochalov
         Room 11
         Zhukovskogo Pr., 12
         Saransk
         430000 Mordoviya
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Vzlet
         Stroitelnaya Str. 139
         Insar
         431430 Mordoviya
         Russia


YUKOS OIL: TNK-BP Holding To Take Part in Today's Stake Auction
---------------------------------------------------------------
Samotlorneftegaz, a unit of TNK-BP Holding Ltd., will
participate in the auction to acquire OAO Yukos Oil Co.'s 9.44%
stake in OAO Rosneft Oil Co., various reports say.

Alexander Shchadrin, spokesman for TNK-BP, said acquiring the
stake would help develop strategic ties with Rosneft.  According
to The Moscow Times, BP holds a little more than 1 percent in
ROsneft, when it purchased the stake for US$1 billion in July
2006.

TNK-BP's participation in the auction, however, will rival
Rosneft, whose 100% indirect subsidiary, RN-Razvitiye, already
filed a request with the Federal Antimonopoly Service to acquire
the stake.

In a TCR-Europe report on March 22, Rosneft inked a deal to
directly borrow US$13 billion from a group of bank comprised of
ABN AMRO, Barclays, BNP Paribas, Calyon, Citibank, Goldman
Sachs, J.P. Morgan Chase, and Morgan Stanley to finance the
asset purchase.  Rosneft will also guarantee a US$9-billion loan
for RN-Razvitiye.

                          Helping Hand

Analysts, however, doubt that TNK-BP's participation in the
auction is aimed at formalizing the process, International
Herald Tribune reports.

"You need two companies to hold an auction, that's key," Nadia
Kazakova of MDM Bank told Bloomberg News.  "TNK-BP is a helping
hand, not a rival bidder."

"The easiest explanation is that they are the complimentary
bidder to facilitate the processes," said Chris Weafer of Alfa
Bank told IHT.

Peter Henshaw, TNK-BP vice president, stressed that the company
is seriously participating in the auction.

Mr. Weafer commented that today's auction is similar to the
auction for Yuganskneftegaz, wherein the Russian government
invited international oil groups to participate to legitimize
the process.

"It's clear that the Kremlin has been actively trying to
persuade Western oil companies to participate in the process,
but ultimately, it's most likely state companies -- Gazprom and
Rosneft -- who will acquire the plum assets," Mr. Weafer told
Moscow Times.

Rosneft and Gazprom are expected to go toe-to-toe over Yukos'
two production units and five refineries.

Yukos is scheduled to sell its 9.44% stake in state-owned
Rosneft Oil, which includes promissory notes issued by
Yuganskneftegaz, Yukos' former main production unit, for
RUR195.5 billion ($7.47 billion) today.

Meanwhile, its 20% stake in Gazprom Neft, along with Yukos'
ArcticGaz unit and 20 other assets in one lot, will carry a
RUR145-billion starting price during the April 4 auction.

Eduard Rebgun, in his capacity as bankruptcy receiver for Yukos
Oil, disclosed three more auctions to sell 35 Yukos assets worth
about RUR3.6 billion, RosBusinessConsulting reports.

The bidding for the assets started March 19, 2007.  Bidding
details show:

            Bidding    Auction         Starting   Bid Increment
   Assets   Deadline   Date         Price (RUR)           (RUR)
   ------   --------   -------   --------------  --------------
   Lot 4    Apr. 13    Apr. 17     2.64 billion   26.39 million
   Lot 5    Apr. 16    Apr. 18   992.31 million    9.92 million
   Lot 6    Apr. 18    Apr. 20     3.12 million          31,000

An unidentified source told Interfax that assets under Lot 4,
which will feature Yukos's stakes in various energy companies,
include:

   -- ZAO Energy Service Co. (100%),
   -- ESKOM- EnergoTrade (100%),
   -- Belgorodenergo (25.73%),
   -- Tambovenergo (25.15%),
   -- Tambov Energy Sales Company (25.15%),
   -- Tambov Trunk Grid Company (25.15%),
   -- Belgorod Trunk Grid Company (25%),
   -- Belgorod Sales Company (25%),
   -- Corporate Service Systems (25%), and
   -- Territorial Generation Company No. 4 (3.18%).

RBC says the fifth lot will be comprised of nine assets while
the sixth would include eight non-core assets of the bankrupt
oil firm.

                         About Rosneft

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

                          About TNK-BP

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

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

                         About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for 2000-
2003.  Yugansk eventually was bought by state-owned Rosneft,
which is now claiming more than US$12 billion from Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.


YUKOS OIL: Main Shareholder Might Sue TNK-BP on Yukos Stake Bid
---------------------------------------------------------------
GML Ltd. warned it might file a case against TNK-BP Holding Ltd.
if the latter acquires OAO Yukos Oil Co.'s 9.44% stake in OAO
Rosneft Oil Co., David Robertson writes for The Times.

"Anybody buying these assets at auction should think long and
hard about it," Tim Osborne, GML director, told The Times.  "We
say that Yukos was stolen by the Russian Federation and anybody
that buys its assets at auction are receiving stolen goods."

GML, which holds a majority stake in Yukos, has filed a US$50-
million claim suit against the Russian government under the
Energy Charter Treaty, with the case being heard in The Hague by
the United Nations Commission on International Trade Law, The
Times relates.  A hearing is slated in June 2007 to determine
whether the court has the jurisdiction to judge the case.
Russia argues that the court has no jurisdiction and should
dismiss the case.

Mr. Osborne added that if the court dismisses its claim, it
would go after U.S. and U.K. firms that benefited from Yukos's
break-up.

TNK-BP, via its Samotlorneftegaz unit, confirmed it will
participate in today's auction to acquire Yukos' stake in
Rosneft.

Alexander Shchadrin, spokesman for TNK-BP, said acquiring the
stake would help develop strategic ties with Rosneft, in which
the European fuel giant already controls less than a percent
holding.

TNK-BP's participation in the auction, however, will rival
Rosneft, whose 100% indirect subsidiary, RN-Razvitiye, already
filed a request with Federal Antimonopoly Service to acquire the
stake.

                          About TNK-BP

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

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

                         About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for 2000-
2003.  Yugansk eventually was bought by state-owned Rosneft,
which is now claiming more than US$12 billion from Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.


YUKOS OIL: PwC to Continue Russian Business Despite Issues
----------------------------------------------------------
PricewaterhouseCoopers intends to continue doing business in
Russia despite allegations of irregularities in its auditing of
OAO Yukos Oil Co.'s financials in 2002-2004, and accusations of
tax evasion activities, MosNews reports.

Although the firm denied both allegations, analysts warned that
the firm stands to lose some of its market share, MosNews adds.

As reported in the Troubled Company Reporter-Europe on March 23,
the Moscow Arbitration Court has invalidated a contract between
Yukos Oil and the Russian branch of PwC and has ordered the firm
to pay RUR16.8 million (US$645 million) to the state, which
includes a US$145 million repayment from PwC on the cost of the
contract.

The Federal Tax Service of Russia had accused PwC of covering up
Yukos's alleged illegal financial schemes and compiling two
different audits -- one for internal use and another for
shareholders.

                        Back-Tax Probe

Representatives of the Russian Ministry of Internal Affairs and
Prosecutor General's Office seized documents from PwC's Moscow
office on March 9 relating to a separate tax-evasion probe
against the auditing firm.  The authorities had accused PwC of
evading up to RUR243 million (US$9.3 million) in taxes in 2002
on its manager's orders.

According to RIA Novosti, Russian tax regulators suspected PwC's
Moscow branch of under-reporting profit tax on sums it allegedly
paid to PricewaterhouseCoopers Resources B.V.  The offshore
company was supposed to provide financial consultations to
clients in Russia, but the Moscow branch provided these services
instead, RIA relates.

                           About PwC

PricewaterhouseCoopers -- http://www.pwc.com/-- is the leading
professional services organization in the world, ranking first
or second in every market it operates.  It has established
offices in Moscow, St. Petersburg, Yuzhno-Sakhalinsk and
Togliatti.

                        About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is
an open joint stock company existing under the laws of the
Russian Federation.  Yukos is involved in energy industry
substantially through its ownership of its various subsidiaries,
which own or are otherwise entitled to enjoy certain rights to
oil and gas production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was
dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.


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


ALDOPA LLC: Creditors' Liquidation Claims Due April 10
------------------------------------------------------
Creditors of LLC Aldopa have until April 10 to submit their
claims to:

         Paul Krahenbuhl and Alexander M. Pfister
         Liquidators
         Rutmattstrasse 14
         5000 Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Aldopa
         Aarau AG
         Switzerland


ANGELINI LLC: Schwyz Court Closes Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Hofe entered Feb. 21 an order closing
the bankruptcy proceedings of LLC Angelini.

The Bankruptcy Service of Hofe can be reached at:

         Bankruptcy Service of Hofe
         8832 Wollerau
         Hofe SZ
         Switzerland

The Debtor can be reached at:

         LLC Angelini
         Dorfstrasse 27
         8835 Feusisberg
         Hofe SZ
         Switzerland


C.D.M. TECHNOLOGIES: Creditors' Liquidation Claims Due April 5
--------------------------------------------------------------
Creditors of JSC C.D.M. Technologies have until April 5 to
submit their claims to:

         Paul Woecke
         Liquidator
         JSC Pawo Systems
         Gewerbestrasse 14
         6314 Unterageri ZG
         Switzerland

The Debtor can be reached at:

         JSC C.D.M. Technologies
         Unterageri ZG
         Switzerland


DACASA LLC: Claims Registration Period Ends April 2
---------------------------------------------------
The Bankruptcy Court of Zurich commenced bankruptcy proceedings
against LLC daCasa on Jan. 16.

Creditors have until April 2 to file their written proofs of
claim.

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8049 Zurich
         Switzerland

The Debtor can be reached at:

         LLC daCasa
         Althardstrasse 146
         8105 Regensdorf
         Dielsdorf ZH
         Switzerland


FLAMMTECH BRANDSCHUTZ: Claims Registration Period Ends April 2
--------------------------------------------------------------
The Bankruptcy Court of Feuerthalen in Zurich commenced
bankruptcy proceedings against LLC Flammtech Brandschutz on
Jan. 11.

Creditors have until April 2 to file their written proofs of
claim.

The Bankruptcy Service of Feuerthalen can be reached at:

         Bankruptcy Service of Feuerthalen
         8245 Feuerthalen
         Andelfingen ZH
         Switzerland

The Debtor can be reached at:

         LLC Flammtech Brandschutz
         Arova Areal
         Winterthurerstrasse
         8247 Flurlingen
         Andelfingen ZH
         Switzerland


HAJOMIX LLC: Creditors' Liquidation Claims Due April 10
-------------------------------------------------------
Creditors of LLC Hajomix have until April 10 to submit their
claims to:

         Guido Schwerzmann
         Liquidator
         Chamerstrasse 3
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Hajomix
         Zug
         Switzerland


KINDERTAGESSTATTE IISBAR: Liquidation Claims Due April 10
---------------------------------------------------------
Creditors of LLC Kindertagesstatte Iisbar have until April 10 to
submit their claims to:

         Michel Dino
         Liquidator
         Schulstrasse 3b
         3296 Arch
         Buren BE
         Switzerland

The Debtor can be reached at:

         LLC Kindertagesstatte Iisbar
         Arch
         Buren BE
         Switzerland


MEGACAT JSC: Lucerne Court Closes Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Lucerne entered Feb. 26 an order
closing the bankruptcy proceedings of JSC MegaCAT.

The Bankruptcy Service of Lucerne can be reached at:

         Bankruptcy Service of Lucerne
         6011 Kriens LU
         Switzerland

The Debtor can be reached at:

         JSC MegaCAT
         Hauptstrasse 21
         6045 Meggen LU
         Switzerland


OMICO LLC: Creditors' Liquidation Claims Due April 10
-----------------------------------------------------
Creditors of LLC omico have until April 10 to submit their
claims to:

         Markus Goetsch
         Liquidator
         Lindhofstr. 57c
         5210 Windisch
         Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC omico
         Maur
         Uster ZH
         Switzerland


V.R.S.U. JSC: Creditors' Liquidation Claims Due April 10
--------------------------------------------------------
Creditors of JSC V.R.S.U. have until April 10 to submit their
claims to:

         Dr. Andrea V. Picenoni
         Liquidator
         Gottfried Keller-Strasse 5
         8024 Zurich
         Switzerland

The Debtor can be reached at:

         JSC V.R.S.U.
         Zurich
         Switzerland


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


AGRICULTURAL ENERGY: Creditors Must File Claims by March 29
-----------------------------------------------------------
Creditors of LLC Agricultural Energy (code EDRPOU 01235596) have
until March 29 to submit written proofs of claim to:

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

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/101-B.

The Debtor can be reached at:

         LLC Agricultural Energy
         Zmeinets
         45630 Lutsk
         Ukraine


ANTIKOR-92 LLC: Creditors Must File Proofs of Claim by March 29
---------------------------------------------------------------
Creditors of LLC Antikor-92 (code EDRPOU 25010620) have until
March 29 to submit written proofs of claim to:

         S. Riabchiy, Liquidator
         Panikakha Str. 2
         49700 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company on Feb. 13 after finding it
insolvent.  The case is docketed under Case No. B 15/26/04.

The Court is located at:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Antikor-92
         Geroev Stalingrada Str. 151
         Dnipropetrovsk
         Ukraine


BRASKO LLC: Creditors Must File Proofs of Claim by March 29
-----------------------------------------------------------
Creditors of LLC Brasko (code EDRPOU 23154007) have until
March 29 to submit written proofs of claim to:

         O. Scherban, Liquidator
         P.O. Box 157
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/896-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Brasko
         Druzhba narodov Str. 6
         04210 Kiev
         Ukraine


GLUHOV LLC: Creditors Must File Proofs of Claim by March 29
-----------------------------------------------------------
Creditors of LLC Trade House Gluhov (code EDRPOU 30941744) have
until March 29 to submit written proofs of claim to:

         Eugene Chuprun, Liquidator
         Petropavlovskaya Str. 74
         Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on Feb. 15 after finding it insolvent.  The
case is docketed under Case No. 7/183-06.
The Court is located at:

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

The Debtor can be reached at:

         LLC Trade House Gluhov
         Gluhov Industrial Str. 1
         41400 Sumy
         Ukraine


I-VANE LLC: Creditors Must File Proofs of Claim by March 29
-----------------------------------------------------------
The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/41/07.

Creditors of LLC I-Vane (code EDRPOU 33798543) have until
March 29 to submit written proofs of claim to:

         Larisa Timofeeva, Liquidator
         P.O. Box 179
         54017 Nikolaev
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC I-Vane
         Geroev Stalingrada Avenue 91
         Nikolaev
         Ukraine


INDUSTRIAL HYDROCOMPLEX: Creditors Must File Claims by March 30
---------------------------------------------------------------
Creditors of LLC Industrial Hydrocomplex (code EDRPOU 33009576)
have until March 30 to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 19/185/06.

The Debtor can be reached at:

         LLC Industrial Hydrocomplex
         Krupskaya Str. 18a
         Melotopol
         79319 Zaporozhje
         Ukraine


MIRIS: Creditors Must File Proofs of Claim by March 29
------------------------------------------------------
Creditors of Joint Enterprise Miris (code EDRPOU 13350233) have
until March 29 to submit written proofs of claim to:

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

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/117-B.

The Debtor can be reached at:

         Joint Enterprise Miris
         Podgaetskaya Str. 13
         43005 Lutsk
         Volin
         Ukraine


NEVOS-ENERGY LLC: Creditors Must Register Claims by March 29
------------------------------------------------------------
Creditors of LLC Nevos-Energy (code EDRPOU 31521213) have until
March 29 to submit written proofs of claim to:

         O. Scherban, Liquidator
         P.O. Box 157
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/816-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Nevos-Energy
         Obolonsky Avenue 23-a
         04205 Kiev
         Ukraine


NOVREM-NIKOLAEV LLC: Creditors Must File Claims by March 29
-----------------------------------------------------------
The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/22/07.

Creditors of LLC Novrem-Nikolaev (code EDRPOU 33627340) have
until March 29 to submit written proofs of claim to:

         A. Tomashevsky, Liquidator
         Rabochaya Str. 7
         Nikolaev
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Novrem-Nikolaev
         Chkalpv Str. 55
         Nikolaev
         Ukraine


TRANS EXPRESS LLC: Creditors Must Submit Claims by March 29
-----------------------------------------------------------
Creditors of LLC Trans Express (code EDRPOU 33057148) have until
March 29 to submit written proofs of claim to:

         O. Scherban, Liquidator
         P.O. Box 157
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Jan. 11 after finding it insolvent.  The
case is docketed under Case No. 23/586-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Trans Express
         Obolonsky Avenue 23-a
         04205 Kiev
         Ukraine


TRIMARAN: Creditors Must File Proofs of Claim by March 29
---------------------------------------------------------
Creditors of State Enterprise Trimaran (code EDRPOU 30153404)
have until March 29 to submit written proofs of claim to:

         O. Scherban, Liquidator
         P.O. Box 157
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/898-b.

The Court is located at:

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

The Debtor can be reached at:

         State Enterprise Trimaran
         Bogatyrskaya Str. 5
         04209 Kiev
         Ukraine


TRITON LLC: Creditors Must File Proofs of Claim by March 29
-----------------------------------------------------------
Creditors of LLC Triton (code EDRPOU 31903060) have until
March 29 to submit written proofs of claim to:

         O. Scherban, Liquidator
         P.O. Box 157
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/815-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Triton
         Novokonstantinovskaya Str. 4-a
         04080 Kiev
         Ukraine


TRIUMF POLUS: Creditors Must File Proofs of Claim by March 29
-------------------------------------------------------------
Creditors of LLC Triumf Polus (code EDRPOU 31749604) have until
March 29 to submit written proofs of claim to:

         O. Scherban, Liquidator
         P.O. Box 157
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Jan. 11 after finding it insolvent.  The
case is docketed under Case No. 23/585-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Triumf Polus
         Avtozavodskaya Str. 27-b
         04074 Kiev
         Ukraine


VOLIN SPECIALIZED: Creditors Must File Claims by March 29
---------------------------------------------------------
Creditors of Volin Specialized Agricultural Exchange (code
EDRPOU 21744220) have until March 29 to submit written proofs of
claim to:

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

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/112-B.

The Debtor can be reached at:

         Volin Specialized Agricultural Exchange
         Pobeda Str. 14
         43005 Lutsk
         Volin
         Ukraine


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


AQUADOS UK: Claims Filing Period Ends April 12
----------------------------------------------
Creditors of Aquados (U.K.) Ltd. have until April 12 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to:

         Edward Christopher Wetton
         Liquidator
         Gibson Booth
         15 Victoria Road
         Barnsley
         South Yorkshire
         S70 2BB
         England

Edward Christopher Wetton of Gibson Booth was appointed
liquidator of the company on March 8.


BISCIT INTERNET: O-Bit Telecom Buys Customer Database List
----------------------------------------------------------
O-Bit Telecom Ltd. acquired Biscit Internet Ltd.'s domain names,
and some colocation equipment on March 20 for an undisclosed
amount, Chris Williams writes for The Register.

According to the report, another internet service provider,
Breathe Networks Ltd. took over 1,500 Biscit V21 customers after
striking a deal with EurISP.

BT helped out Biscit subscribers last week by handing out
Migration Authorization Code (MAC) that subscribers needed to
switch ISPs.

Biscit brought in administrators from Piper Thompson on March 5.

Administrator Tony Thompson told The Register that they have yet
to set a creditors' meeting for Biscit.

Headquartered in Weybridge, England, Piper Thompson --
http://www.piper-thompson.co.uk/-- provides advice to companies
in financial difficulties, all over England, since 1983.

Headquartered in Amersham, England, O-Bit Telecom Ltd. is a
telecommunications provider and ISP.  Its corporate customer
base includes the Health and Safety Executive, Virgin Atlantic,
HSBC Bank and the Armed Forces.

Headquartered in Edgware, England, Biscit Internet --
http://www.biscit.net/-- provides advanced communications
technology and services catering to some 35,000 business and
home broadband customers.


BOURS ELECTRICAL: Taps Begbies Traynor as Joint Administrators
--------------------------------------------------------------
Donald Bailey and Gary N. Lee of Begbies Traynor were appointed
joint administrators of Bours Electrical Services Ltd. (Company
Number 02835795) on March 15.

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

The company can be reached at:

         Bours Electrical Services Ltd.
         33 Moor Street
         Congleton
         Cheshire
         CW12 1QH
         England
         Tel: 01260 275 255
         Fax: 01260 298 300


C VICKERS: Joint Liquidators Take Over Operations
-------------------------------------------------
John Harvey Madden and Peter William Gray were appointed joint
liquidators of C Vickers Ltd. on March 15 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         C Vickers Ltd.
         10 The Croft
         Marton-in-Cleveland
         Middlesbrough
         Cleveland
         TS7 8DY
         England


BRITISH AIRWAYS: S&P Retains BB+ Ratings After Open Skies Vote
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB+' long-term
corporate credit rating on British Airways PLC remains on
CreditWatch, with positive implications, following a vote on
March 22 by EU ministers approving a proposed "open skies"
aviation treaty with the U.S.

The ratings where originally placed on CreditWatch with positive
implications on Jan. 9, 2007.

"The treaty, which will allow EU or U.S. airlines to fly to any
destination in the other region starting in March 2008, will,
over time, increase price competition at BA's major hub at
London's Heathrow International Airport and is likely to reduce
revenues and earnings on the airline's key trans-Atlantic
routes," said Standard & Poor's credit analyst Eve Greb.
"However, access to Heathrow is constrained by the limited
availability of takeoff and landing slots, and terminal space.
Accordingly, the effects on BA are expected to unfold gradually
over time."

BA's trading performance and financial profile have improved
materially over the past several years, with further
strengthening of the credit profile likely to be achieved
following the conclusion of the group's agreement with its
unions, reached in January 2007, to address the airline's
sizable pension deficit.  Under BA's pension proposal, the
company will make a onetime contribution of GBP800 million and
up to GBP150 million more in contributions over the next three
years, subject to financial targets.  Together with a onetime
employee saving of GBP400 million and changes to future
benefits, the GBP2.1 billion New Airways Pensions Scheme deficit
will be reduced by more than one-half to GBP900 million.


CHESHIRE AUTOTRADE: Appoints Jonathan Lord as Liquidator
--------------------------------------------------------
Jonathan Lord of Bridgestones was appointed liquidator of
Cheshire Autotrade Ltd. on March 14 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Cheshire Autotrade Ltd.
         Green Lane
         Romiley
         Stockport
         Cheshire
         SK6 3JG
         England
         Tel: 0161 406 7201
         Fax: 0161 494 6137


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

         Stephen P. J. White
         Liquidator
         White & Co.
         20 Cornhill
         Lincoln
         LN5 7HB
         England

Stephen P. J. White of White & Co. was appointed liquidator of
the company Feb. 28 by resolutions of members and creditors.


CUCCOLINI UK: Claims Filing Period Ends Aug. 15
-----------------------------------------------
Creditors of Cuccolini (U.K.) Ltd. have until Aug. 15 to send in
their full particulars of their debts or claims, and the names
and addresses of their solicitors (if any) to:

         Michael Francis McCarthy
         Liquidator
         Walletts Insolvency Services
         2-6 Adventure Place
         Hanley
         Stoke-on-Trent
         ST1 3AF
         England

Michael Francis McCarthy of Walletts Insolvency Services was
appointed liquidator of the company on March 15.


EXECUTIVE LEISURE: Taps Kiran Mistry to Liquidate Assets
--------------------------------------------------------
Kiran Mistry of HKM LLP was appointed liquidator of Executive
Leisure Ltd. on March 14 for the creditors' voluntary winding-up
proceeding.

HKM LLP -- http://www.hkm.co.uk/-- is an independent and
regulated firm of accountants, business and taxation advisors
and insolvency specialists.  In July 2004, HKM Harlow Khandhia
Mistry changed its business status to become a limited liability
partnership and is now known as HKM LLP.

The company can be reached at:

         Executive Leisure Ltd.
         Unit 19
         Humber Avenue
         Bilton Industrial Estate
         Coventry
         West Midlands
         CV3 1JL
         England
         Tel: 024 7663 5231
         Fax: 024 7663 5104


FOUR SEASONS: Names Eileen T. F. Sale Liquidator
------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Ltd. was appointed
liquidator of Four Seasons Window Systems Ltd. on March 15 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Four Seasons Window Systems Ltd.
         Unit 14
         Paper mill End Industrial Estate
         Birmingham
         B44 8NH
         England
         Tel: 0121 356 0909
         Fax: 0121 356 0513


GETTY IMAGES: Moody's Affirms Low-B Ratings on Limited Business
---------------------------------------------------------------
Moody's Investors Service affirmed the Ba1 Corporate Family
Rating and Ba2 rating on the US$265-million of convertible
subordinated debentures of Getty Images, Inc.  The rating
outlook remains stable.

The Ba1 Corporate Family Rating reflects strong credit metrics
for the rating category, a leading market position in the stock
imagery market and broad geographic diversification of Getty's
customer base.  The ratings are constrained by limited business
line diversification, the increasing supply of lower priced
digital imagery and potential threats from new competitors or
technologies.

Moody's will continue to monitor developments in Getty's ongoing
stock option investigation and may consider taking negative
action on the outlook or ratings as more information becomes
available.

On Feb. 21, Getty received notice of an Event of Default from
the trustee related to the company's failure to file its third
quarter 2006 Form 10-Q with the U.S. Securities and Exchange
Commission.  Getty said it does not believe it has failed to
perform any of its obligations under the indenture because the
indenture does not contain an express covenant requiring the
company to provide the trustee or the bondholders with periodic
reports.  Consequently, Getty indicated that, in its view, these
notices of default are without merit.

Because Getty has received a notice of an "Event of Default"
from the trustee, the trustee or holders of at least 25% in
aggregate principal amount of the Debentures could declare all
unpaid principal and accrued interest on the Debentures then
outstanding to be immediately due and payable.  Getty announced
that it believes that if the Debentures were to be accelerated,
it would have adequate financial resources to pay any unpaid
principal and any interest that would then be due on the
Debentures and also would have the option of contesting the
legal basis for the notices of default and any such
acceleration.

                      Credit Facility

On March 23, Getty announced that it entered into a new US$200-
million senior unsecured 364-day revolving credit facility.  The
revolver is guaranteed by substantially all the domestic
operating subsidiaries of the company.  The revolver has a
committed accordion feature which allows Getty to increase the
commitment from US$200 million to up to US$350 million within 6
months from the closing date, absent a material adverse change
in the company's operations.  Pro forma for the recently
announced MediaVast, Inc. acquisition and the new US$200-million
revolver, Moody's expects Getty to have about US$500 million of
combined liquidity in the form of cash, short-term investments,
available revolver and committed accordion.  Under the terms of
the new credit facility, Getty must become current on its
periodic SEC filings by June 14 to avoid an event of default.

The potential acceleration of the Debentures is not expected to
affect the ratings in the near term because Getty's current
liquidity can easily fund the acceleration of any, or all, of
the Debentures.

Moody's affirmed these ratings:

   -- US$265-million series B convertible subordinated notes due
      2023, Ba2 (LGD 5, 77% from LGD 5, 71%);

   -- Corporate family rating, Ba1; and

   -- Probability of default rating, Ba1.

The stable ratings outlook anticipates modest organic revenue
growth and continued strong cash flow from operations.  Credit
metrics are expected to improve modestly in 2007 and remain
strong for the Ba1 rating category.

Headquartered in Seattle, Washington, Getty Images, Inc. is a
leading creator and distributor of high quality imagery and
related services to creative professionals at advertising
agencies, graphic design firms, corporations, and film and
broadcasting companies; editorial customers involved in
newspaper, magazine, book, CD-ROM and online publishing; and
corporate marketing departments and other business customers.
Revenues are principally derived from licensing rights to use
images that are delivered digitally over the internet.  Revenues
for the year ended Dec. 31, 2006 are expected to be about US$807
million.


GTP LTD: Claims Filing Period Ends April 26
-------------------------------------------
Creditors of GTP Ltd (formerly EIP Metals Ltd.) have until
April 26 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

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

C. H. I. Moore of K.J. Watkin & Co. was appointed liquidator of
the company on March 15.


GUY BIRKIN: Claims Filing Period Ends May 4
-------------------------------------------
Creditors of Guy Birkin Ltd. have until May 4 to send their
names and addresses and particulars of their debts or claims and
the names and addresses of their solicitors (if any), to:

         R. S. Harding
         Liquidator
         Elwell Watchorn & Saxton LLP
         Cumberland House
         35 Park Row
         Nottingham
         NG1 6EE
         England

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--  
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.


HALCYON TYPE: Hires Chris Williams as Liquidator
------------------------------------------------
Chris Williams of McTear Williams & Wood was appointed
liquidator of Halcyon Type & Design Ltd. on March 15 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Halcyon Type & Design Ltd.
         Unit 7 Rutherford Centre
         Dunlop Road
         Hadleigh Road Industrial Estate
         Ipswich
         Suffolk
         IP2 0UG
         England
         Tel: 01473 210 269
         Fax: 01473 231 560


HORNITEX LTD: Claims Filing Period Ends May 4
---------------------------------------------
Creditors of Hornitex Ltd. have until May 4 to send their names
and addresses and particulars of their debts or claims and the
names and addresses of their solicitors (if any) to:

         R. S. Harding
         Liquidator
         Elwell Watchorn & Saxton LLP
         Cumberland House
         35 Park Row
         Nottingham
         NG1 6EE
         England

The company can be reached at:

         Hornitex Ltd.
         3 Maritime House
         Livingstone Road
         Hessle
         North Humberside
         HU130EG
         England
         Tel: 01482 644 671
         Fax: 01482 645 850


J D KROUSE: Claims Filing Period Ends April 15
----------------------------------------------
Creditors of J D Krouse Engineering Ltd. have until April 15 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         William John Turner
         Joint Liquidator
         Chantrey Vellacott DFK LLP
         Russell Square House
         10-12 Russell Square
         London
         WC1B 5LF
         England

William John Turner and Kevin Anthony Murphy were appointed
joint liquidators of the company on March 15.

Chantrey Vellacott DFK -- http://www.cvdfk.com/-- provides
accounting, taxation and related advisory services.


LONDON AND EDINBURGH: Claims Filing Period Ends April 30
--------------------------------------------------------
Creditors of London and Edinburgh Inns Ltd. have until April 30
to send their names and addresses and particulars of their debts
or claims and the names and addresses of their solicitors (if
any) to:

         A. Swarbrick
         Joint Liquidator
         Ernst & Young LLP
         1 More London Place
         London
         SE1 2AF
         England

Ernst & Young -- http://www.ey.com/-- provides broad array of
services relating to audit and risk-related services, tax, and
transactions across all industries-from emerging growth
companies to global powerhouses-deal with a broad range of
business issues.


LONDON PORTRAIT: Taps Joint Administrators from Tenon Recovery
--------------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint administrators of The London Portrait Co. Ltd. (Company
Number 4168929) on March 19.

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

The company can be reached at:

         The London Portrait Co. Ltd.
         5 Wigmore Street
         City of Westminster
         London
         W1U 1HY
         England
         Tel: 020 7323 5888


MARK ALDWORTH: Claims Filing Period Ends June 7
-----------------------------------------------
Creditors of Mark Aldworth Roofing Ltd. have until June 7 to
send in their names, addresses and full particulars of their
debts or claims, and the names and addresses of their solicitors
(if any) to:

         Timothy Colin Hamilton Ball
         Liquidator
         Mazars LLP
         Clifton Down House
         Beaufort Buildings
         Clifton
         Bristol
         BS8 4AN
         England

Timothy Colin Hamilton Ball of Mazars LLP was appointed
liquidator of the company on Feb. 28.

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


MEADE CAPITAL: Appoints Joint Administrators from Moore Stephens
----------------------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint administrators of Meade Capital Management
LLP (Company Number 03517877) on March 1.

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:

         Meade Capital Management Ltd.
         P.O. Box 447
         Malmesbury
         Wiltshire
         SN16 0SJ
         England
         Fax: 01666 840 073


MEDI-PLINTH LTD: Brings In Joint Administrators from Menzies
------------------------------------------------------------
Paul John Clark and Jason James Godefroy of Menzies Corporate
Restructuring were appointed joint administrators of Medi-Plinth
Ltd. (Company Number 03687864) on March 13.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--  
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

         Medi-Plinth Ltd.
         7-11 Holywells Road
         Ipswich
         Suffolk
         IP3 0DL
         England
         Tel: 01473 221 122
         Fax: 01473 214 165


OAKDALE BAKERIES: BakeSense Buys Wigan & Doncaster Sites
--------------------------------------------------------
Philip Scholes and Glenn Bancroft, owners of BakeSense Bakeries,
acquired the Wigan and Doncaster sites of Oakdale Bakeries Ltd.
from the latter's administrators, Manchester Evening News
reports.

The purchase saved more than 250 jobs.  The joint administrators
of KPMG, Richard Dixon Fleming and Myles Antony Halley, decided
to close the Oakdale bakery in Morley.

"Oakdale has an excellent range of high-quality products and a
varied range of customers.  It has a great team who are very
loyal, dedicated, and know the business," Mr. Scholes told
Manchester Evening News.

"The Wigan and Doncaster bakeries have their own skills and
specialties and will fit very neatly into our portfolio.  We
look forward to working with their existing clients and
developing new ones," Mr. Bancroft was quoted by Manchester
Evening News as saying.

The deal concludes the going concern sale of the two bakeries,
in which 257 employees will be transferred to the new owners,
Richard Fleming, joint administrator of Oakdale disclosed.

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 Wimslow, England, BakeSense Bakeries --
http://www.bakesense.com/-- supplies sales, marketing, product
development expertise and technical support to the bakery
industry.

Oakdale Bakeries Ltd. -- http://www.oakdale-bakeries.co.uk/--  
supplied predominantly private label ambient cakes, fruit pies,
malt loaves and tarts to many of the U.K.'s foodservice
businesses.  The company appointed administrators from KPMG on
Jan. 26.  It company reported a turnover of GBP30 million for
the fiscal year 2006.


PLANET TEXTILES: Appoints Moore Stephens to Administer Assets
-------------------------------------------------------------
Nigel Price and Colin Prescott of Moore Stephens LLP were
appointed joint administrators of Planet Textiles Ltd. (Company
Number 04385605) on March 2.

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:

         Planet Textiles Ltd.
         Linby Street
         Nottingham
         Nottinghamshire
         NG6 8EN
         England
         Tel: 0115 975 4455
         Fax: 0115 975 4422


REDWOODSTONE LTD: Creditors' Meeting Slated for April 10
--------------------------------------------------------
Creditors of Redwoodstone Ltd. will meet at 2:45 p.m. on
April 10, at:

         PricewaterhouseCoopers LLP
         31 Great George Street
         Bristol
         BS1 5QD
         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 April 9 at:

         P. W. Harding and D. A. Howell
         Joint Administrative Receivers
         PricewaterhouseCoopers LLP
         Benson House
         33 Wellington Street
         Leeds
         LS1 4JP
         England
         Tel: [44] (113) 289 4000
         Fax: [44] (113) 289 4460

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


REXEL SA: Fitch Places B IDR on Watch on Planned IPO Launch
-----------------------------------------------------------
Fitch Ratings placed Rexel SA's Issuer Default rating of 'B+' on
Rating Watch Positive following the announcement of an initial
public offering of new shares in Rexel S.A.

At the same time the agency has placed other debt instruments
issued by Ray Acquisition and Rexel on Rating Watch Positive.
The Rating Watch will be resolved upon completion of the IPO and
application of the proceeds to debt reduction.  Approximately
EUR3.3 billion in consolidated debt is affected.

Instrument ratings on Rating Watch Positive:

   -- Rexel's senior secured facilities: 'BB'/'RR2'

   -- Ray Acquisition's senior subordinated notes due 2015:
      'B-'/'RR6'

"The announcement of the IPO launch and the intended use of
proceeds to reduce its most expensive debt should strengthen
Rexel's financial profile to a large extent, providing
additional flexibility to generate long-term growth," said Pablo
Mazzini, Director in Fitch's Leveraged Finance team in London.
"Based on estimated pro forma credit metrics, the resolution of
the Watch will likely result in one or two notch upgrade of
Rexel IDR to 'BB-' or 'BB'."

The use of IPO proceeds in the redemption of debt could reduce
net total lease-adjusted leverage to approximately 5.0x on a pro
forma basis, from an estimated pro forma 6.1x reported at FYE06,
including GE Supply and other acquisitions.  The IPO proceeds
could be used to launch a tender offer on the EUR600 million
senior subordinated notes, as the most expensive debt in the
capital structure.  The latter, if successful, alongside the
refinancing of the LBO acquisition debt with a five-year
corporate-style EUR1.6 billion term loan, are expected to
enhance materially the cash flow profile of the group.  The
above level of leverage and Fitch-estimated pro forma interest
cover of at least 4.0x between 2007 and 2009 would therefore
enhance the company's financial flexibility and together support
a low-to-mid 'BB' range IDR.

Should the IPO proceeds be below EUR800 million, the senior
secured facilities are expected to remain in place, in which
case the IDR uplift would likely be limited to a single-notch.

Post-IPO, Rexel will broaden its access to the capital markets
while retaining good access to liquidity sources, including
EUR468 million of cash as of 31 December 2006.  Furthermore,
strong liquidity along with good free cash flow profile given
low capex requirements, should underpin long-term growth via
bolt-on acquisitions in line with the strategy initiated post-
LBO.  Fitch expects an average annual net cash flow generation
between 2007 and 2009 in excess of EUR300 million before
interest costs and dividends.

Rexel posted FY06 revenues of EUR9.3bn and EBITDA of EUR645m
(6.9% margin). Excluding the impact of copper inflation, which
is estimated at EUR57m at EBITDA level (but including the actual
contribution from the acquisitions completed in 2006), FY06
revenues and EBITDA would have been EUR9.0bn and EUR588m
respectively (6.5% margin). The agency believes that the latter
margin represents a more sustainable measure of profitability
for the group over the longer term.


STIRLING GRAPHICS: Brings In Liquidator from Begbies Traynor
------------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed liquidator of
Stirling Graphics Ltd. on March 15 for the creditors' voluntary
winding-up proceeding.

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

The company can be reached at:

         Stirling Graphics Ltd.
         16-22 West Street
         Southend-on-Sea
         Essex
         SS2 6HJ
         England
         Tel: 01702 330 515
         Fax: 01702 333 574


TALISMAN-6 FINANCE: Fitch Rates EUR15.5-Mln Class F Notes at BB
---------------------------------------------------------------
Fitch Ratings assigned expected ratings to TALISMAN-6 Finance
plc's floating-rate notes due 2016:

   -- EUR825,000,000 Class A: 'AAA'
   -- EUR50,000 Class X: 'AAA'
   -- EUR80,000,000 Class B: 'AA'
   -- EUR83,350,000 Class C: 'A'
   -- EUR60,000,000 Class D: 'BBB'
   -- EUR12,500,000 Class E: 'BBB-'
   -- EUR15,500,000 Class F: 'BB'

The expected ratings reflect the credit enhancement provided to
ach class by subordination of classes junior to it, the positive
and negative features of the underlying collateral and the
integrity of the legal and financial structures.  They also
address the timely payment of interest on the notes, and the
ultimate repayment of principal by the final legal maturity in
October 2016.

This transaction is the securitization of nine commercial
mortgage loans with a current aggregate balance of
EUR1,076.4 million and an aggregate market value of
EUR1,414.1 million.  The loans are secured by 276 properties,
including multifamily, office, retail and other assets, located
across Germany.  The largest loan in the pool, the Orange loan,
represents 38.2% of the total loan amount, and is secured on
predominantly retail assets.  The pool's weighted average loan-
to-value ratio at closing is 75.8%, reducing to 74.0% at loan
maturity.

Interest and principal on the notes will be paid quarterly in
arrears, commencing in July 2007.  Repayments, prepayments and
balloon payments on the loans will be allocated to the notes on
a modified pro rata basis, 50% pro rata and 50% sequential, and
on a fully sequential basis if the principal amount outstanding
on the notes falls below 50% of the initial balance.  The
structure will benefit from a liquidity facility, which will
initially be sized at 7.5% of the aggregate outstanding
principal balance of the collateral, which is approximately
EUR80.7 million.  The amount available for drawdown will
decrease as the principal amount outstanding on the loans
diminishes, but the liquidity facility will equate to a minimum
of 9.5% of the aggregate principal amount outstanding if the
aggregate amount is greater than EUR400 million but less than
EUR675 million, or 11.5% of the aggregate outstanding principal
balance if the aggregate amount is less than EUR400 million.


THOMAS FERGUSON: Claims Filing Period Ends April 15
---------------------------------------------------
Creditors of Thomas Ferguson Print Finishers Ltd. have until
April 15 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

         Stephen P. J. White
         Liquidator
         White & Co.
         Unit 10
         Trident Park
         Trident Way
         Blackburn
         England

Stephen P. J. White of White & Co. was appointed liquidator of
the company on March 15.


TOWER RECORDS: Caiman Holdings Buys Trademark & Site for US$4.2M
----------------------------------------------------------------
Caiman Holdings Inc. has bought Tower Records trademark and Web
site for US$4.2 million outbidding four other competitors, the
Sacramento Business Journal reports.  The sale includes the
e-commerce business and a global trademark of Tower Records,
which is registered in 37 countries.

The Sacramento Bee further relates that with the purchase,
Caiman Holdings could now operate the Web site and possibly open
Tower Records stores in the United States and in some foreign
countries.

                       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 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 plan expires on March 26, 2007.


TWOCAN LTD: G. W. Rhodes Leads Liquidation Procedure
----------------------------------------------------
G. W. Rhodes of Begbies Traynor was appointed liquidator of
Twocan Ltd. on March 16 for the creditors' voluntary winding-up
procedure.

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

The company can be reached at:

         Twocan Ltd.
         West Ashling Road
         Hambrook
         Chichester
         West Sussex
         PO188UD
         England
         Tel: 01243 572 872
         Fax: 01243 573 280


* Moody's Reports on European Speculative-Grade Default Rate
------------------------------------------------------------
Moody's Investors Service reported in its annual European
default study.  The speculative-grade default rate for European
corporate bond and loan issuers, weighted by number of issuers,
rose to 1.9% in 2006 from 0.8% in 2005.

Although defaults are increasing, the level of the default rate
nonetheless remains considerably below its 4.5% annual average
for the past five years.

A total of five Moody's-rated European issuers defaulted last
year -- three on bonds, one on loans, and one on both bonds and
loans.  Although defaults remain relatively infrequent, the 2006
total were substantially higher than the total in 2005, when
only two rated issuers defaulted.  In addition, the total rated
volume of defaulted bonds and loans was EUR1.3 billion in 2006,
more than four times the volume affected in 2005.  Again, the
volume of defaulted debt nonetheless remains appreciably below
the EUR14.7 billion annual averages for the past five years.

When including unrated issuers in the totals, there were
altogether seven bond defaults and five loan defaults worth a
total of EUR1.5 billion in 2006.  Loan defaults accounted for a
third of the total value of European defaults in 2006, affecting
EUR509 million from two rated companies and two unrated
companies.  For the first time, the rating agency's annual
default study includes data relating to Moody's-rated corporate
loan issuers, in addition to corporate bond issuers, reflecting
the significant growth in rated syndicated loans as an
investible asset class.

According to Andrea Zazzarelli, Associate Director of Corporate
Default Research in Moody's London-based Credit Policy team and
author of the report: "With an increasing number of European
speculative-grade issuers now issuing debt, the speculative-
grade default rate for Europe is becoming a more meaningful
indicator of the overall credit environment.  In Moody's view,
corporate credit quality in Europe has continued to benefit from
ample market liquidity and strong macroeconomic fundamentals,
but for some of the most troubled companies, a higher baseline
interest rate and a continuation of the decade-long structural
decline in some sectors has gone hand in hand with the
resurgence in defaults during 2006."

Measured by Moody's rating revisions, the average credit quality
of European corporate bond and loan issuers also fell in 2006,
with downgrades outnumbering upgrades for the first full year
since 2003.

"On a positive note, in 2006 European ratings proved more stable
than their historical average.  However, in the speculative-
grade segment, a notable drop in upgrades could signal mounting
pressure on default rates going forward," cautions Zazzarelli.
Moody's predicts that the global speculative-grade default rate
will rise from 1.57% in 2006 to 3.02% by the end of 2007.
"Although Moody's does not separately forecast it European
default rate, we expect it to generally follow the global trend
higher," Zazzarelli adds.

Moody's report also shows evidence of higher than average
recovery rates at the senior unsecured level in Europe, a trend
also observed globally across the debt structure during 2006.
The average recovery rate for senior unsecured bonds increased
to 58.4% in 2006, substantially above its 27% historical
average.  Combining the one-year default probabilities with
average recovery rates, Moody's points out that the credit loss
rates in Europe are not statistically dissimilar from their
North American counterpart.

Moody's Special Comment -- the rating agency's sixth annual
study -- examines the rating transitions of European corporate
bond and loan issuers, their default experience and default
rates, recovery rates and Moody's rating performance for the
1985-2006 period.  For the first time, it also reports the
separate default experience of issuers in the Middle East and
Africa region, with Moody's concluding that the speculative-
grade average cumulative default rates for MEA are not
significantly distinguishable from either the rates for Europe
or those for the overall Europe, Middle East and Africa (EMEA)
region in spite of the thinner data.

The report -- entitled "European Corporate Default and Recovery
Rates, 1985-2006" -- also includes several detailed sections
describing the methodologies used to generate the statistics as
well as a guide to their reading and interpretation.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Hamon S.A.                HAMO       (12)         236      (58)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (116)        194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (65)         259       10
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (788)       6,681      171
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141        6
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (22)         162       (4)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (33)         132      (45)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Pouliadis Associates
   Corporation            POUL       (28)         124      (31)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus Asset Management
   Nyrt.                  EXBUS      (30)         118   (5,162)
IPK Osijek DD OS          IPKORA     (18)         190     (320)


ICELAND
-------
Decode Genetics Inc.      DCGN        (55)         216      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (154)         800      (50)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (57)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)
Wind Telecomunicazioni
   S.p.A.                            (10)      12,698     (815)


IRELAND
-------

Waterford Wed Ut          WTFU      (203)         828       190


LUXEMBOURG
----------

Millicum International    MICC       (59)       1,523         4


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)
BW Offshore               BWO        (85)         487     (516)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)

ROMANIA
-------
Oltchim RM Valce          OLT        (45)         232     (321)
Rafo Onesti               RAF       (395)         359    (1695)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (185)         378  (11,107)
Vimpel Ship               SOVP       (77)         188     (927)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (10)         134      (37)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko  DMZP       (10)         358     (596)
Dniprooblenergo                      (38)         478     (797)
Donetskoblenergo                    (166)         706   (1,320)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       69
BCH Group Plc             BCH         (6)         188      (44)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd        523362Q (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874     (20)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST      (108)         595      (61)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Dignity Plc               DTY        (55)         552       36
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,264)       2,818     (253)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
European Home Retail Plc  EHRL       (14)         111      (37)
Galiform Plc              GFRM      (152)         889       35
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
HOGG Robinson Gr          HRG       (258)         791       (5)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                      (1,031)       3,875      523
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (49)         307      (53)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (72)         129      (4)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,144)        3507     (457)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)

                           *********

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

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

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

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

                           *********


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

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

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

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

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

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


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