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

                           E U R O P E

        Monday, April 9, 2007, Vol. 8, No. 69

                            Headlines


A U S T R I A

ALU-STAHLBAU KREIDL: Claims Registration Period Ends May 13
CLASSIC LLC: Claims Registration Period Ends April 30
CONVECTOR LTD: Claims Registration Period Ends April 23
HDM LLC: Claims Registration Period Ends April 24
LAKATOS LLC: Claims Registration Period Ends April 30

LUMITE LLC: Claims Registration Period Ends April 30
SYNERGY LLC: Claims Registration Period Ends April 23
VITAK LLC: Claims Registration Period Ends April 27
XERIUM TECHNOLOGIES: Earns US$3.2 Million in Fourth Quarter 2006


C Z E C H   R E P U B L I C

AGROBANKA PRAHA: Shareholders Vote in Favor of Bankruptcy Filing


F I N L A N D

METSO OYJ: Mulls Possible Delisting from NYSE
METSO OYJ: Stock Subscription Hikes Shares Capital
METSO OYJ: Acquires BEST Inc. to Boost Metal Recycling Ops


F R A N C E

CARLSON WAGONLIT: Moody's Assigns Loss-Given-Default Rating
DELPHI CORP: Dismissing 88 Employees in France
POLYMER GROUP: Names Veronica Hagen as CEO & Board Member
REALOGY CORP: Stockholders Approve Apollo Buyout
REALOGY CORP: Moody's Pares Rating on US$1.2-Bil. Notes to Ba3

REALOGY CORP: S&P Lowers Corporate Credit Rating to B+ from BB+
REALOGY CORP: Earns US$365 Million in Full Year 2006


G E R M A N Y

ACOTEX TEXTILVERTRIEBS: Claims Registration Period Ends May 2
AKT UMWELTTECHNIK: Creditors' Meeting Slated for April 26
ALFRED SCHARF: Claims Registration Period Ends May 7
AMARILLO HOTEL: Creditors' Meeting Slated for May 16
AMPER-WERBE: Creditors' Meeting Slated for April 26

ARI & WASSEM: Claims Registration Period Ends April 30
ARWEILER INDUSTRIETECHNIK: Creditors' Meeting Slated for May 31
AUGUST KAMP: Creditors' Meeting Slated for May 30
AUTAKT VERWALTUNGS: Claims Registration Ends May 21
AUTO HOFMANN: Claims Registration Ends May 16

AUTOCENTER ECKLOFF: Claims Registration Ends June 14
AUTOHAUS NECKARAU: Claims Registration Ends May 7
B & A BAU: Claims Registration Period Ends May 15
BALLHAUS GMBH: Claims Registration Ends June 22
BAUMARKT BERGEN: Claims Registration Ends May 16

BAUMARKT-SERVICE FLIESENHANDEL: Claims Registration Ends May 11
BE SPEED: Creditors Must Register Claims by May 11
BERND PRACHT: Creditors Must Register Claims by May 21
BEYSS GMBH: Claims Registration Period Ends May 10
BRAUCKMANN BAU: Claims Registration Period Ends April 20

BKT BREMERHAVENER: Claims Registration Period Ends April 30
BZN BAUZENTRUM: Claims Registration Period Ends May 4
CAMBRIDGE INT'L: Creditor's Meeting Slated for May 15
DAIMLERCHRYSLER: Chrysler Group's March 2007 Sales Lowers to 5%
DAIMLERCHRYSLER AG: Opens Sprinter Assembly Plant in Charleston

EBS ELEKTROBAU: Claims Registration Period Ends April 27
GALINI - KRAEUTERDEPOT: Creditors' Meeting Slated for April 19
GRIECHE GASTRONOMIE: Claims Registration Period Ends May 4
HAKE STUERS: Claims Registration Period Ends April 16
HDB DACHTECHNIK: Claims Registration Period Ends April 24

JOSEF DIEMEL: Creditors Must Register Claims by May 11
METROLOGIC INSTRUMENTS: Moody's Cuts Rating on Debt Repurchase
WUNSTER EFFEKTZWIRNEREI: Claims Registration Period Ends May 6


G R E E C E

ASPIS BANK: Fitch Rates EUR40 Million Tier 1 Notes at BB-


I R E L A N D

EMERALD CAPITAL: Moody's Rates US$108-Million Notes at Low-B
SWEDEX WINDOWS: Suppliers Agree to Satisfy Outstanding Orders
ZOO ABS: Fitch Rates EUR8.5-Million Class E Notes at BB-


K A Z A K H S T A N

ARGYN LLP: Creditors' Claims Due May 11
BURGYSHY LLP: Claims Filing Period Ends May 11
ENGINEERING-METHODICAL CENTRE: Claims Registration Ends May 11
GIJ LLP: Creditors Must File Claims by May 11
KAZOILGASCONSULTING LLP: Creditors' Claims Due May 15

KOLESO LLP: Proof of Claim Deadline Slated for May 11
OBMEN LLP: Creditors Must File Claims by May 11
RIELT PARTNER: Proof of Claim Deadline Slated for May 15
TEMIRBAI LLP: Claims Registration Ends May 11
UJKAZENERGOSETSTROY LLP: Claims Filing Period Ends May 11


K Y R G Y Z S T A N

J-TECH LLC: Creditors Must File Claims by May 18


L U X E M B O U R G

MELCHIOR CDO: S&P Puts Class D Notes on CreditWatch Positive


N E T H E R L A N D S

AMSTEL SECURITISATION: Moody's Rates EUR70-Million Notes at Ba2
BUHRMANN N.V.: Moody's Assigns Loss-Given-Default Rating
HERBALIFE LTD: Earns US$143 Million in Year Ended Dec. 31, 2006
HERBALIFE LTD: Whitney Bid Rejection Cues S&P to Keep Watch Neg.
LEOPARD CLO: S&P Rates EUR6.13-Million Class F Notes at B


R O M A N I A

SBARRO INC: Earns US$9.9 Million in Full Year 2006


R U S S I A

BAKERY 12 LLC: Creditors Must File Claims by April 17
BASALT-N LLC: Orenburg Bankruptcy Hearing Slated for April 25
BUILDER CJSC: Creditors Must File Claims by April 17
DIAMOND LLC: Creditors Must File Claims by May 17
GAZPROM NEFT: Earns RUR62.83 Billion for Full Year 2006

HEALTH CJSC: Creditors Must File Claims by April 17
KATRIN-CLUB CJSC: Creditors Must File Claims by April 17
L'GOV-MEAT-PRODUCT: Kursk Bankruptcy Hearing Slated for June 27
LUKOIL OAO: Eyes US$500-Million Eurobond Issue in 2007
LUKOIL OAO: Inks 2007-2010 Cooperation Deal with OAO Kamaz

LUKOIL OAO: Earns RUR55.12 Billion for Year Ended Dec. 31, 2006
MOSKVORETSKIY BREWERY: Asset Sale Slated for April 20
NIZHEGOROD-FISH CJSC: Court Names I. Volkov to Manage Assets
OKA OJSC: Moscow Bankruptcy Hearing Slated for June 5
ORLOVSKOYE CJSC: Creditors Must File Claims by May 17

PETROLEUM CJSC: Creditors Must File Claims by May 17
SBERBANK ROSSII: MICEX to Change Firm's Share Parameters
SEVERSTAL OAO: Karelsky Okatysh Unit Starts Korpanga Operations
TAGIL-STROYA OJSC: Creditors Must File Claims by April 17
TATNEFT OAO: Extracts 6.4 Million Tons of Oil in First Qtr. 2007

THERMAL RESOURCE: Court Names V. Medvedev as Insolvency Manager
TNK-BP HOLDING: Yugragazpererabotka Venture Commences Operations
VESHKOVSKIY OJSC: Creditors Must File Claims by April 17


S P A I N

TOWER AUTOMOTIVE: Brand Wants Stay Modified to Serve Subpoena


S W E D E N

ARVINMERITOR INC: Names Ed Frutig as LVS General Manager & VP
BRIGHTPOINT INC: Units Buy CellStar's Entire U.S. Operations


S W I T Z E R L A N D

ALIENS LLC: Creditors' Liquidation Claims Due May 18
ASHLAND SWITZERLAND: Creditors' Liquidation Claims Due April 30
BOUTIQUE ANDREA: Creditors' Liquidation Claims Due April 20
CABLECOM LUXEMBOURG: Moody's Assigns Loss-Given-Default Rating
MEDITERRANIA AGRO: Creditors' Liquidation Claims Due June 30

NIEVERGELT ELEKTRO: Zurich Court Starts Bankruptcy Proceedings
PARITY EUROSOFT: Creditors' Liquidation Claims Due April 30
STADTHOF LANGENTHAL: Bern Court Starts Bankruptcy Proceedings
TRADEMED JSC: Creditors' Liquidation Claims Due May 14
TREUFAIR LLC: Creditors' Liquidation Claims Due May 31

TUNE JSC: Creditors' Liquidation Claims Due May 14


T U R K E Y

TURKLAND BANK: Fitch Lifts Ratings to BB After Equity Sale


U K R A I N E

BULDYCHEV AGRICULTURAL: Creditors Must File Claims by April 19
KOLOS LLC: Claims Submission Deadline Set April 19
KONTINENT CJSC: Creditors Must File Claims by April 19
MAN-SOUTH LLC: Creditors Must File Claims by April 20
MASTER-GLASS LLC: Creditors Must File Claims by April 19

NOYALS LLC: Creditors Must File Claims by April 20
PAVLOVKA-AGRO LLC: Creditors Must File Claims by April 19
RIKAR LLC: Creditors Must File Claims by April 20
SUGAR-PRIKARPATYE LLC: Creditors Must File Claims by April 19
UKRAINA BANK: Creditors Receive UAH805.3 Million from Liquidator

UKRSOTSBANK: Fitch Affirms Low B IDR with Positive Outlook
VICTORIYA LLC: Creditors Must File Claims by April 19
ZVENIGORODKA INTERECONOMY: Creditors' Claims Due April 19


U N I T E D   K I N G D O M

A C PACKERS: Claims Filing Period Ends May 6
ANDALUCIAN HOMES: Hires Lindsey J. Cooper as Liquidator
ATLAS CONTRACTS: Joint Liquidators Take Over Operations
BONES REALISATIONS: Joint Liquidators Take Over Operations
BRAKE BROS: Moody's Upgrades Corporate Family Rating to B1

CALMIA LTD: Paul Appleton Leads Liquidation Procedure
CARDINAL PACKAGING: Taps BDO Stoy as Joint Administrators
CB REALISATIONS: Claims Filing Period Ends July 31
CEN GLASS: Names Roderick Graham Butcher Liquidator
CEVA GROUP: Moody's Assigns Loss-Given-Default Rating

CORUS GROUP: S&P Keeps BB Rating After Takeover Completion
CROSSCO 895: Appoints Liquidator from Tenon Recovery
DAROST PRESS: Claims Filing Period Ends June 19
DCC ELECTRONICS: Appoints Joint Administrators from PwC
DELTA ELECTRICAL: Creditors' Meeting Slated for April 11

ENVIROTEC SUPPORT: Brings In Liquidators from Begbies Traynor
EUROPEAN MICROWAVE: Taps Grant Thornton as Joint Administrators
FASHION TREND: Names Liquidator to Wind Up Business
FB 2005: Brings In Liquidators from KPMG
FINE ART: Claims Filing Period Ends June 16

GEORGE SCOBLE: Brings In Administrators from Menzies
GLAMORGAN PAINT: Claims Filing Period Ends May 4
GLOBAL CLAIMS: Joint Liquidators Take Over Operations
GLYN WEBB: Taps Liquidators from Milner Boardman & Partners
GRAPHIC ARTS: Creditors' Meeting Slated for April 11

GWYDDELWERN SAWMILLS: Appoints Martin Williamson as Liquidator
HV 2005: Appoints Liquidators from KPMG
JOSIAH BROWN: Appoints Liquidators to Wind Up Business
LORDSWOOD LITHO: Calls In Liquidators from PwC
MEDIA REPUBLIC: Taps Richard Rones to Liquidate Assets

MINSTER MECHANICAL: Claims Filing Period Ends May 8
NEWLORD LTD: Hires Liquidators from Ernst & Young
NIM ENGINEERING: Appoints Joint Administrators from Mazars LLP
NORIPHALT LTD: Claims Filing Period Ends June 8
OAKMEAD JOINERY: Hires Sabia Sahota to Liquidate Assets

PAPERFREE SYSTEMS: Creditors' Meeting Slated for April 11
PEAK MARBLE: Brings In Liquidators from Haines Watts
PEAK ROOFS: Names Tracy Ann Taylor Liquidator
PETER REED: Creditors' Meeting Slated for April 11
PHOENIX COVERS: Joint Liquidators Take Over Operations

PREMODA GROUP: Claims Filing Period Ends May 20
ROYAL & SUN: MBIA Inc. Settles Lawsuit with Royal Indemnity Co.
S J FEASEY: Appoints Liquidator from Butcher Woods
SHAW GALLERIES: Names Liquidators to Wind Up Business
SIMRAN ENTERPRISES: Claims Filing Period Ends May 25

SKYLIGHT EXHIBITIONS: Hires Liquidators from Royce Peeling Green
SOLO CUP: Sells Former U.S. Steel Property to Southworks Dev't
SOLO CUP: Posts US$373.2 Million Net Loss in Full Year 2006
SOLO CUP: Names Robert Koney as Chief Financial Officer
SPAGHETTI FOREVER: Taps Melvyn L. Rose to Liquidate Assets

STAR HOME: Appoints Matthew Colin Bowker as Liquidator
SWEET SOLUTIONS: Vincent A. Simmons Leads Liquidation Procedure
TITAN EUROPE: S&P Puts BB Rating on Watch Negative
VANGUARD CAR: Moody's May Downgrade Ratings After Review
VETDENT LTD: Creditors' Meeting Slated for April 12

VICTOR FABRICATION: Calls In Liquidator from Arrans
VISION PUBLISHING: Taps Liquidator from Middleton Partners
WEDDING GALLERY: Brings In Liquidator from Ashcrofts

* BOND PRICING: For the Week April 2 to April 6, 2007

                            *********

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A U S T R I A
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ALU-STAHLBAU KREIDL: Claims Registration Period Ends May 13
-----------------------------------------------------------
Creditors owed money by LLC Alu-Stahlbau Kreidl & Co. KG (FN
86884x) have until May 13 to file written proofs of claim to
court-appointed estate administrator Herbert Matzunski at:

         Dr. Herbert Matzunski
         Salurner Strasse 16/1
         6020 Innsbruck
         Austria
         Tel: 0512/582716-0
         Fax: 0512/571467
         E-mail: law@hauska-matzunski.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:45 a.m. on May 4 for the examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Room 214
         Conference Hall
         Second Floor
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Goetzens, Austria, the Debtor declared
bankruptcy on March 13 (Bankr. Case No. 7 S 12/07k).  Dr. Klaus
Vergeiner represents the Debtor in the bankruptcy proceedings.

The Debtor's representative can be reached at:

         Dr. Klaus Vergeiner
         Maximilianstrasse 9/II
         6020 Innsbruck
         Austria
         Tel: 0512/56 03 71


CLASSIC LLC: Claims Registration Period Ends April 30
-----------------------------------------------------
Creditors owed money by LLC Classic (FN 153351t) have until
April 30 to file written proofs of claim to court-appointed
estate administrator Otto Werschitz at:

         Dr. Otto Werschitz
         CGO Masseverwaltungsges. mbH
         Neutorgasse 47/I
         8010 Graz
         Austria
         Tel: 0316/820620
         Fax: 0316/820620-4
         E-mail: office@cgo-masseverwaltung.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on May 15 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 205
         Hall K
         Second Floor
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on March 12 (Bankr. Case No. 40 S 6/07s).  


CONVECTOR LTD: Claims Registration Period Ends April 23
-------------------------------------------------------
Creditors owed money by Convector Ltd. (FN 274988w) have until
April 23 to file written proofs of claim to court-appointed
estate administrator Axel Reckenzaun at:

         Dr. Axel Reckenzaun
         Annenstr. 10
         8020 Graz
         Austria
         Tel: 0316/713353
         Fax: 0316/713353-30
         E-mail: office@boehm-reckenzaun.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on May 8 for the examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 205
         Hall K
         Second Floor
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on March 13 (Bankr. Case No. 40 S 7/07p).  Dr. Christoph Benda
represents the Debtor in the bankruptcy proceedings.

The Debtor's representative can be reached at:

         Dr. Christoph Benda
         Pestalozzistrasse 3
         8010 Graz
         Austria


HDM LLC: Claims Registration Period Ends April 24
-------------------------------------------------
Creditors owed money by LLC HDM (FN 257024b) have until April 24
to file written proofs of claim to court-appointed estate
administrator Peter Zens at:

         Dr. Peter Zens
         c/o Dr. Norbert Schopf
         Reichsratsstrasse 7
         1010 Vienna
         Austria
         Tel: 534 90
         Fax: 534 90-50
         E-mail: office@schopf-zens.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on May 8 for the examination
of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 9 (Bankr. Case No. 4 S 33/07s).  Norbert Schopf
represents Dr. Zens in the bankruptcy proceedings.


LAKATOS LLC: Claims Registration Period Ends April 30
-----------------------------------------------------
Creditors owed money by LLC Lakatos (FN 275165f) have until
April 30 to file written proofs of claim to court-appointed
estate administrator Brigitte Stampfer at:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna
         Austria
         Tel: 877 33 30
         Fax: 877 33 30-33
         E-mail: ra-stampfer@utanet.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on May 14 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 March 9 (Bankr. Case No. 3 S 37/07x).  


LUMITE LLC: Claims Registration Period Ends April 30
----------------------------------------------------
Creditors owed money by LLC Lumite (FN 247034k) have until
April 30 to file written proofs of claim to court-appointed
estate administrator Gudrun Petsch-Lindmayr at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 14 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 March 9 (Bankr. Case No. 3 S 38/07v).  Stephan Riel
represents Dr. Jaksch in the bankruptcy proceedings.


SYNERGY LLC: Claims Registration Period Ends April 23
-----------------------------------------------------
Creditors owed money by LLC Synergy (FN 216486m) have until
April 23 to file written proofs of claim to court-appointed
estate administrator Lukas Pfefferkorn at:

         Mag. Lukas Pfefferkorn
         c/o Dr. Gernot Klocker
         Schulgasse 7
         6850 Dornbirn
         Austria
         Tel: 05572/20210
         Fax: 05572/34414
         E-mail: office@ktg.at  

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

The meeting of creditors will be held at:

         The Land Court of Feldkirch
         Hall 45
         First Floor
         Austria

Headquartered in Dornbirn, Austria, the Debtor declared
bankruptcy on March 15 (Bankr. Case No. 13 S 9/07i).  Gernot
Klocker represents Mag. Pfefferkorn in the bankruptcy
proceedings.


VITAK LLC: Claims Registration Period Ends April 27
---------------------------------------------------
Creditors owed money by LLC Vitak (FN 248983b) have until
April 27 to file written proofs of claim to court-appointed
estate administrator Daniel Lampersberger at:

         Mag. Daniel Lampersberger
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on May 11 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 14 (Bankr. Case No. 28 S 26/07p).  


XERIUM TECHNOLOGIES: Earns US$3.2 Million in Fourth Quarter 2006
----------------------------------------------------------------
Xerium Technologies Inc. reported net income of US$3.2 million
in the fourth quarter ended Dec. 31, 2006, compared with net
income of US$10 million for the fourth quarter of 2005.  

Charges, on an after tax basis, affecting fourth quarter 2006
net income included environmental expense of US$3.1 million,
Sarbanes-Oxley compliance costs of US$1 million and
restructuring and impairment expenses of US$2.6 million.  

Net sales increased to US$154.6 million in the fourth quarter of
2006, a 6.9% increase from US$144.6 million for the fourth
quarter of 2005.  

Net cash provided by operating activities was US$24.6 million
for the fourth quarter of 2006, compared to US$28.2 million in
the same quarter last year.
    
Cash on hand at Dec. 31, 2006 was US$16.8 million, compared to
US$60 million at Dec. 31, 2005.

Thomas Gutierrez, chief executive officer of Xerium
Technologies, said, "We were pleased with our top-line growth
during the fourth quarter of 2006, both sequentially and on a
year-over-year basis.  Our clothing business generated solid
sequential sales growth in most regions, with particular
strength in Europe, while our roll covers business also had
another strong sales quarter.

Capital expenditures for the fourth quarter of 2006 were
US$8.1 million, compared to US$14.4 million for the fourth
quarter of 2005.  Approximately US$3.5 million of capital
expenditures in 2006's fourth quarter were directed toward
projects designed to support the company's growth objectives,
with the remaining US$4.6 million used to sustain the company's
existing operations and facilities.

Net sales for 2006 were US$601.4 million, a 3.3% increase from
US$582.4 million for 2005.  

Net income was US$29.5 million for 2006, compared to a net loss
of US$2.1 million for 2005.  

Net cash provided by operating activities was US$69.2 million
for 2006, compared to US$54.7 million in 2005.  Net cash
provided by operating activities for 2005 reflects IPO-related
expenditures of US$20.7 million.

At Dec. 31, 2006, the company's balance sheet showed
US$990.7 million in total assets, US$874.1 million in total
liabilities, and US$116.6 million in total stockholders' equity.

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

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two  
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.

Headquartered in Westborough, Massachusetts, Stowe Woodward, a
unit of Xerium Technologies, Inc., supplies roll covers, bowed
rolls and manufacturing services for the pulp and paper
industry.  Stowe Woodward has manufacturing operations around
the world.

                          *     *     *

Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believes the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.

Affirmed ratings are:

     * Corporate family rating; B1
     * Guaranteed senior secured term loan B; B1
     * Guaranteed senior secured revolving credit facility; B1


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C Z E C H   R E P U B L I C
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AGROBANKA PRAHA: Shareholders Vote in Favor of Bankruptcy Filing
----------------------------------------------------------------
Agrobanka Praha's shareholders have decided to pursue plans to
file a bankruptcy petition in a vote made during a March 30
meeting, Czech Business Weekly reports.  Liquidator Jindrich
Hrabal will file the petition within the next few weeks.

As reported in the TCR-Europe on March 27, 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.

According to the CBW report, GE Capital created GE Money Bank
after buying a problem-free portion of Agrobanka for EUR17.8
million from the Czech National Bank, which assumed the role of
administrator in 1998.  The sale contract's validity remains the
subject of a nine-year litigation.

The Hon. Jarmila Zemankova of the Prague Municipal Court,
through a March 28 ruling, refused to enter that sale into the
commercial register, claiming that the contract was invalid
because the remnants of that sale left Agrobanka with assets and
liabilities that had no specific business function, CBW
discloses.

The ruling further said that the contract didn't stipulate the
subject of the sale and omitted the usual conditions of partial
sale contracts where the buyer absorbs the acquired property's
debts.

When GE Capital purchased that part of the Czech bank, it
stipulated extensive sale guarantees with the CNB, which happens
to be both an Agrobanka shareholder and creditor, effective
until 2008, CBW relates.

According to CBW, the stipulations assure that GE Capital will
receive almost EUR3 billion from CNB, including:

   -- a EUR72-million compensation for lawsuits that mar GE
      Capital's reputation;

   -- a EUR72-million recompense for any repercussions stemming
      from the bank's possible illegal actions; and

   -- EUR537 million for problems with the contract's validity.

                        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.


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F I N L A N D
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METSO OYJ: Mulls Possible Delisting from NYSE
---------------------------------------------
The Board of Directors of Metso Oyj has decided to evaluate the
possible deregistration and delisting of Metso's shares from the
New York Stock Exchange in view of the revisions to the U.S.
Securities Exchange Act of 1934 published by the U.S. Securities
and Exchange Commission on March 27, 2007, which will take
effect in early June 2007.

Metso Corporation's Board of Directors will decide on the matter
later this year after having completed the evaluation.

Irrespective of the final decision on the matter, Metso intends
to continue to develop its business operations in the United
States and its strong relationship with American investors.

In 2006, Metso's financial reporting systems were fully
compliant with the Section 404 of the U.S. Sarbanes-Oxley Act,
and the company intends to maintain its high standard of
corporate governance, financial reporting and ongoing disclosure
for all investors.

                           About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology    
corporation with 2005 net sales of around EUR4.2 billion.  Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom, and the United States.

                        *    *    *

As of Feb. 9, Metso Oyj carries Standard & Poor's 'BB+' long-
term and 'B' short-term corporate credit ratings and 'BB' senior
unsecured debt rating.


METSO OYJ: Stock Subscription Hikes Shares Capital
--------------------------------------------------
A total of 35,000 shares in Metso Corp. have been subscribed for
with the 2003A stock options during a period of Feb. 8 to
March 15, 2007.

The nominal value of one share is EUR1.70.  As a result of share
subscriptions, the increase in the share capital, EUR59,500.00
has been entered into the Trade Register on March 29, 2007.

After this increase, the company's share capital is EUR240.98
million and the total number of shares is 141,754,614.
Dividend rights of the new shares and other shareholder rights
shall commence from the registration date March 29, 2007.

The shares have been applied for listing on the Helsinki Stock
Exchange together with the old shares as of March 30, 2007.

                           About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology    
corporation with 2005 net sales of around EUR4.2 billion.  Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom, and the United States.

                        *    *    *

As of Feb. 9, Metso Oyj carries Standard & Poor's 'BB+' long-
term and 'B' short-term corporate credit ratings and 'BB' senior
unsecured debt rating.


METSO OYJ: Acquires BEST Inc. to Boost Metal Recycling Ops
----------------------------------------------------------
Metso Corp. has acquired Bulk Equipment Systems and Technologies
Inc.  The company is a technology provider to the North American
metal recycling market and it is located in Cleveland, Ohio.

The sellers are a group of private investors.  The acquisition
price is approximately EUR9 million.  The company was
transferred to Metso on March 30, 2007.

BEST Inc. is a leading supplier of shredder downstream
equipment, as well as process control and optimization
technologies in North America.  It owns engineering and
manufacturing facility with a technical test laboratory in
Cleveland.  The firm posted net sales of EUR8 million in 2006.
It employs approximately 40 people.

With the acquisition, Metso Minerals further strengthens its
position in the North American metal recycling market, which is
the largest in the world.  The process control know-how of BEST
Inc. will upgrade Metso's offering not only in North America,
but also in Asia and Europe.

                           About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology    
corporation with 2005 net sales of around EUR4.2 billion.  Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom, and the United States.

                        *    *    *

As of Feb. 9, Metso Oyj carries Standard & Poor's 'BB+' long-
term and 'B' short-term corporate credit ratings and 'BB' senior
unsecured debt rating.


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


CARLSON WAGONLIT: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Ba3 Corporate Family Rating for
Carlson Wagonlit B.V.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: CWT Europe Holdings SAS

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Secured Bank
   Credit Facility
   Due 2014                 Ba3      Ba2      LGD3    36%

* Issuer: CWT Global B.V.

   Senior Secured Bank
   Credit Facility
   Due 2014                 Ba3      Ba2      LGD3    36%

* Issuer: Carlson Wagonlit B.V.

   Senior Secured Bank
   Credit Facility
   Due 2013                 Ba3      Ba2      LGD3    36%

   Senior Secured Regular
   Bond/Debenture
   Due 2015                 B2       B2       LGD5    89%

* Issuer: Carlson Wagonlit New Holdco Limited

   Senior Secured Bank
   Credit Facility
   Due 2014                 Ba3      Ba2      LGD3    36%

* Issuer: Horizon Merger Corp

   Senior Secured Bank
   Credit Facility
   Due 2014                 Ba3      Ba2      LGD3    36%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale.  They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Paris, France, Carlson Wagonlit specializes in
managing business travel for corporate clients worldwide.  It is
the world's second-largest travel management company and is
present in nearly 150 countries including Singapore, Canada, the
United States, and in Latin America.  


DELPHI CORP: Dismissing 88 Employees in France
----------------------------------------------
Delphi Corp. will terminate 88 jobs at its Etupes plant, in
Doubs department of France, Le Figaro reports.

According to the report, the company will reassign 19 employees
as part of its restructuring plan.

                      About Delphi Corporation

Troy, Mich.-based Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier  
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
Company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil, and France.

The Company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.  

The Debtors' exclusive plan-filing period expires on July 31,
2007.


POLYMER GROUP: Names Veronica Hagen as CEO & Board Member
---------------------------------------------------------
Polymer Group Inc. has appointed Veronica "Ronee" M. Hagen as
chief executive officer and as member of the board of directors,
effective April 23.

Ms. Hagen brings over 25 years of extensive operations and
global industrial market experience with large, international
public companies to PGI, a leading engineered materials supplier
with over US$1 billion in sales.

Since 2004, Ms. Hagen has held the position of president and
chief executive officer of Sappi Fine Paper North America, a
US$1.4 billion division of the South African-based global leader
in the pulp and paper industry, Sappi Limited (NYSE: SPP).  At
Sappi, she achieved year-over-year improvement in cash flow and
profitability with a strong focus on safety, productivity and
working capital management while also fostering growth by
providing added value to customers.

"As the nominating committee began its search six months ago for
a new CEO, our primary goal was to identify candidates with a
high level of stature and leadership.  Flowing from that
criterion was the desire for someone with a record of success,
strong industrial experience in a global marketplace and a
strong focus on the customer," said William B. Hewitt, PGI's
chairperson and interim chief executive officer.

"Hagen meets all of those qualifications and joins PGI with an
outstanding record of performance and expertise in capital-
intensive industrial markets.  She has demonstrated the ability
to grow profitability in some very tough businesses, and has
done so with a customer-centric focus.  We are confident these
characteristics make her the perfect person to lead PGI into its
next phase of growth, profitability and success," Mr. Hewitt
added.

Prior to working for Sappi, Ms. Hagen served in various
executive roles with Alcoa Inc. (NYSE: AA), the world's leading
aluminum producer, where she was the first woman to serve as a
business unit president and won numerous global business awards
for her performance.  During her tenure at Alcoa, she held
various executive level positions with responsibilities ranging
from full profit and loss accountability for a US$2 billion
division with 21 plants, to chief customer officer charged with
furthering a customer-centric culture.  She also served as an
executive vice president at Alumax, Inc., before it was acquired
by Alcoa.  Ms. Hagen began her career as an entrepreneur
starting her own business in the metals industry, which she grew
and sold before joining Alumax.  She currently serves on the
board of directors for Newmont Mining Corp. (NYSE: NEM) and
previously for Jacuzzi Brands, Inc., formerly traded on the
NYSE.

"I am pleased to be joining a company with as much potential for
growth as PGI," said Ms. Hagen.  "PGI has established itself as
an industry leader and I look forward to leading the company in
its pursuit of higher levels of growth and profitability.  I
believe a critical component of the company's success will be
its continued commitment to its customers and innovation.  My
goal will be to achieve significant growth by focusing on
collaborative relationships to develop a successful value chain
that will provide customers with what they need to succeed."

Ms. Hagen holds a Bachelor of Science in International Relations
from the University of Southern California and has participated
in an Executive Education program in Finance from the Wharton
School, University of Pennsylvania and an Executive Leadership
program at Harvard University.  She will be relocating from
Boston, Mass. to the Charlotte, N.C. area, the site of PGI's
global headquarters.

Mr. Hewitt will remain chairperson of the board of directors of
PGI and continue to serve the company in an advisory capacity to
aid in the transition to Ms. Hagen as CEO.  He has served as
interim CEO since September 2006.

Headquartered in Charlotte, North Carolina, Polymer Group, Inc.
-- http://www.polymergroupinc.com/-- is a global, technology-
driven developer, manufacturer and marketer of engineered
materials.

The company has manufacturing offices in Argentina, China and
France, among others.

                        *     *     *

As reported in the TCR-Europe on Nov. 24, 2006, Standard &
Poor's Ratings Services revised its outlook on Polymer Group
Inc. to negative from stable.  All ratings, including the 'BB-'
corporate credit rating, were affirmed.

The outlook revision follows several quarters of weaker-than-
expected performance and somewhat higher-than-expected debt
primarily due to raw material cost escalation and some product
mix shifts.  Also contributing to the disappointing results were
several one-time items such as costs related to technical
problems associated with new equipment, an acquisition that was
not consummated, the closing of manufacturing capacity, and
moving the company's headquarters.


REALOGY CORP: Stockholders Approve Apollo Buyout
------------------------------------------------
Realogy Corporation disclosed that its stockholders approved the
merger agreement providing for the acquisition of Realogy by an
affiliate of Apollo Management, L.P. at a special meeting of
stockholders held March 30.

Stockholder approval satisfies a required condition to the
closing of the transaction.

As previously disclosed, subject to the satisfaction of other
customary conditions to closing, Realogy anticipates that the
transaction will be completed on or about April 10, 2007, after
which time shares of Realogy common stock will no longer be
listed on the New York Stock Exchange.

Upon the completion of the merger each outstanding share of
Realogy common stock will be converted into the right to receive
US$30.00 in cash, without interest and less any applicable
withholding taxes.

The parties disclosed the takeover agreement in December 2006,
in a transaction valued at approximately US$9.0 billion,
including the assumption or repayment of approximately US$1.6
billion of net indebtedness and legacy contingent and other
liabilities of approximately US$750 million.

                     Terms of the Agreement

Under the terms of the agreement, Realogy stockholders would
receive US$30.00 per share in cash at closing, representing a
premium of 18 percent over Dec. 15, 2006's market closing price
of US$25.50 and a premium of 26 percent over Realogy's average
closing share price since its spin-off from Cendant Corporation
on Aug. 1, 2006.  In addition, the total transaction value
represents a multiple of approximately 11 times the mid-point of
the Company's previously released 2006 EBITDA guidance before
restructuring and spin-off-related costs, and approximately 12
times the consensus Wall Street estimate of 2007 Company EBITDA.

On the unanimous recommendation of a special committee of the
Board of Directors comprised entirely of independent and
disinterested directors, the Board of Directors of Realogy
approved the agreement and recommended that Realogy's
stockholders adopt the agreement.

Pursuant to existing contractual arrangements, it is expected
that Henry R. Silverman will continue to serve as Chairman and
CEO until the expiration of his current employment agreement on
December 31, 2007, at which time it is expected that he will be
succeeded as CEO by Richard A. Smith, the company's current vice
chairman and president.  Mr. Silverman and the Company have
agreed that he will not be an equity participant with Apollo in
the acquisition, and will receive the same per share
consideration for his shares and in-the-money options as other
stockholders and optionholders under the merger agreement.  As
with all other optionholders, all of Mr. Silverman's out-of-the-
money options will be cancelled.  No discussions have been held
with other members of senior management regarding management
participation in the transaction, but it is anticipated that the
senior management team will remain with the Company following
the transaction's closing.

There is no financing condition to the obligations of Apollo to
consummate the transaction, and Apollo has already secured
commitments from JPMorgan, Credit Suisse and Bear Stearns to
provide the debt financing for this cash transaction.  In
addition, Apollo has committed to provide US$2.0 billion of
equity to complete the transaction.

Headquartered in Parsippany, N.J., Realogy Corporation (NYSE:
H)-- http://www.realogy.com/-- is real estate franchisor and a    
member of the S&P 500.  The company has a diversified business
model that also includes real estate brokerage, relocation, and
title services.  Realogy's world-renowned brands and business
units include CENTURY 21(R), Coldwell Banker(R), Coldwell Banker
Commercial(R), ERA(R), Sotheby's International Realty(R), NRT
Incorporated, Cartus, and Title Resource Group.  Realogy has
more than 15,000 employees worldwide.  The company operates in
Australia, Brazil and France.


REALOGY CORP: Moody's Pares Rating on US$1.2-Bil. Notes to Ba3
--------------------------------------------------------------
Moody's Investors Service downgraded the US$1.2 billion of
existing unsecured senior fixed and floating rate notes of
Realogy Corporation to Ba3 from Baa2.  

The company recently announced the approval by its shareholders
of the leveraged buyout by Apollo Management, L.P.  The US$1.2
billion of existing unsecured notes are expected to become
secured upon the closing of the buyout transaction in accordance
with the terms of the indenture.  This concludes a review for
possible downgrade initiated on Dec. 19, 2006.

The leveraged buyout is expected to be financed with:

   -- US$1.95 billion term loan facility,

   -- US$2.25 billion of senior unsecured notes,

   -- US$900 million of senior subordinated notes,

   -- approximately US$200 million of borrowings under a
      US$750 million revolving credit facility,

   -- approximately US$300 million of cash on hand and
      contributed equity of US$2 billion.

In connection with the closing of the transaction, Realogy will
also enter into a US$1.22-billion delayed draw term loan
facility, which may be used to purchase existing fixed and
floating rate senior notes put to the company in connection with
the change of control offer or, if not put, to fund the
redemption of the US$250 million of existing floating rate notes
once their par call period commences on Oct. 22, 2007.

The indenture governing the existing senior notes provides that
upon a change of control, Realogy will be required to offer to
purchase the notes at 100% of their principal amount, plus
accrued and unpaid interest, if the ratings on the notes are
lowered to non-investment grade by each rating agency during a
period beginning with a notice of an upcoming change in control
and extending 60 days past the actual change in control.  Upon
closing of the buyout, the existing senior notes of Realogy will
become secured in accordance with the terms of the indenture and
will rank pari passu with the new secured bank facilities of the
company.  The Ba3 rating reflects the expected priority position
of the notes in the post-acquisition capital structure (along
with the secured credit facility) and the significant amount of
junior ranking debt and non-debt obligations.

Moody's also converted the provisional B3 corporate family, Ba3
senior secured credit facility, Caa1 senior note and Caa2
subordinated debt ratings of Realogy into definitive ratings.  
Moody's notes that the size of Realogy's proposed synthetic
letter of credit facility has been reduced to US$525 million
from US$850 million.

The B3 Corporate Family Rating reflects weak pro forma financial
strength and profitability metrics, Moody's expectation of
continued softness in the residential real estate market in the
intermediate term and minimal business line diversification.  
The ratings are supported by leading market positions, strong
brands and long-term growth fundamentals for the real estate
industry.

Moody's took these rating actions with respect to Realogy (Old):

   -- downgraded US$250 million floating rate senior
      unsecured notes due 2009 to Ba3 (LGD 2-23%) from
      Baa2;

   -- downgraded US$450 million senior unsecured notes
      due 2011 to Ba3 (LGD 2-23%) from Baa2;

   -- downgraded US$500 million senior unsecured notes
      due 2016 to Ba3 (LGD 2-23%) from Baa2;

   -- withdrew the Baa2 senior unsecured issuer rating;
   
   -- prospectively withdrew the Baa2 rating on the
      US$1.05-billion senior unsecured revolving credit
      facility due 2011; and

   -- prospectively withdrew the Baa2 rating on the
      US$600-million senior unsecured term loan facility
      due 2011.

The stable ratings outlook anticipates continued weakness in the
residential real estate market in 2007, with an approximately 7%
to 8% decline in home sale volume and flat to modestly declining
pricing trends.  Although Moody's expects a modest recovery in
2008, credit metrics are expected to remain weak for the rating
category over the intermediate term.

Headquartered in Parsippany, N.J., Realogy Corporation (NYSE:
H)-- http://www.realogy.com/-- is real estate franchisor and a    
member of the S&P 500.  The company has a diversified business
model that also includes real estate brokerage, relocation, and
title services.  Realogy's world-renowned brands and business
units include CENTURY 21(R), Coldwell Banker(R), Coldwell Banker
Commercial(R), ERA(R), Sotheby's International Realty(R), NRT
Incorporated, Cartus, and Title Resource Group.  Realogy has
more than 15,000 employees worldwide.  The company operates in
Australia, Brazil and France.


REALOGY CORP: S&P Lowers Corporate Credit Rating to B+ from BB+
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Realogy Corp. to 'B+' from 'BB+' and removed it from
CreditWatch.  The Dec. 18, 2006, CreditWatch placement followed
the company's announcement that it had entered into a definitive
agreement to be acquired by Apollo Management L.P. in a
transaction valued at about US$9 billion.  The outlook is
negative.
     
Pro forma consolidated debt outstanding, including liabilities
under management programs and adjusted for operating leases,
approximates about US$8 billion.
     
"This rating action followed the recent approval by Realogy
shareholders of its pending LBO by Apollo Management," said
Standard & Poor's credit analyst Michael Scerbo.
     
Following the affirmative vote, the company expects to complete
the transaction next week.
     
Despite Realogy's leadership position in the residential real
estate industry, its 2007 pro forma debt to EBITDA ratio is
expected to be very high for the ratings at around 10x (adjusted
for operating leases and liabilities under management programs).
     
"While our ratings incorporate a mid-to-high single-digit
decline in overall sides and a relatively minor decline in
prices in 2007, operating weakness in excess of these levels
could result in a ratings downgrade as the company's overall
liquidity position would become more constrained," Mr. Scerbo
said.  "Specifically, if sides were to decline in excess of 10%
and prices in excess of 5%, there would be a higher likelihood
of a downgrade.  Conversely, an outlook revision to stable,
which we view as less likely in the intermediate term, would
require the company to demonstrate consistent, sustainable
improvement in its credit protection measures."

Headquartered in Parsippany, N.J., Realogy Corp. (NYSE:H)
-- http://www.realogy.com/-- is real estate franchisor and a    
member of the S&P 500.  The company has a diversified business
model that also includes real estate brokerage, relocation, and
title services.  Realogy's world-renowned brands and business
units include CENTURY 21(R), Coldwell Banker(R), Coldwell Banker
Commercial(R), ERA(R), Sotheby's International Realty(R), NRT
Incorporated, Cartus, and Title Resource Group.  Realogy has
more than 15,000 employees worldwide.  The company has
operations in Australia, Brazil and France.



REALOGY CORP: Earns US$365 Million in Full Year 2006
----------------------------------------------------
Realogy Corp. reported US$365 million net income and
US$6.5 billion net revenues for the year ended Dec. 31, 2006,
compared with US$627 million net income and US$7.1 billion net
revenues for the year ended Dec. 31, 2005.

Net revenues decreased US$647 million in 2006, compared with
2005, principally due to a decrease in organic revenues in the
company owned Real Estate Brokerage Services segment, which was
primarily driven by a 20% decline in the number of homesale
transactions.  This was partially offset by a 4% increase in the
average price of homes sold and a US$367 million increase in
revenues as a result of acquisitions of larger real estate
brokerage operations subsequent to Jan. 1, 2005.

Total expenses decreased US$213 million principally reflecting a
reduction of US$503 million of commission expenses paid to real
estate agents and a net benefit of US$38 million due to the
resolution of certain tax and legal accruals related to former
parent legacy matters, offset by an increase in expenses of
US$334 million related to larger acquisitions by the company's
wholly owned real estate brokerage business and the acquisition
of title and underwriting companies in Texas by the Title and
Settlement Services segment, as well as the net change in
restructuring costs of US$40 million and separation costs of
US$66 million.

Provision for income taxes was US$237 million in 2006 compared
to provision for income taxes of US$408 million in 2005.

Effective tax rate for both 2006 and 2005 was 39%.  Isolated
items affecting the company's 2006 tax rate were a tax benefit
resulting from the favorable settlement of federal income tax
matters associated with Cendant's 1999 shareholder litigation
position, offset by a tax expense related to equity
compensation.

                         Separation Costs

The company incurred separation costs of US$66 million for the
year ended Dec.31, 2006.  These costs were incurred in
connection with the separation from Cendant Corp. and relate to
the acceleration of certain Cendant employee costs and legal,
accounting and other advisory fees.  The majority of the
separation costs incurred related to a non-cash charge of US$40
million for the accelerated vesting of certain Cendant equity
awards and a non-cash charge of US$11 million for the conversion
of Cendant equity awards into Realogy equity awards.

                    2006 Restructuring Program

During the second quarter of 2006, the company committed to
various strategic initiatives targeted principally at reducing
costs, enhancing organizational efficiency and consolidating and
rationalizing existing processes and facilities.  The company
recorded restructuring charges of US$46 million in 2006, of
which US$39 million is expected to be paid in cash.  As of Dec.
31, 2006, US$16 million of these costs have been paid.  These
charges primarily represent facility consolidation and employee
separation costs.

At Dec. 31, 2006, the company's balance sheet showed US$6.7
billion in total assets, US$4.2 billion in total liabilities,
and US$2.5 billion in total stockholders' equity.

The company's balance sheet at Dec. 31, 2006, also showed
strained liquidity with US$2.1 billion in total current assets
available to pay US$2.2 billion in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1c89

At Dec. 31, 2006, the company had US$399 million of cash and
cash equivalents, an increase of US$363 million compared to the
balance of US$36 million at Dec. 31, 2005.

During the year ended Dec. 31, 2006, the company received
US$372 million less cash from operations as compared to the same
period in 2005 principally due to weaker operating results.

At Dec. 31, 2006, the company had outstanding borrowings of
US$2.693 billion and available capacity of US$1.079 billion
under the company's borrowing arrangements.

                        About Realogy Corp.

Headquartered in Parsippany, N.J., Realogy Corporation (NYSE:
H)-- http://www.realogy.com/-- is real estate franchisor and a  
member of the S&P 500.  The company has a diversified business
model that also includes real estate brokerage, relocation, and
title services.  Realogy's world-renowned brands and business
units include CENTURY 21(R), Coldwell Banker(R), Coldwell Banker
Commercial(R), ERA(R), Sotheby's International Realty(R), NRT
Incorporated, Cartus, and Title Resource Group.  Realogy has
more than 15,000 employees worldwide.  The company operates in
Australia, Brazil and France.


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


ACOTEX TEXTILVERTRIEBS: Claims Registration Period Ends May 2
-------------------------------------------------------------
Creditors of Acotex Textilvertriebs GmbH have until May 2 to
register their claims with court-appointed insolvency manager
Alexander Hoepfner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 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 Darmstadt
         Hall 14
         First Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be contacted at:

         Dr. Alexander Hoepfner
         Darmstadter Str. 43
         64646 Heppenheim
         Germany
         Tel: 06252-6739988
         Fax: 06252-6739989

The District Court of Darmstadt opened bankruptcy proceedings
against Acotex Textilvertriebs GmbH on April 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Acotex Textilvertriebs GmbH
         von-Humboldt-Str. 4
         64646 Heppenheim
         Germany

         Attn: Oliver Peter Ruffi, Manager
         Schlossgasse 17
         64807 Dieburg
         Germany


AKT UMWELTTECHNIK: Creditors' Meeting Slated for April 26
---------------------------------------------------------
The court-appointed insolvency manager for AKT Umwelttechnik
GmbH, Wolfgang Ott, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:20 a.m. on April 26.

The meeting of creditors and other interested parties 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 at 9:00 a.m. on July 10, at the same venue.

Creditors have until June 4 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Wolfgang Ott
         Nymphenburgerstr. 139
         80636 Munich
         Germany
         Tel: 089/120260
         Fax: 089/12026127

The District Court of Munich opened bankruptcy proceedings
against AKT Umwelttechnik GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         AKT Umwelttechnik GmbH
         Georg-Knorr-Str. 5
         85662 Hohenbrunn
         Germany


ALFRED SCHARF: Claims Registration Period Ends May 7
----------------------------------------------------
Creditors of Alfred Scharf Baugeschaft und Beteiligungs-GmbH
have until May 7 to register their claims with court-appointed
insolvency manager Detlef Stuermann.

Creditors and other interested parties are encouraged to attend
the meeting at 2:25 p.m. on June 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Delmenhorst
         Hall 2
         Branch 1
         Cramerstrasse 183
         27749 Delmenhorst
         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:

         Detlef Stuermann
         Domshof 18-20
         28195 Bremen
         Germany
         Tel: 0421/3686-0
         Fax: 0421/3686-100
         E-mail: InsolvenzBremen@schubra.de    

The District Court of Delmenhorst opened bankruptcy proceedings
against Alfred Scharf Baugeschaft und Beteiligungs-GmbH on
March 28.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Alfred Scharf Baugeschaft und Beteiligungs-GmbH
         Attn: Wolfgang and Eberhard Scharf, Managers
         Diepholzer Strasse 3
         27751 Delmenhorst
         Germany


AMARILLO HOTEL: Creditors' Meeting Slated for May 16
----------------------------------------------------
The court-appointed insolvency manager for Amarillo Hotel und
Catering GmbH, Hartwig Albers, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
12:25 p.m. on May 16.

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 11:40 a.m. on Aug. 15, at the same venue.

Creditors have until June 22 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Amarillo Hotel und Catering GmbH on
March 28.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Amarillo Hotel und Catering GmbH
         Grossen Wannsee 24
         14109 Berlin
         Germany


AMPER-WERBE: Creditors' Meeting Slated for April 26
---------------------------------------------------
The court-appointed insolvency manager for Amper-Werbe-Druck
Verlag Hammerand GmbH, Stephan Jaeger, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:00 a.m. on April 26.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:35 a.m. on June 12, at the same venue.

Creditors have until May 11 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Stephan Jaeger
         Leopoldstr. 139
         80804 Munich
         Germany
         Tel: 089/361930-750
         Fax: 089/361930-999

The District Court of Munich opened bankruptcy proceedings
against Amper-Werbe-Druck Verlag Hammerand GmbH on April 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Amper-Werbe-Druck Verlag Hammerand GmbH
         Hasenheide 11
         82256 Fuerstenfeldbruck
         Germany


ARI & WASSEM: Claims Registration Period Ends April 30
------------------------------------------------------
Creditors of Ari & Wassem GmbH have until April 30 to register
their claims with court-appointed insolvency manager Marc D.
Avoine.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 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 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 insolvency manager can be contacted at:

         Dr. Marc D. Avoine
         Doeppersberg 19
         42103 Wuppertal
         Germany
         Tel: 0202-245070
         Fax: 0202-2450777

The District Court of Wuppertal opened bankruptcy proceedings
against Ari & Wassem GmbH on April 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Ari & Wassem GmbH
         Attn: Lutz Wassem and Bahriye Ari, Managers
         Schaberger Str. 61 c
         42659 Solingen
         Germany


ARWEILER INDUSTRIETECHNIK: Creditors' Meeting Slated for May 31
---------------------------------------------------------------
The court-appointed insolvency manager for Arweiler
Industrietechnik GmbH, Klaus Thiery, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:15 a.m. on May 31.

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

         The District Court of Saarbruecken
         Meeting Hall 24
         Second Floor
         Aussenstelle Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on June 28, at the same venue.

Creditors have until May 31 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Klaus Thiery
         Poststrasse 30
         66687 Wadern
         Germany
         Tel: (06871) 90030
         Fax: (06871) 900321

The District Court of Saarbruecken opened bankruptcy proceedings
against Arweiler Industrietechnik GmbH on March 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Arweiler Industrietechnik GmbH
         Attn: Armin Arweiler, Manager
         Langwies 27
         66802 Ueberherrn
         Germany


AUGUST KAMP: Creditors' Meeting Slated for May 30
-------------------------------------------------
The court-appointed insolvency manager for August Kamp GmbH,
Jens Lieser, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:00 a.m. on
May 30.

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

         The District Court of Betzdorf
         Hall 109
         First Floor
         Friedrichstrasse 17
         57518 Betzdorf
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on July 4 at the same venue.

Creditors have until June 15 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Jens Lieser
         Koelner Strasse 29
         57610 Altenkirchen
         Germany
         Tel: 02681-803618
         Fax: 02681-950505

The District Court of Betzdorf opened bankruptcy proceedings
against August Kamp GmbH on March 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         August Kamp GmbH
         Wilhelmstrasse 129
         57518 Betzdorf
         Germany


AUTAKT VERWALTUNGS: Claims Registration Ends May 21
---------------------------------------------------
Creditors of Autakt Verwaltungs-GmbH have until May 21 to
register their claims with court-appointed insolvency manager
Herr Hansjoerg Wanner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 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 Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         Germany

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

The insolvency manager can be reached at:

         Herr Hansjoerg Wanner
         Reutlinger Str. 105
         72800 Eningen. u.A
         Germany

The District Court of Tuebingen opened bankruptcy proceedings
against Autakt Verwaltungs-GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Autakt Verwaltungs-GmbH
         Attn: Thomas Heinemann, Manager
         Reutlinger Str. 105
         72800 Eningen u.A.
         Germany


AUTO HOFMANN: Claims Registration Ends May 16
---------------------------------------------
Creditors of Auto Hofmann GmbH have until May 16 to register
their claims with court-appointed insolvency manager Dr.
Christoph Munz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 28, 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         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. Christoph Munz
         Gustav-Adolf-Strasse 6 b
         01219 Dresden
         Germany
         Web: www.munz-anwaelte.de

The District Court of Dresden opened bankruptcy proceedings
against Auto Hofmann GmbH on March 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Auto Hofmann GmbH
         Gottlieb-Daimler-Str.2
         02828 Goerlitz
         Germany


AUTOCENTER ECKLOFF: Claims Registration Ends June 14
----------------------------------------------------
Creditors of Autocenter Eckloff GmbH have until June 14 to
register their claims with court-appointed insolvency manager
Sandra Mitter.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on April 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B11
         Maschmuehlenweg 11
         37073 Goettingen
         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:

         Sandra Mitter
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166311
         Fax: 0561/3166312

The District Court of Goettingen opened bankruptcy proceedings
against Autocenter Eckloff GmbH on March 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Autocenter Eckloff GmbH
         Grosse Breite 3
         37077 Goettingen
         Germany


AUTOHAUS NECKARAU: Claims Registration Ends May 7
-------------------------------------------------
Creditors of Autohaus Neckarau GmbH have until May 7 to register
their claims with court-appointed insolvency manager Martin
Wiedemann.

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

         Martin Wiedemann
         O 3, 9-12
         68161 Mannheim
         Germany
         Tel: 0621/16680   

The District Court of Mannheim opened bankruptcy proceedings
against Autohaus Neckarau GmbH on April 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Autohaus Neckarau GmbH
         Attn: Markus Stecher, Manager
         Angelstr. 14-16
         68199 Mannheim
         Germany


B & A BAU: Claims Registration Period Ends May 15
-------------------------------------------------
Creditors of B & A Bau & Allgemeine Dienstleistungen GmbH have
until May 15 to register their claims with court-appointed
insolvency manager Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 26, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         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:

         Bettina Schmudde
         Koenigstrasse 1
         01097 Dresden
         Germany
         Tel: 0391/59733-0
         Fax: 0391/5973333
         Web site: http://www.whitecaseinso.de/

The District Court of Dresden opened bankruptcy proceedings
against B & A Bau & Allgemeine Dienstleistungen GmbH on April 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         B & A Bau & Allgemeine Dienstleistungen GmbH
         Attn: Horacio Joaquim Uetela, Manager
         Wilsdruffer Strasse 27
         01067 Dresden
         Germany


BALLHAUS GMBH: Claims Registration Ends June 22
-----------------------------------------------
Creditors of Ballhaus GmbH & Co. KGaA have until June 22 to
register their claims with court-appointed insolvency manager
Dr. Wolf-R. von der Fecht.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 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 Krefeld
         Meeting Hall 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 10:30 a.m. on Aug. 24 at the same venue,
while creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Wolf-R. von der Fecht
         Rheinort 1
         40213 Duesseldorf
         Germany

The District Court of Krefeld opened bankruptcy proceedings
against Ballhaus GmbH & Co. KGaA on April 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Ballhaus GmbH & Co. KGaA
         Attn: Richard Roehrhoff, Manager
         Ostwall 100
         47798 Krefeld
         Germany


BAUMARKT BERGEN: Claims Registration Ends May 16
------------------------------------------------
Creditors of Baumarkt Bergen GmbH have until May 16 to register
their claims with court-appointed insolvency manager Ernst
Wiesner.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on June 6, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Meeting Hall 259
         Second Floor
         Heinitzstr. 42/44
         58097 Hagen
         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:

         Ernst Wiesner
         Kirchender Dorfweg 14
         58313 Herdecke
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Baumarkt Bergen GmbH on March 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Baumarkt Bergen GmbH
         Attn: Thilo Johannes Kuschmierz, Manager
         Gahlenfeldstr. 23
         58313 Herdecke
         Germany


BAUMARKT-SERVICE FLIESENHANDEL: Claims Registration Ends May 11
---------------------------------------------------------------
The court-appointed insolvency manager for Baumarkt-Service
Fliesenhandel GmbH, Thomas Becker, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 10:00 a.m. on May 11.

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

         The District Court of Saarbruecken
         Meeting Hall 24
         Second Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

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

Creditors have until June 8 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Thomas Becker
         Brueckenstrasse 60
         66763 Dillingen
         Germany
         Tel: (06831) 769980
         Fax: (06831) 7699870

The District Court of Saarbruecken opened bankruptcy proceedings
against Baumarkt-Service Fliesenhandel GmbH on April 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Baumarkt-Service Fliesenhandel GmbH
         Attn: Karl-Peter Weber, Manager
         Carl-Friedrich-Gauss-Str. 6
         66793 Saarwellingen
         Germany


BE SPEED: Creditors Must Register Claims by May 11
--------------------------------------------------
Creditors of BE SPEED GmbH have until May 11 to register their
claims with court-appointed insolvency manager Sven-Holger
Undritz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against BE SPEED GmbH on April 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         BE SPEED GmbH
         Werner-Siemens-Strasse 83
         22113 Hamburg
         Germany


BERND PRACHT: Creditors Must Register Claims by May 21
------------------------------------------------------
Creditors of Bernd Pracht GmbH have until May 21 to register
their claims with court-appointed insolvency manager Thorsten
Klepper.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   

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

The insolvency manager can be reached at:

         Thorsten Klepper
         Friedrich-List-Str. 20
         45128 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Bernd Pracht GmbH on March 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Bernd Pracht GmbH
         Emscherstr. 68
         45891 Gelsenkirchen
         Germany

         Attn: Bernd Pracht, Manager
         Obererle 60
         45897 Gelsenkirchen
         Germany


BEYSS GMBH: Claims Registration Period Ends May 10
--------------------------------------------------
Creditors of Beyss GmbH have until May 10 to register their
claims with court-appointed insolvency manager Joerg Zumbaum.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Joerg Zumbaum
         Zuelpicher Strasse 117
         52349 Dueren
         Germany

The District Court of Aachen opened bankruptcy proceedings
against Beyss GmbH on April 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Beyss GmbH
         Debyestrasse 171
         52078 Aachen
         Germany

         Attn: Richard Kirch, Manager
         Weiherstr.19
         52156 Monschau
         Germany


BRAUCKMANN BAU: Claims Registration Period Ends April 20
--------------------------------------------------------
Creditors of Brauckmann Bau GmbH have until April 20 to register
their claims with court-appointed insolvency manager Klaus
Dippel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 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 District Court of Bochum opened bankruptcy proceedings
against Brauckmann Bau GmbH on March 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Klaus Dippel
         Christstrasse 23
         44789 Bochum
         Germany

The Debtor can be reached at:

         Brauckmann Bau GmbH         
         Attn: Werner Brauckmann, Manager
         Aschenbruch 89
         44866 Bochum
         Germany


BKT BREMERHAVENER: Claims Registration Period Ends April 30
-----------------------------------------------------------
Creditors of BKT Bremerhavener Krankentransport GmbH have until
April 30 to register their claims with court-appointed
insolvency manager Edgar Groenda.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 30, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bremerhaven
         Hall 209
         Nordstr. 10
         27580 Bremerhaven
         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:

         Edgar Groenda
         Domshof 18-20
         28195 Bremen
         Germany
         Tel: 0421/36860
         Fax: 0421/3686100

The District Court of Bremerhaven opened bankruptcy proceedings
against BKT Bremerhavener Krankentransport GmbH on April 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BKT Bremerhavener Krankentransport GmbH
         Rudloffstr. 111
         27568 Bremerhaven
         Germany

         Attn: Manuel Werner Westphal, Manager
         Jagerstr. 19
         27574 Bremerhaven
         Germany


BZN BAUZENTRUM: Claims Registration Period Ends May 4
-----------------------------------------------------
Creditors of BZN Bauzentrum Neubrandenburg GmbH & Co.KG have
until May 4 to register their claims with court-appointed
insolvency manager Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on June 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         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:

         Berthold Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against BZN Bauzentrum Neubrandenburg GmbH & Co.KG
on March 31.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         BZN Bauzentrum Neubrandenburg GmbH & Co.KG
         Tollensestr. 14
         17094 Gross Nemerow
         Germany


CAMBRIDGE INT'L: Creditor's Meeting Slated for May 15
-----------------------------------------------------
The court-appointed insolvency manager for Cambridge
International School Berlin GmbH, Michael C. Frege, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 11:30 a.m. on May 15.

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 10:30 a.m. on Aug. 28 at the same venue.

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

The insolvency manager can be reached at:

         Michael C. Frege
         Lennestr. 7
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Cambridge International School Berlin GmbH
on April 2.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Cambridge International School Berlin GmbH
         Heerstr. 465
         13593 Berlin
         Germany


DAIMLERCHRYSLER: Chrysler Group's March 2007 Sales Lowers to 5%
---------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group reported sales for March
2007 of 206,435 units; down 5% compared to a very strong March
2006.  All sales figures are reported unadjusted.

"In a flat to slightly down industry, our sales decline of 5%
compares to a March 2006 that was our best month of March in
four years," Vice President for Sales and Field Operations
Steven Landry said.  "With strong monthly sales of the Dodge Ram
light duty pick-up truck, the Dodge Avenger and Nitro along with
Jeep(R) brand sales up 4%, we surpassed our own expectations."

The Dodge Nitro had its strongest month ever since the
introduction of the model in October 2006 and posted sales of
7,532 units in March.  The all-new Dodge Avenger finished the
month with sales of 9,026 units.  The vehicle is just one of
Chrysler Group's recently introduced fuel-efficient offerings
that achieve 30 miles per gallon or better in highway driving.

Two other Dodge brand car models also had a strong month: Dodge
Caliber sales increased 32% over March 2006 with sales of 8,634
units.  The Dodge Charger gained 41% over last year and posted
sales of 12,707 units (March 2006: 9,023 units).

Jeep brand sales were up 4% in March with 45,335 units sold.  
The Jeep Compass (3,802 units), Jeep Patriot (2,109 units) and
the continuously strong Jeep Wrangler and Wrangler Unlimited
with an increase of 64% over March 2006 and sales of 13,397
units contributed to the overall gain for the brand.  March 2007
marks the best month ever in the Jeep Wrangler's history.

For the first quarter 2007, the Jeep brand posted an increase of
5% over the first three months last year with 118,472 units sold
(2006: 112,951 units).

                     Improved Dealer Relations

Chrysler Group's Sales organization, led by President and CEO
Tom LaSorda, proceeded in the first quarter to intensify dealer
relations and communications.

"We continue to deliver on our promise to spend more time with
our dealers, and make their profitability a priority," said Tom
LaSorda.  "One important achievement in the month of March was
that our vehicle inventory was down by more than 100,000 units
compared to the previous year - in-line with the guidance we
gave earlier."

                      Minivan Month in April

With 'National Minivan Month' in April, Chrysler Group continues
to focus its Marketing approach and incentive offerings on its
vehicles' strong product features.

"Combined with a competitive vehicle pricing, we will feature a
no-extra-charge DVD system for our Chrysler Town & Country,
Dodge Caravan and Dodge Grand Caravan minivans," said Michael
Manley, Vice President, Sales and Dealer Operations.  "The
Minivan Month follows a successful 'National Truck Month' in
which our no-extra-charge HEMI(R) engine upgrade contributed to
another 15% gain in sales for the Dodge Ram light duty pick-up
truck - following two already strong months in 2007."

Chrysler Group finished the month with 499,771 units of
inventory, or a 68-day supply.  Inventory is significantly down
by 18% compared to March 2006 when it was at 606,734 units.

                       About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER AG: Opens Sprinter Assembly Plant in Charleston
---------------------------------------------------------------
A DaimlerChrysler plant in Ladson just outside Charleston in
South Carolina officially kicks off production of the Sprinter
for the American market under the Dodge and Freightliner brands.  
The Sprinter has been assembled and offered for sale in the USA
since 2001 and has captured a firm clientele due to its
proximity to the market.  The former plant in Gaffney, annual
capacity around 22,000 units, no longer could cope with the
growing sales.

A production capacity of 32,000 units is now available at the
new plant on the U.S. east coast where 180 employees are working
to reassemble the Sprinter on a 42,780 square meter (460,000 sq.
ft.) site.  The company says that US$35 million or EUR27
million, were invested in the plant.

"The Dodge Sprinter and Freightliner Sprinter set standards in
their sector for safety, variability and environmental
protection.  We are proud to be able to offer our latest product
in the van segment also on the American market so soon after its
presentation.  I thank all colleagues who made the opening of
this plant possible [this]day through their personal effort and
commitment," said Wilfried Porth, head of the Mercedes-Benz Vans
Business Unit of DaimlerChrysler AG on the occasion of the
inauguration ceremony, attended by South Carolina Governor Mark
Sanford.

The Sprinter is offered on the American market as a panel van,
crewbus and cab-chassis in different variants, in three lengths
and three roof heights, and featuring six-cylinder diesel or
gasoline engines.

The standard equipment includes ADAPTIVE ESP(R), which computes
the center of gravity of the vehicle when loaded as well as the
mass of the load and uses this information to individually
adjust the ESP control intervention functions.

The familiar, proven safety features ABS, Brake Assist and
electronic brake power distribution are incorporated into the
new adaptive ESP.

                       About DaimlerChrysler

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

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

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

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

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


EBS ELEKTROBAU: Claims Registration Period Ends April 27
--------------------------------------------------------
Creditors of EBS Elektrobau GmbH have until April 27 to register
their claims with court-appointed insolvency manager Andre
Loeffler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 22, 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 Magdeburg
         Hall E
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         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 Magdeburg opened bankruptcy proceedings
against EBS Elektrobau GmbH on March 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Andre Loeffler
         Klewitzstr. 15
         39112 Magdeburg
         Germany

The Debtor can be reached at:

         EBS Elektrobau GmbH
         Attn: Marko Schreiber, Manager
         Grundweg 71
         39218 Schoenebeck
         Germany


GALINI - KRAEUTERDEPOT: Creditors' Meeting Slated for April 19
--------------------------------------------------------------
The court-appointed insolvency manager for Galini -
Kraeuterdepot GmbH & Co.KG, Ruediger Wienberg, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 8:55 a.m. on April 19.

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 9:00 a.m. on July 12 at the same venue.

Creditors have until May 20`to register their claims with the
court-appointed insolvency manager.

The District Court of Charlottenburg opened bankruptcy
proceedings against Galini - Kraeuterdepot GmbH & Co.KG on Feb.
28.  Consequently, all pending proceedings against the company
have been automatically stayed.

The insolvency manager can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The Debtor can be reached at:

         Galini - Kraeuterdepot GmbH & Co.KG
         Zimmerstr. 79-80
         10117 Berlin
         Germany


GRIECHE GASTRONOMIE: Claims Registration Period Ends May 4
----------------------------------------------------------
Creditors of Grieche Gastronomie GmbH have until May 4 to
register their claims with court-appointed insolvency manager
Uwe Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 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 Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         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 Kuhmann
         Schuesselkorb 3
         28195 Bremen
         Germany
         Tel: 0421/33061-0
         Fax: 0421/33061-10

The District Court of Verden (Aller) opened bankruptcy
proceedings against Grieche Gastronomie GmbH on April 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Grieche Gastronomie GmbH
         Falkenberger Landstr. 60
         28865 Lilienthal
         Germany

         Attn: Evangelos Kiourkas
         Falkenberger Landstr. 60
         28865 Lilienthal
         Germany


HAKE STUERS: Claims Registration Period Ends April 16
-----------------------------------------------------
Creditors of Hake Stuers GmbH have until April 16 to register
their claims with court-appointed insolvency manager Friedrich
Knoop.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 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 Duesseldorf
         Meeting Hall A 388
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany     
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Duesseldorf opened bankruptcy proceedings
against Hake Stuers GmbH on March 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The insolvency manager can be reached at:

         Friedrich Knoop
         Robertstrasse 3
         40229 Duesseldorf
         Germany

The Debtor can be reached at:

         Hake Stuers GmbH
         Wiesenstrasse 51
         40549 Duesseldorf
         Germany

         Attn: Wolfgang Hake, Manager
         Antoniusstrasse 60
         41564 Kaarst
         Germany


HDB DACHTECHNIK: Claims Registration Period Ends April 24
---------------------------------------------------------
Creditors of HDB Dachtechnik GmbH & Co.KG. have until April 24
to register their claims with court-appointed insolvency manager
Markus M. Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Chemnitz
         Hall 27
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Chemnitz opened bankruptcy proceedings
against HDB Dachtechnik GmbH & Co.KG. on March 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

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

The Debtor can be reached at:

         HDB Dachtechnik GmbH & Co.KG.
         Attn: Horst Schlee, Manager
         Bahnhofstrasse 36 B
         09232 Hartmannsdorf
         Germany


JOSEF DIEMEL: Creditors Must Register Claims by May 11
------------------------------------------------------
Creditors of Josef Diemel Beteiligungsgesellschaft mbH have
until May 11 to register their claims with court-appointed
insolvency manager Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on June 1, 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 Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         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 Kebekus
         Liboriberg 21
         33098 Paderborn
         Germany
         Tel: 05251-180660
         Fax: 1806666

The District Court of Paderborn opened bankruptcy proceedings
against Josef Diemel Beteiligungsgesellschaft mbH on April 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Josef Diemel Beteiligungsgesellschaft mbH
         Marienloher Strasse 60
         33104 Paderborn
         Germany


METROLOGIC INSTRUMENTS: Moody's Cuts Rating on Debt Repurchase
--------------------------------------------------------------
Moody's Investors Service downgraded Metrologic Instruments'
corporate family rating and probability of default rating to B3
from B2 following the recent debt financed share repurchase.  

At the same time, Moody's assigned a B2 rating to the first lien
secured credit facility, which is comprised of a US$170-million
term loan and a US$-million undrawn revolver and a Caa2 rating
to the US$75-million senior secured second lien.  

Proceeds from the transaction were used to refinance US$200
million of debt, consisting of a US$125-million first lien and
US$75-million second lien, and to repurchase about US$40-million
of stock.  The ratings on the existing first and second lien
facilities will be withdrawn upon closing.  The ratings outlook
is stable.

"The downgrade reflects Metrologic's aggressive financial policy
of increasing its leverage to repurchase stock less than six
months after the initial ratings were assigned" said Kevin
Cassidy, Vice President/Senior Analyst at Moody's Investors
Service.

"The previous B2 corporate family rating was predicated on the
expectation of the company reducing its leverage" Cassidy noted.

Metrologic is moderately positioned in its current rating
category with proforma adjusted leverage in excess of what
Moody's would expect for a B3 rated company.

"The company's ratings and/or outlook could be further revised
down over the next year if the company is unable to meaningfully
reduce its adjusted leverage or if it implements any additional
financially aggressive policies." Cassidy added.

The ratings for the two senior secured facilities reflect both
the overall probability of default of the company, to which
Moody's assigns a PDR of B3, and a loss given default of LGD 3
for the first lien and LGD 5 for the second lien.  The B2 rating
of the first lien senior secured credit facility reflects an
LGD3, 36% loss given default assessment as this facility is
secured by a pledge of all of the company's assets and there is
a significant amount of second lien debt below it.  The Caa2
rating of the second lien reflects an LGD5, 86% loss given
default assessment given that it is contractually subordinated
to the first lien. Both the first lien and second lien benefit
from the full guarantees of existing and future subsidiaries.

Assigned:

   * US$170-Million Senior Secured First Lien Term Loan, rated
     B2, LGD3, 36%;

   * US$35-Million Revolving Credit Facility, rated B2, LGD3,
     36%;

   * US$75-Million Senior Secured Second Lien Term Loan, rated
     Caa2, LGD5, 86%;

Downgraded:

   * Corporate family rating, to B3 from B2; and
   * Probability of default rating, to B3 from B2.

These ratings will be withdrawn upon closing:

   * US$35-Million Revolving Credit Facility, rated B1, LGD3,
     33%;

   * US$125-Million Senior Secured First Lien Term Loan, rated
     B1, LGD3, 33%;

   * US$75-Million Senior Secured Second Lien Term Loan, rated
     Caa1, LGD5, 84%

Headquartered in Blackwood, New Jersey, Metrologic Instruments,
Inc. is a global supplier for data capture and collection
hardware, and image processing software.  The company had LTM
September 2006 revenues of approximately USUS$210 million.  The
company has operations in Brazil, Japan, Singapore, and Germany.


WUNSTER EFFEKTZWIRNEREI: Claims Registration Period Ends May 6
--------------------------------------------------------------
Creditors of Wunster Effektzwirnerei GmbH have until May 6 to
register their claims with court-appointed insolvency manager
Arndt Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Ravensburg
         Hall 3
         Herrenstr. 42
         88212 Ravensburg
         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:

         Arndt Geiwitz
         SKP Partnerschaftsgesellschaft
         Bahnhofstr. 39
         89231 Neu-Ulm bestellt
         Germany

The District Court of Ravensburg opened bankruptcy proceedings
against Wunster Effektzwirnerei GmbH on April 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Wunster Effektzwirnerei GmbH
         Attn: Dieter Fink Eroeffnet, Manager
         Carl von Wunster Str. 5
         88515 Langenenslingen
         Germany


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


ASPIS BANK: Fitch Rates EUR40 Million Tier 1 Notes at BB-
---------------------------------------------------------
Fitch Ratings assigned Greece-based Aspis Bank's EUR15 million
and EUR25 million perpetual non-cumulative callable hybrid
Tier 1 capital notes expected ratings of 'BB-'.  

At the same time, the agency has assigned Aspis's EUR50 million
dated subordinated notes an expected rating of 'BB'.  Aspis will
use the proceeds of the issues to finance the acquisition of 51%
of First Business Bank, a small Greek shipping bank.  The final
ratings are contingent on the receipt of final documentation
conforming to information already received.

The ratings for the two Tier 1 issues are set two notches below
Aspis's Issuer Default Rating of 'BB+', in line with Fitch's
rating policy for hybrid securities.  The dated subordinated
notes, maturing in 2017, are notched down once from Aspis's IDR
commensurate with the agency's notching policy for senior
subordinated debt for all issuers irrespective of the IDR.  All
notes are issued by Aspis Finance Jersey Ltd. and are guaranteed
by Aspis Bank.

Both hybrid issues meet Fitch's 'guiding principles' under its
revised methodologies and qualify for equity credit.  These
securities are assigned a Class E equity treatment, giving them
100% equity credit.  This classification recognizes the
securities' subordinated ranking, their perpetual nature, the
non-cumulative coupons and deferral mechanisms that should
provide financial flexibility in a period of financial distress.
Equity credit for these instruments and other hybrid securities
are limited to 30% of the total eligible capital as per Fitch's
definition.  Both issues are fixed/floating-rate non-cumulative
non-voting preferred securities with an issuer call in 2017,
which is subject to Bank of Greece's prior consent.  Furthermore
the EUR15 million issue has a 100bp step-up after the first call
date, which, however, does not affect the notching or the equity
credit received.

Under Greek regulation, Tier 1 hybrids are limited to 25% of
Tier 1 capital with a 10% sub-limit for step-up Tier 1 hybrids.
After the issues, Aspis's Tier 1 ratio is - based on end-2006
risk-weighted assets - estimated at 13.1% excluding the FBB
acquisition.  Step-up hybrid Tier 1 capital will make up 7% of
total Tier 1 capital with total hybrid capital accounting for
19%.


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


EMERALD CAPITAL: Moody's Rates US$108-Million Notes at Low-B
------------------------------------------------------------
Emerald Capital Limited is a synthetic CDO referencing local
currency sovereign debt linked Notes issued by Citigroup Funding
Inc., managed by Sydbank A/S.

In addition to the credit risk of the referenced sovereign debt
issuers, all of which are emerging market countries, Emerald
Capital Limited also transfers foreign currency losses and gains
to investors.

Moody's assigned these definitive ratings to the Notes issued by
Emerald Capital Limited on March 20:

   -- EUR121.8-million Series 2007-01 Class A-1 Supersenior
      Floating Rate Notes due 2010: Aaa;

   -- CZK300-million Series 2007-01 Class A-2 Supersenior
      Floating Rate Notes due 2010: Aaa;

   -- SKK150-million Series 2007-01 Class A-3 Supersenior
      Floating Rate Notes due 2010: Aaa;

   -- US$18-million Series 2007-01 Class B-1 Floating Rate Notes
      due 2010: Aaa;

   -- EUR33.52-million Series 2007-01 Class B-2 Floating Rate
      Notes due 2010: Aaa;

   -- CZK150-million Series 2007-01 Class B-3 Floating Rate
      Notes due 2010: Aaa;

   -- SKK75-million Series 2007-01 Class B-4 Floating Rate Notes
      due 2010: Aaa;

   -- US$3-million Series 2007-01 Class C-1 Floating Rate Notes
      due 2010: Aa2;

   -- EUR10.3-million Series 2007-01 Class C-2 Floating Rate
      Notes due 2010: Aa2;

   -- CZK280-million Series 2007-01 Class C-3 Floating Rate
      Notes due 2010: Aa2;

   -- SKK98.09-million Series 2007-01 Class C-4 Floating Rate
      Notes due 2010: Aa2;

   -- JPY300-million Series 2007-01 Class C-5 Fixed Rate Notes
      due 2010: Aa2;

   -- EUR8.2-million Series 2007-01 Class D-1 Floating Rate
      Notes due 2010: A2;

   -- CZK350-million Series 2007-01 Class D-2 Floating Rate
      Notes due 2010: A2;

   -- SKK73.83-million Series 2007-01 Class D-3 Floating Rate
      Notes due 2010: A2;

   -- US$4.3-million Series 2007-01 Class E-1 Floating Rate
      Notes due 2010: Baa2

   -- EUR12-million Series 2007-01 Class E-2 Floating Rate Notes
      due 2010: Baa2;

   -- CZK83.89-million Series 2007-01 Class E-3 Floating Rate
      Notes due 2010: Baa2;

   -- US$42-million Series 2007-01 Class F Floating Rate Notes
      due 2010: Ba2;

   -- US$66-million Series 2007-01 Class G Floating Rate Notes
      due 2010: B2.

The USD-denominated tranches, on which provisional ratings were
assigned on March 13 have been split into various currencies,
with a fixed foreign exchange rate, which ensures no additional
risk is borne by investors.

The ratings are primarily based on:

   -- An assessment of the eligibility criteria applicable to
      the synthetic exposures to control the credit and the FX
      risk;

   -- The credit quality of the total return swap counterparty,
      Citigroup Global Markets Ltd, guaranteed by Citigroup Inc.
      (Aa1/P-1);

   -- Protection against losses through the sequential nature of
      principal payments;

   -- Additional protection provided through the diversion of
      the interest due on the Subordinated Notes;

   -- The quality of the portfolio management by Sydbank A/S;
      and

   -- The legal and structural integrity of the issuance.

In order to confirm that credit enhancement levels are
consistent with the different ratings of the Notes, Moody's
reviewed the eligibility criteria that apply to the underlying
portfolio.  Moody's quantitative analysis of this transaction is
derived from two elements:

   -- The use of Moody's CDOROM model in order to determine the
      loss distribution due to credit losses, assuming a flat
      USD-adjusted recovery-in-default rate of 5% across all 65
      entities included in the selection universe; and,

   -- A bootstrapping of the historical FX rates for similarly
      diversified portfolios, using the full universe of
      potential investments.


SWEDEX WINDOWS: Suppliers Agree to Satisfy Outstanding Orders
-------------------------------------------------------------
Liquidation firm Foster McAteer revealed that Swedex Windows and
Doors Ltd. has reached an agreement in principle with its
Estonian-based suppliers Aru Grupp and Viking under which the
two companies will fulfill outstanding customer orders that are
in "transit," BizWorld reports.

However, the windows and doors will not be fitted as previously
agreed although fitting costs will be deducted from the final
balance.

The High Court put Swedex into provisional liquidation on
March 23 after major accounting discrepancies and poor trading
resulted to losses of more than EUR2 million and millions of
euro in debts, Ian Kehoe writes for The Sunday Business Post.

According to the report, errors that included the misposting of
invoices, credit notes not being accounted for, and the
mispricing of jobs based on incorrect data, were discovered by
directors following the appointment of a new senior member of
staff.

The liquidation of Swedex left 109 employees jobless.

Michael McAteer, provisional liquidator of the company, notified
workers that they have to wait at least six weeks before they
can collect what they are owed, Arklow relates.

Headquartered in Wicklow, Ireland, Swedex Windows and Doors Ltd.
is owned by Charlotte Gervais and Shane McLoughlin.  It made a
pretax profit of EUR660,000 in 2005 and had retained profits of
EUR998,000 at the end of the year.


ZOO ABS: Fitch Rates EUR8.5-Million Class E Notes at BB-
--------------------------------------------------------
Fitch assigned ZOO ABS 4 PLC's upcoming issue of EUR514.2
million floating-rate notes due 2096 expected ratings.

The transaction is a securitization of structured finance assets
including primarily collateralized debt obligations, residential
mortgage-backed securities and commercial mortgage-backed
securities.

   -- EUR100 million Class A-1R: 'AAA'
   -- EUR150 million Class A-1A: 'AAA'
   -- EUR115.7 million Class A-1B: 'AAA'
   -- EUR27 million Class A-2: 'AAA'
   -- EUR30 million Class B: 'AA'
   -- EUR35 million Class C: 'A'
   -- EUR28 million Class D: 'BBB-'
   -- EUR8.5 million Class E: 'BB-'

The expected ratings of the Class A-1R, A-1A, A-1B, A-2 and B
notes address the ultimate repayment of principal at maturity
and the timely payment of interest when due, according to the
terms of the notes.  For the Class C, D and E notes, which can
defer interest, the expected rating address the ultimate payment
of principal and interest, including deferred interest, at
maturity. The final ratings are contingent upon the receipt of
final documents conforming to information already received.

The ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager, P&G SGR S.p.A., subject to the guidelines outlined in
the collateral management agreement.  The guidelines limit the
collateral manager's portfolio allocations with respect to
obligor, industry and asset type.  P&G will actively manage the
collateral over a five-year reinvestment period.

The ratings are also based on the credit enhancement provided to
the various classes of notes in the form of subordination,
structural protection and excess spread.  Credit enhancement, in
the form of subordination, for the A1 notes will total 26.4%, of
which 5.3% will be provided by the A2 notes, 5.9% by the B
notes, 6.9% by the C notes, 5.5% by the D notes, 1.7% by the E
notes and 4% by the unrated subordinated F notes.  Some of the
EUR20 million proceeds from the subordinated notes will be used
to pay certain initial expenses of the issuer rather than to
purchase collateral and therefore will not be available for
subordination.

ZOO ABS 4 PLC is a limited liability company incorporated under
the laws of Ireland. At the closing date, the issuer is expected
to have purchased at least 86% of the target portfolio; the
remainder will be purchased over the following six months.

Fitch expects ZOO ABS 4 PLC to issue combination notes that will
comprise components of the rated notes as well as the
subordinated notes.  The interest and principal cash flows on
the combo notes will be derived from the interest and principal
cash flows on their respective components.  At the time of
writing, the detailed composition of the combo note issuance had
not been finalized.


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


ARGYN LLP: Creditors' Claims Due May 11
---------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Argyn insolvent.

Creditors have until May 11 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-22-84


BURGYSHY LLP: Claims Filing Period Ends May 11
----------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Burgyshy insolvent.

Creditors have until May 11 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan Region
         Saraishyk Str. 19-92
         Uralsk
         West Kazakhstan Region,
         Kazakhstan
         Tel: 8 (3112) 50-02-73


ENGINEERING-METHODICAL CENTRE: Claims Registration Ends May 11
--------------------------------------------------------------
LLP Engineering-Methodical Centre has declared insolvency.  
Creditors have until May 11 to submit written proofs of claim
to:

         LLP Engineering-Methodical Centre
         Micro District "Mamyr-4" 100a
         Almaty
         Kazakhstan
         Tel: 8 (3272) 26-03-42
              8 (3272) 26-03-43


GIJ LLP: Creditors Must File Claims by May 11
---------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Gij insolvent.

Creditors have until May 11 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan Region
         Saraishyk Str. 19-92
         Uralsk
         West Kazakhstan Region,
         Kazakhstan
         Tel: 8 (3112) 50-02-73


KAZOILGASCONSULTING LLP: Creditors' Claims Due May 15
-----------------------------------------------------
LLP Kazoilgasconsulting has declared insolvency.  Creditors have
until May 15 to submit written proofs of claim to:

         LLP Kazoilgasconsulting
         Alihan Bokeihan Str. 47
         120008 Kyzylorda
         Kazakshtan


KOLESO LLP: Proof of Claim Deadline Slated for May 11
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Koleso insolvent.

Creditors have until May 11 to submit written proofs of claim
to:

         LLP Koleso
         Seifullin Str. 37
         Uralsk
         West Kazakhstan Region
         Kazakhstan


OBMEN LLP: Creditors Must File Claims by May 11
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Exchange Service Obmen insolvent.

Creditors have until May 11 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-22-84


RIELT PARTNER: Proof of Claim Deadline Slated for May 15
--------------------------------------------------------
LLP Rielt Partner has declared insolvency.  Creditors have until
May 15 to submit written proofs of claim to:

         LLP Rielt Partner
         Baraev Str. 18/2-24
         Almaty District
         Astana
         Kazakhstan


TEMIRBAI LLP: Claims Registration Ends May 11
---------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Temirbai insolvent.

Creditors have until May 11 to submit written proofs of claim
to:

         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


UJKAZENERGOSETSTROY LLP: Claims Filing Period Ends May 11
---------------------------------------------------------
LLP Ujkazenergosetstroy has declared insolvency.  Creditors have
until May 11 to submit written proofs of claim to:

         LLP Ujkazenergosetstroy
         Kapal Batyr Str.
         Shymkent
         South Kazakhstan Region
         Kazakhstan


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


J-TECH LLC: Creditors Must File Claims by May 18
------------------------------------------------
Joint Kyrgyz-Korean LLC J-Tech has declared insolvency.  
Creditors have until May 18 to submit written proofs of claim
to:

         LLC J-Tech
         T. Moldo Str. 17
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 66-51-67


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


MELCHIOR CDO: S&P Puts Class D Notes on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services placed its credit ratings on
the class B notes issued by Melchior CDO I S.A. on CreditWatch
with positive implications.  

At the same time, the class C-1, C-2, and D notes have been
placed on CreditWatch with negative implications and the class
A-1 notes have been affirmed.  
  
Melchior CDO I is an arbitrage cash flow CDO managed by
Henderson Global Investors Ltd. and closed in July 2001. The
portfolio comprises high-yield bonds from issuers incorporated
in North America and Western Europe.  Currently, the transaction
is in its amortization period, and has paid down approximately
16% of the issued notes.
  
The delevering of the class A-1 notes has improved subordination
levels for the senior notes, and the class B notes are therefore
being placed on CreditWatch positive.
  
For some time, Standard & Poor's has been closely monitoring the
portfolio, which had been exhibiting weak performance. We have
noted the positive actions that the manager has taken in the
past year to improve the portfolio, but despite material
improvements, performance has not yet returned to a level
commensurate with the existing ratings.  At the last payment
date, the transaction failed the class C interest coverage test
and deferred the payment of interest on the class D notes.
  
This prompted Standard & Poor's to reinvestigate whether,
despite the improvements, the credit strength of the portfolio
was sufficient to maintain the current ratings.  Preliminary
cash flow and credit analyses continue to indicate that there is
insufficient credit enhancement for the credit risk levels
associated with the current ratings on the class C and D notes.  
  
Standard & Poor's will continue to monitor the performance of
the transaction over the next couple of months, maintaining a
close dialogue with the manager to understand near-term
strategies, and will perform further cash flow analysis on the
transaction before resolving these CreditWatch placements.
  
                           Ratings List
  
         Class                      Rating
                        To                          From
  
Melchior CDO I S.A.
   EUR400 Million Fixed- And Floating-Rate Notes
  
     Ratings Placed On CreditWatch With Positive Implications

         B-1           A-/Watch Pos                A-
         B-2           A-/Watch Pos                A-
  
     Ratings Placed On CreditWatch With Negative Implications

         C-1           BBB/Watch Neg               BBB
         C-2           BBB/Watch Neg               BBB
         D             BB-/Watch Neg               BB-
  
                         Rating Affirmed

         A-1           AAA


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


AMSTEL SECURITISATION: Moody's Rates EUR70-Million Notes at Ba2
---------------------------------------------------------------
Moody's Investors Service assigned these definitive credit
ratings to the notes issued by Amstel Securitisation of
Contingent Obligations 2006-1 B.V.:

   -- EUR295-million Class A+1 Credit-Linked Floating Rate Notes
      due 2016: Aaa;

   -- US$3.02-billion Class A+2 Credit-Linked Floating Rate
      Notes due 2016: Aaa;

   -- EUR518-million Class A Credit-Linked Floating Rate Notes
      due 2016: Aaa;

   -- EUR70-million Class B Credit-Linked Floating Rate Notes
      due 2016: Aa2;

   -- EUR35-million Class C Credit-Linked Floating Rate Notes
      due 2016: A2;

   -- EUR49-million Class D Credit-Linked Floating Rate Notes
      due 2016: Baa2; and

   -- EUR70-million Class E Credit-Linked Floating Rate Notes
      due 2016: Ba2.

Moody's did not rate the EUR98-million Class F Credit-Linked
Floating Rate Notes due 2016 issued by ASCO 1.

The definitive ratings address the expected loss posed to
investors by the legal final maturity.  These ratings address
only the credit risks associated with the transaction.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

The Issuer is providing protection to ABN Amro Bank N.V. (Aa1,
Prime-1) via credit default swaps, on a EUR7 billion portfolio.

This reference portfolio is composed of credit positions
resulting from derivative contracts that ABN Amro has transacted
with over 1800 investment grade corporate entities.
Approximately 86% of these entities are incorporated in Aaa-
rated countries (mainly the US and Western European countries),
approximately 8% in Aa-rated countries and the remainder in A-
rated countries.  ABN Amro has the possibility to add and/or
remove reference entities from the portfolio, so long as the
portfolio maintains certain credit characteristics. The main
constraints are:

   (i) a total exposure no greater than EUR7 billion;

  (ii) a weighted-average rating factor no greater than 400;

(iii) a maximum single obligor exposure of 1% of the
       portfolio, decreasing to 0.20% for the lowest rated     
       entities.  A mapping between ABN Amro's internal ratings
       and Moody's ratings is used to assess the credit quality
       of unrated reference entities.  At the time they are
       first included in the portfolio, all reference entities
       must have either a Moody's rating or a mapped rating in
       the investment grade range.

The vehicle's obligations firstly under the credit default
swaps, and secondly towards the noteholders will be
collateralized either by cash deposited pursuant to a cash
deposit agreement or by securities acquired pursuant to a repo
agreement.  ABN Amro will be the initial counterparty under both
agreements.  Upon certain downgrade triggers, ABN Amro will be
required to find a replacement deposit bank, in the case of the
cash deposit agreement.  With respect to the repo agreement, ABN
Amro will be required either to find a replacement repo
counterparty or post additional securities to mitigate the
vehicle's exposure under the repo.


BUHRMANN N.V.: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Ba3 Corporate Family Rating for
Buhrmann N.V.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Buhrmann N.V.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Secured Bank
   Credit Facility          Ba3      Ba2      LGD3    38%

   2% Subordinate
   Conv./Exch.
   Bond/Debenture Due 2010  B2       B2       LGD6    90%

* Issuer: Buhrmann US Inc.

   8.25% Senior
   Subordinated Regular
   Bond/Debenture Due 2014   B2      B2       LGD6    90%

   7.875% Senior
   Subordinated Regular
   Bond/Debenture Due 2015   B2      B2       LGD6    90%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale.  They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Amsterdam, Netherlands, Buhrmann N.V. --
http://www.buhrmann.com/-- distributes office products, paper  
and graphic systems.


HERBALIFE LTD: Earns US$143 Million in Year Ended Dec. 31, 2006
---------------------------------------------------------------
Herbalife Ltd. earned a US$143.13 million net income on net
sales of US$1.88 billion for the year ended Dec. 31, 2006,
compared with net income of US$93.14 million on net sales of
US$1.56 billion for the previous year.  Cost of sales in 2006
totaled US$380.33 million, versus US$315.74 million in 2005.  

As of Dec. 31, 2006, the company listed US$1.01 billion in total
assets and US$663.04 million in total liabilities, resulting to
US$353.89 million in total shareholder's equity.

The company held US$154.32 million in cash and cash equivalents
as of Dec. 31, 2006, up from US$88.24 million in cash and cash
equivalents as of Dec. 31, 2005.

A full-text copy of Herbalife's annual report is available for
free at http://ResearchArchives.com/t/s?1b4d

                  Liquidity and Capital Resources

For the year ended Dec. 31, 2006, the company generated
US$184.4 million from operating cash flows, as compared with
US$143.4 million in 2005.  The increase in cash generated from
operations reflected an increase in operating income of
US$37.9 million, which was primarily driven by a growth in net
sales.

Capital expenditures, including capital leases, for the year
ended Dec. 31, 2006, were US$66.9 million, as compared with
US$32.6 million in 2005.  The majority of these expenditures
represented development of Internet tools for distributors, the
relocation of our Inglewood office and warehouse facility in
Memphis, and the expansion of the company's retail stores in
China.  The company expects to incur capital expenditures of up
to US$45 million in 2007.

As of Dec. 31, 2006, the company had positive working capital of
US$132.2 million and contractual obligations of US$358.5
million.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--  
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn., and
Guadalajara, Mexico.


HERBALIFE LTD: Whitney Bid Rejection Cues S&P to Keep Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB+' corporate
credit rating on Los Angeles-based Herbalife Ltd. remains on
CreditWatch with negative implications following the company's
announcement that the company's board of directors has rejected
a bid to be acquired by Whitney V L.P.  The board indicated that
although it views Whitney's bid as too low, it would consider an
improved offer.  

The company is currently carrying minimal debt leverage, but
existing debt capacity would be stretched well beyond the limits
of the current ratings if a predominantly debt-funded
acquisition of the company were to transpire.  Ratings on the
company will remain on CreditWatch until greater clarity around
a potential LBO emerges.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--  
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn., and
Guadalajara, Mexico.


LEOPARD CLO: S&P Rates EUR6.13-Million Class F Notes at B
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR319.375 million secured notes to be
issued by Leopard CLO V B.V., a special purpose entity.  At the
same time, Leopard CLO V will issue EUR30.625 million of unrated
notes.
  
Leopard CLO V is a leveraged loan CLO transaction that will be
managed by M&G Investment Management Ltd.  This is M&G
Investment Management's sixth leveraged loan CLO and its 10th
CDO that includes leveraged loans.  M&G Investment
Management also manages 16 other CDO transactions.  The
collateral portfolio will consist of senior and mezzanine loans,
and may include high-yield bonds.

At closing, Leopard V will issue the notes, the proceeds of
which, after paying transaction fees and expenses, will be
invested in a portfolio of predominantly senior secured
leveraged loans.
  
The class A, B, C, D, E, F, and subordinated notes will be
issued in euros and will equate to 75% of the portfolio. At
closing, the issuer will enter into an agreement under which it
will be entitled to draw up to 25% of the portfolio on a
variable funding note at any time.  Amounts drawn under the VFN
may be denominated in British pounds sterling, U.S. dollars, or
euros.
  
                           Ratings List

                          Leopard CLO V B.V.
            EUR350 Million Fixed- And Floating-Rate Notes

                           Prelim.        Prelim. Amount
           Class           rating           (Mln. EUR)
           -----           ------            --------
           Variable
           funding notes   AAA                87.500
           A               AAA               147.000
           B               AA                 24.500
           C-1             A                  10.500
           C-2             A                   7.000
           D               BBB-               22.750
           E-1             BB-                11.000
           E-2             BB-                 3.000
           F               B                   6.125
           Subordinated
           notes           NR                 30.625


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


SBARRO INC: Earns US$9.9 Million in Full Year 2006
--------------------------------------------------
Sbarro Inc. disclosed results of operations for the year ended
Dec. 31, 2006.  Revenues were US$354.4 million for the year
ended Dec. 31, 2006 as compared to US$348.7 million for the year
ended Jan. 1, 2006.  Same-store sales growth was 4.4% for the
year ended Dec. 31, 2006.  

Net Income was US$9.9 million, for the year ended Dec. 31, 2006,
as compared to US$1.4 million for the year ended Jan. 1, 2006.

EBITDA was US$55.1 million for the year ended Dec. 31, 2006, as
compared to US$49.1 million for the year ended Jan. 1, 2006.  
Included as an expense in EBITDA was US$2.8 million and US$0.7
million for 2006 and 2005, respectively related to a long-term
incentive plan for our Chief Executive Officer.

EBITDA as calculated in accordance with the terms of the bank
credit agreement was US$60.3 million for Dec. 31, 2006, as
compared to US$52.1 million for the year ended Jan. 1, 2006.

Peter Beaudrault, Chairman of the Board of Sbarro commented, "We
are pleased with the continuing improvements in both revenues
and EBITDA that our team has achieved in 2006.  We look forward
to continuing to improve these trends as the team continues to
capitalize on the improvements made system wide over the last
three years."

On Jan. 31, MidOcean SBR Acquisition Corp., an indirect
subsidiary of MidOcean SBR Holdings, LLC, an affiliate of
MidOcean Partners III, L.P., and certain of its affiliates
merged with and into the company in exchange for consideration
of US$450 million in cash, subject to certain adjustments.  Upon
consummation of the Merger, all of the outstanding common stock
of the Company became owned by Sbarro Holdings LLC, a subsidiary
of Holdings.

In addition, the former shareholders received a distribution of
the cash on hand in excess of (i) US$11 million, plus (ii) all
amounts required to be paid in connection with the special event
bonuses.

Upon consummation of the Merger, the Company transferred
interests in certain non-core assets to a newly formed company
owned by certain of our former shareholders.  There was no
additional consideration given for the transfer of these assets
as they were treated as a dividend.  The assets and related
costs that we transferred were:

   -- the interests in 401 Broadhollow Realty Corp. and 401
      Broadhollow Fitness Center Corp., which own the corporate
      headquarters of the Company, the fitness center and the
      assets of the Sbarro Cafe located at the corporate
      headquarters;

   -- a parcel of undeveloped real property located in East
      Northport, New York;

   -- the interests in Boulder Creek Ventures LLC and Boulder
      Creek Holdings, LLC, which own a 40% interest in a joint
      venture that operates 15 steakhouses under "Boulder Creek"
      and other names; and

   -- the interest in Two Mex-SS, LLC, which owns a 50% interest
      in a joint venture that operates two tex-mex restaurants
      under the "Baja Grill" name.

Sbarro, Inc. -- http://www.sbarro.com/-- headquartered in  
Melville, New York, is a leading quick service restaurant chain
that serves Italian specialty foods.  As of April 23, 2006, the
company owned and operated 482 and franchised 491 restaurants
worldwide under brand names such as "Sbarro,", "Umberto's," and
"Carmela's Pizzeria".  Total revenues for fiscal 2005 were
approximately US$348 million.  The company announced on June 19,
2006, its international expansion by opening more than 25
restaurants in Guatemala, El Salvador, Honduras, The Bahamas and
Romania.

                       *    *    *

Moody's Investors Service held Sbarro Inc.'s Caa1 Corporate
Family Rating and Caa1 rating on the company's $255 million
Guaranteed 11% Senior Unsecured Notes due on September 2009 in
connection of the rating agency's implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology.


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


BAKERY 12 LLC: Creditors Must File Claims by April 17
-----------------------------------------------------
Creditors of LLC Bakery 12 have until April 17 to submit proofs
of claim to:

         P. Tarasov, Insolvency Manager
         Post User Box 19
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-36929/2006.

The Arbitration Court of St. Petersburg and Leningrad Region is
located at:

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         LLC Bakery 12
         Mokhovaya 39
         St. Petersburg
         Russia


BASALT-N LLC: Orenburg Bankruptcy Hearing Slated for April 25
-------------------------------------------------------------
The Arbitration Court of Orenburg will convene at 10:30 a.m. on
April 25 to hear the bankruptcy supervision procedure on LLC
Basalt-N (TIN 5602007073, KPP 560201001).  The case is docketed
under Case No. A47-12902/06-14 GK.

The Temporary Insolvency Manager is:

         D. Samoylov
         Gaya Str. 23A
         460000 Orenburg
         Russia

The Arbitration Court of Orenburg is located at:

         9th January Str. 64
         460046 Orenburg  
         Russia

The Debtor can be reached at:

         LLC Basalt-N
         Leningradskaya Str. 35
         Buguruslan
         461630 Orenburg
         Russia


BUILDER CJSC: Creditors Must File Claims by April 17
----------------------------------------------------
Creditors of CJSC Builder have until April 17 to submit proofs
of claim to:

         P. Tarasov, Insolvency Manager
         Post User Box 19
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-34413/2006.

The Arbitration Court of St. Petersburg and the Leningrad Region
is located at:

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Builder
         Budapeshtskaya 5
         St. Petersburg
         Russia


DIAMOND LLC: Creditors Must File Claims by May 17
-------------------------------------------------
Creditors of LLC Diamond have until May 17 to submit proofs of
claim to:

         N. Stulkov, Insolvency Manager
         Poymennaya Str. 20
         Solnechnyj
         460051 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-9008/06-14gk.

The Arbitration Court of Orenburg is located at:

         9th January Str. 64
         460046 Orenburg  
         Russia

The Debtor can be reached at:

         LLC Diamond
         Mednogorsk
         Orenburg
         Russia


GAZPROM NEFT: Earns RUR62.83 Billion for Full Year 2006
-------------------------------------------------------
OAO Gazprom Neft released its unconsolidated financial results
for the year and fourth quarter ended Dec. 31, 2006.

Gazprom Neft posted a 47.7% increase in year-on-year
unconsolidated net profit to RUR62.83 billion, RIA Novosti
reports.  The company also registered a 14.2% decline in
quarter-on-quarter unconsolidated net profit for the fourth
quarter of 2006 to RUR15.16 billion.

Lukoil attributed the quarterly decline in net profit to lower
sales and lower prices of oil and oil derivatives

                       About Gazprom Neft

Headquartered in Moscow, Russia, OAO Gazprom Neft --
http://www.gazprom-neft.ru/-- explores, produces, refines,   
markets, produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the
Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as
in the Omsk and Tomsk regions, and in Chukotka.  The Company's
main oil processing center is the Omsk Refinery.

                        *     *     *

As reported in the TCR-Europe on Nov. 20, 2006, Standard &
Poor's Ratings Services placed its 'BB+' corporate credit rating
and 'ruAA+' national scale rating on Russia-based oil company
JSC Gazprom Neft on CreditWatch with positive implications.


HEALTH CJSC: Creditors Must File Claims by April 17
---------------------------------------------------
Creditors of CJSC Health have until April 17 to submit proofs of
claim to:

         P. Tarasov, Insolvency Manager
         Post User Box 19
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-34382/2006.

The Arbitration Court of St. Petersburg and the Leningrad Region
is located at:

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Health
         Volkovskiy Pr. 24-A
         St. Petersburg
         Russia


KATRIN-CLUB CJSC: Creditors Must File Claims by April 17
--------------------------------------------------------
Creditors of CJSC Health have until April 17 to submit proofs of
claim to:

         P. Tarasov, Insolvency Manager
         Post User Box 19
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-34214/2006.

The Arbitration Court of St. Petersburg and the Leningrad Region
is located at:

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Katrin-Club
         Oktyabrskaya Str. 17,3
         Kolpino, St. Petersburg
         Russia


L'GOV-MEAT-PRODUCT: Kursk Bankruptcy Hearing Slated for June 27
---------------------------------------------------------------
The Arbitration Court of Kursk will convene at 10:00 a.m. on
June 27 to hear the bankruptcy supervision procedure on LLC
L'gov-Meat-Product.  The case is docketed under Case No.
A35-347/07 g.

The Temporary Insolvency Manager is:

         E. Sergeev
         Apartment 53
         K. Marksa Str. 71b
         305021 Kursk
         Russia

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         LLC L'gov-Meat-Product
         L'gov
         Kursk
         Russia


LUKOIL OAO: Eyes US$500-Million Eurobond Issue in 2007
------------------------------------------------------
OAO Lukoil will issue a US$500-million Eurobond in the first
half of 2007, RIA Novosti reports citing company president
Vagit Alekperov.

According to the report, Lukoil has mandated Deutsche Bank and
Credit Suisse to arrange the facility.

The company's last Eurobond issue was in 2002, when it sold
five-year US$55 million debt, RIA Novosti relates.  Lukoil also
carried out two Eurobond issues in 1997, worth US$350 million
and US$230 million.

Lukoil, RIA Novosti relates, had repeatedly announced plans for
Eurobonds since 2004, but the issue has always seen delays.

                          About Lukoil

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

                          *     *     *

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


LUKOIL OAO: Inks 2007-2010 Cooperation Deal with OAO Kamaz
----------------------------------------------------------
Vladimir Nekrasov, First Vice-President of OAO Lukoil, and Vasil
Kayumov, Executive Director of OAO Kamaz, signed a Cooperation
Agreement between the firms for 2007-2010.

Among other things, the Agreement stipulates that Lukoil branded
lubricants will be used for the first filling of Kamaz
automobiles.  Under the agreement, the lubricants will become
part of the engineering and design documentation.

The parties have also agreed to pursue a unified engineering
policy and sustain partnership in terms of petroleum, oil, and
lubricant quality.

OOO LLK-International, a 100% subsidiary of OAO Lukoil, is
launching motor oil production under Kamaz brand, offering OAO
Kamaz the status of the exclusive supplier.

"The development of OAO LUKOIL lubricants is one of the
Company's most dynamic businesses," Mr. Nekrasov said.  "To us,
the agreement with OAO KAMAZ is important not only from the
point of view of economic efficiency, but also from the point of
view of establishing engineering cooperation with one of the
largest consumers.  This would allow us to develop new types of
high quality lubricants, perform comprehensive tests and
eventually create the best-customized product particularly for
this consumer."

                          About Lukoil

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

                          *     *     *

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


LUKOIL OAO: Earns RUR55.12 Billion for Year Ended Dec. 31, 2006
---------------------------------------------------------------
OAO Lukoil released its financial results for full year and
fourth quarter ended Dec. 31, 2006, prepared according to
Russian Accounting Standards.

Lukoil posted a 16.9% year-on-year decline in full year net
profit to RUR55.12 billion, RIA Novosti reports.  The company
also posted a 48.9% year-on-year slide in fourth quarter net
profit to RUR4.04 billion.

Lukoil attributed the decline to higher commercial and
managerial costs, mostly of increased transport expenses.  The
company noted higher costs of transporting petroleum product
outside Russia.

The company also attributed the wane in net profit to the
decline in the average market prices of oil and petroleum
products and to higher export duties in the fourth quarter of
2006.

                          About Lukoil

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

                          *     *     *

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


MOSKVORETSKIY BREWERY: Asset Sale Slated for April 20
-----------------------------------------------------
LLC Legal Centre of Dwelling-Realty, the bidding organizer for
OJSC Moskvoretskiy Brewery, will open a public auction for the
company's properties at 9:00 a.m. on April 20 at:

         OJSC Moskvoretskiy Brewery
         Conference-Hall
         1st Varshavskiy Proezd, 1a
         115210 Moscow
         Russia

Interested participants have until April 16 to deposit an amount
equivalent to five percent of the starting price to:

         LLC Legal Centre of Dwelling-Realty
         Settlement Account 40702810200000005424
         Correspondent Account 3010181040000000000487
         BIK 044525487
         TIN/KPP 7703297220/772701001
         OJSC Sobinbank
         Moscow, Russia

Bidding documents must be submitted to:

         LLC Legal Centre Of Dwelling-Realty
         Office 415
         Building 1
         Kedrova Str. 14
         117218 Moscow
         Russia

The Debtor can be reached at:

         OJSC Moskvoretskiy Brewery
         1st Varshavskiy Proezd 1a
         115210 Moscow
         Russia


NIZHEGOROD-FISH CJSC: Court Names I. Volkov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod appointed Mr.
I. Volkov as Insolvency Manager for CJSC Nizhegorod-Fish.  He
can be reached at:

         I. Volkov
         Post User Box 104
         603163 Nizhniy Novgorod
         Russia
         Tel: (8312) 12-21-62

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-805/2001-24-14.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         I. Volkov
         Post User Box 104
         603163 Nizhniy Novgorod
         Russia
         Tel: (8312) 12-21-62


OKA OJSC: Moscow Bankruptcy Hearing Slated for June 5
-----------------------------------------------------
The Arbitration Court of Moscow will convene on June 5 to hear
the bankruptcy supervision procedure on OJSC Textile Company
Oka.  The case is docketed under Case No. A41-K2-3300/2007.

The Temporary Insolvency Manager is:

         G. Grishenkov
         Sveaborgskaya Str. 15-9
         196105 St. Petersburg
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Textile Company Oka
         Sovetskiy Per. 3
         Ozery
         140560 Moscow
         Russia


ORLOVSKOYE CJSC: Creditors Must File Claims by May 17
-----------------------------------------------------
Creditors of CJSC Orlovskoye have until May 17 to submit proofs
of claim to:

         M. Groysman, Insolvency Manager
         Post User Box 69
         630004 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-16121/06-54/436.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Orlovskoye
         Orlovka
         Tatarskiy
         632122 Novosibirsk
         Russia


PETROLEUM CJSC: Creditors Must File Claims by May 17
----------------------------------------------------
Creditors of CJSC Petroleum have until May 17 to submit proofs
of claim to:

         S. Lavrentyeva, Insolvency Manager
         Engelsa Str. 21/5
         214014 Smolensk
         Russia

The Arbitration Court of Smolensk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A62-93/2007 (1262-N/07).

The Debtor can be reached at:

         CJSC Petroleum
         Smolyaninova Str. 7
         214020 Smolensk
         Russia


SBERBANK ROSSII: MICEX to Change Firm's Share Parameters
--------------------------------------------------------
The Moscow Interbank Currency Exchange will make these changes
on the shares of OAO Sberbank Rossii in the MICEX Index after
the close of trading on Friday, April 13, 2007.

The quantity of Sberbank's ordinary shares in the MICEX Index
will be increased to 21,586,948 from 19,000,000.  The company's
Free Float coefficient remains unchanged.

This change is the result of the beginning of trading in
additional issue of ordinary shares of the Sberbank at the MICEX
Stock Exchange.

Shares of Sberbank render essential influence on the MICEX
Index.  In 2006 Sberbank, being one of market gainers, increased
by 138% that has considerably outstripped the market (the MICEX
Index gained by 67,5 % in 2006).  Current weight of Sberbank's
ordinary shares in the MICEX Index is about 15%.

                         About Sberbank

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

                        *     *     *

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

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


SEVERSTAL OAO: Karelsky Okatysh Unit Starts Korpanga Operations
---------------------------------------------------------------
Karelsky Okatysh, a unit of OAO Severstal, has commenced ore
extraction operations at its Korpanga site.

At a total of over US$100 million, the integration of Korpanga
is Karelsky Okatysh's largest investment project to date.  Over
the last four years, the company has invested some US$54 million
in the new operations.  This year the company will invest
US$10 million with a further US$38 million expected to be
invested before 2013.

Up to three million tons of ore will be processed by the end of
the year, with future annual capacity likely to increase to up
to 10 million tons.

"The start of ore extraction at Korpanga means that we are able
to maintain, and even increase, our overall current rates of
production at a time when the output from our existing mine at
Kostomuksha is actually in decline," Victor Vasin, Director
General of Karelsky Okatysh, said.  "This year's mining of 28
million tonnes of ore will require the evacuation of 40 million
m3 and will allow us to increase the production and sales of
pellets up to 10 million tons.  All three figures are the
highest in the company's history and would not be possible
without the Korpanga deposit.  In the long term we will increase
the scale of our ore mining and the volume of pellet
production."

The infrastructure required at the site of the deposit includes
20 km of roads and railway lines which link the new deposit to
the concentration plant to supply the plant with ore for the
production of iron ore concentrate and iron ore pellets.

Korpanga is located five kilometers north of the company's
current core mineral base, Kostomuksha and features better ore
in terms of recovery ratios.  The Korpanga deposit was
discovered in 1952 with geological exploration started in 1970
and a detailed survey completed in 1981.  Following a
competitive tender, Karelsky Okatysh was granted the right to
develop Korpanga in July 2001 by the Natural Resources Ministry
of the Russian Federation and the Government of the Karelian
Republic.  The license is valid for 20 years.

An independent study by Branan, commissioned by the European
Bank of Reconstruction and Development, and consultation with
scientists and environmentalists has concluded that the
commissioning of the Korpanga deposit will have no impact on the
environment.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel     
producer, with steel production of 17.1 million tons in 2005.  
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                         *     *     *

As of Feb. 1, Severstal carries these ratings:

   * Moody's
      -- Outlook: Stable
      -- Long-term Corp. Family Rating: Ba3
      -- Senior Unsecured Debt: B1

   * Standard & Poor's
      -- Outlook: Stable
      -- Long-term Foreign Issuer Credit: BB-
      -- Long-term Local Issuer Credit: BB-

   * Fitch
      -- Long-term Issuer Default Rating: BB-
      -- Senior Unsecured Debt: BB-
      -- Short-term: B
      -- Short-term Issuer Default Rating: B


TAGIL-STROYA OJSC: Creditors Must File Claims by April 17
---------------------------------------------------------
Creditors of OJSC Trading House Tagil-Stroya have until April 17
to submit proofs of claim to:

         A. Zamaraev, Temporary Insolvency Manager
         Zoologicheskaya Str. 9
         620149 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A60-970/07-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         OJSC Trading House Tagil-Stroya
         Gvardeyskaya Str. 38
         Nizhniy Tagil
         622005 Sverdlovsk
         Russia


TATNEFT OAO: Extracts 6.4 Million Tons of Oil in First Qtr. 2007
----------------------------------------------------------------
OAO Tatneft released its operational results for the first
quarter of 2007.

Tatneft's oil production hiked 1.7% year-on-year to 6.4 million
tons for the first quarter of 2007.  In March, the company's oil
production hiked 1.9% year-on-year to 2.2 million tons.

Tatneft, which operates oil sites in Tatarstan, Russia, produced
80% of the total oil extracted in the region.  In 2006, the
company produced 25.33 million metric tons of oil in 2006.

                         About Tatneft

Headquartered in Tatartan, Russia, Tatneft JSC --
http://www.tatneft.ru/eng/-- explores for, produces, refines  
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                          *     *     *

As of Feb. 28, Tatneft carries Fitch's B+ Issuer Default rating.
Its Short-Term rating stands at B.  Fitch said the outlook is
positive.


THERMAL RESOURCE: Court Names V. Medvedev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Sverdlovsk appointed Mr. V. Medvedev as
Insolvency Manager for OJSC Thermal Resource.  He can be reached
at:

         V. Medvedev
         Post User Box 308
         620028 Ekaterinburg
         Russia
         Tel: (343) 373-43-86

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-224/07-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         OJSC Thermal Resource
         Zavodskaya Str. 3
         Pyshma
         623550 Sverdlovsk
         Russia


TNK-BP HOLDING: Yugragazpererabotka Venture Commences Operations
----------------------------------------------------------------
Yugragazpererabotka Ltd., a joint venture of TNK-BP holding Ltd.
and Sibur Holding, has started processing associated petroleum
gas, RIA Novosti reports.

The firms signed an agreement to form Yugragazpererabotka in
November 2006.  Under the deal, the joint venture will acquire
APG supplies mainly from TNK-BP and from other suppliers.  After
processing, TNK-BP will receive 100% of dry lean gas, and Sibur
will receive 100% of the liquid products.

Yugragazpererabotka operates two gas-processing sites in
Belozerny and Nizhnevartovsk.  Sibur owns 51% and TNK-BP 49% of
the joint venture.

"The synergy gained from our project will simultaneously boost
APG processing, ensure stability in petrochemical supplies and
improve the environmental situation in the region by reducing
gas flaring," Sibur President Dmitry Konov said in a statement.

"The joint venture provides an ideal opportunity for TNK-BP to
build a foundation for the APG processing business in the
Nizhnevartovsk region," German Khan, TNK-BP Executive Director,
said.  This foundation creates several ways to monetize the
associated gas, and also facilitates a reduction in current gas
flaring.  Improving the gas utilization rate will also lead to a
reduction of greenhouse gas emissions, which supports Russia's
obligations under the Kyoto Protocol."

                          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.


VESHKOVSKIY OJSC: Creditors Must File Claims by April 17
--------------------------------------------------------
Creditors of OJSC Flax Factory Veshkovskiy (TIN 6717000380) have
until April 17 to submit proofs of claim to:

         I. Stepanov, Insolvency Manager
         Office 218
         Moskovskaya Str. 127
         429820 Alatyr
         Russia

The Arbitration Court of Smolensk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-62-5885/2006 (1157-N/2006).

The Debtor can be reached at:

         OJSC Flax Factory Veshkovskiy
         Veshki
         Ugranskiy, Smolensk
         Russia


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


TOWER AUTOMOTIVE: Brand Wants Stay Modified to Serve Subpoena
-------------------------------------------------------------
The Brand Group asks the Hon. Allen Gropper of the U.S.
Bankruptcy Court for the Southern District of New York to modify
the automatic stay so it may serve a document preservation
subpoena on Tower Automotive Inc., and certain affiliated
entities.

The Brand Group is the lead plaintiff in a securities fraud
class action entitled In re Tower Automotive Securities
Litigation, Case No. 1:05-cv-01926 (RWS), pending before the
United States District Court for the Southern District of New
York.

The Securities Litigation was filed on behalf of all persons who
acquired Tower's securities between Aug. 14, 2000, and Feb. 1,
2005, inclusive, and alleges violations by certain current and
former officers and directors of Tower of federal securities
laws, including Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

Tower is not a defendant in the Securities Litigation.  The case
is proceeding against the Non-Debtor Defendants.

Service of the Preservation Subpoena on the Debtors is necessary
to ensure the proper and secure maintenance of documents in the
Debtors' possession or control, until the time Brand Group is
permitted to serve a subpoena duces tecum on the Debtors or the
documents are otherwise made available, Michael S. Etkin, Esq.,
at Lowenstein Sandler PC, explains.

The Defendants in the Securities Litigation have sought
dismissal of the Action.  The adversary parties currently await
the District Court's decision.

Pursuant to the Private Securities Litigation Reform Act of
1995, absent relief from the District Court, Brand Group is
enjoined from seeking discovery in the Securities Litigation
until a decision is rendered on the Motion to Dismiss.  As a
result of the PSLRA Stay, Brand Group is barred from serving
requests for discovery on the Non-Debtor Defendants or subpoenas
on non-parties.

To prevent destruction of documents, the statute requires that
the parties to a securities action preserve all relevant
documents in their possession during the pendency of the PSLRA
Stay, Mr. Etkin contends.

"Maintaining and preserving the documents is essential to
assuring [Brand Group's] ability to prosecute the Securities
Litigation," Mr. Etkin says.

Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and    
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.


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


ARVINMERITOR INC: Names Ed Frutig as LVS General Manager & VP
-------------------------------------------------------------
ArvinMeritor Inc. appointed Ed Frutig as vice president and
general manager of Light Vehicle Systems (LVS) Chassis Systems.

He will be responsible for leading the business unit's
accelerated plan for profitable growth through customer-focused
initiatives; including, global expansion, and commercialization
of advanced-engineering products.

"Ed's prior experience in developing and leading successful
global automotive system businesses, including ten years
specifically dedicated to chassis systems, makes him a great
addition to the ArvinMeritor team," said Phil Martens, president
of LVS.  "Ed will be extremely valuable in supporting the
company's global efforts to develop, produce and deliver vehicle
stability and ride control solutions that are scalable in
performance yet modular in design and assembly."

The Chassis Systems business unit includes:

   -- the newly combined ride control group offering light-,
      medium- and heavy-duty original equipment and replacement
      shock absorbers and struts;

   -- the light vehicle suspension modules group offering
      original equipment cross-car and wheel-end chassis
      modules; and

   -- the Meritor Suspension Systems Company (MSSC) joint
      venture offering coil springs, and stabilizer and torsion
      bars for the North American passenger car market.

In July 2006, ArvinMeritor announced it would sell its joint
venture shares to partner Mitsubishi Steel Mfg. Co., Ltd. (MSM).

On March 29, 2007, MSM announced that both companies support the
long-term viability of the partnership, and would continue in
the joint venture as currently structured.

Mr. Frutig most recently served as vice president of Global
Sales and Engineering at Cooper-Standard Automotive.  There he
led Engineering, Sales, Program Management and Finance for the
company's Fluid Systems Business.  

Mr. Frutig has more than 20 years of automotive experience,
including holding various leadership positions at ZF, Visteon,
Ford Motor Company and General Motors.  Ten of those years have
been specifically focused in the chassis systems arena where
he's been recognized by both industry and customers for his
leadership and innovation skills.  Frutig holds a masters of
business administration degree from the University of Detroit
and a bachelors of science in mechanical engineering from the
University of Michigan.

                    About ArvinMeritor Inc.

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)  
-- http://www.arvinmeritor.com/-- is a premier US$8.8   
billion global supplier of a broad range of integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs approximately 29,000 people
at more than 120 manufacturing facilities in 25 countries.  
These countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.  ArvinMeritor
common stock is traded on the New York Stock Exchange under the
ticker symbol ARM.

                           *     *     *

As reported in the Troubled Company Reporter on Feb. 12,
Dominion Bond Rating Service assigned a rating of BB (low) to
the US$175 million Convertible Senior Unsecured Notes of
ArvinMeritor Inc.  The trend is Stable.

In a TCR-Europe on Feb. 6, Moody's Investors Service has
downgraded ArvinMeritor's Corporate Family Rating to Ba3 from
Ba2.  Ratings on the company's secured bank obligations and
unsecured notes were lowered one notch as a result.

Ratings lowered:

ArvinMeritor Inc.

    -- Corporate Family Rating to Ba3 from Ba2

    -- Senior Secured bank debt to Ba1, LGD-2, 20% from Baa3,
       LGD-2, 18%

    -- Senior Unsecured notes to B1, LGD-4, 65% from Ba3,
       LGD-4, 64%

    -- Probability of Default to Ba3 from Ba2

    -- Shelf unsecured notes to (P)B1, LGD-4, 65% from (P)Ba3,
       LGD-4, 64%

Arvin Capital I

    -- Trust Preferred to B2, LGD-6, 96% from B1, LGD-6, 96%

Arvin International PLC

    -- Unsecured notes guaranteed by ArvinMeritor Inc. to B1,
       LGD-4, 65% from Ba3, LGD-4, 64%

Ratings affirmed:

ArvinMeritor Inc.

    -- Speculative Grade Liquidity rating, SGL-2


BRIGHTPOINT INC: Units Buy CellStar's Entire U.S. Operations
------------------------------------------------------------
Brightpoint Inc. disclosed that its wholly-owned subsidiaries,
Brightpoint North America L.P. and Brightpoint Latin America,
Inc., have completed the acquisition of substantially all of
CellStar Corp.'s assets and liabilities related to its U.S.
operations and its Miami-based Latin America business.  

CellStar's operations in Mexico and Chile and other businesses
or obligations of CellStar Corporation were not included in the
acquisition.

"We are excited to complete the acquisition of CellStar's U.S.
operations and its Miami-based Latin America business," J. Mark
Howell, President, Brightpoint, Inc. and Brightpoint Americas,
stated.  "This transaction provides a foundation to implement
our expansion into Latin America, broadens our product offering,
and will improve overall operating efficiencies to help drive
long-term value for our stakeholders.  Additionally, we welcome
the former CellStar employees to the Brightpoint team and look
forward to working with them to provide the most complete,
efficient, and innovative solutions for suppliers, network
operators and retailers throughout North America and Latin
America."

In accordance with the definitive agreement, the estimated
purchase price of US$88 million was reduced to US$62.4 million
based upon a preliminary estimate of net asset adjustments.  The
purchase price is subject to further adjustments as the net
asset adjustments and other matters set forth in the definitive
agreement are finalized.  Brightpoint expects to record goodwill
and other intangible assets of approximately US$63.5 million in
relation to this transaction.

The purchase price was primarily funded through borrowings on
Brightpoint, Inc.'s senior secured revolving credit facility led
by Banc of America Securities LLC, as lead arranger for a group
of 9 major U.S. and international lending institutions.  
Availability under the Credit Facility was increased today by
US$75 million from US$165 million to US$240 million.  The other
terms of the Credit Facility remained unmodified and amounts
borrowed under this Credit Facility are due in February 2012.

                         About CellStar

Headquartered at Coppell, Texas, CellStar Corp. (OTC Pink
Sheets: CLST) -- http://www.cellstar.com/-- provides logistics  
and distribution services to the wireless communications
industry.  CellStar Corp. has operations in North America and
Latin America, including Mexico, and distributes handsets,
related accessories and other wireless products from
manufacturers to a network of wireless service providers,
agents, MVNOs, insurance/warranty providers and big box
retailers.  CellStar Corp. specializes in logistics solutions,
repair and refurbishment services, and in some of its markets,
provides activation services.

                        About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- engages in the distribution of  
wireless devices and accessories, as well as provision of
customized logistic services to the wireless industry.  The
company primarily operates in Australia, Colombia, Finland,
Germany, India, New Zealand, Norway, the Philippines, the Slovak
Republic, Sweden, United Arab Emirates and the United States.
The company's customers include mobile operators, mobile virtual
network operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                        *    *    *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


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


ALIENS LLC: Creditors' Liquidation Claims Due May 18
----------------------------------------------------
Creditors of LLC Aliens have until May 18 to submit their claims
to:

         Peter Dobler
         Liquidator
         Hardturmstrasse 124/203
         8005 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Aliens
         Zurich
         Switzerland


ASHLAND SWITZERLAND: Creditors' Liquidation Claims Due April 30
---------------------------------------------------------------
Creditors of JSC Ashland Switzerland have until April 30 to
submit their claims to:

         Martin Frey
         Liquidator
         Zollikerstrasse 225
         8008 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Ashland Switzerland
         Zurich
         Switzerland


BOUTIQUE ANDREA: Creditors' Liquidation Claims Due April 20
-----------------------------------------------------------
Creditors of LLC Boutique Andrea have until April 20 to submit
their claims to:

         JSC PROCURA-Treuhand
         Liquidator
         Quaderstrasse 7
         7001 Chur
         Plessur GR
         Switzerland

The Debtor can be reached at:

         LLC Boutique Andrea
         Andeer
         Hinterrhein GR
         Switzerland


CABLECOM LUXEMBOURG: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
Cablecom Luxembourg SCA.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Secured Bank
   Credit Facility          B1       Ba3      LGD3    36%

   8% Senior Unsecured
   Regular Bond/Debenture
   Due 2016                 B3       B3       LGD6    90%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale.  They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Cablecom Luxembourg, whose operating company is located in
Zurich, Switzerland, is a leading provider of analog cable,
digital cable, Internet broadband and telephony services in
Switzerland.


MEDITERRANIA AGRO: Creditors' Liquidation Claims Due June 30
------------------------------------------------------------
Creditors of LLC Mediterrania Agro Alimentari have until June 30
to submit their claims to:

         Giuseppe Spataro
         Liquidator
         Untere Bruhlstrasse 48
         4800 Zofingen AG
         Switzerland

The Debtor can be reached at:

         LLC Mediterrania Agro Alimentari
         Zofingen AG
         Switzerland


NIEVERGELT ELEKTRO: Zurich Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of Zurich commenced bankruptcy proceedings
against JSC Nievergelt Elektro on Feb. 28.

The Bankruptcy Service of Zurich can be reached at:

         Bankruptcy Service of Zurich
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Nievergelt Elektro
         Eisfeldstrasse 10 A
         8050 Zurich 11
         Switzerland


PARITY EUROSOFT: Creditors' Liquidation Claims Due April 30
-----------------------------------------------------------
Creditors of JSC Parity Eurosoft have until April 30 to submit
their claims to:

         Dr. Markus Bosiger
         Liquidator
         Gerechtigkeitsgasse 23
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Parity Eurosoft
         Zurich
         Switzerland


STADTHOF LANGENTHAL: Bern Court Starts Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Court of Emmental-Oberaargau in Bern commenced
bankruptcy proceedings against LLC Stadthof Langenthal on
Feb. 15.

The Bankruptcy Service of Emmental-Oberaargau can be reached at:

         Bankruptcy Service of Emmental-Oberaargau
         Office Aarwangen
         4912 Aarwangen BE
         Switzerland

The Debtor can be reached at:

         LLC Stadthof Langenthal
         Farbgasse 13
         4900 Langenthal
         Aarwangen BE
         Switzerland


TRADEMED JSC: Creditors' Liquidation Claims Due May 14
------------------------------------------------------
Creditors of JSC TradeMed have until May 14 to submit their
claims to:

         Neugutstrasse 52
         8600 Dubendorf
         Uster ZH
         Switzerland

The Debtor can be reached at:

         JSC TradeMed
         Dubendorf
         Uster ZH
         Switzerland


TREUFAIR LLC: Creditors' Liquidation Claims Due May 31
------------------------------------------------------
Creditors of LLC TreuFair have until May 31 to submit their
claims to:

         Winkelackerweg 2
         5522 Tagerig
         Bremgarten AG
         Switzerland

The Debtor can be reached at:

         LLC TreuFair
         Tagerig
         Bremgarten AG
         Switzerland


TUNE JSC: Creditors' Liquidation Claims Due May 14
--------------------------------------------------
Creditors of JSC Tune have until May 14 to submit their claims
to:

         Dr. Jodok Wicki
         Liquidator
         CMS von Erlach Henrici
         Dreikonigstrasse 7
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Tune
         Zurich
         Switzerland


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


TURKLAND BANK: Fitch Lifts Ratings to BB After Equity Sale
----------------------------------------------------------
Fitch Ratings upgraded Turkey-based Turkland Bank's ratings to
foreign currency Issuer Default 'BB' from 'B-', local currency
Issuer Default 'BB+' from 'B-', National Long-term 'AA' from
'BBB' and Support '3' from '5'.  

This follows the acquisition of 50% of Turkland Bank by Arab
Bank plc and 41% of its shares by Bank Med from Mehmet Nazif
Gunal who previously fully owned the bank.  Mr. Gunal will
retain a 9% stake.

The Rating Watch Positive on the above ratings has been removed.
A Positive Outlook has been assigned to the foreign and local
currency Issuer Default ratings and a Stable Outlook assigned to
the National rating.  The foreign currency IDR is now at
Turkey's Country Ceiling and the local currency IDR is two
notches above the sovereign rating.  The bank's other ratings
are affirmed at Short-term 'B' and Individual 'D/E'.

The upgraded ratings reflect the support and benefits that
Turkland Bank is expected to receive from its new shareholder.
Fitch views that while Arab Bank has a very high propensity to
support Turkland Bank, its ability to do so could be constrained
by Turkey's 'BB' Country Ceiling.

Turkland Bank is one of Turkey's smaller-sized banks and
operated with 10 branches as of end-2006.  The bank will enhance
the branch network in major cities of Turkey targeting 45-50
branches by the end of 2009.  The bank plans to focus on SME
segmentation, supporting the trade flow between Middle East and
Turkey and finally target up-scale retail banking.


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


BULDYCHEV AGRICULTURAL: Creditors Must File Claims by April 19
--------------------------------------------------------------
Creditors of Buldychev Agricultural LLC (code EDRPOU 05267297)
have until April 19 to submit written proofs of claim to:

         Ludmila Shvediuk, Liquidator 10025
         Shkolny Lane 9
         Zhytomir
         Ukraine         

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 3/190b.

The Court is located at:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Debtor can be reached at:

         Buldychev Agricultural LLC
         Buldychev
         Romanovka District
         Zhytomir
         Ukraine


KOLOS LLC: Claims Submission Deadline Set April 19
--------------------------------------------------
Creditors of Agricultural LLC Kolos (code EDRPOU 03794644) have
until April 19 to submit written proofs of claim to:

         Sergey Smilianets, Temporary Insolvency Manager
         P.O. Box 803
         Uman
         20308 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
01/5134.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Kolos
         Shukayvoda
         Hristinovka District
         Cherkassy
         Ukraine


KONTINENT CJSC: Creditors Must File Claims by April 19
------------------------------------------------------
Creditors of CJSC Charitable Fund Kontinent (code EDRPOU
13527364) have until April 19 to submit written proofs of claim
to:

         G. Starodub, Liquidator
         Mir Avenue 8
         83015 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on Feb. 21 after finding it insolvent.  The
case is docketed under Case No. 5/209B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Charitable Fund Kontinent
         Krasnoarmeyskaya Str. 76
         83000 Donetsk
         Ukraine


MAN-SOUTH LLC: Creditors Must File Claims by April 20
-----------------------------------------------------
Creditors of LLC Man-South (code EDRPOU 33572909) have until
April 20 to submit written proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on March 13 after finding it insolvent.  The
case is docketed under Case No. 5/91/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Man-South
         Mlinov Str. 23
         Nikolaev
         Ukraine

MASTER-GLASS LLC: Creditors Must File Claims by April 19
--------------------------------------------------------
The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company on March 12 after finding it
insolvent.  The case is docketed under Case No. B 15/33/07.

Creditors of LLC Master-Glass (code EDRPOU 30888431) have until
April 19 to submit written proofs of claim to:

         Irene Senchenko, Liquidator
         Petrovsky Str. 50-A
         49000 Dnipropetrovsk
         Ukraine

The Court is located at:

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


The Debtor can be reached at:

         LLC Master-Glass
         Baykalskaya Str. 9/21
         49051 Dnipropetrovsk
         Ukraine


NOYALS LLC: Creditors Must File Claims by April 20
--------------------------------------------------
Creditors of LLC Noyals (code EDRPOU 33854529) have until
April 20 to submit written proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on March 13 after finding it insolvent.  The
case is docketed under Case No. 5/90/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Noyals
         Geroev Stalingrada Str. 91
         Nikolaev
         Ukraine

PAVLOVKA-AGRO LLC: Creditors Must File Claims by April 19
---------------------------------------------------------
Creditors of LLC Pavlovka-Agro have until April 19 to submit
written proofs of claim to:

         Inna Beluga, Liquidator
         Korolev Str. 15
         25013 Kirovograd
         Ukraine         

The Economic Court of Kirovograd commenced bankruptcy
proceedings against the company after finding it insolvent.   
The case is docketed under Case No. 11/110.

The Court is located at:

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Debtor can be reached at:

         LLC Pavlovka-Agro
         Malovyskovka District Pavlovka
         26206 Kirovograd
         Ukraine

RIKAR LLC: Creditors Must File Claims by April 20
-------------------------------------------------
Creditors of LLC Rikar (code EDRPOU 34242183) have until
April 20 to submit written proofs of claim to:

         Roman Nesterenko, Liquidator
         Antonov Str. 37
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 1 after finding it insolvent.  The
case is docketed under Case No. 24/150b.

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 Rikar
         Molodogvardeyskaya Str. 11
         Kiev
         Ukraine


SUGAR-PRIKARPATYE LLC: Creditors Must File Claims by April 19
-------------------------------------------------------------
Creditors of LLC Sugar-Prikarpatye (code EDRPOU 31262207) have
until April 19 to submit written proofs of claim to:

         L. Labiak, Liquidator         
         Tsipka Str. 26
         76035 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company on Feb. 27 after finding it
insolvent.  The case is docketed under Case No. B-16/169.

The Court is located at:

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

The Debtor can be reached at:

         LLC Sugar-Prikarpatye
         Internationalists Str. 6
         76019 Ivano-Frankovsk
         Ukraine


UKRAINA BANK: Creditors Receive UAH805.3 Million from Liquidator
----------------------------------------------------------------
Ukraina Bank's liquidator has paid a total of UAH805.32 million
to the insolvent bank's first, second, and third line creditors,
Interfax reveals.

According to the report, the total payment includes UAH200.55
million given to individual depositors and UAH604.77 million
shelled out to businesses.

Concurrently, the liquidator also received UAH366,000 in
February, including UAH92,000 in repaid credits and UAH8,000
from proceeds from the sale of the bank's property, Interfax
relates.

                       About Ukraina Bank

Headquartered in Kyiv, Ukraine, Ukraina Bank --
http://www.krid.crimea.ua/-- encountered financial troubles  
that began in 1998.  On July 16, 2001, the National Bank of
Ukraine cancelled its banking license and started liquidation
proceedings.


UKRSOTSBANK: Fitch Affirms Low B IDR with Positive Outlook
----------------------------------------------------------
Fitch Ratings affirmed Ukrsotsbank's Issuer Default and Support
ratings at 'B-' and '5' respectively and removed them from
Rating Watch Positive.  A Positive Outlook has been assigned to
the bank's IDR.  The other ratings are affirmed at Short-term
'B' and Individual 'D'.

The removal of RWP follows the recent announcement that the
seller of the controlling shareholding in Ukrsots has exercised
his right to terminate the share sale agreement with Italy's
Intesa Sanpaolo, initially signed on Feb. 14, 2006 and
subsequently amended on Sept. 4, 2006.  The termination came
after the transaction failed to be completed by the scheduled
deadline of 31 March 2007.

"Fitch has been informed that Ukrsots' controlling shareholder
is now discussing with Intesa the possibility of re-signing the
purchase agreement on new terms.  Should the parties formally
commit to a new agreement we would be very likely to return
Ukrsots' IDR and Support rating to Watch Positive," says Dmitri
Angarov, Associate Director at Fitch's Financial Institutions
group in Moscow.

The Positive Outlook reflects the bank's expanding franchise,
retention of leading positions in key market segments and sound
profitability track-record as well as declining loan book
concentration levels.

"A strengthening of the bank's capitalisation and free capital
in particular and continued diversification of funding with a
resultant improvement in liquidity could lead to an upgrade,
even absent any changes in ownership" says Mr. Angarov.

At end-February 2007, Ukrsots was the fourth largest bank in
Ukraine with UAH19.8 billion of assets, representing a 5.6%
market share.  The bank also has top five positions in most
major market segments.  Retail business has been the largest
growth driver between 2004 and 2006, and at end-2006 loans to
individuals accounted for 55% of the loan book.  The retail
customer base comprises over one million individual clients
acquired through one of the largest nationwide networks,
comprising approximately 500 branches.  The bank is currently
indirectly 88.55%-owned by Viktor Pinchuk, who also owns
Interpipe Corporation, one of the largest private companies in
Ukraine.


VICTORIYA LLC: Creditors Must File Claims by April 19
-----------------------------------------------------
Creditors of LLC Victoriya have until April 19 to submit written
proofs of claim to:

         Victor Matuschak, Liquidator
         G. Skovoroda Str. 14
         29000 Hmelnitsky
         Ukraine         

The Economic Court of Hmelnitsky commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. 4/343-B.

The Court is located at:

         The Economic Court of Hmelnitsky
         Nezalezhnosti Square 1
         29000 Hmelnitsky
         Ukraine

The Debtor can be reached at:

         LLC Victoriya
         Glebov
         Novoushyck District
         Hmelnitsky
         Ukraine


ZVENIGORODKA INTERECONOMY: Creditors' Claims Due April 19
---------------------------------------------------------
Creditors of OJSC Zvenigorodka Intereconomy Movable Mechanized
Column (code EDRPOU 01352675) have until April 19 to submit
written proofs of claim to:

         Oleg Bilera, Liquidator
         Volkov Str. 59
         Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 01/3261.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         OJSC Zvenigorodka Intereconomy Movable
         Mechanized Column
         Zvenigorodka
         20200 Cherkassy
         Ukraine


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


A C PACKERS: Claims Filing Period Ends May 6
--------------------------------------------
Creditors of A C Packers (Staincliffe) Ltd. have until May 6 to
send their names and addresses with particulars of their debts
or claims, and the names and addresses of their solicitor (if
any) to:

         Ashok K. Bhardwaj
         Liquidator
         Bhardwaj Insolvency Practitioners
         47-49 Green Lane
         Northwood
         Middlesex
         HA6 3AE
         England

Ashok K.Bhardwaj of Bhardwaj Insolvency Practitioners was
appointed liquidator of the company on March 26.


ANDALUCIAN HOMES: Hires Lindsey J. Cooper as Liquidator
-------------------------------------------------------
Lindsey J. Cooper of Baker Tilly was appointed liquidator of
Andalucian Homes Ltd. on March 21 for the creditors' voluntary
winding-up procedure.

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

The company can be reached at:

         Andalucian Homes Ltd.
         54 Alderley Road
         Wilmslow
         Cheshire
         SK9 1NY
         Tel: 01625 444 100
         Fax: 0625 532 715


ATLAS CONTRACTS: Joint Liquidators Take Over Operations
-------------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint liquidators of Atlas Contracts Ltd. on
March 19 for the creditors' voluntary winding-up proceeding.

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:

         Atlas Contracts Ltd.
         8 Hindlip Close
         Halesowen
         West Midlands
         B63 4NP
         England
         Tel: 0121 550 0157


BONES REALISATIONS: Joint Liquidators Take Over Operations
----------------------------------------------------------
Richard John Hill and Myles Halley of KPMG LLP were appointed
joint liquidators of Bones Realisations Ltd. (formerly Rathbones
Bakeries Ltd.) on March 21 for the creditors' voluntary winding-
up proceeding.

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

The joint liquidators can be reached at:

         Richard John Hill and Myles Halley  
         KPMG LLP
         100 Temple Street
         Bristol  
         BS1 6AG    
         England


BRAKE BROS: Moody's Upgrades Corporate Family Rating to B1
----------------------------------------------------------
Moody's Investors Service upgraded to B1 from B2 the corporate
family rating of Brake Brothers Finance plc following a re-
assessment of our treatment of the PIK notes within the context
of the Corporate Family Rating in light of the rated group's
corporate legal structure.  

Notwithstanding the upgrade of the CFR to B1, the company's B3
senior note ratings have been affirmed.  The outlook is stable.

In September 2006, Moody's downgraded Brake Bros Finance Plc's
CFR following the announcement that Brake Brother's Holding III
Limited, a legal entity that owns 100% of Brake Bros Finance Plc
was proposing to issue GBP275-million pay-in-kind notes
predominantly to fund a cash distribution to shareholders.
Following a re-assessment of the transaction, it is now Moody's
view that while the PIK adds additional complexity to the
broader ownership group and indirectly may place pressure on the
group's financial policies in the future, the PIK notes at this
time do not have the same rights as other creditors within the
corporate family group and are therefore not placing as much
downward pressure on the group's Corporate Family Rating as
originally anticipated.

As a result of this re-assessment, Moody's now regards the
rating as being more commensurate with the B1 rating category,
particularly in conjunction with an assessment of the fiscal
year-end 2006 results where leverage at Brake Brothers Finance
plc, based upon Moody's calculations, is about 4 times EBITDA.
This reflects the fact that the PIK notes have been issued
outside the restricted group comprising the high yield notes due
2011 with the proceeds having been largely distributed to
shareholders as a dividend.  As such, the claims of the PIK note
holders are ultimately restricted to the rights that existing
shareholders hold through their equity claims on the corporate
family group given the restrictions that exist on distributions
under the high yield note documentation.

In conjunction with this action, Moody's has affirmed the B3
rating for the GBP and EUR notes due 2011 reflecting their
subordination to a substantial share of debt within the capital
structure.  Moody's has concurrently assigned the following
ratings and factors in the context of the implementation of its
Loss Given Default methodology for EMEA issuers: effective from
March 19:

Brake Brother Finance plc:

   -- Probability of default rating: B1
   -- EUR105-million senior unsecured notes due 2011: LGD 5, 86%
   -- GBP105-million senior unsecured notes due 2011: LGD 5, 86%

On March 14, the company's shareholders, Clayton, Dubilier &
Rice announced that they had initiated a review of strategic
options for the company.  Moody's will monitor this review for
any change in ownership or capital structure which could impact
the ratings.

Headquartered in the UK, Brake Bros is the leading wholesale
food distributor in the UK, with sizeable operations in the
French market.  In 2006 the company reported revenues and EBITDA
of GBP1.6 billion and GBP108.7 million, respectively.


CALMIA LTD: Paul Appleton Leads Liquidation Procedure
-----------------------------------------------------
Paul Appleton was appointed liquidator of Calmia Ltd. (formerly
Touralot Ltd.) on March 26 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Calmia Ltd.
         Copperfield House
         52 Marylebone High Street
         City of Westminster
         London
         W1U 5HR
         England
         Tel: 0845 009 2450


CARDINAL PACKAGING: Taps BDO Stoy as Joint Administrators
---------------------------------------------------------
Simon Edward Jex Girling and Martha Hanora Thompson of BDO Stoy
Hayward LLP were appointed joint administrators of Cardinal
Packaging Ltd. (Company Number 02543090) on March 26.

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

The company can be reached at:

         Cardinal Packaging Ltd.
         Unit 29  
         Rassau Industrial Estate  
         Rassau, Ebbw Vale  
         Gwent  
         NP23 5SD  
         Wales
         Tel: 01495 308 800  
         Fax: 01495 301 776


CB REALISATIONS: Claims Filing Period Ends July 31
--------------------------------------------------
Creditors of CB Realisations (2005) Ltd. (formerly Chill Bars
Ltd.) have until July 31 to send their names and addresses and
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to:

         Ian Michael Rose and Robert Michael Young  
         Joint Liquidators  
         Begbies Traynor
         The Old Barn
         Caverswall Park
         Caverswall Lane
         Stoke on Trent  
         ST3 6HP  
         England

Robert Michael Young and Ian Michael Rose of Begbies Traynor
were appointed joint liquidators of the company on Jan. 24.

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


CEN GLASS: Names Roderick Graham Butcher Liquidator
---------------------------------------------------
Roderick Graham Butcher of Butcher Woods was appointed
liquidator of Cen Glass Systems Ltd. on March 21 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Cen Glass Systems Ltd.
         The Wallows Industrial Estate
         Fens Pool Avenue
         Brierley Hill
         West Midlands
         DY5 1QA
         England
         Tel: 01384 263 317
         Fax: 01384 263 176


CEVA GROUP: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its B1 Corporate Family Rating for
CEVA Group plc.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: CEVA Group plc
                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Secured Bank
   Credit Facility          B1       Ba2      LGD2    22%

   10% Senior Subordinated
   Regular Bond/Debenture
   Due 2016                 B3       B3       LGD6    92%

   8.5% Senior Unsecured
   Regular Bond/Debenture
   Due 2014                 B2       B2       LGD4    63%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale.  They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in London, England, CEVA Group PLC is the holding
company for The Netherlands-based contract logistics group Ceva
Ltd.


CORUS GROUP: S&P Keeps BB Rating After Takeover Completion
----------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB' long-term
corporate credit rating on U.K.-based steelmaker Corus Group PLC
on CreditWatch with developing implications, following the
completion of the GBP6.2 billion takeover of the company by
India-based steel manufacturer Tata Steel Ltd., which became
effective on April 2, 2007.

The 'BB+' debt rating on Corus' EUR700 million senior secured
bank loan and the 'BB-' unsecured debt rating on Corus also
remain on CreditWatch with developing implications.  The 'B'
short-term corporate credit rating remains on CreditWatch with
positive implications.  The ratings were placed on CreditWatch
on Oct. 18, 2006, following the announcement of an initial bid
by Tata Steel.

"The CreditWatch status continues to reflect ongoing uncertainty
regarding the long-term financial structure of the transaction
and its implications for Corus," said Standard & Poor's credit
analyst Alex Herbert.

S&P understands that Tata Steel has arranged bridge financing
for the acquisition, but as the ultimate financial structure is
unknown, the ratings on Corus could be affected positively or
negatively.

Tata Steel previously announced that part of the acquisition
financing would use nonrecourse debt that would be serviced by
Corus' cash flows.  Absent adequate support from Tata Steel,
this could lead to a downgrade of Corus.

S&P notes that the materially increased acquisition price has
reduced the upside potential for the ratings on Corus.  The debt
burden of the combined entity is likely to increase following
completion of the transaction, implying lower ability and
incentives for Tata Steel to support Corus.  Nevertheless, under
certain scenarios, the combined entity might be assigned a
higher rating than the current rating on Corus.  If there is
sufficient evidence that Tata Steel will provide financial
support to Corus, the ratings on Corus could be raised.  
Furthermore, integration with Tata Steel's low-cost operations
might benefit Corus' weak business profile in the medium term.

"In resolving the CreditWatch placement, Standard & Poor's will
seek further details on the new entity's long-term financial
structure and integration plans," Mr. Herbert added.

S&P will also consider whether Corus' weak business risk profile
will be enhanced, and whether Tata Steel would be likely to
support Corus in case of financial difficulty.


CROSSCO 895: Appoints Liquidator from Tenon Recovery
----------------------------------------------------
Ian William Kings of Tenon Recovery was appointed liquidator of
Crossco 895 Ltd. (formerly Scott Beavan Ltd.) on March 22 for
the creditors' voluntary winding-up procedure.

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

The company can be reached at:

         Crossco 895 Ltd.
         5 Octavia Way
         Team Valley Trading Estate
         Gateshead
         Tyne and Wear
         NE11 0HZ
         England
         Tel: 0191 491 5000
         Fax: 0191 491 5999


DAROST PRESS: Claims Filing Period Ends June 19
-----------------------------------------------
Creditors of Darost Press Tools Ltd. have until June 19 to send
their names and addresses and particulars of their debts or
claims, and the names and addresses of the solicitors (if any)
to:
  
         Robert Michael Young and Paul Finnity
         Joint Liquidators  
         Begbies Traynor
         The Old Barn
         Caverswall Park
         Caverswall Lane
         Stoke on Trent  
         ST3 6HP  
         England

Robert Michael Young and Paul Finnity of Begbies Traynor were
appointed joint liquidators of the company on March 19.

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


DCC ELECTRONICS: Appoints Joint Administrators from PwC
-------------------------------------------------------
Stuart Madison and Robert Hunt of PricewaterhouseCoopers LLP
were appointed joint administrators of DCC Electronics Ltd.
(Company Number 01871122) on March 22.

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

The company can be reached at:

         DCC Electronics Ltd.
         Newmarket Drive
         Derby
         DE24 8SW
         England
         Tel: 01332 757733
         Fax: 01332 572229


DELTA ELECTRICAL: Creditors' Meeting Slated for April 11
--------------------------------------------------------
Creditors of Delta Electrical Engineers & Contractors Ltd. will
meet at 3:30 p.m. on April 11 at:
  
         The P&A Partnership
         93 Queen Street  
         Sheffield  
         S1 1WF
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on April 9.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing  
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.


ENVIROTEC SUPPORT: Brings In Liquidators from Begbies Traynor
-------------------------------------------------------------
Paul Finnity and Robert Michael Young of Begbies Traynor were
appointed joint liquidators of Envirotec Support Services Ltd.
on March 15 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:

         Envirotec Support Services Ltd.
         Cornwall House
         London Road
         Purfleet
         Essex
         RM19 1PS
         England
         Tel: 01708 685 230


EUROPEAN MICROWAVE: Taps Grant Thornton as Joint Administrators
---------------------------------------------------------------
David John Dunckley and Ian S. Carr of Grant Thornton U.K. LLP
were appointed joint administrators of European Microwave
Components Ltd. (Company Number 02334979) on March 19.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--  
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

         European Microwave Components Ltd.
         Unit 5  
         The Enterprise Centre  
         Cranborne Road  
         Potters Bar  
         Hertfordshire  
         EN6 3DQ  
         England
         Tel: 01707 644 374  
         Fax: 01707 644 508


FASHION TREND: Names Liquidator to Wind Up Business
---------------------------------------------------
Gagen Dulari Sharma was appointed liquidator of Fashion Tend
(Wolverhampton) Ltd. (formerly Jaybrook Ltd.) on March 22 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Fashion Trend (Wolverhampton) Ltd.
         Kalair Court
         Marston Road
         Wolverhampton
         West Midlands
         WV2 4NJ
         England
         Tel: 01902 426 900
         Fax: 010 2 426 900


FB 2005: Brings In Liquidators from KPMG
----------------------------------------
Richard John Hill and Myles Halley of KPMG LLP were appointed
joint liquidators of FB 2005 Ltd. (formerly Fresha Bakeries
Ltd.) on March 21 for the creditors' voluntary winding-up
procedure.

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

The company can be reached at:

         FB 2005 Ltd.
         480 Thurmaston Boulevard  
         Leicester  
         Leicestershire  
         LE4 9LN  
         England
         Fax: 0116 222 8866


FINE ART: Claims Filing Period Ends June 16
-------------------------------------------
Creditors of Fine Art (Leyland) Ltd. have until June 16 to send
in their full names, their addresses and descriptions, full
particulars of their debts or claims, the names and addresses of
their solicitors (if any) to:

         Gordon Craig
         Liquidator
         Cresswall Associates Ltd.
         168 Hesketh Lane
         Tarleton
         Preston
         Lancashire  
         PR4 6AT
         England

Gordon Craig of Cresswall Associates Ltd. was appointed
liquidator of the company on March 16.


GEORGE SCOBLE: Brings In Administrators from Menzies
----------------------------------------------------
Andrew John Duncan and Andrew Gordon Stoneman of Menzies
Corporate Restructuring were appointed joint administrators of
George Scoble (Plumbers Merchants) Ltd. (Company Number
01037461) on March 16.

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:

         George Scoble (Plumbers Merchants) Ltd.
         Anerley Station Road  
         Bromley  
         London  
         SE20 8PY  
         England
         Tel: 020 8676 7700  
         Fax: 020 8676 7711


GLAMORGAN PAINT: Claims Filing Period Ends May 4
------------------------------------------------
Creditors of Glamorgan Paint Stovers 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:
  
         Paul Finnity and Robert Michael Young  
         Joint Liquidators  
         Begbies Traynor
         The Old Barn
         Caverswall Park
         Caverswall Lane
         Stoke on Trent  
         ST3 6HP  
         England

Paul Finnity and Robert Michael Young of Begbies Traynor were
appointed joint liquidators of the company on March 21.

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


GLOBAL CLAIMS: Joint Liquidators Take Over Operations
-----------------------------------------------------
Jeffrey Mark Brenner and Filippa Connor of B & C Associates were
appointed joint liquidators of Global Claims Management Ltd. on
March 23 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Global Claims Management Ltd.
         Bankside House 107-112
         Leadenhall Street
         City of London
         London
         EC3 A4AH
         England
         Fax: 020 7709 7755


GLYN WEBB: Taps Liquidators from Milner Boardman & Partners
-----------------------------------------------------------
Colin Burke and Darren Brookes of Milner Boardman & Partners
were appointed joint liquidators of Glyn Webb Wallpapers Ltd. on
March 22 for the creditors' voluntary winding-up proceeding.

Milner Boardman -- http://www.milnerboardman.co.uk/-- provides  
financial accounting and business advisory services.   

The company can be reached at:

         Glyn Webb Wallpapers Ltd.
         Kilner Way
         Sheffield
         South Yorkshire
         S6 1NN
         England
         Tel: 0114 231 2665
         Fax: 0114 231 4767


GRAPHIC ARTS: Creditors' Meeting Slated for April 11
----------------------------------------------------
Creditors of Graphic Arts Finance Ltd. will meet at 11:15 a.m.
on April 11 at:
  
         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Bury  
         BL9 8AT
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on April 9.

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


GWYDDELWERN SAWMILLS: Appoints Martin Williamson as Liquidator
---------------------------------------------------------------
Martin Williamson was appointed liquidator of Gwyddelwern
Sawmills Ltd. (formerly E.T.C Sawmills (Ellesmere Ltd.) on
March 27 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Gwyddelwern Sawmills Ltd.
         Sawmills
         Gwyddelwern
         Corwen
         Clwyd
         LL21 9DG
         Wales
         Tel: 01490 412 241
         Fax: 01490 412 077


HV 2005: Appoints Liquidators from KPMG
---------------------------------------
Richard John Hill and Myles Halley of KPMG LLP were appointed
joint liquidators of HV 2005 Ltd. (Harvestime Ltd.) on March 22
for the creditors' voluntary winding-up procedure.

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

The company can be reached at:

         HV 2005 Ltd.
         38 Raleigh Street  
         Walsall  
         West Midlands  
         WS2 8RB  
         England
         Tel: 01922 444 546  
         Fax: 01922 424 546


JOSIAH BROWN: Appoints Liquidators to Wind Up Business
------------------------------------------------------
Edward Terence Kerr and Ian James Gould of PKF (U.K.) LLP were
appointed joint liquidators of Josiah Brown Promotional
Merchandising Ltd. on March 23 for the creditors' voluntary
winding-up procedure.

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

The company can be reached at:

         Josiah Brown Promotional Merchandising Ltd.
         2 Fields Farm Road
         Long Eaton
         Nottingham
         Nottinghamshire
         NG10 3FZ
         England
         Tel: 0115 973 4457
         Fax: 0115 946 1245


LORDSWOOD LITHO: Calls In Liquidators from PwC
----------------------------------------------
Karen Lesley Dukes and Michael David Gercke of
PricewaterhouseCoopers LLP were appointed joint liquidators of
Lordswood Litho Ltd. on March 21 for the creditors' voluntary
winding-up procedure.

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

The company can be reached at:

         Lordswood Litho Ltd.
         10 Revenge Road  
         Lordswood Industrial Estate  
         Chatham  
         Kent  
         ME5 8UD
         Tel: 01634 660 611  
         Fax: 01634 200 989


MEDIA REPUBLIC: Taps Richard Rones to Liquidate Assets
------------------------------------------------------
Richard Rones of ThorntonRones LLP was appointed liquidator of
Media Republic Ltd. on March 22 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:
  
         Media Republic Ltd.
         Great Titchfield House 14-18
         Great Titchfield Street
         City of Westminster
         London
         W1W 8BD
         England
         Tel: 020 7580 4646


MINSTER MECHANICAL: Claims Filing Period Ends May 8
---------------------------------------------------
Creditors of Minster Mechanical Services Ltd. have until May 8
to send their names and addresses with particulars of the debts
or claims to:

         David Moore
         Joint Liquidator
         Begbies Traynor
         No. 1 Old Hall Street  
         Liverpool  
         L3 9HF
         England

David Moore and Donald Bailey of Begbies Traynor were appointed
joint liquidators of the company on March 26.

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


NEWLORD LTD: Hires Liquidators from Ernst & Young
-------------------------------------------------
Roy Bailey and Angela Swarbrick of Ernst & Young LLP were
appointed joint liquidators of Newlord Ltd. on March 22 for the
creditors' voluntary winding-up proceeding.

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.   

The joint liquidators can be reached at:

         Roy Bailey and Angela Swarbrick
         Ernst & Young LLP
         1 More London Place
         London  
         SE1 2AF
         England


NIM ENGINEERING: Appoints Joint Administrators from Mazars LLP
--------------------------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint administrators of NIM Engineering Ltd. (Company Number
02921486) on March 20.

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

The company can be reached at:

         NIM Engineering Ltd.
         The High Yard
         Wincomblee Road
         Walker  
         Newcastle Upon Tyne  
         NE6 3PF  
         England
         Tel: 0191 263 2606  
         Fax: 0191 262 3150


NORIPHALT LTD: Claims Filing Period Ends June 8
-----------------------------------------------
Creditors of Noriphalt Ltd. have until June 8 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:

         Gordon Craig
         Liquidator
         Cresswall Associates Ltd.
         168 Hesketh Lane  
         Tarleton
         Preston
         Lancashire  
         PR4 6AT
         England

Gordon Craig of Cresswall Associates Ltd. was appointed
liquidator of the company on March 8 by resolutions of members
and creditors.


OAKMEAD JOINERY: Hires Sabia Sahota to Liquidate Assets
-------------------------------------------------------
Sabia Sahota of BBK Partnership was appointed liquidator of
Oakmead Joinery Ltd. (formerly Oakmead Construction Services
Ltd. and Echo Beach Ltd.) on March 21 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Oakmead Joinery Ltd.
         Unit 1 Area A  
         Radley Road Industrial Estate  
         Abingdon  
         Oxfordshire  
         OX14 3RY  
         England
         Fax: 01235 520 311


PAPERFREE SYSTEMS: Creditors' Meeting Slated for April 11
---------------------------------------------------------
Creditors of Paperfree Systems Ltd. will meet at 11:00 a.m. on
April 11 at:
  
         Bond Partners LLP
         The Grange
         100 High Street
         London  
         N14 6TB
         England
          
Creditors who want to vote at the meeting have until noon on
April 10 to submit their proxy forms together with particulars
of their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on April 9.

Bond Partners LLP -- http://www.bondpartners.co.uk/--  
specializes in: audit and assurance, taxation, corporate
recovery, business rescue and insolvency, bookkeeping services,
as well as financial services through Bond Financial Network.


PEAK MARBLE: Brings In Liquidators from Haines Watts
----------------------------------------------------
Andrew Appleyard and Colin Nicholls of Haines Watts were
appointed joint liquidators of Peak Marble & Granite Ltd. on
March 12 for the creditors' voluntary winding-up procedure.
  
Haines Watts -- http://www.hwca.com/-- provides services that  
include taxation, business advisory, corporate finance,
corporate recovery & insolvency and budget summary.    

The company can be reached at:

         Peak Marble & Granite Ltd.
         Unit 2
         Ensor Way
         Ensor Trading Estate
         New Mills
         High Peak
         Derbyshire
         SK22 4NQ
         England
         Tel: 01663 744 886
         Fax: 01663 744 880


PEAK ROOFS: Names Tracy Ann Taylor Liquidator
---------------------------------------------
Tracy Ann Taylor of Abbey Taylor Ltd. was appointed liquidator
of Peak Roofs Ltd. on March 23 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Peak Roofs Ltd.
         Station Rd
         Bolsover
         Chesterfield
         Derbyshire
         S44 6BB
         England
         Tel: 01246 828 910
         Fax: 01246 828 912


PETER REED: Creditors' Meeting Slated for April 11
--------------------------------------------------
Creditors of Peter Reed Contracts Ltd. will meet at 11:00 a.m.
on April 11 at:
  
         Tenon House  
         Ferryboat Lane
         Sunderland  
         SR5 3JN  
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on April 5 and April 10.


PHOENIX COVERS: Joint Liquidators Take Over Operations
------------------------------------------------------
Paul A. Whitwam and Gary E. Blackburn of BWC Business Solutions
were appointed joint liquidators of Phoenix Covers 2000 Ltd. on
March 23 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Phoenix Covers 2000 Ltd.
         Barnsley Business and Innovation Centre
         Snydale Road
         Cudworth
         Barnsley
         South Yorkshire
         S72 8RP
         England
         Tel: 01709 529 933


PREMODA GROUP: Claims Filing Period Ends May 20
-----------------------------------------------
Creditors of The Premoda Group Limited Precis (1674) Ltd. have
until May 20 to send their names and addresses and particulars
of their debts or claims and the names and addresses of the
solicitors (if any) to:

         Robert Hunter Kelly
         Liquidator  
         Ernst & Young LLP
         PO Box 61
         Cloth Hall Court
         14 King Street
         Leeds  
         LS1 2JN
         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.


ROYAL & SUN: MBIA Inc. Settles Lawsuit with Royal Indemnity Co.
---------------------------------------------------------------
[Rewrite|Reuters|Misty]
MBIA Inc., the world's largest bond insurer, has settled a
lawsuit with Royal Indemnity Co., a unit of Royal & Sun Alliance
Insurance Group plc, Reuters reports.

The settlement with the unit will be used to repay outstanding
bonds worth about $362 million insured by MBIA.  Royal had
insured the vocational loans used to collateralize the bonds,
Reuters discloses.

According to the report, MBIA expects to post about $20 million
in losses in the first quarter as an upshot of the litigation's
settlement.

                         About MBIA Inc.

New York-based MBIA Inc. -- http://www.mbia.com/-- through its  
subsidiaries, is a financial guarantor and provider of
specialized financial services.

                   About Royal & Sun Alliance

Headquartered in London, England, Royal & Sun Alliance Insurance
Group PLC -- http://www.royalsunalliance.com/-- is a FTSE 100  
company, listed on the London Stock Exchange and in New York.

The group consists of three regions -- U.K., Scandinavia, and
International -- with operations in 30 countries, providing
general insurance products to over 20 million customers
worldwide.  In Latin America, it operates in Brazil, Chile,
Colombia, Mexico, Uruguay, and Venezuela.  In Asia, the company
operates in Hong Kong, Singapore, and Saudi Arabia.

                        *     *     *

As of Feb. 22, Royal & Sun Alliance Insurance Group PLC carries
Moody's Ba1 preferred stock rating.


S J FEASEY: Appoints Liquidator from Butcher Woods
--------------------------------------------------
Roderick Graham Butcher of Butcher Woods was appointed
liquidator of S J Feasey & Co. Ltd. on March 26 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         S J Feasey & Co. Ltd.
         Unit 1-4
         Alston Road
         Portway Road Industrial Estate
         Oldbury
         West Midlands
         B69 2PP
         England
         Tel: 0121 544 9522
         Fax: 0121 544 4188


SHAW GALLERIES: Names Liquidators to Wind Up Business
-----------------------------------------------------
David L. Cockshott and Gary E. Blackburn of BWC Business
Solutions were appointed joint liquidators of Shaw Galleries
Ltd. on March 27 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Shaw Galleries Ltd.
         8 Craiglands Park
         Ilkley
         West Yorkshire
         LS29 8SX
         England
         Tel: 01756 793 777


SIMRAN ENTERPRISES: Claims Filing Period Ends May 25
----------------------------------------------------
Creditors of Simran Enterprises Ltd. have until May 25 to send
in their full names and addresses, full particulars of their
debts or claims, and the names and addresses of their solicitors
(if any) to:

         Gary Bell
         Liquidator
         Cowgill Holloway Business Recovery LLP
         Regency House
         45-51 Chorley New Road
         Bolton
         BL1 4QR
         England

Gary Bell of Cowgill Holloway Business Recovery LLP was
appointed liquidator of the company on March 27.


SKYLIGHT EXHIBITIONS: Hires Liquidators from Royce Peeling Green
----------------------------------------------------------------
Peter Jones and Roderick Michael Withinshaw of Royce Peeling
Green Ltd. were appointed joint liquidators of Skylight
Exhibitions Ltd. on March 26 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Skylight Exhibitions Ltd.
         Unit F2
         Ennis Close
         Roundthorn Ind Est
         Manchester
         Lancashire
         M23 9LE
         England
         Tel: 0161 945 8845
         Fax: 0161 945 8842


SOLO CUP: Sells Former U.S. Steel Property to Southworks Dev't
--------------------------------------------------------------
Solo Cup Co. and Southworks Development LLC jointly announced
that Southworks Development LLC will acquire approximately 118
acres of the former US Steel property currently owned by Solo
Cup.  

The acquisition will add the parcel at 3333 E. 87th Street
to the adjacent land already under contract to Southworks
Development LLC.  The transaction is expected to close on
Nov. 30, 2007, and the sale has been approved by the City of
Chicago, which conducted a detailed review of the proposed
redevelopment plans for the site.

Southworks Development LLC, a joint venture between Lubert Adler
Funds, McCaffery Interests, Inc., and Westrum Development Co.,
will integrate the property into a comprehensive Master Plan
that includes the nearly 400 additional acres of former US Steel
land to the north.  Preliminary plans encompass a major shopping
center and a variety of housing options including senior living,
single family and town homes as well as high- and mid-rise
multi-family units.  Southworks Development LLC will also seek
to attract institutional uses such as education, research, bio-
medical and high-technology facilities.

"Our team is excited by the challenge and the opportunity to
integrate the Solo Cup property into the overall Master Plan.  
The development will change the face of the entire southeast
side of Chicago," said Daniel McCaffery, president, McCaffery
Interests, Inc.  "We look forward to working with the City,
Alderman Pope, Alderman-elect Jackson and the entire community
to make this development a success."

Added Westrum Development CEO John Westrum, "With more than a
mile of waterfront and the addition of more than 115 acres to
Chicago's lakefront parks, this will be a magnificent setting in
which to build a residential community."

"We have arrived at a solution for this property that is a win-
win for everyone -- the City of Chicago and its residents, the
State of Illinois, Southworks Development LLC and Solo Cup,"
said Robert M. Korzenski, Solo Cup Company chief executive
officer.  "We made it a priority to work closely with the City
and the State, both initially in readying the site for
development, and subsequently, while investing in our Kostner
Street facility and others in the Chicago area.  We are very
pleased the land will now be put to its best possible use."

When Solo Cup purchased the property from US Steel in 2001, the
company planned to build a new manufacturing facility on the
site, but instead invested in the expansion of its 800,000 sq.
ft. facility at 7575 S. Kostner following its acquisition of SF
Holdings in 2004.

              About Southworks Development LLC

Southworks Development LLC is comprised of Chicago-based
McCaffery Interests, Inc., and Philadelphia-based Westrum
Development Co., who are the operating partners, and Lubert
Adler Funds of Philadelphia, who is the financial partner.  
McCaffery Interests is a leader in urban mixed-use projects
across the country.  Westrum Development is a leader in the
development of large-scale residential adaptive re-use sites.  
Lubert Adler is a major investor in real estate and other
businesses across the country.

                      About Solo Cup Company

Headquartered in Highland Park, Illinois, Solo Cup Company
-- http://www.solocup.com/-- manufactures disposable
foodservice products for the consumer and retail, foodservice,
packaging, and international markets.  Solo Cup has broad
expertise in plastic, paper, and foam disposables and creates
brand name products under the Solo, Sweetheart, Fonda, and
Hoffmaster names.  The company was established in 1936 and has a
global presence with facilities in Asia, Canada, Europe, Mexico,
Panama and the United States.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2007, Moody's Investors Service confirmed the B3
Corporate Family Rating of Solo Cup Co. and revised the rating
outlook to negative.  Moody's assigned a B1 rating to both the
US$638 million senior secured term loan B and US$150 million
revolver and confirmed all other instrument ratings.  This
confirmation of the ratings concludes a rating review for
possible downgrade that was initiated on Sept. 15, 2006.


SOLO CUP: Posts US$373.2 Million Net Loss in Full Year 2006
-----------------------------------------------------------
Solo Cup Company reported a US$373.2 million net loss on US$2.48
billion net sales for the year ended Dec. 31, 2006, compared
with a net loss of US$19.4 million on net sales of
US$2.43 billion for the year ended Jan. 1, 2006.

The increase in net sales reflects an increase in average
realized sales price, partially offset by lower sales volumes.  
The increase in average realized sales price reflects price
increases implemented over the past year in response to higher
raw material costs for resin and paper. The volume decrease
reflects general industry trends and shifts in the company's
product mix as well as the effects of competitive pressure in
the marketplace.

Gross profit was US$265.1 million for the fiscal year ended
Dec. 31, 2006, a decrease of US$44.1 million from the comparable
period in 2005.  This decrease primarily reflects the company's
inability to fully recover raw material costs and higher energy
and transportation costs.

Selling, general and administrative expenses were US$265.9
million for the fiscal year ended Dec. 31, 2006, versus US$267.3
million for the fiscal year ended Jan. 1, 2006. This modest
decrease is a result of lower integration expenses partially
offset by increases in various professional expenses related to
the new order management system, the development and
implementation of the company's Performance Improvement Program,
and the accounting restatement and related bank amendment
process.

Depreciation and amortization expense was US$100.8 million, net
interest expense was US$90.7 million and capital expenditures
were US$65.1 million for the fiscal year ended Dec. 31, 2006.

Commenting on the company's fiscal year 2006 results, Robert M.
Korzenski, chief executive officer, said: ""Our results were
impacted by a continued challenging industry environment and
increased raw material costs as well as certain customer and
product mix issues.  However, we have taken steps to improve our
manufacturing and supply chain efficiencies, decrease our
selling, general and administrative expenses, reduce our debt
burden, and optimize our sales and marketing organization.  We
have also launched an integrated Performance Improvement Program
designed to address all key value drivers, accelerate our
turnaround, leverage our strengths, and achieve meaningful and
sustainable improvements in our results.  Through these efforts,
coupled with the significant recent additions to our senior
management team, we expect to better position the company to
meet our competitive challenges, improve our operational and
financial performance, and create value for our investors in
2007 and beyond."

In December 2006, the company entered into amendments to its
first and second lien facilities which increased its borrowing
capacity by US$50 million, from US$80 million to US$130 million,
under the term loan of its second lien facility, and which
modified the financial covenants the company is required to
meet.

At Dec. 31, 2006, the company's balance sheet showed
US$1,542.4 million in total assets, US$1,528.8 million in total
liabilities, and US$13.6 million in total stockholders' equity.

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

                      About Solo Cup Company

Headquartered in Highland Park, Illinois, Solo Cup Company
-- http://www.solocup.com/-- manufactures disposable
foodservice products for the consumer and retail, foodservice,
packaging, and international markets.  Solo Cup has broad
expertise in plastic, paper, and foam disposables and creates
brand name products under the Solo, Sweetheart, Fonda, and
Hoffmaster names.  The company was established in 1936 and has a
global presence with facilities in Asia, Canada, Europe, Mexico,
Panama and the United States.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2007, Moody's Investors Service confirmed the B3
Corporate Family Rating of Solo Cup Co. and revised the rating
outlook to negative.  Moody's assigned a B1 rating to both the
US$638 million senior secured term loan B and US$150 million
revolver and confirmed all other instrument ratings.  This
confirmation of the ratings concludes a rating review for
possible downgrade that was initiated on Sept. 15, 2006.


SOLO CUP: Names Robert Koney as Chief Financial Officer
-------------------------------------------------------
Solo Cup Co. has appointed Robert D. Koney, Jr. as executive
vice president and chief financial officer, effective
April 2, 2007.  

The company also named Peter J. Mendola, senior vice president
of manufacturing and Malcolm S. Simmonds, senior vice president
of foodservice sales and marketing.  Solo Cup also announced the
election of Neil Harrison to its Board of Directors, effective
as of April 2, 2007.  Harrison replaces Norman W. Alpert on the
11-member board and the board's Audit Committee.

Mr. Koney, 50, joins Solo Cup's executive management team from
Russell Corp., a leading branded athletic and sporting goods
company.  Mr. Koney served as Russell's chief financial officer
and senior vice president from 2004-2006, where he was
responsible for the corporation's finance functions, including
financial planning, treasury, accounting, tax, internal audit
and investor relations.

Prior to his tenure at Russell, Mr. Koney spent 18 years with
Goodrich Corp. in a variety of finance positions, most recently
serving as its vice president, corporate controller and chief
accounting officer from 1998-2004.  Previously, he was vice
president and controller of the aircraft wheel and brake
operations for BF Goodrich Aerospace.  Mr. Koney joined Goodrich
as controller and general accounting manager for its specialty
chemicals group in 1986.  Before joining Goodrich, Mr. Koney's
early career included four years with Arthur Andersen in
auditing and tax, as well as four years in tax with Picker
International, a subsidiary of GEC, now part of Philips Medical.

"We are delighted to welcome Bob to our executive management
team," said Robert M. Korzenski, chief executive officer of
Solo.  "His breadth of experience in a variety of financial
positions will bring significant leadership and talent to our
finance and accounting team."

Solo Cup also has appointed Peter Mendola, 51, as senior vice
president of manufacturing.  Mr. Mendola will be responsible for
overseeing all of the company's operations.  Mr. Mendola spent
the past 19 years with Georgia-Pacific / Dixie(R), most recently
as vice president of paper operations.  Previously, Mr. Mendola
held a number of positions within the Dixie organization,
including vice president support operations, director product
supply, planning and deployment and resident manager.  Mr.
Mendola also worked for St. Regis/Champion International/Fonda
Group and James River Corp. in several management level
positions for the nine years prior to joining Dixie.

Malcolm Simmonds, 45, Solo Cup's new senior vice president of
foodservice sales and marketing, brings more than 20 years of
sales and marketing foodservice experience to Solo.  He most
recently served as senior vice president and general manager of
foodservice for The Schwan Food Co.TM, where he joined in 2005
as vice president and general manager of foodservice bakery.  
>From 2001 - 2005, Mr. Simmonds held the positions of vice
president of marketing for the Foodservice and Specialty Brands
divisions of Sara Lee Foods.  He began his career at Kraft in
1983, and held a number of roles across the company's Canadian
sales and marketing departments and U.S. foodservice divisions.

"The collective talents of Pete and Malcolm will positively
impact our business," stated Korzenski. "Both bring a wealth of
industry experience to Solo that will help contribute to the
success of our Performance Improvement Program.  We continue to
attract top-notch talent such as Bob, Pete and Malcolm, and we
expect that they will play a key role in our management team's
efforts to advance the company and build on our future."

The newest member of Solo Cup's Board of Directors, Neil
Harrison, 54, is the chairman, president and chief executive
officer of Birds Eye Foods, a leading U.S. frozen food
processor.  He brings more than 30 years of domestic and
international food industry marketing, sales and finance
experience to his role with Solo.  Prior to joining Bird's Eye
in 2005, Mr. Harrison held senior positions with Unilever,
General Foods, PepsiCo, Miller Brewing Co. and H. J. Heinz Co.

                      About Solo Cup Company

Headquartered in Highland Park, Illinois, Solo Cup Company
-- http://www.solocup.com/-- manufactures disposable
foodservice products for the consumer and retail, foodservice,
packaging, and international markets.  Solo Cup has broad
expertise in plastic, paper, and foam disposables and creates
brand name products under the Solo, Sweetheart, Fonda, and
Hoffmaster names.  The company was established in 1936 and has a
global presence with facilities in Asia, Canada, Europe, Mexico,
Panama and the United States.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2007, Moody's Investors Service confirmed the B3
Corporate Family Rating of Solo Cup Co. and revised the rating
outlook to negative.  Moody's assigned a B1 rating to both the
US$638 million senior secured term loan B and US$150 million
revolver and confirmed all other instrument ratings.  This
confirmation of the ratings concludes a rating review for
possible downgrade that was initiated on Sept. 15, 2006.


SPAGHETTI FOREVER: Taps Melvyn L. Rose to Liquidate Assets
----------------------------------------------------------
Melvyn L. Rose of Elliott, Woolfe & Rose was appointed
liquidator of Spaghetti Forever Ltd. on March 19 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Spaghetti Forever Ltd.
         32 Beauchamp Place
         Kensington and Chelsea
         London
         SW3 1NU
         England
         Tel: 020 7584 0631
         Fax: 020 7581 0397


STAR HOME: Appoints Matthew Colin Bowker as Liquidator
------------------------------------------------------
Matthew Colin Bowker of Unity Business Services LLP was
appointed liquidator of Star Home Interiors PLC on March 23 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Star Home Interiors PLC
         3-5 Dakota Avenue
         Salford
         Lancashire
         M50 2P
         England
         Tel: 0870 129 1000


SWEET SOLUTIONS: Vincent A. Simmons Leads Liquidation Procedure
---------------------------------------------------------------
Vincent A. Simmons of Bennett Verby was appointed liquidator of
Sweet Solutions Ltd. (t/a "Sweet Dreams" and "The Discount
Store") on March 22 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Sweet Solutions Ltd.
         76 High Street
         Yiewsley
         West Drayton
         Middlesex
         UB7 7DS
         England
         Tel: 01895 422 184


TITAN EUROPE: S&P Puts BB Rating on Watch Negative
--------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its rating on the class F floating-rate
notes issued by Titan Europe 2006-5 PLC.  The ratings on the
class A1, X, A2, A3, B, C, D, and E notes were affirmed.

The CreditWatch negative placement reflects the transfer of the
Balneario Blancafort loan to special servicing on March 21,
2007.  The transaction's servicer and special servicer Hatfield
Philips International Ltd. took this action because the loan had
been delinquent for more than 60 days.   The loan did not make
interest payments at the January 2007 interest payment date, but
had paid all interest at the previous IPD in October 2006.  To
cover the shortfall, a liquidity facility drawing of
EUR327,641.14 was made at the January 2007 IPD.

The transaction will now pay annual special servicing fees of
0.25% of the amount of the specially serviced loan. There will
be additional special servicing fees if the loan is liquidated
or worked out.

The loan, which at closing represented 6.0% of the mortgage loan
pool, is secured on the Hotel Balneario Blancafort, a five-star
hotel and thermal center in La Garriga, 50 km north of
Barcelona, Spain.  The borrower, the hotel operator, and the spa
operator are all owned by the loan sponsor.

The transaction closed in December 2006 and continues to be
backed by eight loans originated by Credit Suisse International
and secured on commercial real estate properties in Germany and
Spain.

The CreditWatch placement represents Standard & Poor's concern
over the situation and the class F notes' increased exposure to
possible adverse developments.  The outcome of the situation is
not yet clear and therefore Standard & Poor's will closely
monitor future events, such as the upcoming April 2007 IPD, and
stay in close contact with the special servicer regarding any
new developments.

                          Ratings List

         Class                   Rating
                      To                      From
  
Titan Europe 2006-5 PLC
   EUR660.969 Million Commercial Mortgage-Backed Floating-Rate    
   Notes
  
       Rating Placed On CreditWatch With Negative Implications

         F             BB/Watch Neg            BB
  
                          Ratings Affirmed

                          A1            AAA
                          X             AAA
                          A2            AAA
                          A3            AAA
                          B             AA
                          C             A
                          D             BBB
                          E             BBB-


VANGUARD CAR: Moody's May Downgrade Ratings After Review
--------------------------------------------------------
Moody's Investors Service is reviewing the ratings of ERAC USA
Finance Company for possible downgrade following the report that
Enterprise has entered into a definitive agreement to purchase
Vanguard Car Rental Group Inc. and its rated subsidiary -
Vanguard Car Rental USA Holdings, Inc. which operates the
"National" and "Alamo" brands.  

The acquisition is subject to regulatory approval and is
expected to be completed during the second half of 2007.  
Financial terms of the transaction have not been publicly
disclosed.

Moody's review of ERAC is focusing on the transaction's ultimate
financial terms and legal structure.  Key areas of consideration
will include the amount of debt taken on by Enterprise to fund
the acquisition, and the extent to which the company refinances
or provides supports for Vanguard's existing and future
borrowing requirements.  Moody's review will also assess the
operational and strategic benefits that might result from the
acquisition.  These potential benefits will be balanced against
any increased debt servicing obligations.

Moody's said that the proposed acquisition does not affect the
ratings of Vanguard.  These ratings, which are affirmed,
include:

   * corporate family rating, B1
   * probability of default, B1
   * senior secured bank credit facility, Ba3, LGD3, 37%; and
   * speculative grade liquidity, SGL-3.

As a result of change of control language in Vanguard's bank
agreement, it is likely that these obligations will be repaid if
the acquisition is completed.  Should this occur, all of
Vanguard's ratings would be withdrawn.  In the event that some
portion of Vanguard's bank debt remains outstanding, the ratings
would consider the degree of implicit and explicit support
provided by Enterprise for Vanguard's debt.  

Additionally, should no explicit support be provided and
Enterprise not make sufficient financial information regarding
Vanguard available upon which a rating opinion could be based,
the ratings would be withdrawn.

Enterprise Rent-A-Car Company, headquartered in St. Louis,
Missouri, is the leading provider of in-town and insurance
replacement rental cars in US.  ERAC USA Finance Company is a
wholly-owned funding vehicle for Enterprise.

Headquartered in Tulsa, Oklahoma, Vanguard Car Rental Holdings
LLC -- http://www.vanguardcar.com/-- is a car rental company  
operator of the National Car Rental and Alamo Rent A Car brands.  
It has more than 3,200 locations in 83 countries, including the
United States, Canada, Mexico, Europe, the Caribbean, Latin
America, Hong Kong, Malaysia, the Pacific Rim, Africa, the
Middle East and Australia.  


VETDENT LTD: Creditors' Meeting Slated for April 12
---------------------------------------------------
Creditors of Vetdent Ltd. will meet at 11:30 a.m. on April 12
at:

         Ward & Co.  
         Bank House
         7 Shaw Street  
         Worcester  
         WR1 3QQ
         England

Creditors who want to vote at the meeting have until noon on
April 11 to submit their proxy forms together with particulars
of their claims or of any security at the said address.
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on April 10.


VICTOR FABRICATION: Calls In Liquidator from Arrans
---------------------------------------------------
Robert Gibbons of Arrans was appointed liquidator of Victor
Fabrication Ltd. on March 22 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Victor Fabrication Ltd.
         Unit 7
         The Wharf
         Stretton Under Fosse
         Rugby
         Warwickshire
         CV23 0PR
         England
         Tel: 01788 833 56  
         Fax: 01788 833 596


VISION PUBLISHING: Taps Liquidator from Middleton Partners
----------------------------------------------------------
Stephen Patrick Jens Wadsted of Middleton Partners was appointed
liquidator of Vision Publishing Ltd. on March 22 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Vision Publishing Ltd.
         Unit 1
         Trafalgar Mews
         Hackney
         London
         E9 5JG
         England
         Tel: 020 8533 9300


WEDDING GALLERY: Brings In Liquidator from Ashcrofts
----------------------------------------------------
Harjinder Johal of Ashcrofts was appointed liquidator of The
Wedding Gallery Ltd. on March 27 for the creditors' voluntary
winding-up proceeding.

Ashcrofts -- http://www.ashcrofts.net/-- offers hands on  
expertise specializing in Business Recovery and Insolvency
providing positive solutions for negative situations.

The company can be reached at:

         The Wedding Gallery Ltd.
         2 St. Nicholas Avenue
         Elm Pde Flats
         Hornchurch
         Essex
         RM12 4QG
         England
         Tel: 01708 477 728


* BOND PRICING: For the Week April 2 to April 6, 2007
-----------------------------------------------------

Issuer                    Coupon   Maturity   Currency   Price     
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      63.62
                          0.250    10/14/26     CDN      37.79
Republic of Austria       7.000    08/04/25     EUR      69.89
                          5.000    10/10/35     EUR      69.34

DENMARK
-------
Kommunekredit             0.500    05/11/29     CDN      41.82

FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      73.31
                          0.500    04/26/13     AUD      70.46
                          1.000    11/21/16     NZD      58.62
                          0.500    09/24/20     CDN      58.17
                          0.250    06/28/40     CDN      19.59
                       
FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      70.84
Alcatel S.A.              4.750    01/01/11     EUR      17.01
Altran Technologies S.A.  3.750    01/01/09     EUR      12.40
AXA S.A.                  6.000    01/29/49     EUR      70.40
BNP Paribas               0.250    12/20/14     US$      67.87
CAP Gemini S.A.           2.500    01/01/10     EUR      62.10
                          1.000    01/01/12     EUR      60.90
Club Mediterranee S.A.    3.000    11/01/08     EUR      65.96
                          4.375    11/01/10     EUR      51.98
Elior S.A.                1.000    06/08/07     EUR      19.95
Havas S.A.                4.000    01/01/09     EUR      10.77
Infogrames
   Entertainment S.A.     1.500    07/01/11     EUR      23.59
Ingenico                  2.750    01/01/12     EUR      20.39
Maurel & Prom             3.500    01/01/10     EUR      22.39
Publicis Group            0.750    07/17/08     EUR      35.73
                          1.000    01/18/18     EUR      43.94
Rallye                    3.750    01/01/08     EUR      52.88
Scor S.A.                 4.125    01/01/10     EUR       2.48
Soc Air France            2.750    04/01/20     EUR      36.89
Soitec                    4.625    12/20/09     EUR      18.14
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.03
Valeo                     2.375    01/01/11     EUR      53.78
Vivendi Universal S.A.    1.750    10/30/08     EUR      34.20
Wendel Invest S.A.        2.000    06/19/09     EUR      58.92

GERMANY
-------
KfW Bankengruppe          0.500    10/30/13     AUD      67.67
                          0.500    12/19/17     EUR      68.42
                          5.000    07/07/20     EUR      75.09
                          5.500    07/29/20     EUR      75.00
                          6.000    07/21/25     EUR      72.10
                          5.000    08/10/30     EUR      69.70
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      45.02
Landwirtschaftliche
   Rentenbank             1.000    03/29/17     NZD      57.75

GREECE
------
Hellenic Republic         5.000    07/13/20     EUR      73.43
                          6.000    07/07/24     EUR      72.83
Hellenic Republic         6.000    07/06/25     EUR      76.72

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      71.03


IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      51.49
                          0.250    07/08/33     CDN      26.63
Irish Perm Plc            6.125    02/15/35     EUR      71.25
Magnolia Finance IV Plc   1.050    12/20/45     US$      26.63

LUXEMBOURG
----------
Teksid Aluminum S.A.     12.375    07/15/11     EUR      61.54


NETHERLANDS
-----------
BK Ned Gemeenten          0.500    06/27/18     CDN      63.19
                          0.500    02/24/25     CDN      48.59
Bulgaria Steel N.V.      12.000    05/04/13     EUR      75.25
EM.TV Finance B.V.        5.250    05/08/13     EUR       6.03
Gerling Global
   Rentefonds             6.625    08/16/21     EUR      60.49
Lehman Bros TSY B.V.      8.250    03/16/35     EUR      68.88
                          7.250    10/05/35     EUR      70.40
Ned Waterschapbk          6.500    08/15/35     EUR      69.75
                          6.000    06/30/45     EUR      68.56
Rabobank Groep N.V.       6.000    07/15/15     EUR      69.79
                          6.000    02/22/35     EUR      75.62
                          8.000    02/23/35     EUR      66.75
                          7.000    02/28/35     EUR      75.55
                          7.000    03/23/35     EUR      70.36
                          6.000    05/09/35     EUR      77.82

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.33

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.73

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400    04/20/35     GBP      56.68
                          1.678    07/03/56     GBP      36.05
National Grid Gas Plc     1.754    10/17/36     GBP      48.79
                          1.771    03/30/37     GBP      48.80
Royal BK Scotland Plc     0.250    03/27/14     US$      71.65
                          7.000    06/09/25     EUR      71.50
                          7.000    06/29/30     EUR      66.40
                          7.000    02/15/45     US$      72.00
RSL Communications Plc   10.125    03/01/08     US$       7.00
Wessex Water Finance Plc  1.369    07/31/57     GBP      33.74

  
                           *********

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

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

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

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

                           *********


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

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

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

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

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

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


                 * * * End of Transmission * * *