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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

             Tuesday, April 10, 2007, Vol. 8, No. 70

                            Headlines


A U S T R I A

BAWAG PSK: June 29 Hearing Set for US$108-Mln Refco Settlement
BECIROVIC KEG: Claims Registration Period Ends April 27
CONDORNET LLC: First Creditors' Meeting Slated for April 12
HE WEI: Claims Registration Period Ends May 1
HEI-SAN LLC: Claims Registration Period Ends May 1

HSD LLC: Claims Registration Period Ends May 8
INNOVATIVE ENERGIESYSTEME: Claims Registration Period Ends May 2
LAKATOS LLC: Vienna Court Orders Business Shutdown
LUMITE LLC: Vienna Court Orders Business Shutdown


B E L G I U M

AMR CORP: Pays US$285 Million Balance of Sr. Sec. Revolving Loan
CHIQUITA BRANDS: Unit Signs California Leafy Agreement


C Z E C H   R E P U B L I C

AGROBANKA PRAHA: Shareholders Settle with GE Money Bank & CNB


F I N L A N D

HILTON HOTELS: Keeps Convertibility Feature on 3.375% Sr. Notes
METSO OYJ: CEO Sees Profit Growth for 2007


F R A N C E

EUROPCAR GROUPE: Moody's Assigns Loss-Given-Default Rating
EUROTUNNEL GROUP: French Market Regulator Okays Exchange Offer


G E R M A N Y

A.T.U. AUTO: Moody's Assigns Loss-Given-Default Rating
AUTOHAUS HUBERT: Claims Registration Period Ends May 2
CERAM DESIGN: Creditors' Meeting Slated for May 11
DEKO-RODE: Claims Registration Period Ends May 21
DUERR AG: Moody's Assigns Loss-Given-Default Rating

DYCKERHOFF AG: Moody's Assigns Loss-Given-Default Rating
DYCKERHOFF AG: Moody's Upgrades US$350MM Lone Star Bonds to Baa3
E & F AUTOMOBILE: Claims Registration Period Ends May 11
EMANUELA RUSTIGNOLI: Claims Registration Period Ends May 18
ES LOGISTIK: Claims Registration Period Ends May 29

ESCADA AG: Moody's Assigns Loss-Given-Default Rating
EUROLINE SLP: Claims Registration Period Ends June 5
FORMADUR GMBH: Claims Registration Period Ends May 24
FRESENIUS AG: Moody's Assigns Loss-Given-Default Rating
FUN SPIELHALLEN: Claims Registration Period Ends May 23

FWT GMBH: Claims Registration Period Ends May 7
GEORG UTZINGER: Claims Registration Period Ends May 11
GWB-GRUNDWERT: Claims Registration Period Ends May 15
H2E HOEHNE: Claims Registration Ends May 30
HABEMAT-KUECHEN GMBH: Claims Registration Ends May 11

HACK GMBH: Claims Registration Ends May 15
HANSEATIC TRANSPORT: Claims Registration Ends May 29
HAUS COMMUNICATION: Creditors Must Register Claims by May 11
HECKLER & KOCH: Moody's Assigns Loss-Given-Default Rating
HEIDELBERGCEMENT: Debt Reduction Cues Moody's to Lift Ba1 Rating

HELUX SOLARTECHNIK: Creditors Must Register Claims by May 11
HERMANN BURHOOP: Creditors Meeting Slated for April 26
HMS WELTERS: Creditors Must Register Claims by April 27
HOEHNE HABANN: Claims Registration Period Ends May 30
HORIZONT DEUTSCHLAND: Claims Registration Period Ends May 9

HOTEL DIEMELSEE: Claims Registration Period Ends May 25
HTJ-BEDACHUNG JAKOBS: Claims Registration Period Ends May 11
I. BOERNER: Claims Registration Period Ends May 11


H U N G A R Y

BAKONY MUVEK: Bankrupt Firm Owes Up to HUF2 Billion in Debts
SANYO ELECTRIC: Unit Completes Solar Plant in Hungary


I R E L A N D

WELLMAN INC: Moody's Junks US$265-Mln Second Lien Term Loan


I T A L Y

FIAT SPA: Moody's Assigns Loss-Given-Default Rating


K A Z A K H S T A N

RG BRANDS: Moody's Assigns Loss-Given-Default Rating


K Y R G Y Z S T A N

DUBLE-U LLC: Creditors' Meeting Slated for April 17
PANTEON LLC: Creditors' Meeting Slated for April 12


N E T H E R L A N D S

HEAD N.V.: Moody's Assigns Loss-Given-Default Rating


R U S S I A

ALROSA FINANCE: Moody's Assigns Loss-Given-Default Rating
AMUR OJSC: Creditors Must File Claims by May 17
BELEV-SEL-KHOZ-KHIMIYA: Creditors Must File Claims by April 17
DAL-TRADE-SERVICE: Creditors Must File Claims by May 17
GOSTOMLYA LLC: Creditors Must File Claims by April 17

IRKUT CORPORATION: Moody's Keeps Ba1 Corporate Family Rating
KHABAROVSKAYA LLC: Court Names E. Shtinova as Insolvency Manager
KUDRYASHOVSKIY FEED: Creditors Must File Claims by May 17
LUKOIL OAO: Mulls Buying ConocoPhillips's German Refinery

MASLODEL OJSC: Creditors Must File Claims by May 17
MDM BANK: Earns RUR3.32 Billion for Year Ended Dec. 31, 2006
MIKHAYLOVSKIY MEAT: Creditors Must File Claims by May 17
MINERS OF ZABAYKALYE: Creditors Must File Claims by April 17
NEFTEKAMSKIY FACTORY: Names A. Mardamshina as Insolvency Manager

OKA-CENTRE CJSC: Court Starts Bankruptcy Supervision Procedure
RASSVET OJSC: Asset Bidding Deadline Slated for April 14
RODINA LLC: Creditors Must File Claims by April 17
RYAZANOVO-WOOD LLC: Creditors Must File Claims by April 17
SITRONICS JSC: Sistema Increases Stake to 60%

TMK OAO: Boosts Production by 12% in 2007 First Quarter
VNESHTORGBANK JSC: Earns RUR18 Billion for Full Year 2006
WOOD OJSC: Ulyanovsk Bankruptcy Hearing Slated for May 17


S P A I N

AIR MADRID: Court Summons Top Executives Over Fraud Charges


S W E D E N

ARROW ELECTRONICS: Annual Shareholders' Meeting Slated for May 8
ARROW ELECTRONICS: Earns US$388.33 Million for Full Year 2006


S W I T Z E R L A N D

ACTIVE COACHING: Creditors' Liquidation Claims Due May 31
AIRCRAFT CHARTER: Creditors' Liquidation Claims Due May 7
[Redacted]
BISSIG SANITAR: Creditors' Liquidation Claims Due April 30
COMPAS ALDER: Creditors' Liquidation Claims Due April 20

DEXWET LLC: Creditors' Liquidation Claims Due April 20
RESIDENZ SCHILLER: Creditors' Liquidation Claims Due April 20
RETAN JSC: Creditors' Liquidation Claims Due April 20
SCHONENBERGER JSC: Creditors' Liquidation Claims Due April 20
STAUDACHER JSC: Creditors' Liquidation Claims Due April 20

VERPALA JSC: Creditors' Liquidation Claims Due April 26


T U R K E Y

LUKOIL OAO: Eyeing 100 Petrol Stations in Turkey


U K R A I N E

DONETSKOBLGAZ: Court Opens Bankruptcy Case After Dedal Appeal
MELITA LLC: Creditors Must File Claims by April 20
NEW UKRAINE: Creditors Must File Claims by April 20
NOVOKATERINOVKA SILK: Creditors Must File Claims by April 20
ORION LLC: Creditors Must File Claims by April 20

ROKOSIPAL LLC: Creditors Must File Claims by April 20
TRUST LLC: Creditors Must File Claims by April 20
UKRAINIAN INDUSTRIAL: Creditors Must File Claims by April 20
VASILKOV BREADRECEIVING: Creditors Must File Claims by April 20


U N I T E D   K I N G D O M

AC SKELTON: Appoints Administrators from PricewaterhouseCoopers
BRITISH AIRWAYS: AUC Report Shows Worst Baggage Handlers in 2006
BRITISH AIRWAYS: Traffic Figures Up by 2.3% in March 2007
COLLINS & AIKMAN: Has Until June 18 to Decide on Becker Leases
COLLINS & AIKMAN: Wants Court to Deny JCI's Stay Request

COLT TELECOM: Moody's Assigns Loss-Given-Default Rating
D.H.R. LTD: Creditors' Meeting Slated for April 26
DALE EXPRESS: Creditors' Meeting Slated for April 12
DELTA AIR LINES: Moody's Assigns B2 Rating to US$2.5BB Loan
DIONICS PLC: A. Turpin Leads Liquidation Procedure

DREAM DESIGNS: Appoints Jonathan Sinclair as Liquidator
DU FAY: Claims Filing Period Ends April 23
FASTSERV LTD: Claims Filing Period Ends May 4
FLOORLINE CONTRACTS: Names Neil Francis Hickling Liquidator
GRANDSTAND DISPLAYS: Creditors' Meeting Slated for April 20

HINTRENT LTD: Creditors' Meeting Slated for April 16
HOMESAFE SYSTEMS: Creditors' Meeting Slated for April 16
M J R WELDED: Taps Joint Administrators from PwC
METSO CORPORATION: AGM Okays 2006 Financial Results
REFCO INC: Administrators Want Until May 25 to Object to Claims

REFCO INC: Administrators Want to Settle Inter-company Claims
REFCO INC: June 29 Hearing Set for US$108-Mln BAWAG Settlement
RON A BRADLEY: Brings In Administrators from Baker Tilly
SRS LEGAL: Names Joint Administrators from Kroll Ltd
TRICOOL ENGINEERING: Brings In Administrators from RSM Robson

U.K. OILS: Appoints Poppleton & Appleby to Administer Assets
WORCESTERSHIRE POWDER: Appoints DTE Leonard as Administrators
WORLD OF WOOD: Creditors' Meeting Slated for April 18

* Large Companies with Insolvent Balance Sheets

                            *********

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A U S T R I A
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BAWAG PSK: June 29 Hearing Set for US$108-Mln Refco Settlement
--------------------------------------------------------------
The U.S. District Court for the Southern District of New York
will hold a fairness hearing on June 29 at 10:00 a.m. for the
proposed US$108 million partial settlement by BAWAG P.S.K. Bank
Fuer Arbeit und Wirtschaft und Osterreichische Postsparkasse
Aktiengesellschaft, a defendant in the class action, "In re
Refco, Inc. Securities Litigation, Master File No. 05 Civ. 8626
(GEL)."

The hearing will be held before the Hon. Gerard E. Lynch in the
U.S. District Court for the Southern District of New York at:

         United States Courthouse
         500 Pearl Street
         New York
         NY 10007
         U.S.A.

The settlement covers persons or entities that purchased or
otherwise acquired Refco Group Ltd., LLC/ Refco Finance Inc. 9%
Senior Subordinated Notes due 2012 (CUSIP Nos. 75866HAA5 and/or
75866HAC1) and/or Refco, Inc. common stock (CUSIP No. 75866G109)
between Aug. 5, 2004 and Oct. 17, 2005.

Any objections or exclusions to and from the settlement must be
made on or before, May 26 and 30, respectively.

                        Case Background

The suit, filed in the U.S. District Court for the Southern
District of New York, was consolidated in April (Class Action
Reporter, Apr. 7, 2006).  It claimed the collapsed commodity
brokerage hid more than US$5 billion off its books, far more
than previously thought.  It also accuses company executives,
company auditors, and investment bankers of negligence.

This discovery of the bad debts caused the collapse of the
company a mere two months after its Aug. 10, 2005, initial
public offering of common stock, and only 14 months after its
issuance of 9% Senior Subordinated Notes due 2012.  The company
filed the fourth largest bankruptcy in U.S. history as a result.

The suit is "In re Refco, Inc. Securities Litigation, Master
File No. 05 Civ. 8626 (GEL)," filed in the U.S. District Court
for the Southern District of New York under Judge Gerard E.
Lynch.

Representing the plaintiffs are:

     (1) Max W. Berger (MB-5010), John P. Coffey  (JC-3832),
         John C. Browne (JB-0391) and Noam N. Mandel (NM-0203)
         of Bernstein Litowitz Berg & Grossmann, LLP, 1285
         Avenue of the Americas, New York, NY 10019, Phone:
         (212) 554-1400, Fax: (212) 554-1444; and

     (2) Stuart M. Grant (SG-8157), James J. Sabella (JS-5454),
         Megan D. McIntyre, Jeff A. Almeida, Christine M.
         Mackintosh and Jill Agro of Grant & Eisenhofer, P.A.,
         Phone: (646) 722-8500 and (302) 622-7000, Fax: (646)
         722-8501 and (302) 622-7100

For more details, contact:

         Refco Inc. Securities Litigation
         c/o The Garden City Group Inc.
         PO Box 9087
         Dublin
         OH 43017-0987
         Web site: http://www.refcosecuritieslitigation.com/

                          About Refco Inc.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

                           About BAWAG

Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit
und Wirtschaft AG) is an Austrian universal bank founded in 1922
by former Austrian Chancellor Karl Renner.  As of 2004, the
bank's majority shareholder was the OGB (Osterreichischer
Gewerkschaftsbund), the Austrian Trade Union Federation.  The
bank had total consolidated assets of EUR56 billion as of
Dec. 31, 2004.

                        *      *      *

As of Feb 27, Bawag PSK carries an E+ bank financial strength
rating from Moody's.


BECIROVIC KEG: Claims Registration Period Ends April 27
-------------------------------------------------------
Creditors owed money by KEG Becirovic (FN 242719s) have until
April 27 to file written proofs of claim to court-appointed
estate administrator Romana Weber-Wilfert at:

         Dr. Romana Weber-Wilfert
         Esslinggasse 9
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 24
         E-mail: office@weber-wilfert.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 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 16 (Bankr. Case No. 28 S 28/07g).


CONDORNET LLC: First Creditors' Meeting Slated for April 12
-----------------------------------------------------------
Creditors owed money by LLC CondorNet (FN 226036g) are
encouraged to attend the first creditors' meeting at 9:45 a.m.
on April 12.

The creditors' meeting will be held at:

         The Land Court of Salzburg
         Room 221
         Second Floor
         Salzburg
         Austria

The Court will also examine the claims at 9:15 a.m. on May 14,
at the same venue.

Creditors have until April 30 to file written proofs of claim to
court-appointed estate administrator Stefan Hornung at:

         Dr. Stefan Hornung
         Hellbrunner Strasse 11
         5020 Salzburg
         Austria
         Tel: 0662/841616
         Fax: 0662/841616-16
         E-mail: office@lawconsult.at

Headquartered in Saalfelden am Steinernen Meer, Austria, the
Debtor declared bankruptcy on March 15 (Case No. 23 S 18/07b).


HE WEI: Claims Registration Period Ends May 1
---------------------------------------------
Creditors owed money by KEG He Wei (FN 266592y) have until May 1
to file written proofs of claim to court-appointed estate
administrator Klemens Dallinger at:

         Dr. Klemens Dallinger
         c/o Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 28 33
         Fax: 513 28 22
         E-mail: dallinger@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on May 15 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 14 (Bankr. Case No. 4 S 34/07p).  Guenther Hoedl
represents Dr. Dallinger in the bankruptcy proceedings.


HEI-SAN LLC: Claims Registration Period Ends May 1
--------------------------------------------------
Creditors owed money by LLC Hei-San (FN 110076b) have until
May 1 to file written proofs of claim to court-appointed estate
administrator Georg Freimueller at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on May 15 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 15 (Bankr. Case No. 4 S 36/07g).  Erwin Senoner
represents Dr. Freimueller in the bankruptcy proceedings.


HSD LLC: Claims Registration Period Ends May 8
----------------------------------------------
Creditors owed money by LLC HSD (FN 118446k) have until May 8 to
file written proofs of claim to court-appointed estate
administrator Joerg Beirer at:

         Dr. Joerg Beirer
         Hauptplatz 31
         2700 Wiener Neustadt
         Austria
         Tel: 02622/27041
         Fax: 02622/29246

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:00 p.m. on May 22 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Baden bei Wien, Austria, the Debtor declared
bankruptcy on March 15 (Bankr. Case No. 11 S 34/07x).


INNOVATIVE ENERGIESYSTEME: Claims Registration Period Ends May 2
----------------------------------------------------------------
Creditors owed money by LLC Innovative Energiesysteme (FN
229927d) have until May 2 to file written proofs of claim to
court-appointed estate administrator Rainer Radlinger at:

         Mag. Rainer Radlinger
         c/o Dr. Gerhard Schilcher
         B"ckerstrasse 1/3/13
         1010 Vienna
         Austria
         Tel: 01/513 23 44
         Fax: 01/513 23 44-15

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

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Ganserndorf, Austria, the Debtor declared
bankruptcy on March 15 (Bankr. Case No. 36 S 36/07x).  Gerhard
Schilcher represents Mag. Radlinger.


LAKATOS LLC: Vienna Court Orders Business Shutdown
--------------------------------------------------
The Trade Court of Vienna entered March 14 an order shutting
down the business of LLC Lakatos (FN 275165f).

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

The estate administrator can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 9 (Bankr. Case No. 3 S 37/07x).


LUMITE LLC: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered March 15 an order shutting
down the business of LLC Lumite (FN 247034k).

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

The estate administrator can be reached at:

         Dr. 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

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.


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


AMR CORP: Pays US$285 Million Balance of Sr. Sec. Revolving Loan
----------------------------------------------------------------
AMR Corporation, the parent company of American Airlines, Inc.,
provided an update on actions taken in the first quarter of 2007
as part of its ongoing efforts to strengthen its balance sheet
and build a stronger financial foundation.

American Airlines has paid in full the US$285 million principal
balance of its senior secured revolving credit facility, which
had been fully drawn since its establishment in December 2004.
AMR's US$444 million term loan facility remains outstanding.

The company said that the revolving credit facility may be
redrawn, subject to certain conditions, and repaid from time to
time depending on various factors, such as economic and industry
conditions and the company's financial condition.

American Eagle Airlines, Inc., its wholly owned subsidiary, has
prepaid US$79 million in principal amount of aircraft debt.  The
prepayment, which occurred in February, is incremental to AMR's
US$1.3 billion in scheduled principal payments in 2007.

AMR anticipates ending the first quarter of 2007 with
US$5.8 billion in cash and short-term investments, including a
restricted balance of nearly US$500 million, compared to a cash
and short-term investment balance of US$4.8 billion, including a
restricted balance of US$510 million, in the first quarter of
2006.

AMR also said that it expects to complete by mid-April the
refinancing of US$350 million in municipal bonds that originally
were issued in 1990 to help fund the development of American's
Alliance Maintenance and Engineering Base in Fort Worth, Texas.

The closing of the transaction is subject to certain government
approvals.  The refinanced bonds, to be issued by
AllianceAirport Authority, Inc., will have a blended interest
rate of 5.46%, down from a rate of 7.5% in the current bonds,
and a final maturity of Dec. 1, 2029.

AMR estimates that by paying down the revolving credit facility
balance, prepaying the aircraft debt and refinancing the
maintenance facility bonds, as described above, it will
eliminate US$15 million of its annual net interest expense.

"The company believes that these actions illustrate its
continued progress in strengthening its balance sheet, which is
an important component of the company's Turnaround Plan that has
helped to position the company for long-term success," Thomas W.
Horton, executive vice president of finance and planning and
chief financial officer of AMR said.  "While there is more work
to do, the company is building a stronger company by reducing
debt and increasing liquidity while continuing to find ways to
grow revenue and reduce costs."

AMR's balance sheet improvement include:

   * more than US$1.1 billion, raised through three equity
     issuances in the past 17 months, including the sale of
     13 million new shares in January that raised US$500
     million;

   * reduced total debt, which includes the principal
     amount of airport facility tax-exempt bonds and the present
     value of aircraft operating lease obligations, to
     US$18.4 billion at the end of the fourth quarter of 2006,
     compared to US$20.1 billion a year earlier, the company
     expects to end the first quarter of 2007 with total debt of
     US$17.6 billion;

   * reduced net debt, which is defined as total debt less
     unrestricted cash and short-term investments, from
     US$16.3 billion at the end of 2005 to US$13.6 billion at
     the end of 2006, the Company expects to end the first
     quarter of 2007 with net debt of US$12.3 billion.

                          About AMR Corp.

American Airlines -- http://www.AA.com/-- is the world's
largest airline.  American, American Eagle and the
AmericanConnection regional airlines serve more than 250 cities
in over 40 countries with more than 3,800 daily flights.
American Airlines flies to Belgium, Brazil, Japan, among others.
The combined network fleet numbers more than 1,000 aircraft.
American Airlines is a founding member of the oneworld Alliance,
whose members serve more than 600 destinations in over 135
countries and territories.

At Dec. 31, 2005, AMR Corporation's equity deficit doubled to
US$1.478 billion from a US$581 million deficit from Dec. 31,
2004.

                           *     *     *

Standard & Poor's Ratings Services, effective June 6, 2006,
placed its ratings on AMR Corp. (B-/Watch Pos/B-3) and
subsidiary American Airlines Inc. (B-/Watch Pos/--) on
CreditWatch with positive implication.


CHIQUITA BRANDS: Unit Signs California Leafy Agreement
------------------------------------------------------
Fresh Express disclosed that it would sign the California Leafy
Greens Handlers Agreement in order to further support an
industry wide move toward stronger food safety.

"Fresh Express food-safety standards and practices are already
significantly more comprehensive and exceed those outlined in
the California Leafy Greens Handler Food Safety Agreement," said
Tanios E. Viviani, president of Fresh Express.  "Our food-safety
programs are already fully integrated from seed to customer,
comprehensive in scope and focus on prevention."

Mr. Viviani noted that Fresh Express agreed to sign the
Agreement now after originally declining, because he believes
the company's former concerns that the Agreement was not strong
enough are beginning to be addressed.  Specifically:

   -- A commitment has been made to continue to strengthen the
      Good Agricultural Practices (GAPs) Metrics and make them
      more robust.

   -- A commitment has also been made to extend the Agreement
      into other states beyond California, starting in the state
      of Arizona, where the greens are grown during winter
      months.  At this time, the Agreement covers only leafy
      greens grown or processed in the state of California.

   -- The Agreement will not be used for promotional purposes,
      but will remain steadfastly focused on metrics and
      verification to further food safety.

   -- Significant support has been gathered from other industry
      wide organizations including the Produce Marketing
      Association, United Fresh Produce Association, California
      Farm Bureau Federation and the National Restaurant
      Association, among others.

"With these changes, the Agreement is more consistent with our
rigorous approach," said Mr. Viviani.  "We want to further
support the process of raising the level of food safety
throughout the industry by signing the Agreement."  Mr. Viviani
emphasized that Fresh Express is not changing its integrated,
comprehensive and preventive food safety standards and
practices, which are already substantially higher than the
Agreement's.  However, because changes to the Agreement's GAPs
Metrics are beginning to address concerns voiced by Fresh
Express and additional commitments have been made to continue to
strengthen the Metrics, increase their scope and expand the
Agreement into other states, Fresh Express will sign the
Agreement to further support raising the level of food safety in
the industry.

Fresh Express, a subsidiary of Chiquita Brands International,
Inc. (NYSE: CQB), has been recognized as a leader in fresh foods
for more than 80 years and is dedicated to providing consumers
with healthy, convenient and ready-to-eat spinach, salads,
vegetables and fruits.  With the invention and introduction of
the Keep Crisp(TM) bag, Fresh Express was the creator of the
retail packaged salad category and the first to make ready-to-
eat salads available to consumers nationwide.

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 60 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.

                        *     *     *

Moody's Investors Service downgraded the ratings for Chiquita
Brands L.L.C., as well as for its parent Chiquita Brands
International, Inc. Moody's said the outlook on all ratings is
stable.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.


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


AGROBANKA PRAHA: Shareholders Settle with GE Money Bank & CNB
-------------------------------------------------------------
Agrobanka Praha's shareholders have reached an agreement with GE
Money Bank and the Czech National Bank, which calls for GE Money
to pay CZK800 million to Agrobanka and the CNB to swap its stake
in Agrobanka for equity, Czech Business Weekly reports, citing
Euro OnLine as its source.

Agrobanka's liquidator and board of directors will withdraw the
bankruptcy petition filed at the Municipal Court in Prague if
the bank's supervisory board approves the agreement, CBW states.
They will also end all litigation on the validity of GE
Capital's purchase of the bank's healthy assets.

As reported in the TCR-Europe on April 9, 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.

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

The CNB, which is both a shareholder and a creditor of
Agrobanka, invested CZK20 billion into GE Money Bank and also
holds two Agrobanka claims totaling CZK17.2 billion.

                        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.


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


HILTON HOTELS: Keeps Convertibility Feature on 3.375% Sr. Notes
---------------------------------------------------------------
Hilton Hotels Corp. reported that its 3.375% Convertible Senior
Notes due 2023 will remain convertible into Hilton Hotels common
stock at the option of the holders during the fiscal quarter
ending June 30, 2007.

The 3.375% notes remained convertible because the closing sale
price of Hilton Hotels' common stock for at least 20 consecutive
trading days during the 30 consecutive trading day period ending
on the last trading day of the calendar quarter ended March 31,
2007, was greater than 120% of the conversion price in effect on
such last trading day.  The 3.375% notes are currently
convertible at a conversion price of US$22.50 per share, which
represents a conversion rate of approximately 44.4444 shares of
Hilton Hotels' common stock per US$1,000 principal amount of
notes.

Hilton Hotels will not make any further public announcement on
this subject unless and until the trading price condition for
conversion of the 3.375% notes is no longer satisfied.  Until
such further public announcement is made, the 3.375% notes will
be convertible into Hilton Hotels common stock in accordance
with the terms and subject to the conditions of the notes and
the indenture, under which the notes were issued.

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 7,
Standard & Poor's Ratings Services raised its corporate credit
and senior unsecured ratings on Hilton Hotels Corp. to 'BB+'
from 'BB' and removed the ratings from CreditWatch where they
were placed with positive implications on Jan. 31.  S&P said the
outlook is stable.

In a TCR-Europe report on Feb. 28, Moody's Investors Service
upgraded Hilton Hotels Corporation's corporate family rating to
Ba1 from Ba2 reflecting a reduction in leverage from a faster
than expected pace of asset sales and strong earnings during
2006.  Adjusted debt to EBITDAR has improved to around 5.0x from
6.0x in January 2006.


METSO OYJ: CEO Sees Profit Growth for 2007
------------------------------------------
Metso Oyj President and CEO Jorma Elorante stated in his review
that the company's profit growth would continue in 2007.  The
good order intake in the first quarter supports the positive
development for the full year.

"As we noted in February, in connection with the publication of
our financial statements, Metso's net sales in 2007 are
estimated to grow by more than 20 percent on 2006, and the
operating profit is estimated to clearly improve.  We also
repeat our estimate regarding the 2007 operating profit margin.
It is estimated that the operating profit margin will be
slightly below Metso's 10 percent target.  Metso's order backlog
has further strengthened from the year-end, which supports our
favorable full-year estimate," Mr. Elorante said.

However, Mr. Eloranta reminds that in businesses like Metso's
the net sales and operating profit can vary significantly
between quarters.

"We estimate that this year the first quarter will be the
weakest, and the net sales and operating profit for the last
three quarters of the year will clearly improve from the first
quarter.  This is mainly due to the timing and mix of deliveries
and normal seasonal variation," Mr. Eloranta added.

Metso targets to exploit the favorable market situation by, for
example, strengthening its global presence close to the
customers.  It will also improve its supply chain management
globally.  De-bottlenecking investments target improved delivery
capability and customer service.

According to Eloranta, continuous improvement of productivity
and operational quality are key matters for profitability
development.  Additionally, Metso is developing its business
processes and supporting information systems.

"Growth will also require business renewal.  We see great
potential in, for example, environmental and service business
development," Mr. Eloranta concluded.

Metso will also consider corporate acquisitions that complement
its current product and service offering or strengthen its
geographical presence.

                        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
===========


EUROPCAR GROUPE: 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 corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Ba3 Corporate Family Rating for Europcar Groupe
S.A.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   8.125% Subordinate
   Regular Bond/Debenture
   Due 2014                 B2       B2       LGD6    93%

   Senior Subordinated
   Regular Bond/Debenture
   Due 2013                 B1       B1       LGD5    78%

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, Europcar Groupe S.A. is one of
the leading rental car companies in Europe with reported sales
of EUR1.3 billion in 2005.


EUROTUNNEL GROUP: French Market Regulator Okays Exchange Offer
--------------------------------------------------------------
The French market regulator (Autorite des Marches Financiers)
confirmed April 3 the compliance with applicable laws and
regulations of the exchange offer to be launched by the new
holding company, Groupe Eurotunnel SA, for Eurotunnel units as
provided for in the safeguard plan approved by the Paris
Commercial Court on Jan. 15.

The decision included the approval of the offer document on
April 4.

The offer document as well as the prospectus comprising the
registration document, the securities note and their respective
summaries are available on Eurotunnel's and GET SA's Web sites
at: http://www.eurotunnel.com/and http://www.groupe-
eurotunnel.com/

The registration document relating to GET SA and its subsidiary
Eurotunnel Group U.K. Plc (EGP) was registered by the AMF on
March 21 under number i.07-021.

The securities note relating to GET SA ordinary shares, warrants
for GET SA ordinary share and the notes redeemable in GET SA
ordinary shares to be issued by EGP was approved by the AMF
under number 2007-113 on April 4.

                     Terms of the Offer

The principal terms of the offer are:

   -- the initial acceptance period runs from April 10 until
      May 15, 2007, inclusive;

   -- for each Eurotunnel Unit tendered to the Offer the holder
      will be entitled to:

      * one GET SA ordinary share; and
      * a warrant for GET SA ordinary shares;

   -- the acceptance threshold for the Offer is 60% of the
      outstanding units.

In addition, Unitholders are reminded that if they tender their
units to the offer during the initial acceptance period, they
will have the right to subscribe in cash and within certain
limits for notes redeemable in GET SA ordinary shares (NRS).

                   Joint Board Recommendation

The Joint Board of Eurotunnel (Board of ESA and EPLC)
unanimously and formally recommends to Unitholders that they
tender their units to the offer launched by GET SA.  The
Directors have indicated that they will tender their own units
to the Offer.

The Board wishes to point out that if the offer fails,
Eurotunnel could not continue as a going concern and would in
all likelihood face insolvent liquidation.

The registration document and the securities note can be
consulted on the internet sites of the AMF at:
http://www.amf-france.org/

                        About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel SA (ETTFF.PK).

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.

                     Safeguard Protection

Eurotunnel obtained Aug. 2 an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).  At the end of 2006, the
group's creditors and bondholders approved a plan to decrease
its GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, the Court approved Eurotunnel's safeguard plan,
backed by the court-appointed representatives to the company and
to the creditors.


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


A.T.U. AUTO: 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 corporate families in the Aerospace and
Defense, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its B1 Corporate Family Rating for A.T.U. Auto-Teile-
Unger Invtmt GmbH & Co. KG.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                               Projected
                             POD      LGD      Loss-Given
   Debt Issue                Rating   Rating   Default
   ----------                -------  ------   ----------
   Senior Subordinated
   Regular Bond/Debenture
   Due 2014                  B3       LGD5     89%

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 Weiden, Germany, A.T.U. Auto-Teil-Unger Invtmt
GmbH & Co. KG -- http://www.atu.de/-- is a subsidiary of A.T.U.
Auto-Teil-Unger Group.  The group is an independent car parts
stocklist and auto repair company.


AUTOHAUS HUBERT: Claims Registration Period Ends May 2
------------------------------------------------------
Creditors of Autohaus Hubert Giertz GmbH & Co. KG have until
May 2 to register their claims with court-appointed insolvency
manager Paul Fink.

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

The meeting of creditors will be held at:

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on June 1, at the same venue.

The insolvency manager can be contacted at:

         Dr. Paul Fink
         Rheinort 1
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Autohaus Hubert Giertz GmbH & Co. KG on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Autohaus Hubert Giertz GmbH & Co. KG
         Hauser Ring 70-74
         40878 Ratingen
         Germany


CERAM DESIGN: Creditors' Meeting Slated for May 11
--------------------------------------------------
The court-appointed insolvency manager for Ceram Design
Grosshandel mit Dekorkeramik GmbH, Thomas Becker, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 9:30 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
         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 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 Ceram Design Grosshandel mit Dekorkeramik GmbH on
April 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Ceram Design Grosshandel mit Dekorkeramik GmbH
         Attn: Karl Peter Weber, Manager
         Carl-Friedrich-Gauss-Str. 6
         66793 Saarwellingen
         Germany


DEKO-RODE: Claims Registration Period Ends May 21
-------------------------------------------------
Creditors of Deko-Rode GmbH have until May 21 to register their
claims with court-appointed insolvency manager Georg F. Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 contacted at:

         Georg F. Kreplin
         Limbecker Platz 1
         45127 Essen
         Germany

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

The Debtor can be contacted at:

         Deko-Rode GmbH
         Rottstr. 43
         45127 Essen
         Germany

         Attn: Dieter Albert, Manager
         Bahnhofstr. 112
         40883 Ratingen
         Germany


DUERR AG: 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 corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency held
its B2 Corporate Family Rating for Duerr AG.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              ------   ------   --------
   9.75% Senior
   Subordinated Regular
   Bond/Debenture
   Due 2011                Caa1     LGD5     86%

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%).

                          About Duerr

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


DYCKERHOFF AG: 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 corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors last week, the rating agency
confirmed its Ba1 Corporate Family Rating for Dyckerhoff AG.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

* Issuer: Lone Star Industries Inc.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   US$350 million 9.25%
   Senior Unsecured Regular
   Bond/Debenture Due 2010  Ba1      Ba1      LGD4    50%

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%).

Germany-based Dyckerhoff AG -- http://www.dyckerhoff.de/--  
produces, markets and distributes cement and ready-mixed
concrete.  The company markets its products in Europe and North
America through direct sales, building material stores, and do-
it-yourself outlets.  Lone Star Industries is Dyckerhoff's
subsidiary in the United States.


DYCKERHOFF AG: Moody's Upgrades US$350MM Lone Star Bonds to Baa3
----------------------------------------------------------------
Moody's Investors Service has changed Dyckerhoff's issuer rating
and the rating of the guaranteed bond issued by its US
subsidiary Lone Star Industries from Ba1 to Baa3.

The outlook for both ratings is positive.  At the same time,
Moody's has upgraded the short-term rating for Dyckerhoff AG
from Not Prime to P-3 and has withdrawn Dyckerhoff's corporate
family rating and Lone Star's LGD rating.

The rating change reflects:

    (1) Dyckerhoff's further improved operating results in 2006
        and Moody's expectation that the improved results will
        be sustainable,

    (2) its further improved adjusted leverage ratio in the
        financial year 2006 which includes Moody's adjustment
        for the 100% guarantee of Lone Star's outstanding bond,
        although Lone Star's cash flows are only consolidated
        proportionally with 48.5%; however, Lone Star has also
        provided a EUR160 million guarantee on a senior basis to
        Dyckerhoff, thereby making available its cash flow to
        creditors of Dyckerhoff;

    (3) the general potential for high free cash flows due to
        flexible maintenance capex requirements,

    (4) the expectation of an ongoing solid construction
        industry in Germany combined with a continuing stable
        pricing structure,

    (5) the company's advantageous position in some of the
        strongest growing economies in Eastern Europe, namely
        Poland, the Czech Republic, Ukraine and Russia, as well
        as its participation in RC Lone Star, a US cement
        manufacturer, jointly owned with its parent Buzzi
        Unicem,

    (6) the profile of Dyckerhoff's parent company Buzzi Unicem
        SpA, which, in Moody's view, continues to provide
        additional credit strength to that of Dyckerhoff.

The rating, however, also takes into account:

    (A) the company's small size compared to its competitors,

    (B) limited regional diversification with high vulnerability
        in the event of a serious and long lasting downturn in
        one of its major markets, and

    (C) considerable weighting of the profitable US assets,
        which are consolidated proportionally with the 48.5%
        shareholding, on the group's overall performance,
        exacerbated by the group's complex structure.

When calculating Dyckerhoff's debt ratios, Moody's has not
included the proportional amount of the private placements of
its indirect US subsidiary RC (EUR 269 million), as this
obligation is on-lent to and fully guaranteed by Buzzi Unicem

Upgrades:

  * Issuer: Dyckerhoff AG

    -- Issuer Rating, Upgraded to a range of Baa3 to P-3 from a
       range of Ba1 to NP

    -- Senior Unsecured Commercial Paper, Upgraded to P-3 from
       NP

  * Issuer: Lone Star Industries Inc.

     -- Senior Unsecured Regular Bond/Debenture, Upgraded to
        Baa3 from Ba1

Withdrawals:

  * Issuer: Dyckerhoff AG

    -- Corporate Family Rating, Withdrawn, previously rated Ba1

  * Issuer: Lone Star Industries Inc.

    -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
       previously rated 50 - LGD4

Headquartered in Wiesbaden, Germany, Dyckerhoff AG is an
established cement producer. It is among the market leaders
domestically, in Europe and is also represented in the US via
its 48.5% owned subsidiary RC Lonestar.  The Group's sales for
2006 amounted to EUR1.4 billion.  Dyckerhoff is majority-owned
by Italian cement producer BuzziUnicem.


E & F AUTOMOBILE: Claims Registration Period Ends May 11
--------------------------------------------------------
Creditors of E & F Automobile GmbH have until May 11 to register
their claims with court-appointed insolvency manager Rudolf
Dobmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 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 Weiden
         Meeting Hall 122/I
         Justice Building
         Ledererstrasse Nr. 9
         92637 Weiden
         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. Rudolf Dobmeier
         Dr. Gessler Str. 20
         93051 Regensburg
         Germany
         Tel: 0941-230391-0
         Fax: 0941-230391-20

The District Court of Weiden opened bankruptcy proceedings
against E & F Automobile GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         E & F Automobile GmbH
         Frauenrichter Strasse 84
         92637 Weiden i.d.OPf.
         Germany

         Attn: Froehlich Michael, Manager
         Nikolaistr. 12
         92637 Weiden i.d.OPf
         Germany


EMANUELA RUSTIGNOLI: Claims Registration Period Ends May 18
-----------------------------------------------------------
Creditors of Emanuela Rustignoli GmbH have until May 18 to
register their claims with court-appointed insolvency manager
Stephan Schlegel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on June 28, 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 Frankfurt (Main)
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be contacted at:

         Dr. Stephan Schlegel
         Hauptstrasse 336
         65760 Eschborn
         Germany
         Tel: 06173/93940
         Fax: 06173/939420

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against Emanuela Rustignoli GmbH on March 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Emanuela Rustignoli GmbH
         Attn: Paolo Rustignoli, Manager
         Berger Strasse 248
         60385 Frankfurt/Main
         Germany


ES LOGISTIK: Claims Registration Period Ends May 29
---------------------------------------------------
Creditors of ES Logistik Internationale Spedition GmbH have
until May 29 to register their claims with court-appointed
insolvency manager Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on June 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 Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be contacted at:

         Dr. Rainer Eckert
         Kathe-Kollwitz-Strasse 9
         04109 Leipzig
         Germany
         Tel: 0341/910470
         Fax: 0341/9104710
         E-mail: eckert-leipzig@rae-eckert.de

The District Court of Leipzig opened bankruptcy proceedings
against ES Logistik Internationale Spedition GmbH on March 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         ES Logistik Internationale Spedition GmbH
         Attn: Melanie Stremplat, Manager
         Thielestrasse 17
         04720 Doebeln
         Germany


ESCADA AG: 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 corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors last week, the rating agency
confirmed its B1 Corporate Family Rating for Escada AG.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   7.5% Senior Unsecured
   Regular Bond/Debenture
   Due 2012                 B1       B1       LGD3    49%

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 Munich, Germany, Escada AG is one of the
leading European manufacturers and distributors of ready-to-wear
luxury apparel for women.


EUROLINE SLP: Claims Registration Period Ends June 5
----------------------------------------------------
Creditors of Euroline SLP GmbH Spedition und Logistik have until
June 5 to register their claims with court-appointed insolvency
manager Holger Zbick.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Lingen (Ems)
         Hall Z 17
         New Building
         Burgstrasse 28
         49808 Lingen (Ems)
         Germany

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

The insolvency manager can be contacted at:

         Holger Zbick
         Marktplatz 2-4
         48712 Gescher
         Germany
         Tel: 02542/9178-10
         Fax: 02542/9178-28
         E-mail: inso@zbick-deckert.de

The District Court of Lingen (Ems) opened bankruptcy proceedings
against Euroline SLP GmbH Spedition und Logistik on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Euroline SLP GmbH Spedition und Logistik
         Attn: Volker Becker, Manager
         Kampstrasse 1
         49811 Lingen
         Germany


FORMADUR GMBH: Claims Registration Period Ends May 24
-----------------------------------------------------
Creditors of Formadur GmbH & Co. KG have until May 24 to
register their claims with court-appointed insolvency manager
Stephan Hoeltershinken.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on June 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln
         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:

         Stephan Hoeltershinken
         Marienstrasse 126
         D 32425 Minden
         Germany
         Tel: 0571-64577-10
         Fax: 0571-64577-39

The District Court of Hameln opened bankruptcy proceedings
against Formadur GmbH & Co. KG on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Formadur GmbH & Co. KG
         Attn: Heinrich W. Huntebrinker, Manager
         Humboldstr. 20
         31020 Salzhemmendorf
         Germany


FRESENIUS AG: 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 corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Ba2 Corporate Family Rating for Fresenius AG.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.


* Issuer: Fresenius Finance BV
                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   5% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                 Ba2      Ba2      LGD4    51%

   5.5% Senior Unsecured
   Regular Bond/Debenture
   Due 2016                 Ba2      Ba2      LGD4    51%

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 Bad Homburg, Germany, Fresenius AG --
http://www.fresenius-ag.com/-- is a health care group with
international operations, providing products and services for
dialysis, hospital and the ambulatory medical care of patients.


FUN SPIELHALLEN: Claims Registration Period Ends May 23
-------------------------------------------------------
Creditors of FUN Spielhallen GmbH have until May 23 to register
their claims with court-appointed insolvency manager Ralf Sinz.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on June 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 14
         Ground Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be contacted at:

         Dr. Ralf Sinz
         Zeughausstrasse 28-38
         50667 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against FUN Spielhallen GmbH on March 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         FUN Spielhallen GmbH
         Emil-Hoffmann-Strasse 55
         50996 Cologne
         Germany

         Attn: Alfred Neu, Manager
         Birken 213
         50996 Cologne
         Germany


FWT GMBH: Claims Registration Period Ends May 7
-----------------------------------------------
Creditors of FWT GmbH have until May 7 to register their claims
with court-appointed insolvency manager Michael Bohlander.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Room 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:

         Michael Bohlander
         Heinrich-Lanz-Str. 23-27
         68165 Mannheim
         Germany
         Tel: 0621/401710-0

The District Court of Mannheim opened bankruptcy proceedings
against FWT GmbH on March 31.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         FWT GmbH
         Attn: Roland Kirchner und Sonja Wagner-Ziegler, Manager
         Rudolf-Diesel-Str. 18
         68169 Mannheim
         Germany


GEORG UTZINGER: Claims Registration Period Ends May 11
------------------------------------------------------
Creditors of Georg Utzinger GmbH have until May 11 to register
their claims with court-appointed insolvency manager Anke
Keller.

Creditors and other interested parties are encouraged to attend
the meeting at 3:20 p.m. on June 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 Muehldorf a. Inn
         Hall 112
         Innstrasse 1
         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:

         Anke Keller
         Leopoldstrasse 139
         80804 Munich
         Germany

The District Court of Muehldorf a. Inn opened bankruptcy
proceedings against Georg Utzinger GmbH on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Georg Utzinger GmbH
         Attn: Sibylle Wallner, Manager
         Muenchner Str. 15
         84431 Heldenstein
         Germany


GWB-GRUNDWERT: Claims Registration Period Ends May 15
-----------------------------------------------------
Creditors of GWB-Grundwert Brandenburg GmbH have until May 15 to
register their claims with court-appointed insolvency manager
Rolf Nacke.

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

The meeting of creditors will be held at:

         The District Court of Frankfurt
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt
         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:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Frankfurt opened bankruptcy proceedings
against GWB-Grundwert Brandenburg GmbH on April 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         GWB-Grundwert Brandenburg GmbH
         Oderbruchstrasse 24 a
         15320 Neuhardenberg
         Germany


H2E HOEHNE: Claims Registration Ends May 30
-------------------------------------------
Creditors of H2e Hoehne Habann Elser Werbeagentur GmbH have
until May 30 to register their claims with court-appointed
insolvency manager Manfred Ruedisuehli.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Schorndorfer Str. 28
         71638 Ludwigsburg
         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:

         Manfred Ruedisuehli
         Silberburgstr. 160
         70178 Stuttgart
         Germany

The District Court of Ludwigsburg opened bankruptcy proceedings
against H2e Hoehne Habann Elser Werbeagentur GmbH on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         H2e Hoehne Habann Elser Werbeagentur GmbH
         Attn: Klaus Habann and Roger Tassilo Hoehne, Managers
         Groenerstr. 33
         71636 Ludwigsburg
         Germany


HABEMAT-KUECHEN GMBH: Claims Registration Ends May 11
-----------------------------------------------------
Creditors of habemat-Kuechen GmbH & Co. KG have until May 11 to
register their claims with court-appointed insolvency manager
Stephan Michels.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stephan Michels
         c/o PLUTA Rechtsanwalts GmbH
         Lublinring 12
         48147 Muenster
         Germany
         Tel: 0251/162830
         Fax: 0251/16283-11
         E-mail: muenster@pluta.net

The District Court of Osnabrueck opened bankruptcy proceedings
against habemat-Kuechen GmbH & Co. KG on April 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         habemat-Kuechen GmbH & Co. KG
         Attn: Ulrich Spleth and Dirk Raddy, Managers
         Habematstr. 1
         49328 Melle
         Germany


HACK GMBH: Claims Registration Ends May 15
------------------------------------------
Creditors of Hack GmbH have until May 15 to register their
claims with court-appointed insolvency manager Joachim Stumpf.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Joachim Stumpf
         Lindberghstrasse 7
         64625 Bensheim
         Germany
         Tel: 06251/984171
         Fax: 06251/984173

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

The Debtor can be reached at:

         Hack GmbH
         Robert-Bosch-Str. 32a
         64625 Bensheim
         Germany

         Attn: Peter Paul Hack, Manager
         Alten Graben 12
         64673 Zwingenberg
         Germany


HANSEATIC TRANSPORT: Claims Registration Ends May 29
----------------------------------------------------
Creditors of Hanseatic Transport GmbH have until May 29 to
register their claims with court-appointed insolvency manager
Michael Foehlisch.

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 his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Reinbek
         Parkallee 6
         21465 Reinbek
         Germany

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

The insolvency manager can be reached at:

         Michael Foehlisch
         Hamburger Str. 208
         22083 Hamburg
         Germany

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

The Debtor can be reached at:

         Hanseatic Transport GmbH
         Attn: Andrea Jaekel, Manager
         Gewerbering 8
         22113 Oststeinbek
         Germany


HAUS COMMUNICATION: Creditors Must Register Claims by May 11
------------------------------------------------------------
Creditors of Haus Communication & Consulting GmbH have until
May 11 to register their claims with court-appointed insolvency
manager Andreas Pantlen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on June 11, 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 Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Andreas Pantlen
         Reutherstr. 1a-c
         53773 Hennef
         Germany
         Tel: 02242-901978

The District Court of Bonn opened bankruptcy proceedings against
Haus Communication & Consulting GmbH on April 4.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Haus Communication & Consulting GmbH
         Adenauerplatz 8
         53773 Hennef
         Germany


HECKLER & KOCH: 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 corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
assigned a B1 Probability-of-default rating to Heckler & Koch
GmbH.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  ------
   9.25% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                  B2      LGD4       65%

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 alpha-
numeric 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 Oberndorf, Germany, Heckler & Koch GmbH is a
leading defense contractor in the small arms sector of the
European NATO defense market.  In the 12 months to
September 2006, the company generated revenues of EUR123.7
million.


HEIDELBERGCEMENT: Debt Reduction Cues Moody's to Lift Ba1 Rating
----------------------------------------------------------------
Moody's Investors Service upgraded the issuer and senior
unsecured ratings of HeidelbergCement AG and its guaranteed
finance subsidiaries HeidelbergCement Finance BV and
HeidelbergCement Financial Services AB to Baa3 from Ba1.

At the same time the company's short-term rating was upgraded to
Prime-3 from Not Prime.  With the return to investment grade,
Moody's has also withdrawn HeidelbergCement's LGD and corporate
family ratings.  The outlook is stable for all ratings.  This
rating action concludes the review for possible upgrade
initiated in August 2006.

Moody's said that despite an ongoing concern about HC's less
conservative liquidity management when compared to industry best
practice, the upgrade to Baa3 acknowledges the continued very
positive trend shown in HeidelbergCement's operating performance
and financial metrics during the last years stemming from
continuous revenue growth in the company's European, Asian and
North American core markets, the successful implementation of
several cost cutting measures and a prudent cash flow
management.  "Debt reduction and improved cash flows led to
strongly improved credit metrics based on the full year results
for 2006," said Matthias Hellstern, Moody's analyst for
HeidelbergCement.

Moody's commented that the current business profile and leverage
of HeidelbergCement could warrant a higher rating than Baa3, but
that the company's reliance on short-term, uncommitted bank
facilities as well as on the less transparent eventual liquidity
support available from its main shareholder continue to weigh on
the ratings.

Uncertainty about the company's refinancing plans for a EUR1
billion bond maturing in February 2007 had remained an obstacle
for a rating upgrade since the company had been put under review
for possible updgrade in August 2006 as existing committed and
reliable credit lines could not fully cover short liquidity
needs.  Although this bond has now been refinanced via increased
utilization of HeidelbergCement's commercial paper programme as
well as the utilization of weak short term bilateral bank lines,
this short-term refinancing continues to negatively impact the
group's overall ratings.  Moody's notes that the intention of
HeidelbergCement to sell its stake in Vicat should help
improving the financial flexibility of the company.

However, without considering this negative impact on the rating,
the magnitude of the improvement of Heidelberg Cement's
underlying operating performance -- for example with operating
margins having improved from 6.8% in 2003 to 16.3% in 2006,
RCF/Net Debt having improved from 17.3% to 33.6% - justify a
rating positioning in line with some of its Baa2 - rated peers
such as Lafarge, and slightly higher than the ratings of
Dyckerhoff, which has also been upgraded recently to Baa3 with a
positive outlook on the back of a similar strong operating
performance and improved diversification, while still having a
weaker business profile -- lower geographical and product
diversification -- than Heidelberg Cement.

Moody's previous rating action on HeidelbergCement was to place
the Ba1 rating under review for possible upgrade in August 2006.

Headquartered in Heidelberg, Germany, HeidelbergCement AG was
founded in 1873 and is publicly traded.  The company produces
cement as well as building materials and building chemicals.
The group's revenues in fiscal 2006 amounted to EUR9.2 billion.

Upgrades:

   * Issuer: HeidelbergCement AG

     -- Issuer Rating, Upgraded to Baa3 from Ba1

     -- Senior Unsecured Bank Credit Facility, Upgraded to Baa3
         from Ba1

   * Issuers: HeidelbergCement AG and Heidelbergcement Finance
              B.V.

     -- Senior Unsecured Regular Bond/Debenture, Upgraded to
         Baa3 from Ba1

   * Issuers: HeidelbergCement AG, Heidelbergcement Financial
              Services AG, Heidelbergcement Finance B.V.

     -- Senior Unsecured Medium-Term Note Program, Upgraded to
         a range of Baa3 to P-3 from a range of Ba1 to NP

Outlook Actions:

   * Issuers: HeidelbergCement AG, Heidelbergcement Finance
              B.V., Heidelbergcement Financial Services AB

     -- Outlook, Changed To Stable From Rating Under Review

Withdrawals:

    * Issuer: HeidelbergCement AG

      -- Corporate Family Rating, Withdrawn, previously rated
         Ba1

      -- Senior Unsecured Bank Credit Facility, Withdrawn
         previously rated 60 - LGD4

    * Issuers: HeidelbergCement AG, Heidelbergcement Finance
               B.V.

      -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
         previously rated 60 - LGD4

    * Issuers: HeidelbergCement AG, Heidelbergcement Finance
               B.V.,  Heidelbergcement Financial Services AB

      -- Senior Unsecured Medium-Term Note Program, Withdrawn,
         previously rated 60 - LGD4


HELUX SOLARTECHNIK: Creditors Must Register Claims by May 11
------------------------------------------------------------
Creditors of Helux Solartechnik GmbH have until May 11 to
register their claims with court-appointed insolvency manager
Stephan Koenicke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 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 Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

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

The insolvency manager can be reached at:

         Stephan Koenicke
         Beethovenstrasse 16
         66606 St. Wendel
         Germany
         Tel: 06851/ 939 8770
         Fax: 06851/ 939 8790

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

The Debtor can be reached at:

         Helux Solartechnik GmbH
         Ensheimer Strasse 19
         66386 St. Ingbert
         Germany


HERMANN BURHOOP: Creditors Meeting Slated for April 26
------------------------------------------------------
The court-appointed insolvency manager for Hermann Burhoop GmbH,
Stefanie Luethje, will present her first report on the Company's
insolvency proceedings at a creditors' meeting at 11:00 a.m. on
April 26.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:00 a.m. on Aug. 30 at the same venue.

Creditors have until July 17 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Stefanie Luethje
         Ostertorsteinweg 74/75
         28203 Bremen
         Germany
         Tel: 792570
         Fax: 7925757
         Germany

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

The Debtor can be reached at:

         Hermann Burhoop GmbH
         Von-Thuenen-Str. 21
         28307 Bremen
         Germany


HMS WELTERS: Creditors Must Register Claims by April 27
-------------------------------------------------------
Creditors of HMS Welters GmbH & Co. KG have until April 27 to
register their claims with court-appointed insolvency manager
Heinrich C. Friedhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 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:

         Heinrich C. Friedhoff
         Viktoriastrasse 73-75
         52066 Aachen
         Germany

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

The Debtor can be reached at:

         HMS Welters GmbH & Co. KG
         Industriestr. 24
         41849 Wassenberg
         Germany


HOEHNE HABANN: Claims Registration Period Ends May 30
-----------------------------------------------------
Creditors of Hoehne Habann Holding GmbH have until May 30 to
register their claims with court-appointed insolvency manager
Manfred Ruedisuehli.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         71638 Ludwigsburg
         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:

         Manfred Ruedisuehli
         Silberburgstr. 160
         70178 Stuttgart
         Germany

The District Court of Ludwigsburg opened bankruptcy proceedings
against Hoehne Habann Holding GmbH on April 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Hoehne Habann Holding GmbH
         Roger Tassilo Hoehne, Manager
         Groenerstr. 33
         71636 Ludwigsburg
         Germany


HORIZONT DEUTSCHLAND: Claims Registration Period Ends May 9
-----------------------------------------------------------
Creditors of Horizont Deutschland GmbH have until May 9 to
register their claims with court-appointed insolvency manager
Marc D. Avoine.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Wuppertal
         Meeting Room A234
         Second Floor
         Isle 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 reached 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 Horizont Deutschland GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Horizont Deutschland GmbH
         Viehhofstr. 33
         42117 Wuppertal
         Germany

         Attn: Kai Thomas Simon, Manager
         Rubinienweg 15
         40789 Monheim
         Germany


HOTEL DIEMELSEE: Claims Registration Period Ends May 25
-------------------------------------------------------
Creditors of Hotel Diemelsee Betriebs GmbH have until May 25 to
register their claims with court-appointed insolvency manager
Reinhard Bohlig.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Korbach
         Hall 132
         Hagenstrasse 2
         34497 Korbach
         Germany

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

The insolvency manager can be reached at:

         Reinhard Bohlig
         Briloner Landstrasse 14
         34497 Korbach
         Germany
         Tel: 05631-9509-70
         Fax: 05631-9509-19

The District Court of Korbach opened bankruptcy proceedings
against Hotel Diemelsee Betriebs GmbH on April1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Hotel Diemelsee Betriebs GmbH
         Attn: Wolfgang Kolb, Manager
         Seestrasse 17
         34519 Diemelsee-Heringhausen
         Germany


HTJ-BEDACHUNG JAKOBS: Claims Registration Period Ends May 11
------------------------------------------------------------
Creditors of HTJ-Bedachung Jakobs GmbH have until May 11 to
register their claims with court-appointed insolvency manager
Andreas Schulte-Beckhausen.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on June 11, 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 Bonn
         Hall S 2.18
         Second Stock
         William-Strasse 23
         53111 Bonn
         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. Andreas Schulte-Beckhausen
         Oxfordstr. 2
         53111 Bonn
         Germany
         Tel: 0228 / 98 52 10

The District Court of Bonn opened bankruptcy proceedings against
HTJ-Bedachung Jakobs GmbH on April 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         HTJ-Bedachung Jakobs GmbH
         Mertener 38 - 44
         53773 Hennef
         Germany

         Attn: Theo Jakobs, Manager
         Mertener Str. 44
         53773 Hennef
         Germany


I. BOERNER: Claims Registration Period Ends May 11
--------------------------------------------------
Creditors of I. Boerner GmbH have until May 11 to register their
claims with court-appointed insolvency manager Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         Germany

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

The insolvency manager can be contacted at:

         Joachim Exner
         Ludwigstr. 50
         95028 Hof
         Germany
         Tel: 09281/8331080
         Fax: 09281/8331089

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

The Debtor can be contacted at:

         I. Boerner GmbH
         Jahnstrasse 11-13
         95233 Helmbrechts
         Germany

         Attn: Andreas Schubert, Manager
         Gartenstrasse 12
         09224 Chemnitz
         Germany


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


BAKONY MUVEK: Bankrupt Firm Owes Up to HUF2 Billion in Debts
------------------------------------------------------------
Bakony Muvek Zrt, which recently went bankrupt, owes HUF580
million to tax authorities, around HUF420 million to suppliers
and almost HUF1 billion to Bankar Holding Zrt, its main
shareholder, Budapest Business Journal reports citing economics
weekly Figyel as its source.

According to the report, BM creditors could retrieve some of
their losses if the company sells Bakony Moulding-Technik Kft,
an affiliate it still owns.

BM plans to use its HUF3-billion property in Veszprem for a
housing development project to come up with a profit.

Bankar Holding reduced its losses by using BM's real estate as
collateral for loans, BBJ relates.

In 1997, Bankar privatized BM from Hungarian Development Bank
Zrt.  By 2005, BM recorded a HUF10 billion total debt to several
banks.

Bankar repaid most of the HUF10-billion debt by purchasing two
of BM's affiliates, Bakony Windscreen Whipping Systems Kft and
Pelaso Kft in August 2006, through Magnus Wolff Immobilia Kft,
BBJ relates.

Headquartered in Veszprem, Hungary, Bakony Muvek Zrt supplies
car parts.


SANYO ELECTRIC: Unit Completes Solar Plant in Hungary
-----------------------------------------------------
The Hungarian unit of Sanyo Electric Co. Ltd. has completed the
construction of a new production hall at its solar cell plant in
Hungary, according to the Portfolio online financial journal.
The new hall is expected to triple its annual capacity to
720,000 units in 2008.

The plant at Dorog, outside Budapest, will be Sanyo Electric's
largest facility producing solar cells in the world, United
Press International reports, citing Hungarian news sources.
Sanyo Hungaria opened the solar cell plant in 2004, and produced
solar cells worth US$213 million in 2006.

                      About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Mar. 2, 2007, Fitch Ratings placed Sanyo Electric Co. Ltd.'s BB+
long-term foreign and local currency issuer default and senior
unsecured ratings on rating watch negative.

The TCR-AP reported on May 25, 2006, that Standard & Poor's
Ratings Services affirmed its negative BB long-term corporate
credit and BB+ senior unsecured debt ratings on Sanyo Electric
Co. Limited.  At the same time, the ratings were removed from
CreditWatch where they were first placed with negative
implications on Sept. 28, 2005.


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


WELLMAN INC: Moody's Junks US$265-Mln Second Lien Term Loan
-----------------------------------------------------------
Moody's Investors Service confirmed the B3 corporate family
rating for Wellman, Inc., and the existing ratings on the
company's debt and revised the outlook to negative.

This concludes the review started Nov. 1, 2006, when Wellman's
corporate family rating was downgraded to B3 from B2 and kept
under review for further downgrade.  The ratings are:

   * Wellman, Inc.

     -- Corporate family rating: B3;

     -- Probability of default rating: B3;

     -- US$185-million First lien term loan due 2009: B1, LGD3,
        31%; and

     -- US$265-million Second lien term loan due 2010: Caa1,
        LGD5, 78%.

The rating confirmation reflects the improving operating
environment for the company's products and ongoing efforts to
restructure its business, which should provide increased
financial flexibility.  Wellman has announced price increases in
2007 and expects stronger product demand in the second quarter
to improve free cash flow.  Moody's expects that the company's
restructuring of its US operations will result in cost savings
and proceeds from planned asset sales will be applied towards
debt reductions.

The negative outlook reflects uncertainty about Wellman's
ability to improve its low margins, operating losses, and to
maintain at least US$45 million of availability under its
revolving credit facility.  The outlook also reflects Moody's
beliefs that the PET resin industry cash margins will decline
further in 2007 due to new capacity additions and Asian imports.
Although Moody's expects the company's liquidity to improve
modestly in 2007 due to one-time cash inflows, depressed margins
and deteriorating market conditions will likely prevent the
company from keeping its fixed charge ratio above 1.0x.  If
Wellman allows the availability under its US$225 million
revolver to fall below US$45 million for eight consecutive days
and its fixed charge coverage ratio is less than 1.0x, it could
result in an event of default under the credit agreement if not
waived by the banks.  In Moody's opinion, given the strong
collateral coverage on the revolver, Wellman should be able to
obtain such a waiver, if required.  However, the collateral
coverage does not guarantee that they will receive a waiver,
especially if the company remains free cash flow negative over
the next 12-24 months.

The outlook might be moved to stable if the company were
successful in improving its operating margins, selling non-core
assets, reducing debt, refinancing existing debt prior to its
maturity and industry conditions were supportive of the rating.
Wellman could potentially generate a significant amount of cash
from several one-time items over the next 12-24 months. The
company estimates that working capital improvements, operational
improvements, insurance proceeds relating to Hurricane Katrina
damages and the sale of non-core US and European assets may
provide more than US$100 million over the next 12-18 months.
While these one-time items would greatly improve the company's
liquidity, Wellman ultimately needs to improve its margins and
operating cash flows which remain susceptible to raw material
volatility and pressure on prices and margins from lower cost
competitors and imports.

There is little upward pressure on the ratings currently and any
future upgrade would require the company to generate meaningful
levels of free cash flow and largely reduce the outstanding
revolver balance with cash from the one-time items mentioned
above.  If Wellman remains free cash flow negative and does not
generate meaningful cash from the one-time items mentioned
above, Moody's could lower the company's ratings.

Wellman manufactures and markets PET (polyethylene
terephthalate) packaging resins under the PermaClear brand name
and polyester staple fibers under the Fortrel brand name.
Wellman operates five manufacturing sites -three in the US, one
in Ireland and one in the Netherlands.  Wellman is headquartered
in Fort Mill, South Carolina and had revenues from continuing
operations of US$1.3 billion for the LTM ended Dec. 31, 2006.


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


FIAT SPA: 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 corporate families in the Aerospace and
Defense, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Ba2 Corporate Family Rating for Fiat S.p.A.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

* Issuer: Fiat Finance & Trade Ltd.
                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   US$15000M Senior
   Unsecured Medium-Term
   Note Program             Ba2      Ba2      LGD4    57%

   6.625% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                 Ba2      Ba2      LGD4    57%

   5.625% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                 Ba2      Ba2      LGD4    57%

   EUR100 million Senior
   Unsecured Regular
   Bond/Debenture
   Due 2009                 Ba2      Ba2      LGD4    57%

   EUR40 million Senior
   Unsecured Regular
   Bond/Debenture
   Due 2007                 Ba2      Ba2      LGD4    57%

   US$7.5 million 8.2%
   Senior Unsecured Regular
   Bond/Debenture
   Due 2008                 Ba2      Ba2      LGD4    57%

   US$12 million 8.1%
   Senior Unsecured Regular
   Bond/Debenture
   Due 2008                 Ba2      Ba2      LGD4    57%

   EUR21 million 5.5%
   Senior Unsecured Regular
   Bond/Debenture
   Due 2010                 Ba2      Ba2      LGD4    57%

   EUR1000 million 6.25%
   Senior Unsecured Regular
   Bond/Debenture
   Due 2010                 Ba2      Ba2      LGD4    57%

   EUR14 million Senior
   Unsecured Regular
   Bond/Debenture
   Due 2008                 Ba2      Ba2      LGD4    57%

   EUR15 million 6.9%
   Senior Unsecured Regular
   Bond/Debenture
   Due 2008                 Ba2      Ba2      LGD4    57%

   EUR10 million 6.9%
   Senior Unsecured Regular
   Bond/Debenture
   Due 2008                 Ba2      Ba2      LGD4    57%

   EUR10 million Senior
   Unsecured Regular
   Bond/Debenture
   Due 2007                 Ba2      Ba2      LGD4    57%

   EUR1300 million 6.75%
   Senior Unsecured Regular
   Bond/Debenture
   Due 2011                 Ba2      Ba2      LGD4    57%

   EUR20 million 6.125%
   Senior Unsecured Regular
   Bond/Debenture
   Due 2008                 Ba2      Ba2      LGD4    57%

   EUR25 million Senior
   Unsecured Regular
   Bond/Debenture
   Due 2011                 Ba2      Ba2      LGD4    57%

   EUR617 million 7.4%
   Senior Unsecured Regular
   Bond/Debenture
   Due 2011                 Ba2      Ba2      LGD4    57%

* Issuer: Fiat Finance Canada Ltd.

   EUR1.5 billion Senior
   Unsecured Medium-Term
   Note Program             Ba2      Ba2      LGD4    57%

* Issuer: Fiat Finance North America Inc.

   EUR1.5 billion Senior
   Unsecured Medium-Term
   Note Program             Ba2      Ba2      LGD4    57%

   Senior Unsecured
   EURO MTNs                Ba2      Ba2      LGD4    57%

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 Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.


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


RG BRANDS: 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 corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency held
its B2 Corporate Family Rating for JSC RG Brands.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

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
pecific 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 Almaty, Kazakhstan, RG Brands --
http://www.rgbrands.kz/-- manufactures and imports juices,
carbonated soft drinks, milk and teas.  In 2005, the company
reported revenues and profit from operations of KZT14.3 billion
and KZT1.35 billion, respectively.


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


DUBLE-U LLC: Creditors' Meeting Slated for April 17
---------------------------------------------------
Creditors of LLC Duble-U will convene at 2:00 p.m. on April 17
at:

         Erkindik Ave. 16
         Bishkek
         Kyrgyzstan

The Inter-District Court of Bishkek for Economic Issues declared
LLC Duble-U (Case No. ED-758/06mbs 2) insolvent on Sept. 27,
2006.  Subsequently, bankruptcy proceedings were introduced at
the company.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The temporary insolvency manager is:

         Mr. Torokan Ryspekov
         Tel: (+996 312) 69-98-78
              (0-503) 21-63-94


PANTEON LLC: Creditors' Meeting Slated for April 12
---------------------------------------------------
Creditors of LLC Panteon will convene at 2:00 p.m. on April 12
at:

         Room 403
         Moskovskaya Str. 172
         Bishkek
         Kyrgyzstan

The Inter-District Court of Bishkek for Economic Issues declared
LLC Panteon (Case No. ED-28/07mbs 9) insolvent on Jan. 31.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The temporary insolvency manager is:

         Mr. Abdymanap Sopiyev
         Tel: (+996 312) 60-44-59


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


HEAD 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 corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency held
its B2 Corporate Family Rating for Head N.V.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

   * Issuer: HTM Sport- und Freizeitgerate AG

                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  ------
   Senior Unsecured
   Regular Bond/Debenture
   Due 2014                  B3      LGD4       61%

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 Rotterdam, Netherlands, Head N.V. --
http://www.head.com/-- manufactures and markets branded
sporting goods serving the skiing, tennis and diving markets.
Its portfolio of brands includes Head (principally alpine skis,
ski boots and snowboard products and tennis, racquetball and
squash racquets), Penn (tennis balls and racquetball balls),
Tyrolia (ski bindings), and Mares and Dacor (diving equipment).
The Company conducts business in Europe (primarily in Austria,
Italy, Germany, France, Switzerland, the Netherlands, Spain and
the United Kingdom), North America and Asia.  Its products are
sold through over 29,000 customers in over 85 countries.  The
Company also owns Dacor Corp., which is a United States-based
seller of a selected range of diving equipment.


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


ALROSA FINANCE: 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 corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency held
its Ba2 Corporate Family Rating for Alrosa Finance S.A.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                               Projected
                             New POD  LGD      Loss-Given
   Debt Issue                Rating   Rating   Default
   ----------                -------  ------   ----------
   8.125% Senior Unsecured
   Regular Bond/Debenture
   Due 2008                  Ba2      LGD4     50%

   8.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2014                  Ba2      LGD4     50%

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 Moscow, Russia, Alrosa Finance S.A. --
http://eng.alrosa.ru/-- is a subsidiary of diamond producer,
Alrosa Co. Ltd.  The company produces nearly 100% of the
diamonds in the Russian Federation.  It also accounts for about
20% of the world's rough diamonds.  Jointly owned by the central
government in Moscow and the Republic of Sakha, it operates
mines throughout Russia and Angola.  About 50% of the Company's
rough diamonds are sold in foreign markets.


AMUR OJSC: Creditors Must File Claims by May 17
-----------------------------------------------
Creditors of OJSC Amur have until May 17 to submit proofs of
claim to:

         V. Kudinov, Insolvency Manager
         Apartment 137
         Verkhne-Portovaya Str. 66
         690003 Vladivostok
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51-8568/06 21-252b.

The Debtor can be reached at:

         OJSC Amur
         Zarudnichnaya Str. 40
         Partizansk
         Russia


BELEV-SEL-KHOZ-KHIMIYA: Creditors Must File Claims by April 17
--------------------------------------------------------------
Creditors of Agricultural Chemical Company OJSC Belev-Sel-Khoz-
Khimiya have until April 17 to submit proofs of claim to:

         Y. Gychina, Insolvency Manager
         Traktornaya Str. 54/42
         248008 Kaluga
         Russia

The Arbitration Court of Tula commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A68-262/B-05.

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         Agricultural Chemical Company OJSC Belev-Sel-Khoz-
         Khimiya
         Belev, Tula
         Russia


DAL-TRADE-SERVICE: Creditors Must File Claims by May 17
-------------------------------------------------------
Creditors of CJSC Dal-Trade-Service (tin 2722008387) have until
May 17 to submit proofs of claim to:

         T. Semenova, Insolvency Manager
         Post User Box 4227
         GOS-13
         680013 Khabarovsk
         Russia
         Tel/Fax: (4212) 381-996

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73-7798/2006-36.

The Debtor can be reached at:

         CJSC Dal-Trade-Service
         Sovkhoznaya Str. 8
         Ilyinka, Khabarovsk
         Russia


GOSTOMLYA LLC: Creditors Must File Claims by April 17
-----------------------------------------------------
Creditors of LLC Agricultural Company Gostomlya have until
April 17 to submit proofs of claim to:

         Y. Lyashko, Temporary Insolvency Manager
         1st Maya Str. 26
         Pavlovsk, Voronezh
         Russia

The Arbitration Court of Kursk will convene at 10:00 a.m. on
July 25 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A35-8633/06 g.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Company Gostomlya
         Gostomlya
         Medvenskiy, Kursk
         Russia


IRKUT CORPORATION: Moody's Keeps Ba1 Corporate Family Rating
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency held
its Ba1 Corporate Family Rating for IRKUT Corp, JSC.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

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 Moscow, Russia, Irkut Corporation --
http://www.irkut.com/en/-- manufactures military aircraft.  The
company is one of the largest company in the Russian aerospace &
defense industry, with defense- related revenues in 2005 of over
US$602 million and total company revenue of US$712 million.  The
order book in 2006 is estimated at US$5.1 billion.  Irkut
Corporation is the only public company in the Russian defense
industry where the Government currently controls 12% through
Sukhoi Holding.


KHABAROVSKAYA LLC: Court Names E. Shtinova as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Khabarovsk appointed Ms. E. Shtinova as
Insolvency Manager for LLC Khabarovskaya Building Company.  She
can be reached at:

         E. Shtinova
         Respublikanskaya Str., 17
         680023 Khabarovsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A73-836/2007-9.

The Debtor can be reached at:

         E. Shtinova
         Respublikanskaya Str. 17
         680023 Khabarovsk
         Russia


KUDRYASHOVSKIY FEED: Creditors Must File Claims by May 17
---------------------------------------------------------
Creditors of OJSC Kudryashovskiy Feed Mill have until May 17 to
submit proofs of claim to:

         D. Shitoev, Insolvency Manager
         Post User Box 31
         630035 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-12572/06-54/313.

The Court is located at:

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

The Debtor can be reached at:

         D. Shitoev, Insolvency Manager
         Post User Box 31
         630035 Novosibirsk
         Russia


LUKOIL OAO: Mulls Buying ConocoPhillips's German Refinery
---------------------------------------------------------
OAO Lukoil might acquire a refinery in Germany from strategic
partner and major shareholder ConocoPhillips, Reuters reports
citing Lukoil's first vice-president Vladimir Nekrasov.

"We understand that we need at least a couple of refineries in
Europe," Mr. Nekrasov said.  "We are considering a specific
proposal [from Conoco] to buy and modernize [the plant],"

Lukoil is eyeing to expand its downstream presence in Europe,
which the company has not been able to do for years, Reuters
suggests.  The company had failed to acquire refineries in
Lithuania, Poland and Rotterdam, Germany.

The company wants to expand its refining capacity in Europe by
around 200,000 barrels a day.  According to Reuters, citing
market sources, Lukoil is studying buying a 275,000 barrels-a-
day refinery.

Vagit Alekperov, Lukoil CEO, said the company was in talks with
Conoco for the upgrade of the latter's Wilhelmshaven refinery in
Germany.  Jim Mulva, Conoco CEO, however, said rising
maintenance costs forced the firm to suspend the conversion to
next year.

Mr. Nekrasov, meanwhile, revealed that the company would
increase its gas station network in Turkey from 12 to as much as
100, Reuters adds.  Mr. Nekrasov added that Lukoil would acquire
another product storage facility in Antalya, Turkey.

                          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.


MASLODEL OJSC: Creditors Must File Claims by May 17
---------------------------------------------------
Creditors of OJSC Maslodel have until May 17 to submit proofs of
claim to:

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

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-18996/06-S11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         OJSC Maslodel
         Naberezhnaya Str. 71
         Baykalovo
         Baykalovskiy
         623850 Sverdlovsk
         Russia


MDM BANK: Earns RUR3.32 Billion for Year Ended Dec. 31, 2006
------------------------------------------------------------
OJSC MDM Bank released its financial results for the year ended
Dec. 31, 2006.

MDM Bank posted RUR3.32 billion in net profit on RUR11.32
billion in operating income for the full year 2006, compared
with RUR3.23 billion in net profit on RUR9.02 billion in
operating income for 2005.

As of Dec. 31, 2006, MDM had RUR243.12 billion in total assets,
RUR215.80 billion in total liabilities and RUR27.32 billion in
shareholders' equity.

                           About MDM

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

                         *     *     *

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

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

   * MDM Bank:

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

      -- Subordinated debt: affirmed at 'B+'

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

      -- Short-term rating affirmed at 'B'

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

      -- Support rating: affirmed at '4'

   * MDM Holding GmbH:

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

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


MIKHAYLOVSKIY MEAT: Creditors Must File Claims by May 17
--------------------------------------------------------
Creditors of OJSC Mikhaylovskiy Meat Combine have until May 17
to submit proofs of claim to:

         V. Pitsun, Insolvency Manager
         Post User Box 25
         Central Post Office
         658820 Altay
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A03-9914/06-B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Mikhaylovskiy Meat Combine
         Sportivnaya Str., 3
         Mikhaylovskoye
         Mikhaylovski, Altay
         Russia


MINERS OF ZABAYKALYE: Creditors Must File Claims by April 17
------------------------------------------------------------
Creditors of OJSC Miners of Zabaykalye (TIN 7534014718) have
until April 17 to submit proofs of claim to:

         T. Kasyanova, Temporary Insolvency Manager
         Post User Box 891
         Central Post Office
         672000 Chita
         Russia

The Arbitration Court of Chita will convene on Aug. 1 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A78-25/2007-B-1.

The Debtor can be reached at:

         OJSC Miners of Zabaykalye
         Promyshlennaya Str. 16
         Chita
         Russia


NEFTEKAMSKIY FACTORY: Names A. Mardamshina as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Bashkortostan appointed Ms. A.
Mardamshina as Insolvency Manager for OJSC Neftekamskiy Factory
of Near Beer and Soft Drinks (TIN 0264017536).  She can be
reached at:

         A. Mardamshina
         Orlovskiy Per. 5
         129110 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-13865/04-G-ADM/NLV.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         A. Mardamshina
         Orlovskiy Per. 5
         129110 Moscow
         Russia


OKA-CENTRE CJSC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Tomsk commenced bankruptcy supervision
procedure on CJSC Oka-Centre.  The case is docketed under Case
No. A67-318/07.

The Temporary Insolvency Manager is:

         I. Gorn
         Post User Box 1530
         634006 Tomsk
         Russia

The Court is located at:

         The Arbitration Court of Tomsk
         Kirova Pr. 10
         634050 Tomsk
         Russia

The Debtor can be reached at:

         CJSC Oka-Centre
         Smirnova Str. 5
         634059 Tomsk
         Russia


RASSVET OJSC: Asset Bidding Deadline Slated for April 14
--------------------------------------------------------
LLC Auction Trading Centre Under Media, the bidding organizer
for OJSC Rassvet, will open a public auction for the company's
properties at 3:00 p.m. on April 17 at:

         Rapshilevskaya Str. 181
         Krasnodar
         Russia

Interested participants have until April 14 to deposit an amount
equivalent to 10% of the starting price to:

         LLC Auction Trading Centre Under Media
         Settlement Account 40702810200000005325
         Correspondent Account 3010181040000000000713
         BIK 040349713
         OJSC ACB Uralsib-Yugbank
         Krasnodar
         Russia

Bidding documents must be submitted to:

         LLC Auction Trading Centre Under Media
         Krasnaya Str. 143
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Rassvet
         Svobodnoye
         Bryukhovetskiy, Krasnodar
         Russia


RODINA LLC: Creditors Must File Claims by April 17
--------------------------------------------------
Creditors of LLC Agricultural Company Rodina have until April 17
to submit proofs of claim to:

         V. Glukhovtsev, Insolvency Manager
         Office 203
         Dovatora Str. 12
         398024 Lipetsk
         Russia

The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A36-36/2007.

The Court is located at:

         The Arbitration Court of Lipetsk
         Skorokhodova Str. 2
         398019 Lipetsk
         Russia

The Debtor can be reached at:

         LLC Agricultural Company Rodina
         Makhonovo
         Lipetsk
         Russia


RYAZANOVO-WOOD LLC: Creditors Must File Claims by April 17
----------------------------------------------------------
Creditors of LLC Ryazanovo-Wood have until April 17 to submit
proofs of claim to:

         P. Epifanov, Insolvency Manager
         Post User Box 59
         Central Post Office
         163000 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A05-900/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ryazanovo-Wood
         Office 5
         Molodyezhnaya, 9
         Bereznik
         Vinogradovskiy, Arkhangelsk
         Russia


SITRONICS JSC: Sistema Increases Stake to 60%
---------------------------------------------
Sistema has acquired an additional 9.75% stake in Sitronics JSC.

As a result of the transaction, Sistema now owns 60% of
Sitronics' issued share capital.  The shares were acquired from
Sistema subsidiary, Ecu Gest Holding S.A.

The acquisition of additional stake in Sitronics was made in
accordance with current restructuring and planned consolidation
of assets of the Group aimed at optimizing the ownership
structure.

                         About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.  The company also operates in
Russia, CIS countries, Eastern Europe, Middle East, Africa and
North America.

                          *     *     *

Fitch Ratings assigned Sitronics JSC a Long-term IDR rating of
B- with a Stable Outlook and an expected rating of B- to
Sitronics' guaranteed up to US$200 million bond with a maturity
of three years.  The assignment of the final bond rating is
contingent on receipt of final documents conforming to
information already received.


TMK OAO: Boosts Production by 12% in 2007 First Quarter
-------------------------------------------------------
OAO TMK disclosed its production results for the period from
Jan. 1 to March 31, 2007.

In this period TMK shipped 783,800 tons of pipes, which is
almost a 12% increase on the amount shipped in the same period
last year.

               Volumes of Shipped Pipe Products
                  in First Quarter of 2007
                      (thousand, tons)

    Product              2007            2006         Change, %
                     (1st quarter)    (1st quarter)

Seamless pipes          533.4            475.3        +12.2%
    including OCTH       253.6            236.6         +7.2%
Welded pipes            250.4            224.9        +11.3%
Total pipes             783.8            700.3        +11.9%

Q1 2007 saw shipment volumes increase across all product groups
compared to the same period last year.  Overall the amount of
seamless pipes shipped rose by 12.2%, within which OCTG grew by
7.2%.  Overall welded pipe shipments increased by 11.3%, within
which large diameter pipe shipments increased by 6.3%.  The
increase in the shipments of TMK pipe products in Q1 2007 was
the result of new production capacity and operational
efficiencies coupled with a significant increase in the demand
for pipes in the Russian market.

The Russian pipe market in Q1 2007 saw significant increases in
the prices of the main raw materials - scrap and pipe billets.
These prices have risen on average by 30% and 13% respectively
since the beginning of the year.  In Q2 2007, the Company plans
to increase prices across all of its products, a strategy which
it expects to make up for higher costs of raw and other
materials.

                           About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                        *     *     *

As of Feb. 5, OAO TMK carries Moody's B1 long-term corporate
family rating with a positive outlook.

Standard & Poor's rates TMK's long-term foreign and local issuer
credits at B+ with a stable outlook.


VNESHTORGBANK JSC: Earns RUR18 Billion for Full Year 2006
---------------------------------------------------------
JSC Vneshtorgbank released it financial results for the full
year ended Dec. 31, 2006 and first quarter ended March 31, 2007,
prepared according to Russian Accounting Standards.

VTB posted a 50% increase in net profit for full year 2006 to
RUR18 billion, RIA Novosti reports.

The company posted a 20% year-on-year decrease in net profit for
January-March 2007 period to RUR2.68 billion.  VTB's also posted
a 240% year-on-year decrease in net profit for January-February
2007 period to RUR894.94 million.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the upgrade of the Russian sovereign foreign and local
currency IDRs to BBB+ from BBB, Fitch Ratings affirmed
Vneshtorgbank's Individual rating at C/D and Support at 2.


WOOD OJSC: Ulyanovsk Bankruptcy Hearing Slated for May 17
---------------------------------------------------------
The Arbitration Court of Ulyanovsk will convene on May 17 to
hear the bankruptcy supervision procedure on OJSC Wood.  The
case is docketed under Case No. A72-9531/06-17/105-B.

The Temporary Insolvency Manager is:

         Y. Chernikova
         Orlovskiy Per., 5
         129110 Moscow
         Russia

The Debtor can be reached at:

         OJSC Wood
         Troitskiy Sungur
         Novospasskiy, Ulyanovsk
         Russia


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


AIR MADRID: Court Summons Top Executives Over Fraud Charges
-----------------------------------------------------------
Jose Luis Carrillo, chairman of low-cost carrier Air Madrid
Lineas Aereas S.A., and three other top executives -- Julio
Miguel Martinez Sola, Silvia Avelar Bravo and Juan Barjau Romero
-- were summoned to appear before the National Court in Spain on
April 13 to answer fraud charges filed by the Organisation of
Consumers and Users, Expatica reports.

The consumer group alleged that Air Madrid continued to sell
tickets although it was aware that the Spanish authorities would
revoke its flying license.

As previously reported in the TCR-Europe, Air Madrid shut down
its operations on Dec. 15, 2006, leaving 330,000 passengers
stranded in Latin America and Spain.  The Spanish government had
been investigating the company's operations due to constant
customer's claims of poor service that resulted in the
cancellation of its permit to operate.  The budget airline had
been under scrutiny for delays that have kept hundreds of
passengers in airports for days.

Air Madrid didn't show any intention of refunding tickets and it
is unknown if and when the carrier's operations will resume.

Headquartered in Madrid, Spain, Air Madrid Lineas Aereas S.A. --
http://www.airmadrid.com/-- operated 10 aircraft in its fleet.
Up until its shutdown, it operated routes to Spain and Latin
America.


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


ARROW ELECTRONICS: Annual Shareholders' Meeting Slated for May 8
----------------------------------------------------------------
Arrow Electronics will hold its Annual Meeting of Shareholders
at 11:00 a.m. on May 8 at:

         Grand Hyatt
         109 East 42nd Street
         New York
         New York
         U.S.A.

All shareholders are invited to attend.

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                          *     *     *

In a TCR-Europe report on March 30, Moody's affirmed Arrow
Electronics' senior preferred stock at Ba2 and senior
subordinated stock at Ba1.

Arrow Electronics carries Fitch's 'BB+' issuer default rating.
The company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.  The rating
outlook is positive.


ARROW ELECTRONICS: Earns US$388.33 Million for Full Year 2006
-------------------------------------------------------------
Arrow Electronics Inc. released its financial results for the
year ended Dec. 31, 2006.

Arrow posted US$388.33 million in net profit on US$13.58 billion
in net revenues for 2006, compared with US$253.61 million in net
profit on US$11.16 billion in revenues for 2005.

As of Dec. 31, 2006, the company had US$6.67 billion in total
assets, US$3.67 billion in total liabilities and US$3.00 billion
in total shareholders' equity.

"Our worldwide electronic components business posted record
sales in 2006 of US$10.8 billion, a more than 22% increase
compared with 2005," said William E. Mitchell, chairman,
president and chief executive officer of Arrow Electronics.

"Each major regional electronic components business, now part of
Arrow Global Components, gained market share and grew both sales
and operating income.  Our 2006 results show a company on the
move -- a company working successfully behind a solid strategy,
addressing the needs of the business and the interests of our
shareholders," Mr. Mitchell added.

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                          *     *     *

In a TCR-Europe report on March 30, Moody's affirmed Arrow
Electronics' senior preferred stock at Ba2 and senior
subordinated stock at Ba1.

Arrow Electronics carries Fitch's 'BB+' issuer default rating.
The company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.  The rating
outlook is positive.


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


ACTIVE COACHING: Creditors' Liquidation Claims Due May 31
---------------------------------------------------------
Creditors of LLC Active Coaching have until May 31 to submit
their claims to:

         Isabelle Eichenberger-Joos
         Liquidator
         Rehmatt 6
         8840 Trachslau
         Switzerland

The Debtor can be reached at:

         LLC Active Coaching
         Einsiedeln SZ
         Switzerland


AIRCRAFT CHARTER: Creditors' Liquidation Claims Due May 7
---------------------------------------------------------
Creditors of Aircraft Charter Group Ltd. have until May 7 to
submit their claims to:

         Zeughausgasse 9a
         6301 Zug
         Switzerland

The Debtor can be reached at:

         Aircraft Charter Group Ltd.
         Zug
         Switzerland


[Redacted]


BISSIG SANITAR: Creditors' Liquidation Claims Due April 30
----------------------------------------------------------
Creditors of LLC Bissig Sanitar have until April 30 to submit
their claims to:

         JSC KPB Treuhand
         Liquidator
         Konizstr. 230
         3097 Liebefeld
         Switzerland

The Debtor can be reached at:

         LLC Bissig Sanitar
         Zurich
         Switzerland


COMPAS ALDER: Creditors' Liquidation Claims Due April 20
--------------------------------------------------------
Creditors of LLC Compas Alder & Schaller have until April 20 to
submit their claims to:

         Thomas Schaller-Alder
         Liquidator
         Ifang 3 e
         8444 Henggart
         Andelfingen ZH
         Switzerland

The Debtor can be reached at:

         LLC Compas Alder & Schaller
         Winterthur ZH
         Switzerland


DEXWET LLC: Creditors' Liquidation Claims Due April 20
------------------------------------------------------
Creditors of LLC Dexwet have until April 20 to submit their
claims to:

         Rolf Schleuniger
         Liquidator
         Traubenweg 23a
         5313 Klingnau
         Zurzach AG
         Switzerland

The Debtor can be reached at:

         LLC Dexwet
         Ennetmoos NW
         Switzerland


RESIDENZ SCHILLER: Creditors' Liquidation Claims Due April 20
-------------------------------------------------------------
Creditors of JSC Residenz Schiller have until April 20 to submit
their claims to:

         Herrengasse 42
         6430 Schwyz
         Switzerland

The Debtor can be reached at:

         JSC Residenz Schiller
         Schwyz
         Switzerland


RETAN JSC: Creditors' Liquidation Claims Due April 20
-----------------------------------------------------
Creditors of JSC retan have until April 20 to submit their
claims to:

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

The Debtor can be reached at:

         JSC retan
         Chur
         Plessur GR
         Switzerland


SCHONENBERGER JSC: Creditors' Liquidation Claims Due April 20
-------------------------------------------------------------
Creditors of JSC Schonenberger have until April 20 to submit
their claims to:

         Ruth Schonenberger-Haller
         Liquidator
         Wettsteinstrasse 38
         8332 Russikon
         Pfaffikon ZH
         Switzerland

The Debtor can be reached at:

         JSC Schonenberger
         Russikon
         Pfaffikon ZH
         Switzerland


STAUDACHER JSC: Creditors' Liquidation Claims Due April 20
----------------------------------------------------------
Creditors of JSC Staudacher have until April 20 to submit their
claims to:

         Florian Juon
         Liquidator
         Pizalunweg 5
         7304 Maienfeld
         Landquart GR
         Switzerland

The Debtor can be reached at:

         JSC Staudacher
         Chur
         Plessur GR
         Switzerland


VERPALA JSC: Creditors' Liquidation Claims Due April 26
-------------------------------------------------------
Creditors of JSC Verpala have until April 26 to submit their
claims to:

         Peter Maurer
         Liquidator
         JSC Weidinger & Partner
         Obere Plessurstrasse 39
         P.O. Box 760
         7002 Chur
         Plessur GR
         Switzerland

The Debtor can be reached at:

         JSC Verpala
         Chur
         Plessur GR
         Switzerland


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


LUKOIL OAO: Eyeing 100 Petrol Stations in Turkey
------------------------------------------------
OAO Lukoil plans increase its gas station network in Turkey from
12 to as much as 100, Reuters reports citing first vice-
president Vladimir Nekrasov.

Mr. Nekrasov added that Lukoil would acquire another product
storage facility in Antalya, Turkey.

Meanwhile, Mr. Nekrasov said Lukoil might acquire a refinery in
Germany from strategic partner and major shareholder
ConocoPhillips.

"We understand that we need at least a couple of refineries in
Europe," Mr. Nekrasov said.  "We are considering a specific
proposal [from Conoco] to buy and modernize [the plant],"

Lukoil is eyeing to expand its downstream presence in Europe,
which the company has not been able to do for years, Reuters
suggests.  The company had failed to acquire refineries in
Lithuania, Poland and Rotterdam, Germany.

The company wants to expand its refining capacity in Europe by
around 200,000 barrels a day.  According to Reuters, citing
market sources, Lukoil is studying buying a 275,000 barrels-a-
day refinery.

Vagit Alekperov, Lukoil CEO, said the company was in talks with
Conoco for the upgrade of the latter's Wilhelmshaven refinery in
Germany.  Jim Mulva, Conoco CEO, however, said rising
maintenance costs forced the firm to suspend the conversion to
next year.

                          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.


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


DONETSKOBLGAZ: Court Opens Bankruptcy Case After Dedal Appeal
-------------------------------------------------------------
The Donetsk Regional Economic Court in Ukraine opened the
bankruptcy proceedings for OJSC Donetskoblgaz's following an
appeal by Donetsk-based Trade and Industrial Company Dedal Ltd.,
Interfax-Ukraine writes citing ahs, the court's press service,
as its source.

According to the report, the court held the first hearings on
the case on March 1.  Representatives of both Donetskoblgaz and
Dedal declined to disclose details.

According to Ukrayinsky Novyny, the court assigned Oleg
Kozhukhov, arbitrary executive officer, to manage the company's
property.

OJSC Donetskoblgaz supplies natural gas to end consumers and
sells liquefied gas in the Donetsk region.  In 2006, the company
posted a net loss of UAH57.22 million.  Its long-term
liabilities were UAH247 million while current liabilities was
UAH159 million.  Its statutory fund is at UAH6.96 million.

As of early 2006, Neftegaz of Ukraine owned 38.28% of
Donetskoblgaz' shares, Scientific and Industrial Firm Kemot Ltd.
owned a 7.6% stake, Volodymyr Sheludchenko owned a 22.9% stake,
Elena Sheludchenko owned a 6.1% stake, and Andriy Ponomarenko
owned a 7.25% stake.


MELITA LLC: Creditors Must File Claims by April 20
--------------------------------------------------
Creditors of LLC Melita have until April 20 to submit written
proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/51-07-1908.

The Debtor can be reached at:

         LLC Melita
         Black See Kosatstvo Str. 80
         Odessa
         Ukraine


NEW UKRAINE: Creditors Must File Claims by April 20
---------------------------------------------------
Creditors of LLC Agricultural Firm New Ukraine (code EDRPOU
30787743) have until April 16 to submit written proofs of claim
to:

         Natalia Gubitskaya, Liquidator
         Ivasiuk Str. 26/72
         76009 Ivano-Frankovsk
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/B-652.

The Debtor can be reached at:

         LLC Agricultural Firm New Ukraine
         I. Bogun Str. 1
         Kopychintsi
         Gusiatinsk
         Ternopol
         Ukraine


NOVOKATERINOVKA SILK: Creditors Must File Claims by April 20
------------------------------------------------------------
Creditors of State Enterprise Novokaterinovka Silk State Farm
(code EDRPOU 00702374) have until April 20 to submit written
proofs of claim to:

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. 5/89/07.

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

The Debtor can be reached at:

         State Enterprise Novokaterinovka Silk State Farm
         Sadovaya Str. 12
         Novokaterinovka
         Veselinov District
         57061 Nikolaev
         Ukraine


ORION LLC: Creditors Must File Claims by April 20
-------------------------------------------------
Creditors of LLC Orion (code EDRPOU 20862519) have until
April 20 to submit written proofs of claim to:

         Andrew Sorokovikov, Liquidator
         Kosior Str. 117
         Krivoy Rog
         Dniepropetrovsk
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on Feb. 28 after finding it insolvent.  The
case is docketed under Case No. 5/71/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Orion
         Druzhba Narodov Str. 18-a
         Yuzhnoukrainsk
         Nikolaev
         Ukraine


ROKOSIPAL LLC: Creditors Must File Claims by April 20
-----------------------------------------------------
Creditors of LLC Rokosipal (code EDRPOU 32580086) have until
April 20 to submit written proofs of claim to:

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

The Court is located at:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on Jan. 23 after finding it insolvent.  The
case is docketed under Case No. 5/601/06.

The Debtor can be reached at:

         LLC Rokosipal
         Vishnev Str. 51
         Bashtanka
         Nikolaev
         Ukraine


TRUST LLC: Creditors Must File Claims by April 20
-------------------------------------------------
Creditors of LLC Krym Agricultural Trust (code EDRPOU 31887966)
have until April 20 to submit written proofs of claim to:

         I. Gusar, Liquidator
         P.O. Box 29
         01030 Kiev
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2-4/13822-2006.

The Court is located at:

         The Economic Court of AR Krym
         Karl Marks Str. 18
         Simferopol
         95000 AR Krym
         Ukraine

The Debtor can be reached at:

         LLC Krym Agricultural Trust
         Krasnogvardeyskoe,
         Krasnogvardeysky
         Dzerzhinsky Str. 22
         AR Krym
         Ukraine


UKRAINIAN INDUSTRIAL: Creditors Must File Claims by April 20
------------------------------------------------------------
Creditors of State Enterprise Ukrainian Industrial Project
Building Service (code EDRPOU 31669194) have until April 20 to
submit written proofs of claim to:

         State Tax Inspection in Desniansky District of Kiev,
         Liquidator
         Zakrevsky Str. 41
         02217 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/841-b.

The Court is located at:

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

The Debtor can be reached at:

         State Enterprise Ukrainian Industrial
         Project Building Service
         Popudrenko Str. 52
         02094 Kiev
         Ukraine


VASILKOV BREADRECEIVING: Creditors Must File Claims by April 20
---------------------------------------------------------------
Creditors of OJSC Vasilkov Breadreceiving Enterprise (code
EDRPOU 00954455) have until April 20 to submit written proofs of
claim to:

         Maksim Reva, Liquidator
         K. Marks Str. 98
         49038 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 29/209-06.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Vasilkov Breadreceiving Enterprise
         Budenny Str. 88
         Zhovti Vody
         52209 Dnipropetrovsk
         Ukraine


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


AC SKELTON: Appoints Administrators from PricewaterhouseCoopers
---------------------------------------------------------------
Mark David, Arthur Loftus and Edward Klempka of
PricewaterhouseCoopers LLP were appointed joint administrators
of A.C. Skelton & Sons Ltd. (Company Number 00369411) on March
26.

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.

Headquartered in Hull, England, A.C. Skelton and Sons Ltd. --
http://www.skeltonsbakery.co.uk/-- is a local independent
family owned bakery that has 44 retail shops and 8 cafes
situated in East Yorkshire and North Lincolnshire.


BRITISH AIRWAYS: AUC Report Shows Worst Baggage Handlers in 2006
----------------------------------------------------------------
British Airways plc had the worst baggage handling performance
in 2006 among the 24 carriers who are members of the Association
of European Airlines, an Air Transport Users Council report
reveals.

According to the report, BA mishandled 23 bags per 1000
passengers last year.

BA Director of Operations Geoff Want told AUC that "the volumes
of hold baggage going through Heathrow, the change in security
procedures and some baggage system failures within Terminal 4
has not helped our performance, but we accept that overall the
levels of service we offered to our customers has not been up to
an acceptable standard.   We fully apologize to customers who
have been affected by delayed baggage in the past year."

"We have undertaken a significant amount of work to improve our
performance in the current working environment and we therefore
look forward to an improved operational performance this summer,
and in the future when Terminal 5 opens," Mr. Want continued.

                      About British Airways

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

                        *     *     *

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, the rating
agency confirmed its Ba1 Corporate Family Rating for British
Airways Plc.

* Issuer: British Airways, Plc

                                                      Projected
                           Old POD  New POD  LGD      Loss-iven
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------

   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%

As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services said that its 'BB+' long-term corporate credit
rating on British Airways PLC remains on CreditWatch, with
positive implications, following a vote on March 22 by EU
ministers approving a proposed "open skies" aviation treaty with
the U.S.


BRITISH AIRWAYS: Traffic Figures Up by 2.3% in March 2007
---------------------------------------------------------
British Airways plc reported traffic and capacity statistics for
March 2007.

In March 2007, passenger capacity, measured in Available Seat
Kilometres, was 2.3% above March 2006.  Traffic, measured in
Revenue-Passenger-Kilometers, was higher by 3.3%.  This resulted
in a passenger load factor up 0.7 points versus last year, to
76.3%.  The increase in traffic comprised a 3.6% increase in
premium traffic and a 3.2% increase in non-premium traffic.
Cargo, measured in Cargo-Ton-Kilometers, decreased by 16.3%.

                       Market Conditions

Underlying market conditions are broadly unchanged.

                    Strategic Developments

In the light of Iberia's announcement that it had received a bid
approach, British Airways appointed UBS to advise on how to use
British Airways' 10% holding in Iberia in the best interests of
British Airways shareholders.  The advice will examine all
options, including a disposal of British Airways' holding.

British Airways called on the U.K. Government to stand by its
right of automatic termination of traffic rights granted in the
new aviation pact between the EU and US if America stalls on
negotiating further liberalization.

The airline expanded its operations at London City Airport by
more than 70% with the launch of its new subsidiary, BA
CityFlyer, which operates 250 flights a week to six UK and
European destinations.  New direct routes include Glasgow and
Zurich.

British Airways completed the sale of the regional operation of
its subsidiary airline BA Connect to Flybe.

British Airways entered into exclusive talks to transfer its
ground handling operation at Aberdeen, Edinburgh, Glasgow and
Manchester airports to Aviance UK, an independent ground
handling company.

The summer schedule includes four new routes from London Gatwick
this summer including Port of Spain in Trinidad and Tobago,
Dresden in Germany, Sarajevo in Bosnia and Herzegovina and
Newquay.

The company announced three-year contracts with global
distribution systems Galileo, Sabre Travel Network and
Worldspan.

At its annual Investor Day British Airways released market
guidance for the financial year 2007/8.  Revenue is forecast to
increase by 5% to 6% based on capacity measured in available
seat kilometers (ASKs) up 1.3%, traffic measured in revenue
passenger kilometers (RPKs) up 2.4% and yield measured in pence
per RPK up 3.4%.  Fuel is forecast to be up by some GBP100
million for 2007/8.  Total costs, excluding fuel are forecast to
be up GBP50 million.  This will leave the company on track to
achieve a 10% operating margin in the year to March 2008.

                     About British Airways

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

                        *     *     *

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, the rating
agency confirmed its Ba1 Corporate Family Rating for British
Airways Plc.

* Issuer: British Airways, Plc

                                                      Projected
                           Old POD  New POD  LGD      Loss-iven
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------

   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%

As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services said that its 'BB+' long-term corporate credit
rating on British Airways PLC remains on CreditWatch, with
positive implications, following a vote on March 22 by EU
ministers approving a proposed "open skies" aviation treaty with
the U.S.


COLLINS & AIKMAN: Has Until June 18 to Decide on Becker Leases
--------------------------------------------------------------
The Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for
the Eastern District of Michigan extends the time period within
which Collins & Aikman Corp. and its debtor-affiliates must
assume or reject unexpired leases of non-residential real
property with Becker Properties LLC and Anchor Court LLC through
and including the earlier of the date an order confirming a
Chapter 11 plan is entered, and June 18, 2007.

                    Evidentiary Hearing Sought

Becker Properties LLC, leases the Debtors nonresidential real
property at:

   (a) 6600 East Fifteen Mile Road, Sterling Heights, Michigan,
       and

   (b) 1601 Clark Road, Havre de Grace, Maryland.

Anchor Court LLC, leases the premises at 47785 West Anchor
Court, Plymouth, Michigan.

Becker and Anchor ask the Court to deny the Debtors' request for
further extension of time to decide on the Leases, and request
for an evidentiary hearing to determine the detriment they
suffered as a result of the Debtors' continued delay in either
assuming or rejecting the Leases.

The Court first entered an order to extend the period during
which the Debtors must assume or reject the unexpired Leases on
July 8, 2005.  This is the Debtors' sixth request for extension,
Robert J. Diehl, Jr., Esq., at Bodman LLP, in Detroit, Michigan,
notes.  Even assuming the Debtors' Plan is confirmed at the
confirmation hearing to be held on April 19, 2007, the Debtors
will have had nearly two years to decide whether to assume or
reject the Leases, he argues.

Mr. Diehl contends that the Debtors' justification for their
open-ended request, that they are involved in ongoing
negotiations regarding the sale of certain of their businesses
that might include operations at the premises, are not cause for
an extension of time through the Plan confirmation, especially
considering the prejudice to Becker.

The Debtors have stated that they intend to reject the Havre de
Grace Lease because the facility it supports, DaimlerChrysler
Corp.'s Newark, Delaware plant, is scheduled to close.  The
closing date is still undetermined.

Mr. Diehl asserts that the Debtors' continued possession of the
premises, and the attendant uncertainty as to whether Debtors
will assume or reject the Sterling Heights and Plymouth Leases,
negatively affects Becker.  Becker will be forced to postpone
seeking to sell the properties or seeking replacement tenants
for the properties.

Further delay is detrimental because the value of the properties
continues to decline and the Debtors' payments do not compensate
Becker for that decline, Mr. Diehl tells the Court.

The prejudice to Becker will continue until the Court determines
a firm date by which the Debtors must decide on the Sterling
Heights and Plymouth Leases because the Plan confirmation date
is uncertain and the Debtors are reserving their rights to seek
further extensions, Mr. Diehl points out.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.

The Debtors' disclosure statement explaining their First Amended
Joint Chapter 11 Plan was approved on Jan. 25, 2007.  (Collins &
Aikman Bankruptcy News, Issue No. 56; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


COLLINS & AIKMAN: Wants Court to Deny JCI's Stay Request
--------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Eastern District of Michigan to deny
Johnson Controls Inc.'s request for automatic stay.

JCI has sought relief from the automatic stay to exercise a set-
off with respect to mutual debts alleged to exist between JCI
and the Debtors.  JCI has asserted US$5,900,000 and seeks to set
off its May 30, 2005, and June 30, 2005 payables due to the
Debtors against the alleged US$5,900,000 claim.

The Debtors relate that pursuant to a series of purchase orders
issued by JCI, the Debtors and certain of its non-debtor
affiliates manufactured certain automotive component parts for
JCI associated with an automotive parts program known as GMX367
program and supplied the parts to JCI.

Certain disagreements arose during the production of parts
resulting in a March 20, 2004 settlement agreement between the
parties.  The Settlement Agreement was intended to resolve any
and all alleged commercial disputes and claims between the
parties.

On Sept. 30, 2004, despite the Debtors' performance of their
obligations under the Settlement Agreement, JCI falsely alleged
that the Debtors failed to resource the GMX367 program, as
agreed.  JCI further asserted that the Debtors' alleged lack of
cooperation delayed and extended the resourcing of the GMX367
program, which allegedly resulted in JCI incurring damages
amounting to US$5,900,000.

Patrick J. Kukla, Esq., at Carson Fischer, P.L.C., in Bloomfield
Hills, Michigan, tells the Court that JCI failed to provide any
evidence supporting its contention.  The only supporting
document provided was a chart summarizing how the US$5,900,000
was calculated, he says.

In a Sept. 30, 2004 letter, JCI threatened to set off more than
US$5,900,000 from JCI's next scheduled payment to the Debtors.
JCI did not have any legal right to unilaterally and wrongfully
repudiate the Settlement Agreement by debiting over US$5,900,000
in costs that were not attributable to the Debtors' actions,
Mr. Kukla argues.

The Debtors filed a verified complaint against JCI on Oct. 12,
2004, before the United States District Court for the Eastern
District of Michigan.  The parties filed a voluntary dismissal
on April 29, 2005.

Shortly after the Petition Date, JCI filed its lift stay
request.  The hearing has been repeatedly adjourned and is
presently scheduled for April 19, 2007.

The Bankruptcy Code does not create a right of set-off, rather
Section 553 provides creditors with the ability to exercise
whatever valid right of setoff they may be entitled to under
non-bankruptcy law.  The right of set-off must exist
independently under applicable state or federal law.  Contrary
to JCI's assertions, it does not have a valid right of setoff
because it has not established that it has a prepetition claim
against the Debtors, Mr. Kukla asserts.

In addition to seeking relief form stay to exercise a set-off,
JCI also seeks relief from stay to submit the JCI Claim to
arbitration.

Since the request was filed, JCI has filed a proof of claim
asserting a secured claim of US$5,312,012, the amount that it
concedes it owes the Debtors.  By filing a claim in the Debtors'
Chapter 11 cases, JCI has submitted to having the Bankruptcy
Court decide the JCI Claim, Mr. Kukla points out.  The JCI Claim
will be appropriately addressed through the claims
reconciliation process.  The Bankruptcy Court is the proper
forum to hear and decide the JCI Claims, he maintains.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.

The Debtors' disclosure statement explaining their First Amended
Joint Chapter 11 Plan was approved on Jan. 25, 2007.  (Collins &
Aikman Bankruptcy News, Issue No. 57; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


COLT TELECOM: 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 corporate families in the
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its B2 Corporate Family Rating for COLT
Telecom Group Limited.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   EUR320 million 7.625%
   Senior Unsecured Regular
   Bond/Debenture Due 2009  B2       B2       LGD4    65%

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


D.H.R. LTD: Creditors' Meeting Slated for April 26
--------------------------------------------------
Creditors of D.H.R. Ltd. will meet at 11:45 a.m. on April 26 at:

         The Holiday Inn
         London Road
         Newport Pagnell
         MK16 0JA
         England

A. J. Nichols of Redman Nichols will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.


DALE EXPRESS: Creditors' Meeting Slated for April 12
----------------------------------------------------
Creditors of Dale Express Transport Ltd. (Company Number
01675942) will meet at 11:00 a.m. on April 12 at:

         Tenon Recovery
         Third Floor
         Lyndean House
         43-46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on April 11 at:

         A. J. Pear and I. Cadlock
         Joint Administrators
         Tenon Recovery
         Third Floor
         Lyndean House
         43-46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England

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


DELTA AIR LINES: Moody's Assigns B2 Rating to US$2.5BB Loan
-----------------------------------------------------------
Moody's Investors Service assigned new ratings to Delta Air
Lines Inc. debt, including a B2 corporate family rating, a Ba2
(LGD2, 19%) on the first lien facilities, and a B2 (LGD3, 46%)
on the second lien facilities.

Moody's also assigned a Speculative Grade Liquidity Assessment
of SGL-2.  The outlook is stable.  Delta expects to emerge from
bankruptcy by the end of April 2007.

"With the cost reduction achieved through the bankruptcy
reorganization, the airline's extensive route network and
initiatives to realign capacity for improved profitability,
Delta is positioned to be an effective network carrier",
according to Moody's analyst George Godlin.  The restructuring
has significantly improved financial metrics.

Delta's operating costs following emergence from bankruptcy
should be among the lowest of the network carriers, and permit
the carrier to compete more effectively and better withstand
ongoing industry challenges.  Financial improvements through
bankruptcy are projected to exceed US$3 billion on an annualized
basis and are likely to be sustainable.  However, Moody's notes
that the average age of Delta's fleet is more than 11 years, and
the airline has only approximately 60 narrow body aircraft
scheduled for delivery over the next several years.

Consequently, maintenance expense is likely to increase as these
aircraft age, and Delta is likely to incur significant capital
expenditures over time to address the re-fleeting issue.

Delta's plans to improve cash flow through revenue growth could
be more challenging, however.  Delta has a number of initiatives
to close the gap between its Revenue per Available Seat Mile and
the average RASM for other network carriers.  These include a
focus on more origination and destination traffic (rather than
lower margin connecting traffic), shifting capacity from
domestic routes to the higher yielding international
destinations and better matching aircraft gauge to route
density.  The operating environment, however, is expected to
remain difficult given high fuel costs and intense competition
on domestic routes from other mainline carriers as well as Low
Cost Carriers.  In addition, other carriers have been shifting
capacity to international routes, and the capacity could
increase even more as the European carriers in particular take
advantage of direct access to more US destinations under the
open-skies legislation that is expected to become effective
during 2008.

The stable outlook reflects Moody's expectation that Delta's
post-emergence cost structure, revenue growth strategies and
adequate cash on hand will provide satisfactory flexibility to
withstand some of the near term competitive challenges in the
industry.  In addition, Delta should generate strong free cash
flow over the near term, which will steadily improve key credit
metrics including Retained Cash Flow to Debt, Debt to EBITDA and
EBIT to Interest.  Downward pressure on the ratings could occur
if Delta's EBITDA margin declines lower than 15%, or if Debt to
EBITDA exceeds 7 times or EBIT to interest expense (using
Moody's standard adjustments) falls below 1 times.  Given rising
fuel costs and medium term capital expenditures associated with
refleeting, Delta's ratings could come under pressure if balance
sheet liquidity or cash flow significantly declines from
anticipated levels.  The rating could be raised if internally-
generated cash flow is sufficient to sustain EBIT to Interest
greater than 2 times and Retained Cash Flow to Debt greater than
15%.

The SGL-2 Speculative Grade Liquidity Rating reflects the
expectation of good liquidity over the coming 12 months.  Delta
is likely to generate strong free cash flow over the near term
and steadily add to its cash balance upon emergence from
bankruptcy.  Moody's expects Delta will remain in compliance
with all of its covenants in the near term.  The SGL rating also
reflects the company's limited borrowing capacity, since
substantially all of Delta's assets that currently secure
Delta's DIP facility also currently serve as collateral for the
post-emergence credit facility.  Delta is expected to have
approximately US$2.8 billion in balance sheet cash and
equivalents upon emergence from bankruptcy in April 2007.

Up to US$2.5 billion in exit financing consists of a first-lien
revolving credit facility of US$500-million, a first-lien term
loan facility of US$1-billion, and a second-lien term loan of
US$1-billion.  These facilities will be guaranteed by Delta's
direct and indirect domestic subsidiaries and collateralized by
security interests in substantially all of Delta's assets that
currently secure Delta's DIP facility including aircraft, spare
parts, route authorities, real estate and unrestricted cash.
Proceeds from the new financing will be used to repay
approximately US$2-billion of Delta's DIP loans, with the
remainder available for working capital and general corporate
purposes.

Assignments:

   * Issuer: Delta Air Lines, Inc.

     -- Corporate Family Rating of B2;
     -- Probability of Default Rating of B2;
     -- First Lien Bank Revolving Credit Facility;
     -- Assigned a rating of Ba2, (LGD2, 19%);
     -- First Lien Term Loan, Assigned a rating of Ba2,
        (LGD2, 19%);

     -- Second Lien Term Loan, Assigned a rating of B2,
        (LGD3, 46%); and

     -- Speculative Grade Liquidity Assessment of SGL-2.

Delta Air Lines, Inc., a major airline that provides scheduled
passenger service throughout North America, the
Caribbean, Latin America, Europe, Africa and Asia, is
headquartered in Atlanta, Georgia.


DIONICS PLC: A. Turpin Leads Liquidation Procedure
--------------------------------------------------
A. Turpin of Poppleton & Appleby was appointed liquidator of
Dionics PLC (formerly Ensign Electronics Ltd. and Dionics Ltd.)
on March 27 for the creditors' voluntary winding-up procedure.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

The company can be reached at:

         Dionics PLC
         Fletchworth Gate Industrial Estate
         Coventry
         West Midlands
         CV5 6SP
         England
         Tel: 024 7671 3366
         Fax: 024 7671 4488


DREAM DESIGNS: Appoints Jonathan Sinclair as Liquidator
-------------------------------------------------------
Jonathan Sinclair of Sinclair Harris was appointed liquidator of
Dream Designs Trading Ltd. on March 26 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Dream Designs Trading Ltd.
         The Coach House
         High Street
         Elstree
         Borehamwood
         Hertfordshire
         WD6 3EZ
         England
         Tel: 020 8953 0242
         Fax: 020 8953 5800


DU FAY: Claims Filing Period Ends April 23
------------------------------------------
Creditors of Du Fay Ltd. have until April 23 to prove their
debts or claims and send their names and addresses to:

         Gerard Keith Rooney
         Liquidator
         Rooney Associates
         Second Floor
         19 Castle Street
         Liverpool
         L2 4SX
         England

Gerard Keith Rooney of Rooney Associates was appointed
liquidator of the company on March 23.


FASTSERV LTD: Claims Filing Period Ends May 4
---------------------------------------------
Creditors of Fastserv Ltd. have until May 4 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 23.

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


FLOORLINE CONTRACTS: Names Neil Francis Hickling Liquidator
-----------------------------------------------------------
Neil Francis Hickling was appointed liquidator of Floorline
(Contracts) Ltd. on March 27 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Floorline (Contracts) Ltd.
         Orchard Industrial Estate
         Toddington
         Cheltenham
         Gloucestershire
         GL54 5EB
         England
         Tel: 01242 621 155


GRANDSTAND DISPLAYS: Creditors' Meeting Slated for April 20
-----------------------------------------------------------
Creditors of Grandstand Displays Ltd. will meet at 11:00 a.m. on
April 20 at:

         B&C Associates
         Trafalgar House
         Grenville Place
         Mill Hill
         London
         NW7 3SA
         England

Creditors who want to vote must submit before the meeting
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 on April 18.


HINTRENT LTD: Creditors' Meeting Slated for April 16
----------------------------------------------------
Creditors of Hintrent Ltd. will meet at 3:00 p.m. on April 16
at:

         47-49 Green Lane
         Northwood
         Middlesex
         HA6 3AE
         England

Creditors who want to vote must submit before the meeting
particulars of their claims or of any security at the said
address.

Ashok Kumar Bhardwaj will furnish creditors with information
concerning the company's affairs free of charge as they may
reasonably require.

A list of names and addresses of the company's creditors will be
available for inspection free of charge on April 12.


HOMESAFE SYSTEMS: Creditors' Meeting Slated for April 16
--------------------------------------------------------
Creditors of Homesafe Systems Ltd. will meet at 10:15 a.m. on
April 16 at:

         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Hollins Lane
         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 12.

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.


M J R WELDED: Taps Joint Administrators from PwC
------------------------------------------------
Paul William Harding and Derek Anthony Howell of
PricewaterhouseCoopers LLP were appointed joint administrators
of M J R Welded Products Ltd. (Company Number 04204087) on
March 26.

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:

         M J R Welded Products Ltd.
         Avondale Business Park
         Avondale Way
         Pontrhydyrun
         Cwmbran
         Gwent
         NP44 1XE
         Wales
         Tel: 01633 869 067


METSO CORPORATION: AGM Okays 2006 Financial Results
---------------------------------------------------
Metso Corporation, in its Annual General Meeting, approved the
accounts for 2006 as presented by the Board of Directors and
voted to discharge the members of the Board and the President
and Chief Executive Officer of Metso Corporation from liability
for the financial year 2006.

In addition, the Annual General Meeting approved the proposals
of the Board of Directors to amend the Articles of Association
and to authorize Board of Directors to resolve of a repurchase
of the corporation's own shares and of a share issue.

The Annual General Meeting decided to establish a Nomination
Committee of the Annual General Meeting to prepare proposals for
the following Annual General Meeting in respect of the
composition of the Board of Directors along with the director
remuneration.  Nomination Committee consists of the
representatives appointed by the four biggest shareholders along
with the Chairperson of the Board of Directors as an expert
member.

Matti Kavetvuo was re-elected the Chairperson of the Board and
Jaakko Rauramo was re-elected the Vice Chairperson of the Board.
Eva Liljeblom, Professor at the Swedish School of Economics and
Business Administration, Helsinki, Finland, was elected as new
member of the Board.  Board members re-elected were Svante Adde,
Maija-Liisa Friman, Christer Gardell and Yrjo Neuvo.  The term
of office of Board members lasts until the end of the next
Annual General Meeting.

The Annual General Meeting decided that the annual remunerations
for Board members be EUR80,000 for the Chairman, EUR50,000 for
the Vice Chairperson and the Chairperson of the Audit Committee
and EUR40,000 for the members and that the meeting fee including
committee meetings be EUR500 for meeting.

The auditing company, Authorized Public Accountant
PricewaterhouseCoopers was re-elected to act as an Auditor of
the corporation until the end of the next Annual General
Meeting.

The Annual General Meeting decided that a dividend of EUR1.50
per share be paid for the financial year which ended on
Dec. 31, 2006.  The dividend will be paid to shareholders who
have been entered as shareholders in the Corporation's
shareholder register maintained by the Finnish Central
Securities Depository Ltd. by the dividend record date,
April 10, 2007.  The dividend will be paid on April 17, 2007.

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of approximately 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.

                        *     *     *

The company's 5-1/8% Senior Notes due 2009 carry Moody's
Investors Service's Ba1 rating and Standard & Poor's BB rating.

Standard & Poor's Services revised its outlook on Finland-based
machinery and engineering group Metso Corp. to positive from
stable, reflecting improvements in the group's operating
performance and capital structure that offer it the potential to
return to a low investment-grade rating.  The 'BB+' long-term
and 'B' short-term corporate credit, as well as the 'BB' senior
unsecured debt rating on the group were affirmed.


REFCO INC: Administrators Want Until May 25 to Object to Claims
---------------------------------------------------------------
RJM LLC, as Plan Administrator of the Reorganized Debtors'
Chapter 11 cases, and Marc S. Kirschner, Chapter 11 Trustee and
Plan Administrator of Refco Capital Markets, Ltd.'s estate, tell
the U.S. Bankruptcy Court for the Southern District of New York
that since filing for bankruptcy, about 14,000 claims,
aggregating US$150,000,000,000 in asserted amounts, have been
filed against the estates of Refco Inc., and its debtor-
affiliates.

Over the course of the Chapter 11 cases, about 5,000 claims
asserting US$143,000,000,000 have been resolved by Court order
or by consent of the parties.

The Plan Administrators also filed objections to 1,300
additional claims asserting approximately US$5,500,000,000.

The Plan Administrators continue to reconcile the remaining
claims filed against the Chapter 11 estates, and anticipate
filing additional claims objections by March 2007.

Pursuant to the Reorganized Debtors' Plan of Reorganization, the
last day for filing an objection to claims against the Debtors
and RCM will be:

   (a) the later of 90 days after the Plan Effective Date, or
       60 days after the filing of a proof of claim for, or
       request for payment of, that Claim; or

   (b) other date as the Court may order.

By this motion, the Plan Administrators ask the Court to extend
the Claims Objection Deadline through and including May 25,
2007.

Mark S. Deveno, Esq., at Bingham McCutchen LLP, in New York,
asserts that extension of the Claims Objection Deadline is
appropriate to complete the claims reconciliation process and to
help ensure that all non-meritorious claims are appropriately
challenged.

The Plan Administrators believe that it is important to ensure
that no unwarranted claims are allowed simply by virtue of the
passage of time.

Mr. Deveno assures Judge Drain that extending the Claims
Objection Deadline will not cause delay and will not prejudice
any claimants, as each claimant will retain any substantive
defenses it may have to any claim objections filed.

While the Plan Administrators do not anticipate any need to seek
additional extensions, they reserve the right to seek further
extension of the Claims Objection Deadline.

                          About Refco Inc.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

On June 5, 2006, three more affiliates filed for chapter 11
protection namely: Westminster-Refco Management LLC, Refco
Managed Futures LLC, and Lind-Waldock Securities LLC.

Refco Commodity Management, Inc., another affiliate, filed for
bankruptcy on Oct. 16, 2006.

The Court confirmed the Modified Joint Chapter 11 Plan of Refco
Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006. (Refco Bankruptcy News, Issue No. 60; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


REFCO INC: Administrators Want to Settle Inter-company Claims
-------------------------------------------------------------
RJM LLC, as Plan Administrator of the Reorganized Debtors'
Chapter 11 cases, and Marc S. Kirschner, as Chapter 11 Trustee
and Plan Administrator of Refco Capital Markets, Ltd.'s estate,
ask the U.S. Bankruptcy Court for the Southern District of New
York to approve their settlement and compromise of various
Inter-company claims with Albert Togut, as (i) Chapter 7 Trustee
for the Refco LLC estate, and (ii) interim Chapter 7 trustee for
the estate of Refco Trading Services, LLC a wholly owned
subsidiary of Refco LLC.

The Refco Administrator represents:

   -- each of the then Chapter 11 Debtors, excluding Refco F/X
      Associates, LLC;

   -- FXA; and

   -- certain non-debtor affiliates, including Refco Singapore
      Pte. Ltd. and Refco Investment Services Pte. Ltd.

                            RCM Claim

In July 2006, the RCM Trustee filed Claim No. 290 against Refco,
LLC, asserting a liquidated intercompany claim for US$11,450,384
based on "money borrowed or converted."

The RCM Trustee also asserted "unknown, contingent and
unliquidated claims" against Refco LLC for up to
US$2,278,164,695, based on his belief that RCM improperly
transferred more than US$2,200,000,000 to Refco Global Capital
Management LLC Refco Global or Refco Capital LLC to directly
benefit Refco Global, Refco Capital and one or more other
debtors, including Refco LLC.

                       Refco Master Claim

In July 2006, the then Chapter 11 Debtors and their affiliates
filed Claim No. 414 against Refco LLC, asserting liquidated
inter-company claims in the net aggregate amount of
US$138,266.382.

The Refco Master Claim is separate and distinct from the RCM
Claim filed against the Refco LLC estate for more than
US$2,000,000,000 by the RCM Trustee.

Subsequent to filing the claim, the Refco Master Claimants
alleged damages exceeding US$750,000,000 based on various
grounds of liability that seeks payments for, among other
things:

   (i) improper acquisition accounting;

  (ii) allocations of senior management and administrative
       services and tradename use charges;

(iii) retention of sale proceeds from the transaction with Man
       Financial, Inc., relating to trademarks and tradename
       values of Refco Group Ltd.;

  (iv) improper recording of income at Refco LLC referred to as
       "corporate yield enhancement";

   (v) an assumption by one or more of the Refco Master
       Claimants of losses at Refco LLC arising out of an
       arbitration award; and

  (vi) interest on all claims as of the Refco LLC Petition Date.

               Refco Investment & Singapore Claims

Refco Singapore and Refco Investment filed Claim Nos. 458 and
459 against Refco LLC for US$96,126 and US$114,235, purporting
to arise out of intercompany receivables between the two
claimants, on one hand, and Refco LLC, on the other.

                           RTS Claims

Mr. Togut, on behalf of the RTS estate, filed Claim Nos. 11726
through 11751, and 11753 against each of the then Chapter 11
Debtors and RCM, and Claim No. 413 against Refco LLC, seeking
undetermined amounts for various causes of action arising from
RTS' relationship with each of the Chapter 11 Debtors, RCM and
Refco LLC.

The RTS Claims further asserted unliquidated claims for damages
arising from transactions engaged in by the Chapter 11 Debtors,
RCM and Refco LLC that involved fraudulent accounting, misuse of
assets, fraudulent concealment of losses, and any other
misconduct or omissions, including those that led to the
commencement of cases under Chapter 11 and Chapter 7.

According to Refco LLC's books and records, RTS held accounts
receivable claims aggregating US$4,961,638 against the Refco
Master Claimants and Refco LLC, versus account payables due
those same entities in aggregate amount of US$12,013,485.

                        Refco LLC Claims

Mr. Togut, on behalf of the Refco LLC estate, filed Claim Nos.
11312 through 11318; 11435; 11752; and 11754 through 11771) in
the cases of each of the Chapter 11 Debtors and RCM.  The Refco
LLC Claims assert unliquidated claims arising out of the Chapter
7 Debtor's relationship with the Chapter 11 Debtors and RCM.

Mr. Togut also asserted various liquidated claims against
certain of the Chapter 11 Debtors.  Based on its schedules of
assets and liabilities, Refco LLC held accounts receivable
aggregating US$198,107,010 against the Refco Master Claimants,
RCM and RTS, versus account payables due such entities totaling
US$153,735,761.

             Terms of Intercompany Claims Settlement

Under the Plan, on and after the Effective Date, the Plan
Administrators may exercise all of the Reorganized Debtors'
rights, powers and duties, including the settlement and
compromise of the disputed intercompany claims.

Accordingly, the Intercompany Claims Settlement Agreement
provides that:

   (1) The Contributing Debtors will be allowed a senior
       subordinated unsecured claim against the Refco LLC estate
       for US$565,000,000, in settlement of the claims asserted
       in the Refco Master Claim.  The Specified Allowed
       Contributing Debtors' Claim will be entitled to
       distribution from the Refco LLC estate.  The claim will
       be senior to, and paid before distributions are made on
       account of, the Allowed Other Claim or any claims under
       Sections 726(a)(3) through 726(a)(6) of the Bankruptcy
       Code.

   (2) The balance of the Refco Master Claim and the RCM Claim
       will be allowed as a junior subordinated unsecured claim
       against the Refco LLC estate for US$575,000,000, and will
       be entitled to distribution from the Refco LLC estate
       under Section 726(a)(2).

   (3) The Refco Singapore Claim and the Refco Investment Claim
       will be disallowed and expunged in their entireties.
       Refco Singapore, Refco Investment, and all other Refco
       Affiliates included in the Refco Master Claim will not be
       entitled to any distribution from Refco LLC's estate on
       account of the Refco Singapore Claim, the Refco
       Investment Claim, or the Refco Master Claim.

   (4) The RTS Claims will be disallowed and expunged in their
       entireties in consideration for certain releases.

   (5) The parties will exchange mutual releases.

   (6) The Settlement allows the Specified Allowed Contributing
       Debtors' Claim and the Allowed Other Claim.  The timing
       and amount of the distributions will be in Mr. Togut's
       discretion consistent with the applicable provisions of
       the Bankruptcy Code.

The parties agree that the Settlement does not waive, expunge or
otherwise disallow any claims or rights to payment of
administrative expenses arising on or after the Refco LLC
Petition Date, or any claims or rights of customers or creditors
of RCM against Refco LLC that were assigned by them to the Refco
Master Claimants and RCM, and subordinated on the terms of
various Claim Subordination and Waivers contemplated by the Plan
Support Agreement, dated September 14, 2006.

                          About Refco Inc.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

On June 5, 2006, three more affiliates filed for chapter 11
protection namely: Westminster-Refco Management LLC, Refco
Managed Futures LLC, and Lind-Waldock Securities LLC.

Refco Commodity Management, Inc., another affiliate, filed for
bankruptcy on Oct. 16, 2006.

The Court confirmed the Modified Joint Chapter 11 Plan of Refco
Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006. (Refco Bankruptcy News, Issue No. 60; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


REFCO INC: June 29 Hearing Set for US$108-Mln BAWAG Settlement
--------------------------------------------------------------
The U.S. District Court for the Southern District of New York
will hold a fairness hearing on June 29 at 10:00 a.m. for the
proposed US$108 million partial settlement by BAWAG P.S.K. Bank
Fuer Arbeit und Wirtschaft und Osterreichische Postsparkasse
Aktiengesellschaft, a defendant in the class action, "In re
Refco, Inc. Securities Litigation, Master File No. 05 Civ. 8626
(GEL)."

The hearing will be held before Judge Gerard E. Lynch in the
U.S. District Court for the Southern District of New York at:

         United States Courthouse
         500 Pearl Street
         New York
         NY 10007
         U.S.A.

The settlement covers persons or entities that purchased or
otherwise acquired Refco Group Ltd., LLC/ Refco Finance Inc. 9%
Senior Subordinated Notes due 2012 (CUSIP Nos. 75866HAA5 and/or
75866HAC1) and/or Refco, Inc. common stock (CUSIP No. 75866G109)
between Aug. 5, 2004 and Oct. 17, 2005.

Any objections or exclusions to and from the settlement must be
made on or before, May 26 and 30, respectively.

                        Case Background

The suit, filed in the U.S. District Court for the Southern
District of New York, was consolidated in April (Class Action
Reporter, Apr. 7, 2006).  It claimed the collapsed commodity
brokerage hid more than US$5 billion off its books, far more
than previously thought.  It also accuses company executives,
company auditors, and investment bankers of negligence.

This discovery of the bad debts caused the collapse of the
company a mere two months after its Aug. 10, 2005, initial
public offering of common stock, and only 14 months after its
issuance of 9% Senior Subordinated Notes due 2012.  The company
filed the fourth largest bankruptcy in U.S. history as a result.

The suit is "In re Refco, Inc. Securities Litigation, Master
File No. 05 Civ. 8626 (GEL)," filed in the U.S. District Court
for the Southern District of New York under Judge Gerard E.
Lynch.

Representing the plaintiffs are:

     (1) Max W. Berger (MB-5010), John P. Coffey  (JC-3832),
         John C. Browne (JB-0391) and Noam N. Mandel (NM-0203)
         of Bernstein Litowitz Berg & Grossmann, LLP, 1285
         Avenue of the Americas, New York, NY 10019, Phone:
         (212) 554-1400, Fax: (212) 554-1444; and

     (2) Stuart M. Grant (SG-8157), James J. Sabella (JS-5454),
         Megan D. McIntyre, Jeff A. Almeida, Christine M.
         Mackintosh and Jill Agro of Grant & Eisenhofer, P.A.,
         Phone: (646) 722-8500 and (302) 622-7000, Fax: (646)
         722-8501 and (302) 622-7100

For more details, contact:

         Refco Inc. Securities Litigation
         c/o The Garden City Group Inc.
         PO Box 9087
         Dublin
         OH 43017-0987
         Web site: http://www.refcosecuritieslitigation.com

                           About BAWAG

Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit
und Wirtschaft AG) is an Austrian universal bank founded in 1922
by former Austrian Chancellor Karl Renner.  As of 2004, the
bank's majority shareholder was the OGB (Osterreichischer
Gewerkschaftsbund), the Austrian Trade Union Federation.  The
bank had total consolidated assets of EUR56 billion as of
Dec. 31, 2004.

                          About Refco Inc.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.

On June 5, 2006, three more affiliates filed for chapter 11
protection namely: Westminster-Refco Management LLC, Refco
Managed Futures LLC, and Lind-Waldock Securities LLC.

Refco Commodity Management, Inc., another affiliate, filed for
bankruptcy on Oct. 16, 2006.

The Court confirmed the Modified Joint Chapter 11 Plan of Refco
Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.


RON A BRADLEY: Brings In Administrators from Baker Tilly
--------------------------------------------------------
Lindsey J. Cooper and Philip E. Pierce of Baker Tilly were
appointed joint administrators of Ron A. Bradley Ltd. (Company
Number 01185588) on March 9.

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:

         Ron. A. Bradley Ltd.
         Ashcroft
         Chorlton Lane
         Cuddington
         Malpas
         Cheshire
         SY14 7EN
         England
         Tel: 01948 860 395
         Fax: 01948 860 719


SRS LEGAL: Names Joint Administrators from Kroll Ltd
----------------------------------------------------
R. Maxwell and C. P. Holder of Kroll Ltd. were appointed joint
administrators of SRS Legal Services Ltd. (Company Number
03946829) on March 19.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

         SRS Legal Services Ltd.
         7A Coventry Road
         Coleshill
         Birmingham
         B46 3BB
         England
         Tel: 01675 430 017


TRICOOL ENGINEERING: Brings In Administrators from RSM Robson
-------------------------------------------------------------
David Michael Riley and Simon Peter Bower of RSM Robson Rhodes
LLP were appointed joint administrators of Tricool Engineering
Ltd. (Company Number 01415187) on March 21.

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/--  
provides a wide range of auditing, assurance, advisory and
compliance services for both private and public sectors.  The
firm is a member of the RSM International, the world's sixth
largest international organization of accountants and business
advisers.

The company can be reached at:

         Tricool Engineering Ltd.
         Solent House
         14 Barnes Wallis Road
         Fareham
         Hampshire
         PO15 5TT
         England
         Tel: 01489 584 006
         Fax: 01489 583 510


U.K. OILS: Appoints Poppleton & Appleby to Administer Assets
------------------------------------------------------------
A. Turpin and M. D. Hardy of Poppleton & Appleby were appointed
joint administrators of U.K. Oils (Birmingham) Ltd. (Company
Number 03317556) on March 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.

The company can be reached at:

         U.K. Oils (Birmingham) Ltd.
         Vauxhall Trading Estate
         Dollman Street
         Birmingham
         West Midlands
         B7 4RA
         England
         Tel: 0121 333 4379
         Fax: 0121 359 6665


WORCESTERSHIRE POWDER: Appoints DTE Leonard as Administrators
-------------------------------------------------------------
P. D. Masters and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of Worcestershire Powder Coating Ltd.
(Company Number 02883703) on March 19.

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

The company can be reached at:

         Worcestershire Powder Coating Ltd.
         Unit 7
         Pershore Trading Estate
         Pershore
         Worcestershire
         WR10 2DD
         England
         Tel: 01386 554 900
         Fax: 01386 554 900


WORLD OF WOOD: Creditors' Meeting Slated for April 18
-----------------------------------------------------
Creditors of World of Wood Ltd. will meet at noon on April 18 at
the offices of:

         Parkin S. Booth & Co.
         24 Trinity Square
         Llandudno
         LL30 2RH
         Wales

Creditors who want to vote at the meeting have until noon on
Feb. 23 to submit their proxy forms together with particulars of
their claims or of any security at the said address.

Robert M. Rutherford of Parkin S. Booth & Co. will furnish
creditors with information concerning the company's affairs free
of charge as they may reasonably require during the period
before the day of the meeting.

Parkin S. Booth & Co http://www.parkinsbooth.co.uk/-- deals
entirely with insolvency practice.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Hamon S.A.                HAMO       (12)         236      (58)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (116)        194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (65)         259       10
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (788)       6,681      171
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141        6
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (22)         162       (4)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (33)         132      (45)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Pouliadis Associates
   Corporation            POUL       (28)         124      (31)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus Asset Management
   Nyrt.                  EXBUS      (30)         118   (5,162)
IPK Osijek DD OS          IPKORA     (18)         190     (320)


ICELAND
-------
Decode Genetics Inc.      DCGN        (55)         216      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (154)         800      (50)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (57)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)
Wind Telecomunicazioni
   S.p.A.                            (10)      12,698     (815)


IRELAND
-------

Waterford Wed Ut          WTFU      (203)         828       190


LUXEMBOURG
----------

Millicum International    MICC       (59)       1,523         4


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)
BW Offshore               BWO        (85)         487     (516)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)

ROMANIA
-------
Oltchim RM Valce          OLT        (45)         232     (321)
Rafo Onesti               RAF       (395)         359    (1695)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (185)         378  (11,107)
Vimpel Ship               SOVP       (77)         188     (927)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (10)         134      (37)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko  DMZP       (10)         358     (596)
Dniprooblenergo                      (38)         478     (797)
Donetskoblenergo                    (166)         706   (1,320)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       69
BCH Group Plc             BCH         (6)         188      (44)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd        523362Q (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874     (20)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST      (108)         595      (61)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Dignity Plc               DTY        (55)         552       36
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,264)       2,818     (253)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
European Home Retail Plc  EHRL       (14)         111      (37)
Galiform Plc              GFRM      (152)         889       35
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
HOGG Robinson Gr          HRG       (258)         791       (5)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                      (1,031)       3,875      523
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (49)         307      (53)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (72)         129      (4)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,144)        3507     (457)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)


                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *