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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, May 29, 2007, Vol. 8, No. 105

                            Headlines


A U S T R I A

AMOS BUCH: Vienna Court Orders Business Shutdown
G-TROCKENBAU LLC: Claims Registration Period Ends June 8
HOLZTRATTNER ELEKTRO: Salzburg Court Orders Business Shutdown
IRSE LTD: Claims Registration Period Ends June 11
MEDIORNET MULTIMEDIANETZWERK: Claims Registration Ends June 15

PACKFRIEDER LLC: Claims Registration Period Ends June 7
SAN TEAM: Estate Administrator Declares Insufficient Assets


B E L G I U M

FERRO CORP: Hires Tom Austin as Vice President for Operations
SOLUTIA INC: Court OKs Dequest Sale to Thermphos for US$67 Mln
SOLUTIA INC: PR on Plan Misled Shareholders, Judge Beatty Says
SOLUTIA INC: Seeks Up to US$2 Billion in Exit Financing


F R A N C E

BAUSCH & LOMB: Advanced Medical May Compete With Pincus' Bid
BAUSCH & LOMB: Advanced Medical Confirms Interest in Acquisition
DELPHI CORP: Wants Claims Settlement Procedures Supplemented
DELPHI CORP: Wants Court Nod on US$10.5 Mln Umicore Settlement

KAUFMAN & BROAD: S&P Puts BB+ Rating on Negative Watch
TCL MULTIMEDIA: Outstanding Debts Cue European Unit's Insolvency


G E R M A N Y

ADVANCED MEDICAL: Mulls Competing Offer for Bausch & Lomb
ADVANCED MEDICAL: B&L Acquisition Cues S&P's Developing Watch
BOESNER HOLDING: Claims Registration Period Ends June 30
C.C.A. CONGRESS: Claims Registration Period Ends July 6
COVERTEX GMBH: Files for Insolvency in Traunstein Court

DASSEL KANALBAU: Claims Registration Period Ends June 22
DELIGA SENIORENAUSSTATTER: Claims Registration Ends July 3
DTG GMBH: Claims Registration Period Ends June 28
FASSADEN RESTAURIERUNG: Claims Registration Period Ends June 25
FRITZ HAHN: Claims Registration Period Ends June 14

GETRANKE MACHELETT: Claims Registration Period Ends June 13
GRADERT KFZ: Claims Registration Ends June 13
GRADERT VERWALTUNGS: Claims Registration Ends June 20
HANS BERGER: Claims Registration Ends July 13
HEROS GROUP: Court Convicts Former Managers of Embezzlement

HILKOS HAUSTECHNIK: Claims Registration Ends July 11
HOSEN-LEISS GMBH: Claims Registration Ends June 19
INVESTITIONS FUER BERLIN: Creditors' Meeting Slated for July 6
KERSTONE HANDELS: Creditors' Meeting Slated for June 29
LAC GASTRONOMIEBETRIEBS: Claims Registration Ends June 15

LENK GMBH: Creditors Must Register Claims by July 6
LUERWER ZAUN: Creditors Must Register Claims by June 20
MAXVITA GMBH: Creditors Must Register Claims by June 11
OPTINEO AG: Claims Registration Period Ends June 22
PRIME BRICKS: S&P Rates EUR36 Million Class E Notes at BB

RHEINBODEN AG: Names New Heads for Frankfurt and Berlin Units
SAEDLER & THAMLITZ: Creditors Must Register Claims by July 4
TECTUM MAURERSERVICE: Claims Registration Period Ends June 15
WOHNVISION HANDWERKERGEMEINSCHAFT: Claims Period Ends June 29
WTK-BAU GMBH: Claims Registration Period Ends June 22

Z & L GEWERBEIMMOBILIEN: Claims Registration Period Ends June 12


I R E L A N D

SMURFIT KAPPA: EBITDA Up 40% to EUR254 Mln in First Quarter 2007


I T A L Y

ALITALIA SPA: Risks Bankruptcy if Bids are Low, Says Di Pietro
ALITALIA SPA: Aeroflot to Issue EUR900 Mln Eurobond to Back Bid
ALITALIA SPA: Passenger Traffic Down 0.4% in April 2007
BLYTH INC: Names Anne Butler as PartyLite Unit President
BROWN SHOE: Net Earnings Fall to US$9.6 Million in First Quarter

BROWN SHOE: Board Declares US$0.07 Per Share Quarterly Dividend
BROWN SHOE: Appoints Sheri Wilson-Gray as Senior VP & CMO
CORDUSIO RMBS: Moody's Rates EUR19.5 Mln Class E Notes at Ba2
FIAT SPA: May Discard Joint Venture with Nanjing Automobile
POPOLARE ITALIANA: Completes Half of Share Repurchase Program

SEAT PAGINE: Owners Hire Lehman Brothers to Explore Options
SEAT PAGINE: Restructuring May Lead to Thomson Sale


K A Z A K H S T A N

AKMOL-PET LLP: Proof of Claim Deadline Slated for June 22
ARMAGEDON-2005 LLP: Creditors Must File Claims by July 3
BAS-XXI LLP: Creditors Must File Claims by June 22
BIS-NS LLP: Claims Filing Period Ends June 22
ELIM-AI LLP: Claims Registration Ends June 22

INTES-ISOT LLP: Creditors' Claims Due June 22
NALSUR LLP: Proof of Claim Deadline Slated for June 22
SOTOVY RAI: Creditors Must File Claims by July 3
SULU TAU: Claims Filing Period Ends June 22
TOP-2000 LLP: Claims Registration Ends June 22


K Y R G Y Z S T A N

KANTSKAYA KYRGYZSKAYA: Creditors' Claims Due July 11


L U X E M B O U R G

EVRAZ GROUP: To Buy 50% Share in Blast-Shaken Yuzhkuzbassugol
GAZPROMBANK MORTGAGE: Moody's Rates RUB329 Mln Notes at (P)Ba2


N E T H E R L A N D S

BASELL AF: Moody's Rates EUR1.65 Bln New Bank Facilities at Ba2
FOOT LOCKER: Earns US$17 Million for First Quarter Ended May 5
IMPRESS HOLDINGS: Good Performance Cues S&P to Lift Ratings
KONINKLIJKE AHOLD: Court Sends Ex-USF Marketing Chief to Prison


R U S S I A

ALKEEVSKOYE BUILDING: Creditors Must File Claims by June 5
EAR-2000 CJSC: Creditors Must File Claims by July 5
EAST-WEST CJSC: Creditors Must File Claims by June 5
FORESTER CJSC: Creditors Must File Claims by July 5
GAS-SPETS-STROY: Creditors Must File Claims by July 5

GAZPROM NEFT: Board Recommends RUR38.32 Bln Dividend for 2006
H3C HOLDINGS: Moody's Assigns Ba2 Corporate Family Rating
KRASNOGVARDEYSKAYA COMPANY: Creditors Must File Claims by July 5
KUBANSKAYA OIL-AND-GAS: Creditors Must File Claims by July 5
KVAZAR CJSC: Court Names E. Leyliyan as Insolvency Manager

MAGNITOGORSK IRON: To Construct Metal Works in Turkey
MARETEX LTD: S&P Puts Corporate Credit Ratings at B-
NEVSKIY PROSPECT: Creditors Must File Claims by June 5
ROSNEFT OIL: Mulls Selling Some Yukos Oil Assets
SBERBANK ROSSII: Supervisory Board Moves to Split Shares

SMOLENSK-DOR-STROY: Creditors Must File Claims by July 5
V.I. LENIN: Court Names O. Denisov as Insolvency Manager
VIMPEL-COMMUNICATIONS: Earns US$277 Mln for First Quarter 2007
VOLZHSKOYE REPAIR: Creditors Must File Claims by June 5
VYSOKOVSKIY FLAX: Creditors Must File Claims by June 5

WOOD-TRANSIT LLC: Creditors Must File Claims by June 5


S P A I N

ALLIANCE ATLANTIS: Canadian Regulator Okays Plan of Arrangement
FONCAIXA HIPOTECARIO: Moody's Junks EUR12 Million Series D Notes


S W I T Z E R L A N D

BAU – UND GIPSERBEDARF: Zug Court Starts Bankruptcy Proceedings
ELTEL NETWORKS: Creditors' Liquidation Claims Due June 30
FREBANA LLC: Creditors' Liquidation Claims Due June 8
GSM GLOBAL: Creditors' Liquidation Claims Due July 2
ISOTOPCASA LLC: Creditors' Liquidation Claims Due June 18

KARL LEIDEMANN: Creditors' Liquidation Claims Due June 13
KUJEA JSC: Creditors' Liquidation Claims Due June 8
MDH PARTNERS: Zug Court Starts Bankruptcy Proceedings
TESCLEAN LLC: Willisau Court Starts Bankruptcy Proceedings

WASER BAU: Lucerne Court Starts Bankruptcy Proceedings


U K R A I N E

AGRICULTURAL TECHNICAL: Creditors Must File Claims by June 2
INDUSTRIAL TECHNICAL: Creditors Must File Claims by June 2
KAMIANETS-PODOLSKY PMK-245: Claims Filing Bar Date Set June 2
KUPIANSK ATP-2065: Creditors Must File Claims by June 2
OCTOBER LLC: Creditors Must File Claims by June 2

UKRAINIAN SUPPLY: Creditors Must File Claims by June 2
ZAPOROZHJE ALLOY: Creditors Must File Claims by June 2


U N I T E D   K I N G D O M

ATTRIC GROUP: Creditors' Meeting Slated for June 8
BAUSCH & LOMB: Advanced Medical May Compete With Pincus' Bid
BAUSCH & LOMB: Advanced Medical Confirms Interest in Acquisition
BOYAR INTERNATIONAL: Joint Liquidators Take Over Operations

CA INC: Posts US$20 Million Net Loss in Quarter Ended March 31
CITY CENTRE: Names Ian William Kings as Administrator
COLLINS & HAYES: Covenant Breach Prompts Liquidation
EMERGE INTERACTIVE: Court Approves Modified Plan of Liquidation
EPICOR SOFTWARE: Earns US$4.4 Mln in First Qtr. Ended March 31

GAP INC: Names Patrick Robinson as Exec. Vice Pres. of Design
GENERAL MOTORS: Mulls US$1 Bln Notes Offer to Boost Liquidity
INVERNESS MEDICAL: S&P Says Ratings Remain Under Watch
LAURENCE SCOTT: Austria Antriebstechnik to Acquire Business
LIFESTYLE FINANCE: Taps Administrators from Begbies Traynor

NIALL PHILLIPS: Appoints BDO Stoy as Joint Administrators
PEOPLE AND PLACES: M. J. Ryan Leads Liquidation Procedure
ROCKET PRINT: Taps A. Poxon to Liquidate Assets
RYE BY POST: Hires KPMG LLP to Administer Assets
TORPRINT LTD: Appoints Christopher Ratten to Administer Assets

XEROX CORP: CEO Anne Mulcahy Unveils Key Growth Priorities

* FTI Consulting Launches European Restructuring Business
* Fried Frank Adds Ghassan Atiyah as Partner in Washington

                            *********


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


AMOS BUCH: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered May 2 an order shutting down the
business of LLC Amos Buch- und Zeitschriften (FN 113163t).

Court-appointed estate administrator Alexander Schoeller 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. Alexander Schoeller
         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 April
18 (Bankr. Case No 5 S 52/07t).  Stephen Riel represents Dr. Schoeller in
the bankruptcy proceedings.


G-TROCKENBAU LLC: Claims Registration Period Ends June 8
--------------------------------------------------------
Creditors owed money by LLC G-Trockenbau (FN 259348w) have until June 8 to
file written proofs of claim to court-appointed estate administrator
Johann Kahrer at:

         Dr. Johann Kahrer
         c/o   Dr. Christian Haslinger
         Dr. Dorfwirth-Str. 3
         4910 Ried im Innkreis
         Austria
         Tel: 07752 / 872 55
         Fax: 07752 / 848 10
         E-mail: office@kahrer-haslinger.at


Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:15 a.m. on June 20 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Ried im Innkreis
         Hall 101
         First Floor
         Ried im Innkreis
         Austria

Headquartered in Lohnsburg am Kobernausserwald, Austria, the Debtor
declared bankruptcy on May 2 (Bankr. Case No. 17 S 15/07y).  Christian
Haslinger represents Dr. Kahrer in the bankruptcy proceedings.


HOLZTRATTNER ELEKTRO: Salzburg Court Orders Business Shutdown
-------------------------------------------------------------
The Land Court of Salzburg entered May 3 an order shutting down the
business of LLC Holztrattner Elektro (FN 194140a).

Court-appointed estate administrator Paul Vavrovsky 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. Paul Vavrovsky
         Reichenhallerstrasse 5
         5020 Salzburg
         Austria
         Tel: 0662/8495840
         Fax: 0662/849584-5
         E-mail: office@vavrovsky.at

Headquartered in Hallein, Austria, the Debtor declared bankruptcy on April
17 (Bankr. Case No 23 S 29/07w).


IRSE LTD: Claims Registration Period Ends June 11
-------------------------------------------------
Creditors owed money by LLC Irse Ltd. (FN 253226t) have until June 11 to
file written proofs of claim to court-appointed estate administrator
Herbert Premur at:

         Mag. Herbert Premur
         Pierlstrasse 33
         9020 Klagenfurt
         Austria
         Tel: 0463/55976
         Fax: 0463/55365
         E-mail: herbert.premur@seeber-lawconsult.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:00 a.m. on June 19 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Conference Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Feldkirchen, Austria, the Debtor declared bankruptcy on
May 2 (Bankr. Case No. 40 S 23/07h).


MEDIORNET MULTIMEDIANETZWERK: Claims Registration Ends June 15
--------------------------------------------------------------
Creditors owed money by LLC Mediornet Multimedianetzwerk (FN 237712b) have
until June 15 to file written proofs of claim to court-appointed estate
administrator Norbert Abel at:

         Mag. Norbert Abel
         Franz-Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 533 52 72
         Fax: 533 52 72 15
         E-mail: office@abel-abel.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:45 a.m. on  June 29 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 May 3
(Bankr. Case No. 28 S 46/07d).


PACKFRIEDER LLC: Claims Registration Period Ends June 7
-------------------------------------------------------
Creditors owed money by LLC Packfrieder (FN 80226f) have until June 7 to
file written proofs of claim to court-appointed estate administrator Peter
Michael Wolf at:

         Mag. Peter Michael Wolf
         Bahnhofsplatz 6
         2340 Moedling
         Austria
         Tel: 02236/23050
         Fax: 02236/23050-50
         E-mail: wolf@peter.wolf.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:30 a.m. on June 21 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 Perchtoldsdorf, Austria, the Debtor declared bankruptcy
on May 2 (Bankr. Case No. 10 S 32/07w).


SAN TEAM: Estate Administrator Declares Insufficient Assets
-----------------------------------------------------------
Dr. Michael Kaintz, the court-appointed estate administrator for
LLC San Team (FN 153452s), declared May 2 that the Debtor's property is
insufficient to cover creditors' claim.

The Land Court of Eisenstadt is yet to rule on the estate administrator's
claim.

Headquartered in Parndorf, Austria, the Debtor declared bankruptcy on
April 23 (Bankr. Case No. 26 S 48/07x).

The estate administrator can be reached at:

         Dr. Michael Kaintz
         Gartenweg 108
         7100 Neusiedl am See
         Austria
         Tel: 02167/8296-0
         Fax: 02167/8296-20
         E-mail: ra_kaintz@aon.at


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


FERRO CORP: Hires Tom Austin as Vice President for Operations
-------------------------------------------------------------
Ferro Corporation has appointed W. T. "Tom" Austin as its Vice President,
Operations.

Mr. Austin spent 30 years at The Dow Chemical Company in manufacturing and
plant management roles across several of its operations.  His experience
at Dow spanned plant maintenance and production process improvement; Six
Sigma implementation; environmental operations and safety management;
research and development; and technology licensing.  Mr. Austin was Global
Operations Leader for Dow’s chlor-alkali derivatives business when he
retired in 2003.  He holds a degree in chemical engineering from
Mississippi State University.

At Ferro, Mr. Austin has senior management responsibility for
environmental health and safety performance and security processes and
systems.  He will work with operating and plant management at Ferro’s
facilities across the world on work process enhancement and
standardization to optimize manufacturing operations.  Mr. Austin reports
to Ferro Chairman, President and Chief Executive Officer James F. Kirsch.

“Tom is a deeply experienced, hard driving manufacturing executive whose
experience will help Ferro strengthen processes and systems and accelerate
our success in meeting our performance targets,” said Mr. Kirsch.

Headquartered in Cleveland, Ohio, Ferro Corporation --
http://www.ferro.com-- is a global producer of an array of performance
materials sold to a range of manufacturers in approximately 30 markets
throughout the world.  Ferro applies certain core scientific expertise in
organic chemistry, inorganic chemistry, polymer science and material
science to develop coatings for ceramics and metal; materials for passive
electronic components; pigments; enamels, pastes and additives for the
glass market; glazes and decorating colors for the dinnerware market;
specialty plastic compounds and colors; polymer additives; specialty
chemicals for the pharmaceuticals and electronics markets, and active
ingredients and high-purity carbohydrates for pharmaceutical formulations.
The company's products are classified as performance materials, rather
than commodities, because they are formulated to perform specific and
important functions both in the manufacturing processes and in the
finished products of its customers

Ferro Corp. has global locations in Latin America, particularly in
Argentina and Brazil. It also has operations in Australia and China in the
Asia-Pacific region, and in Belgium in Europe.

                        *     *     *

In May 2007, Moody's Investors Service assigned a B1 corporate family
rating to Ferro Corporation.  Moody's also assigned a B1 rating to the
company's US$200 million senior secured notes (issued as unsecured notes
in 2001) due in January 2009 and an SGL-3 speculative grade liquidity
rating.

Moody's is reassigning the corporate family and notes ratings
after withdrawing them in March 2006, due to the delays in the
filing of financial statements for 2005 and quarterly statements
for 2004 through 2006.

At the same time, Standard & Poor's Ratings Services affirmed its 'B+'
corporate credit rating on Ferro Corp. and raised the senior debt rating
to 'B+' from 'B'.

The ratings are removed from CreditWatch, where they were placed
Nov. 18, 2005, with negative implications.  The outlook is
stable.


SOLUTIA INC: Court OKs Dequest Sale to Thermphos for US$67 Mln
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has given the green light for Solutia Inc.'s sale of its
Dequest(R) water treatment phosphonates business to Thermphos
Trading GmbH.

The Honorable Prudence Carter Beatty has authorized Solutia to
enter into the asset purchase agreement dated March 11, 2007, with
Thermphos, which has agreed to acquire the Dequest business for
US$67,000,000, subject to certain adjustments based on an agreed upon
working capital and inventory value as of the closing date.

Under the terms of the APA, Solutia's sale of Dequest to
Thermphos, a Swiss corporation, was subject to higher and better
offers to be determined through a Court-approved auction process.

"No other entity has submitted a qualified bid providing greater
economic value to the Debtors for [Dequest] than has the
[Thermphos'] bid set forth in the Purchase Agreement," Judge
Beatty ruled in her sale order.

The Purchase Agreement includes an agreement by Solutia not to
compete in the business of production and sale of phosphonates
and phosphonate-based specialty additives and the purchase and
resale of those products for a period of three years following
the closing date, except that it may continue its Fluids
business, which is into selling or servicing products used in
aviation and non-aviation hydraulic systems, equipment and
testing labs.

The Purchase Agreement also includes an agreement by Thermphos
not to hire nor solicit any employees of Solutia or its
affiliates for a period of two years following the closing date.

Under the terms of the Purchase Agreement, Solutia is required to
indemnify, defend and hold harmless Thermphos and its affiliates from and
against any and all losses, damages and liabilities resulting from
breaches of the representations, warranties and covenants contained in the
Purchase Agreement or from any excluded liabilities.

At closing, US$2,500,000 of the sale proceeds will be placed into escrow
for one year to secure Solutia's indemnification
obligations to Thermphos under the Purchase Agreement.

A portion of the net proceeds of the sale will be used to pay
down the term loan under Solutia's DIP Credit Facility.

Closing of the Purchase Agreement is subject to a number of
conditions, including receipt of other required government and
regulatory approvals as well as customary closing conditions.
The Purchase Agreement provides the parties with customary
termination rights relating to material adverse changes or
impossibility of conditions precedent to the closing.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used in
consumer and industrial applications worldwide.  Solutia has operations in
Malaysia, China, Singapore, Belgium, and Colombia.

The company and 15 debtor-affiliates filed for chapter 11 protection on
Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the Debtors filed
for protection from their creditors, they listed US$2,854,000,000 in
assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at Dinsmore & Shohl,
LLP and Conor D. Reilly, Esq., at Gibson, Dunn & Crutcher, LLP.  Trumbull
Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.  (Solutia
Bankruptcy News, Issue No. 87; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

The Debtors' exclusive period to file a plan expires on July 30,
2007.


SOLUTIA INC: PR on Plan Misled Shareholders, Judge Beatty Says
--------------------------------------------------------------
The Honorable Prudence Carter Beatty of the U.S. Bankruptcy
Court for the Southern District of New York said that Solutia
Inc. misled current stockholders in its news release dated
May 16, 2007, which announced the filing of the its First
Amended Joint Plan of Reorganization, Bloomberg News reports.

"At best, this is misleading," Judge Beatty said, referring to
the statement "creditors and equity interest holders will
receive the following distributions."

Judge Beatty stated that the news release should have provided
that existing stock of Solutia will be cancelled, and equity of
reorganized Solutia will be distributed to creditors or sold to
investors.

The news release, however, said with respect to the
distributions, "Holders of Equity Interests in Solutia will
receive no distributions on account of such equity interests."

The Amended Plan and the attached Disclosure Statement filed
before the Court note that while present equity holders in
Solutia will receive zero recovery on account of their
interests, unsecured creditors will recover 84.9 cents on the
dollar on account of their claims.

Shares of existing stock of Solutia continue to be traded over
the counter under the symbol SOLUQ.  A total of 104,460,000
shares are outstanding as of March 31, 2007.  According to data
from Bloomberg, Solutia held these closing prices during the
past seven business days:

    Date       Closing Price
    ----       -------------
    5/22/07      27.5 cents *************
    5/21/07      28.0 cents **************
    5/18/07      27.5 cents *************
    5/17/07      19.0 cents *********
    5/16/07      39.0 cents *******************
    5/15/07      39.0 cents *******************
    5/14/07      39.0 cents *******************

                 Legacy Liabilities Settlement
                   Due for Separate Hearing

Judge Beatty said that Solutia's settlement with former parent
Monsanto Co., relating to environmental liabilities created by
the long-term operation of Old Monsanto's chemical business,
must be considered for approval in a separate hearing.

The Amended Plan provides that Monsanto will accept financial
responsibility for environmental remediation and clean-up
obligations at all sites for which Solutia was required to
assume responsibility at the spin-off but which were never owned
or operated by Solutia.  Solutia will remain responsible for the
environmental liabilities at sites that it presently owns or
operates.  Solutia and Monsanto will share financial
responsibility with respect to two sites.

"This settlement is about money in the future, the amount of
which you can't now determine," Judge Beatty said, according to
Bloomberg News.  To confirm the Amended Plan, she needs to
decide whether "Solutia will be able to handle the liabilities
it has inherited."

The Official Committee of Equity Security Holders has vigorously
opposed the Monsanto settlement.  Its counsel, David A.
Crichlow, Esq., at Pillsbury Winthrop Shaw Pittman LLP, in New
York, said Rothschild, Inc.'s valuation of Solutia at
US$2,500,000,000 to US$3,200,000,000 is conservative.  The
Equity Committee previously offered to seek "more viable"
alternatives, asserting that the Debtors have been unable to
develop a confirmable plan that realizes the full value of their
estates.

Should Solutia fail to obtain Court approval of the Settlement,
it "may have to go back to the drawing board", said Jonathan S.
Henes, Esq., at Kirkland & Ellis LLP, in New York, according to
Bloomberg.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used in
consumer and industrial applications worldwide.  Solutia has operations in
Malaysia, China, Singapore, Belgium, and Colombia.

The company and 15 debtor-affiliates filed for chapter 11 protection on
Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the Debtors filed
for protection from their creditors, they listed US$2,854,000,000 in
assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at Dinsmore & Shohl,
LLP and Conor D. Reilly, Esq., at Gibson, Dunn & Crutcher, LLP.  Trumbull
Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.  (Solutia
Bankruptcy News, Issue No. 87; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

The Debtors' exclusive period to file a plan expires on July 30,
2007.


SOLUTIA INC: Seeks Up to US$2 Billion in Exit Financing
-------------------------------------------------------
Pursuant to its First Amended Joint Plan of Reorganization,
Solutia Inc. will seek an exit financing facility of up to
US$2,000,000,000 to replace all of its existing secured debt
obligations, satisfy various bankruptcy related costs, and
provide adequate liquidity for on-going operations.

The Exit Financing Facility is expected to include some
combination of institutional term loans, a revolving loan, a
letter of credit facility, high yield bonds or second lien loans,
depending on many factors, including the strength of the capital markets.

Jeffry N. Quinn, Solutia's current chairman, president and chief
executive officer, said that the company has not yet selected a
lead exit facility lender but has received numerous indications
of interest.

As of its bankruptcy filing, Solutia reported, on a consolidated
basis, approximately US$1,200,000,000 in aggregate long-term
indebtedness, primarily consisting of secured and unsecured
notes, a bank credit facility and a synthetic lease financing
arrangement.  Solutia plans to satisfy this indebtedness
including indebtedness incurred under the DIP Credit Facility,
the Senior Secured Notes, the Euro Facility Agreement and the
Flexsys Secured Facilities Agreement from the proceeds of the
Exit Financing Facility and other sources.

Assuming an emergence on June 30, 2007, the Debtors anticipate
these sources and uses of cash:

       Anticipated Sources and Uses of Cash at Emergence
                        (in Millions)

   Sources:                        Uses:
   -------------------------       ----------------------------
   Surplus Cash         $156       DIP (Drawn)             $924
   Exit Revolver          59       Flexsys Term/Revolver    150
   Exit Term Loan B -
     USD Tranche         600       Senior Secured Notes     223
   Exit Term Loan B -
     Euro Tranche        600       Pension Funding          103
   Exit Subordinated
     Bonds               400       Euro Loan                213
   Maryville Note         20       Other cash outflows to
                                   facilitate emergence     172
   Rights Offering
     Proceeds            250       Maryville Note            20
                                   Retiree Trust            175
                                   Funding Co                75
                                   Minimum Cash Balance      30
   -------------------------       ----------------------------
   Total Sources      $2,085       Total Uses            $2,085

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used in
consumer and industrial applications worldwide.  Solutia has operations in
Malaysia, China, Singapore, Belgium, and Colombia.

The company and 15 debtor-affiliates filed for chapter 11 protection on
Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the Debtors filed
for protection from their creditors, they listed US$2,854,000,000 in
assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at Dinsmore & Shohl,
LLP and Conor D. Reilly, Esq., at Gibson, Dunn & Crutcher, LLP.  Trumbull
Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.  (Solutia
Bankruptcy News, Issue No. 87; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

The Debtors' exclusive period to file a plan expires on July 30,
2007.


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


BAUSCH & LOMB: Advanced Medical May Compete With Pincus' Bid
------------------------------------------------------------
Advanced Medical Optics Inc. expressed interest in exploring an offer for
Bausch & Lomb Inc. following the eye-care company's announcement of an
agreement to be acquired by private-equity firm Warburg Pincus subject to
higher and better offers, Jon Kamp and Keith J. Winstein of The Wall
Street Journal report.

Advanced Medical has been looking at Bausch's US$710 million lens business
and US$658 million eye-drug line to add to its portfolio of eye-care
products, WSJ relates, citing a person familiar with the matter.

According to WSJ's source, Advanced Medical believes a deal between the
two companies would offer significant cost synergies, something a
private-equity firm cannot offer.

                        Warburg Pincus Deal

About two weeks ago, Bausch & Lomb agreed to merge with Warburg Pincus
affiliates in a transaction valued at approximately US$4.5 billion,
including approximately US$830 million of debt.

Under the terms of the agreement, affiliates of Warburg Pincus will
acquire all of the outstanding shares of Bausch & Lomb common stock for
US$65 per share in cash.  This represents a premium of approximately 26%
over the volume weighted average price of Bausch & Lomb's shares for 30
days prior to press reports of rumors regarding a potential acquisition of
the company.

Bausch & Lomb's Board of Directors, following the recommendation of a
Special Committee composed entirely of independent directors, has
unanimously approved the agreement and recommends that Bausch & Lomb
shareholders approve the merger.

Morgan Stanley & Co. Incorporated is acting as financial advisor to the
Special Committee of the Bausch & Lomb Board of Directors and has
delivered a fairness opinion.  Wachtell Lipton Rosen
& Katz is acting as legal counsel to the Special Committee in the
transaction.  Banc of America, Citi, Credit Suisse and JPMorgan served as
the financial advisors to Warburg Pincus, and Cleary Gottlieb Steen &
Hamilton LLP is acting as legal advisor to Warburg Pincus.

                    Rating Agencies Take Action

The Warburg Pincus Deal prompted Standard & Poor's Ratings Services to
lower its ratings on Bausch & Lomb and placed them on CreditWatch with
negative implications.  Among others, S&P lowered the company's corporate
credit rating to 'BB+' from 'BBB'.

According to S&P, even if the transaction is not consummated, management's
willingness to aggressively increase leverage to this extent is not
commensurate with an investment-grade rating.

Additionally, Moody's Investors Service said it will continue its review
of Bausch & Lomb's ratings for possible downgrade, including the company's
Ba1 Corporate Family rating.

Sidney Matti, an analyst at Moody's, stated that, "The review for possible
downgrade will focus primarily on the company's post-acquisition capital
structure and the likelihood that BOL's post-acquisition credit metrics
would fall below the 'Ba' rating category."

Furthermore, Fitch maintained its Negative Rating Watch on Bausch & Lomb
emphasizing that the transaction would significantly increase leverage and
likely result in a multiple-notch downgrade.

Fitch also warns that the transaction would result in an Issuer Default
Rating of no higher than 'BB-'.

                      About Bausch & Lomb

Bausch & Lomb (NYSE:BOL) -- http://www.bausch.com/-- is the eye health
company, dedicated to perfecting vision and enhancing life for consumers
around the world.  Its core businesses include soft and rigid gas
permeable contact lenses and lens care products, and ophthalmic surgical
and pharmaceutical products.  The Bausch & Lomb name is one of the best
known and most respected healthcare brands in the world.  Founded in 1853,
the company is headquartered in Rochester, New York, and employs
approximately 13,000 people worldwide.  Its products are available in more
than 100 countries.

The company manages its business through five business segments, which
include three regional commercial segments: the Americas; Europe, Middle
East and Africa (Europe), and Asia, and two centralized functions: Global
Operations and Engineering, and Research and Development.  The company's
international operations include Brazil, Mexico, Australia, China, France,
and Germany, among others.


BAUSCH & LOMB: Advanced Medical Confirms Interest in Acquisition
----------------------------------------------------------------
Advanced Medical Optics, Inc., a global leader in ophthalmic surgical
devices and eye care products, has issued a statement in response to media
reports regarding the company's interest in entering Bausch & Lomb's "go
shop" process.

"We believe it is only logical to explore this opportunity given the
highly complementary nature of our two businesses," Advanced Medical said
in the statement.  "Consideration of this potential transaction is
consistent with our existing strategy to provide a full range of products
that address vision care needs of people of all ages.  We believe that the
current transaction with Warburg Pincus undervalues Bausch & Lomb, and we
plan to enter the go-shop process with the intention of exploring a
superior offer for the company.  Of course, we will only proceed with a
transaction if after conducting thorough due diligence, our Board of
Directors determines it is in the best interest of AMO stockholders."

Advanced Medical warns, however, that there can be no assurance that the
exploration of this opportunity will result in any transaction.  It does
not anticipate any further public comment on this issue unless and until
it deems further public comment to be necessary and appropriate.

                  About Advanced Medical Optics

Santa Ana, California-based Advanced Medical Optics, Inc. --
http://www.amo-inc.com/-- develops advanced, life-improving vision
technologies for people of all ages. Products in the cataract/implant line
include intraocular lenses, phacoemulsification systems, viscoelastics,
and related products used in ocular surgery.  AMO is based in Santa Ana,
California, and employs approximately 4,200 worldwide.  The company has
operations in 24 countries and markets products in approximately 60
countries.

                       About Bausch & Lomb

Bausch & Lomb (NYSE:BOL) -- http://www.bausch.com/-- is the eye health
company, dedicated to perfecting vision and enhancing life for consumers
around the world.  Its core businesses include soft and rigid gas
permeable contact lenses and lens care products, and ophthalmic surgical
and pharmaceutical products.  The Bausch & Lomb name is one of the
best-known and most respected healthcare brands in the world.  Founded in
1853, the company is headquartered in Rochester, New York, and employs
approximately 13,000 people worldwide.  Its products are available in more
than 100 countries.

The company manages its business through five business segments, which
include three regional commercial segments: the Americas; Europe, Middle
East and Africa (Europe), and Asia, and two centralized functions: Global
Operations and Engineering, and Research and Development.  The company's
international operations include Brazil, Mexico, Australia, China, France,
and Germany, among others.

                           *    *    *

On May 18, 2007, Moody's Investors Service stated that it will continue
its review of Bausch & Lomb Incorporated's ratings for possible downgrade,
including the company's Ba1 Corporate Family rating and Ba1 Probability of
Default rating, after the company entered into a definitive merger
agreement with affiliates of Warburg Pincus.

Fitch maintains its Negative Rating Watch on the company following the
announcement, and, as currently contemplated, the transaction would result
in an Issuer Default Rating of no higher than 'BB-'.  Fitch now has an IDR
of 'BBB-' on the company and first placed it on Negative Watch on April
12, 2006.  The Negative Watch also reflects the fact that the company has
yet to file its first-quarter 2007 10Q.

Meanwhile, Standard & Poor's Ratings Services lowered its ratings on
Bausch & Lomb Inc. and placed them on CreditWatch with negative
implications.  The corporate credit rating was lowered to 'BB+' from
'BBB'.


DELPHI CORP: Wants Claims Settlement Procedures Supplemented
------------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to supplement its
previously issued order on settlement procedures to clarify that
the Debtors are authorized to settle claims:

   (a) against the estates of specific Debtor entities; and

   (b) with a priority or status different from that which was
       asserted by claimants.

The Debtors further ask to Court to rule that the Supplemental
Settlement Procedures Order will be effective nunc pro tunc to
June 29, 2006, in order to protect the soundness of their
consummated settlements since that time.

The Debtors had previously obtained the Court's authority to
establish and enforce certain guidelines and notice procedures
that enable the Debtors, without further Court approval, to:

    (i) settle disputes in commercial transactions and other
        circumstances outside the ordinary course of business;
        and

   (ii) allow certain claims.

The Court entered the Claims Settlement Procedures Order on
June 29, 2006.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, notes that the Claims Settlement
Procedures Order does not expressly authorize the Debtors to:

   (1) allow, nor does it expressly prohibit the Debtors from
       allowing, claims against specific Debtor entities and
       their estates; and

   (2) characterize claims as having a priority or other status
       different from that originally asserted by the claims.

The Debtors, however, believe that that authority is inherent in
the relief granted by the Claims Settlement Procedures Order.
Thus, since the entry of the Order, they have utilized the Claims
Settlement Procedures to enter into agreements with claimants that allow
prepetition claims against the estates of specific Debtor entities rather
than against the Debtors as a whole, and that characterize claims with a
status different from that which was asserted by the claimants.

Mr. Butler relates that specifying the estate against which each
prepetition claim will be allowed is a necessary part of settling
prepetition claims because the Debtors' estates are not
substantively consolidated, and because the Debtors often dispute the
specific estate against which certain claims are asserted.

The Debtors' ability to assign a claim with a status different
from that originally asserted is also a necessary part of the
claims settlement process because the characterization of a
prepetition claim is a key component to any claim settlement, and because
the Debtors often dispute the claim classification
asserted by claimants, Mr. Butler tells the Court.

                     About Delphi Corporation

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in
total assets and US$23,851,000,000 in total debts.  The Debtors' exclusive
plan-filing period expires on July 31, 2007.  (DelphiCorporation
Bankruptcy News, Issue No. 69; Bankruptcy Creditors'Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DELPHI CORP: Wants Court Nod on US$10.5 Mln Umicore Settlement
--------------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to approve their
settlement agreement with Umicore Autocat Canada Corp..

In October 2005, Umicore submitted a demand to the Debtors
asserting a reclamation claim for US$2,742,819.

In July 2006, Umicore filed Claim No. 12924 against Delphi
Automotive Systems, LLC, asserting a US$10,671,101 unsecured non-priority
claim and an unliquidated unsecured priority claim for goods and services
delivered to DAS.

Upon review of their books and records and the supporting
documentation provided by Umicore, the Debtors have determined
that they only owe Umicore US$10,558,893.

After arm's-length bargaining, the Parties arrived at a
settlement agreement that provides for the full resolution of
Umicore's Claims.

Under the Settlement Agreement, the Debtors agree to allow Claim
No. 12924 as a prepetition general unsecured non-priority claim
for US$10,558,893, without further defense, set-off or reduction.  For its
part, Umicore agrees to withdraw its Reclamation Demand with prejudice.

The Settlement Agreement will avoid costly litigation of
Umicore's Claims, John Wm. Butler, Jr., Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, in Chicago, Illinois, tells the Court.

The Debtors aver that the Settlement Agreement is in the best
interest of their estates and their creditors.

                     About Delphi Corporation

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in
total assets and US$23,851,000,000 in total debts.  The Debtors' exclusive
plan-filing period expires on July 31, 2007.  (DelphiCorporation
Bankruptcy News, Issue No. 69; Bankruptcy Creditors'Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


KAUFMAN & BROAD: S&P Puts BB+ Rating on Negative Watch
------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term corporate
credit rating on Kaufman & Broad S.A., one of the largest residential
property developers in France, on CreditWatch with negative implications.
The 'BB' senior unsecured debt rating on KBSA's EUR150 million notes was
also placed on CreditWatch with negative implications.

This follows the announcement that the parent KB Home (BB+/Negative/--)
has entered into an exclusivity period to sell its entire 49% ownership
interest in KBSA to PAI Partners, a private equity investor, for a
consideration of about
EUR600 million.  The transaction is subject to approval from the antitrust
authorities and is expected to be closed in the third quarter 2007.

"Although the details of PAI's financing for this acquisition have not
been disclosed, the CreditWatch placement reflects our concerns that it
would lead to additional debt in KBSA's capital structure," said Standard
& Poor's credit analyst Izabela Listowska.

"We will resolve the CreditWatch after a review of KBSA's future capital
structure as well as its future financial policies."

The ratings on KBSA continue to be constrained by the group's narrow
business focus and the property development industry's above-average risk
profile.  These negative factors are offset by KBSA's strong regional
positions in the domestic new housing market, prudent risk policies, and
long cycle-tested track record. KBSA's unadjusted gross debt was EUR226
million at Feb. 28, 2007.

In the fiscal year 2006 (ended Nov. 30), KBSA maintained sound cash flow
measures, with funds from operations -- after dividends paid to
minorities--to adjusted debt at 57% and EBITDA interest coverage at 8.0x.
KBSA's capital structure strengthened mainly because internally generated
cash flows were dedicated to debt reduction. In fiscal 2006, adjusted debt
to EBITDA and adjusted debt to capital were 1.1x and 41%, respectively.


TCL MULTIMEDIA: Outstanding Debts Cue European Unit's Insolvency
----------------------------------------------------------------
TTE Europe SAS, the European unit of TCL Multimedia Technology
Holdings Ltd, filed a declaration of insolvency on May 24, 2006, in
France, after it failed to settle a number of outstanding liabilities.

According to TCL Multimedia, TTE Europe entered into a
conciliation process with its creditors under the supervision of
the French Commercial Court in March 2007 aiming to reduce the
unit's liabilities.  However, following extensive negotiations,
TTE Europe still faced a number of outstanding claims that it is
unable to settle.  The conciliation talk was also terminated.

As a result of the insolvency filing, TCL Multimedia expects
that the French court will appoint a judicial liquidator to take
control over TTE Europe within a week to ten days after the
insolvency filing.  The liquidator will then be the sole person
responsible for winding-up the unit by liquidating its assets
and making payment to its creditors.

TCL Multimedia also indicated that TTE Europe has been advised
that under French law, the shareholder is normally not held
responsible for the liabilities of subsidiaries in judicial
liquidation.

Li Dongsheng, TCL Multimedia's chairman, said that the
insolvency filing of its European unit "is not expected to have
a material adverse financial impact on the group."  Mr. Li added
that "as the operations of TTE Europe have caused significant
losses to the Group in recent years, TTE Europe's insolvency
filing will provide closure to the Group's involvement in TTE
Europe, specifically with respect to TTE Europe's wind-down and
settlement of claims."

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclhk.com/-- designs,
manufactures and sells electronic products like colored TV, DVD
players, VCD players, home cinema hi-fi systems, mobile
handsets, Internet-related information technology products,
refrigerators and washing machines.  Its other activity includes
trading electronic parts and components used in the production
of color television sets.

                          *     *     *

On Aug. 31, 2006, the Troubled Company Reporter - Asia Pacific
reported that TCL Multimedia Technology Holdings Limited's
European operations posted a CNY763 million loss, which caused
losses of the TCL Corp. group to widen to CNY737.56 million.
Moreover, the TCR-AP on Oct. 24, 2006, said that TCL is
expecting to post a loss for the full-year because first-half
losses had been so large.  In the first half of 2006, TCL
reported a net loss of CNY737.56 million, after a loss of
CNY320.24 million in 2005.

The TCR-AP recounts that in 2004, TCL acquired the TV unit of
French electronics firm Thomson, which uses the Thomson brand in
Europe and RCA in North America.  TCL grouped all its TV
businesses under TMT.


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


ADVANCED MEDICAL: Mulls Competing Offer for Bausch & Lomb
---------------------------------------------------------
Advanced Medical Optics Inc. expressed interest in exploring an offer for
Bausch & Lomb Inc. following the eye-care company's announcement of an
agreement to be acquired by private-equity firm Warburg Pincus subject to
higher and better offers, Jon Kamp and Keith J. Winstein of The Wall
Street Journal report.

Advanced Medical has been looking at Bausch's US$710 million lens business
and US$658 million eye-drug line to add to its portfolio of eye-care
products, WSJ relates, citing a person familiar with the matter.

According to WSJ's source, Advanced Medical believes a deal between the
two companies would offer significant cost synergies, something a
private-equity firm cannot offer.

                        Warburg Pincus Deal

About two weeks ago, Bausch & Lomb agreed to be merged with affiliates of
Warburg Pincus in a transaction valued at approximately US$4.5 billion,
including approximately US$830 million of debt.

Under the terms of the agreement, affiliates of Warburg Pincus will
acquire all of the outstanding shares of Bausch & Lomb common stock for
US$65 per share in cash.  This represents a premium of approximately 26%
over the volume weighted average price of Bausch & Lomb's shares for 30
days prior to press reports of rumors regarding a potential acquisition of
the company.

Bausch & Lomb's Board of Directors, following the recommendation of a
Special Committee composed entirely of independent directors, has
unanimously approved the agreement and recommends that Bausch & Lomb
shareholders approve the merger.

Morgan Stanley & Co. Incorporated is acting as financial advisor to the
Special Committee of the Bausch & Lomb Board of Directors and has
delivered a fairness opinion.  Wachtell Lipton Rosen
& Katz is acting as legal counsel to the Special Committee in the
transaction.  Banc of America, Citi, Credit Suisse and JPMorgan served as
the financial advisors to Warburg Pincus, and ClearyGottlieb Steen &
Hamilton LLP is acting as legal advisor to Warburg Pincus.

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets
ophthalmic surgical and contact lens care products.  Sales for the twelve
months ended June 24, 2005 were approximately US$921 million.

The company has operations in Germany, Japan, Ireland Puerto Rico and Brazil.


ADVANCED MEDICAL: B&L Acquisition Cues S&P's Developing Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Advanced Medical
Optics Inc. on CreditWatch with developing implications, given the
company's announced interest to acquire Bausch & Lomb Inc. (B&L; BB+/Watch
Neg/--).

On May 16, Bausch & Lomb entered into a definitive merger agreement with
Warbug Pincus in a takeover valued at US$4.5 billion (including about
US$830 billion of assumed debt).  Under the agreement, B&L has 50 calendar
days to solicit superior proposals, and Advanced Medical Optics has
indicated that the offer extended by Warburg Pincus undervalues B&L.

"The CreditWatch action reflects the potential for Advanced Medical Optics
to be upgraded or downgraded depending on several factors," explained
Standard & Poor's credit analyst Cheryl Richer.  "If the acquisition is
financed with a conservative mixture of debt and equity, that and the
prospect of a more diverse portfolio of eye care products could result in
an upgrade.  However, a material increase in debt leverage could result in
a downgrade."

In addition, S&P anticipate that Advanced Medical Optics may divest a
portion of the portfolio; while the company has publicly expressed
interest in the contact lens business, it has also stated publicly that it
has no interest in eye care pharmaceuticals.

If Advanced Medical Optics is ultimately successful, S&P will evaluate the
structure and financing of the transaction to determine the ratings
outcome.

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets
ophthalmic surgical and contact lens care products.  Sales for the twelve
months ended June 24, 2005 were approximately US$921 million.

The company has operations in Germany, Japan, Ireland Puerto Rico and Brazil.


BOESNER HOLDING: Claims Registration Period Ends June 30
--------------------------------------------------------
Creditors of Boesner Holding GmbH have until June 30 to register their
claims with court-appointed insolvency manager Frank Imberger.

Creditors and other interested parties are encouraged to attend the
meeting at 8:30 a.m. on Aug. 2, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A 29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany

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

The insolvency manager can be reached at:

         Frank Imberger
         Huestrasse 34
         44787 Bochum
         Germany

The District Court of Bochum opened bankruptcy proceedings against Boesner
Holding GmbH on May 10.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Boesner Holding GmbH
         Anger 4
         44805 Bochum
         Germany

         Attn: Hans-Joachim Boesner Jr., Manager
         Magdalenenstr. 1
         44803 Bochum
         Germany


C.C.A. CONGRESS: Claims Registration Period Ends July 6
-------------------------------------------------------
Creditors of C.C.A. Congress Centrum Altenkirchen GmbH have until July 6
to register their claims with court-appointed insolvency manager Klaus
Ortmueller.

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

The meeting of creditors will be held at:

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

The Court will also verify the claims set out in the insolvency manager's
report 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. Klaus Ortmueller
         Molzbergstrasse 1
         57518 Betzdorf
         Germany
         Tel: 02741-93400
         Fax: 02741-934033

The District Court of Betzdorf opened bankruptcy proceedings against
C.C.A. Congress Centrum Altenkirchen GmbH on May 9.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         C.C.A. Congress Centrum Altenkirchen GmbH
         Hochstrasse 23
         57610 Altenkirchen
         Germany

         Attn: Annedore Schommers, Manager
         Kurallee 1
         56470 Bad Marienberg
         Germany


COVERTEX GMBH: Files for Insolvency in Traunstein Court
-------------------------------------------------------
Covertex GmbH filed for insolvency in the District Court of Traunstein on
May 15, 2007.

According to Frankfurter Allgemeine Zeitung, a workforce of 150 will be
affected by the company's filing.

Court-appointed provisional insolvency administrator Klaus-Martin Lutz is
seeking an investor for the company and is already in discussion with
several interested parties, the paper relates.

The insolvency administrator can be reached at:

         Klaus-Martin Lutz
         Kufsteiner Str. 14
         83022 Rosenheim
         Germany
         Tel: 08031/3677-0
         Fax: 08031/3677-36

Headquartered in Obing, Germany, Covertex GmbH -- http://www.covertex.de/
-- is a membrane and pneumatical structures specialist.  It manufactured
the roof at Munich's Allianz Arena and was hired contractor for the
roofing of the Olympic stadium in Beijing.  The company was founded in
1999.


DASSEL KANALBAU: Claims Registration Period Ends June 22
--------------------------------------------------------
Creditors of Dassel Kanalbau GmbH & Co. KG have until June 22 to register
their claims with court-appointed insolvency manager Dirk Decker.

Creditors and other interested parties are encouraged to attend the
meeting at 10:30 a.m. on Aug. 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 Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Dirk Decker
         Stampfmuellerstrasse 39
         18057 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings against Dassel
Kanalbau GmbH & Co. KG on May 11.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Dassel Kanalbau GmbH & Co. KG
         Attn: Dirk Dassel, Manager
         Sonnenstrasse 14 c
         18239 Satow
         Germany


DELIGA SENIORENAUSSTATTER: Claims Registration Ends July 3
----------------------------------------------------------
Creditors of Deliga Seniorenausstatter GmbH have until July 3 to register
their claims with court-appointed insolvency manager Dirk Wittkowski.

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

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 210
         First Floor
         Gerichtsplatz 2
         03046 Cottbus
         Germany

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

The insolvency manager can be reached at:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

The District Court of Cottbus opened bankruptcy proceedings against Deliga
Seniorenausstatter GmbH on May 14.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Deliga Seniorenausstatter GmbH
         Attn: Angelika and Holger Deliga, Managers
         Gewerbestrasse 1
         01983 Grossraschen
         Germany


DTG GMBH: Claims Registration Period Ends June 28
-------------------------------------------------
Creditors of DTG GmbH have until June 28 to register their claims with
court-appointed insolvency manager Oliver Liersch.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.m. on July 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 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 reached at:

         Dr. Oliver Liersch
         Karl-Wiechert-Allee 1c
         30625 Hannover
         Germany
         Tel: 0511-554706-0
         Fax: 0511-554706-99

The District Court of Hameln opened bankruptcy proceedings against DTG
GmbH on May 15.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         DTG GmbH
         Bahnhofstr. 5
         31855 Aerzen
         Germany

         Attn: Ruediger Albert, Manager
         Winkel 1
         32683 Barntrup
         Germany


FASSADEN RESTAURIERUNG: Claims Registration Period Ends June 25
---------------------------------------------------------------
Creditors of Fassaden Restaurierung GmbH have until June 25 to register
their claims with court-appointed insolvency manager Matthias Lechleitner.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.m. on Aug. 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 Chemnitz
         Hall 27
         Gerichtsgebaude
         Fuerstenstrasse 21
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Matthias Lechleitner
         Franz-Mehring-Strasse 15
         08058 Zwickau
         Germany
         Tel: (0375) 211 857 0
         Fax: (0375) 211 857 28
         E-mail: zwickau@scharl-schenk-scheuffler.de

The District Court of Chemnitz opened bankruptcy proceedings against
Fassaden Restaurierung GmbH on May 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Fassaden Restaurierung GmbH
         Attn: Dr. Eulenberger, Manager
         Aussere Dresdner Strasse 15
         08066 Zwickau
         Germany


FRITZ HAHN: Claims Registration Period Ends June 14
---------------------------------------------------
Creditors of Fritz Hahn Bauunternehmen GmbH & Co KG have until June 14 to
register their claims with court-appointed insolvency manager Jens Lieser.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 a.m. on June 15, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Koblenz
         Hall 123
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         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:

         Jens Lieser
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel: 0261/304 - 790
         Fax: 0261/911 - 4729
         E-mail: info@lieser-rechtsanwaelte.de
         Web site: http://www.lieser-rechtsanwaelte.de/

The District Court of Koblenz opened bankruptcy proceedings against Fritz
Hahn Bauunternehmen GmbH & Co KG on May 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Fritz Hahn Bauunternehmen GmbH & Co KG
         Ostallee 24
         56112 Lahnstein
         Germany

         Attn: Burkhard Ottmar Hahn, Manager
         Dachsenhauser Str. 3
         56338 Braubach
         Germany


GETRANKE MACHELETT: Claims Registration Period Ends June 13
-----------------------------------------------------------
Creditors of Getranke Machelett GmbH have until June 13 to register their
claims with court-appointed insolvency manager Thomas Neumann.

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

The meeting of creditors will be held at:

         The District Court of Hagen
         Hall 259
         Second Floor
         Heinitzstrasse 42/44
         58097 Hagen
         Germany

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

The insolvency manager can be reached at:

         Thomas Neumann
         Altenaer Str. 2
         58507 Luedenscheid
         Germany

The District Court of Hagen opened bankruptcy proceedings against Getranke
Machelett GmbH on May 14.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Getranke Machelett GmbH
         Frankfurter Strasse 136
         58339 Breckerfeld
         Germany

         Attn: Axel Ziemann, Manager
         Breckerfelder Strasse 9 a
         58256 Ennepetal
         Germany


GRADERT KFZ: Claims Registration Ends June 13
---------------------------------------------
Creditors of Gradert Kfz und Zubehoer Handel GmbH & Co. KG have until June
13 to register their claims with court-appointed insolvency manager
Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.m. on July 4, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Gerhard Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany
         Tel: 0381/49170
         Fax: 0381/491749

The District Court of Rostock opened bankruptcy proceedings against
Gradert Kfz und Zubehoer Handel GmbH & Co. KG on May 9.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Gradert Kfz und Zubehoer Handel GmbH & Co. KG
         Attn: Juergen Gradert
         18279 Klein Upahl
         Dorfplatz 7
         Germany


GRADERT VERWALTUNGS: Claims Registration Ends June 20
-----------------------------------------------------
Creditors of Gradert Verwaltungs GmbH have until June 20 to register their
claims with court-appointed insolvency manager Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 a.m. on July 25, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Gerhard Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany
         Tel: 0381/49170
         Fax: 0381/491749

The District Court of Rostock opened bankruptcy proceedings against
Gradert Verwaltungs GmbH on May 9.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Gradert Verwaltungs GmbH
         Attn: Juergen Gradert
         18279 Klein Upahl
         Dorfplatz 7
         Germany


HANS BERGER: Claims Registration Ends July 13
---------------------------------------------
Creditors of Hans Berger Bautragergesellschaft mbH have until July 13 to
register their claims with court-appointed insolvency manager Martin
Wiedemann.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on Aug. 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 Landau in der Pfalz
         Room 223
         Marienring 13
         76829 Landau in der Pfalz
         Germany

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

The insolvency manager can be reached at:

         Martin Wiedemann
         in Kanzlei feb Rechtsanwalte, O 3, 11+12
         68161  Mannheim
         Germany
         Tel: 0621/16680

The District Court of Landau opened bankruptcy proceedings against Hans
Berger Bautragergesellschaft mbH on May 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Hans Berger Bautragergesellschaft mbH
         Pestalozzistr. 9
         76744 Woerth
         Germany


HEROS GROUP: Court Convicts Former Managers of Embezzlement
-----------------------------------------------------------
The Hon. Ulrich Schmidt of the Hildesheim State Court has convicted Heros
Group founder Karl-Heinz Weis, along with a procurement manager and two
branch managers, of embezzling up to EUR240 million (US$324 million) from
the company's clients, The Associated Press says in a report carried by
the International Herald Tribune.

The court found that the four former managers intentionally delayed cash
transfers to their customers, comprised mostly of retailers and banks, in
order to cover up losses, AP reports.

Mr. Weis received a 10-year sentence after the court declared that he was
"legally and factually the deciding man" at the company, IHT relates.  The
other defendants received prison sentences ranging from 6-1/2 to 10 years.

Mr. Weis is under investigation separately for alleged personal
enrichment, AP adds.

Headquartered in Hanover, Germany, Heros Group --
http://www.heros-unternehmensgruppe.de/-- previously controlled
around half of Germany's money- transport business transporting around
EUR600 million a day.

Heros Group and 23 of its subsidiaries filed for insolvency proceedings on
Feb. 21, 2006, following the arrest of four executives from its Nordcash
Geldbearbeitung unit.  The court in Hanover formally opened the insolvency
proceedings against the company on April 28, 2006, effecting a takeover
deal by US investor MatlinPatterson.  Since then, Heros traded under the
SecurLog name.

Financial losses caused by the bankruptcy were placed at EUR469 million
(US$632 million).


HILKOS HAUSTECHNIK: Claims Registration Ends July 11
----------------------------------------------------
Creditors of Hilkos Haustechnik GmbH have until July 11 to register their
claims with court-appointed insolvency manager Christian Graf Brockdorff.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Christian Graf Brockdorff
         Breite Strasse 9 A
         14467 Potsdam
         Germany

The District Court of Neuruppin opened bankruptcy proceedings against
Hilkos Haustechnik GmbH on May 14.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Hilkos Haustechnik GmbH
         Attn: Herrn Klaus Nuerck
         Symi 85600
         Dodekanese Island
         Germany


HOSEN-LEISS GMBH: Claims Registration Ends June 19
--------------------------------------------------
Creditors of Hosen-Leiss GmbH have until June 19 to register their claims
with court-appointed insolvency manager Juergen Wittmann.

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

The meeting of creditors will be held at:

         The District Court of Coburg
         Meeting Hall K
         First Floor
         Auxiliary Building
         Coburg
         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:

         Juergen Wittmann
         Adolf-Kolping-Str. 1
         96317 Kronach
         Germany
         Tel: 09261/62200
         Fax: 09261/622020

The District Court of Coburg opened bankruptcy proceedings against
Hosen-Leiss GmbH on May 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Hosen-Leiss GmbH
         von-Werthern-Str. 2
         96487 Doerfles - Esbach
         Germany


INVESTITIONS FUER BERLIN: Creditors' Meeting Slated for July 6
--------------------------------------------------------------
The court-appointed insolvency manager for Investitionsgesellschaft fuer
Berlin mbH & Co. Zehnte KG, Udo Feser, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at 10:55 a.m.
on July 6.

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

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

The Court will also verify the claims set out in the insolvency manager's
report at 10:30 a.m. on Oct. 5 at the same venue.

Creditors have until Aug. 6 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings against
Investitionsgesellschaft fuer Berlin mbH & Co. Zehnte KG on May 10.
Consequently, all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Investitionsgesellschaft fuer Berlin mbH & Co.
         Zehnte KG
         Berliner Str. 117
         10713 Berlin
         Germany


KERSTONE HANDELS: Creditors' Meeting Slated for June 29
-------------------------------------------------------
The court-appointed insolvency manager for Kerstone Handelsgesellschaft
fuer Stein und Keramik GmbH, Thomas Becker, will present his first report
on the Company's insolvency proceedings at a creditors' meeting at 11:10
a.m. on June 29.

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

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

The Court will also verify the claims set out in the insolvency manager's
report at 8:40 a.m. on Sept. 7 at the same venue.

Creditors have until Aug. 7 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
Kerstone Handelsgesellschaft fuer Stein und Keramik GmbH on May 15.
Consequently, all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Kerstone Handelsgesellschaft fuer Stein und
         Keramik GmbH
         Attn: Karl Peter Weber, Manager
         Karl-Friedrich-Gauss-Str. 6
         66793 Saarwellingen
         Germany


LAC GASTRONOMIEBETRIEBS: Claims Registration Ends June 15
---------------------------------------------------------
Creditors of Lac Gastronomiebetriebs GmbH have until June 15 to register
their claims with court-appointed insolvency manager Joachim Exner.

Creditors and other interested parties are encouraged to attend the
meeting at 9:45 a.m. on July 10, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 126/I
         Flaschenhofstr. 35
         Nuremberg
         Germany

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

The insolvency manager can be reached at:

         Joachim Exner
         Stahlstrasse 17
         90411 Nuremberg
         Germany
         Tel: 09 11/951285-0
         Fax: 09 11/951285-10

The District Court of Nuremberg opened bankruptcy proceedings against Lac
Gastronomiebetriebs GmbH on May 15.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Lac Gastronomiebetriebs GmbH
         Breslauer Strasse 396
         90471 Nuremberg
         Germany

         Attn: Mo Yuk Yin
         Reinerzer Strasse 66
         90473 Nuremberg
         Germany


LENK GMBH: Creditors Must Register Claims by July 6
---------------------------------------------------
Creditors of Lenk GmbH have until July 6 to register their claims with
court-appointed insolvency manager Frank Raff.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on Aug. 7, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Esslingen
         Festival Hall
         Quadrium Convention Center
         Kirchheimer Str. 68
         73249 Wernau
         Germany

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

The insolvency manager can be reached at:

         Frank Raff
         Heilbronner Str. 86
         70191 Stuttgart
         Germany
         Tel: 0711/259729-0
         Fax: 0711/259729-999

The District Court of Esslingen opened bankruptcy proceedings against Lenk
GmbH on May 10.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Lenk GmbH
         Remstalstr. 5
         73773 Aichwald
         Germany


LUERWER ZAUN: Creditors Must Register Claims by June 20
-------------------------------------------------------
Creditors of Luerwer Zaun- und Tortechnik GmbH have until
June 20 to register their claims with court-appointed insolvency manager
Ulrike Schlarmann.

Creditors and other interested parties are encouraged to attend the
meeting at 2:30 p.m. on July 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 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 reached at:

         Ulrike Schlarmann
         Schorlemer Str. 15
         48493 Wettringen
         Germany
         Tel: 02557/927330
         Fax: 02557/927336

The District Court of Lingen opened bankruptcy proceedings against Luerwer
Zaun- und Tortechnik GmbH on May 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Luerwer Zaun- und Tortechnik GmbH
         Imhofstrasse 3
         48480 Spelle
         Germany


MAXVITA GMBH: Creditors Must Register Claims by June 11
-------------------------------------------------------
Creditors of maxVita GmbH have until June 11 to register their claims with
court-appointed insolvency manager Bruno Kuebler.

Creditors and other interested parties are encouraged to attend the
meeting at 9:10 a.m. on July 5, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Bruno Kuebler
         Konrad-Zuse-Platz 1
         81829 Munich
         Germany
         Tel: 99299-0
         Fax: 99299-299

The District Court of Munich opened bankruptcy proceedings against maxVita
GmbH on May 10.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         maxVita GmbH
         Lindwurmstr. 126
         80337 Munich
         Germany


OPTINEO AG: Claims Registration Period Ends June 22
---------------------------------------------------
Creditors of OPTINEO AG have until June 22 to register their claims with
court-appointed insolvency manager Annegret Schwarz.

Creditors and other interested parties are encouraged to attend the
meeting at 10:10 a.m. on July 24, 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 Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         Annegret Schwarz
         Helenenstrasse 15
         99867 Gotha
         Germany

The District Court of Gera opened bankruptcy proceedings against OPTINEO
AG on May 24.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         OPTINEO AG
         Spitzweidenweg 107
         07743 Jena
         Germany


PRIME BRICKS: S&P Rates EUR36 Million Class E Notes at BB
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary credit ratings
to the EUR357.6 million floating-rate credit-linked notes to be issued by
Prime Bricks 2007-1 GmbH, an SPE.

Prime Bricks 2007-1 will be the third transaction to be rated by Standard
& Poor's and originated by Danske Bank A/S and its subsidiary Realkredit
Danmark A/S.  Following Provide Bricks 2005-1 and Provide Bricks 2007-1,
this will be the first transaction to transfer credit risk on loans
granted to SMEs across Denmark.  A major part of the loans in the
reference portfolio are granted to cooperative housing companies and
individuals for financing mortgages for letting purposes.  The transaction
is structured as a synthetic, partially funded transaction.

The collateral backing the notes will be certificates of indebtedness
("Schuldscheine") issued by KfW (AAA/Stable/A-1+). The ratings on the
notes will be dependent on the credit quality of KfW.  Potential changes
to the rating on KfW during the life of this transaction could, therefore,
have a direct effect on the ratings on the notes.

Losses will be allocated to the notes for the outstanding amount of a
reference loan minus the foreclosure proceeds received by Danske Bank plus
related enforcement costs during the foreclosure process.

The preliminary ratings reflect:

  -- The level of credit support for the classes of credit-
     linked notes provided by subordination, synthetic excess
     spread, and the first-loss protection, the latter being
     provided by the threshold amount;

  -- The credit quality of the Schuldscheine issued by KfW; and

  -- Realkredit Danmark's servicing capacity, as confirmed by
     Standard & Poor's review of its credit-related operations.

                           Ratings List

Prime Bricks 2007-1 GmbH
   EUR357.6 Million Floating-Rate Credit-Linked Notes
   (Prime Bricks 2007-1)

              Class          Prelim.        Prelim. Amount
                             rating        (EUR in Million)
              -----          ------         --------------
               A+             AAA                    .1
               A              AA                  166.4
               B              A+                   51.7
               C              BBB                  69.7
               D              BBB                  33.7
               E              BB                   36


RHEINBODEN AG: Names New Heads for Frankfurt and Berlin Units
-------------------------------------------------------------
Allgemeine HypothekenBank Rheinboden AG appointed Andreas Vonhof as head
of the eastern German sales region under the Berlin office, effective June
1, 2007.

Christof Mozzi also joins the Frankfurt office in charge of the central
German region.  They will both report directly to the Chairman of the
Managing Board, Dr. Claus Nolting.

Mr. Vonhof has managed the Duesseldorf branch of Berlin Hyp since 2002.
His prior career began with a number of positions within the
Bankgesellschaft Berlin group.

Since 1998, Mr. Mozzi has managed south German sales operations for
Movesta Lease and Finance GmbH -– a subsidiary of IKB and KfW-IPEX.  He
was previously a deputy manager at Deutsche Immobilien Leasing responsible
for the Berlin/Brandenburg region.

"COREALCREDIT sales is gaining two leading personalities in Christof Mozzi
and Andreas Vonhof, who will further expand our activities in the central
and eastern sales regions," Mr. Nolting said.

                      About Rheinboden AG

Headquartered in Frankfurt, Germany, Allgemeine Hypothekenbank
Rheinboden AG -- http://www.ahbr.de/-- finances residential and
commercial real estate projects locally.  The group is also engaged in
commercial lending abroad.  It has assets of more than EUR80 billion.  It
is owned directly and indirectly -- through BHW -- by the trade union
private equity holding group BGAG.  BGAG has provided it EUR1.2 billion in
financing, and guaranteed it under a EUR1.2 billion risk protection
scheme.  It recently sold the company to U.S. investment group Lone Star
for EUR400 million.

                            *   *   *

In a TCR-Europe report on April 2, Standard & Poor's Ratings
Services lowered its long-term counterparty credit rating on
Germany-based Allgemeine HypothekenBank Rheinboden AG to 'BB-'
from 'BB', following a review of the bank's progress in
implementing its new business model.

At the same time, the 'B' short-term rating was affirmed.  The
outlook is negative.

As of Feb. 15, AHBR's Foreign Currency Long-Term Debt; Local
Currency Long-Term Debt; Long-Term Bank Deposits; and Senior
Unsecured Debt, carry Moody's Ba3 rating.  AHBR's Subordinated
debt carries Moody's B1 rating.

AHBR's Subordinated Debt also carries Fitch's BB+ rating.


SAEDLER & THAMLITZ: Creditors Must Register Claims by July 4
------------------------------------------------------------
Creditors of Saedler & Thamlitz Gebaudetechnik GmbH have until July 4 to
register their claims with court-appointed insolvency manager Gerhard
Brinkmann.

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

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Gerhard Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings against
Saedler & Thamlitz Gebaudetechnik GmbH on May 14.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Saedler & Thamlitz Gebaudetechnik GmbH
         Waldemarstrasse 11
         18055 Rostock
         Germany


TECTUM MAURERSERVICE: Claims Registration Period Ends June 15
-------------------------------------------------------------
Creditors of Tectum Maurerservice GmbH have until June 15 to register
their claims with court-appointed insolvency manager Dr. Siegfried Beck.

Creditors and other interested parties are encouraged to attend the
meeting at 2:30 p.m. on July 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 Fuerth
         Room 216
         Office Building II
         Baumenstrasse 28
         Fuerth
         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. Siegfried Beck
         Stahlstr. 17
         90411 Nuernberg
         Germany
         Tel: 0911/9512850
         Fax: 0911/95128510

The District Court of Fuerth opened bankruptcy proceedings against Tectum
Maurerservice GmbH on May 15.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Tectum Maurerservice GmbH
         Vacher Str. 20
         91074 Herzogenaurach
         Germany


WOHNVISION HANDWERKERGEMEINSCHAFT: Claims Period Ends June 29
-------------------------------------------------------------
Creditors of WohnVision Handwerkergemeinschaft GmbH have until June 29 to
register their claims with court-appointed insolvency manager Dr. Oliver
Schloz.

Creditors and other interested parties are encouraged to attend the
meeting at 11:00 a.m. on July 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 Offenburg
         Area 0.005
         Basement
         Hindenburgstr. 5
         77654 Offenburg
         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. Oliver Schloz
         Bertha-von-Suttner-Str. 7
         77654 Offenburg
         Germany

The District Court of Offenburg opened bankruptcy proceedings against
WohnVision Handwerkergemeinschaft GmbH on May 14.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         WohnVision Handwerkergemeinschaft GmbH
         Attn: Klaus Egg, Manager
         Tullastr. 8
         77694 Kehl
         Germany


WTK-BAU GMBH: Claims Registration Period Ends June 22
-----------------------------------------------------
Creditors of WTK-Bau GmbH - Plessa have until June 22 to register their
claims with court-appointed insolvency manager Dr. Dirk Wittkowski.

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

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 210
         Platz 2
         Cottbus
         Germany

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

The insolvency manager can be reached at:

  Dr. Dirk Wittkowski
  Kirchblick 11
  14129 Berlin
  Germany

The District Court of Cottbus opened bankruptcy proceedings against
WTK-Bau GmbH - Plessa on May 14.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         WTK-Bau GmbH - Plessa
         Doellinger Strasse 26
         04928 Plessa
         Germany


Z & L GEWERBEIMMOBILIEN: Claims Registration Period Ends June 12
----------------------------------------------------------------
Creditors of Z & L Gewerbeimmobilien GmbH have until June 12 to register
their claims with court-appointed insolvency manager Dr. Gideon Boehm.

Creditors and other interested parties are encouraged to attend the
meeting at 10:30 a.m. on July 4, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Gideon Boehm
         Bachstr. 85 a
         22083 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings against Z & L
Gewerbeimmobilien GmbH on May 15.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Z & L Gewerbeimmobilien GmbH
         Attn: Olaf Dietzsch, Manger
         Hauptstrasse 92a
         23619 Zarpen
         Germany


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


SMURFIT KAPPA: EBITDA Up 40% to EUR254 Mln in First Quarter 2007
----------------------------------------------------------------
Smurfit Kappa Group plc disclosed key financial performance metrics for
the quarter ended March 31, 2007 and a trading update in respect of a
four-month period ended April 30, 2007.

For the first quarter of 2007, SKG is reporting net sales of EUR1.8
billion, which represents a 3.6% increase on net sales of EUR1.7 billion
in the first quarter of 2006.  EBITDA, before exceptional items, of EUR254
million increased 40% against EBITDA of EUR181 million in the first
quarter of 2006.  This represents an EBITDA margin on net sales of 14.2%
and 10.5% respectively.  Exceptional items in the first quarter of 2007
were EUR85 million, of which EUR75 million related to once-off IPO related
costs, primarily in respect of the early paydown of debt.

For the first quarter of 2007, SKG is reporting net sales of EUR1.8
billion, which represents a 2.6% increase on net sales of EUR1.7 billion
in the fourth quarter of 2006.  EBITDA, before exceptional items, of
EUR254 million was flat quarter-on-quarter with an EBITDA margin on net
sales of 14.2% and 14.5% respectively.

Net Debt reduced by EUR1.3 billion from EUR4.9 billion at December 2006 to
EUR3.5 billion at March 2007.

               Capital Structure & Debt Pay Down

SKG successfully returned to public equity markets through the completion
of an all primary IPO in March, 2007.  The Group raised gross proceeds of
EUR1.5 billion through a global institutional offering, which was
significantly oversubscribed. This comprised an initial public offering of
EUR1.3 billion and the full exercise of over-allotment arrangements, which
raised an additional EUR195 million.  Proceeds were applied to optimize
SKG's capital structure.  The Group's financial objective for 2007 is
equity accretion through debt pay down as the expected benefits of a
better pricing environment are realized.

               Synergies & Re-structuring Costs

Following the conclusion of the merger of the operations of JSG and Kappa,
one of the Group's key priorities was the delivery of defined synergy
benefits of EUR160 million at the end of three years.  Target synergy
areas included paper mill  rationalization, paper logistics and
integration, optimization of the SKG corrugated system, specialties,
purchasing savings and central and administrative overhead savings.  SKG's
synergy program delivered approximately EUR87 million in 2006, ahead of
the Group's target of EUR60 million.  SKG's annualized synergy run rate,
at the end of 2006, was approximately EUR124 million. This was also ahead
of SKG's original expectation of a run rate of EUR95 million per annum by
the end of 2006.  In the first quarter of 2007, SKG delivered synergy
benefits of EUR34 million as against EUR9 million in the first quarter of
2006 and EUR31 million in the fourth quarter of 2006.  The momentum behind
the synergy program continues and SKG's current objective is to deliver
total synergy benefits, ahead of the original EUR160 million estimate, by
the end of three years.

                  Efficient Capacity Management

During 2006, SKG rationalized 495,000 tons of high-cost recycled
containerboard capacity, primarily through machine closures and through
permanent grade switches to kraftliner and semi-chemical medium.  In
addition, SKG closed 60,000 tons of coated paper and 20,000 tons of
folding boxboard.  These closures and grade switches are contributing to
an improving overall cost profile for SKG's existing mill system.

In March 2007, SKG announced the closure of a mill in Alaincourt, France,
with capacity of 90,000 tons of recycled containerboard.  SKG will use the
machine from this mill to replace another machine within its system;
however, the net reduction in tonnage will be a minimum of 60,000 tons.
SKG also recently implemented the closure of two corrugated plants, a
solid board machine, and a solid board packaging operation. Operating cost
reduction and further improving the quality of the Group's existing asset
base will be the subject of ongoing projects in 2007 and beyond.

The Group will also continue to assess opportunities to expand in Eastern
Europe and Latin America, where SKG believes it can enhance its market
position and earnings profile in what are attractive and high growth
markets. Capital expenditure is expected to be approximately 90% of
depreciation for the 2007 full year.

         Trading update for four months to April 30, 2007

Overall trading in the first four months of 2007 is  significantly ahead
of the same period in 2006.  This reflects
tight market conditions in recycled containerboard in Europe together with
the benefit of a positive price environment.  The benefit of higher
containerboard pricing was partly offset in the period by higher raw
material prices.  Box prices are being progressively increased to recover
containerboard prices increases.  The implementation of box price
increases is, however, a slower process than the implementation of paper
price increases.  While overall price momentum is positive, there is some
margin pressure within the Group's corrugated system as current box
pricing does not yet reflect higher containerboard prices.

In Latin America, the Group's operations benefited from a combination of
higher sales volumes and higher average selling prices during the first
four months relative to the comparable period in 2006.  Demand growth is
generally positive across the region with overall corrugated volumes
showing a significant year-on-year increase.  A combination of strong
demand and a generally better pricing environment is contributing to
increased earnings growth for this region.

                           Outlook

"Demand is strong and capacity is increasingly coming into balance across
each of our markets," Smurfit Kappa Group CEO Gary McGann commented.
"Inventory levels, for both OCC and recycled containerboard, are
significantly below prior year levels.  While we are experiencing
near-term margin compression, we are reporting a solid financial
performance for the first quarter.  SKG expects to deliver a FY 2007
outcome in line with current market expectations."

                  About Smurfit Kappa Group

Headquartered in Dublin, Ireland, Smurfit Kappa Group --
http://www.smurfit-group.com/-- manufactures containerboard
containerboard and converts it into corrugated cases, folding
cartons, paper sacks, tubes, and composite cans. Other products
include boxboard, sack kraft paper, and printing and writing
paper.  The company produces 6 million tons of paper annually
and has 300 facilities worldwide.  In Latin America, the company
operates in Argentina, Brazil, Chile, Colombia, Costa Rica,
Dominican Republic, Ecuador, Mexico and Venezuela.

                        *     *     *

In a TCR-Europe report on Feb. 19, 2007, Standard & Poor's Ratings
Services maintained its credit ratings, including its 'B+' long-term
corporate credit rating, on Ireland-based paper and packaging company
Smurfit Kappa Group Ltd. and related entities on CreditWatch with positive
implications.

As reported in the TCR-Europe on June 30, 2006, Fitch Ratings
affirmed Smurfit Kappa Acquisitions' Issuer Default Rating at
'B+'.  At the same time the agency affirmed the instrument
ratings.  A Stable Outlook has been assigned.

The stable outlook assigned to Smurfit Kappa Group's ratings
reflects Fitch's view that EBITDA will return to growth during
the course of 2006 and that SKG will be in a position to
generate significant cashflow for debt repayment from 2007-8.


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


ALITALIA SPA: Risks Bankruptcy if Bids are Low, Says Di Pietro
--------------------------------------------------------------
Alitalia S.p.A. may succumb to bankruptcy if bidders do not submit
adequate offers to relaunch the ailing carrier, La Repubblica reports
citing Italian infrastructure minister Antonio Di Pietro.

Mr. Di Pietro hit the recent industrial action by Alitalia's staff, saying
that the strikes were "counterproductive and inopportune."

"We have to work together, not create difficulties," Mr. Di Pietro said
adding that Alitalia's current sale process also aims to achieve an
industrial plan that safeguards jobs.

In a TCR-Europe report on May 28, Alitalia reported EUR625.6 million in
net loss on EUR4.72 billion in operating revenues for the year ended Dec.
31, 2006, compared with EUR176.6 million in net loss on EUR4.8 billion in
operating revenues for the year ended Dec. 31, 2005.

The company attributed its net loss mainly to a EUR197.3 million write off
of its aging fleet, Reuters reports.  Alitalia also attributed its poor
results on higher fuel costs, stiff competition from low-cost carriers,
strikes and difficulties in achieving cost-cutting objectives.  Around
EUR100 million in losses were caused by strikes.

                         About Alitalia

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

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


ALITALIA SPA: Aeroflot to Issue EUR900 Mln Eurobond to Back Bid
---------------------------------------------------------------
OAO Aeroflot plans to issue EUR900 million in Eurobond to finance its bid
for the Italian government's 39.9% stake in troubled carrier Alitalia
S.p.A., RIA Novosti reports.

In a TCR-Europe report on May 25, 2007, Aeroflot received preliminary
approval from a group of banks for a EUR900 million credit.  Aeroflot
Finance Director Mikhail Poluboyarinov told Russian daily Vedomosti that
the carrier is seeking credit from 20 foreign banks including Deutsche
Bank, Bank of Scotland,
Citigroup, Commerzbank and ABN AMRO.

Aeroflot, at the time, did not specify the type of credit it would take.

The Italian government said it is willing to sell its entire Alitalia
stake to the winning bidder, if the buyer requests it.

Mr. Poluboyarinov, however, commented that Aeroflot is not necessarily
interested in acquiring Italy's entire stake, RIA Novosti relates.  He,
however, said that Italy should retain a stake in Alitalia for a board
seat to "correctly position the company on the market."

The consortium of Aeroflot and Unicredit Italiano S.p.A. is trying to
outbid other interested groups -- AirOne S.p.A. and Intesa-San Paolo
S.p.A.; and TPG Capital, MatlinPatterson Global Advisers and Mediobanca --
for the stake.  The parties gained access to Alitalia's data room on May
24, 2007, and have to present their binding offers on July 2.  The
government eyes to complete the sale process by end of July.

                         About Alitalia

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

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


ALITALIA SPA: Passenger Traffic Down 0.4% in April 2007
-------------------------------------------------------
Alitalia S.p.A. released its traffic statistics for April 2007.

Traffic data compared to the same period in 2006 showed an increase in
cargo business and passenger business in line.

                       Passengers Operations

Traffic, measured in Revenue Passenger Kilometers, decreased 0.4% and the
capacity, measured in Available Seat Kilometers, decreased 0.7%.
Therefore load factor reached 75.9%, in line with April 2006 (0.2
percentage points increase).

Alitalia carried 2.11 million passengers, up 1.1% compared to the previous
year.

Comparisons with April 2006:

   -- Domestic Passenger Network: traffic increased by 1.1% with
      offered capacity down 2.9%. Load factor was 70.2%.

   -- International Passenger Network: traffic increased by 2.8%
      and offered capacity by 1.1%. Load factor was 74.1%.

   -- Intercontinental Passenger Network: traffic decreased by
      3.1% while capacity was down 1.2%. Load factor was 79.4%.

                       Cargo Operations

April 2007 Cargo performance showed, compared to March 2006, a significant
traffic and offered capacity increase (traffic, measured in terms of
Revenue Ton Kilometers, increased by 19.3% while capacity was up 13.8%).
Overall Load factor was 67.6% with an increase by 3.1 percentage points.

                         About Alitalia

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

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


BLYTH INC: Names Anne Butler as PartyLite Unit President
--------------------------------------------------------
Blyth Inc. has promoted of Anne M. Butler to President, PartyLite
Worldwide and Vice President of Blyth Inc., effective immediately.

Ms. Butler, 58, previously served as President, PartyLite International, a
role she held since 2003.

"Anne brings to her new position more than 25 years of direct selling
industry experience," Robert B. Goergen, Blyth's Chairman of the Board and
CEO, commented.  "She played a key leadership role during years of rapid
international expansion for PartyLite, which included the opening of
Sweden, Denmark, Ireland, Mexico and Australia, as well as determining a
new organizational structure for France and Finland, which have since
experienced tremendous growth.  Her management of these markets in
partnership with strong local leadership led to rapid growth of PartyLite
International's sales.  PartyLite International now represents nearly 40%
of PartyLite Worldwide's annualized sales, is growing sales above 10% and
is highly profitable."

Ms. Butler joined the Company in 1999 as President, PartyLite Europe and
assumed increased responsibility during her tenure.  She became President,
Europe and New Markets in 2000, and was subsequently named President,
PartyLite International, in 2003.  Prior to joining PartyLite, Ms. Butler
worked for leading direct selling companies, including Avon, Aloette
Cosmetics and Mary Kay.

                          About Blyth

Headquartered in Greenwich, CT, Blyth Inc. --
http://www.blyth.com/-- designs, manufactures and markets a
line of candles and home fragrance products, tabletop heating
products, candle accessories and home decor and giftware
products.  The company has operations in Italy, Spain, Hong
Kong, China, and Australia.

                            *   *   *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer products sector, the rating
agency confirmed its Ba3 Corporate Family Rating for Blyth, Inc.

Additionally, Moody's held its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond
debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$125M senior
   unsecured bonds
   due 2009               Ba3      Ba3     LGD4        55%

   US$100M senior
   unsecured bonds
   due 2013               Ba3      Ba3     LGD4        55%


BROWN SHOE: Net Earnings Fall to US$9.6 Million in First Quarter
----------------------------------------------------------------
Brown Shoe Company, Inc., reported financial results for the first quarter
of fiscal 2007 ended May 5, 2007.

Consolidated net sales were US$566.3 million, a decrease of 1.6 percent
compared to US$575.5 million in the first quarter of fiscal 2006.  Net
earnings were US$9.6 million versus net earnings of US$10.0 million in the
prior-year period.

First quarter 2007 earnings include charges related to the company's
Earnings Enhancement Plan of US$0.07 per diluted share.  On an adjusted
basis, excluding these charges, net earnings were US$13.0 million, an
increase of 26.1 percent for the same period last year and guidance range
of US$0.25 to  US$0.26 per diluted share on an adjusted basis.

Ron Fromm, Brown Shoe's Chairman and CEO, stated, "Our first quarter
results were ahead of expectations, driven primarily by the ongoing
strength of our Famous Footwear chain.  Famous Footwear generated a 3.4
percent same-store-sales gain in the quarter, fueled by its fashion-right
merchandise selection.  Our Specialty Retail segment, which includes our
Naturalizer stores and Shoes.com business, achieved solid progress in the
quarter, also generating a 3.4 percent same-store-sales gain.  Our
Wholesale division sales were slightly lower than we had expected.
Nonetheless, operating margins in the quarter at Wholesale were strong,
generating a 190 basis point improvement over last year, excluding costs
for our Earnings Enhancement Plan.  We believe our first quarter results
reflect the positive impact of our initiatives to improve our enterprise
profitability and we expect continued progress in the near and long term."

                     Segment Highlights

Retail Division

Total sales at Famous Footwear rose 7.6 percent to a first quarter record
US$325.3 million compared to US$302.3 million for the same 13-week period
last year.  Same-store sales for the quarter ended May 5, 2007 increased
3.4 percent over the quarter ended April 29, 2006.  Operating earnings
were US$21.0 million compared to US$15.9 million last year, an increase of
31.8 percent.  Famous Footwear opened 18 new stores and closed eight
during the quarter, resulting in 1,009 stores open at the end of the
quarter.

The Specialty Retail segment, which primarily consists of Naturalizer
stores and the Shoes.com e-commerce business, reported sales in the
quarter of US$60.3 million, a 6.9 percent increase from last year's
US$56.4 million.  The sales increase was driven by a 3.4 percent
same-store-sales gain in the segment and a 46.6 percent gain at Shoes.com.
The segment's operating loss was even with last year at US$2.9 million;
however, 2007 results include US$0.2 million in charges related to the
Company's Earnings Enhancement Plan, primarily related to the closing of
its remaining Via Spiga store.  During the quarter, no new stores were
opened and 10 were closed, resulting in 280 stores open at the end of the
quarter, compared to 312 at the end of the year-ago period.

Wholesale Division

Wholesale sales declined 16.6 percent in the quarter to US$180.7 million
compared to US$216.8 million in the previous year.  Sales were modestly
below the company's expectations.  Solid performances from Naturalizer,
LifeStride, Etienne Aigner, and Dr. Scholl's were offset by the exiting of
the Bass license at the end of 2006 and the reduced emphasis on
lower-margin private label business.  Operating earnings were US$13.0
million in the quarter, including charges of US$2.1 million related to the
company's Earnings Enhancement Plan, compared to US$14.1 million in the
year ago period.  The segment's focus on higher-quality sales led to an
operating profit that, as a percent of sales, increased 190 basis points
to 8.4 percent, after excluding the above charges, from 6.5 percent last
year.

                        Balance Sheet

Inventory at May 5, 2007 was US$398 million, as compared to US$405 million
last year.  Inventory at the company's Famous Footwear division was down
US$1.7 million in the quarter while operating 57 more stores.  Wholesale
inventory was down 18.4 percent in the quarter.  Specialty Retail
inventory was up 13.9 percent due to growth at Shoes.com; however,
inventory at the division's stores was down 11.5 percent with 32 fewer
stores.  The company's debt-to-capital ratio at the end of the quarter was
22.7 percent, compared to 30.6 percent at the same time last year.

                 Strategic Initiatives Update

Costs related to the company's Earnings Enhancement Plan during the
quarter were in-line with expectations.  During the first quarter, the
company closed its Italian sales office, its Dover, NH distribution
center, and its Needham, MA office, and incurred costs for severance and
other projects still under development.  As a result of these actions, the
company incurred after-tax costs of US$3.3 million or US$0.07 per diluted
share in the quarter.  The company continues to work on other initiatives
related to this plan.  Estimates of costs and benefits remain as follows:

   * In 2007, after-tax implementation costs are estimated to be
     approximately US$14 million, while the company expects to
     realize after-tax benefits of US$10 to US$12 million;

   * In 2008, after-tax implementation costs are estimated to be
     approximately US$5 million and annual after-tax benefits
     are estimated to be US$17 to US$20 million.

             Full-Year & Second Quarter 2007 Guidance

For fiscal 2007, the company continues to estimate sales will range from
US$2.48 billion to US$2.52 billion and now expects net earnings per
diluted share of US$1.55 to US$1.59, versus previous guidance of US$1.52
to US$1.55.  This guidance includes estimated costs related to the
company's Earnings Enhancement Plan of US$0.31 per diluted share.  On an
adjusted basis, net earnings per diluted share are now estimated to be
US$1.86 to US$1.90, versus previous guidance of US$1.83 to US$1.87.  This
estimate is predicated on a same-store-sales increase at Famous Footwear
of 2.5 to 3.5 percent.  As previously announced, Wholesale division sales
in 2007 are expected to be below 2006 results, with growth at its branded
businesses offset by the exit of the Bass license and an expected sales
decline in its private label business.  In 2007, the company also expects
to increase its marketing and media spend by approximately US$4.0 million
on a pre-tax basis, as it evolves its brand marketing programs.
Additionally, the company expects its effective tax rate to increase by
approximately 200 basis points, as a result of a reduced mix of lower tax
rate foreign earnings.

For the second quarter of 2007, the company expects sales of US$582
million to US$592 million, an increase of 0.5 to 2.2 percent compared to
US$579.3 million in the year-ago period and net earnings of US$9.8 million
to US$10.7 million compared to US$15.2 million in the previous year.  Net
earnings per diluted share in the quarter are estimated to be US$0.22 to
US$0.24 as compared to US$0.35 per diluted share in the previous year.
This guidance range includes estimated charges and implementation costs of
the company's Earnings Enhancement Plan of US$0.08 in the second quarter
of 2007.  In the second quarter of 2006, the company incurred charges of
US$0.03 per diluted share related to its Earnings Enhancement Plan offset
by a net insurance recovery of US$0.11 per diluted share related to
environmental remediation costs at its Denver, CO facility.  On an
adjusted basis, the company expects second quarter 2007 net earnings per
diluted share of US$0.30 to US$0.32 an increase of 11.1 to 18.5 percent
compared to US$0.27 per diluted share in the same period a year ago.
Second quarter guidance is predicated on a 4.0 to 5.0 percent
same-store-sales increase at Famous Footwear, which reflects the change in
the retail reporting calendar in 2007 following a 53-week year in 2006.
In 2007, this shift causes the second quarter to end on
Aug. 4, 2007, and thereby includes an additional week of the
Back-To-School selling season compared to the 13 weeks ended July 29,
2006.  This one-week shift is expected to result in lower third quarter
same-store sales growth.  Second quarter Wholesale sales and earnings are
both expected to increase over the first quarter 2007, but will be lower
than last year's second quarter, due to the growth of its branded
businesses being offset by the exit of the Bass license and a reduced
emphasis on lower-margin private label business and as a result of changes
in marketing expenses, including the timing of trade shows.

                 Outlook for Full-Year 2007

Mr. Fromm concluded, "Following on our first quarter results, we are
confident in our abilities to deliver a strong 2007.  In addition, we are
building the processes and the platform to assist us in executing our
growth strategies and realize our vision of being a top performer in the
footwear industry."

Headquartered in St. Louis, Missouri, Brown Shoe Company, Inc. (NYSE: BWS)
-- http://www.brownshoe.com/-- is a US$2.3 billion footwear company with
global operations including Brazil, Italy, China, Hong Kong, and Taiwan.
The Company operates the 900+ store Famous Footwear chain, which sells
brand name shoes for the family.  It also operates 300+ specialty retail
stores in the U.S. and Canada under the Naturalizer, FX LaSalle and Via
Spiga names, and Shoes.com, the Company's e-commerce subsidiary.  Brown
Shoe, through its Wholesale divisions, owns and markets leading footwear
brands including Via Spiga, Naturalizer, LifeStride, Nickels Soft, Connie
and Buster Brown; it also markets licensed brands including Franco Sarto,
Dr. Scholl's, Etienne Aigner, Bass and Carlos by Carlos Santana for
adults, and Barbie and Disney character footwear for children.

                        *     *     *

As reported in the Troubled Company Reporter on April 3, 2007,
Moody's Investors Service changed the outlook of Brown Shoe
Company, Inc., to positive from stable and affirmed its Ba3 corporate
family rating on the company.  Ratings that were affirmed also include the
company's Probability-of-default rating at Ba3; US$150 Million guaranteed
senior unsecured notes due 2012 at B1, LGD5, 72%; and Speculative Grade
Liquidity
Rating at SGL-2.


BROWN SHOE: Board Declares US$0.07 Per Share Quarterly Dividend
---------------------------------------------------------------
Brown Shoe Company, Inc.'s Board of Directors declared a quarterly
dividend of US$0.07 cents per share, payable
July 2, 2007, to shareholders of record on June 18, 2007.

This dividend will be the 338th consecutive quarterly dividend paid by the
company.

Headquartered in St. Louis, Missouri, Brown Shoe Company, Inc.
-- http://www.brownshoe.com/-- is a US$2.3 billion footwear company with
global operations including Brazil, Italy, China,
Hong Kong, and Taiwan.  The Company which sells brand name shoes for the
family also operates 300+ specialty retail stores in the U.S. and operates
the 900+ store Famous Footwear chain, Canada under the Naturalizer, FX
LaSalle and Via Spiga names, and Shoes.com, the Company's e-commerce
subsidiary.

Brown Shoe, through its Wholesale divisions, owns and markets leading
footwear brands including Via Spiga, Naturalizer,
LifeStride, Nickels Soft, Connie and Buster Brown; it also markets
licensed brands including Franco Sarto, Dr. Scholl's,
Etienne Aigner, Bass and Carlos by Carlos Santana for adults, and Barbie
and Disney character footwear for children.

                        *     *     *

As reported in the Troubled Company Reporter on April 3, 2007,
Moody's Investors Service changed the outlook of Brown Shoe
Company, Inc., to positive from stable and affirmed its Ba3 corporate
family rating on the company.  Ratings that were affirmed also include the
company's Probability-of-default rating at Ba3; US$150 Million guaranteed
senior unsecured notes due 2012 at B1, LGD5, 72%; and Speculative Grade
Liquidity
Rating at SGL-2.


BROWN SHOE: Appoints Sheri Wilson-Gray as Senior VP & CMO
---------------------------------------------------------
Brown Shoe Company, Inc. appointed Sheri Wilson-Gray to the position of
Senior Vice President and Chief Marketing Officer, effective June 4, 2007.
In this newly created role, she will focus on strategic brand development
and be responsible for directing marketing communications, consumer
research, public relations and the licensing of Brown Shoe brands.

"We are particularly excited about finding someone with such broad-based
abilities that complement our business model so well," said Brown Shoe
President and Chief Operating Officer Diane Sullivan.  "Sheri's strong
experience in retail, wholesale, fashion and classic marketing will be
important assets as we continue to grow.  We look forward to her
partnering with our organizations' presidents in developing our brands and
continuing to strengthen our progressing marketing competencies."

Ms. Wilson-Gray joins Brown Shoe from Island Global Yachting, where she
has served as Executive Vice President, Marketing since 2005.  In that
role, she was responsible for developing all branding and marketing
initiatives for the company.  Prior to that, she held the position of
Executive Vice President, Chief Marketing Officer for Saks Fifth Avenue.
Her background also includes brand marketing responsibilities in various
capacities with Victoria Creations, Inc., Monet, Chesebrough-Pond's, Inc.,
Playtex International and Procter and Gamble.  She began her retail career
at Federated Department Stores, Inc.

Ms. Wilson-Gray holds a Bachelor of Science degree in Fashion Retailing
and a Master of Science degree in Management from Purdue University.  She
also serves on the board of directors for the Girl Scout Council of
Greater New York.

Headquartered in St. Louis, Missouri, Brown Shoe Company, Inc. (NYSE: BWS)
-- http://www.brownshoe.com/-- is a US$2.3 billion footwear company with
global operations including Brazil, Italy, China, Hong Kong, and Taiwan.
The Company operates the 900+ store Famous Footwear chain, which sells
brand name shoes for the family.  It also operates 300+ specialty retail
stores in the U.S. and Canada under the Naturalizer, FX LaSalle and Via
Spiga names, and Shoes.com, the Company's e-commerce subsidiary.
Brown Shoe, through its Wholesale divisions, owns and markets
leading footwear brands including Via Spiga, Naturalizer,
LifeStride, Nickels Soft, Connie and Buster Brown; it also
markets licensed brands including Franco Sarto, Dr. Scholl's,
Etienne Aigner, Bass and Carlos by Carlos Santana for adults,
and Barbie and Disney character footwear for children.

                        *     *     *

As reported in the Troubled Company Reporter on April 3, 2007,
Moody's Investors Service changed the outlook of Brown Shoe
Company, Inc., to positive from stable and affirmed its Ba3 corporate
family rating on the company.  Ratings that were affirmed also include the
company's Probability-of-default rating at Ba3; US$150 Million guaranteed
senior unsecured notes due 2012 at B1, LGD5, 72%; and Speculative Grade
Liquidity
Rating at SGL-2.


CORDUSIO RMBS: Moody's Rates EUR19.5 Mln Class E Notes at Ba2
-------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to seven
classes of Notes to be issued by Cordusio RMBS Securitisation S.r.l. a
special purpose vehicle incorporated in Italy in accordance with law
130/99.  These definitive ratings have been assigned:

   -- Aaa to EUR703,500,000 Class A1 Residential Mortgage-Backed
      Floating Rate Notes due 2040;

   -- Aaa to EUR2,227,600,000 Class A2 Residential Mortgage-
      Backed Floating Rate Notes due 2040;

   -- Aaa to EUR738,600,000 Class A3 Residential Mortgage-Backed
      Floating Rate Notes due 2040;

   -- Aa1 to EUR71,100,000 Class B Residential Mortgage-Backed
      Floating Rate Notes due 2040;

   -- A1 to EUR43,800,000 Class C Residential Mortgage-Backed
      Floating Rate Notes due 2040;

   -- Baa2 to EUR102,000,000 Class D Residential Mortgage-Backed
      Floating Rate Notes due 2040;

   -- Ba2 to EUR19,500,000 Class E Residential Mortgage-Backed
      Floating Rate Notes due 2040; and

   -- Class F EUR2,002,838 is not rated.

Cordusio RMBS Securitisation S.r.l. is the third RMBS transaction launched
by Unicredit Banca SpA (currently 100% owned by Unicredito Italiano SpA
(Aa2/P-1).  The portfolio consists of EUR3,908,102,838 of prime
residential mortgage loans all originated by Unicredit Banca Spa.  All
loans are guaranteed by first economic lien on residential properties and
88.83% of the portfolio is indexed to floating rate. 98.16% of the loans
pay through direct debit on the debtor's account held at Unicredit Banca
Spa.

All loans are in bonis and all of them benefit from an economic first lien
mortgage (ipoteca) on the actual property.  The collateral portfolio has a
WA current LTV of 60.54% per cent (WA original LTV of 66.40% per cent) and
a WA seasoning of approximately 34 months.  The portfolio also presents a
good granularity with the top 20 debtors summing up to 0.19% per cent.
The portfolio is quite diversified geographically: 10% per cent of the
loans have been originated in the South of Italy, 23% per cent in the
Center of Italy and the remaining part comes from the North 66% per cent.

The structure also benefits from a cash reserve that will not amortize,
fully funded at closing of 0.16% of the initial outstanding of the
portfolio.

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


FIAT SPA: May Discard Joint Venture with Nanjing Automobile
-----------------------------------------------------------
Fiat S.p.A. CEO Sergio Marchionne is considering discarding its joint
venture with Nanjing Automobile Group Corp. in favor of an alliance with
another Chinese carmaker, John Reed and Geoff Dyer write for the Financial
Times.

"We missed an opportunity. I don’t think its too late, but we have to do
more," Mr. Marchionne was quoted by FT as saying.

According to FT, Fiat wants to sell 300,000 cars in China by 2010, but its
Nanjing Auto venture produced around 31,300 cars in 2006, with market
share of less than one percent.

"We have different opinions on the market situation, targets as well as
developing strategy with Nanjing Auto," Zheng Xiaoli, publicity officer of
Nanjing Fiat Automobile Co Ltd. told Jin Jing of Shanghai Daily.

"We keep negotiating to solve the problem, but we will also try other ways
including teaming up with other Chinese partners to reach our target in
China," Mr. Xiaoli added.

Mr. Marchionne told FT that Nanjing had been distracted by its efforts to
relaunch the MG brand.

FT said that Fiat is considering on expanding one of its existing
partnerships with Shanghai automotive Industry Corp. or with Chery
Automobile.

"I remained committed to working out the matter with Nanjing Auto, but if
we don't we'll have to find an alternative.  We have a relationship with
SAIC and one with Chery on engines that could become a car alliance," Mr.
Marchionne relates.

                      About Fiat S.p.A.

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.

                         *     *     *

Standard & Poor's Ratings Services raised its long-term corporate credit
rating on Italian industrial group Fiat S.p.A. to 'BB' from 'BB-'.  At the
same time, Standard & Poor's affirmed its 'B' short-term rating on Fiat.
S&P said the outlook is stable.

The company carries Fitch Ratings' Issuer Default rating and senior
unsecured rating at BB-.  The Short-term rating is affirmed at B.  Around
EUR6 billion of debt is affected by this rating action.

In addition, Fiat Spa also carries Moody's Investors Services
Ba3 Corporate Family Rating with positive outlook.  The long- term senior
unsecured ratings as well as the short-term non-
Prime rating also remains.


POPOLARE ITALIANA: Completes Half of Share Repurchase Program
-------------------------------------------------------------
Banco Popolare di Verona e Novara and Banca Popolare Italiana Scrl have
completed half of their share buy-back program, Thomson Financial reports
citing BPVN chief executive
Fabio Innocenzi.

In a TCR-Europe report on March 13, 2007, the companies' shareholders
approved an EUR8.2-billion takeover of BPI by BPVN.  BPI and BPVN will
form a holding company that will launch a share repurchase to stakeholders
of the groups:

   -- 0.43 share for every BPI share, and
   -- a share for every BPVN share.

Aside from the share swap, BPI would distribute an extraordinary dividend
of EUR2 per share, for a total cash of EUR1.5 billion, to existing
shareholders.  The share-and-cash offer values BPI at EUR12 per share,
based on BPVN's share price of EUR22.81 on Oct. 13, 2006.

Shareholders also allowed the companies to repurchase 5.4% of the combined
shares before the merger becomes effective on
July 1.

The merged company will be called Banco Popolare and will concentrate on
savings and loans in the Veneto, Lombardy and
Sicily regions.

                    Bancassurance Partnership

Mr. Innocenzi, however, said Banco Popolare will not use capital gains
expected from its upcoming bancassurance partnership -- EUR400
million-EUR600 million -- since shareholders only allowed 5.4% of their
holdings to be repurchased, Thomson Financial relates.

According to the report, BPVN and BPI have shortlisted three possible
bancassurance partners.  The companies’ current partners are Fondiaria-SAI
S.p.A. and Aviva, and Cardiff, Daily MF reports.

                 About Banco Popolare di Verona

Headquartered in Verona, Italy, Banco Popolare di Verona e
Novara (BPVN) -- http://www.bpv.it/-- offers private banking,
investment banking and asset management services, as well as
other services in the tax and real estate sectors.  The
Company's banking network comprises over 1,170 branches, which
are spread throughout the Italian regions of the Veneto, Emilia-
Romagna, Piedmont and Lombardy, and internationally in London,
Luxembourg, Hong Kong and Shanghai.

                  About Banca Popolare Italiana

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

                            *   *   *

As of Feb. 23, 2007, BPI carries Moody's Investors Service's D
financial strength rating, Ba2 junior subordinated debt rating,
and Ba2 preferred stock and Tier III debt ratings.

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


SEAT PAGINE: Owners Hire Lehman Brothers to Explore Options
-----------------------------------------------------------
The private equity funds that jointly own 49.6% of Seat Pagine Gialle
S.p.A. have given Lehman Brothers Holdings Inc. six months to explore
financial and strategic options to maximize the value of their investment
in the company, AFX News Ltd. reports.

According to the report, owners BC Partners Ltd., CVC Capital Partners
Ltd., Investitori Associati S.p.A. and Permira Advisers LLP have asked
Seat the access to information and documentation relating to the company
and its subsidiaries and affiliates.

"This is good news for Seat Pagine Gialle as it could lead to a public
tender offer, further expansion of Seat via a major deal or re-financing
of its debt structure," Reuters quotes Cheuvreux analysts as saying.

"The sale of the controlling stake -- probably to other private equity
funds -- is the most likely outcome at this point," Stefano Vulpiani, an
analyst at Centrosim SpA in Milan was quoted by Bloomberg as saying. "The
timing of the announcement is surprising because Seat only presented its
new 2008-2010 business plan 10 days ago."

Seat CEO Luca Majocchi told Reuters in an interview that the company aims
to cut its debt by EUR600 million by 2010 from the EUR3.34 billion it had
at the end of March 2007.

                    About Seat Pagine Gialle

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

                          *     *     *

As of May 28, 2007, Moody's Investors Service assigned Seat Pagine Gialle
S.p.A. Ba3 Corporate Family and Probability of Default Ratings, with
stable outlook.

Fitch Ratings also placed the company an Issuer Default rating of BB- with
Stable Outlook.

Standard & Poors also assigned BB- Long-term Local and Foreign Issuer
Ratings to Seat with Stable Outlook.


SEAT PAGINE: Restructuring May Lead to Thomson Sale
---------------------------------------------------
Thomson Directories may be sold as part of its parent Seat Pagine Gialle
S.p.A.'s restructuring, Mark Kleinman writes for The Daily Telegraph.

According to the report, sources familiar with the matter expected Thomson
to be separated from its sister assets and auctioned with a price tag of
about GBP300 million.  The sources added that a series of unsolicited
approaches were already made to acquire Thomson.

"Thomson isn't core to the Seat business," one source told The Daily
Telegraph. "It's unlikely to be part of the same group in a year."

Thomson, which is understood to have recorded earnings before interest,
tax, depreciation and amortization of about GBP25 million last year in a
difficult market for directories publishers, was acquired by Seat PG in
2000 from a consortium which included Apax Partners and 3i.

Headquartered in Farnborough, England, Thomson Directories Ltd. --
http://www.thomsondirectories.com/-- is a leading local directory
publisher in the U.K.  The company produces 173 editions of the Thomson
Local.  It has over 500 head office staff and a further 500 employees
located throughout the U.K. at 10 regional sales offices.

                    About Seat Pagine Gialle

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

                          *     *     *

As of May 28, 2007, Moody's Investors Service assigned Seat Pagine Gialle
S.p.A. Ba3 Corporate Family and Probability of Default Ratings, with
stable outlook.

Fitch Ratings also placed the company an Issuer Default rating of BB- with
Stable Outlook.

Standard & Poors also assigned BB- Long-term Local and Foreign Issuer
Ratings to Seat with Stable Outlook.


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


AKMOL-PET LLP: Proof of Claim Deadline Slated for June 22
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Akmol-Pet insolvent.

Creditors have until June 22 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Nurmahanov Str. 31
         Micro District Taugul-3
         Almaty
         Kazakhstan
         Tel: 8 (3272) 56-97-68


ARMAGEDON-2005 LLP: Creditors Must File Claims by July 3
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has declared LLP
Armagedon-2005 insolvent.

Creditors have until July 3 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


BAS-XXI LLP: Creditors Must File Claims by June 22
--------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan Region
has declared LLP Bas-XXI insolvent.

Creditors have until June 22 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         Madelhanov Str. 28
         Lenger
         Tolebiysky District
         South Kazakhstan
         Kazakhstan
         Tel: 8 (247) 6-23-30


BIS-NS LLP: Claims Filing Period Ends June 22
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Bis-Ns insolvent.

Creditors have until June 22 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Nurmahanov Str. 31
         Micro District Taugul-3
         Almaty
         Kazakhstan
         Tel: 8 (3272) 56-97-68


ELIM-AI LLP: Claims Registration Ends June 22
---------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan Region
has declared LLP Elim-Ai insolvent.

Creditors have until June 22 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         Madelhanov Str. 28
         Lenger
         Tolebiysky District
         South Kazakhstan
         Kazakhstan
         Tel: 8 (247) 6-23-30


INTES-ISOT LLP: Creditors' Claims Due June 22
---------------------------------------------
LLP Joint Enterprise Intes-Isot has declared insolvency.  Creditors have
until June 22 to submit written proofs of claim to:

         LLP Joint Enterprise Intes-Isot
         Abai Str. 113
         Almaty District
         Astana
         Kazakshtan


NALSUR LLP: Proof of Claim Deadline Slated for June 22
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has declared LLP
Nalsur insolvent.

Creditors have until June 22 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (31222) 32-90-02


SOTOVY RAI: Creditors Must File Claims by July 3
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has declared LLP
Sotovy Rai insolvent.

Creditors have until July 3 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


SULU TAU: Claims Filing Period Ends June 22
-------------------------------------------
LLP Mining Company Sulu Tau has declared insolvency.  Creditors have until
June 22 to submit written proofs of claim to:

         LLP Mining Company Sulu Tau
         Jeltoksan Str. 166-74
         Almaty
         Kazakhstan


TOP-2000 LLP: Claims Registration Ends June 22
----------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has declared LLP
Top-2000 insolvent April 2.

Creditors have until June 22 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Aitike-bi Str. 11/48
         Taraz
         Jambyl
         Kazakhstan


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


KANTSKAYA KYRGYZSKAYA: Creditors' Claims Due July 11
----------------------------------------------------
LLC Agricultural Company Kantskaya Kyrgyzskaya Selskohozaystvennaya Himiya
has declared insolvency.

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

         LLC Kantskaya Kyrgyzskaya Selskohozaystvennaya Himiya
         Lenin Str. 434
         Novo-Pokrovka
         Issykatinsky District
         Chui
         Kyrgyzstan


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


EVRAZ GROUP: To Buy 50% Share in Blast-Shaken Yuzhkuzbassugol
-------------------------------------------------------------
Evraz Group S.A. has reached an agreement to acquire an outstanding 50%
interest in Yuzhkuzbassugol from existing shareholders who represent the
management of the coal company, the steel manufacturer disclosed in a
statement posted on its Web site.

Yuzhkuzbassugol is the owner of a Kemerovo Region mine in Russia, where an
explosion claimed 38 lives in the morning of May 24, 2007, as 217 miners
were working underground.  The accident comes on the heels of another
powerful methane blast at a neighboring mine, owned by the same company,
on March 19, 2007, in which 110 miners died, RIA Novosti reports.

The deal is subject to regulatory permissions and the approval of the
steel company's Board of Directors.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and related
products.  In addition, the Company owns and operates certain mining
assets.  Its steel production and mining facilities are mainly located in
the Russian Federation.  It operates three steel mills in Russia, one mill
in the Sverdlovsk region and two mills in the Kemerovo region.

                          *     *     *

Moody's Investors Service confirmed its Ba3 Corporate Family Rating for
Evraz Group S.A. and assigned a Ba3 Probability-of-Default Rating to the
company.

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

                                                     Projected
                          Old Debt New Debt LGD      Loss-Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   -------

   8.25% Senior Unsecured
   Regular Bond/
   Debenture Due 2015      B2        B2      LGD5     88%

* Issuer: Evraz Securities S.A.

                          Old Debt New Debt LGD      Loss Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   -------

   10.875% Senior Unsecured
   Regular Bond/
   Debenture Due 2009      B1       Ba3      LGD3     47%

In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz Group
S.A.'s Issuer Default and senior unsecured ratings at BB and its
Short-term rating at B.

At the same time, Fitch has affirmed the ratings of Mastercroft Ltd.,
Evraz's core subsidiary with most of its assets concentrated in Russia- at
Issuer Default BB and Short-term B.  Evraz Securities SA's senior
unsecured rating is affirmed at BB.  Fitch said the Outlooks on the Issuer
Default ratings are Stable.

Standard & Poor's rated Evraz Group's 8-1/4% notes due November 2015 at B+.


GAZPROMBANK MORTGAGE: Moody's Rates RUB329 Mln Notes at (P)Ba2
--------------------------------------------------------------
Moody's Investors Service assigned provisional long-term credit ratings to
three classes of Notes related to Gazprombank Mortgage Backed Securities
Series 2007-1 issued by Gazprombank Mortgage Funding 2 S.A.:

   -- (P)A3 to the EUR170.5 million equivalent Class A
      Mortgage Backed Floating Rate Notes Due [June 2047]

   -- (P)Baa3 to the RUB311.8 million Class B Mortgage Backed
      Fixed Rate Notes Due [June 2047]

   -- (P)Ba2 to the RUB329 million Class C Mortgage Backed
      Fixed Rate Notes Due [June 2047]

Moody's does not rate the RUB329 million Class Da Notes.  It is expected
that part of the Class A Notes will be issued in EUR (the Class A1
Mortgage Backed Floating Rate Notes Due [June 2047]) and part in RUB (the
Class A2 Mortgage Backed Fixed Rate Notes Due [June 2047]).

Gazprombank Mortgage Funding 2 S.A, which is incorporated under the laws
of Luxembourg, will issue the notes to fund the purchase of a portfolio of
mortgage certificates from Commercial Bank "Sovfintrade Ltd" in its
capacity as the Seller of the Mortgage Certificates (either directly to
the Issuer or indirectly through Gazprombank Mortgage Funding 3 S.A.)
conferring rights under Russian rouble denominated mortgage loans.
Commercial Bank "Sovfintrade Ltd" is in the process of changing its name
to Joint-Stock Bank "GPB-Mortgage" (CJSC).

The loans have been originated by a range of local regional banks and
non-banking entities located in various regions of the Russian Federation
in accordance with standards set by SFT.  The transfer of mortgage
certificates is governed by Russian law.

The ratings of the notes are inter alia based on:

   (i) favorable pool characteristics such as the moderate
       weighted average current LTV of 65.88%,

  (ii) credit enhancement in the form of a non-amortizing
       reserve fund which is fully funded at close to the amount
       of RUB103.5 million or 1.5% of the issue size, as well as
       note subordination, and

(iii) high credit quality of the servicer indemnifying party
       JSB Gazprombank (CJSC) (A3 long-term foreign currency
       senior unsecured debt, Baa2 long-term foreign currency
       deposits, Prime-2 short-term foreign currency deposits)
       that is also responsible for stand-by servicing of the
       mortgage loans.

The pool consists of fixed rate loans evidenced by mortgage certificate
and secured by mortgages on approximately 8,931 residential properties
located throughout the Russian Federation.  A significant share of the
properties is originated in these regions:

   -- Tatarstan (26.6%);
   -- Chelyabinsk (7.8%);
   -- Irkutsk (7.5%);
   -- Novosibirsk (6.2%);
   -- Vologda (4.6%);
   -- the Udmurt Republic (4.4%); and
   -- the Republic of Komi (4.1%).

The Standby Servicer and Servicer Indemnifying Party in the transaction is
JSB Gazprombank (CJSC), day to day servicing is performed by SFT who
involves a range of regional servicing entities, being either subsidiaries
of the Seller or specialized regional state mortgage agencies, in the
servicing.

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


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


BASELL AF: Moody's Rates EUR1.65 Bln New Bank Facilities at Ba2
---------------------------------------------------------------
Moody's Investors Service changed the outlook on ratings of Basell AF SCA
and its subsidiaries to positive and assigned Ba2/LGD 2 (29%) to the new
EUR1.65 billion senior secured bank facilities raised by the group to
refinance part of its original LBO package.

Basell performance in 2006 was robust as the company continued to benefit
from the cyclical upturn in the polyolefin markets. Strong pricing
environment and growing volumes allowed Basell to generate strong FCF and
reduce its absolute debt to a more sustainable level.  Taking into account
the effects from the change in the technology revenue accounting policy,
Basell's reported EBITDA stood at EUR1.1 billion and adjusted leverage was
reduced to x3.2 times at the end of 2006.

In the medium term, Moody's notes that Basell's FCF will be mainly
affected by CAPEX requirements (including part of the rebuild of
Munchsmunster not covered by insurance compensation) and equity
contributions to the JVs to deliver future profitable growth; while an
efficient WC management, further strengthening of FCF contribution from
the differentiated products and increasing distributions from the new JVs
are expected to support Basell's FCF as the cycle turns.

Moody's review of the outlook for positive reflects continued strength of
the polyolefins cycle, while the key risks relate to the prospects of
sustained GDP growth in Basell's key markets and in Asia.  Looking
forward, the improvement of the ratings will depend on the ability to
sustain strong FCF through the cycle and maintain the strong balance
sheet. Moody's expects that Basell will continue to exercise its prudent
financial discipline, while actively managing its portfolio of assets.
The rating and the outlook do not factor any M&A activity.

In May 2007, Basell refinanced its senior secured bank facilities with new
EUR1.65 billion revolving facilities supported by guarantees and
first-ranking pledge of shares in group companies representing at least
50% of EBITDA and 65% of total assets.

These ratings were affected:

   * Basell AF SCA:

     -- Corporate Family Rating -- Ba3 / PD rating - Ba3;

     -- EUR500 million and US$615 million 2015 senior secured
        guaranteed notes - B2 / LGD at 5 (84%);

   * Basell Finance Company

     -- USD 300 m senior guaranteed notes - B2 / LGD at 5 (84%);

   * Basell AF SCA and its subsidiaries

     -- Senior secured bank facilities - PD at Ba2 and LGD at 2
        (29%).

Headquartered in The Netherlands, Basell AF SCA -- http://www.basell.com/
-- is the producer of polypropylene and advanced polyolefins products, a
leading supplier of polyethylene and catalysts, and a global leader in the
development and licensing of polypropylene and polyethylene processes.
The company, together with its joint ventures, has manufacturing
facilities around the world and sells products in more than 120 countries.
With research and development activities in Europe, North America and the
Asia-Pacific region, Basell is continuing a technological heritage that
dates back to the beginning of the polyolefins industry.  In 2006, the
Company reported Revenues of EUR10.5 billion and EBITDA of EUR1.1 billion.

Basell has regional offices in Belgium, Germany, the United States, Brazil
and Hong Kong, as well as sales offices in the major markets around the
globe.


FOOT LOCKER: Earns US$17 Million for First Quarter Ended May 5
--------------------------------------------------------------
Foot Locker Inc. posted earned US$17 million of net income for the first
quarter ended May 5, 2007, compared to US$59 million of net income for the
same period in 2006.

Last year's results benefited by US$1 million from a cumulative effect of
accounting change related to the company's required adoption of SFAS
123(R).

First quarter sales decreased 3.6 percent to US$1,316 million, as compared
with sales of US$1,365 million for the corresponding prior year period.
Excluding the effect of foreign currency fluctuations, total sales for the
13- week period decreased 5.3 percent.  First quarter comparable-store
sales decreased 5.1 percent.

"Our first quarter financial results reflected a weak performance in each
of our U.S. businesses partially offset by a solid profit increase at our
international operations," stated Matthew D. Serra, Foot Locker, Inc.'s
Chairman and Chief Executive Officer.  "Because of the disappointing sales
at our U.S. stores, we increased our promotional posture to help clear
older goods and reduce inventory levels.  As a result, our gross margin in
our U.S. store businesses fell significantly short of our plan."

"While we are seeing signs of improvement in our U.S. store businesses, we
believe it is prudent to more-conservatively plan our business for the
balance of 2007," Mr. Serra continued.  "Therefore, for our second fiscal
quarter, we currently expect earnings to be in the range of US$0.15 to
US$0.20 per share.  This forecast includes higher markdowns than last year
to ensure that our inventory is well positioned for the fall season.  We
currently expect that our earnings for the full year will be in
the range of US$1.15 to US$1.25 per share."

                       Store Base Update

During the first quarter, the company opened 61 new stores;
remodeled/relocated 65 stores and closed 73 stores.  At
May 5, 2007, the company operated 3,930 stores in 20 countries
in North America, Europe and Australia.  The store openings
include 31 new Footquarters stores, the company's new value-
based footwear chain.  In addition, three additional Foot Locker
franchised stores were operating in the Middle East.

                       Financial Position

The company continued to strengthen its financial position while
also redeploying its strong cash flow with a goal of enhancing
shareholder value.  At the end of the first quarter, the
company's cash position, net of debt, was US$183 million, an
US$85 million improvement from the same time last year.  The
company's cash and short-term investments totaled US$418
million, while its total debt was US$235 million.  During the
first quarter, the company paid out US$19 million in shareholder
dividends and repurchased 1.2 million shares of its common stock
for US$26 million.

                       About Foot Locker

Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/-- retails athletic footwear and
apparel, and operates 3,942 primarily mall-based stores in the
United States, Canada, The Netherlands, Australia, and New
Zealand as of Feb. 3, 2007.

                            *   *   *

As reported in the TCR-Europe on April 25, 2007, Standard &
Poor's Ratings Services' ratings, including the 'BB+' corporate
credit rating, on Foot Locker Inc. remain on CreditWatch with
negative implications following the company's announcement that
it has launched a bid to acquire Genesco Inc.

As reported in the TCR-Europe on April 24, 2007, Moody's
Investors Service placed the ratings of Foot Locker, Inc. on
review for possible downgrade following the company's
announcement that it had made an unsolicited proposal to
purchase all of the outstanding shares of Genesco Inc. for US$46
per share cash representing a total consideration of around
US$1.2 billion.

These ratings are placed on review for possible downgrade:

   -- Corporate family rating of Ba1;
   -- Probability of default rating of Ba1; and
   -- Senior unsecured notes rating of Ba1.


IMPRESS HOLDINGS: Good Performance Cues S&P to Lift Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate credit
rating on the Netherlands-based metal packaging group Impress Holdings
B.V. to 'B+' from 'B', reflecting the group's continued operational
improvements.

At the same time, Standard & Poor's raised its ratings on the EUR615
million and $175 million in senior secured notes to 'B+' from 'B' and the
EUR250 million senior subordinated notes to 'B-' from 'CCC+'.  The outlook
is stable.

"The rating action follows continued improvement in Impress' operating
performance, owing to its successful recovery of raw-material prices,
meaningful restructuring gains, and a better pricing environment," said
Standard & poor's credit analyst Izabela Listowska.  "Furthermore, we
expect Impress' credit quality to continue to be underpinned in the future
by its market positions, further ability to increase prices, streamlined
fixed-cost base, and additional efficiency gains."

In the past, Impress' profitability has suffered largely from the
aggressive pricing environment as leading market players have maneuvered
for position.  Nevertheless, the company's performance and margins have
strengthened gradually since 2003.  In 2006, Impress reported
restructuring-adjusted EBITDA margins of 13%, which is slightly higher
than the level achieved in 2005, but demonstrates an improvement compared
with 2004 (EBITDA margin 10%) and 2003 (8%).

The ratings on Impress reflect the company's strong European market
positions in aluminum- and steel-based packaging for food products, and in
decorative and protective finishes, stable revenue streams from relatively
recession-resistant markets, and long-standing relationships with key
customers.  Offsetting these factors is Impress' highly leveraged
financial profile.

Following the refinancing in September 2006, which included an
extraordinary EUR480 million cash payout to Impress' equity sponsors, the
company's balance sheet is aggressively leveraged with adjusted debt of
about EUR1.1 billion (including unfunded pension obligations of EUR125
million and operating leases of EUR14 million, but excluding preferred
interest) at March 31, 2007.

"The stable outlook reflects our expectation that Impress' credit
protection measures will strengthen over the next quarters," said Ms.
Listowska.  "FFO to adjusted cash debt should remain at 10%-15%, and
adjusted cash debt to EBITDA should improve to below 5x."


KONINKLIJKE AHOLD: Court Sends Ex-USF Marketing Chief to Prison
---------------------------------------------------------------
The Hon. Thomas P. Griesa of the U.S. District Court of New York sentenced
Mark Kaiser, former marketing head of Koninklijke Ahold N.V.'s U.S.
Foodservice Inc. subsidiary, to seven years in prison for his role in a
scheme to artificially boost the unit's operating results by hundreds of
millions of dollars, The Wall Street Journal reports.

Judge Griesa also ordered a two-year supervised release and a US$50,000
fine against Mr. Kaiser, WSJ relates.

Following the sentence declaration, Mr. Kaiser said the government and its
witnesses painted a "distorted and grotesque picture" of him at trial, and
the ordeal of the investigation, trial and subsequent conviction "has
about broken me," WSJ relates.

"I should have taken off my salesman's hat and tried to be more like an
accountant," Mr. Kaiser was quoted by WSJ as saying.

Mr. Kaiser's lawyers said they will appeal their client's conviction.
Judge Griesa granted their request to allow Mr. Kaiser to post bail
pending appeal.

Koninklijke Ahold is selling USF to a consortium of Clayton, Dubilier &
Rice Fund VII, L.P. and Kohlberg Kravis Roberts & Co L.P. for a purchase
price of US$7.1 billion.  The parties expect to complete the sale in the
second half of 2007.

                           About Ahold

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

                            *   *   *

In a TCR-Europe report on May 11, 2007, Moody's Investors Service placed
the Ba1 Corporate Family Rating and the Ba1 Senior Unsecured Long-Term
Rating of Koninklijke Ahold N.V. on review for possible upgrade.

The action follows the company's recent announcement that it has
agreed to the disposal of its US Foodservice business to private
equity funds for US$7.1 billion.

As reported in the TCR-Europe on May 7, 2007, Fitch Ratings upgraded the
Issuer Default and senior unsecured ratings of Royal Ahold N.V. (nka
Koninklijke Ahold N.V.) to 'BB+' from 'BB'.  The Outlook on the Issuer
Default rating remains Positive.  Its Short-term rating is affirmed at
'B'.


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


ALKEEVSKOYE BUILDING: Creditors Must File Claims by June 5
----------------------------------------------------------
Creditors of OJSC Alkeevskoye Building Administration 1 have until June 5
to submit proofs of claim to:

         N. Khayrullin
         Insolvency Manager
         Turbinnaya Str. 3
         Kazan
         420108 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A65-2371/2007-SG4-21.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12, Floor 2
         Entrance 2, Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Alkeevskoye Building Administration 1
         Solnechnaya Str. 1 a
         Bazarnye Mataki
         Alkeevskiy
         Tatarstan
         Russia


EAR-2000 CJSC: Creditors Must File Claims by July 5
---------------------------------------------------
Creditors of CJSC Ear-2000 have until July 5 to submit proofs
of claim to:

         V. Orlyanskiy
         Insolvency Manager
         Post User Box 14
         410000 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy proceedings against
the company after finding it insolvent.
The case is docketed under Case No. A-57-168B/05-32.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Ear-2000
         Semenovka
         Arkadyevskiy
         Saratov
         Russia


EAST-WEST CJSC: Creditors Must File Claims by June 5
----------------------------------------------------
Creditors of CJSC Trading House East-West have until June 5 to submit
proofs of claim to:

         A. Chuyasov
         Temporary Insolvency Manager
         Office 105
         Sv.Innokentoya Str. 13
         675000 Blagoveshensk
         Russia

The Arbitration Court of Amur will convene on Aug. 7 to hear the company's
bankruptcy supervision procedure.  The case is docketed under Case No.
A04-627/07-10/112B.

The Debtor can be reached at:

         CJSC Trading House East-West
         Tynda
         Tyndinskiy
         676282 Amur
         Russia


FORESTER CJSC: Creditors Must File Claims by July 5
---------------------------------------------------
Creditors of CJSC Forester (TIN/KPP 2342001280/234201001) have until July
5 to submit proofs of claim to:

         R. Nekhay
         Insolvency Manager
         Stroitelnaya Str. 7
         Mostovskoj
         Krasnodar
         Russia
         Tel: 8-928-215-01-85

The Arbitration Court of Krasnodar commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A32-22138/2006-44/2084-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Staroderevenkovskaya St.
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Forester
         Stroitelnaya Str. 7
         Mostovskoj
         Krasnodar
         Russia


GAS-SPETS-STROY: Creditors Must File Claims by July 5
-----------------------------------------------------
Creditors of LLC Gas-Spets-Stroy have until July 5 to submit proofs of
claim to:

         N. Bulganina
         Insolvency Manager
         Post User Box 2408
         350088 Krasnodar
         Russia

The Arbitration Court of Orenburg commenced bankruptcy proceedings against
the company after finding it insolvent.
The case is docketed under Case No. A47-1341/07-14GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Gas-Spets-Story
         Rakityanka
         Mednogorsk
         Orenburg
         Russia


GAZPROM NEFT: Board Recommends RUR38.32 Bln Dividend for 2006
-------------------------------------------------------------
The board of directors of OAO Gazprom Neft has recommended a dividend
payment for 2006 at RUR8.0822 per share to the company's shareholders,
Analytical Information Agency reports.

The company will pay a net of RUR38.32 billion in dividend for 2006,
compared with RUR37.456 billion in dividend for 2005, AK&M relates.

Gazprom Neft has RUR7.586 million in authorized capital stock divided into
4,741,299,639 common shares at 0.0016 RUR par.

Gazprom Neft reported RUR62.83 billion in net profit on RUR374.78 billion
in net revenues for year ended Dec. 31, 2006.

                       About Gazprom Neft

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

                            *   *   *

As of May 28, 2007, Gazprom Neft carries a Ba1 Corporate Family and Ba2
Senior Unsecured Debt ratings from Moody's.  Outlook is positive.

Gazprom Neft also carries BB+ Long-Term Foreign Issuer Credit and Local
Issuer Credit ratings from Standard & Poor's.  Outlook is positive.


H3C HOLDINGS: Moody's Assigns Ba2 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned a Ba2 corporate family rating to H3C
Holdings Ltd.

At the same time, Moody's has assigned these ratings to the secured U.S.
Dollar loans proposed to be issued by H3C and guaranteed by H3C
Technologies Co Ltd:

   (1) US$230 million Tranche A 3.5-year senior secured
       amortizing loan - Ba2;

   (2) US$200 million Tranche B 5.5-year senior secured
       amortizing loan - Ba2.

The outlook for these ratings is stable.  This is the first time that
Moody's has assigned ratings to H3C.

"H3C's ratings reflect its established position as the second largest
player in the enterprise networking market in China," says Ken Chan, a
Moody's AVP/Analyst, adding, "Its strong R&D capability and regional
support network underpins its sustainable competitive advantage enabling
it to better serve its customers."

"Moreover, these strengths are supported by H3C's capex-light business
model, which enables positive free cash flow generation for debt
reduction," says Chan.  "Therefore, its credit metrics are projected to
improve over the next few years."

At the same time, Moody's believes a Ba2 rating is appropriate in light of
H3C's position as a fast-growing and relatively small company in a global
technology context, especially with a short operational track record.

"Although Moody's considers the proven execution capability of its
management team, H3C faces some degree of challenge in executing its
strategic initiatives in its international businesses," says Chan.

Furthermore, concerns are evident over a potential weakening of support
and sales from Huawei Technologies, which is no longer a shareholder of
H3C after selling its stake.  As such, there are concerns over continuity
in management and engineering staff as well.  However, these concerns are
partially mitigated by a Non-Compete Agreement between H3C and Huawei and
Equity Appreciation Rights Program put in place to ensure management
continuity.

When compared to other rated regional technology peers such as Hynix
Semiconductor (Ba3/RUR), United Test and Assembly (Ba3/stable) and STATS
ChipPAC (Ba2/RUR), H3C operates in a business segment which is lighter on
capex and experiences a longer technology cycle translating to less
exposure to industry volatility, while generating positive free cash flow,
which supports its Ba2 rating.

H3C is now the wholly-owned subsidiary of 3Com Corporation.  While 3Com
has a longer operational track record, it has a relatively weaker
operating performance compared to H3C.  Moody's notes there are
restrictive loan covenants on dividend payments before loan prepayments.
Moody's draws further comfort that 3Com is debt-free with ample cash on
balance sheets, and therefore it does not post negative impact to H3C's
credit ratings.

The repayment schedule for the US$230 million Tranche A loan is front-end
loaded, with 40% repayment after 6 months of drawdown. This pressures
balance sheet liquidity and debt service coverage ratio given the need to
distribute the one-off EARP payment and US$41 million of capital reduction
to Huawei which was approved in fourth quarter 2006 and held in an escrow
account until it was paid in first quarter 2007.  Such concern is
partially mitigated by its projected strong cash flow generation
capability.  The US$200 million Tranche B loan has a back-end loaded
repayment schedule.

The stable outlook reflects Moody's expectation that H3C will successfully
execute its business plans and grow its business after the sell-out by
Huawei Technologies, while maintaining its free cash flow generation for
debt reduction over the next few years.

A ratings upgrade could evolve over time if the company demonstrates the
ability to maintain its expected growth momentum in China, while
protecting profitability -- especially after the expiration of the
18-month non-compete agreement. Moreover, the ability to maintain positive
free cash flow for debt repayment such that Adjusted TD/EBITDA of below
1.5-2.0x and EBITDA/Int of above 6.0-8.0x over the cycle will be positive
for the ratings.

On the other hand, the rating could experience downward pressure if:

   (1) sales growth traction is below expectations over the next
       few years;

   (2) the company fails to generate positive free cash flow for
       debt repayments, such that Adjusted TD/EBITDA exceeds
       3.0-4.0x, EBITDA/Int falls below 4.0-5.0x and Debt
       Service Coverage Ratio falls below 1.5-2.0x over the
       cycle, and

   (3) there is evidence of cash leakage to fund affiliated
       companies.

Headquartered in Hong Kong, H3C Holdings Ltd is a leading global supplier
of IP networking products and solutions.  Its offering includes routers,
Ethernet switches, wireless LAN, security, Voice/Video over IP products,
SOHO products and network management systems.

H3C has its principal operations in Hangzhou, China and has established
branch companies in Japan, the U.S., South Africa, Korea, Thailand,
Russia, India and Malaysia.  H3C is a wholly-owned subsidiary of 3Com
Corporation.


KRASNOGVARDEYSKAYA COMPANY: Creditors Must File Claims by July 5
----------------------------------------------------------------
Creditors of LLC Krasnogvardeyskaya Company of Raw Materials have until
July 5 to submit proofs of claim to:

         E. Leyliyan
         Insolvency Manager
         Office 428
         Krasnaya Str. 180
         Krasnodar
         Russia

The Arbitration Court of Adygeya commenced bankruptcy proceedings against
the company after finding it insolvent.
The case is docketed under Case No. A01-B-2062-2006-3.

The Debtor can be reached at:

         LLC Krasnogvardeyskaya Company of Raw Materials
         Mira Str. 23
         Khatukaj
         Krasnogvardeyskiy
         Adygeya
         Russia


KUBANSKAYA OIL-AND-GAS: Creditors Must File Claims by July 5
------------------------------------------------------------
Creditors of OJSC Kubanskaya Oil-And-Gas Company have until
July 5 to submit proofs of claim to:

         E. Leylyan
         Insolvency Manager
         Office 428
         Krasnaya Str. 180
         Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A-32-28650/2006-2/2672-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Staroderevenkovskaya St.
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Kubanskaya Oil-And-Gas Company
         Budennogo Str. 117/1
         Krasnodar
         Russia


KVAZAR CJSC: Court Names E. Leyliyan as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Krasnodar appointed E. Leyliyan as Insolvency
Manager for CJSC Kvazar.  He can be reached at:

         E. Leyliyan
         Office 2
         Kubano-Naberezhnaya Str. 100
         350063 Krasnodar
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case
No. A-32-28899006-1/2697-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Staroderevenkovskaya St.
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Kvazar
         Armavirskaya Str. 13
         353320 Abinsk
         Russia


MAGNITOGORSK IRON: To Construct Metal Works in Turkey
-----------------------------------------------------
OJSC Magnitogorsk Iron and Steel Works and Atakas Group are planning to
build a metal works in the Republic of Turkey with a capacity of 2.6
million tons of metal products per year.

The new works will specialize in the production and processing of hot and
cold-rolled sheet as well as galvanized and color-coated rolled steel
products.

The project site is in the industrial areas of Iskenderun and Istanbul.
The project is expected to take more than three years to realize and has
the approximate cost of US$1.1 billion.

"The dynamic and rapidly growing market of Turkey is not fully sufficient
in metal production capacities and is thereby attractive to steel
producers," Viktor Rashnikov, Chairman of the Board of Magnitogorsk Iron
and Steel Works, said.  "The implementation of this project is fully in
line with the strategy of MMK, which includes expansion in growing
markets.  The project will contribute to increasing the strength of MMK’s
position on the global steel market."

"We are pleased with the opportunity to implement a joint project with a
leading global steel producer such as MMK," Rejep Atakas, CEO of Atakas
Group, said.  "I am certain that the dynamic development of the Turkish
economy, MMK’s long-standing expertise in steel production together with
the strong position of Atakas Group on the Turkish market will ensure the
success of the project."

                     About Magnitogorsk Iron

Headquartered in Magnitogorsk, Russia, OJSC Magnitogorsk Iron
and Steel Works -- http://www.mmk.ru/-- manufactures steel and
accounts for about 20% of all steel products sold on the
domestic market.  MMK is a major fully integrated steel making
complex encompassing all the required processes, from
preparation of iron ore materials to high added value processing
of steel.  About half of the Company's output is exported
worldwide.

                            *   *   *

In a TCR-Europe report on April 27, Moody's Investor's Service
upgraded to Ba2 from Ba3 the corporate family rating for
Magnitogorsk Iron and Steel Works as well as the rating on the
company's guaranteed medium term notes issued by MMK Finance
S.A.

Moody's said the outlook for both ratings is stable.  The
Moody's Interfax Rating Agency has upgraded the national scale
rating for MMK to Aa2.ru from Aa3.ru.

As a result of the implementation of the Loss Given Default and
Probability of Default rating methodology in April 2007, Moody's
has assigned a PDR of Ba2 to MMK.  The Ba2 Corporate Family
Rating, which is at the same level as the PDR, reflects the
assumption of a family-wide LGD rate of 50%.

The US$300 million guaranteed senior unsecured medium term
notes, issued by MMK Finance SA, are also rated at Ba2 (Loss
Given Default Assessment LGD4, 50%), at the same level as the
Corporate Family Rating, reflecting the benefit of a senior
guarantee from the operating company MMK which positions the
notes at the same level as the approx. US$600 million bank loans
and US$572 million trade claims of MMK, based on nine months
2006 results.

Magnitogorsk Iron carries BB Issuer Default and senior unsecured
ratings from Fitch Ratings.  The Outlook on the Issuer Default
rating is Stable.

The company also carries a BB Issuer Rating from Standard and
Poor's.


MARETEX LTD: S&P Puts Corporate Credit Ratings at B-
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term corporate
credit rating and 'ruBBB' Russia national scale rating to Russian metal
distributor Maretex Ltd. (which operates under the Comtech brand).  The
outlook is stable.

"The ratings are constrained by the group's aggressive investment plans,
which will increase debt dramatically if undertaken, and the volatile and
competitive nature of the metal distribution business," said Standard &
Poor's credit analyst Elena Anankina.

The ratings are supported by Maretex's fair market position and by the
currently favorable conditions in the Russian steel market.

Maretex is Russia's largest independent steel distributor, with a 6.8%
market share in warehouse trading and presence across various Russian
regions.  Until recently, the group's operations were split between
Maretex (the trading entity, which now also holds the group's newly
acquired steel processing units Kashira and Trubostal) and Regmoon (the
owner of the group's warehouses) with both entities having the same
shareholding structure.  In May 2007, the shareholders contributed
Regmoon's equity to that of Maretex, significantly improving the group's
transparency and governance.  At Dec. 31, 2006, Maretex's debt was $18
million, compared with $28 million in consolidated debt.

"We expect Maretex to materially increase its leverage to finance its
planned capital expenditures, although we believe the investments are
largely discretionary and may be delayed if financing is not available",
said Ms. Anankina.  "Moreover, we believe that the group would be able to
roll over its short-term debt if necessary."

The group's credit quality would benefit if Maretex limited its borrowing
and investment ambitions and strengthened its liquidity profile through
extending its debt maturity profile.  S&P will monitor the progress of the
group's investments and their impact on consolidated profits and cash
flows.

In case of a liquidity disruption or a material margin squeeze, the
ratings or outlook may come under pressure.


NEVSKIY PROSPECT: Creditors Must File Claims by June 5
------------------------------------------------------
Creditors of LLC Industrial Group Nevskiy Prospect have until June 5 to
submit proofs of claim to:

         M. Zhiromskiy
         Insolvency Manager
         Apartment 26
         Torgovaya Square Str. 5
         160035 Vologda
         Russia

The Arbitration Court of Vologda commenced bankruptcy proceedings against
the company after finding it insolvent.
The case is docketed under Case No. A13-787/2007.

The Court is located at:

         The Arbitration Court of Vologda
         Hall 4
         Gertsena Str. 1a
         Vologda
         Russia

The Debtor can be reached at:

         M. Zhiromskiy
         Insolvency Manager
         Apartment 26
         Torgovaya Square Str. 5
         160035 Vologda
         Russia


ROSNEFT OIL: Mulls Selling Some Yukos Oil Assets
------------------------------------------------
OAO Rosneft Oil Co. considers selling some of the assets it recently
acquired from OAO Yukos Oil Co., Interfax News reports citing Rosneft
president Sergei Bogdanchikov.

"We bought a lot of assets and we don't need all of them," Mr.
Bogdanchikov was quoted by Interfax News as saying.  "We'll be selling the
non-core assets, assets in isolated regions and assets which don't blend
in with the company's strategy."

Mr. Bogdanchikov noted that selling the assets would allow Rosneft to cut
its accounts payable, Interfax News says.  The president also denied
reports that Rosneft struck deals with Gazprom to sell some of Yukos' East
Siberian assets to the state-owned gas company.

Rosneft has won these assets through its subsidiaries in a series of Yukos
auctions, which began in March 2007:

   Acquiring Unit     Assets          Price
   --------------     ------          -----
   RN-Razvitiye       9.44% stake in
                      Yukos Oil       RUR197.8 billion

   OOO Neft-Aktiv     nine assets     RUR1.03 billion

   OOO Neft-Aktiv     Samara assets   RUR165.5 billion

   OOO Neft-Aktiv     East Siberian
                      Assets          RUR177.7 billion

                          About Rosneft

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

                            *   *   *

In a TCR-Europe report on Mar. 23, 2007, Fitch Ratings notes that
Rosneft's plans to borrow US$22 billion from a group of eight banks in two
credit arrangements of US$13 billion maturing in 12 months and US$9
billion maturing in 18 months is currently incorporated into the company's
local and foreign currency Issuer Default ratings of 'BB+' Rating Watch
Positive.

In a TCR-Europe report on Jan. 16, 2007, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Russian OJSC Oil
Company Rosneft to 'BB+' from 'BB' and removed it from CreditWatch, where
it had been placed with positive implications on Nov. 15, 2006.  S&P said
the outlook is developing.


SBERBANK ROSSII: Supervisory Board Moves to Split Shares
--------------------------------------------------------
The supervisory board of OAO Sberbank Rossii decided to split the
company's common stock at 1:1,000 and preferred shares at 1:20, Kommersant
reports.

"It will make the use of the bank’s stocks, ownership and sale less
complex as both common and preferred shares will have the same nominal
prices of RUR3," CEO Andrey Kazmin told Kommersant.

The split is subject to shareholders' approval and will take three months
to be completed.

Stock market participants, Kommersant relates, said the move was aimed at
making Sberbank's shares more liquid and available for all investors.

Experts, meanwhile, lauded the move, saying that the split would attract
potential investors, especially individuals, Kommersant says. The bank’s
growing liquidity will hike the stock’s prices.

The company recently sold 2,587,00 shares at RUR89,000 each during it
initial public offering, earning around RUR230.2 billion in proceeds,

According to Kommersant, the split will allow Sberbank to double the
number of its free float stocks to 4%.

                         About Sberbank

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

                            *   *   *

As of Feb. 1, 2007, Sberbank carries Moody's Investors Service's D
financial strength rating with stable outlook.

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


SMOLENSK-DOR-STROY: Creditors Must File Claims by July 5
--------------------------------------------------------
Creditors of OJSC Smolensk-Dor-Stroy have until July 5 to submit proofs of
claim to:

         P. Zhelnin
         Insolvency Manager
         Post User Box 183
         127018 Moscow
         Russia

The Arbitration Court of Smolensk commenced bankruptcy proceedings against
the company after finding it insolvent.
The case is docketed under Case No. A62-5254/2006 (1082-N/2006).

The Debtor can be reached at:

         OJSC Smolensk-Dor-Story
         Vitebskoye Shosse 24
         Smolensk
         Russia


V.I. LENIN: Court Names O. Denisov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Krasnodar appointed O. Denisov as Insolvency
Manager for CJSC Named After V.I. Lenin.  He can be reached at:

         O. Denisov
         Novorossiyskaya Str. 100
         Gostagaevskaya St.
         Anapskiy
         353410 Krasnodar
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case
No. A32-5246/2005-2/41-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Staroderevenkovskaya St.
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Named After V.I. Lenin
         Dyadkovskaya Str. 63
         Korenovsk
         Korenovskiy
         Krasnodar
         Russia


VIMPEL-COMMUNICATIONS: Earns US$277 Mln for First Quarter 2007
--------------------------------------------------------------
OJSC Vimpel-Communications posted US$277.28 million in net profit on
US$1.49 billion in net revenues for the first quarter ended March 31,
2007, compared with US$150.22 million in net profit on US$936.47 million
in net revenues for the first quarter ended March 31, 2006.

"Our first quarter results were very strong with revenue, OIBDA, net
income and cash flow all at record levels," Alexander Izosimov, Chief
Executive Officer of VimpelCom, said.  "We reported almost 60%
year-on-year growth in revenue and OIBDA and almost 85% year-on-year
growth in net income, which is a remarkable achievement for a company of
VimpelCom's size.

"On a sequential, quarter-on-quarter basis, our results were also very
encouraging.  Although the first quarter is the seasonally weakest quarter
for revenue, we reported both revenue growth and substantially improved
margins.  It is a very good start to what we hope will become another
successful year."

As of March 31, 2007, VimpelCom had US$8.88 billion in total assets,
US$4.71 billion in total liabilities and US$4.27 billion in total
shareholders equity.

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications
(NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile
telecommunications services in Russia and Kazakhstan with newly
acquired operations in Ukraine, Tajikistan and Uzbekistan.  The
Company operates under the 'Beeline' brand in Russia and
Kazakhstan.  In addition, VimpelCom is continuing to use 'K-
mobile' and 'EXCESS' brands in Kazakhstan.  The group wholly
owns Mobitel in Georgia.

                            *   *   *

In a TCR-Europe report on April 16, 2007, Moody's Investors
Service confirmed its Ba2 Corporate Family Rating for OJSC
Vimpel-Communication and assigned a Ba2 Probability-of-Default
rating to the company.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   10% Senior Unsecured
   Regular Bond/Debenture
   Due 2009                Ba2      Ba2      LGD4     52%

   8.375% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                Ba2      Ba2      LGD4     52%

   8% Senior Unsecured
   Regular Bond/Debenture
   Due 2010                Ba2      Ba2      LGD4     52%

   8.25% Senior Unsecured
   Regular Bond/Debenture
   Due 2016                Ba2      Ba2      LGD4     52%

As reported in the TCR-Europe on Oct. 12, 2006, Standard &
Poor's Ratings Services raised its long-term corporate credit
rating on Russia-based mobile telecommunications operator
Vimpel-Communications (JSC) to 'BB+' from 'BB', reflecting the
company's continuing strong performance.  S&P said the outlook
is stable.


VOLZHSKOYE REPAIR: Creditors Must File Claims by June 5
-------------------------------------------------------
Creditors of OJSC Volzhskoye Repair-Technical Enterprise have until June 5
to submit proofs of claim to:

         S. Kleshev
         Temporary Insolvency Manager
         Apartment 87
         Chekhova Str. 12
         Yoshkar-Ola
         424004 Mariy El
         Russia

The Arbitration Court of Mariy El will convene on Aug. 2 to hear the
company's bankruptcy supervision procedure.  The case is docketed under
Case No. A-38-481-12/36-2007.

The Court is located at:

         The Arbitration Court of Mariy El
         Lenina Pr. 40
         Yoshkar-Ola, Mariy El
         Russia

The Debtor can be reached at:

         OJSC Volzhskoye Repair-Technical Enterprise
         Privolzhskiy
         Volzhskiy
         Mariy El
         Russia


VYSOKOVSKIY FLAX: Creditors Must File Claims by June 5
------------------------------------------------------
Creditors of OJSC Agricultural Company Vysokovskiy Flax Factory have until
June 5 to submit proofs of claim to:

         S. Postnov
         Temporary Insolvency Manager
         Emmaus 27
         170530 Tver
         Russia

The Arbitration Court of Tver will convene on June 19 to hear the
company's bankruptcy supervision procedure.  The case is docketed under
Case No. A66-1469/2007.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         S. Postnov
         Temporary Insolvency Manager
         Emmaus 27
         170530 Tver
         Russia


WOOD-TRANSIT LLC: Creditors Must File Claims by June 5
------------------------------------------------------
Creditors of LLC Wood-Transit have until June 5 to submit proofs of claim to:

         A. Chuyasov
         Insolvency Manager
         Office 105
         Sv. Innokentiya Per. 13
         Blagoveshensk
         675000 Amur
         Russia

The Arbitration Court of Amur will convene on Aug. 7 to hear the company's
bankruptcy supervision procedure on LLC Wood-Transit.
The case is docketed under Case No. A04-626/07-10/111 B.

The Debtor can be reached at:

         LLC Wood-Transit
         Pervostroitelej Str. 4th 14
         Kuvykta
         Tyndynskiy
         Amur
         Russia


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


ALLIANCE ATLANTIS: Canadian Regulator Okays Plan of Arrangement
---------------------------------------------------------------
Alliance Atlantis Communications Inc. and CanWest Global Communications
Corp. disclosed that approvals had been obtained from the Canadian
Radio-television and Telecommunications Commission in respect of the Plan
of Arrangement pursuant to which AA Acquisition Corp. would acquire all of
the outstanding shares of Alliance Atlantis for CDN53.00 cash per share.

Alliance Atlantis owns directly or indirectly the securities of certain
entities which are regulated by the CRTC. In connection with the
completion of the Plan of Arrangement, those securities will be deposited
with a trustee pending the CRTC’s decision regarding the acquisition of
those regulated entities by AA Acquisition Corp.

The CRTC has now approved the trust arrangements with respect to those
regulated entities, including the appointment of James Macdonald to act as
trustee.  Approval of the trust arrangements by the CRTC is a condition of
completion of the Plan of, and
this condition has now been satisfied.  After completion of the Plan of
Arrangement, it is intended that there will be a reorganization of the
various business units and assets of Alliance Atlantis.

The CRTC has now also approved those steps in the reorganization, which
includes the entities that are regulated by the CRTC being placed in the
approved trust.  Approval of the reorganization by the CRTC is also a
condition of the Arrangement, and this condition has now been satisfied.

While no other CRTC approvals are required as conditions of the Plan of
Arrangement, the acquisition of the regulated entities by AA Acquisition
Corp. remains subject to the CRTC’s approval.

"We are very pleased that these approvals have been obtained which satisfy
certain conditions pertaining to the acquisition,” said Leonard Asper,
President and Chief Executive Officer of CanWest. "This is another
important step in the transaction process.  All material regulatory
approvals required in connection with the broadcasting operations that are
part of the Plan of Arrangement have now been obtained."

“Jim Macdonald is a highly experienced and well-respected member of the
Canadian broadcasting industry," said Phyllis Yaffe, Chief Executive
Officer of Alliance Atlantis.  "Jim's long-standing commitment to the
broadcasting sector makes him an ideal candidate for this important role
and I look forward to working with him in the weeks and months ahead.”

                     About Alliance Atlantis

Headquartered in Toronto, Canada, Alliance Atlantis
Communications Inc. -- http://www.allianceatlantis.com/-- is a
specialty channel broadcaster with a 50% ownership interest in
the CSI TV franchise. The company has worldwide offices in the
United Kingdom, Spain and Australia.

                            *   *   *

In January 2007, Standard & Poor's Ratings Services reported
that the ratings on Alliance Atlantis Communications Inc.,
including the 'BB' long-term corporate credit rating, remain on
CreditWatch. The implications, however, have been revised to
negative from developing. The ratings were first placed on
CreditWatch with developing implications Dec. 20, 2006, after
Alliance Atlantis' disclosure that it is exploring strategic
alternatives, namely the possible sale of the entire company.

At the same time, Moody's Investors Service placed the Ba2
Corporate Family, Ba1 Senior Secured and Ba3 Probability of
Default ratings of Alliance Atlantis Communications Inc. under
review for possible downgrade.


FONCAIXA HIPOTECARIO: Moody's Junks EUR12 Million Series D Notes
----------------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to four
series of Bonos de Titulizacion de Activos issued by Foncaixa Hipotecario
10 Fondo de Titulizacion de Activos, a Spanish Asset Securitization Fund
that has been created by Gesticaixa, S.G.F.T, S.A.  Moody's has assigned
these ratings:

   -- Aaa to the EUR1,458 million Series A notes;
   -- Aa3 to the EUR30 million Series B notes;
   -- Baa2 to the EUR12 million Series C notes; and
   -- C to the EUR12 million Series D notes.

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

The transaction consists exclusively of the securitization of some
additional drawdown of a flexible mortgage product which is structured
like a line of credit and it is currently La Caixa's flagship product.
Under this product borrowers are allowed to make additional drawdown up to
the original LTV limit and for an amount equal to the amortized principal.
Generally, such additional drawdowns are subject to La Caixa's credit
review and approval.

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

   (1) interest rate swap to hedge interest rate risk in the
       transaction and secure the weighted average interest rate
       on the notes, plus 50 bps;

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

   (3) an 18-month artificial write-off mechanism;

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

   (5) very good quality collateral in terms of LTV, seasoning
       and occupancy type;

   (6) very good performance data on previous deals; and

   (7) the quality of La Caixa as originator and servicer.

However, Moody's notes that the deal also has weaknesses, including:

   (1) 100% of the loans are flexible, which leads to a higher
       expected default frequency and more severe losses;

   (2) the loans may enjoy principal grace periods; and

   (3) Geographical concentration in the region of Catalonia
       (52%), mitigated in part by the fact that La Caixa has
       its origins in this region, where it has greatest
       expertise.

As of April 22, 2007, the provisional portfolio comprises 60,997
additional drawdowns for a total amount of EUR1,911,226.  The collateral
backing the notes' issuance is entirely composed of first-lien mortgage
additional drawdowns.  The current WALTV is 58.23%.  The average
additional drawdown size is EUR31,333.  The additional drawdowns are
originated between 1993 and 2007 with a weighted average seasoning of 4.75
years.  All the additional drawdowns are paid via direct debit.

Moody's based its ratings on:

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

   (2) the transaction's structural protections, which include
       the subordination, the strength of the cash flows
       and any excess spread available to cover losses.


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


BAU – UND GIPSERBEDARF: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings against LLC
Bau - und Gipserbedarf Zug on April 17.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Bau - und Gipserbedarf Zug
         Baarerstrasse 59
         6300 Zug
         Switzerland


ELTEL NETWORKS: Creditors' Liquidation Claims Due June 30
---------------------------------------------------------
Creditors of LLC Eltel Networks have until June 30 to submit their claims to:

         JSC Structura Treuhand
         Liquidator
         Steinhauserstrasse 70
         6301 Zug
         Switzerland

The Debtor can be reached at:

         LLC Eltel Networks
         Zug
         Switzerland


FREBANA LLC: Creditors' Liquidation Claims Due June 8
-----------------------------------------------------
Creditors of LLC FREBANA have until June 8 to submit their claims to:

         Benno Frei
         Liquidator
         Steinbruchstrasse 20
         4622 Egerkingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         LLC FREBANA
         Egerkingen
         Gau SO
         Switzerland


GSM GLOBAL: Creditors' Liquidation Claims Due July 2
----------------------------------------------------
Creditors of LLC GSM Global Sports Management have until July 2 to submit
their claims to:

         Armand Ineichen
         Liquidator
         Gotthardstrasse 3
         6304 Zug
         Switzerland

The Debtor can be reached at:

         LLC GSM Global Sports Management
         Zug
         Switzerland


ISOTOPCASA LLC: Creditors' Liquidation Claims Due June 18
---------------------------------------------------------
Creditors of LLC IsoTopCasa have until June 18 to submit their claims to:

         Peter Aeppli
         Liquidator
         Witikonstrasse 19
         8118 Pfaffhausen
         Switzerland

The Debtor can be reached at:

         LLC IsoTopCasa
         Fallanden
         Uster ZH
         Switzerland


KARL LEIDEMANN: Creditors' Liquidation Claims Due June 13
---------------------------------------------------------
Creditors of JSC Karl Leidemann have until June 13 to submit their claims to:

         FIDURIA
         Liquidator
         Zieglerstrasse 43b
         3000 Bern 14
         Switzerland

The Debtor can be reached at:

         JSC Karl Leidemann
         Thun BE
         Switzerland


KUJEA JSC: Creditors' Liquidation Claims Due June 8
---------------------------------------------------
Creditors of JSC KUJEA have until June 8 to submit their claims to:

         Kurt Hellstern and Jeanne Pichard
         Liquidators
         Peter Merian-Str. 2
         4052 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC KUJEA
         Basel BS
         Switzerland


MDH PARTNERS: Zug Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC
MDH Partners on April 17.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC MDH Partners
         Bahnhofstrasse 14
         6341 Baar ZG
         Switzerland


TESCLEAN LLC: Willisau Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Willisau commenced bankruptcy proceedings against
LLC TESclean on May 1.

The Bankruptcy Service of Willisau can be reached at:

         Bankruptcy Service of Willisau
         6130 Willisau LU
         Switzerland

The Debtor can be reached at:

         LLC TESclean
         Kreuzmatte 1c
         6260 Reiden
         Willisau LU
         Switzerland


WASER BAU: Lucerne Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Hochdorf in Lucerne commenced bankruptcy
proceedings against JSC Waser Bau on April 23.

The Bankruptcy Service of Hochdorf can be reached at:

         Bankruptcy Service of Hochdorf
         6020 Emmenbrucke
         Hochdorf LU
         Switzerland

The Debtor can be reached at:

         JSC Waser Bau
         Buzibachstrasse 23
         6023 Rothenburg
         Hochdorf LU
         Switzerland


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


AGRICULTURAL TECHNICAL: Creditors Must File Claims by June 2
------------------------------------------------------------
Creditors of LLC Agricultural Technical Industry (code EDRPOU 32636704)
have until June 2 to submit written proofs of claim to:

         S. Bagmet
         Liquidator
         Lenin Avenue 135
         69000 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy proceedings against
the company after finding it insolvent.
The case is docketed under Case No. 19/51/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Technical Industry
         Vodonapornaya Str. 10
         69063 Zaporozhje
         Ukraine


INDUSTRIAL TECHNICAL: Creditors Must File Claims by June 2
----------------------------------------------------------
Creditors of LLC Industrial Technical Investment have until
June 2 to submit written proofs of claim to:

         V. Bezpalov
         Liquidator
         Vorontsov Avenue 75/232;
         49081 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 24/15/115/05.

The Court is located at:

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

The Debtor can be reached at:

         LLC Industrial Technical Investment
         Fuchik Str. 19
         49027 Dnipropetrovsk
         Ukraine


KAMIANETS-PODOLSKY PMK-245: Claims Filing Bar Date Set June 2
-------------------------------------------------------------
Creditors of OJSC Kamianets-Podolsky PMK-245 (code EDRPOU 21318812) have
until June 2 to submit written proofs of claim to:

         Mariya Golovataya
         Temporary Insolvency Manager
         Princes Koriatovichi Str. 4/49
         Kamianets-Podolsky
         32300 Hmelnitskiy
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No. 13/79-B.

The Court is located at:

         The Economic Court of Hmelnitskiy
         Nezalezhnosti Square 1
         29000 Hmelnitskiy
         Ukraine

The Debtor can be reached at:

         OJSC Kamianets-Podolsky PMK-245
         Zavodskaya Str. 2
         Kamianets-Podolsky
         32300 Hmelnitskiy
         Ukraine


KUPIANSK ATP-2065: Creditors Must File Claims by June 2
-------------------------------------------------------
Creditors of (code EDRPOU 04241864) have until June 2 to submit written
proofs of claims to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
B-24/20-07.

The Debtor can be reached at:

         Kupiansk Common Enterprise ATP-2065
         Goncharovskaya Str. 3
         Kharkov-052
         Ukraine


OCTOBER LLC: Creditors Must File Claims by June 2
-------------------------------------------------
Creditors of Agricultural LLC October (code EDRPOU 03745350) have until
June 2 to submit written proofs of claim to:

         Victor Sushkov
         Liquidator
         Officer Str. 12
         Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. 7/35-b.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC October
         Chudnov District Driglov, October Str. 17
         13210 Zhytomir
         Ukraine


UKRAINIAN SUPPLY: Creditors Must File Claims by June 2
------------------------------------------------------
Creditors of Ukrainian Supply Assembly (code EDRPOU 32545937) have until
June 2 to submit written proofs of claim to:

         Pavel Vinogradny
         Liquidator
         Kutuzov Str. 18/7
         01133 Kiev
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
10/75-07.

The Court is located at:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Debtor can be reached at:

         Ukrainian Supply Assembly
         Zavodskaya Str. 1
         Udich
         Teplitsky District
         23853 Vinnica
         Ukraine


ZAPOROZHJE ALLOY: Creditors Must File Claims by June 2
------------------------------------------------------
Creditors of LLC Science-Technical Enterprise Zaporozhje Alloy Set (code
EDRPOU 30493044) have until June 2 to submit written proofs of claim to:

         O. Klimenko
         Liquidator
         Lenin Avenue 44
         69063 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy proceedings against
the company after finding it insolvent.
The case is docketed under Case No. 21/80/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Science-Technical Enterprise Zaporozhje Alloy Set
         Poliakov Str. 5
         69098 Zaporozhje
         Ukraine


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


ATTRIC GROUP: Creditors' Meeting Slated for June 8
--------------------------------------------------
Creditors of Attric Group Ltd. (Company Number 01647274) will meet at
10:00 a.m. on June 8 at:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         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
June 7 at:

         H. Smith
         Joint Administrator
         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England

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


BAUSCH & LOMB: Advanced Medical May Compete With Pincus' Bid
------------------------------------------------------------
Advanced Medical Optics Inc. expressed interest in exploring an offer for
Bausch & Lomb Inc. following the eye-care company's announcement of an
agreement to be acquired by private-equity firm Warburg Pincus subject to
higher and better offers, Jon Kamp and Keith J. Winstein of The Wall
Street Journal report.

Advanced Medical has been looking at Bausch's US$710 million lens business
and US$658 million eye-drug line to add to its portfolio of eye-care
products, WSJ relates, citing a person familiar with the matter.

According to WSJ's source, Advanced Medical believes a deal between the
two companies would offer significant cost synergies, something a
private-equity firm cannot offer.

                        Warburg Pincus Deal

About two weeks ago, Bausch & Lomb agreed to merge with Warburg Pincus
affiliates in a transaction valued at approximately US$4.5 billion,
including approximately US$830 million of debt.

Under the terms of the agreement, affiliates of Warburg Pincus will
acquire all of the outstanding shares of Bausch & Lomb common stock for
US$65 per share in cash.  This represents a premium of approximately 26%
over the volume weighted average price of Bausch & Lomb's shares for 30
days prior to press reports of rumors regarding a potential acquisition of
the company.

Bausch & Lomb's Board of Directors, following the recommendation of a
Special Committee composed entirely of independent directors, has
unanimously approved the agreement and recommends that Bausch & Lomb
shareholders approve the merger.

Morgan Stanley & Co. Incorporated is acting as financial advisor to the
Special Committee of the Bausch & Lomb Board of Directors and has
delivered a fairness opinion.  Wachtell Lipton Rosen
& Katz is acting as legal counsel to the Special Committee in the
transaction.  Banc of America, Citi, Credit Suisse and JPMorgan served as
the financial advisors to Warburg Pincus, and Cleary Gottlieb Steen &
Hamilton LLP is acting as legal advisor to Warburg Pincus.

                    Rating Agencies Take Action

The Warburg Pincus Deal prompted Standard & Poor's Ratings Services to
lower its ratings on Bausch & Lomb and placed them on CreditWatch with
negative implications.  Among others, S&P lowered the company's corporate
credit rating to 'BB+' from 'BBB'.

According to S&P, even if the transaction is not consummated, management's
willingness to aggressively increase leverage to this extent is not
commensurate with an investment-grade rating.

Additionally, Moody's Investors Service said it will continue its review
of Bausch & Lomb's ratings for possible downgrade, including the company's
Ba1 Corporate Family rating.

Sidney Matti, an analyst at Moody's, stated that, "The review for possible
downgrade will focus primarily on the company's post-acquisition capital
structure and the likelihood that BOL's post-acquisition credit metrics
would fall below the 'Ba' rating category."

Furthermore, Fitch maintained its Negative Rating Watch on Bausch & Lomb
emphasizing that the transaction would significantly increase leverage and
likely result in a multiple-notch downgrade.

Fitch also warns that the transaction would result in an Issuer Default
Rating of no higher than 'BB-'.

                      About Bausch & Lomb

Bausch & Lomb (NYSE:BOL) -- http://www.bausch.com/-- is the eye health
company, dedicated to perfecting vision and enhancing life for consumers
around the world.  Its core businesses include soft and rigid gas
permeable contact lenses and lens care products, and ophthalmic surgical
and pharmaceutical products.  The Bausch & Lomb name is one of the best
known and most respected healthcare brands in the world.  Founded in 1853,
the company is headquartered in Rochester, New York, and employs
approximately 13,000 people worldwide.  Its products are available in more
than 100 countries.

The company manages its business through five business segments, which
include three regional commercial segments: the Americas; Europe, Middle
East and Africa (Europe), and Asia, and two centralized functions: Global
Operations and Engineering, and Research and Development.  The company's
international operations include Brazil, Mexico, Australia, China, France,
and Germany, among others.


BAUSCH & LOMB: Advanced Medical Confirms Interest in Acquisition
----------------------------------------------------------------
Advanced Medical Optics, Inc., a global leader in ophthalmic surgical
devices and eye care products, has issued a statement in response to media
reports regarding the company's interest in entering Bausch & Lomb's "go
shop" process.

"We believe it is only logical to explore this opportunity given the
highly complementary nature of our two businesses," Advanced Medical said
in the statement.  "Consideration of this potential transaction is
consistent with our existing strategy to provide a full range of products
that address vision care needs of people of all ages.  We believe that the
current transaction with Warburg Pincus undervalues Bausch & Lomb, and we
plan to enter the go-shop process with the intention of exploring a
superior offer for the company.  Of course, we will only proceed with a
transaction if after conducting thorough due diligence, our Board of
Directors determines it is in the best interest of AMO stockholders."

Advanced Medical warns, however, that there can be no assurance that the
exploration of this opportunity will result in any transaction.  It does
not anticipate any further public comment on this issue unless and until
it deems further public comment to be necessary and appropriate.

                  About Advanced Medical Optics

Santa Ana, California-based Advanced Medical Optics, Inc. --
http://www.amo-inc.com/-- develops advanced, life-improving vision
technologies for people of all ages. Products in the cataract/implant line
include intraocular lenses, phacoemulsification systems, viscoelastics,
and related products used in ocular surgery.  AMO is based in Santa Ana,
California, and employs approximately 4,200 worldwide.  The company has
operations in 24 countries and markets products in approximately 60
countries.

                       About Bausch & Lomb

Bausch & Lomb (NYSE:BOL) -- http://www.bausch.com/-- is the eye health
company, dedicated to perfecting vision and enhancing life for consumers
around the world.  Its core businesses include soft and rigid gas
permeable contact lenses and lens care products, and ophthalmic surgical
and pharmaceutical products.  The Bausch & Lomb name is one of the
best-known and most respected healthcare brands in the world.  Founded in
1853, the company is headquartered in Rochester, New York, and employs
approximately 13,000 people worldwide.  Its products are available in more
than 100 countries.

The company manages its business through five business segments, which
include three regional commercial segments: the Americas; Europe, Middle
East and Africa (Europe), and Asia, and two centralized functions: Global
Operations and Engineering, and Research and Development.  The company's
international operations include Brazil, Mexico, Australia, China, France,
and Germany, among others.

                           *    *    *

On May 18, 2007, Moody's Investors Service stated that it will continue
its review of Bausch & Lomb Incorporated's ratings for possible downgrade,
including the company's Ba1 Corporate Family rating and Ba1 Probability of
Default rating, after the company entered into a definitive merger
agreement with affiliates of Warburg Pincus.

Fitch maintains its Negative Rating Watch on the company following the
announcement, and, as currently contemplated, the transaction would result
in an Issuer Default Rating of no higher than 'BB-'.  Fitch now has an IDR
of 'BBB-' on the company and first placed it on Negative Watch on April
12, 2006.  The Negative Watch also reflects the fact that the company has
yet to file its first-quarter 2007 10Q.

Meanwhile, Standard & Poor's Ratings Services lowered its ratings on
Bausch & Lomb Inc. and placed them on CreditWatch with negative
implications.  The corporate credit rating was lowered to 'BB+' from
'BBB'.


BOYAR INTERNATIONAL: Joint Liquidators Take Over Operations
-----------------------------------------------------------
Ian Donald Williams and Laurence Pagden of Benedict Mackenzie LLP were
appointed joint liquidators of Boyar International Ltd. (formerly Domaine
Boyar Ltd.) on May 18 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Boyar International Ltd.
         28 Hawgood Street
         Tower Hamlets
         London
         E3 3RU
         England
         Fax: 020 7537 9377


CA INC: Posts US$20 Million Net Loss in Quarter Ended March 31
--------------------------------------------------------------
CA Inc. reported a net loss of US$20 million for the fourth quarter ended
March 31, 2007, compared with a net loss of US$41 million for the same
period ended March 31, 2006.  For the full year, net income was US$118
million, compared with net income of US$159 million reported in fiscal
year 2006.

"I am pleased with CA's execution in the second half of the 2007
fiscal year as we met or exceeded our full-year guidance for total
revenue, non-GAAP earnings per share, total product and services bookings
and cash flow from operations," said John Swainson, CA president and chief
executive officer.  "Our solid performance was a result of our increased
focus on execution in all areas of our business, with particular emphasis
on our restructuring and cost savings efforts, go-to-market strategy and
an improved operational focus.

"Over the last 12 months, we have refreshed virtually all our
major product lines and at CA WORLD in April introduced 16
Capability Solutions based on our Enterprise IT Management
vision," Mr. Swainson continued.  "We are seeing increased demand for our
infrastructure management, business service optimization and security
management offerings, which help our customers govern, manage and secure
their IT environments.  I am confident that we have the right technology
vision, products and solutions and senior management team to continue our
momentum from the second half of fiscal 2007.

"I am also very pleased that CA has successfully concluded the
Deferred Prosecution Agreement," Swainson said.  "As a result of
the hard work of all CA employees, we are now a stronger company
and are moving forward with a sense of vigor and enthusiasm to
becoming one of the world's most successful software companies."

               Fourth Quarter and Full-Year Results

Revenue for the fourth quarter was US$1.005 billion, an increase of 7
percent, or 4 percent in constant currency, over the
US$942 million in the comparable prior year period.  Aside from the gains
attributed to currency, the increase in revenue primarily came from growth
in subscription revenue and professional services.  The increase was
partially offset by decreases in software fees and other revenue,
maintenance and financing fee revenue as CA continues to transition from
its prior business model.  Revenue from professional services was up 3
percent over the comparable prior year period.

For the full year, revenue was US$3.943 billion, up 5 percent, or 3
percent in constant currency, compared to the US$3.772 billion reported in
fiscal year 2006.  As in the fourth quarter, the increase primarily was
due to growth in subscription revenue and professional services revenue.
Those increases partly were offset by declines in software fees and other
revenue, maintenance and financing fee revenue.

Total expenses, before interest and taxes, for the fourth quarter were
US$1.017 billion, up 3 percent, compared with US$988 million in the prior
year period.  In the quarter, the company experienced significantly higher
restructuring and other costs and expenses associated with the delivery of
professional services compared to the prior year period as well as an
increase in bonus expenditures.  This was offset partially by
significantly lower sales commission expense and amortization of
capitalized software costs.

For the full year, total expenses, before interest and taxes, were
US$3.729 billion, up 3 percent from the US$3.606 billion reported for
fiscal 2006.  The company experienced significantly higher restructuring
and other expenses and costs associated with the delivery of professional
services in fiscal year 2007 as compared to fiscal year 2006, as well as
an increase in bonuses expenditures.  This was offset partially by lower
commissions expense and lower amortization of capitalized software costs.

The fourth quarter of fiscal year 2007 included restructuring and other
charges of US$100 million, of which US$71 million was related to severance
costs and US$8 million associated with the closure of facilities under the
fiscal year 2007 cost reduction and restructuring plan.  For the full
year, the company recorded
restructuring and other costs of US$201 million.  The fiscal year 2007
total includes US$147 million in costs associated with the company's
fiscal year 2007 cost reduction and restructuring plan and US$19 million
in costs associated with the company's fiscal year 2006 cost reduction and
restructuring plan.

For the fourth quarter of fiscal year 2007, CA reported
US$521 million in cash flow from operations, down 8 percent from the
US$566 million reported in the prior year period.

Fourth quarter cash flow was affected negatively by a lower volume of
bookings and associated billings, and a year-over-year
reduction in the aggregate amount of single installment contract
payments over the comparable period last fiscal year.

For the full year, cash flow from operations was US$1.068 billion,
compared to US$1.380 billion in the prior period.  The company exceeded
cash flow from operations guidance, in part, due to the positive impact of
US$90 million in lower-than-expected tax payments in the fourth
quarter-the majority of which the company now expects to pay in the first
half of fiscal 2008.  The full-year cash flow also was affected by a
decrease in the average time it took the company to pay vendors for
products and services, higher expenses, and increased restructuring costs.
In addition, cash flow also was negatively affected by contributions to
CA's employee 401(k) savings plan in fiscal year 2007 that were not made
in the prior fiscal year.

                         Capital Structure

The balance of cash and marketable securities at March 31, 2007,
was US$2.280 billion.  With US$2.583 billion in total debt
outstanding, the company has a net debt position of approximately US$303
million.

Over the course of fiscal year 2007, CA repurchased approximately 51
million shares of its common stock at an aggregate cost of approximately
US$1.2 billion.

The company also announced that it currently is in the process of
executing an accelerated share repurchase of up to US$500 million in
common shares.  The transaction will be financed with existing cash.

"Our decision to continue our stock repurchases is an indication
of our confidence in CA's ability to generate healthy cash flows
and in our long-term business position," said Nancy Cooper, CA's
chief financial officer.  "The program also speaks to our strategy of
balancing the way we allocate our capital."

At March 31, 2007, the company's balance sheet showed
US$10.585 billion in total assets, US$6.895 billion in total
liabilities, and US$3.690 billion in total stockholders' equity.

The company's balance sheet at March 31, 2007, also showed
strained liquidity with US$3.101 billion in total current assets
available to pay US$3.714 billion in total current liabilities.

                          About CA Inc.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries including France, Germany, Italy and the
United Kingdom.

                        *     *     *

In February 2007, Moody's Invetors Service said it is maintaining its
negative outlook for CA Inc. following the release of the company's fiscal
2007 earnings report.

The company's Ba1 senior unsecured rating reflects its large
portfolio of mission critical software product offerings and
installed base of a diverse set of creditworthy clients, which
in isolation is similar to cross industry A3 rated peers.

However, the Ba1 rating also reflects:

    * uncertainties surrounding the effectiveness of its
      internal financial controls;

    * its unsettled fulfillment of the terms of the Deferred
      Prosecution Agreement;

    * moderate financial leverage which Moody's believes could
      increase with the potential resumption of its share
      repurchase program;

    * its modest returns on assets; and,

    * competitive challenges impacting its core mainframe and
      Unix products.

The negative outlook reflects challenges the company has to
revive organic growth, implement effective financial controls,
remediate material weaknesses to its financial reporting, and
contain costs.  While the earnings report reversed the negative
operating trends exhibited by CA in prior reports, Moody's
believes that CA's organic sales traction and management of its
financial controls require further proof of execution through
subsequent quarterly reports.


CITY CENTRE: Names Ian William Kings as Administrator
-----------------------------------------------------
Ian William Kings of Tenon Recovery was named administrator of City Centre
Training (Northern) Ltd. (Company Number 02560052) on May 16.

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

The company can be reached at:

         City Centre Training (Northern) Ltd.
         The Mandale Centre
         1 Wilson Street
         Thornaby
         Stockton-on-Tees
         TS17 7AR
         England
         Tel: 01642 232 322
         Fax: 01642 353 364


COLLINS & HAYES: Covenant Breach Prompts Liquidation
----------------------------------------------------
The Directors of Collins and Hayes Group plc have decided to place the
company into liquidation on the advice of business recovery firm Geoffrey
Martin & Co.

A meeting of the shareholders has been convened for this purpose.

The Board believes this is the correct course of action in these
circumstances and ultimately in the best interests of shareholders
regarding the clarification of their shareholding.

The necessary statutory notice and proxy form have been sent to
shareholders in relation to the meeting on June 12, 2007.

Hanson Westhouse Ltd., the company's nominated adviser and broker, has
resigned with immediate effect.

On April 27, 2007, the Directors have requested the company's bank to
appoint administrative receivers to its trading subsidiary, Collins and
Hayes Ltd.

The Directors consider it unlikely that the ordinary shareholders in
Collins and Hayes will receive any value for their shareholdings as the
liabilities of the trading unit exceed its assets.  The Directors
understand that it is the intention of the administrative receivers to
continue to trade the business in the short term while they explore the
possibility of a sale.

                        Covenant Breach

On Feb. 26, 2007, Collins and Hayes disclosed that one of its major
customers has unilaterally decided to extend its payment terms by 60 days.
This decision, coupled with the difficult trading conditions, has caused
the company to breach certain banking covenants.

The company is attempting to agree a recovery plan with the pension fund
trustees to eliminate its fund deficit.  It has been informed that the
bank is not prepared to fund the level of payments that the pension fund
trustees currently require.  However, the bank has indicated it remains
supportive of the company providing an acceptable accommodation can be
reached with the pension fund trustees.  Discussions with the trustees and
the Pension Regulator are continuing.

Headquartered in Hastings, England, Collins and Hayes Group plc --
http://www.collinsandhayesgroup.co.uk/-- manufactures and supplies
quality upholstered furniture and fabrics for the premium household
furnishings market.  Its extensive product range includes sofas, chairs
and sofa beds, manufactured using exclusive fabrics and soft aniline
leather.

Collins & Hayes reported GBP329,000 in net profit against
GBP6.2 million in turnover for the six months ended July 31, 2006,
compared with GBP9,000 in net profit against GBP7.7 million in turnover
for the same period in 2005.

At July 31, 2006, the company's consolidated balance sheet showed GBP5.5
million in shareholders' deficit.


EMERGE INTERACTIVE: Court Approves Modified Plan of Liquidation
---------------------------------------------------------------
eMerge Interactive, Inc. filed a Plan of Liquidation, as modified on May
18, 2007, with the United States Bankruptcy Court for the Southern
District of Florida.

The Bankruptcy Court subsequently entered an order confirming the Modified
Plan on May 22, 2007.

Upon entry of the Confirmation Order by the Bankruptcy Court, all of the
Company's shares of common stock were immediately extinguished, and no
shares of Company common stock remain outstanding.  The Company intends to
make distributions to its creditors pursuant to the Modified Plan but does
not expect to make any distributions to its stockholders.

The Company also announced today that it will file a Form 15 with the
Securities and Exchange Commission to terminate the registration of its
common stock and suspend its reporting obligations under the Securities
Exchange Act of 1934 (the "Exchange Act"). The Company is eligible to
deregister because it has fewer than 300 stockholders of record. The
Company expects that the deregistration will become effective within 90
days after the filing of the Form 15. Upon filing the Form 15, the
Company's obligation to file certain reports under the Exchange Act,
including annual reports on Form 10-K, quarterly reports on Form 10-Q and
current reports on Form 8-K, is automatically suspended.

                      About eMerge Interactive

Headquartered in Sebastian Florida, eMerge Interactive, Inc.
(Nasdaq: EMRG) -- http://www.emergeinteractive.com/-- is a technology
company focusing on the agricultural and meat processing industries.
eMerge's products include CattleLog, a
USDA-approved Process Verified Program providing individual-animal data
collection and reporting that enables livestock tracking, verification and
branding; the VerifEYE Carcass Inspection System, a real-time, optical
inspection system that scans beef carcasses in packing plants; and the
Solo handheld inspection unit, a portable instrument, incorporating the
VerifEYE imaging technology.

eMerge Interactive products are marketed and distributed throughout North
and South America, Australia, New Zealand, Japan, and Europe.

The company filed for bankruptcy protection on Feb. 14, 2007
(Bank. S.D. Fla. Case No. 07-10932).  Jimmy D. Parrish, Esq., at
Latham, Shuker, Barker, Eden & Beaudine, LLP, represent the
Debtor.  As of Dec. 31, 2006, the company had assets totaling US$4.5
million and debts totaling US$2.6.


EPICOR SOFTWARE: Earns US$4.4 Mln in First Qtr. Ended March 31
--------------------------------------------------------------
Epicor Software Corporation recorded a net income of US$4.4 million for
the three months ended March 31, 2007, as compared with a net income of
US$4.6 million for the three months ended March 31, 2006.  Total revenues
for the first quarter of fiscal year 2007 increased 20% to 101.3 million,
as compared with US$84.5 million in the first quarter of fiscal year 2006.

Net license revenue was US$22 million in the first quarter of fiscal year
2007, compared to US$19.3 million in the first quarter of fiscal year
2006.  Consulting revenue was US$32.7 million in the first quarter of
fiscal year 2007, as compared with US$25 million in the first quarter
2006.  Maintenance revenue during the first quarter of fiscal year 2007
was US$39.1 million, as compared with US$36.2 million in the first quarter
2006 partly driven by a 94% customer retention rate.  Hardware and other
revenue for the first quarter of fiscal year 2007 was US$7.5 million, up
from US$4 million in the prior year's first quarter.

As of March 31, 2007, the company's balance sheet listed total assets of
US$44.8 million, total liabilities of US$226.6 million, and total
stockholders' equity of US$214.2 million.

                  Liquidity and Capital Resources

As of March 31, 2007, the company's principal sources of liquidity
included cash and cash equivalents of US$75.5 million and unused borrowing
capacity of US$99.8 million under its senior revolving credit facility.
The company's operations provided US$6 million in cash during the three
months ended March 31, 2007.

As of March 31, 2007, the company had US$1.6 million in cash obligations
for severance costs, lease terminations and other costs related to the
company's restructurings.  These obligations are expected to be paid
through August 2009 and the company believes these obligations will be
funded from existing cash reserves and cash generated from continuing
operations.  The company's working capital excluding deferred revenue is
US$130.2 million.  The company believes this is a relevant measurement of
working capital as deferred revenue is an obligation for services not
cash.  The cost of providing these services is generally fixed in nature
and ranges from 21% to 24% of the related revenues.

On May 8, 2007, the company closed the offering of US$230 million
aggregate principal amount of 2.375% convertible senior notes due 2027.
The company estimates that the net proceeds from this offering, including
the exercise in full of the underwriters' over allotment option, will be
about US$222.3 million after deducting the underwriters' discounts and
commissions and estimated offering expenses.  On May 8, 2007, the company
used about US$94 million of the proceeds to repay in full its term loan
outstanding under its credit facility.  The balance of the net proceeds
will be used for working capital, capital expenditures and other general
corporate purposes.

A full-text copy of the company's first quarter 2007 report is available
for free at http://ResearchArchives.com/t/s?200c

                 About Epicor Software Corporation

Headquartered in Irvine, California, Epicor Software Corporation ---
http://www.epicor.com/www/-- is a provider of enterprise resource
planning, customer relationship management, and supply chain management
software and solutions to mid-market companies worldwide.  Epicor Software
has worldwide locations in China, Australia, Canada, Germany, Hong Kong,
Indonesia, Italy, Japan, Korea, Malaysia, Mexico, Singapore, Taiwan, and
the United Kingdom, among others.

The Troubled Company Reporter Asia Pacific reported that in connection
with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
U.S. Technology Software sectors this week, the rating agency confirmed
its B2 Corporate Family Rating for Epicor Software Corporation.

Additionally, Moody's revised or held its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond debt
obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   USUS$100 Million
   Senior Secured
   Revolving Credit
   Facility due 2009      B1       Ba3     LGD2       27%

   USUS$100 Million
   Senior Secured
   First Lien
   due 2012               B1       Ba3     LGD2       27%


GAP INC: Names Patrick Robinson as Exec. Vice Pres. of Design
-------------------------------------------------------------
Gap Inc. has appointed Patrick Robinson as executive vice president of
design for Gap Adult and Gapbody.  Mr. Robinson, 40, will oversee all
elements of design for Gap women's and men's apparel, accessories and
intimates lines in North America.  He will report to Marka Hansen,
president of Gap North America, and Gary Muto, president, Gap Adult and
gapbody, and begin in his new role on May 29.

"Patrick brings broad experience, from high-end fashion to mass market
retail, demonstrating his versatility to interpret and create fresh, clean
designs true to the Gap brand aesthetic," said Ms. Hansen. "We believe his
skills and experience with some of the most respected apparel labels in
the world will be great assets to Gap brand."

Mr. Robinson joins Gap from Paco Rabanne in Paris, where he has been
artistic director since 2005.  Most recently, he designed a
limited-edition collection for Target's GO International initiative.
Prior to his tenure at Paco Rabanne, Mr. Robinson held senior design and
leadership roles at Perry Ellis and Anne Klein.  Mr. Robinson served as
the design director at Le Collezioni White Label by Giorgio Armani from
1990 to 1994.

Mr. Robinson is a graduate of the Parsons School of Design, was chosen one
of Vogue magazine's 100 rising stars in 1996 and has been a member of the
Council of Fashion Designers of America since 1994.

                          About Gap Inc.

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

                           *     *     *

As reported in the Troubled Company Reporter on Jan. 10, 2007,
Fitch has downgraded its ratings on The Gap Inc.'s Issuer Default Rating
to 'BB+' from 'BBB-' and Senior unsecured notes to 'BB+' from 'BBB-'.  The
Rating Outlook is Negative.

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Standard & Poor's Ratings Services lowered its corporate credit and senior
unsecured ratings on San Francisco-based The Gap Inc. to 'BB+' from
'BBB-'.  S&P said the outlook is stable.


GENERAL MOTORS: Mulls US$1 Bln Notes Offer to Boost Liquidity
-------------------------------------------------------------
General Motors Corporation plans to offer approximately
US$1.1 billion in convertible debt securities.  The notes will be
unsecured and will mature on June 1, 2009.  GM intends to grant the
underwriters of the securities a 13-day option to purchase up to an
additional US$165 million in principal amount of the securities.

The purpose of the offering is to replace US$1.1 billion in
convertible securities put to the company in March of this year
and to bolster liquidity at a time when the capital markets
present an attractive opportunity to do so.

The joint-book running managers for the offering are Citi,
Deutsche Bank Securities and Goldman, Sachs & Co.

In connection with the offering, GM expects to enter into capped
call transactions with affiliates of the underwriters of the
securities.  The capped call transactions are intended to
substantially increase the effective conversion premium of the
securities and reduce potential dilution to GM common stock upon
potential future conversion.

The counterparties to the capped call transactions have advised GM that
they expect to enter into various derivative and other
hedging activity with respect to GM's common stock, which could
have the effect of increasing, or preventing or offsetting a
decline in, the price of GM's common stock concurrently with or
following the pricing of the convertible debt securities.

                    Revolving Credit Commitment

GM has received commitment for a supplemental revolving credit
facility in an aggregate amount of approximately US$4.1 billion.
The company anticipates that the facility will be secured by GM's common
equity ownership of GMAC LLC and will mature 364 days after the definitive
agreement is signed.  The credit line could be drawn upon for general
corporate purposes including working capital needs.

                    About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader for 76 years.  GM currently employs about 280,000 people
around the world.  GM manufactures its cars and trucks in 33
countries.  General Motors has Asia-Pacific operations in India, China,
Indonesia, Japan, the Philippines, among others. It has
locations in European countries including Belgium, Austria, and
France.  In Latin-America, the company maintains locations in
Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay
and Uruguay.

In 2006, nearly 9.1 million GM cars and trucks were
sold globally under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.

As of March 31, 2007, GM's balance sheet showed a stockholders'
deficit of US$4,347,000,000, compared to a positive equity of
US$15,779,000,000 at March 31, 2006.

                         *     *     *

In May 2007, Fitch Ratings has downgraded General Motors Corporation's
senior unsecured debt rating to 'B-/RR5' from 'B/RR4'.  GM's Issuer
Default Rating remains at 'B' and is still on Rating Watch Negative (along
with the other outstanding ratings) by Fitch following the company's
announcement that it will be raising US$4.1 billion in secured financing
and US$1.1 billion in senior unsecured convertible securities.

The US$4.1 billion 364-day facility, to be secured by GM's
common equity holdings in GMAC, will be assigned a rating of
'BB/RR1', while the senior unsecured convertible securities will
be rated 'B-/RR5'.


INVERNESS MEDICAL: S&P Says Ratings Remain Under Watch
------------------------------------------------------
Standard & Poor's Ratings Services said that its corporate credit and
subordinated ratings on Inverness Medical Innovations Inc. remain on
CreditWatch with negative implications, where they were placed April 10,
2007 after the company launched a bid for Biosite Inc.

At the same time, Standard & Poor's assigned its 'B-' subordinated debt
rating to Inverness's US$150 million 3% convertible senior subordinated
notes due 2016, privately placed in reliance on Rule 506.  The rating on
these notes is also placed on CreditWatch negative. Inverness is required
to register these notes within 90 days.

"Although Inverness already owned about 5% of shares outstanding, Biosite
had agreed to be purchased by Beckman Coulter Inc. (BBB/Negative/--) for
US$85 a share," explained Standard & Poor's credit analyst David Lugg.
"After a round of bids and counter bids, Inverness won with a US$92.50 a
share offer."

Biosite, the leading provider of a test for detecting heart failure,
complements Inverness, which has its own cardiovascular tests.  Still, the
aggregate purchase price is about US$1.5 billion, well beyond the
company's internal resources.  If the acquisition were to be solely
financed with debt, leverage measures would be exceptionally weak, with
debt to EBITDA increasing to more than 10x and funds from operations to
debt declining to less than 5%.  However, Inverness has repeatedly
demonstrated a willingness and ability to use equity financing to reduce
leverage.

In addition, on May 18, 2007, Inverness formed a 50/50 joint venture with
consumer products giant Procter & Gamble
(AA-/Stable/A-1+) for the development and marketing of consumer diagnostic
tests.  Inverness contributed most of its related consumer diagnostic
assets while P&G invested US$325 million  cash.  It is unclear how this
new arrangement will affect cash flow.

Standard & Poor's will meet with Inverness management to obtain a clearer
picture of the expected financial posture before resolving the
CreditWatch.


Headquartered in Waltham, Massachusetts, Inverness Medical Innovations --
http://www.invernessmedical.com/-- (AMEX:IMA) develops advanced
diagnostic devices and is presently exploring new opportunities for its
proprietary electrochemical and other technologies in a variety of
professional diagnostic and consumer-oriented applications including
immuno- diagnostics with a focus on women's health, cardiology and
infectious disease.  The company has offices in the United Kingdom,
Germany, Sweden, China, Australia, and Canada.


LAURENCE SCOTT: Austria Antriebstechnik to Acquire Business
-----------------------------------------------------------
Austria Antriebstechnik AG has signed an agreement to acquire
Laurence Scott & Electromotors Ltd.

Subject to clearance by the applicable competition authorities, the deal
is expected to close within a couple of weeks.  By agreement, the purchase
price was not disclosed.

Following a change of ownership in 2005, Laurence Scott & Electromotors'
existing management had boosted its sales in 2006 by more than 40%, from
EUR13.7 million to roughly EUR19.3 million, but unresolved cash flow
problems forced the company to call in administrators on May 8, 2007.
With existing orders worth of about EUR25 million and the support of ATB
Group a significant increase in sales and earnings can be expected in this
financial year.

Laurence Scott & Electromotors will be purchased by ATB's British
subsidiary, ATB Morley.  This company was taken over by the ATB Group in
2004, and is among the world's leading manufacturers of electric motors
for the coal mining industry. It is based in Leeds, U.K., and employs 138
people.

"Laurence Scott & Electromotors is a premier brand, and enjoys an
outstanding reputation in the oil and gas industry worldwide, ATB Austria
Antriebstechnik  CEO Christian Schmidt said.
"We see the Company as a logical addition to our product portfolio and an
appropriate link between ATB Morley and our German company, Schorch.  This
makes it the perfect bolt-on for the English market, where we have already
been very successful."

"Our objective is higher EBIT margins for ATB Group, and this brings us a
healthy step closer to our goal," Mr. Schmidt added.

             About ATB Austria Antriebstechnik AG

The Vienna listed ATB Austria Antriebstechnik Group, Headquartered in
Spielberg, Austria, ATB Austria Antriebstechnik Group --
http://www.atb-motors.com/-- manufactures  electrical drive systems for
industrial applications and appliances.  Its subsidiaries are: ATB
Antriebstechnik, Welzheim, Germany; ATB Motorentechnik, Nordenham,
Germany; ATB Technologies, Lustenau, Austria; ATB Components, Ostrava,
Czech Republic; ATB Selni, Nevers, France; ATB Morley, Leeds, UK; ATB
Sever, Subotica, Serbia; ATB Motors, Shanghai, China; and
Lindeteves-Jacoberg Ltd., Singapore.

            About Laurence Scott & Electromotors Ltd.

Headquartered in Norwich, England, Laurence Scott & Electromotors Ltd. --
http://www.laurence-scott.com/-- develops and manufactures high voltage
electric motors, principally for the oil and gas industry.

Andrew John Pepper and Alastair Paul Beveridge of Kroll Ltd. were
appointed joint administrators of the company.


LIFESTYLE FINANCE: Taps Administrators from Begbies Traynor
-----------------------------------------------------------
Michael G. Saville and Rob Sadler of Begbies Traynor were appointed joint
administrators of Lifestyle Finance Ltd. (Company Number 04351143) on May
17.

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

The company can be reached at:

         Lifestyle Finance Ltd.
         Carlton House
         Sandbeck Way
         Hellaby
         Rotherham
         S66 8QL
         England
         Tel: 01709 441 001
         Fax: 01709 739 195


NIALL PHILLIPS: Appoints BDO Stoy as Joint Administrators
----------------------------------------------------------
Mark Peter, George Roach and Graham David Randall of BDO Stoy Hayward LLP
were appointed joint administrators of Niall Phillips Architects Ltd.
(Company Number 02428344) on May 18.

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

The company can be reached at:

         Niall Phillips Architects Ltd.
         35 King Street
         Bristol
         BS1 4DZ
         England
         Tel: 0117 927 7396
         Fax: 0117 927 7594


PEOPLE AND PLACES: M. J. Ryan Leads Liquidation Procedure
---------------------------------------------------------
M. J. Ryan of M J Ryan & Co. was appointed liquidator of People And Places
Architects Ltd. on May 18 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         People & Places Architects Ltd.
         17 Queen Annes Gate
         City of Westminster
         London
         SW1 H9BU
         England
         Fax: 020 7799 3068


ROCKET PRINT: Taps A. Poxon to Liquidate Assets
-----------------------------------------------
A. Poxon of DTE Leonard Curtis was appointed liquidator of Rocket Print &
Design Ltd. on May 18 for the creditors' voluntary winding-up proceeding.

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:

         Rocket Print & Design Ltd.
         34a Green Lane
         Sale
         M33 5PP
         England
         Tel: 0161 962 4158
         Fax: 0161 973 2375


RYE BY POST: Hires KPMG LLP to Administer Assets
------------------------------------------------
James Douglas, Ernle Money and Allan Watson Graham of KPMG LLP were
appointed joint administrators of Rye By Post Ltd. (Company Number
03891062) on May 17.

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

The company can be reached at:

         Rye By Post Ltd
         Learoyd Road
         New Romney
         TN28 8XU
         England
         Tel: 01797 367 788


TORPRINT LTD: Appoints Christopher Ratten to Administer Assets
--------------------------------------------------------------
Christopher Ratten of Tenon Recovery was appointed administrator of
Torprint Ltd. (Company Number 01252018) on May 18.

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

The company can be reached at:

         Torprint Ltd.
         Unit 6
         Caddick Road
         Knowsley Business Park
         Prescot
         L34 9HP
         England
         Tel: 0151 548 1611
         Fax: 0151 549 1376


XEROX CORP: CEO Anne Mulcahy Unveils Key Growth Priorities
----------------------------------------------------------
Xerox Corporation's chairman and Chief Executive Officer Anne M. Mulcahy,
at its annual shareholder meeting, pointed to the relentless execution of
its growth strategy coupled with strategic acquisitions made over the past
year as key reasons why Xerox is successfully positioned to pursue a
US$117 billion market opportunity.

"By just about any standard, we are making very good progress," Ms.
Mulcahy said. "The strategic bets we placed several years ago are paying
off."

During her message to shareholders, Ms. Mulcahy noted that Xerox met its
2006 full-year expectations on earnings growth and cash generation,
increased post-sale revenue -– which represents more than 70 percent of
Xerox’s total revenue –- and strengthened its industry-leading portfolio
of products and services.

Xerox earned US$1.2 billion or US$1.22 per share in 2006.  With US$15.9
billion in revenue, the company generated US$1.6 billion in operating cash
flow and ended the year with cash and short-term investments of US$1.5
billion.  The company bought back US$1.1 billion of Xerox stock and saw
its debt rating return to investment grade.

"It was a good year and we have every reason to believe we are on our way
to a better one," Ms. Mulcahy said.

Ms. Mulcahy updated shareholders on the progress Xerox is making on its
four-pronged growth strategy centered on color leadership, document
management services, digital production printing and the small and
mid-size business market.  Some examples of Xerox’s success in these areas
include:

   a) Xerox color presses produce the highest volume of pages in
      the industry and last year more than 30 billion color
      pages were printed on Xerox technology.

   b) Since the beginning of this year, Xerox has introduced 19
      new products, half of which are color products, surpassing
      the 14 total product launches in 2006. The company plans
      to more than double its number of product launches this
      year.  More than two-thirds of Xerox’s equipment sales
      come from products launched in the past two years.

   c) Through multiyear, multimillion dollar contracts, Xerox’s
      document management services Ms. generated nearly US$800
      million in annuity revenue in the first quarter of this
      year.

Mulcahy also pointed to these key acquisitions Xerox made in the last year
as critical enablers that help fuel Xerox’s growth:

   a) XMPie, the developer of software for personalized
      multimedia campaigns, provides direct marketers with the
      ability to customize e-mail, Web sites, catalogs,
      brochures and other materials that target a customer’s
      personal buying needs.  The market for variable data
      printing is expected to grow from 49 billion pages in 2004
      to 138 billion by 2009.

   b) Amici LLC, the market leader in e-discovery technology now
      offered as part of Xerox Litigation Services, helps
      companies identify, filter, produce and store data found
      in paper or electronic documents.  The market for
      e-discovery services is expected to grow 40 percent per
      year and be valued at US$2.5 billion by 2009 in the United
      States alone.

   c) The recent acquisition of Global Imaging Systems, Inc., an
      office technology dealer that is a market leader in the
      U.S. SMB market, increases Xerox’s distribution to this
      market by 50 percent and adds 1,400 sales people serving
      about 200,000 new customers.

Including its partner Fuji Xerox, Xerox invested about US$1.4 billion in
innovation in 2006.  This investment plus the launch of 100 new products
in the last three years and 560 new patents granted last year alone,
positions Xerox to capitalize on a major market opportunity in the years
ahead, said Ms. Mulcahy.

"We have four planks to our growth strategy," said Ms. Mulcahy.  "Each
builds on our core competencies.  Each responds to customer need with
customer value.  Each is designed to fuel our annuity stream.  And each is
yielding good results.  We can compete for every dollar of it -– and we
are."

Also at the annual meeting, shareholders elected by significant majority
vote all 11 members of the Xerox board of directors.  Re-elected to the
board are Glenn A. Britt, Ursula M. Burns, Richard J. Harrington, William
Curt Hunter, Vernon E. Jordan, Jr., Ralph S. Larsen, Robert A. McDonald,
Anne M. Mulcahy, N.J. Nicholas, Jr., Ann N. Reese, and Mary Agnes
Wilderotter.

Shareholders also approved the selection of PricewaterhouseCoopers LLP as
the company’s independent auditors for 2007.  In addition, shareholders
voted for an amendment to the 2004 performance incentive plan and against
a shareholder proposal related to the adoption of a vendor code of
conduct.

In related news, the Xerox board of directors appointed two officers of
the corporation.  Russell Peacock, 48, who was recently named president,
Xerox Office Group was named Xerox corporate vice president.  Eric Armour,
48, who joined Xerox earlier this month as the company’s chief strategist
was also named a corporate vice president.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets, services and
finances a range of document equipment, software, solutions and services.
Xerox operates in over 160 countries worldwide and distributes products in
the Western Hemisphere through divisions, wholly owned subsidiaries and
third-party distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, and the United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, Fitch Ratings has affirmed Xerox Corp.'s and its
subsidiary's ratings:

   Xerox Corp.

     -- Trust preferred securities at 'BB';
     -- Issuer Default Rating at 'BBB-';
     -- Unsecured credit facility at 'BBB-'; and
     -- Senior unsecured debt at 'BBB-'.

   Xerox Credit Corp.

     -- Issuer Default Rating at 'BBB-'; and
     -- Senior unsecured debt at 'BBB-'.

As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, Standard & Poor's Ratings Services placed its ratings on
Xerox Corp., including the 'BB+' corporate credit rating, on CreditWatch
with positive implications.  The
CreditWatch placement reflects the company's announcement that it has
reached an agreement in principle to acquire Global
Imaging Systems Inc. for approximately US$1.5 billion in cash.


* FTI Consulting Launches European Restructuring Business
---------------------------------------------------------
FTI Consulting Inc. has launched its London-based European restructuring
advisory business, which represents the latest strategic expansion of its
Corporate Finance practice.  The new UK-based restructuring business
provides financial and operational solutions to a broad range of clients
including
senior and junior debt providers, shareholders and corporates.

The current team of 13 restructuring professionals have considerable
experience and proven reputations in the market and are led by Senior
Managing Directors, Kevin Hewitt, Paul Inglis and David Morris who were
formerly Partners in Ernst & Young's restructuring team.  The business has
ambitious growth plans and commitment from FTI Consulting Inc to build a
European restructuring practice with complementary transaction advisory
capabilities.

"I am delighted to be launching with a team of 13 senior restructuring
professionals who are already taking on assignments.  We have adopted a
flexible business model allowing us to bring the most appropriate team and
resources to an assignment to drive the implementation of restructuring
solutions.  The strength of our team will be enhanced by the deep talent
pool of FTI professionals as well as key strategic alliances which will
allow us to immediately draw on industry expertise and the capabilities of
other transaction advisory professionals," Kevin Hewitt, senior managing
director of the European restructuring practice, said.

"We will be hiring new talent into our business and looking at potential
acquisitions to accelerate our European growth strategy.  My sense is that
the key restructuring talent in the market is giving serious
consideration, now, as to where they want to be positioned when the
current credit cycle comes to an end.  Our launch is therefore very timely
in offering
a real differentiated choice in the market," Mr. Hewitt added.


"We are excited to have Kevin, Paul, David and the wider team on board.
They are local market leaders with excellent reputations and the
experience and relationships necessary to generate new opportunities for
growth going forward.  The FTI European restructuring practice promises
the market a credible new alternative with greater flexibility and fewer
conflicts than its major competitors," Dominic DiNapoli, executive vice
president and chief operating officer of FTI Consulting, said.

Before joining FTI, Kevin Hewitt, 42, spent nine years as a
restructuring partner at Ernst & Young, where he was responsible
for a team of 25 restructuring professionals who provided high
quality advice to bank creditors, private equity and executive
management teams in complex financial restructuring and
refinancing assignments.

Prior to being admitted to the Ernst & Young partnership,
Mr. Hewitt spent 10 years undertaking a variety of restructuring and
insolvency assignments, including a two-year secondment to HSBC's work out
department in London.

He is a Founding Member of the Society of Turnaround
Professionals and actively promotes the rescue culture in his
restructuring work.

Paul Inglis, 36, brings 16 years of restructuring experience
across a range of public and private companies with broad
experience that includes strategic, operational and financial
assessments, crisis management & stabilization, the assessment of
management teams, financial restructuring and refinancing,
multitiered stakeholder management and complex stakeholder
options analysis.  Prior to joining FTI, he was a restructuring
partner at Ernst & Young for four years, before which he worked
for 12 years in the restructuring practice of Arthur Andersen,
moving to Ernst & Young after the merger of the firms'
restructuring group.

Typically advising creditors or investors, Mr. Inglis has been involved in
a number of highly complex financial restructuring assignments across a
broad range of sectors and geographies.  He is a Chartered Accountant.

David Morris, age 32, has 14 years experience specializing in
complex financial restructuring, working for lenders, investors
and executive management teams.  Mr. Morris was a partner with Ernst &
Young in the firm's restructuring practice.  Prior to Ernst & Young, he
trained with Arthur Andersen.  In the last five years, he has completed
two separate nine-month secondments to Barclays Capital and Barclays
Business Bank.

Mr. Morris' experience includes operational and financial assessments,
hands on crisis management and stabilization, strategic change, managing
lender groups, financial restructuring and supporting refinancings.  He is
a Chartered Accountant.

                       About FTI Consulting

FTI Consulting (NYSE: FCN) -- http://www.fticonsulting.com/-- is a global
business advisory firm dedicated to helping organizations protect and
enhance enterprise value in an increasingly complex legal, regulatory and
economic environment.  With more than 2000 professionals located in most
major business centers in the world, the company works closely with
clients every day to anticipate, illuminate, and overcome complex business
challenges in areas such as investigations, litigation, mergers and
acquisitions, regulatory issues, reputation management and restructuring.


* Fried Frank Adds Ghassan Atiyah as Partner in Washington
----------------------------------------------------------
Fried, Frank, Harris, Shriver & Jacobson LLP disclosed that Ghassan "Gus"
M. Atiyah will join the Firm as a corporate partner in the Financing
practice in Washington.  Previously he was at Hogan & Hartson LLP.

"We are delighted to welcome Gus to our firm. Fried Frank's financing
practice continues to grow at a very rapid rate.  Gus has broad-based
financing expertise that will serve the needs of this practice well," said
Valerie Ford Jacob, Fried Frank's Chairperson.

"The addition of Gus in our Washington office also demonstrates our
commitment to having the full configuration of practices present in each
of our offices.  He is a strong addition to our corporate department and
will provide support across a broad range of financing transactions and
practices," added Justin Spendlove, Fried Frank's Managing Partner.

Mr. Atiyah's practice focuses on all types of private finance transactions
and private equity matters primarily representing private equity sponsors
and portfolio companies in leveraged financing transactions.  He has
worked on numerous merger and acquisition transactions in a range of
industries on behalf of private equity funds and hedge funds.

Prior to joining Hogan & Hartson, Mr. Atiyah served as the General Counsel
for International Affairs at the National Bank of Kuwait (NBK) in Kuwait.
He began his legal career at Shearman & Sterling LLP in New York, as part
of their banking and finance group.  Mr. Atiyah received his JD, with
honors, from Columbia Law School, where he was a Stone Scholar.  He
received his B.S.F.S., magna cum laude, from Georgetown University, School
of Foreign Service.  He is admitted to the bar in the District of Columbia
and New York.

         About Fried Frank Harris Shriver & Jacobson

Fried Frank Harris Shriver & Jacobson LLP --
http://www.friedfrank.com-- is an international
law firm with more than 600 attorneys in offices in New York,
Washington, D.C., London, Paris, Frankfurt and Hong Kong.  Fried
Frank lawyers regularly represent major investment banking firms, private
equity houses and hedge funds, well as many of the largest companies in
the world.  The firm offers legal counsel on M&A, private equity, asset
management, capital markets and corporate finance matters, white-collar
criminal defense and civil litigation, securities regulation, compliance
and enforcement, government contracts, environmental law and litigation,
real estate, tax, bankruptcy, antitrust, benefits and compensation,
intellectual property and technology, international trade, and trusts and
estates.  The firm has an association with Huen Wong & Co. in Hong Kong.


                           *********

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/booksto order any title today.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa Paderog,
Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A. Godinez, and Pius
Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or publication
in any form (including e-mail forwarding, electronic re-mailing and
photocopying) is strictly prohibited without prior written permission of
the publishers.

Information contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year, delivered via
e-mail.  Additional e-mail subscriptions for members of the same firm for
the term of the initial subscription or balance thereof are US$25 each.
For subscription information, contact Christopher Beard at 240/629-3300.


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