Enzymatic reactions in organic media have been a major issue in the fi eld of biocatalysis over the last two decades. Carboxylesterases (mostly lipases) have been used in monophasic organic solution under controlled values of water activity ( a w ) for catalyzing ester formation: the reaction equilibrium can be shifted towards ester formation by interesterifi cation or transesterifi cation [1] . Direct esterifi cation is often hampered by water formation, which may increase a w , thus negatively infl uencing the equilibrium.Cell -bound enzymes are diffi cult to purify and are often not very stable outside their natural environment: as a consequence, only few data are available on cellassociated enzymes used as biocatalysts. However, by using dry whole cells, cellbound enzymes can be directly used as biocatalysts in organic solvents.Whole cell catalysts do not need immobilization, especially when mycelial micro -organisms are involved, since their morphological structure allows for easy fi ltration and re -utilization. Carboxylesterases bound to the mycelia of molds have been advantageously employed as biocatalysts in water and/or organic solvents: the fi rst report of the use of fungal mycelia in organic solvent dates back to 1978 [2] , followed by the work of Gancet and co -workers [3] . Here this chapter reports on the properties of mycelium -bound fungal carboxylesterases and their applications in fl avor ester production as well as in stereoselective esterifi cation.
Screening and Microbiological AspectsDifferent lyophilized micro -organisms, ranging from bacteria (46 strains) to yeasts (42 strains) and molds (15 strains), were screened for the hydrolysis of a number of esters (acetate, butyrate, and caprylate) of geraniol and n -hexanol [4] .