TCREUR_Public/080124.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, January 24, 2008, Vol. 9, No. 17

                            Headlines




A U S T R I A

BIOMASSE-HEIZANLAGEN: Graz Court Orders Business Shutdown
HOLZBAU KLAURA: Claims Registration Period Ends January 28
ING. GRILLNBERGER: Claims Registration Period Ends January 29
KAINZ INSTALLATEUR: Claims Registration Period Ends January 28
OMEGA-BAU: Korneuburg Court Orders Business Shutdown

R.O.L.A. GABMANN: Claims Registration Period Ends January 29
SPORTBAU LLC: Claims Registration Period Ends January 29
WIBO LLC: Vienna Court Orders Business Shutdown


F R A N C E

MTI TECHNOLOGY: Court Approves CMA Business as Auctioneer


G E R M A N Y

ALPHA HOTELBETRIEBS: Claims Registration Ends February 13
AP PRODUKTIONS: Claims Registration Period Ends February 12
APIK MD: Claims Registration Ends February 13
AUTOHAUS HAAG: Claims Registration Period Ends February 3
AZEGO AG: Illiquidity Triggers Second Insolvency Filing

FUTUR FENSTER: Claims Registration Period Ends February 12
G & M DESIGN: Claims Registration Ends February 13
GARTNER & THOR: Claims Registration Period Ends February 12
HEINECKE INTERNATIONALER: Claims Registration Ends February 13
HEKL-MASSIV-HAUS GMBH: Claims Period Ends February 14

INTELLIGENT CROP: Claims Registration Period Ends February 4
JOSEF MAHLERT: Claims Registration Ends February 13
LANDDIENST GMBH: Claims Registration Period Ends February 12
LTH OELBAU: Claims Registration Period Ends February 12
M. MICHAELIS BAU: Claims Registration Period Ends February 12

MACIKOWSKI INDUSTRIESERVICE: Claims Registration Ends Feb. 13
MCM PRUEFSYSTEME: Claims Registration Period Ends February 12
SGORZALI IT-CONSULTING: Claims Period Ends February 4
STEFFEN AUTOMOBILE: Claims Registration Period Ends February 11
TRUCK SERVICE: Claims Registration Period Ends February 1

W. MUELLER: Claims Registration Period Ends February 11
WESTLB AG: Fitch Cuts Individual Rating to F on Near Default


I T A L Y

ALITALIA SPA: Ministers Say Political Crisis Not Affecting Talks


K A Z A K H S T A N

AIMAK LLP: Proof of Claim Deadline Slated for February 20
AKTOBETRUBOPROVOD LLP: Creditors Must File Claims by February 20
BESASPAN LLP: Claims Filing Period Ends February 14
BUSINESS INFORM: Creditors' Claims Due on February 20
DJANUAR LLP: Claims Registration Ends February 14

ENBEK-2030 LLP: Creditors Must File Claims by February 20
GASBYTSERVICE LLP: Claims Filing Period Ends February 14
INTER GEO: Creditors' Claims Due on February 20
MAGELLAN LLP: Claims Registration Ends February 14


K Y R G Y Z S T A N

BELLUS TRADE: Creditors Must File Claims by February 14


N E T H E R L A N D S

GLOBAL POWER: Emerges from Chapter 11 Bankruptcy
X5 RETAIL: Annual Net Sales Up 53% to US$5.28 Billion in 2007


N O R W A Y

COAST AIR: Increased Losses Prompt Bankruptcy Filing


P O L A N D

DAEWOO MOTOR: Receiver Plans to Auction Honker Production Rights


R O M A N I A

TIMKEN CO: Signs Acquisition Agreement with Boring Specialties


R U S S I A

AGIDEL' CJSC: Creditors Must File Claims by February 29
INVESTSBERBANK OAO: Fitch Affirms Individual Ratings at D/E
CHELYABINSK AIRPORT: Creditors Must File Claims by February 29
CONSTRUCTION TOOL: Creditors Must File Claims by February 29
CRYSTAL GLASS: Asset Sale Slated for February 8

KARAGAILACOAL CJSC: Creditors Must File Claims by February 29
KOLKHOZ ARMET: Creditors Must File Claims by February 29
NIZHNEOMSKTSELINSTROY: Creditors Must File Claims by February 29
TATNEFT OAO: Forms Joint Working Group with Turkmenneft GK
URALSVYAZINFORM OJSC: S&P Affirms BB- Ratings on Risk Profile

X5 RETAIL: Annual Net Sales Up 53% to US$5.28 Billion in 2007


S W I T Z E R L A N D

BUECHEGGE JSC: Creditors' Liquidation Claims Due by January 28
E.P.S. SUPERMARKET: Creditors Must File Claims by January 28
FREIWA LLC: Creditors' Liquidation Claims Due by January 28
IMDAR LLC: Creditors' Liquidation Claims Due by January 28
MALER WALDBURGER: Creditors Must File Claims by January 28

RIZZUTO HANDEL: Creditors' Liquidation Claims Due by January 28
SALCO GRAIN: Zug Court Starts Bankruptcy Proceedings
SWISSAIR: In Talks with Polish Government on Lot Stake
TECHNORADA JSC: Zug Court Starts Bankruptcy Proceedings
TUSTRA JSC: Creditors' Liquidation Claims Due by January 28

VHG IMMOBILIEN: Zug Court Starts Bankruptcy Proceedings


U K R A I N E

ANTORS TDM: Creditors Must File Claims by January 25
CAPITAL INVEST: Creditors Must File Claims by January 25
CORD-PLUS LLC: Creditors Must File Claims by January 25
MELITOPOL ADMINISTRATIVE-TRADING: Creditors' Claim Due Jan. 25
MIROS-KM LLC: Creditors Must File Claims by January 25

PR TECHNOLOGIES: Creditors Must File Claims by January 25
SERDEN KMT: Creditors Must File Claims by January 25
SHEVCHENKO AGRICULTURAL: Proofs of Claim Filing Ends January 25
UKRAINIAN RAILWAY: Proofs of Claim Filing Ends January 25
VALSAR KM: Creditors Must File Claims by January 25

VERKHOVKA LLC: Proofs of Claim Filing Ends January 25


U N I T E D   K I N G D O M

BATHROOM WAREHOUSE: Names Administrators from Tenon Recovery
BOURNE END: Appoints Grant Thornton to Administer Assets
BRITISH AIRWAYS: Pilots to Vote for Strike Action
BRITISH AIRWAYS: Accident Insurance Premium May Go Up
CASTLE FINANCE: Moody's May Lower B2 Rating After Review

CHESS III: Moody's May Lower B2 Rating After Review
CLASSIQUE BATHROOMS: Brings In Liquidators from Moore Stephens
DRS PARTNERSHIP: Brings In Administrators from Grant Thornton
ENRON CORP: Court OKs Investors Receiving US$7.2BB Final Payout
ENRON CORP: FERC Okays US$18MM Settlement with Snohomish County

ENRON CORP: Wants US$25 Mil. Deutsche Bank Settlement Approved
ENVIRONMENTAL SEALS: Appoints Tenon as Joint Administers
HAMPSHIRE TECHNICAL: RBS Invoice Taps Menzies as Receivers
PHF LEISURE: Calls In Liquidators from Tenon Recovery

PROPEX INC: Wants to Employ King & Spalding as Lead Counsel
PROPEX INC: Wants Court Nod to Use BNP Paribas' Cash Collateral
PROPEX INC: Wants Access to US$60 Million DIP Financing
PROPEX INC: Bankruptcy Filing Cues Moody's to Cut Debt Ratings
QUEBECOR WORLD: Gets CCAA Order for Creditor Protection

QUEBECOR WORLD: Moody's Cuts Corp. Family & Bond Ratings to Ca
QUEBECOR WORLD: S&P Slashes Ratings to D on Chapter 11 Filing
SANYO ELECTRIC: Hires Execs from Financial Firms to Head Units
SANYO ELECTRIC: Kyocera Buyout Won't Affect Ratings, S&P Says
SHAW GROUP: Fossil Unit Inks Definitive Pact with Entergy

SOLUTIA INC: DuPont Demands Payment of US$1,394,718 Admin. Claim
SOLUTIA INC: Files 2nd Supplement to Stock Offering Prospectus
SPOONER VICARS: Taps Tenon Recovery as Joint Administrators
SR COMMUNICATIONS: Brings In Administrators from Menzies
TATA MOTORS: Board Meeting Set on Jan. 31 to Consider Results

TRANSENSE LTD: Names Christopher Farrington as Administrator
WOODCON PRODUCTS: Brings In Vantis to Administer Assets

* Upcoming Meetings, Conferences and Seminars




                            *********


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A U S T R I A
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BIOMASSE-HEIZANLAGEN: Graz Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of Graz entered Dec. 13, 2007 an order shutting
down the business of LLC Biomasse-Heizanlagen Flecht (FN
274650y).

Court-appointed estate administrator Gisela Possnig 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. Gisela Possnig
          Wielandgasse 14-16
          8010 Graz
          Austria
          Tel: 03172/2442
          Fax: 03172/2442-14
          E-mail: office@ra-wpm.at

Headquartered in St. Margarethen an der Raab, Austria, the
Debtor declared bankruptcy on Dec. 11, 2007 (Bankr. Case No 26 S
112/07a).


HOLZBAU KLAURA: Claims Registration Period Ends January 28
----------------------------------------------------------
Creditors owed money by LLC Holzbau Klaura (FN 121666x) have
until Jan. 28, 2008 to file written proofs of claim to court-
appointed estate administrator Manfred Opetnik at:

          Dr. Manfred Opetnik
          Hauptplatz 2
          9100 Voelkermarkt
          Austria
          Tel: 04232/4170
          Fax: 04232/4170-3
          E-mail: kanzlei@ra-opetnik.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 5, 2008 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 Bad Eisenkappel, Austria, the Debtor declared
bankruptcy on Dec. 19, 2007 (Bankr. Case No. 40 S 67/07d).


ING. GRILLNBERGER: Claims Registration Period Ends January 29
-------------------------------------------------------------
Creditors owed money by LLC Ing. Grillnberger (FN 87465a) have
until Jan. 29, 2008 to file written proofs of claim to court-
appointed estate administrator Franz Hofbauer at:

          Dr. Franz Hofbauer
          Hauptplatz 6
          3370 Ybbs/Donau
          Austria
          Tel: 07412/52731
          Fax: 07412/52731-22
          E-mail: dr.hofbauer@wibs.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Feb. 19, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of St. Poelten
          Room 216
          Second Floor
          Old Building
          St. Poelten
          Austria

Headquartered in Purgstall an der Erlauf, Austria, the Debtor
declared bankruptcy on Dec. 20, 2007 (Bankr. Case No. 14 S
206/07w).


KAINZ INSTALLATEUR: Claims Registration Period Ends January 28
--------------------------------------------------------------
Creditors owed money by LLC Ing. KAINZ Installateur (FN 245196h)
have until Jan. 28, 2008 to file written proofs of claim to
court-appointed estate administrator Maximilian Schludermann at:

          Dr. Maximilian Schludermann
          c/o  Mag. Wolfgang Winkler
          Reisnerstrasse 32/12
          1030 Vienna
          Austria
          Tel: 715 50 45
          Fax: 715 50 47 4
          E-mail: office@anwalt-vienna.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Feb. 11, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 12, 2007 (Bankr. Case No. 3 S 157/07v).  Wolfgang
Winkler represents Dr. Schludermann in the bankruptcy
proceedings.


OMEGA-BAU: Korneuburg Court Orders Business Shutdown
----------------------------------------------------
The Land Court of Korneuburg entered Dec. 19, 2007 an order
shutting down the business of LLC OMEGA-Bau (FN 103640m).

Court-appointed estate administrator Stephan Riel 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. Stephan Riel
          Landstrasser Hauptstrasse 1/2
          1030 Vienna
          Austria
          Tel: 01/713 44 33
          Fax: 01/713 10 33
          E-mail: kanzlei@jsr.at

Headquartered in Hainburg an der Donau, Austria, the Debtor
declared bankruptcy on Dec. 14, 2007 (Bankr. Case No 36 S
146/07y).


R.O.L.A. GABMANN: Claims Registration Period Ends January 29
------------------------------------------------------------
Creditors owed money by LLC R.O.L.A. Gabmann (FN 93760h) have
until Jan. 29, 2008 to file written proofs of claim to court-
appointed estate administrator Stefan Jahns at:

          Mag. Stefan Jahns
          c/o  Mag. Beate Holper
          Gonzagagasse 15
          1010 Vienna
          Austria
          Tel: 532 17 11
          Fax: 532 17 11 11
          E-mail: kanzlei@jahns.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 12, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 12, 2007 (Bankr. Case No. 4 S 142/07w).  Beate Holper
represents Mag. Jahns in the bankruptcy proceedings.


SPORTBAU LLC: Claims Registration Period Ends January 29
--------------------------------------------------------
Creditors owed money by LLC Sportbau (FN 233569i) have until
Jan. 29, 2008 to file written proofs of claim to court-appointed
estate administrator Wolfgang Strasser at:

          Dr. Wolfgang Strasser
          Hauptplatz 11
          4300 St. Valentin
          Austria
          Tel: 07435/52 4 37
          E-mail: st-valentin@advocat24.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:00 p.m. on Feb. 12, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Steyr
          Hall 7
          Second Floor
          Steyr
          Austria

Headquartered in Enns, Austria, the Debtor declared bankruptcy
on Dec. 13, 2007 (Bankr. Case No. 14 S 47/07w).


WIBO LLC: Vienna Court Orders Business Shutdown
-----------------------------------------------
The Trade Court of Vienna entered Dec. 12, 2007 an order
shutting down the business of LLC WIBO (FN 210755i).

Court-appointed estate administrator Felix Stortecky 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. Felix Stortecky
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 513 88 37
          Fax: 513 88 37-22
          E-mail: office@stortecky.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 29, 2007 (Bankr. Case No 5 S 136/07w).


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F R A N C E
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MTI TECHNOLOGY: Court Approves CMA Business as Auctioneer
---------------------------------------------------------
MTI Technology Corporation obtained authority from the Honorable
Erithe A. Smith of the United States Bankruptcy Court for the
Central District of California to employ CMA Business Credit
Services as its auctioneer.

As reported in the Troubled Company Reporter on Jan. 4, 2008,
CMA Business is expected to auction accumulated items from the
Debtor's various office location at its headquarters at 15641
Red Hill Avenue, Suite 200 in Tustin, California.

In addition, the firm will provide a copy of its surety bond and
increase certificate and auctioneer report defining the sales,
amount and respective buyer and as required by the U.S. Trustee
guidelines.

The Debtor told the Court that the auction value of the assets
is approximately US$50,000 to US$60,000.

The Debtor said that it agreed to pay to the firm 12.5% buyer's
premium on the gross sale of the auction and US$4,750 for
advertising costs.

Charles G. Klaus, an employee of the firm, assured the Court
that the firm is a "disinterested person" as defined in Section
101(14) of the Bankruptcy Code.

Headquartered in Tustin, California, M.T.I. Technology Corp. --
http://www.mti.com/-- provides professional services and data
storage for mid- to large-sized organizations.  In addition, the
company owns all of the issued and outstanding share capital of
three European subsidiaries: MTI Technology GmbH in Germany, MTI
Technology Limited in Scotland and MTI France S.A.S. in France.

The company filed for Chapter 11 protection on Oct. 15, 2007
(Bankr. C.D. Calif. Case No. 07-13347).  Scott C. Clarkson,
Esq., at Clarkson, Gore & Marsella, A.P.L., represents the
Debtor.  Omni Management Group LLC serves as the Debtor's claim,
noticing and balloting agent.  The U.S. Trustee for Region 16
appointed nine creditors to serve on an Official Committee of
Unsecured Creditors in the Debtor's case.  Winthrop Couchot
Professional Corporation represents the Committee as general
insolvency counsel.  As of July 7, 2007, the Debtor had total
assets of US$64,002,000 and total debts of US$58,840,000.


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G E R M A N Y
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ALPHA HOTELBETRIEBS: Claims Registration Ends February 13
---------------------------------------------------------
Creditors of Alpha Hotelbetriebsgesellschaft mbH have until
Feb. 13, 2008, to register their claims with court-appointed
insolvency manager Dr. Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on Feb. 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Dr. Joerg Nerlich
         Goethestr. 100
         45130 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Alpha Hotelbetriebsgesellschaft mbH on Jan. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Alpha Hotelbetriebsgesellschaft mbH
          Loemuehlenweg 221
          45770 Marl
          Germany


AP PRODUKTIONS: Claims Registration Period Ends February 12
-----------------------------------------------------------
Creditors of AP Produktions- und Service GmbH have until
Feb. 12, 2008 to register their claims with court-appointed
insolvency manager Christina Siegert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on March 6, 2008, 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 Munich
         Meeting Hall 101
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

          Christina Siegert
          Oskar-von-Miller Ring 34-36
          80333 Munich
          Germany
          Tel: 089-24440930
          Fax: 089-244409365

The District Court of Munich opened bankruptcy proceedings
against AP Produktions- und Service GmbH on Dec. 27, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          AP Produktions- und Service GmbH
          Attn: Martin Pfefferl, Manager
          Heimstattenstr. 13 a
          82166 Grafelfing
          Germany


APIK MD: Claims Registration Ends February 13
---------------------------------------------
Creditors of APIK MD GmbH have until Feb. 13, 2008 to register
their claims with court-appointed insolvency manager Heiko
Rautmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 13
         Judicial Center
         Breiter Weg 203-206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Magdeburg opened bankruptcy proceedings
against APIK MD GmbH on Dec. 21, 2007.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         APIK MD GmbH
         Glindenberger Weg 5
         39126 Magdeburg
         Germany

         Attn: Juergen Braatz, Manager
         Nussweg 5
         06317 Aseleben
         Germany


AUTOHAUS HAAG: Claims Registration Period Ends February 3
---------------------------------------------------------
Creditors of Autohaus Haag GmbH have until Feb. 3, 2008 to
register their claims with court-appointed insolvency manager
Dr. Gerhard Th. Walter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Homburg v.d. Hoehe
         Room 120
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         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. Gerhard Th. Walter
         Cronstettenstrasse 30
         D 60322 Frankfurt a.M.
         Germany
         Tel: 069/9591100
         Fax: 069/95911012

The District Court of Bad Homburg v.d. Hoehe opened bankruptcy
proceedings against Autohaus Haag GmbH on Jan. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Autohaus Haag GmbH
         Robert-Bosch-Strasse 24
         61267 Neu-Anspach
         Germany

         Attn: Patricia Arnold, Manager
         Schlossborner Weg 18
         61467 Glashuetten
         Germany


AZEGO AG: Illiquidity Triggers Second Insolvency Filing
-------------------------------------------------------
Azego AG, on Jan. 22, 2008, filed a second insolvency petition
with the Munich Municipal Court after attempts to negotiate with
investors and competitors failed.

The company said it was not able to eliminate its illiquidity
even though there had been several promising possibilities.

Azego's problems also prompted its subsidiary, First Components
GmbH to file an insolvency petition for the second time.

The company said that despite implementing several cost
reduction measures to reduce losses and significantly increase
its margins over the last two years, as well as a convertible
loan 2007/2011, it couldn't achieve the planned revenue of
liquidity which would have been precondition to continue its
operations.

Headquartered in Munich, Germany, Azego AG, fka ACG Advanced
Component Group -- http://www.azego.com/-- is a supplier of
semiconductor components and related logistic services. The
company offers tailor-made and comprehensive solutions ranging
from search and commercial processes to the delivery of the
goods.  Its portfolio of logistic services include excess
inventory management services, shortage management services,
bill of material services, franchise services, mass market
services, computer services and last time buy services. Its
portfolio of products includes capacitors, connectors,
inductors, crystals, diodes, microcontrollers, resistors and
other computer products and accessories.  It has subsidiaries in
Germany, Singapore, China, Korea, Luxemburg, France, Brazil, the
United States, Austria and in the United Kingdom.


FUTUR FENSTER: Claims Registration Period Ends February 12
----------------------------------------------------------
Creditors of Futur Fenster GmbH have until Feb. 12, 2008 to
register their claims with court-appointed insolvency manager
Rudolf Rossmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on March 11, 2008, 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 Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         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:

          Rudolf Rossmann
          Weisskopfstr. 13
          86343 Koenigsbrunn
          Germany

The District Court of Augsburg opened bankruptcy proceedings
against Futur Fenster GmbH on Jan. 3, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Futur Fenster GmbH
          Ob. Bahnhofstr. 6
          86465 Welden
          Germany


G & M DESIGN: Claims Registration Ends February 13
--------------------------------------------------
Creditors of G & M Design GmbH have until Feb. 13, 2008 to
register their claims with court-appointed insolvency manager
Juergen Sulz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 13, 2008, 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
         Hall 1
         First Floor
         Ritterstr. 5 (Eingang Strohstr.)
         Esslingen
         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 Sulz
         Rommelsbacher Str. 27
         72760 Reutlingen
         Germany
         Tel: 07121/333540
         Fax: 07121/333544

The District Court of Esslingen opened bankruptcy proceedings
against G & M Design GmbH on Jan. 2, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         G & M Design GmbH
         Attn: Bernd Spath, Manager
         Dieselstr. 9
         70771 Leinfelden-Echterdingen
         Germany


GARTNER & THOR: Claims Registration Period Ends February 12
-----------------------------------------------------------
Creditors of Gartner & Thor & Co Bau GmbH have until
Feb. 12, 2008 to register their claims with court-appointed
insolvency manager Hubertus Bartelheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 11, 2008, 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. Hubertus Bartelheimer
          Bernburger Str. 32
          10963 Berlin
          Germany

The District Court of Cottbus opened bankruptcy proceedings
against Gartner & Thor & Co Bau GmbH on Jan. 3, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Gartner & Thor & Co Bau GmbH
          Finsterwalder Strasse 57
          03238 Massen
          Germany


HEINECKE INTERNATIONALER: Claims Registration Ends February 13
--------------------------------------------------------------
Creditors of Heinecke Internationaler Gueterverkehr GmbH have
until Feb. 13, 2008 to register their claims with court-
appointed insolvency manager Norbert Kruse.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Norbert Kruse
         Bonhoefferstr. 10
         48282 Emsdetten
         Germany
         Tel: 02572/875-0
         Fax: +49257287533

The District Court of Muenster opened bankruptcy proceedings
against Heinecke Internationaler Gueterverkehr GmbH on Jan. 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Heinecke Internationaler Gueterverkehr GmbH
         Wellenesch 5
         49504 Lotte
         Germany

         Attn: Kurt-Werner Heinecke, Manager
         Wellenesch 5
         49504 Lotte
         Germany


HEKL-MASSIV-HAUS GMBH: Claims Period Ends February 14
-----------------------------------------------------
Creditors of Hekl-Massiv-Haus GmbH have until Feb. 14, 2008 to
register their claims with court-appointed insolvency manager
Andreas Heintz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on March 6, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Am Schlossgarten 4
         38518 Gifhorn
         Germany

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

The insolvency manager can be reached at:

         Andreas Heintz
         Moocksgang 5
         30169 Hannover
         Germany
         Tel: 0511/3539997-0
         Fax: 0511/3539997-77
         E-mail: heintz@pkl.com
         Web site: http://www.pkl.com/

The District Court of Gifhorn opened bankruptcy proceedings
against Hekl-Massiv-Haus GmbH on Jan. 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Hekl-Massiv-Haus GmbH
         Attn: August W. Hekl, Manager
         Maschstr. 19 b
         38518 Gifhorn
         Germany


INTELLIGENT CROP: Claims Registration Period Ends February 4
------------------------------------------------------------
Creditors of Intelligent Crop Forecasting GmbH have until
Feb. 4, 2008 to register their claims with court-appointed
insolvency manager Dr. Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 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 Darmstadt
         Hall 4.312
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Dr. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt
         Germany
         Tel: 069/962334-0
         Fax: 069/962334-22
         E-mail: m.plathner@brinkmann-partner.de

The District Court of Darmstadt opened bankruptcy proceedings
against Intelligent Crop Forecasting GmbH on Jan. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Intelligent Crop Forecasting GmbH
         Attn: Dr. Katharina Elisabeth Born
         Marienburgstrasse 27
         64297 Darmstadt
         Germany


JOSEF MAHLERT: Claims Registration Ends February 13
---------------------------------------------------
Creditors of Josef Mahlert GmbH & Co. KG have until Feb. 13,
2008 to register their claims with court-appointed insolvency
manager Dr. Helmut Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 26, 2008, 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 Duisburg
         Meeting Hall C315
         Third Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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. Helmut Schmitz
         Flohbusch 1
         47802 Krefeld
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Josef Mahlert GmbH & Co. KG on Jan. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Josef Mahlert GmbH & Co. KG
         Koloniestrasse 209-213
         47057 Duisburg
         Germany

         Attn: Horst Mahlert, Manager
         Alexander-Fleming-Weg 3
         47447 Moers
         Germany


LANDDIENST GMBH: Claims Registration Period Ends February 12
------------------------------------------------------------
Creditors of Landdienst GmbH have until Feb. 12, 2008 to
register their claims with court-appointed insolvency manager
Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on March 13, 2008, 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:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against Landdienst GmbH on Jan. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Landdienst GmbH
          Chaussee 21
          16559 Liebenwalde
          Germany


LTH OELBAU: Claims Registration Period Ends February 12
-------------------------------------------------------
Creditors of LTH Oelbau GmbH have until Feb. 12, 2008, to
register their claims with court-appointed insolvency manager
Joerg Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on March 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Halle (Saale)
         Hall 1.043
         Justizzentrum
         Thueringer Strasse 16
         06112 Halle (Saale)
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Halle (Saale) opened bankruptcy
proceedings against LTH Oelbau GmbH on Dec. 2, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         LTH Oelbau GmbH
         Am Saalehafen 1
         06118 Halle
         Germany


M. MICHAELIS BAU: Claims Registration Period Ends February 12
-------------------------------------------------------------
Creditors of M. Michaelis Bau- und Sanierungs GmbH have until
Feb. 12, 2008, to register their claims with court-appointed
insolvency manager Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on March 17, 2008, 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 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 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:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against M. Michaelis Bau- und Sanierungs GmbH on
Jan. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          M. Michaelis Bau- und Sanierungs GmbH
          Goerzallee 305
          14167 Berlin
          Germany


MACIKOWSKI INDUSTRIESERVICE: Claims Registration Ends Feb. 13
-------------------------------------------------------------
Creditors of Macikowski Industrieservice GmbH have until
Feb. 13, 2008 to register their claims with court-appointed
insolvency manager Ruediger Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 12, 2008, 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 Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         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:

         Ruediger Bauch
         Damm 18
         38100 Braunschweig
         Germany
         Tel: 0531 38848-10
         Fax: 0531 38848-11

The District Court of Braunschweig opened bankruptcy proceedings
against Macikowski Industrieservice GmbH on Dec. 19, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Macikowski Industrieservice GmbH
         Attn: Siegfried Macikowski, Manager
         Bachstrasse 1
         38272 Burgdorf
         Germany


MCM PRUEFSYSTEME: Claims Registration Period Ends February 12
-------------------------------------------------------------
Creditors of mcm Pruefsysteme GmbH have until Feb. 12, 2008, to
register their claims with court-appointed insolvency manager
Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on March 17, 2008, 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 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 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:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against mcm Pruefsysteme GmbH on Jan. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          mcm Pruefsysteme GmbH
          Schiffbauerdamm 17
          10117 Berlin
          Germany


SGORZALI IT-CONSULTING: Claims Period Ends February 4
-----------------------------------------------------
Creditors of Sgorzali IT-Consulting Verwaltungsgesellschaft mbH
have until Feb. 4, 2008 to register their claims with court-
appointed insolvency manager Dr. jur. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 2:20 p.m. on March 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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. jur. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

The District Court of Hannover opened bankruptcy proceedings
against Sgorzali IT-Consulting Verwaltungsgesellschaft mbH on
Dec. 27, 2007.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Sgorzali IT-Consulting
         Verwaltungsgesellschaft mbH
         Attn: Peter Sgorzali, Manager
         Langer Brink 28
         30880 Laatzen
         Germany


STEFFEN AUTOMOBILE: Claims Registration Period Ends February 11
---------------------------------------------------------------
Creditors of Steffen Automobile GmbH have until Feb. 11, 2008 to
register their claims with court-appointed insolvency manager
Karsten Foerster.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on March 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Dr. Karsten Foerster
          Otto von Guericke Strasse 5
          17033 Neubrandenburg
          Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against Steffen Automobile GmbH on Jan. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Steffen Automobile GmbH
          Loecknitzer Strasse 32
          17309 Pasewalk
          Germany


TRUCK SERVICE: Claims Registration Period Ends February 1
---------------------------------------------------------
Creditors of TRUCK Service Gummersbach GmbH have until
Feb. 1, 2008 to register their claims with court-appointed
insolvency manager Dr. Ruediger Werres.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Feb. 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Ruediger Werres
         Friesenplatz 17 a
         50672 Koeln
         Germany

The District Court of Cologne opened bankruptcy proceedings
against TRUCK Service Gummersbach GmbH on Jan. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         TRUCK Service Gummersbach GmbH
         Attn: Joern Oschatz, Manager
         Betriebsweg 2 b
         51645 Gummersbach
         Germany


W. MUELLER: Claims Registration Period Ends February 11
-------------------------------------------------------
Creditors of W. Mueller Sportanlagenbau GmbH have until Feb. 11,
2008 to register their claims with court-appointed insolvency
manager Christoph Goergen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Feb. 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on March 12, 2008 at:

         The District Court of Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The insolvency manager can be reached at:

          Christoph Goergen
          Beethovenstrasse 13
          66606 St. Wendel
          Germany
          Tel: (06851) 4066
          Fax: (06851) 4068

The District Court of Saarbruecken opened bankruptcy proceedings
against W. Mueller Sportanlagenbau GmbH on Jan. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          W. Mueller Sportanlagenbau GmbH
          Attn: Winfried Mueller, Manager
          Werkstr. 17
          66606 St Wendel
          Germany


WESTLB AG: Fitch Cuts Individual Rating to F on Near Default
------------------------------------------------------------
Fitch Ratings has downgraded Germany's WestLB AG's Individual
rating to 'F' from 'D/E' and removed the Rating Watch Negative.
At the same time, the agency has affirmed the bank's Long-term
Issuer Default Rating at 'A-', Short-term IDR at 'F1', Support
rating at '1' and Support Rating Floor at 'A-'.

The Outlook for the Long-term IDR remains Stable.  The bank's
guaranteed obligations are also affirmed at Long-term 'AAA'.
The ratings of the state of North-Rhine Westfalia, WestLB's 38%
direct and indirect shareholder are unaffected at Long-term
'AAA' with Stable Outlook and Short-term 'F1+'.

The downgrade of the Individual rating reflects Fitch's opinion
that WestLB would have defaulted without its shareholders'
rescue measures announced by the bank on Jan. 21, 2008.

Anna Lozmann, Associate Director in Fitch's Financial
Institutions team, said, "In Fitch's opinion, it is very likely
that the impact upon the bank's equity of a EUR1 billion annual
loss for 2007 as well as up to EUR1 billion portfolio writedowns
would have left the bank with a precarious capital position and
severely dented its ability to function normally.  The
writedowns reflect the impact on specific portfolios of recent
market turmoil. Given ongoing market uncertainty the possibility
of further writedowns cannot be excluded."

The measures announced to repair the capital damage are viewed
positively by Fitch.  However, it is possible that the losses
announced will further erode the bank's franchise and
reputation, and underline the challenges facing management in
addressing core performance metrics in persistently difficult
market conditions.

WestLB's IDRs and Support rating continue to reflect the
extremely high potential of support from its owners in case of
need, in particular from NRW.  Although there are ongoing
discussions about a possible change in ownership, Fitch expects
implicit support to remain very strong, particularly given the
targeted Verbund structure and the shareholders' statement from
December 2007 regarding WestLB's future.  The shareholders'
announcement to compensate the annual loss and to absorb the
non-P&L relevant valuations confirm their strong commitment to
the bank.

The Long-term rating for WestLB's guaranteed obligations
reflects the grandfathering of the state guarantee,
Gewaehrtraegerhaftung, and Fitch's 'AAA' rating for NRW.

WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).


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


ALITALIA SPA: Ministers Say Political Crisis Not Affecting Talks
----------------------------------------------------------------
Italian ministers assured that the current political crisis in
the country will not affect the exclusive talks to sell the
government's 49.9% stake in Alitalia S.p.A. to Air France-KLM
SA, published reports say.

"[Alitalia Chairman Maurizio] Prato has full powers to conduct
and conclude talks with Air France, with the duty to keep the
minister informed, even during a government crisis," Transport
Minister Alessandro Bianchi told Reuters.

"Nothing changes, even if there is a government crisis,"
Economic Development Minister Pierluigi Bersani told Thomson
Financial.

"There is no disturbance," Mr. Bersani adds.

Prime Minister Romano Prodi no longer has a majority in the
Italian Senate after the Udeur party left the coalition
government.  Mr. Prodi yesterday survived a confidence vote in
the lower parliamentary house, but may tender resignation on
pressure from allies before the Senate vote, The Wall Street
Journal says.

As reported in the TCR-Europe on Jan. 17, 2007, Alitalia and
Italy have commenced exclusive sale talks with Air France-KLM.
The carriers have two months to reach an agreement, which would
be approved by the government.

Tommaso Padoa Schioppa, Italy's finance minister, has delivered
a letter to Alitalia S.p.A. approving the commencement of
exclusive talks with Air France-KLM.

In its non-binding offer, Air France plans to:

   -- acquire 100% of the shares of Alitalia through an
      exchange offer;

   -- acquire 100% of Alitalia convertible bonds; and

   -- immediately inject at least EUR750 million into
      Alitalia through a capital increase, that will be open to
      all shareholders and be fully underwritten by Air France.

Air France CEO Jean-Cyril Spinetta confirmed plans to cut 1,700
jobs and defended plans to downsize Alitalia's operations in
Milan's Malpensa airport.

Mr. Spinetta also revealed that should the French carrier
acquire 100% of Alitalia shares, Air France would list itself in
the Milan bourse.

Mr. Schioppa will represent the Italian government during sale
talks and will evaluate whether to sell to the state's majority
stake in Alitalia, Agenzia Giornalistica Italia says.

                          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.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina.

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 posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


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


AIMAK LLP: Proof of Claim Deadline Slated for February 20
---------------------------------------------------------
LLP Monetary House - Aimak has declared insolvency.  Creditors
have until Feb. 20, 2008 to submit written proofs of claims to:

         LLP Monetary House - Aimak
         Omarov Str. 166
         Almaty
         Kazakhstan


AKTOBETRUBOPROVOD LLP: Creditors Must File Claims by February 20
----------------------------------------------------------------
LLP Trade House Aktobetruboprovod has declared insolvency.
Creditors have until Feb. 20, 2008 to submit written proofs of
claims to:

         LLP Trade House Aktobetruboprovod
         Micro District 11, 25-85
         Aktobe
         Aktube
         Kazakhstan


BESASPAN LLP: Claims Filing Period Ends February 14
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Besaspan insolvent.

Creditors have until Feb. 14, 2008 to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Abai ave. 48
         Kyzylorda
         Kazakhstan
         Tel: 8 (32422) 23-56-11


BUSINESS INFORM: Creditors' Claims Due on February 20
-----------------------------------------------------
Branch of LLP Corporation Business Inform has declared
insolvency.  Creditors have until Feb. 20, 2008 to submit
written proofs of claims to:

         LLP Corporation Business Inform
         Djambul Str. 221-4
         Almaty
         Kazakhstan


DJANUAR LLP: Claims Registration Ends February 14
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Djanuar insolvent.

Creditors have until Feb. 14, 2008 to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 27, 39-35
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (7292) 41-32-87
              7 701 380 72-53


ENBEK-2030 LLP: Creditors Must File Claims by February 20
---------------------------------------------------------
LLP Enbek-2030 has declared insolvency.  Creditors have until
Feb. 20, 2008 to submit written proofs of claims to:

         LLP Enbek-2030
         Konstantinovka
         Arshalynsky District
         Akmola
         Kazakhstan


GASBYTSERVICE LLP: Claims Filing Period Ends February 14
--------------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Gasbytservice (RNN 090500029663).

Creditors have until Feb. 14, 2008 to submit written proofs of
claims to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


INTER GEO: Creditors' Claims Due on February 20
-----------------------------------------------
LLP Inter Geo Consulting has declared insolvency.  Creditors
have until Feb. 20, 2008 to submit written proofs of claims to:

         LLP Inter Geo Consulting
         Kabanbai batyr Str. 69a
         Medeusky District
         Almaty
         Kazakhstan


MAGELLAN LLP: Claims Registration Ends February 14
--------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Magellan (RNN 090500028610).

Creditors have until Feb. 14, 2008 to submit written proofs of
claims to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


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


BELLUS TRADE: Creditors Must File Claims by February 14
-------------------------------------------------------
LLC Bellus Trade has declared insolvency.  Creditors have until
Feb. 14 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 93-38-25


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


GLOBAL POWER: Emerges from Chapter 11 Bankruptcy
------------------------------------------------
Global Power Equipment Group Inc. has successfully reorganized
its business operations and emerged from chapter 11 bankruptcy
protection.  The company has completed the steps necessary to
cause its Plan of Reorganization to become effective, including
securing US$150 million in exit financing and completing its
rights offering and private placement that raised US$71 million
in new capital for the company.

"After almost a year and half in the bankruptcy process, our
company achieved an extraordinary milestone and exited chapter
11 with a sound financial position in order to remain a global
leader as an equipment and services provider to the power
infrastructure, energy and process industries," John Matheson,
President and Chief Executive Officer of Global Power, said.
"Our dedicated employees and management team have a great sense
of pride for our company's accomplishments and remain committed
to serving our strong customer base.  We thank our customers and
stakeholders for their perseverance, and going forward we pledge
to continue providing the highest quality products and
services."

Consistent with the terms of the order confirming the Plan, the
company entered into a US$150 million exit financing package
with a group of lenders led by Morgan Stanley Senior Funding,
Inc., as lead arranger, bookrunner and administrative agent.
The exit financing package consists of a US$60 million revolving
credit facility and a US$90 million term loan.

In accordance with the Plan, the funds from the exit financing
and new equity investment will be used, in part, to pay all
allowed creditor claims of Global Power and its Williams and
Braden subsidiaries in full.  A separate cash reserve of US$34
million has been established for the payment of allowed
unsecured claims against the company's Deltak, L.L.C.
subsidiary.

In addition to the payment of allowed claims, Global Power will
also be issuing approximately 134 million shares of new common
stock to its shareholders and participants in the new equity
investment, and it will issue warrants for approximately 16
million additional shares as consideration to the group of
shareholders that fully backstopped the rights offering and
private placement.  Under the rights offering and private
placement, the share price was dependant upon the final amount
of equity capital raised by the company.  The final amount of
equity capital raised by the company was US$71 million,
resulting in a per share price of US$0.85 for the new common
stock issued pursuant to the Plan.  The company has begun its
initial distributions of cash and new common stock provided for
under the Plan and it expects to complete initial distributions
by the end of January 2008.

With the company's successful emergence from chapter 11, Global
Power has a new five-member board of directors.  The directors,
in addition to John Matheson, are Carl Bartoli, Terence Cryan,
Eugene I. Davis, and Charles Macaluso.

               About Global Power Equipment Group

Based in Oklahoma, Global Power Equipment Group Inc. (Pink
Sheets: GEGQQ) -- http://www.globalpower.com/-- is a design,
engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries.  The company designs, engineers and
manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry
experience.  The company's equipment is installed in power
plants and in industrial operations in more than 40 countries on
six continents.  In addition, the company provides routine and
specialty maintenance services to nuclear, coal-fired, fossil,
and hydroelectric power plants and other industrial operations.

The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.

The company filed for chapter 11 protection on Sept. 28, 2006
(Bankr. D. Del. Case No. 06-11045).  Thomas E. Lauria, Esq.,
Matthew C. Brown, Esq., Gerard Uzzi, Esq., John Cunningham,
Esq., and Frank Eaton, Esq., at White & Case LLP; and Jeffrey M.
Schlerf, Esq., Eric M. Sutty, Esq., and Mary E. Augustine, Esq.,
at The Bayard Firm, represent the Debtors.  Kurtzman Carson
Consultants LLC acts as the Debtors' noticing and claims agent.
At Oct. 31, 2006, Global Power's balance sheet showed total
assetsof US$177,758,000 and total debts of US$99,017,000

Jeffrey S. Sabin, Esq., and David M. Hillman, Esq., at Schulte
Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP, represent the Official
Committee of Unsecured Creditors.  The Official Committee of
Equity Security Holders is represented by Howard L. Siegel,
Esq., and Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels
LLP.


X5 RETAIL: Annual Net Sales Up 53% to US$5.28 Billion in 2007
-------------------------------------------------------------
X5 Retail Group N.V. has released its retail sales and expansion
results for the fourth quarter and full year 2007.

                 Fourth Quarter 2007 Highlights

    * net retail sales surged 57% year-on-year to
      US$1.692 billion;

    * in RUR terms, net retail sales grew by 48% year-on-year to
      RUR42.148 billion;

    * LFL sales growth totaled 26%;

    * the Group added net 119 stores; and

    * net addition of selling space in equaled 69,000 sq. m.

                    Full Year 2007 Highlights

    * net retail sales surged 53% year-on-year to
      US$5.284 billion;

    * in RUR terms, net retail sales grew by 44% year-on-year to
      RUR135.156 billion;

    * LFL sales growth totaled 20%;

    * the Group added net 249 stores; and

    * net addition of selling space in equaled 143,100 sq. m.

Lev Khasis, X5 Retail Group CEO, commented: "Our achievement of
a vigorous increase in sales of 53% in dollar terms in 2007
gives us a firm foundation for further growth of X5's market
share and underpins the competitive position of the Company,
which is stronger than ever.  Going forward we will continue to
focus our efforts on enhancement of the Group's market
leadership both through better performance of existing stores
and through expansion into new regions of European Russia.  This
year we plan to accelerate gaining exposure to the hypermarket
format by opening six compact and two large size hypermarkets.
As a result, we expect to deliver a net sales increase in the
range of 36-38% excluding FX effect for the full year 2008."

Antonio Melo, Chief Operating Officer, added: "Our decision to
postpone several openings and concentrate on existing stores'
operations has borne fruit.  As a result, Fourth Quarter was the
strongest in the year in terms of sales growth.  This
outstanding performance was the result of several factors,
including strong macro economic environment, increased pre-New
Year spending as well as innovative and successful promo
campaigns and a significant investment in customer loyalty.
Traffic numbers show that this approach was welcomed by our
clients, which more than compensates for some margin investment.
For 2008 we will continue to focus on delivering balanced growth
in traffic and basket, especially in the hypermarket format,
which we expect to be the leader in LFL stores performance."

                         Outlook for 2008

    * X5 Retail Group expects net sales growth in the range of
      36-38% in RUR terms for the full year 2008;

    * 2008 LFL stores' sales expected to grow at above 10% with
      hypermarkets being clear leaders in LFL growth;

    * in 2008, X5 plans to add 140,000-160,000 sq. m. of selling
      space;

    * eight hypermarkets to be opened during 2008, including six
      compact and two large-size stores;

    * add around 40,000 sq. m. of storage capacity on the net
      basis;

    * 2008 CapEx estimated at US$1.2 billion-US$1.4 billion, out
      of which about 40% will be spent on the stores to be
      opened after 2008, including expansion of the landbank for
      future hypermarket construction.

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. --
http://www.x5.ru/en/-- operates a large store network largely
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.

                          *     *     *

As of Nov. 12, 2007, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


===========
N O R W A Y
===========


COAST AIR: Increased Losses Prompt Bankruptcy Filing
----------------------------------------------------
Coast Air AS, Norway's fourth-largest airline filed for
bankruptcy protection on Jan. 23, 2008, which prompted the
company to cancel all its flights, the Associated Press reports.

"The bankruptcy is the result of a dramatic and unexpected
increase in negative results for the fourth quarter," Trygve
Seglem, a major shareholder was quoted by AP as saying.  Mr.
Seglem did not reveal the extent of the losses.

Mr. Seglem told AP that the expenses of operating the aircraft
had increased and that the company had failed to reach a revised
agreement with its pilots that may have slashed costs and boost
crew flexibility.

According to the report, around 400 passengers held tickets for
the Jan. 23, 2008 flights but were rendered invalid by the
bankruptcy.  The company does not have money to offer passengers
compensation or book them to other airlines.

Around 90 airline staff were made redundant following the
declaration.

Headquartered in Haugesund, Norway, Coast Air AS --
http://www.coastair.no/-- was founded in 1975 and operated
eight aircrafts that had routes in Norway and two international
connections - Denmark and Poland.


===========
P O L A N D
===========


DAEWOO MOTOR: Receiver Plans to Auction Honker Production Rights
----------------------------------------------------------------
Leszek Liszcz, the receiver of Daewoo Motor Polska Sp. z o.o.,
plans to call an auction for the rights to produce the 4x4
Honker vehicle by end of January 2008, The Financial Times
reports, citing Polish News Bulletin.

As previously reported in the Troubled Company Reporter-Europe
in November 2007, the company resumed limited production of the
honker vehicle at its Lublin factory following the bankruptcy of
its manufacturer Intrall Polska.

According to the TCR-Europe report, Mr. Liszcz ruled out
autonomous production of the Honker vehicle, which the Polish
army uses in Iraq.

Mr. Liszcz claimed that interest into the auction is large, FT
relates.

FT said potential buyers for the rights include Andoria-Mot,
Honker manufacturer up to 2003, AMZ Kutno and Naftogazbud.

A trustee of Intrall Polska is also considering to bid for
Daewoo Motor's assets, including its machinery for Honker
production.

Headquartered in Lublin, Poland, Daewoo Motor Polska Sp. z o.o.
operates a car factory.  Its parent company is Daewoo Motors
Corp.

On Oct. 1, 2001, a Lublin court declared Daewoo bankrupt after
the company could no longer pay its debts and failed to find a
buyer.

Daewoo Motor Sales Corporation -- http://www.dm.co.kris/-- a
Korea-based automobile sales and service company. The Company
distributes GM-Daewoo vehicles, as well as other brands, such as
Ssangyong Motors, Daewoo Commercial Vehicles and General Motors
through its direct management stores and agencies.


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


TIMKEN CO: Signs Acquisition Agreement with Boring Specialties
--------------------------------------------------------------
The Timken Company has entered into an agreement to acquire the
assets of Boring Specialties Inc., a leading provider of a wide
range of precision deep-hole oil and gas drilling and extraction
products and services.  Based in Houston, Texas, BSI had 2006
sales of approximately US$48 million and employs 190 people.

The acquisition will extend Timken's presence in the growing
energy market by adding BSI's value-added products to its wide
range of alloy steel products for oil and gas customers.  Terms
of the acquisition, which Timken expects to be accretive during
the first year of ownership, were not disclosed.

Founded in 1972 by Charlie Elder, BSI primarily serves the oil
and gas industry, with value-added products used in the
manufacture of down-hole drilling and completion components.
Timken steel is used in a number of BSI's products.  Mr. Elder
will continue as president of the new entity following
successful completion of the transaction.

"Customers operating in an oilfield environment face some of the
most demanding conditions on earth, and both Timken and BSI
provide the products they need to succeed," said Salvatore J.
Miraglia, president - Steel Group.  "As the search for new
energy reserves goes farther afield and deeper below the
surface, we believe that together we can capitalize on growth
opportunities that alone we could not have tapped."

The transaction is subject to customary closing conditions,
including expiration or termination of the waiting period under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended.  Timken expects the transaction to close in the first
quarter of 2008.

Timken solutions span a variety of energy and power-generation
applications from windmill gearboxes to energy exploration.  The
demanding conditions encountered in oil and gas drilling lead
companies to turn to Timken for high-quality steel products that
can withstand the extremes encountered below the earth's
surface.

                      About Timken Co.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR)
-- http://www.timken.com/-- is a manufacturer of highly
engineered bearings and alloy steels.  It also provides related
components and services such as bearing refurbishment for the
aerospace, medical, industrial and railroad industries.  The
company has operations in Argentina, Australia, Belgium, Brazil,
Canada, China, Czech Republic, England, France, Germany,
Hungary, India, Italy, Japan, Korea, Mexico, Netherlands,
Poland, Romania, Russia, Singapore, South America, Spain,
Taiwan, Turkey, United States, and Venezuela and employs 27,000
employees.

                        *     *     *

In August 2007, Moody's Investors Service affirmed Timken's Ba1
corporate family rating and the Ba1 rating on Timken's US$300
million Medium Term Notes, Series A.


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


AGIDEL' CJSC: Creditors Must File Claims by February 29
-------------------------------------------------------
Creditors of CJSC Confectionary Agidel' have until Feb. 29,
2008, to submit proofs of claim to:

         A. A. Fazlyev
         Competitive Proceedings Manager
         P.O. Box 220
         Ufa
         450080 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced one-year
competitive proceedings against the company after finding it
insolvent as the absent debtor on Nov. 29, 2007.  The case is
docketed under Case No. A07-15185/07-G-MPC.

The Court is located at:

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


INVESTSBERBANK OAO: Fitch Affirms Individual Ratings at D/E
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Russia's
Investsberbank OAO at Long-term Issuer Default 'BBB-', Short-
term foreign currency IDR 'F3', Individual 'D/E', Support '2'
and National Long-term 'AA+(rus)'.  The Outlooks for the Long-
term IDR and National Long-term rating are Stable.

The IDRs, Support and National Long-term ratings of ISB are
driven by the high potential for support, in case of need, from
Hungary's largest bank, OTP Bank (Support '2'), which since end-
2006 has been ISB's major shareholder.

The Individual rating reflects ISB's small size by international
standards, risks stemming from the rapid growth of its unsecured
retail exposure and deteriorating asset quality, which to date
has been mitigated by its high margins.  It also reflects the
bank's increased exposure to market and operational risk, modest
capitalization and the still challenging operating environment.
In addition, the Individual rating takes into account the bank's
growing franchise, as a result of organic development and
mergers, as well as improved corporate governance.

Any future movement in the bank's Long-term IDR will likely
depend on the financial position of OTP.  Downward pressure on
the Individual rating could result primarily from further
deterioration of asset quality as the loan book seasons
following rapid loan growth.  Improvements in asset quality and
earnings generation would be positive for ISB's stand-alone
credit profile, as would a strengthening of capitalization and
liquidity and reduction of credit risk in ISB's substantial
holdings of Russian bank debt instruments.

ISB's net interest margin is solid due to the large proportion
of high-yield consumer lending.  However, bottom-line
profitability is modest due to expansion-related expenditure and
high provisioning charges, which are likely to persist in the
medium term.  Reported asset quality deteriorated in
September 2007, in part due to the fact that loan write-offs
have been negligible; however, the latter are expected to
increase in the future.

ISB's corporate debt securities portfolio, equal to 1.3 times
equity at end of third quarter of 2007, is highly concentrated
on the banking industry and consists primarily of instruments
not eligible for refinancing with the CBR.  Liquidity is highly
dependent on the stability of retail accounts, although could be
supported by OTP in case of need.  Capital adequacy has come
under pressure from rapid asset growth and, in 2007, ISB was
able to meet regulatory requirements only as a result of
subordinated debt provided by OTP.

To support continued growth, OTP plans to contribute RUR4.2
billion of new capital in second quarter of 2008, equal to 73%
of end of third quarter of 2007 IFRS equity.  OTP is currently
considering further bank acquisitions in Russian regions,
following the purchase of the small Donskoy Narodniy Bank in
November, 2007; these may be positive for ISB's franchise, but
would elevate operational risks and, if substantial, could
significantly impact the composition of ISB's loan portfolio,
funding profile and capitalisation levels.

ISB is a medium-sized Russian bank and assumed its present form
during 2005/6 as a result of the merger of four domestic banks,
including two in the Russian regions, under the Investsberbank
brand.  With total consolidated assets of US$2.1 billion, ISB
was the 41st-largest Russian bank at end of September 2007.  OTP
currently holds a 96.4% stake.


CHELYABINSK AIRPORT: Creditors Must File Claims by February 29
--------------------------------------------------------------
Creditors of Chelyabinsk Airport, State Unitary Enterprise
(Chelyabinsk) have until Feb. 29, 2008, to submit proofs of
claim to:

         S. M. Ivanov
         Competitive Proceedings Manager
         Sovetskaya Str. 104-60
         Sterlitamak
         453124 PB
         Russia

The Arbitration Court of Chelyabinsk commenced competitive
proceedings against the company after finding it insolvent on
Nov. 13, 2007.  The case is docketed under Case No. A76-8253/
2007-36-112.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia


CONSTRUCTION TOOL: Creditors Must File Claims by February 29
------------------------------------------------------------
Creditors of CJSC Construction Tool Integrated Plant have until
Feb. 29, 2008, to submit proofs of claim to:

         A. O. Zhukov
         Competitive Proceedings Manager
         P.O. Box 12
         109443 Moscow
         Russia

The Arbitration Court of Moscow commenced competitive
proceedings against the company after finding it insolvent
on Nov. 30, 2007.  The case is docketed under Case No.
A41-K2-25970/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Construction Tool Integrated Plant
         Zhdanova Str. 9
         Stupino
         Moscow
         Russia


CRYSTAL GLASS: Asset Sale Slated for February 8
-----------------------------------------------
The competitive proceedings manager of OJSC Crystal Glass Plant
will open a public auction for the company's properties at 10:00
a.m. on Feb. 8, 2008, at:

         The Competitive Proceedings Manager
         Office 302
         Block 15
         Nizhegorodskaya Str. 32
         Moscow
         Russia

The company has set a RUR24 million starting price for the
assets on auction.

Interested participants have until Feb. 1, 2008, to deposit an
amount equivalent to 20% of the starting price.

Bidding documents must be submitted to:

         The Competitive Proceedings Manager
         Office 302
         Block 15
         Nizhegorodskaya Str. 32
         Moscow
         Russia


KARAGAILACOAL CJSC: Creditors Must File Claims by February 29
-------------------------------------------------------------
Creditors of CJSC Karagailacoal have until Feb. 29, 2008, to
submit proofs of claim to:

         A. A. Ashpin
         Competitive Proceedings Manager
         P.O. Box 4282
         654000 Novokuznetsk
         Russia

The Arbitration Court of Kemerovo commenced 6-months competitive
proceedings against the company after finding it insolvent on
Dec. 10, 2007.  The case is docketed under Case No. A27-5529/
2007-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         CJSC Karagailacoal
         Karagailinsky Settlement
         Kiselevsk
         Kemerovo
         Russia


KOLKHOZ ARMET: Creditors Must File Claims by February 29
--------------------------------------------------------
Creditors of Kolkhoz Armet have until Feb. 29, 2008, to submit
proofs of claim to:

         A. R. Validova
         Competitive Proceedings Manager
         Mashinostroiteley 4-82
         Kumertau
         453303 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced competitive
proceedings against the company after finding it insolvent on
Dec. 3, 2007.  The case is docketed under Case No. A07-5420/
07-G-MPC.

The Court is located at:

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

The Debtor can be reached at:

         Kolkhoz* Armet
         Nizhny Armet Village
         Ishimbaisky Raion
         453238 Bashkortostan
         Russia


NIZHNEOMSKTSELINSTROY: Creditors Must File Claims by February 29
----------------------------------------------------------------
Creditors of OJSC Nizhneomsktselinstroy have until Feb. 29,
2008, to submit proofs of claim to:

         S. A. Vinnik
         Competitive Proceedings Manager
         P.O. Box 2699
         644099 Omsk
         Russia

The Arbitration Court of Omsk commenced competitive proceedings
against the company after finding it insolvent on Nov. 27, 2007.
The case is docketed under Case No. A46-4932/ 2007.

The Debtor can be reached at:

         OJSC Nizhneomsktselinstroy
         Transportnaya Str. 55
         Nizhnyaya Omka Settlement
         Nizhneomsky Raion
         646620 Omsk
         Russia


TATNEFT OAO: Forms Joint Working Group with Turkmenneft GK
----------------------------------------------------------
The Protocol of Intent was signed between OAO Tatneft and the
state-run concern Turkmenneft GK over current development and
prospects for cooperation in implementation of oil and gas
projects in Turkmenistan.

Tatneft has highly skilled personnel, extensive expertise
related to oil and gas field exploration and development, well
construction and workover, which are areas of keen interest for
the Turkmen side.

A wide range of issues were agreed during meetings such as OAO
Tatneft's participation in service tenders, implementation of
advanced equipment and cutting-edge technologies to increase oil
production and provide well work-over operations in the fields
of GK Turkmenneft, learning of OAO Tatneft experience in side
tracking and horizontal lateral drilling, horizontal well
construction, radial under-balanced drilling and others.

Turkmenneft GK will consider OAO Tatneft's proposals to provide
professional development and retraining for the specialists of
the Turkmenistan oil and gas industry in the Almetyevsk State
Petroleum Institute and the Corporate Training Centre of OAO
Tatneft.

A Joint Working Group including the specialists of both OAO
Tatneft and Turkmenneft GK was decided to set up in order to
facilitate the targeted business cooperation.

                         About Tatneft

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

                          *     *     *

As of Nov. 5, 2007, Tatneft carries Fitch's B+ Issuer Default
rating.  Its Short-Term rating stands at B.  Fitch said the
outlook is positive.


URALSVYAZINFORM OJSC: S&P Affirms BB- Ratings on Risk Profile
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Russian regional telecoms operator
Uralsvyazinform OJSC.  The outlook is stable.

"The rating is constrained by the company's financial risk
profile, due to significant leverage and modest liquidity, with
sizable short-term refinancing requirements," said Standard &
Poor's credit analyst Alexander Griaznov.

Moderate profitability, intense competition in the mobile
segment, and the possible risks associated with ongoing industry
and regulatory reform also limit the rating.  The rating is
supported by Uralsvyazinform's solid and improving market
position in its service area, expanding business
diversification, and superior network quality.

Uralsvyazinform's strategic focus on improving efficiency and
cost control, along with moderating investments, continues to
translate into stronger profitability and cash flow generation.
The rating also takes into account the positive dynamics in
Russia's telecommunications industry -- helped by robust growth
of GDP and disposable incomes--and an improving regulatory
framework.

At June 30, 2007, Uralsvyazinform's total adjusted debt amounted
to RUR34 billion (US$1.4 billion).

"We expect that Uralsvyazinform's improving business position,
strengthening efficiency of operations, and increasing cash flow
generation will enable the company to adequately manage its
financial risk," said Mr. Griaznov.

S&P expects the company to continue deleveraging on the back of
moderating capital expenditures and a strong focus on cost
control.

An inability to control financial risk -- reflected, among
others, by persistent high exposure to short term funding or
deterioration of profitability or cash flow generation -- would
pressure the rating.  At present, the company maintains undrawn
committed bank lines to cover its repayments for approximately
the next six months, which limits financial risk in the short
term.

S&P will closely monitor the company's progress in refinancing
its debt in 2008.  The rating could come under pressure if the
company is unable to arrange the refinancing reasonably in
advance.

Ratings upside potential would require Uralsvyazinform to
decrease its leverage to at least 2.5x adjusted EBITDA, while
meaningfully improving liquidity.


X5 RETAIL: Annual Net Sales Up 53% to US$5.28 Billion in 2007
-------------------------------------------------------------
X5 Retail Group N.V. has released its retail sales and expansion
results for the fourth quarter and full year 2007.

                 Fourth Quarter 2007 Highlights

    * net retail sales surged 57% year-on-year to
      US$1.692 billion;

    * in RUR terms, net retail sales grew by 48% year-on-year to
      RUR42.148 billion;

    * LFL sales growth totaled 26%;

    * the Group added net 119 stores; and

    * net addition of selling space in equaled 69,000 sq. m.

                    Full Year 2007 Highlights

    * net retail sales surged 53% year-on-year to
      US$5.284 billion;

    * in RUR terms, net retail sales grew by 44% year-on-year to
      RUR135.156 billion;

    * LFL sales growth totaled 20%;

    * the Group added net 249 stores; and

    * net addition of selling space in equaled 143,100 sq. m.

Lev Khasis, X5 Retail Group CEO, commented: "Our achievement of
a vigorous increase in sales of 53% in dollar terms in 2007
gives us a firm foundation for further growth of X5's market
share and underpins the competitive position of the Company,
which is stronger than ever.  Going forward we will continue to
focus our efforts on enhancement of the Group's market
leadership both through better performance of existing stores
and through expansion into new regions of European Russia.  This
year we plan to accelerate gaining exposure to the hypermarket
format by opening six compact and two large size hypermarkets.
As a result, we expect to deliver a net sales increase in the
range of 36-38% excluding FX effect for the full year 2008."

Antonio Melo, Chief Operating Officer, added: "Our decision to
postpone several openings and concentrate on existing stores'
operations has borne fruit.  As a result, Fourth Quarter was the
strongest in the year in terms of sales growth.  This
outstanding performance was the result of several factors,
including strong macro economic environment, increased pre-New
Year spending as well as innovative and successful promo
campaigns and a significant investment in customer loyalty.
Traffic numbers show that this approach was welcomed by our
clients, which more than compensates for some margin investment.
For 2008 we will continue to focus on delivering balanced growth
in traffic and basket, especially in the hypermarket format,
which we expect to be the leader in LFL stores performance."

                         Outlook for 2008

    * X5 Retail Group expects net sales growth in the range of
      36-38% in RUR terms for the full year 2008;

    * 2008 LFL stores' sales expected to grow at above 10% with
      hypermarkets being clear leaders in LFL growth;

    * in 2008, X5 plans to add 140,000-160,000 sq. m. of selling
      space;

    * eight hypermarkets to be opened during 2008, including six
      compact and two large-size stores;

    * add around 40,000 sq. m. of storage capacity on the net
      basis;

    * 2008 CapEx estimated at US$1.2 billion-US$1.4 billion, out
      of which about 40% will be spent on the stores to be
      opened after 2008, including expansion of the landbank for
      future hypermarket construction.

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. --
http://www.x5.ru/en/-- operates a large store network largely
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.

                          *     *     *

As of Nov. 12, 2007, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


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


BUECHEGGE JSC: Creditors' Liquidation Claims Due by January 28
--------------------------------------------------------------
Creditors of JSC Buechegge have until Jan. 28, 2008, to submit
their claims to:

         JSC Buechegge
         8810 Horgen 1 ZH
         Switzerland


E.P.S. SUPERMARKET: Creditors Must File Claims by January 28
------------------------------------------------------------
Creditors of LLC E.P.S. Supermarket have until Jan. 28, 2008, to
submit their claims to:

         Bulent Bozbiyik
         Lothringerstr. 23
         4056 Basel
         Switzerland

The Debtor can be reached at:

         LLC E.P.S. Supermarket
         Basel
         Switzerland


FREIWA LLC: Creditors' Liquidation Claims Due by January 28
-----------------------------------------------------------
Creditors of LLC Freiwa have until Jan. 28, 2008, to submit
their claims to:

         Im Leisibhl 43
         8044 Gockhausen ZH
         Switzerland

The Debtor can be reached at:

         LLC Freiwa
         Dubendorf
         Uster ZH
         Switzerland


IMDAR LLC: Creditors' Liquidation Claims Due by January 28
----------------------------------------------------------
Creditors of LLC IMDAR have until Jan. 28, 2008, to submit their
claims to:

         Hansjorg Oesch
         Liquidator
         Rainstrasse 7
         8330 Pfaffikon ZH
         Switzerland

The Debtor can be reached at:

         LLC IMDAR
         Pfaffikon ZH
         Switzerland


MALER WALDBURGER: Creditors Must File Claims by January 28
----------------------------------------------------------
Creditors of JSC Maler Waldburger have until Jan. 28, 2008, to
submit their claims to:

         Reto Keller
         Alfina Treuhand
         Rathausgasse 10
         7250 Klosters
         Prattigau/Davos GR
         Switzerland

The Debtor can be reached at:

         JSC Maler Waldburger
         Klosters-Serneus
         Prattigau/Davos GR
         Switzerland


RIZZUTO HANDEL: Creditors' Liquidation Claims Due by January 28
---------------------------------------------------------------
Creditors of JSC Rizzuto Handel have until Jan. 28, 2008, to
submit their claims to:

         A.C. Rostetter Treuhand
         Rorschacherstrasse 307
         9016 St. Gallen
         Switzerland

The Debtor can be reached at:

         JSC Rizzuto Handel
         Amriswil
         Bischofszell TG
         Switzerland


SALCO GRAIN: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Salco Grain (Rumanien) Holding on Dec. 12, 2007.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Salco Grain (Rumanien) Holding
         Alte Steinhauserstrasse 1
         6330 Cham ZG
         Switzerland


SWISSAIR: In Talks with Polish Government on Lot Stake
------------------------------------------------------
The Polish government is currently in talks with Swissair's
insolvency administrator regarding the company's 25.1% stake in
LOT Polish Airlines, the Financial Times reports citing
Handelsblatt.

According to the report, Deutsche Lufthansa has expressed an
interest in acquiring a stake in the Polish flag carrier for an
undisclosed amount.

                        About Swissair

Swissair collapsed in October 2001 after accumulating CHF17
billion in debt in relation to significant investments in a
number of European airlines including Sabena, Air Liberte of
France, and Turkish Airlines.  It defaulted on the debt during
the slump that followed the Sept. 11, 2001 terrorist attacks in
the U.S.  The entire Swissair fleet was grounded on Oct. 2,
2001, and Swissair ceased to exist after Crossair took over most
of its assets on March 31, 2002.  Kurt Hoss Liquidators in
Zurich liquidated the assets that Crossair did not take over.
Crossair was later renamed Swiss International Air Lines Ltd.

The District Courts of Zurich and Bulach in the Canton of Zurich
provisionally approved the debt-restructuring moratorium
petitions on Oct. 5, 2001, for:

   -- SAirGroup, Zurich (holding company)
   -- SAirLines, Zurich
   -- Flightlease AG, Zurich
   -- Swissair Schweizerische Luftverkehr AG, Kloten

On Oct. 7, 2001, the Courts granted a provisional debt-
restructuring moratorium to:

   -- Cargologic AG, Zurich
   -- Swisscargo AG, Zurich

The Court appointed Karl Wuethrich at Wenger Plattner as the
Debtors' provisional administrator.

Swissair's liquidation status as of Dec. 31, 2006 --
http://www.liquidator-swissair.ch/-- listed total assets at
CHF509,017,592 over total liabilities of CHF84,684,932.


TECHNORADA JSC: Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC TECHNORADA on Sept. 18, 2007.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC TECHNORADA
         Chamerstrasse 172
         6300 Zug
         Switzerland


TUSTRA JSC: Creditors' Liquidation Claims Due by January 28
-----------------------------------------------------------
Creditors of JSC Tustra have until Jan. 28, 2008, to submit
their claims to:

         JSC Von Graffenried
         Waaghausgasse 1
         3011 Bern
         Switzerland

The Debtor can be reached at:

         JSC Tustra
         Muri bei Bern BE
         Switzerland


VHG IMMOBILIEN: Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC VHG Immobilien on Nov. 6, 2007.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC VHG Immobilien
         Innere Gterstrasse 4
         6300 Zug
         Switzerland


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


ANTORS TDM: Creditors Must File Claims by January 25
----------------------------------------------------
Creditors of LLC Antors TDM (code EDRPOU 34762172) have until
Jan. 25, 2008, to submit written proofs of claim to:

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 49/204-b.

The Debtor can be reached at:

         LLC Antors TDM
         Bulgakov Str. 16
         Kiev
         Ukraine


CAPITAL INVEST: Creditors Must File Claims by January 25
--------------------------------------------------------
Creditors of CJSC Finance Company Capital Invest (code EDRPOU
34479713) have until Jan. 25, 2008, to submit written proofs of
claim to:

         Bogdan Yesin
         Liquidator
         01010 Kiev Ukraine
         Andrew Ivanov Str. 21/17, of. 13

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/551-b.

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

The Debtor can be reached at:

         CJSC Finance Company Capital Invest
         Patrice Lumumba Str. 15-A
         Kiev
         Ukraine


CORD-PLUS LLC: Creditors Must File Claims by January 25
-------------------------------------------------------
Creditors of LLC Cord-Plus (code EDRPOU 23269456) have until
Jan. 25, 2008, to submit written proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/283.

The Debtor can be reached at:

         LLC Cord-Plus
         Sakharov Str. 2
         79000 Lvov
         Ukraine


MELITOPOL ADMINISTRATIVE-TRADING: Creditors' Claim Due Jan. 25
--------------------------------------------------------------
Creditors of LLC Administrative-Trading Center of Melitopol
(code EDRPOU 32433469) have until Jan. 25, 2008, to submit
written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. 25/291/07.

The Debtor can be reached at:

         LLC Administrative-Trading Center of Melitopol
         B. Hmelnitsky Avenue 70
         Melitopol
         72311 Zaporozhje
         Ukraine


MIROS-KM LLC: Creditors Must File Claims by January 25
------------------------------------------------------
Creditors of LLC Miros-KM (code EDRPOU 34616681) have until
Jan. 25, 2008, to submit written proofs of claim to:

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 49/203-b.

The Debtor can be reached at:

         LLC Miros-KM
         Patrice Lumumba Str. 15-A
         Kiev
         Ukraine


PR TECHNOLOGIES: Creditors Must File Claims by January 25
---------------------------------------------------------
Creditors of LLC PR Technologies (code EDRPOU 30858735) have
until Jan. 25, 2008, to submit written proofs of claim to:

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/525-b.

The Debtor can be reached at:

         LLC PR Technologies
         Khreschatik Str. 7/11
         Kiev
         Ukraine


SERDEN KMT: Creditors Must File Claims by January 25
----------------------------------------------------
Creditors of LLC Serden KMT (code EDRPOU 34762151) have until
Jan. 25, 2008, to submit written proofs of claim to:

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 49/199-b.

The Debtor can be reached at:

         LLC Serden KMT
         Bulgakov Str. 16
         Kiev
         Ukraine


SHEVCHENKO AGRICULTURAL: Proofs of Claim Filing Ends January 25
---------------------------------------------------------------
Creditors of Agricultural LLC Shevchenko Agricultural Firm (code
EDRPOU 03760987) have until Jan. 25, 2008, to submit written
proofs of claim to:

         Ruslan Puriy
         Temporary Insolvency Manager
         P.O. Box 8110
         79066 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy supervision
procedure on the company on Dec. 13, 2007.  The case is docketed
under Case No. 4/250.

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Shevchenko Agricultural Firm
         Rudniki
         Nikolayevsky District
         81642 Lvov
         Ukraine


UKRAINIAN RAILWAY: Proofs of Claim Filing Ends January 25
---------------------------------------------------------
Creditors of LLC Ukrainian Railway Delivery (code EDRPOU
31311641) have until Jan. 25, 2008, to submit written proofs of
claim to:

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

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company on Dec. 18, 2007.  The case is docketed
under Case No. 7/307-07.

The Debtor can be reached at:

         LLC Ukrainian Railway Delivery
         Topolianskaya Str. 28
         40022 Sumy
         Ukraine


VALSAR KM: Creditors Must File Claims by January 25
---------------------------------------------------
Creditors of LLC Valsar KM (code EDRPOU 34187381) have until
Jan. 25, 2008, to submit written proofs of claim to:

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

The Economic Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 49/200-b.

The Debtor can be reached at:

         LLC Valsar KM
         Apartment 34
         Pobeda Avenue 136
         Kiev
         Ukraine


VERKHOVKA LLC: Proofs of Claim Filing Ends January 25
-----------------------------------------------------
Creditors of Verkhovka LLC (code EDRPOU 33079512) have until
Jan. 25, 2008, to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
5/586-07.

The Debtor can be reached at:

         Verkhovka LLC
         Verkhovka
         Trostianets District
         24351 Vinnica
         Ukraine


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


BATHROOM WAREHOUSE: Names Administrators from Tenon Recovery
------------------------------------------------------------
Nigel Ian Fox and Carl Stuart Jackson of Tenon Recovery were
appointed joint administrators of Bathroom Warehouse Winchester
Ltd. (Company Number 3204271) on Jan. 9, 2008.

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

The company can be reached at:

          Bathroom Warehouse Winchester Ltd.
          Unit 3
          Wykeham Industrial Estate
          Moorside Road
          Winchester
          Hampshire
          SO23 7RX
          England
          Tel: 01962 862 467
          Fax: 01962 840 927


BOURNE END: Appoints Grant Thornton to Administer Assets
--------------------------------------------------------
Malcolm Brian Shierson and David Robert Thurgood of Grant
Thornton UK LLP were appointed joint administrators of Bourne
End One Ltd. (Company Number 00961457) on Jan. 7, 2008.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

          Bourne End One Ltd.
          2 Caley Close
          Sweet Briar Road Industrial Estate
          Norwich
          Norfolk
          NR3 2BW
          England
          Fax: 01603 415 682


BRITISH AIRWAYS: Pilots to Vote for Strike Action
-------------------------------------------------
Pilots in British Airways Plc are to ballot for strike action
following the airline's refusal to ensure that there is open
access to jobs between BA and its new European subsidiary
OpenSkies.  The ballot is being held by the pilots' union BALPA
(British Airline Pilots' Association), which represents almost
all of BA's 3,200 pilots.

The decision to ballot was taken after weeks of abortive
negotiations with BA.  The notice was due to be served on
January 17 but was delayed for obvious reasons.  If subsequently
endorsed by members in a ballot it would be the first strike by
pilots in BA since 1980.

"We hope the BA leadership will think again," BALPA General
Secretary Jim McAuslan said.

"This is not about money; and it is not about safety (whatever
today's Times headline writers might think).  BALPA is
explicitly not linking the events of BA038 with this dispute.

"We have been prepared to accept that a new service will need
lower costs to build business and that BALPA would be able to
crew the service to meet the BA business case, but we are not
prepared to see the pilot body broken up in the way BA plans and
are bemused as to why they will not use BA pilots.

There are fears, borne out by BA's intransigence, that BA's real
aim is to start an outsourcing program that will eventually
force down BA pilot conditions.

"We believe there should be one pilot body for BA and its
subsidiary so that there can be fair promotion opportunities, a
cohesion of the pilot force which is so important in a safety
critical industry and a safeguarding of BA's brand.

"OpenSkies is being set up with BA money, will fly BA planes and
draw on the BA brand; and a brand is more than a tailfin, it is
about its people and the BA pilot community is making a stand to
protect that brand.  This is a line in the sand."

As previously reported in the TCR-Europe on January 11, 2008, BA
is planning to launch its new US-EU subsidiary airline
"OpenSkies" in June 2008 with one Boeing 757 aircraft that will
operate from New York to either Brussels or Paris Charles de
Gaulle airports.  A second aircraft will be added to the fleet
later this year to fly to the other EU destination.  The plan is
to operate six 757s by the end of 2009, all of which will be
sourced from BA's current fleet.

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

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

As of Jan. 2, 2008, British Airways Plc carries a senior
unsecured debt rating of Ba1 from Moody's Investors' Service
with a stable outlook.


BRITISH AIRWAYS: Accident Insurance Premium May Go Up
-----------------------------------------------------
British Airways Plc's accident insurance premium may go up after
one of its Boeing 777 crash-landed at Heathrow, the Daily
Telegraph reports, citing an underwriter at Lloyd's.

It is speculated that the incident left BA's insurers with a
GBP135 million bill, but the airline, seems to be "spending more
on toilet rolls and peanuts per flight than on its insurance
cover," the underwriter was quoted by the Daily Telegraph's
Yvette Essen.

The underwriter explained that the airline insurance market,
which is thought to have made a loss in 2007, saw a drop in
premiums in recent years because of increased competition, the
Daily Telegraph relates.

Aon, an insurance broker, on the other hand, revealed in a
report that "technology, training and fleet improvements have
all reduced the risk of an incident and minimized the effects of
any incidents that do occur," the Daily Telegraph adds.

A spokesman for BA, however, told the paper "our insurance
premiums have come down since 2002 and for quality carriers with
a good record there is still capacity in the market at
attractive prices."

As previously reported in the TCR-Europe on January 21, 2008, BA
has confirmed that a Boeing 777, registration GYMMM operating
flight BA038 from Beijing to Heathrow was involved in an
incident on Friday, Jan. 18, at Heathrow airport.

According to published reports, the pilot, Captain Peter
Burkill, lost all power as he approached the runway.

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

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

As of Jan. 2, 2008, British Airways plc carries a senior
unsecured debt rating of Ba1 from Moody's Investors' Service
with a stable outlook.


CASTLE FINANCE: Moody's May Lower B2 Rating After Review
--------------------------------------------------------
Moody's Investors Service placed on review for downgrade two
Constant Proportion Debt Obligations exposed to portfolios of
financial names.  The affected CPDOs represent 22% of
outstanding CPDOs linked to financial names and 4% of all CPDOs
rated by Moody's.

The rating actions reflect the negative impact of the widening
of the weighted average spread of the underlying portfolio from
117 basis points on Jan. 9, 2008 to 128 basis points on Jan.17.
As a result of this widening, the leverage of these transactions
was reduced from 4.94 to 4.04.  The trading expense related to
the leverage reduction reduced the cash deposit balance.  The
leverage reduction, while positive in diminishing the short-term
transaction unwind risk (cash out when NAV touches the 10%
trigger) nonetheless increases the risk of non payment of
principal at maturity.

The NAV is the aggregate value of the assets of the special
purpose vehicle.  This is generally the sum of the cash deposit
account and the marked-to-market value of the leveraged credit
default swap position.

Moody's will continue to closely monitor the development of the
spreads of financial names.

These rating actions are:

   * Series 4 EUR20,000,000 SURF Constant Proportion Debt
     Obligation Notes Due 2017 issued by Castle Finance II Ltd

   -- Current rating: B2 on review for downgrade
   -- Prior rating: B2

   * Series 2007-1 EUR 100,000,000 SURF Constant Proportion Debt
     Obligation Notes Due 2017 issued by CHESS III Ltd

   -- Current rating: B2 on review for downgrade
   -- Prior rating: B2


CHESS III: Moody's May Lower B2 Rating After Review
---------------------------------------------------
Moody's Investors Service placed on review for downgrade two
Constant Proportion Debt Obligations exposed to portfolios of
financial names.  The affected CPDOs represent 22% of
outstanding CPDOs linked to financial names and 4% of all CPDOs
rated by Moody's.

The rating actions reflect the negative impact of the widening
of the weighted average spread of the underlying portfolio from
117 basis points on Jan. 9, 2008 to 128 basis points on January
17.  As a result of this widening, the leverage of these
transactions was reduced from 4.94 to 4.04.  The trading expense
related to the leverage reduction reduced the cash deposit
balance.  The leverage reduction, while positive in diminishing
the short term transaction unwind risk (cash out when NAV
touches the 10% trigger) nonetheless increases the risk of non
payment of principal at maturity.

The NAV is the aggregate value of the assets of the special
purpose vehicle.  This is generally the sum of the cash deposit
account and the marked-to-market value of the leveraged credit
default swap position.

Moody's will continue to closely monitor the development of the
spreads of financial names.

These rating actions are:

   * Series 4 EUR20,000,000 SURF Constant Proportion Debt
     Obligation Notes Due 2017 issued by Castle Finance II Ltd

   -- Current rating: B2 on review for downgrade
   -- Prior rating: B2

   * Series 2007-1 EUR 100,000,000 SURF Constant Proportion Debt
     Obligation Notes Due 2017 issued by CHESS III Ltd

   -- Current rating: B2 on review for downgrade
   -- Prior rating: B2


CLASSIQUE BATHROOMS: Brings In Liquidators from Moore Stephens
--------------------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint liquidators of Classique Bathrooms Ltd. on
Jan. 8 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


DRS PARTNERSHIP: Brings In Administrators from Grant Thornton
-------------------------------------------------------------
Charles William Anthony Escott, Joseph Peter Francis McLean and
Keith Hinds of Grant Thornton U.K. LLP were appointed joint
administrators of DRS Partnership in Pigs Ltd. (Company Number
3654565) on Jan. 8, 2008.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

          DRS Partnership in Pigs Ltd.
          Agriculture House
          Murton Lane
          Murton
          York
          North Yorkshire
          YO19 5UF
          England
          Tel: 01904 481 484
          Fax: 01904 481 485


ENRON CORP: Court OKs Investors Receiving US$7.2BB Final Payout
---------------------------------------------------------------
The Honorable Melinda Harmon of the U.S. District Court for the
Southern District of Texas has approved a notice which
officially states that Enron Corp. shareholders will receive
about the US$7,200,000,000 settlement fund, or an average of
US$6.79 per share for their common stock, the Associated Press
reports.

The mailing also notifies those who owned preferred stock that
they will receive US$168.50 per share.

The compensation fund was obtained from settlements of various
class action lawsuits against certain banks which Enron
shareholders allege were aiding and abetting a fraud.

About 1,500,000 Enron investors who bought shares or bonds
between September 1997 and December 2001 are involved in the
lawsuit.  The lawsuit has become known as the Newby case after
shareholder Mark Newby.

Investors paid up to US$90 per share for a stake at Enron, but
which was revealed to be "a financial house of cards kept
upright by a string of complex accounting frauds," according to
Independent News and Media Ltd.

Independent News also relates that, this week, the Enron
investors have been receiving letters detailing the compensation
fund and notifying them of a Feb. 29, 2008 court hearing that
will settle the distribution and rule on whether the lawyers
involved can take a 10% cut.

The paper further says that some plaintiffs still hope that the
settlement fund could be raised further, since some banks have
refused to pay into it; however, a Supreme Court ruling this
week limited the scope for shareholder lawsuits against the
business partners of fraudulent companies.

                        About Enron Corp.

Based in Houston, Texas, Enron Corporation filed for chapter 11
protection on Dec. 2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033)
following controversy over accounting procedures, which caused
Enron's stock price and credit rating to drop sharply.  Judge
Gonzalez confirmed the Company's Modified Fifth Amended Plan on
July 15, 2004, and numerous appeals followed.  The Debtors'
confirmed chapter 11 Plan took effect on Nov. 17, 2004.

Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen,
Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP
represent the Debtors.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.

The Debtors filed their Chapter Plan and Disclosure Statement on
July 11, 2003.  On Jan. 9, 2004, they filed their fifth Amended
Plan and on the same day the Court approved the adequacy of the
Disclosure Statement.  On July 15, 2004, the Court confirmed the
Debtors' Modified Fifth Amended Plan and that plan was declared
effective on Nov. 17, 2004.

(Enron Bankruptcy News, Issue No. 201; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ENRON CORP: FERC Okays US$18MM Settlement with Snohomish County
---------------------------------------------------------------
Resolving the last of the remaining claims against Debtor Enron
Corp. stemming from the 2000-2001 California energy crisis, the
Federal Energy Regulatory Commission has approved the settlement
agreement between Enron and Public Utility District No. 1 of
Snohomish County, Washington, the Energy Legal Blog reports.

Under the Settlement, which was already approved by the U.S.
Bankruptcy Court for the Southern District of New York,
Snohomish will pay Enron US$18,000,000 out of the US$180,000,000
that Snohomish allegedly owes Enron in termination fees arising
from Snohomish's cancellation of contracts entered into with
Enron during 2001.

FERC's approval of the Settlement puts an end to litigation
between the parties and dismisses Enron from various California
refund proceedings.

                        About Enron Corp.

Based in Houston, Texas, Enron Corporation filed for chapter 11
protection on Dec. 2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033)
following controversy over accounting procedures, which caused
Enron's stock price and credit rating to drop sharply.  Judge
Gonzalez confirmed the Company's Modified Fifth Amended Plan on
July 15, 2004, and numerous appeals followed.  The Debtors'
confirmed chapter 11 Plan took effect on Nov. 17, 2004.

Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen,
Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP
represent the Debtors.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.

The Debtors filed their Chapter Plan and Disclosure Statement on
July 11, 2003.  On Jan. 9, 2004, they filed their fifth Amended
Plan and on the same day the Court approved the adequacy of the
Disclosure Statement.  On July 15, 2004, the Court confirmed the
Debtors' Modified Fifth Amended Plan and that plan was declared
effective on Nov. 17, 2004.

(Enron Bankruptcy News, Issue No. 201; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ENRON CORP: Wants US$25 Mil. Deutsche Bank Settlement Approved
--------------------------------------------------------------
Enron Creditors Recovery Corporation, formerly known as Enron
Corporation, and its affiliated reorganized debtor entities
obtained approval from the U.S. Bankruptcy Court for the
Southern District of New York for its settlement agreement with
Deutsche Bank AG, Deutsche Bank Trust Companies Americas,
Deutsche Bank Securities, Inc., et al., dated Dec. 17, 2007.

William J. McSherry, Jr., Esq., at Crowell & Moring LLP, in New
York, relates that in 2003, Enron commenced an action against a
number of financial institutions, alleging their significant
involvement in certain fraudulent accounting activities that led
to Enron's  collapse.

Pursuant to the Deutsche Bank Settlement, the Deutsche Bank
Entities will pay US$25,000,000 to resolve pending disputes
among the parties.  With respect to the Settlement Amount,
US$648,919 will be allocated to the settlement of the Commercial
Paper Action.  Substantial Deutsche Bank claims against the
Enron estate are compromised, withdrawn, or subordinated.

In addition, the Deutsche Bank Entities' interest in certain
structured finance entities are canceled or conveyed to Enron in
return for US$35,350,000 in cash, allowing it to liquidate and
dissolve those entities, and distribute the remaining value to
their creditors.

According to Mr. McSherry, the Deutsche Bank Entities denied all
allegations of wrongdoing made by Enron, and maintained that
they have meritorious defenses and counterclaims.  However, they
conceded to a compromise with the Debtors in order to mitigate
litigation expenses.

The Deutsche Bank Settlement further provides that:

   (a) upon the receipt of the Structure Settlements, the
       Deutsche Bank Entities will cancel or transfer all rights
       concerning ECTIP, Maliseet or Wiltshire to the Enron
       Structures Entities;

   (b) the Deutsche Bank Debtor Claims and Acquired Claims will
       be deemed as allowed, and entitled to all distributions
       pursuant to the Plan;

   (c) all claims that Enron may have against the Deutsche Bank
       Entities, with respect to the MegaClaim Litigation, will
       be deemed satisfied, and the Deutsche Bank Entities will
       be dismissed as defendants, with prejudice; and

   (d) the settling parties exchange mutual releases from all
       claims and causes of action arising from the MegaClaim
       Litigation and its related issues.

Mr. McSherry states that the Deutsche Bank Settlement represents
a significant benefit to Enron, as it resolves pending
litigation, settles multiple claims, and brings cash into
Enron's estates.

A full-text copy of the Deutsche Bank Settlement is available
for free at http://researcharchives.com/t/s?273e

                        About Enron Corp.

Based in Houston, Texas, Enron Corporation filed for chapter 11
protection on Dec. 2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033)
following controversy over accounting procedures, which caused
Enron's stock price and credit rating to drop sharply.  Judge
Gonzalez confirmed the Company's Modified Fifth Amended Plan on
July 15, 2004, and numerous appeals followed.  The Debtors'
confirmed chapter 11 Plan took effect on Nov. 17, 2004.

Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen,
Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP
represent the Debtors.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.

The Debtors filed their Chapter Plan and Disclosure Statement on
July 11, 2003.  On Jan. 9, 2004, they filed their fifth Amended
Plan and on the same day the Court approved the adequacy of the
Disclosure Statement.  On July 15, 2004, the Court confirmed the
Debtors' Modified Fifth Amended Plan and that plan was declared
effective on Nov. 17, 2004.

(Enron Bankruptcy News, Issue No. 201; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ENVIRONMENTAL SEALS: Appoints Tenon as Joint Administers
--------------------------------------------------------
Duncan Robert Beat and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of Environmental Seals Ltd.
(Company Number 1754705) on Jan. 9, 2008.

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

The company can be reached at:

          Environmental Seals Ltd.
          Envirograf House
          Barfrestone
          Dover
          Kent
          CT15 7JG
          England
          Tel: 01304 842 555
          Fax: 01304 842 666


HAMPSHIRE TECHNICAL: RBS Invoice Taps Menzies as Receivers
----------------------------------------------------------
RBS Invoice Finance Ltd. appointed Paul David Williams and
Andrew John Duncan of Menzies Corporate Restructuring joint
administrative receivers of Hampshire Technical Supplies Ltd.
(Company Number 02735438) on Jan. 8, 2008.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

          Hampshire Technical Supplies Ltd.
          211 Lynchford Road
          Farnborough
          Hampshire
          GU14 6HF
          England
          Tel: 01252 517 333
          Fax: 01252 519 267
          Web site: http://www.hampshire-technical.co.uk/


PHF LEISURE: Calls In Liquidators from Tenon Recovery
-----------------------------------------------------
Steven P. Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of PHF Leisure Ltd. on Jan. 11 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


PROPEX INC: Wants to Employ King & Spalding as Lead Counsel
-----------------------------------------------------------
Propex Inc. and its debtor-affiliates ask authority of the U.S.
Bankruptcy Court for the Eastern District of Tennessee to employ
King & Spalding LLP, as their lead counsel in their Chapter 11
cases.

Lee McCarter, executive vice president and chief financial
officer of Propex, Inc., relates that the Debtors selected King
& Spalding because of the firm's extensive experience and
expertise in business reorganizations and bankruptcy
proceedings.

Mr. McCarter asserts that King & Spalding has the necessary
legal background to deal effectively with many of the potential
legal issues and problems that may arise in the context of the
Debtors' bankruptcy cases.

As the Debtors' lead counsel, King & Spalding will:

   * advise the Debtors on their powers and duties as debtors-
     in-possession in the continued management and operation of
     their business;

   * take all necessary action to protect and preserve the
     estates of the Debtors, including the prosecution of
     actions on the Debtors' behalf, the defense of any actions
     commenced against the Debtors, the negotiation of disputes
     in which the Debtors are involved, and the preparation of
     objections to claims filed against the Debtors' estates;

   * prepare on behalf of the Debtors all necessary motions,
     applications, answers, orders, reports, and other papers in
     connection with the administration of the Debtors' estates;

   * negotiate and prepare a plan of reorganization, a
     disclosure statement, documents relating to the disposition
     of assets, and other related documents on behalf of the
     Debtors;

   * advise the Debtors on federal and state regulatory matters;

   * advise the Debtors on finance, and finance-related matters
     and transactions, as well as matters relating to the sale
     of the Debtors' assets; and

   * perform other legal services for the Debtors as may be
     necessary and appropriate.

In exchange for the contemplated legal services, the Debtors
will pay King & Spalding based on the firm's applicable hourly
rates:

           Professional               Hourly Rate
           ------------               -----------
           Attorneys                 US$275 to US$800
           Clerks/Legal Assistants   US$120 to US$255

The Debtors will also reimburse the firm for expenses it may
incur, including travel costs and temporary employment of
additional staff, relating to any work undertaken.

King & Spalding has done, has been paid fees and expenses for,
intellectual property work for the Debtors.  As a result, King &
Spalding received a US$200,000 retainer from the Debtors on
Jan. 3, 2008.  Furthermore, prior to the Petition Date, the firm
received payments, aggregating US$69,918, from the Debtors, in
contemplation or in connection with the Chapter 11 cases.

Henry J. Kaim, Esq., a partner of King & Spalding, assures the
Court that his firm is a "disinterested person," as the term is
defined in Section 101(14) of the Bankruptcy Code.

Mr. Kaim notes that as of the Petition Date,  King & Spalding
had an outstanding balance of more than US$70,000 for its
services and expenses incurred.  If the Court approves payment
of the fees, King & Spalding will write off the amounts and and
will not assert an unsecured claim for the amounts against the
Debtors.  The firm will also write off approximately US$250,000
of fees and expenses for non-reorganization work incurred
prepetition, and will not assert a claim for the amounts.

                         About Propex

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in
Brazil, Mexico, Germany, Hungary, and the United Kingdom.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000. (Propex Bankruptcy News, Issue
No. 1; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Wants Court Nod to Use BNP Paribas' Cash Collateral
---------------------------------------------------------------
Propex Inc. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Eastern District of Tennessee to
use BNP Paribas Securities Corp.'s cash collateral.  Prior to
Jan. 18, 2008, the working capital needs of the Debtors were met
primarily by a US$360 million senior credit facility.

Pursuant to the terms and conditions of a prepetition credit
agreement and related documents, a syndicate of financial
institutions arranged by BNP Paribas Securities Corp., which
serves as administrative agent for the lender, agreed to provide
the senior credit facility, comprised of a US$260 million term
loan, a US$50 million revolving facility and a US$50 million
bridge loan facility.

The Prepetition Credit Facility was secured by perfected, valid,
binding and non-avoidable first priority security interests and
liens upon substantially all of the assets of the Debtors.

In April 2006, the Debtors used the estimated after-tax proceeds
from the sale of one of their plants to repay the US$50 million
bridge loan and to pay US$11.5 million of the term loan.  In
January 2007, the Prepetition Lenders waived, among other
things, the Debtors' compliance with certain financial
covenants, and required the Debtors to pay US$20 million in debt
related to the credit facility from cash-on-hand.

In September 2007, the Debtors were in default under the
Prepetition Credit Agreement.  They were unable to refinance the
facility.  As of the Petition Date, the Debtors were indebted in
the aggregate principal of about US$230 million to the
Prepetition Lenders.

Substantially all of the cash generated by the Debtors'
businesses as of the Petition Date constitutes "cash
collateral," as the term is defined in Section 363(a) of the
Bankruptcy Code, and is subject to the interest of the
Prepetition Lenders.

The financial lenders under a postpetition credit agreement,
under which (i) BNP Paribas also serves as administrative agent
and (ii) the the lenders have agreed to provide a US$60 million
loan in favor of the Debtors, will also hold an interest in the
Debtors' cash.  The DIP Documents provide that the Debtors'
obligations under the DIP Facility will be secured by, among
other things, (i) a perfected first priority, senior priming
lien on all the property of the Debtors of any kind, senior to
the liens that secure the obligations of the Debtors, under the
Prepetition Loan Documents; (ii) first priority lien on all
unencumbered property and assets of the Debtors.

The Debtors intend to use the Cash Collateral of the Prepetition
Lenders and of the DIP Lenders, pursuant to the terms of a
monthly budget and cash forecast approved by BNP Paribas.

Pursuant to an agreement with BNP Paribas, the Debtors may use
the Cash Collateral during the period commencing immediately
following the entry of an interim order granting approval of the
DIP Financing through the date that is 10 days after the
occurrence of an event of default under the DIP Facility.

Pursuant to Section 364 of the Bankruptcy Code, the Prepetition
Lenders as holders of the Primed Liens will receive adequate
protection to the extent of any diminution in value of their
collateral in the form of:

   (i) replacement liens on all assets of the Debtors' estates,
       junior to the liens securing the DIP Facility and a
       superpriority claim junior to the superpriority claim
       granted to the DIP Lenders; provided that neither the
       superpriority claim or liens will be paid from or attach
       to the proceeds of avoidance actions; and

  (ii) subject to the rights of all parties under Section 506(b)
       of the Bankruptcy Code, the payment of reasonable fees
       and expenses of the agent under the Prepetition Loan
       Documents, and, subject to the rights of all parties
       under Section 506(b) of the Bankruptcy Code, the payment
       of interest at the respective contractual non-default
       rates set forth in the Prepetition Loan Documents.

Henry J. Kaim, Esq., at King & Spalding, LLP, in Houston, Texas,
proposed lead counsel of the Debtors, relates that the Debtors
require the immediate use of the Cash Collateral and financing
for, among other things, the purchase of their inventory,
maintenance of their facilities, and other working capital
needs.

                           About Propex

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in
Brazil, Mexico, Germany, Hungary, and the United Kingdom.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  (Propex Bankruptcy News, Issue
No. 2; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Wants Access to US$60 Million DIP Financing
-------------------------------------------------------
Propex Inc. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Eastern District of Tennessee, on
an interim and final basis, to obtain postpetition secured
loans, advances, and other financial accommodations of up to
US$60 million, subject to the terms and conditions of a credit
agreement and related loan documents between the Debtors and BNP
Paribas, as administrative agent for certain financial
institutions.

Henry J. Kaim, Esq., at King & Spalding, LLP, in Houston, Texas,
proposed lead counsel of the Debtors, relates that the Debtors
do not have sufficient available sources of working capital to
operate their businesses in the ordinary course without
postpetition financing.  The Debtors believe that the DIP
financing with BNP Paribas presents the best option available to
them and would enable them to preserve their value as a going
concern.

The salient terms of the proposed DIP Facility are:

    Borrower.      Propex, Inc.

    Guarantors.    Propex Holdings, Inc., Propex Concrete
                   Systems Corporation, Propex Fabrics
                   International Holdings I Inc., Propex Fabrics
                   International Holdings II Inc., and all other
                   existing and future subsidiaries of Propex,
                   except for foreign subsidiaries under certain
                   conditions.

    Lenders.       A syndicate of financial institutions
                   arranged by BNP Paribas Securities Corp.,
                   which includes BNP Paribas and Black Diamond
                   Commercial Finance, L.L.C.

                   BNP Paribas will serve as administrative
                   agent under the DIP Facility.

    Commitment &
    Availability.  The Credit Agreement provides for a revolving
                   credit facility of US$60 million in the
                   aggregate, of which up to US$20 million may
                   be used for the issuance of letters of
                   credit.

    Availability.  Up to US$10 million of the DIP Facility will
                   be available for draw on the Closing Date,
                   and thereafter will be available, subject to
                   a budget approved by the Administrative
                   Agent, on a revolving basis during the period
                   commencing the day after the Closing Date and
                   ending on the earlier of:

                      (i) the one year anniversary of the
                          Closing Date,

                     (ii) the date of substantial consummation
                          of a plan of reorganization which pays
                          all obligations under the DIP Facility
                          in full in cash, and

                    (iii) the date on which an unmatured default
                          or event of default under the DIP
                          Facility occurs.

                   In the event that a hearing on confirmation
                   of a plan of reorganization begins in the
                   Chapter 11 cases on or before the Maturity
                   Date, that date will be extended for an
                   additional 90 days; provided, however, that
                   only US$20,000,000 may be borrowed prior to
                   the entry of a Final Order.

    Purpose.       The DIP Facility will be used to (i) pay fees
                   and expenses associated with the financings
                   and (ii) provide for the working capital
                   requirements and other general corporate
                   purposes of Propex, Propex Holdings and their
                   subsidiaries during the Debtors' Chapter 11
                   cases.

    Priority and
    Liens.         All obligations under the DIP Facility will,
                   at all times:

                   * be entitled to super-priority claim status
                     in the Chapter 11 cases; provided that
                     those claims will not be paid from the
                     proceeds of avoidance actions;

                   * be secured by a perfected first priority
                     lien on all unencumbered property and
                     assets of the Debtors, with the exception
                     of proceeds of avoidance actions;

                   * be secured by a perfected junior lien on
                     all property and assets of the Debtors that
                     are subject to valid and perfected liens in
                     existence at the time of the commencement
                     of the Chapter 11 cases or to valid liens
                     in existence at the time of the
                     commencement; and

                   * be secured by a perfected first priority,
                     senior priming lien on all the property of
                     the Debtors of any kind, senior to (a) the
                     liens that secure the obligations of the
                     Debtors under the US$360,000,000
                     Prepetition Credit Facility and (b) any
                     liens to which the liens are senior.

    Carve-Out.     The Primed Liens and liens and rights granted
                   to the DIP Agent and DIP Lenders are subject
                   in each case only to (i) in the event of an
                   occurrence and during the continuance of an
                   Event of Default, the payment of allowed and
                   unpaid professional fees and disbursements
                   incurred after the Event of Default by the
                   Debtors and any statutory committees
                   appointed in the Chapter 11 cases in an
                   aggregate amount to be agreed upon, (ii)
                   allowed and unpaid Professional Fees incurred
                   prior to notice of an Event of Default; and
                   (iii) the payment of the fees pursuant to
                   Section 1930 of the Judicial and Judiciary
                   Procedures Code.

    Interest.      All amounts outstanding under the Senior
                   Credit Facilities will bear interest, at the
                   option of Propex, at the Base Rate or at the
                   reserve adjusted LIBOR Rate plus, in each
                   case, an applicable margin of 4%.

    Events of
    Default.       Events of Default include, among other
                   things, failure to pay amounts due under the
                   DIP Facility.  In addition, it will be an
                   event of default if Propex has not:

                      (i) delivered to the Lenders a
                          comprehensive five-year business
                          plan and projections on or before the
                          six-month anniversary of the Petition
                          Date;

                     (ii) delivered to the DIP Lenders a
                          proposed reorganization plan on or
                          before the eight-month anniversary of
                          the Petition Date; and

                    (iii) filed with the Bankruptcy Court a
                          proposed reorganization plan and
                          accompanying disclosure statement on
                          or before the nine-month anniversary
                          of the Petition Date.


    Fees and
    Expenses.      * An aggregate closing fee equal to 2% of
                     the commitments in respect of the DIP
                     Facility earned and payable on the Closing
                     Date

                   * An unused Commitment Fee equal to 0.75% of
                     the average unused facility amount

                   * A prepayment fee equal to 2% of the
                     Revolving Loan Commitment Amount in the
                     event of a voluntary termination of the DIP
                     Facility.

    Indemnification
                    The Credit Agreement provides for full
                    indemnification rights in favor of the Agent
                    and DIP Lenders except for liability
                    resulting solely from their gross negligence
                    or willful misconduct.

The Debtors, on Jan. 18, 2008, submitted a copy of the most
recent draft of the Credit Agreement.  A full-text copy of the
draft is available for free at:

     http://bankrupt.com/misc/Propex_Draft_DIPAccord.pdf

Mr. Kaim notes that the Credit Agreement has not been executed
by the parties due to time constraints and is still subject to
final negotiations.

                           About Propex

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in
Brazil, Mexico, Germany, Hungary, and the United Kingdom.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  (Propex Bankruptcy News, Issue
No. 2; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Bankruptcy Filing Cues Moody's to Cut Debt Ratings
--------------------------------------------------------------
Moody's Investors Service downgraded its debt ratings of Propex,
Inc:

   -- corporate family to Ca from Caa2;
   -- probability of default to D from Caa2;
   -- senior secured to Caa2 from B3; and
   -- senior unsecured to C from Caa3.

The downgrades follow Propex' Jan. 18, 2008 announcement that it
filed for Chapter 11 protection in U.S. Bankruptcy Court in
Chattanooga, Tennessee.  Propex' speculative grade liquidity
rating remains SGL-4.  The outlook is stable.  Moody's also will
withdraw all of its debt ratings of Propex because of the
bankruptcy filing.

The probability of default rating of D reflects that timely
payments of interest and principal amortization are not likely
to occur because of the bankruptcy filing.  Moody's used a
fundamental EBITDA multiple to estimate the enterprise value of
Propex and the family level loss-given-default rate because of
the company's weakened financial condition.  Moody's believes
that the expected family recovery rate is not materially
different from the standard 50% assumption of its Loss Given
Default Rating Methodology.  An assumed EBITDA multiple of four
times supports Moody's belief of about a 50% expected family
recovery rate.  The LGD-2 Loss Given Default Assessment of the
senior secured credit facility implies that the potential exists
for lenders to receive less than a full recovery. The LGD-5 Loss
Given Default Assessment of the senior unsecured notes implies a
significant loss on these notes.

The previous rating action for Propex was on January 14, 2008,
when Moody's downgraded the company's ratings; corporate family
rating to Caa2 from Caa1 because of Propex' inability to timely
secure relief from the covenant breach of the senior secured
credit agreement, first disclosed on October 26, 2007.

Downgrades:

   * Issuer: Propex Inc.

   -- Probability of Default Rating, Downgraded to D from Caa2;

   -- Corporate Family Rating, Downgraded to Ca from Caa2;

   -- Senior Secured Bank Credit Facility, Downgraded to Caa2
      from B3;

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to C
      from Caa3.

Outlook Actions:

   * Issuer: Propex Inc.

   -- Outlook, Changed To Stable From Rating Under Review;

   -- Outlook, to be Changed To Rating Withdrawn From Stable.

Loss Given Default Assessments:

   * Issuer: Propex Inc.

   -- Senior Secured Bank Credit Facility, Changed to 27 - LGD2
      from 28 - LGD2;

   -- Senior Unsecured Regular Bond/Debenture, Changed to 80 -
      LGD5 from 81 - LGD5.

Ratings to be Withdrawn:

   * Issuer: Propex Inc.

   -- Probability of Default Rating, previously rated D;

   -- Corporate Family Rating, previously rated Ca;

   -- Senior Secured Bank Credit Facility, previoualy rated
      Caa2, 27-LGD2;

   -- Senior Unsecured Regular Bond/Debenture, previously rated
      C, 80-LGD5.

                         About Propex

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in
Brazil, Mexico, Germany, Hungary, and the United Kingdom.


QUEBECOR WORLD: Gets CCAA Order for Creditor Protection
-------------------------------------------------------
Quebecor World Inc. has obtained an Order for creditor
protection under the Companies' Creditors Arrangement Act.

Under the terms of the Order, Ernst & Young Inc. will serve as
the Court-appointed Monitor under the CCAA process and will
assist the company in formulating its restructuring plan.

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 21, 2008, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Montreal-based printing
company Quebecor World Inc. to 'D' from 'CCC'.  Standard &
Poor's also lowered the rating on the company's US$400 million
9.75% senior unsecured notes due 2015 to 'D' from 'CCC-'.  In
addition, S&P lowered the rating on the company's other senior
unsecured notes to 'CC' from 'CCC-'.  The preferred stock rating
remains unchanged at 'D'.  With these rating actions, S&P also


QUEBECOR WORLD: Moody's Cuts Corp. Family & Bond Ratings to Ca
--------------------------------------------------------------
Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating to Ca.  The company's debt instruments
and those of related companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, were also downgraded
to Ca.

In addition, the company's probability-of-default rating was
downgraded to D to respond to QWI's Jan. 21, 2008 announcement
that had applied for creditor protection under the Companies'
Creditors Arrangement Act in Canada and Chapter 11 of the United
States Bankruptcy Code in the United States.  QWI's announcement
also indicated that, pending court approval, it had entered into
a US$1 billion financing commitment with Credit Suisse and
Morgan Stanley that will allow the company "to meet all current
operating needs, including wages, benefits and other operating
expenses" as it restructures its operations and finances.
Following these rating actions, Moody's will withdraw all of the
relevant ratings.

Downgrades:

   * Issuer: Quebecor World, Inc.

   -- Corporate Family Rating, Downgraded to Ca from Caa2;

   -- Probability of Default Rating, Downgraded to D from Caa2;

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ca
      (LGD4, 67) from Caa2 (LGD4, 67).

   * Issuer: Quebecor World Capital Corporation

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ca
      (LGD4, 67) from Caa2 (LGD4, 67).

   * Issuer: Quebecor World Capital ULC

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ca
     (LGD4, 67) from Caa2 (LGD4, 67).

Outlook Actions:

   * Issuer: Quebecor World, Inc.

   -- Outlook, Changed To Stable From Negative.

   * Issuer: Quebecor World Capital Corporation

   -- Outlook, Changed To Stable From Negative.

   * Issuer: Quebecor World Capital ULC

   -- Outlook, Changed To Stable From Negative.

Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX:
IQW)(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.  The company is an
independent commercial printer in Europe with 19 facilities,
operating in Austria, Belgium, Finland, France, Spain, Sweden,
Switzerland and the United Kingdom. In March 2007, it sold its
facility in Lille, France.  Quebecor World (USA) Inc. is its
wholly owned subsidiary.


QUEBECOR WORLD: S&P Slashes Ratings to D on Chapter 11 Filing
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
remainder of Quebecor World Inc.'s senior unsecured notes to 'D'
from 'CC'.  The downgrade follows Quebecor World's announcement
that its board has unanimously agreed to file for creditor
protection under the Companies' Creditors Arrangement Act in
Canada and under Chapter 11 of the U.S. Bankruptcy Code.

On Jan. 16, 2008, Standard & Poor's downgraded Quebecor World to
'D' from 'CCC' and lowered the ratings on the company's USUS$400
million 9.75% senior unsecured notes due 2015 to 'D' from 'CCC-
', following its nonpayment of interest expense on these notes.


SANYO ELECTRIC: Hires Execs from Financial Firms to Head Units
--------------------------------------------------------------
Sanyo Electric Co. appoints executives from financial firms to
head its main units in a management reshuffle scheduled to take
effect April 1, reports Jiji Press.

According to the report, the appointed officers transferred from
Sanyo's shareholder firms in the financial industry.

The report states that Sanyo will appoint Vice President Koichi
Maeda, formally at Sumitomo Mitsui Banking Corp., to head its
semiconductor business.  Sumitomo Mitsui is a major shareholder
of Sanyo, relates Jiji Press.

Kazuhiko Suruta, from Daiwa Securities SMBC Co., will head the
solar cell business, while Kentaro Yamagishi, from Goldman Sachs
Group Inc., will spearhead Sanyo's business strategy division,
notes Jiji Press.

                        Sanyo Electric

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

                         *     *     *

In March 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

The company also carries Standard & Poor's 'BB-' long-term
corporate credit rating.


SANYO ELECTRIC: Kyocera Buyout Won't Affect Ratings, S&P Says
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Sanyo Electric Co. Ltd. (BB-/Stable/--) would not be affected by
the company's final agreement to sell its mobile telephone
business to Kyocera Corp.  The effective date of sale is
scheduled for April 1, 2008.  The business value has been agreed
upon by both companies at JPY50 billion, although the final
amount is subject to adjustments related to the amount of
outstanding debt and the amount of cash and deposits to be
transferred on the effective date.

Standard & Poor's considers the sale of the mobile telephone
business, which is characterized by fierce competition and
volatile profitability, to be a positive factor for Sanyo
allowing it to enhance its business franchise and concentrate
its management resources on its core businesses, particularly
rechargeable batteries and solar cells.  The final agreement,
however, is largely consistent with the basic agreement reached
in October 2007, while the effect of the sale on Sanyo's credit
quality is likely to be such that it remains within the range of
the current rating.

An upgrade will depend on Sanyo's steady progress in enhancing
the competitiveness of its core businesses, as laid down in the
current medium-term management plan, and improving cash flow
generation and financial stability.  Meanwhile, continued close
attention must be paid to any change in support from the
financial institutions, which are Sanyo's major shareholders, as
well as to any judgment passed down by the Tokyo Stock Exchange,
which placed Sanyo's shares on the supervising post after it
recently voluntarily restated its earnings reports.

                        Sanyo Electric

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

                         *     *     *

In March 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

The company also carries Standard & Poor's 'BB-' long-term
corporate credit rating.


SHAW GROUP: Fossil Unit Inks Definitive Pact with Entergy
---------------------------------------------------------
The Shaw Group Inc. reported that Entergy Louisiana, LLC, has
signed a definitive agreement for the Fossil Division of Shaw's
Power Group to proceed with engineering, procurement and
construction services to re-power the existing Unit 3 at Entergy
Louisiana's Little Gypsy station in St. Charles Parish, near New
Orleans.  The value of Shaw's contract, which will be added to
its second quarter fiscal 2008 backlog, was not disclosed.

Shaw's EPC work will include replacing an existing natural gas-
fired boiler with two new circulating fluidized bed boilers that
will supply steam to an existing steam turbine generator at
Little Gypsy 3.  The new facility is expected to be completed
early in 2012.

"We are pleased to have received from Entergy the full notice to
proceed on the Little Gypsy 3 re-power project, which will
provide residents and businesses in the New Orleans area with
the power needed to continue the rebuilding and revitalization
of the city and the region," said J.M. Bernhard Jr., Shaw's
chairman, president and chief executive officer.  "The Shaw
Group and Entergy are two Fortune 500 companies headquartered in
Louisiana, and it is a proud moment when two of the state's
largest companies can join forces to bolster the economic
fortunes of our state."

"At its peak, this project will create more than 1,500 new and
good-paying jobs, but also will rely on a number of local
products and services, which extends the benefits of the Little
Gypsy 3 project to many other businesses and families in
Louisiana," Mr. Bernhard said.

                      About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


SOLUTIA INC: DuPont Demands Payment of US$1,394,718 Admin. Claim
----------------------------------------------------------------
E.I. DuPont de Nemours and Company asks the U.S. Bankruptcy
Court for the Southern District of New York to compel Solutia
Inc. and its debtor-affiliates to immediately pay a US$1,394,718
administrative claim.

DuPont sold certain product on an exclusive basis to Solutia
Inc., pursuant to a contract dated Jan. 1, 2002.  The Contract
was assumed by Solutia pursuant to an order approved by the
Court in Oct. 19, 2005.

Allan L. Hill, Esq., at Phillips Lytle LLP, in New York, relates
that the Contract contained a "Meet or Release" provision, which
provided that if Solutia received an offer from a third party
supplier to supply Material to Solutia at a lower price than the
price currently charged by DuPont, then Solutia could demand
that DuPont either match the price of the new offer or release
Solutia from its obligation to purchase the Material from
DuPont.  By letter dated Feb. 17, 2006, Solutia invoked the
"Meet or Release" provision.

DuPont elected to "meet" the offer of the third party supplier,
effective immediately, subject to a third party audit to
determine whether Solutia met the terms of the "Meet or Release"
provision, Mr. Hill says.  Solutia and DuPont entered into an
amendment to the Contract as of March 1, 2006, to reflect those
new terms.  The Contract Second Amendment states that "if the
third party auditor . . . concludes that Solutia has failed to
comply with the meet or release clause of the Contract . . .
this Amendment shall be null and void and the Contract shall
continue as if this Amendment were never executed."

By letter agreement dated March 31, 2006, Solutia and DuPont
agreed to the terms under which a third party auditor would make
the determination of whether Solutia properly invoked the "Meet
or Release" provision.

On Aug. 29, 2007, BDO Seidman LLP, the third party auditor,
issued a report setting forth its conclusion that "Solutia did
not meet the terms of the 'Meet or Release' clause."

As a result of the BDO report, the Contract Second Amendment
setting forth reduced prices for the Material provided by DuPont
to Solutia is, by its own terms, null and void.  Mr. Hill
contends that DuPont is entitled to the difference between what
Solutia paid for Material between March 1, 2006, and Dec. 31,
2006, and what Solutia should have paid in absence of the
Contract Second Amendment, plus interest and certain rebates.
Solutia has refused to pay the Claim Amount.

                       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 Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  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.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 114;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 10, 2007,
Standard & Poor's Ratings Services assigned its 'B+' loan rating
to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior
secured term loan and a '3' recovery rating, indicating the
likelihood of a meaningful (50%-70%) recovery of principal in
the event of a payment default.  The ratings are based on
preliminary terms and conditions.  S&P also assigned its 'B-'
rating to the company's proposed US$400 million unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.
S&P expect the outlook to be stable.


SOLUTIA INC: Files 2nd Supplement to Stock Offering Prospectus
--------------------------------------------------------------
Solutia Inc. filed with the Securities and Exchange Commission a
second supplement to its Nov. 21, 2007 prospectus with respect
to the rights offering for 28,906,562 shares of new common
stock.  The Supplement dated Jan. 14, 2008, amends and updates
the Prospectus.

Solutia is pursuing a proposed private placement of debt
securities and is meeting with potential lenders for its
anticipated new senior secured asset-based revolving credit
facility and new senior secured term loan facility.

The securities to be issued in the proposed private placement
will not be registered under the Securities Act of 1933, as
amended, and will not be offered or sold absent registration or
an applicable exemption from registration requirements.  Solutia
expects, but cannot provide any assurances that it will emerge
from bankruptcy by the end of January 2008.

Solutia distributed rights to subscribe for 28,906,562 shares of
the company's new common stock to certain pre-petition general
unsecured creditors, noteholders and holders of common stock.

Eligible creditors to participate in the creditor rights
offering may purchase new common stock at US$13.33 per share.
Eligible stockholders that will participate in the equity rights
offering may purchase new common stock at US$17.23 per share.

Solutia disclosed that the closing price of its new common stock
was reported on the New York Stock Exchange at US$17.60 per
share as of Jan. 11, 2008.  The ticker symbol for the stock is
"SOA."  Currently the ticker symbol also includes the "wi"
notation, which means the stock is being traded on a "when
issued" basis. The "wi" notation will be removed when the stock
begins "regular way" trading.

Rosemary L. Klein, senior vice president, general counsel and
corporate secretary of Solutia, reports that assuming that the
confirmed Plan is consummated, certain creditors, holders of
equity interests or other entities may own significant portions
of the new common stock and may be principal stockholders of the
newly reorganized company.

The potential principal stockholders of reorganized Solutia
include Merrill Lynch, Pierce, Fenner and Smith Incorporated;
funds managed by Longacre Fund Management, LLC, and by Murray
Capital Management, Inc.; Bear, Stearns & Co. Inc.; Highland
Crusader Holding Corporation, and UBS Securities, LLC.

Those companies and their affiliates may potentially be holders
of up to 31% of the outstanding new common stock as a result of
their commitment obligation in case the creditor rights offering
at US$13.33 per share is not fully funded, according to Ms.
Klein.

Additionally, the Monsanto Company may potentially be a holder
of up to 17% of the outstanding new common stock, assuming the
equity rights offering at US$17.23 per share is not fully
funded.

Ms. Klein says that a significant portion of Solutia's debt and
equity is held in street name and through nominees.  Holders of
the company's debt, equity and claims are also able to trade in
those holdings until it emerges from Chapter 11.

Therefore, Solutia is unable to ascertain from the claims and
equity registers in its Chapter 11 case the aggregate amount of
new common stock that the potential principal stockholders, or
any other entity, will own of the emerged company.

A full-text copy of the Second Supplement to the Prospectus is
available for free at:

             http://ResearchArchives.com/t/s?273d

                       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 Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  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.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 114;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 10, 2007,
Standard & Poor's Ratings Services assigned its 'B+' loan rating
to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior
secured term loan and a '3' recovery rating, indicating the
likelihood of a meaningful (50%-70%) recovery of principal in
the event of a payment default.  The ratings are based on
preliminary terms and conditions.  S&P also assigned its 'B-'
rating to the company's proposed US$400 million unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.
S&P expect the outlook to be stable.


SPOONER VICARS: Taps Tenon Recovery as Joint Administrators
-----------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint administrators of Spooner Vicars Ltd. (Company
Number 02666521) on Jan. 10, 2008.

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

The company can be reached at:

          Spooner Vicars Ltd.
          Junction Lane
          Newton Le Willows
          Merseyside
          WA12 8DL
          England
          Tel: 01925 296 600
          Fax: 01925 227 185


SR COMMUNICATIONS: Brings In Administrators from Menzies
--------------------------------------------------------
Andrew Gordon Stoneman and Paul John Clark of Menzies Corporate
Restructuring were appointed joint administrators of SR
Communications Ltd. (Company Number 01577782) on Jan. 11, 2008.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

          SR Communications Ltd.
          S.R. House
          Childers Street
          London
          SE8 5JT
          England
          Tel: 020 8516 7000
          Fax: 020 8692 8057
          Web site: http://www.srcommunications.co.uk/


TATA MOTORS: Board Meeting Set on Jan. 31 to Consider Results
-------------------------------------------------------------
Tata Motors Ltd's board of directors will hold a meeting on
Jan. 31, 2008, inter alia, to consider, the audited results for
the third quarter ended Dec. 31, 2007, the company informed the
Bombay Stock Exchange.

In the corresponding quarter in 2006, the company reported a net
profit of INR5.13 billion on net sales of INR69.57 billion.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia and the United Kingdom.

                         *     *     *

As reported in the TCR-Europe on Jan. 8, 2008, Moody's
Investors Service placed the Ba1 Corporate Family Rating of Tata
Motors Ltd on review for possible downgrade.


TRANSENSE LTD: Names Christopher Farrington as Administrator
------------------------------------------------------------
Christopher James Farrington of Deloitte & Touche LLP was named
administrator of Transense Ltd. (Company Number 3854575) on
Jan. 14, 2008.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.

Headquartered in Grantham, England, Transense Ltd. buys and sell
motor vehicles.


WOODCON PRODUCTS: Brings In Vantis to Administer Assets
-------------------------------------------------------
Colin Ian Vickers and Christopher David Stevens of Vantis Plc
were appointed joint administrators of Woodcon Products Ltd.
(Company Number 00628206) on Jan. 8, 2008.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.

The company can be reached at:

          Woodcon Products Ltd.
          Daux Road
          Billingshurst
          West Sussex
          RH14 9SR
          England
          Tel: 01403 784 671
          Fax: 01403 785 353
          Web site: http://www.woodcon.co.uk/


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Jan. 24, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Winter Warm-up
         Belgo Brasserie, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

Jan. 29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Finding Money: Int'l Asset Search and
         Recovery Methods for Collecting Judgments
            Centre Club, Tampa, Florida
               Contact: http://www.turnaround.org/

Jan. 29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         The Lime, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Jan. 29, 2008
   WEST LEGALWORKS
      Southeastern Distressed M&A Summit
         Westin Buckhead, Atlanta, Georgia
            Contact: http://www.westlegalworks.com/

Jan. 30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Year 2008 Kick-Off Party
         Oak Hill Country Club, Rochester, New York
            Contact: 716-440-6615 or http://www.turnaround.org/

Jan. 31, 2008
   BEARD AUDIO CONFERENCES
      Partnerships in Bankruptcy: Unwinding the Deal
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


Feb. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      PowerPlay
         Philips Arena, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

Feb. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Event
         Carnelian Room, San Francisco, California
            Contact: 510-346-6000 ext 226 or
               http://www.turnaround.org/

Feb. 7, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      PowerPlay
         Philips Arena, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

Feb. 14-16, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 20, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week Cash Flow
         Courtyard Marriott, Dania Beach, Florida
            Contact: http://www.turnaround.org/

Feb. 20, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         Islamorada Fish Company, Dania, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Feb. 22, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy Battleground West
         Fairmont Miramar, Santa Monica, California
            Contact: http://www.abiworld.org/

Feb. 23-26, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Bankruptcy Litigation Seminar I
         Park City, Utah
            Contact: http://www.nortoninstitutes.org/

Feb. 25, 2008
   FINANCIAL RESEARCH ASSOCIATES LLC
      Financial Services Mergers & Acquisitions Deals Forum
         Harvard Club, New York, New York
            Contact: http://www.frallc.com/

Feb. 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Member Appreciation FREE Happy Hour
         One Eyed Jacks, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Feb. 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Retail Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Feb. 27-28, 2008
   EUROMONEY INSTITUTIONAL INVESTOR
      6th Annual Distressed Investing Forum
         Union League Club, New York, New York
            Contact: http://www.euromoneyplc.com/

Feb. 27 - Mar. 1, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      CTP Courses
         Holland & Knight, Atlanta, Georgia
            Contact: http://www.turnaround.org/

Mar. 6-8, 2008
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Mandalay Bay Resort, Las Vegas, Nevada
            Contact: http://www.ali-aba.org/

Mar. 8-10, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Conrad Duberstein Moot Court Competition
         St. John's University School of Law, New York
            Contact: http://www.abiworld.org/

Mar. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Rick Cieri of Kirkland & Ellis
         Jamie Sprayregan of Goldman Sachs
            Bankers Club of Miami, Florida
               Contact: 561-882-1331 or
                  http://www.turnaround.org/

Mar. 25, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Dearfoam Slipper Turnaround
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Mar. 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

Mar. 27-30, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Bankruptcy Litigation Seminar II
         Las Vegas, Nevada
            Contact: http://www.nortoninstitutes.org/

Apr. 3, 2008
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         Annual Spring Luncheon
            Renaissance Hotel, Washington, District of Columbia
               Contact: 703-449-1316 or http://www.iwirc.org/

Apr. 3, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

Apr. 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

Apr. 7-8, 2008
   PRACTISING LAW INSTITUTE
      30th Annual Current Developments in
         Bankruptcy & Reorganization
            PLI Center New York, New York
               Contact: http://www.pli.edu/

Apr. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Assignment for Benefit of Creditors
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

Apr. 25-27, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Spring Seminar
         Eldorado Hotel & Spa, Santa Fe, New Mexico
            Contact: http://www.nabt.com/

Apr. 29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Why Prospects Become Clients
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

May 1-2, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      2nd Annual Credit & Bankruptcy Symposium
         Foxwoods Resort Casino, Ledyard, Connecticut
            Contact: http://www.turnaround.org/

May 1-2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Debt Symposium
         Hilton Garden Inn, Champagne/Urbana, Illinois
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 9, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton U.S. Custom House, New York
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 12, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center,
            New York
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 12-13, 2008
   PRACTISING LAW INSTITUTE
      30th Annual Current Developments in
         Bankruptcy & Reorganization
            PLI Center San Francisco, California
               Contact: http://www.pli.edu/

May 13-16, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Litigation Skills Symposium
         Tulane University, New Orleans, Louisiana
            Contact: 1-703-739-0800; http://www.abiworld.org/

May 18-20, 2008
   INTERNATIONAL BAR ASSOCIATION
      14th Annual Global Insolvency & Restructuring Conference
         Stockholm, Sweden
            Contact: http://www.ibanet.org/

May 21, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      What Happened to My Money -
         The Restructuring of a Loan Servicer
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         J.W. Marriott Spa and Resort, Las Vegas, Nevada
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: http://www.abiworld.org/

June 19-21, 2008
   ALI-ABA
      Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
         Drafting, Securities, and Bankruptcy
            Omni Hotel, San Francisco, California
               Contact: http://www.ali-aba.org/

June 24, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Fraud Panel
         Citrus Club, Orlando, Florida
            Contact: http://http://www.turnaround.org/

June 26-29, 2008
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Western Mountains Bankruptcy Law Seminar
         Jackson Hole, Wyoming
            Contact: http://www.nortoninstitutes.org/

July 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Cynthia Jackson of Smith Hulsey & Busey
         University Club, Jacksonville, Florida
            Contact: http://http://www.turnaround.org/

July 10-13, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, Massachussets
               Contact: http://www.abiworld.org/events

July 29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Employment Issues Following Hurricanes & Disasters
         Centre Club, Tampa, Florida
            Contact: http://http://www.turnaround.org/


July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Aug. 20-24, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Captain Cook, Anchorage, Alaska
            Contact: http://www.nabt.com/


Aug. 26, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Do's and Don'ts of Investing in a Turnaround
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Sept. 4-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Sept. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.abiworld.org/

Sept. 17, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Real Estate / Condo Restructuring Panel
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

Sept. 24-26, 2008
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         IWIRC 15th Annual Fall Conference
            Scottsdale, Arizona
               Contact: http://www.ncbj.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Desert Ridge Marriott, Scottsdale, Arizona
            Contact: http://www.iwirc.org/

Sept. 30, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Private Equity Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Oct. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Luncheon - Chapter 11
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

Oct. 28, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      State of the Capital Markets
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Interaction Between Professionals in a
         Restructuring/Bankruptcy
         Bankers Club, Miami, Florida
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

June 11-13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa
            Traverse City, Michigan
               Contact: http://www.abiworld.org/

June 21-24, 2009
   INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
      BANKRUPTCY PROFESSIONALS
         8th International World Congress TBA
               Contact: http://www.insol.org/

July 16-19, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Mt. Washington Inn
            Bretton Woods, New Hampshire
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      21st Annual Winter Leadership Conference
         La Quinta Resort & Spa, La Quinta, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
   2006 BACPA Library
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/;
               http://researcharchives.com/t/s?20fa

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Chinas New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Corporate Bankruptcy Bootcamp: Fundamentals of BAPCPA
      Proceedings
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency  Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of Loan-to-Own
      Strategies on the Restructuring Process
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergersthe New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Todays Legal
      Processes Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Battle of Green & Red: Effect of Bankruptcy
      on Obligations to Clean Up Contaminated Property
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Subprime Sector Meltdown:
      Legal Developments and Latest Opportunities
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and
      Insolvency Proceedings
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                            *********

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.

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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, Jason Nieva, Julybien Atadero,
Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius
Xerxes Tovilla, Patrick Abing and Marites Claro, Editors.

Copyright 2008.  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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