TCREUR_Public/080205.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

            Tuesday, February 5, 2008, Vol. 9, No. 25

                            Headlines


A U S T R I A

MAYRHOFER & PARTNER: Linz Court Orders Business Shutdown
RINTAL TREPPEN: Claims Registration Period Ends February 12
S.V. ROHR-MONTAGE: Vienna Court Orders Business Shutdown
SSD TRADING: Claims Registration Period Ends March 13
WEINACHT LLC: Claims Registration Period Ends February 10


B E L G I U M

CHIQUITA BRANDS: Inks New Banana Pact with C.I. Banacol
CHIQUITA BRANDS: Posts US$28.2 Mln Net Loss in 2007 3rd Quarter


F I N L A N D

SANMINA-SCI: Elects John P. Goldsberry to Board of Directors
SANMINA-SCI: Fitch Holds Issuer Default Rating at B+


F R A N C E

ALCATEL-LUCENT SA: Extended Restructuring Sees 400 Job Cuts
CINRAM INT'L: S&P Cuts Corp. Rating to B+ on Weak Performance
DELPHI CORP: Anticipates Chapter 11 Emergence by March 31
HARMAN INT'L: Appoints Robert Lardon as Investor Relations VP


G E R M A N Y

AUTO FAMOS: Claims Registration Period Ends February 27
BARTZ SANITAR: Claims Registration Period Ends February 22
BAVARIA-BAU GMBH: Claims Registration Period Ends February 19
BEST-MEDIA-SERVICE-GMBH: Claims Period Ends March 9
DUERR AG: Indian Unit Posts 50% Increase in Sales

FACTORY HOLDING: Claims Registration Ends February 26
FACTORY TEXTILVERTRIEB: Claims Registration Ends February 26
FHS FERTIGHAUS: Claims Registration Period Ends February 27
GAMEFORGE AG: Ryzom Servers Faces Likely Shutdown
KLEIN, JOHN & FRIENDS: Claims Registration Ends February 26

KOTIMA KOMPETENZ: Claims Registration Ends February 26
NW NATURWARME: Claims Registration Period Ends February 27
RUNB GMBH: Claims Registration Ends February 26
STIFT MICHAEL: Claims Registration Period Ends February 15
SYSTEMENTWICKLUNG UND: Claims Registration Period Ends Feb. 27

VHB VERWALTUNGS: Claims Registration Period Ends February 26
WIDMANN & BAEUERLE: Claims Period Ends February 20


I R E L A N D

AFFILIATED COMPUTER: Earns US$81.6MM in 2nd Qtr. Ended Dec. 31
COMMSCOPE INC: Unit Closes Satellite Biz Sale to Resilience
LUNAR FUNDING: Moody's Cuts Rating on US$11 Million Notes to C


I T A L Y

ALITALIA SPA: Sale Talks Continue Unless New Gov't Takes Over
ALITALIA SPA: AirOne Asks Court to Cancel Air France Talks
ANDREW CORP: Completes Satellite Comm Biz Sale to Resilience
TRIMAS CORP: Cequent Acquires Parkside Towbars of West Australia


K A Z A K H S T A N

ALGABAS LLP: Proof of Claim Deadline Slated for March 4
BOLASHAK 2007 LLP: Creditors Must File Claims by March 4
BRIGANTINA-2005 LLP: Claims Filing Period Ends February 26
FILE-TRANSIT LLP: Creditors' Claims Due on February 26
FSK STROY: Claims Registration Ends February 26

MONOLIT LLP: Proof of Claim Deadline Slated for March 4
OAZIS+ORAL LLP: Creditors Must File Claims by March 4
SHYMBAI LLP: Claims Filing Period Ends March 4
SPORT-CITY LLP: Creditors' Claims Due on March 4
TSEMINDUSTRIYA LLP: Claims Registration Ends March 4


K Y R G Y Z S T A N

JYLYSHNY PORYADOK: Creditors Must File Claims by February 20


L A T V I A

AFFILIATED COMPUTER: To Provide Ticketing System in Latvian City


L U X E M B O U R G

AGILENT TECH: Files Lawsuit to Protect Liquid Chormatography IP
CA INC: Earns US$163 Million in Third Quarter Ended Dec. 31


N E T H E R L A N D S

BLACKBOARD INC: Completes US$182 Mln Acquisition of NTI Group
FLOWSERVE CORP: Discloses Full Year EPS Range of US$5.10-US5.40
HERBALIFE LTD: Paying US$0.20 Per Share Dividend on March 24


P O L A N D

NETIA SA: Executes Annex to P4 Shareholders Agreement


P O R T U G A L

INTERTAPE POLYMER: Ups Supply Chain Efficiency with Logility


R U S S I A

GOODYEAR TIRE: Will Redeem US$650 Mln of Senior Secured Notes
HOUSING FINANCE: Fitch Upgrades IDR to B- with Stable Outlook


S P A I N

IM CAJAMAR 6: Moody's Junks EUR50.7 Million Series E Notes


S W I T Z E R L A N D

ALPHA MAIMA: Creditors' Liquidation Claims Due by Feb. 13
EXAMINO! : Creditors' Liquidation Claims Due by Feb. 13
HEDINGER LLC: Claims Registration Period Ends Feb. 11
HERCULES INC: Earnings Drop to US$28MM in Qtr. Ended December 31
IMPA CONSULTING: Creditors' Liquidation Claims Due by Feb. 13

KATZENSTEIN ARCHITEKTUR: Aargau Court Starts Bankruptcy Process
SAS GROUP: Solothurn Court Starts Bankruptcy Proceedings
SMARTCRANKS LLC: Creditors' Liquidation Claims Due by Feb. 13
TOWNFIRST INVESTMENT: Creditors Must File Claims by Feb. 13
WTN WORLD: Claims Registration Period Ends Feb. 11

ZUBER GETRANKE JSC: Creditors' Liquidation Claims Due by Feb. 13


T U R K E Y

OYAK BANK: Fitch Affirms IDR at BB on Parent Support
TIMKEN CO: Full Year 2007 Net Income Drops to US$220 Million


U K R A I N E

EUROMET LLC: Creditors Must File Claims by February 13
FOOD INDUSTRY: Creditors Must File Claims by February 13
KERMIKOND PLANT: Creditors Must File Claims by February 13
KT TELECOM: Creditors Must File Claims by February 13
PLANETA LLC: Creditors Must File Claims by February 13

TN MET: Creditors Must File Claims by February 13
UKRTRANS-DNIEPROPETROVSK CJSC: Creditors' Claim Due February 13


U N I T E D   K I N G D O M

AXIUM INTERNATIONAL: Sells Remaining Assets for US$7.05 Million
BLUE DIAMOND: Andrew Appleyard Leads Liquidation Procedure
BRITISH AIRWAYS: Fuel Costs Up GBP72 Mln in Third Quarter 2007
CELESTICA INC: Fourth Quarter 2007 GAAP Net Loss is US$11.7-Mln
DEALPAGE LTD: Appoints Andrew Appleyard as Liquidator

ENVIROSPHERE CONSULTANCY: Taps Liquidators from Tenon Recovery
GENERAL MOTORS: January U.S. Deliveries Up 2.1% to 252,565
GETTY IMAGES: Reports US$125.9-Mln Net Income in Full Year 2007
HARLEQUIN FRAMES: Names Andrew Appleyard Liquidator
LEAR CORP: Earns US$27 Million in Fourth Quarter 2007

MCBRIEN CIVILS: Calls In Liquidators from Moore Stephens
MIDLAND LITHO: Joint Liquidators Take Over Operations
PLATINUM FUND: Capital Tax Change Prompts Shutdown
QOS COMMUNICATIONS: Hires Liquidator from Tenon Recovery
RANK GROUP: Ruach Ministries Buys Mecca Bingo Club for GBP9 Mln

SCOTTISH RE: Eroding Capitalization Cues S&P to Cut Rating to B
* Brown Rudnick Elects Two UK Attorneys to Partner
* Liquidations in Northern Ireland Up 14.3% in 4th Qtr. 2007
* Large Companies with Insolvent Balance Sheet


                            *********

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


MAYRHOFER & PARTNER: Linz Court Orders Business Shutdown
--------------------------------------------------------
The Land Court of Linz entered Dec. 27, 2007 an order shutting
down the business of LLC Mayrhofer & Partner Drucktechnik (FN
264623b).

Court-appointed estate administrator Gerhard Rothner
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. Gerhard Rothner
          Hopfengasse 23
          4020 Linz
          Austria
          Tel: 66 73 26 0
          Fax: 66 73 20 29
          E-mail: g.rothner@wildmoser-koch.com

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Dec. 21, 2007 (Bankr. Case No 12 S 102/07y).


RINTAL TREPPEN: Claims Registration Period Ends February 12
-----------------------------------------------------------
Creditors owed money by LLC Rintal Treppen Handel (FN 123715i)
have until Feb. 12, 2008 to file written proofs of claim to
court-appointed estate administrator Ute Toifl at:

          Dr. Ute Toifl
          Tuchlauben 12/20
          1010 Vienna
          Austria
          Tel: 535 46 11 0
          Fax: 535 46 11 11
          E-mail: office@thr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Feb. 26, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 21, 2007 (Bankr. Case No. 28 S 157/07b).


S.V. ROHR-MONTAGE: Vienna Court Orders Business Shutdown
--------------------------------------------------------
The Trade Court of Vienna entered Dec. 17, 2007 an order
shutting down the business of LLC S.V. Rohr-Montage(FN 247990t).

Court-appointed estate administrator Andrea Simma 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. Andrea Simma
          c/o  Dr. Guenther Hoedl
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 513 67 03
          Fax: 513 67 03 33
          E-mail: RA_Simma@aon.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 10, 2007 (Bankr. Case No 6 S 159/07k).  Guenther Hoedl
represents Dr. Simma in the bankruptcy proceedings.


SSD TRADING: Claims Registration Period Ends March 13
-----------------------------------------------------
Creditors owed money by  LLC SSD Trading (FN 63144i) have until
March 13, 2008 to file written proofs of claim to court-
appointed estate administrator Matthias Klissenbauer at:

          Dr. Matthias Klissenbauer
          c/o  Mag. Beate Holper
          Gonzagagasse 15
          1010 Vienna
          Austria
          Tel: 533 28 55
          Fax: 533 28 55 28
          E-mail: office@klissenbauer.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on  Feb. 27, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1701
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 19, 2007 (Bankr. Case No. 6 S 166/07i).  Beate Holper
represents Dr. Klissenbauer in the bankruptcy proceedings.


WEINACHT LLC: Claims Registration Period Ends February 10
---------------------------------------------------------
Creditors owed money by LLC Weinacht (FN 75292z) have until
Feb. 10, 2008 to file written proofs of claim to court-appointed
estate administrator Erwin Bajc at:

          Dr. Erwin Bajc
          Mittergasse 28
          8600 Bruck an der Mur
          Austria
          Tel: 03862-51462
          Fax: 03862-51462-10
          E-mail: rechtsanwaelte@bzt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Feb. 27, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Leoben
          Hall IV
          First Floor
          Leoben
          Austria

Headquartered in Liezen, Austria, the Debtor declared bankruptcy
on Dec. 21, 2007 (Bankr. Case No. 17 S 104/07y).


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


CHIQUITA BRANDS: Inks New Banana Pact with C.I. Banacol
-------------------------------------------------------
Chiquita Brands International Inc. disclosed in a regulatory
filing with the Securities and Exchange Commission on Jan. 30,
2007, that its subsidiary International Chiquita International
Limited, entered into an agreement with an affiliate of C.I.
Banacol S.A., a Colombia-based producer and exporter of bananas
and other fruit products, relating to the purchase of bananas
produced in Colombia.

In 2004, Chiquita had sold its banana-producing and port
operations in Colombia to Banacol, and at that time had entered
into an 8-year banana purchase agreement.

Pursuant to the New Banana Agreement, which is effective as of
Jan. 1, 2008, Chiquita will purchase approximately 11 million
boxes per year of bananas produced by Banacol in Colombia
through June 2012 on terms comparable to the 2004 Banana
Agreement, but subject to a price increase of up to US$.25 per
40 lb. box if certain volume conditions are met and Banacol
continues to remain current in certain of its obligations to
Chiquita.

In connection with entering into the New Banana Agreement,
Chiquita and Banacol (i) terminated the 2004 Banana Agreement,
effective as of Jan. 1, 2008, (ii) terminated, effective as of
Dec. 31, 2007, an agreement which had been entered into in 2004
for Chiquita to purchase pineapples from affiliates of Banacol
and (iii) entered into other commercial arrangements.

The other commercial arrangements entered into by Chiquita and
Banacol in connection with the New Banana Agreement and the
termination of the 2004 Agreements include, among other things,
arrangements providing for: (i) Banacol to make payments to
Chiquita, or otherwise provide Chiquita with credits, of up to
approximately US$10.0 million in the aggregate between now and
2012, (ii) Chiquita to contract, subject to certain subcontract
rights and at prices approximating current fair market value,
for certain shipping space that otherwise would have been used
to ship pineapples to Chiquita under the 2004 Pineapple
Agreement, (iii) Banacol to increase its available supply to
Chiquita of bananas it produces in Costa Rica by approximately
two million boxes per year at prices approximating fair market
value for a minimum of two years.

            About Chiquita Brands International Inc.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.

                          *     *     *

To date, Chiquita Brands International Inc. carries Moody's
Investors Service's B3 long term corporate family and Caa2
senior unsecured debt ratings which were last placed on Nov. 6,
2006.  Outlook is Negative.


CHIQUITA BRANDS: Posts US$28.2 Mln Net Loss in 2007 3rd Quarter
---------------------------------------------------------------
Chiquita Brands International Inc. reported a net loss of
US$28.2 million, including US$4.0 million of charges relating to
an earlier disclosed plan to exit owned operations in Chile.
The company reported a net loss of US$96.4 million, including a
US$43.0 million goodwill impairment charge related to Atlanta
AG, the company's German distributor, in the year-ago period.

Third quarter net sales increased 2.8% to US$1.06 billion,
versus net sales of US$1.03 billion in the comparable period of
2006.  Quarterly sales rose primarily due to higher banana
pricing in core European and North American markets and
favorable foreign exchange rates, partially offset by lower
volumes in trading markets.

"As we had anticipated, our third quarter, excluding charges,
showed a modest improvement in year-over-year operating
results," said Fernando Aguirre, chairman and chief executive
officer. "While we continue to face rising industry costs and
other market challenges, we expect to deliver further year-over-
year progress in operating results in the fourth quarter and in
the year ahead.

"The banana pricing environment in Europe stabilized earlier in
the year and improved in the third quarter, particularly in the
aftermath of industry supply disruptions caused by Hurricane
Dean. In addition, our value-added salads business showed
significant year-on-year recovery in the third quarter, which we
expect to continue in the fourth quarter and in 2008."

The operating loss for the third quarter of 2007 was US$9.7
million compared to an operating loss of US$78.5 million in the
third quarter of 2006.  Operating results improved year-over-
year due to higher banana pricing in core European markets,
attributable to soft pricing in the year-ago period and to lower
industry supply in 2007 due to Hurricane Dean, which impacted
supply from the Caribbean beginning in late August 2007.

Operating results also benefited from the absence of direct
costs, such as lost raw product inventory and non-cancelable
purchase commitments, incurred in the third quarter 2006 related
to consumer concerns of the safety of fresh spinach products.
The third quarter 2006 also was affected by the Atlanta AG
goodwill impairment charge, which impacted both the Banana and
Other Produce segments.

                       Liquidity/Total Debt

The company's cash balance was US$124.0 million at Sept. 30,
2007, compared to US$64.9 million at Dec. 31, 2006, and US$101.6
million at Sept. 30, 2006.  Operating cash flow was US$14.7
million for the three months ended Sept. 30, 2007, compared to
US$22.8 million for the same period in 2006.

The company repaid more than US$40.0 million of debt during the
quarter, from the proceeds of the ship sale transaction
completed in June.  As a result, the company's total debt at
Sept. 30, 2007, was US$815.0 million, compared to US$857.0
million at June 30, 2007.

                          Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$2.64 billion in total assets, US$1.76 billion in total
liabilities, and US$880.2 milllion in total stockholders'
equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?27a3

            About Chiquita Brands International Inc.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.

                          *     *     *

To date, Chiquita Brands International Inc. carries Moody's
Investors Service's B3 long term corporate family and Caa2
senior unsecured debt ratings which were last placed on Nov. 6,
2006.  Outlook is Negative.


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F I N L A N D
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SANMINA-SCI: Elects John P. Goldsberry to Board of Directors
------------------------------------------------------------
Sanmina-SCI Corporation has appointed John P. Goldsberry to the
company's board of directors effective Jan. 28, 2008.  Mr.
Goldsberry will serve as chairman of the audit committee.

Mr. Goldsberry meets the requirements as defined by NASDAQ and
Institutional Shareholder Services as a financial expert and an
independent director.

Mr. Goldsberry is a seasoned financial executive with broad
industry experience in investment banking, corporate finance and
computer and semiconductor manufacturing.  He has over 14 years
of chief financial officer experience with both public and
private companies and is chief financial officer and SVP-IT of
Gateway Inc.

Mr. Goldsberry also held CFO positions with TrueSpectra,
Calibre, Quality Semiconductor, DSP Group and the Good Guys and
served in a variety of corporate finance positions at Salomon
Brothers and Morgan Stanley.

Goldsberry earned a bachelor's degree in Applied Mathematics and
a Ph.D. in Business Economics from Harvard University.

"We are fortunate to have someone of John's caliber join our
board of directors," Jure Sola, chairman and chief executive
officer of Sanmina-SCI Corporation, stated.  "His financial
expertise and insight will bring an additional perspective and
significant value to the board and the audit committee."

                   About Sanmina-SCI

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.


SANMINA-SCI: Fitch Holds Issuer Default Rating at B+
----------------------------------------------------
Fitch has affirmed these ratings for Sanmina-SCI Corporation:

  -- Issuer Default Rating at 'B+';
  -- Senior secured credit facility at 'BB+/RR1'.
  -- Senior unsecured notes at 'BB+/RR1';
  -- Senior subordinated debt at 'B/RR5'.

The Outlook is Negative.  Fitch's action affects approximately
US$1.5 billion in debt securities.

The Negative Outlook reflects continued uncertainty surrounding
Sanmina's ability to satisfactorily exit the Personal Computer
business via a sale or, conversely, potential restructuring
costs associated with exiting this business.  In addition,
revenue for Sanmina's core EMS business continues to decline,
down 7.7% in fiscal 1Q08 (end December 2007) versus the prior
year period due to weakness in communications equipment and
Enterprise PC segments which together represent approximately
60% of total core EMS revenue.

The affirmation reflects these considerations:

  -- Sanmina has significantly improved its working capital
     efficiency, lowering cash conversion cycle days to 25 from
     a recent high of 45 in fiscal 1Q07 (end December 2007);

  -- Sanmina's improved CCC days, in conjunction with lower
     working capital requirements due to a 5% decline in
     revenue, positively impacted free cash flow in fiscal 2007
     by approximately US$470 million, enabling the company to
     reduce long term debt by US$200 million to US$1.5 billion
     as of calendar 2007.  Fitch estimates Sanmina's leverage at
     5.5 times as of Dec 2007 compared to 4.5x at FYE 2006.
     Fitch estimates adjusted leverage at 6.7x as of Dec 2007;

  -- Fitch believes Sanmina's planned exit from the Personal
     Computer business should enable the company to focus on
     more profitable segments of its core EMS business and
     potentially lead to more consistent positive free cash
     flow;

  -- Fitch believes that the long-term opportunity for revenue
     growth in non-traditional markets for Sanmina including
     industrial, defense and medical supplies, should partially
     mitigate potential further revenue declines in the
     Enterprise PC and Communications markets;

  -- Fitch believes that Sanmina should achieve greater
     stabilization in profitability going forward as its
     reorganization actions have reduced excess manufacturing
     capacity and shifted an increased percentage of operations
     to low cost regions making the company more competitive
     with its peers.

Ratings concerns include Fitch's expectation that the EMS market
will remain highly competitive with continued pressure on
profitability across all North American tier one competitors in
addition to concerns over Sanmina's ability to stabilize its
revenue base following several quarters of negative growth in
its core EMS business.  While recent and on-going restructuring
initiatives have reduced excess capacity and transferred
manufacturing assets to lower cost regions, the above factors
could drive the need for additional restructuring initiatives
beyond the approximately US$70 million in restructuring costs
currently anticipated for the remainder of fiscal 2008.

Changes to the rating could occur under these scenarios:

  -- A resolution to Sanmina's effort to divest its Personal
     Computer business and clarification of the financial
     impact, if any, on the company of exiting this business;

  -- Continued improvement in profitability and use of free
     cash flow to further reduce debt could positively impact
     the ratings.

As of Dec. 31, 2007, liquidity was solid and consisted of
US$941 million in cash plus a US$500 million senior secured
credit facility, expiring December 2008, which was fully
available to the company.  In addition, Sanmina utilizes various
off-balance sheet accounts receivable sales facilities, totaling
approximately US$400 million, for additional liquidity purposes.
Fitch expects free cash flow in fiscal 2008 to be break-even to
slightly positive, positively impacted by reduced working
capital requirements.

Total debt as of Dec. 31, 2007 was US$1.5 billion and consisted
of:

     i) US$180 million in senior unsecured floating rate notes
        due June 2010;

    ii) US$300 million in senior unsecured floating rate notes
        due June 2014;

   iii) US$400 million in senior subordinated 6.75% notes due
        Feb 2013; and

    iv) US$600 million in senior subordinated 8.125% notes due
        March 2016.

The Recovery Ratings and notching reflect Fitch's recovery
expectations under a distressed scenario, as well as Fitch's
expectation that the enterprise value of Sanmina, and hence
recovery rates for its creditors, will be maximized in
liquidation rather than in a going concern enterprise value
scenario.  In estimating Sanmina's liquidation value under a
distressed scenario, Fitch applied advanced rates of 80%, 20%,
and 10% to Sanmina's current balance of accounts receivable,
inventory, and property, plant and equipment, respectively.
That leads to a distressed enterprise value estimate of
approximately US$1.3 billion, providing the basis for a
waterfall analysis to determine recovery ratings.  The current
'RR1' recovery rating for Sanmina's secured credit facility and
unsecured notes reflects Fitch's belief that 100% recovery is
realistic.  As is standard with Fitch's recovery analysis, the
revolver is fully drawn and cash balances fully depleted to
reflect a stress event.  The current 'RR5' Recovery Rating for
the senior subordinated debt reflects Fitch's estimate that a
recovery of only 10%-30% would be achievable.


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F R A N C E
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ALCATEL-LUCENT SA: Extended Restructuring Sees 400 Job Cuts
-----------------------------------------------------------
Alcatel-Lucent S.A. presented to its social partners an
extension of the voluntary-based restructuring program, which
was initiated in 2007.  The extension is part of the global cost
reduction program announced on Oct. 31, 2007 designed to align
the company's resources to the realities of the telecom
industry's difficult environment.

This extension could result in the loss of some 400 positions,
all of which will be done on a voluntary basis.  The plan does
not call for the closing of any Alcatel-Lucent locations in
France.

France remains one of the major research locations for Alcatel-
Lucent for next-generation advanced technologies, with notably a
strengthening of teams for the development of 4G mobile networks
and WiMAX.  Alcatel-Lucent has research activities in the Paris
metropolitan area, as well as in Brittany and Alsace, and is a
leading player of the French competitiveness clusters
initiative.  France also hosts one of the main Bell Labs
research centers in Villarceaux, located in the Paris
metropolitan area.

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                          *     *     *

As reported in the TCR-Europe Nov. 9, 2007, Moody's Investors
Service downgraded to Ba3 from Ba2 the Corporate Family Rating
of Alcatel-Lucent.  The ratings for senior debt of the group
were equally lowered to Ba3 from Ba2 and the trust preferred
notes of Lucent Technologies Capital Trust I have been
downgraded to B2 from B1.  At the same time, Moody's affirmed
its Not-Prime rating for short-term debt of Alcatel-Lucent.
Moody's said the outlook for the ratings is stable.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


CINRAM INT'L: S&P Cuts Corp. Rating to B+ on Weak Performance
-------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit and bank loan ratings on prerecorded multimedia
manufacturer Cinram International Inc., a wholly owned indirect
subsidiary of Cinram International Income Fund, to 'B+' from
'BB-'.  The '4' bank loan recovery rating remains unchanged.  At
the same time, S&P removed the ratings from CreditWatch with
negative implications where they were placed Nov. 6, 2007.  The
outlook is stable.

"The downgrade reflects Cinram's weakened financial performance
for the nine months ended Sept. 30, 2007, which included a 25%
drop in reported EBITDA on largely flat revenues compared with
the same period the previous year," said Standard & Poor's
credit analyst Lori Harris.

As a result, the company's reported EBITDA margin declined to
13.1% for the nine months ended Sept. 30, 2007, from 17.1% for
the same period the previous year, and 18.6% for the same period
in 2005, because of lower prices and volume.  At the same time,
S&P expects digital distribution to become a larger source of
studio revenues, which will contribute to a decline in DVD sales
volume in the medium term.  Because of these challenges,
management has suspended monthly distributions to unitholders
starting this month to improve Cinram's liquidity position.

The ratings on Cinram reflect the company's limited financial
flexibility and vulnerable business risk profile, which is based
on customer and product concentration, seasonality, and the
commodity-like nature of the media replication industry.
Furthermore, the ratings reflect Standard & Poor's concerns
about long-term industry fundamentals as S&P expects digital
distribution to become a larger source of studio revenues.
Partially offsetting these factors are Cinram's strong market
position as the world's largest manufacturer of prerecorded
multimedia products, solid credit protection measures, and
management's track record of adapting to changing technologies.

The stable outlook reflects Standard & Poor's expectation that
Cinram will maintain its strong key market positions and solid
credit measures in the medium term.  Downward pressure on the
ratings could come from debt-financed acquisitions, poor
execution in the Motorola business, or deterioration in the
company's operations stemming from the loss of a significant
contract or the increased consumer acceptance of a competitive
product or service.   In the medium term, S&P sees limited
potential for revising the ratings upward given the challenges
associated with the media replication industry and Cinram's
growth strategy.


DELPHI CORP: Anticipates Chapter 11 Emergence by March 31
---------------------------------------------------------
Delphi Corp. and its debtor-affiliates expect to consummate
their First Amended Joint Plan of Reorganization on or before
March 31, 2008, Delphi Corp. Vice President and Chief
Restructuring Officer John D. Sheehan said in a regulatory
filing with the U.S. Securities and Exchange Commission.  As
reported in the Troubled Company Reporter on Jan. 28, 2008, the
Court entered an order confirming the Debtors' Plan, as
modified, on Jan. 25, 2008.

The Plan contemplates the reorganization of the Debtors and the
resolution of certain outstanding claims against and interests
in the Debtors.  On the Effective Date of the Plan, Delphi's
existing Common Stock, as well as all rights or claims arising
in connection therewith, will be cancelled.  On or after the
Effective Date, Reorganized Delphi will have outstanding up to
181,831,951 shares of New Common Stock.

As of Jan. 17, 2008, there were 565,025,907 shares of Existing
Delphi Common Stock issued and outstanding, Mr. Sheehan noted.

The Plan provides for the adoption of four of Delhi Corp.'s
incentive plans for its employees:

(1) the Delphi 2007 Short-Term Incentive Plan,

(2) the Delphi 2007 Long-Term Incentive Plan,

(3) the Delphi Supplemental Executive Retirement Program, and

(4) the Delphi Salaried Retirement Equalization Savings
     Program.

The Delphi Incentive Plans will become effective on the
Effective Date of the Plan.  Eligible participants of the Delphi
Incentive Plans will include Delphi's approximately 560 global
executives, including Delphi's principal executive officer,
principal financial officer, other executive officers and
controller and chief accounting officer, Mr. Sheehan reported.

The purpose of the STIP is to motivate and reward performance
and provide cash incentive awards, limited to an annual
individual maximum of US$7,500,000, to eligible employees who
contribute to the company's success, according to Mr. Sheehan.
The STIP is available for incentive programs not to exceed a
period of one year for eligible employees.

The purpose of the LTIP, Mr. Sheehan said, is to provide
incentive award programs to attract and retain exceptional
employees, to align those employees with the company's long-term
strategies and to best align the employee interests with those
of Delphi's stockholders.

The LTIP is designed to permit the payment of compensation that
qualifies as performance-based compensation under Section 162(m)
of the Internal Revenue Code of 1986 and provides for the grant
of various stock-based and cash-based awards, including stock
options, stock appreciation rights, restricted stock, and
restricted stock units, Mr. Sheehan elaborated.  The maximum
number of shares of Delphi Common Stock available for issuance
under the LTIP is equal to 8% of the number of fully diluted
shares of Common Stock outstanding immediately after
consummation of the Plan.  Awards of stock options and stock
appreciation rights are limited to an annual individual maximum
of 1,000,000 shares.  Awards of restricted stock and restricted
stock units are limited to an annual individual maximum of
500,000 shares.  Cash awards are limited to an annual individual
maximum of US$10,000,000.

The STIP and LTIP are administered by the Compensation and
Executive Development Committee of the Delphi Corp. Board of
Directors.  Awards may be made under the STIP and LTIP until the
tenth anniversary of the Effective Date.

The SERP is an unfunded, nonqualified defined benefit plan that
provides a benefit in conjunction with the Delphi Retirement
Program for Salaried Employees, a tax-qualified defined benefit
pension plan.  The purpose of the DB SERP, according to Mr.
Sheehan, is to assure that the company's eligible retiring
salaried executive employees will receive an overall level of
retirement benefits that are competitive with the peer group of
companies selected by the Delphi Compensation Committee.  Delphi
administers the SERP separately and distinctly from the
Retirement Program for Salaried Employees.

The SRESP is a funded, nonqualified defined contribution plan
that will replace the company's pre-existing supplemental
retirement programs.  The SRESP will be maintained primarily for
the purpose of providing deferred compensation to certain Delphi
executives, managers and other highly-compensated employees, Mr.
Sheehan said.  The purpose of the program, Mr. Sheehan
explained, is to supplement the company's tax-qualified defined
contribution savings plan and allow company nonelective
contributions and matching contributions to be made into a
nonqualified defined contribution savings plan in situations
where legal limitations under the tax-qualified defined
contribution savings plan have been reached.  "A participant is
always 100% vested in the amounts credited to his or her account
that are attributable to his or her deferrals.  A participant
will also be 100% vested in his or her employer and matching
contributions," Mr. Sheehan clarified.

A full-text copy of the Delphi 2007 Short-Term Incentive Plan is
available for free at the SEC's Web site:

                http://ResearchArchives.com/t/s?27b1

A full-text copy of the Delphi 2007 Long-Term Incentive Plan for
U.S. employees is available for free at the SEC's Web site:

                http://ResearchArchives.com/t/s?27b2

A full-text copy of the Delphi Supplemental Executive Retirement
Program is available for free at the SEC's Web site:

               http://ResearchArchives.com/t/s?27b3

A full-text copy of the Delphi Salaried Retirement Equalization
Savings Program is available for free at the SEC's Web site:

                     About Delphi Corp.

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 110; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

As previously reported in the Troubled Company Reporter-Europe,
Moody's Investors Service assigned ratings to Delphi Corporation
for the company's financing for emergence from Chapter 11
bankruptcy protection: Corporate Family Rating of (P)B2; US$3.7
billion of first lien term loans, (P)Ba3; and US$0.825 billion
of 2nd lien term debt, (P)B3.  In addition, a Speculative Grade
Liquidity rating of SGL-2 representing good liquidity was
assigned.  The outlook is stable.

Standard & Poor's Ratings Services in the meantime said it
expects to assign its 'B' corporate credit rating to Delphi upon
the company's emergence from Chapter 11 bankruptcy protection,
which may occur by the end of the first quarter of 2008.  S&P
expects the outlook to be negative.

In addition, Standard & Poor's expects to assign these
issue-level ratings: a 'B+' issue rating (one notch above the
corporate credit rating), and '2' recovery rating to the
company's proposed US$3.7 billion senior secured first-lien term
loan; and a 'B-' issue rating (one notch below the corporate
creditrating), and '5' recovery rating to the company's proposed
US$825 million senior secured second-lien term loan.


HARMAN INT'L: Appoints Robert Lardon as Investor Relations VP
-------------------------------------------------------------
Harman International Industries, Incorporated has named Robert
V. Lardon as its Vice President, Strategy and Investor
Relations, effective immediately.  He will report to the Chief
Financial Officer and serve as the company’s Chief Investor
Relations official.

Mr. Lardon is a veteran of more than 20 years in the finance,
consulting, communications, and consumer products industries.
He served most recently as a strategic consultant in the
consumer electronics field after serving as Senior Partner &
Chief Strategy Officer at global communications agency Porter
Novelli, Inc.  Earlier, he was Managing Director of
PricewaterhouseCoopers’ Shareholder Value Strategies Practice,
following positions at Accenture Strategic Services and Booz
Allen Hamilton.  Mr. Lardon holds a Bachelors Degree in English
Literature from Middlebury College and a Masters Degree in
Business Policy from Columbia University Graduate School of
Business.

"This appointment reinforces our commitment to strengthening our
strategic bench and communicating the company’s strategy with
maximum clarity and transparency," said Dinesh C. Paliwal,
Harman Chief Executive Officer.  "Robert Lardon enjoys a
distinguished record as a strategy consultant and is adept at
managing key stakeholder relationships.  I look forward to
working with him as we better define both the challenges and
opportunities that characterize our company."

Harman Vice President, Treasurer Robert C. Ryan, who currently
handles Investor Relations at the company, will focus full time
on his responsibilities in the areas of treasury, real estate
and insurance.  "Rob Ryan’s deep skills in analysis and risk
management have taken on new significance as we shape a stronger
Harman," said Mr. Paliwal.  "Rob’s focus on real estate,
insurance and treasury operations will be instrumental in
supporting the evolution of our global footprint and cost
structure."

Headquartered in Washington, D.C., Harman International
Industries Inc. (NYSE: HAR) -- http://www.harman.com/-- makes
audio systems through auto manufacturers, including
DaimlerChrysler, Toyota/Lexus, and General Motors.  Also the
company makes audio equipment, like studio monitors, amplifiers,
microphones, and mixing consoles for recording studios, cinemas,
touring performers, and others.  Harman Int'l has operations in
Japan, Mexico and France.

                        *     *     *

Standard & Poor's Ratings Services, in October 2007, revised its
CreditWatch implications for the 'BB-' corporate credit rating
on Harman International Industries Inc. to positive from
developing.


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


AUTO FAMOS: Claims Registration Period Ends February 27
-------------------------------------------------------
Creditors of Auto FaMos GmbH have until Feb. 27, 2008, to
register their claims with court-appointed insolvency manager
Jutta Ruedlin.

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

The meeting of creditors will be held at:

         District Court of Fritzlar
         Room 17
         Building A
         Schladenweg 1
         34560 Fritzlar
         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:

          Jutta Ruedlin
          Am Markt 4
          34212 Melsungen
          Germany
          Tel: 05661/926280
          Fax: 05661/9262820

The District Court of Fritzlar opened bankruptcy proceedings
against Auto FaMos GmbH on Jan. 14, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Auto FaMos GmbH
          Buerstoss 1
          34212 Melsungen
          Germany


BARTZ SANITAR: Claims Registration Period Ends February 22
----------------------------------------------------------
Creditors of Bartz Sanitar- und Heizungsinstallations GmbH have
until Feb. 22, 2008 to register their claims with court-
appointed insolvency manager Jens Dohse.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on March 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall A 421
         House A
         Frankendamm 17
         Stralsund
         Germany

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

The insolvency manager can be reached at:

         Jens Dohse
         Hermannstrasse 5
         18055 Rostock
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Bartz Sanitar- und Heizungsinstallations GmbH on
Jan. 22, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Bartz Sanitar- und
         Heizungsinstallations GmbH
         Attn: Siegmar Bartz, Manager
         Hauptstrasse 8
         18465 Rekentin
         Germany


BAVARIA-BAU GMBH: Claims Registration Period Ends February 19
-------------------------------------------------------------
Creditors of BAVARIA-Bau GmbH have until Feb. 19, 2008 to
register their claims with court-appointed insolvency manager
Dr. Hans Ulrich Ruenger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on March 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nuernberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuernberg
         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. Hans Ulrich Ruenger
         Prinzregentenufer 9
         90489 Nuernberg
         Germany
         Tel: 0911/95518-8
         Fax: 0911/95518-66

The District Court of Nuernberg opened bankruptcy proceedings
against BAVARIA-Bau GmbH on Jan. 23, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         BAVARIA-Bau GmbH
         Attn: Josef Schoen, Manager
         Hauptstrasse 1 c
          92361 Berngau-Roeckersbuehl
         Germany


BEST-MEDIA-SERVICE-GMBH: Claims Period Ends March 9
---------------------------------------------------
Creditors of Best-Media-Service-GmbH have until March 9 to
register their claims with court-appointed insolvency manager
Dr. Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 3:10 p.m. on April 8, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Husum
         Hall 220
         Theodor-Storm-Strasse 5
         Husum
         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. Achim Ahrendt
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany

The District Court of Husum opened bankruptcy proceedings
against Best-Media-Service-GmbH on Jan. 18, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Best-Media-Service-GmbH
         Osterleye 11
         25826 St. Peter-Ording
         Germany


DUERR AG: Indian Unit Posts 50% Increase in Sales
-------------------------------------------------
The Duerr mechanical and plant engineering group is benefiting
from the automotive industry’s strong expansion in India.  In
2007, new orders from business in India rose by 20% to over
EUR130 million, and sales revenue increased by 50%.

The company is currently building the paint shop for the widely
publicized Nano subcompact from Tata.  Duerr's new LeanLine
painting concept is being used there, which allows good paint
quality to be achieved despite low capital investment costs.
Duerr is also supplying LeanLine equipment for other paint shop
projects in India, for example, at the VW plant in Pune and for
Tata in Lucknow.  In January 2008, Duerr has already received
two orders from Ford and the Mahindra Group in India.  Other
interesting projects are coming up during the year and will
contribute to Duerr’s growth in India.

Because of the growth, Duerr is greatly expanding its capacities
in India.  In the past year, the number of employees there
increased by 90% to over 300.  At its Chennai site, the company
furthermore plans to set up an engineering center where about 60
engineers will design paint shops and assembly lines in
proximity to customers.

"India is one of the fastest-growing markets for us. We are
benefiting there from our good contacts with both domestic and
foreign automakers," Ralf Dieter, CEO of Duerr AG.  "Experts
expect that production of passenger cars and light trucks on the
subcontinent will double in the next five years to about 3.7
million units.  The automotive industry’s buildup of additional
production capacities makes profitable growth in India possible
for us."

                          About Duerr

Headquartered in Stuttgard, Germany, The Duerr Group
-- http://www.durr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Duerr designs and builds
paint shops and final assembly plants.

The Duerr Group also operates in Czech Republic, France, U.K.,
Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey,
Australia, Brazil, China, India, Japan, Mexico, South Africa,
South Korea and the U.S.A.

                          *     *     *

As of Nov. 19, 2007, Duerr AG carries B2 Corporate Family, B2
Probability of Default and Caa1 Senior Subordinate ratings from
Moody's Investor Service.  Moody's said the outlook is stable.

The company also carries B Long-Term Foreign Issuer Credit and
Local Issuer Credit ratings from Standard & Poor's.  S&P said
the Outlook is Stable.


FACTORY HOLDING: Claims Registration Ends February 26
-----------------------------------------------------
Creditors of Factory Holding GmbH have until Feb. 26, 2008 to
register their claims with court-appointed insolvency manager
Steffen Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 4, 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
         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:

         Steffen Beck
         Breitscheidstr. 10
         70174 Stuttgart
         Germany
         Tel: 0711/252566-0
         Fax: 0711/252566-66

The District Court of Esslingen opened bankruptcy proceedings
against  Factory Holding GmbH on Jan. 15, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Factory Holding GmbH
         Attn: Marinko Vinkesevic, Manager
         Einsteinstr. 44
         73230 Kirchheim/Teck
         Germany


FACTORY TEXTILVERTRIEB: Claims Registration Ends February 26
------------------------------------------------------------
Creditors of Factory Textilvertrieb GmbH have until Feb. 26,
2008 to register their claims with court-appointed insolvency
manager Steffen Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 4, 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
         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:

         Steffen Beck
         Breitscheidstr. 10
         70174 Stuttgart
         Germany
         Tel: 0711/252566-0
         Fax: 0711/252566-66

The District Court of Esslingen opened bankruptcy proceedings
against Factory Textilvertrieb GmbH on Jan. 15, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Factory Textilvertrieb GmbH
         Attn: Marinko Vinkesevic, Manager
         Einsteinstr. 44
         73230 Kirchheim/Teck
         Germany


FHS FERTIGHAUS: Claims Registration Period Ends February 27
-----------------------------------------------------------
Creditors of FHS Fertighaus GmbH have until Feb. 27, 2008, to
register their claims with court-appointed insolvency manager
Dr. Ulrich Wenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 9, 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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         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. Ulrich Wenzel
          Grossbeerenstrasse 231
          14480 Potsdam
          Germany

The District Court of Potsdam opened bankruptcy proceedings
against FHS Fertighaus GmbH on Jan. 15, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         FHS Fertighaus GmbH
         Klaistower Strasse 64/65
         14542 Werder
         Germany


GAMEFORGE AG: Ryzom Servers Faces Likely Shutdown
-------------------------------------------------
The servers being used by “The Saga of Ryzom” will likely be
shutdown unless GameForge can raise cash to pay the bills,
Earnest Cavalli writes for the Blog Wired Network.  GameForge is
currently undergoing liquidation.

The Gameforge AG is the world-wide largest independent supplier
of browser- and client-based Massively Multiplayer Online Games.
More than 40 million players in 30 countries have already
registered world-wide for Gameforge games, and 6 million people
actively play the MMOGs of the company.  OGame must be among the
best known browser based MMOGs of the Karlsruhe gaming
specialist.  Next to that, Gameforge offers more top games with
DarkPirates, Gladiatus, BiteFight and BattleKnight to a rapidly
growing market of online games, and that is not the least in
making it one of the leading developers and publishers of
browser games in the European market.  The second strategic core
area of the company is the publishing of client-based online
games such as the Korean martial arts game Metin2 or the fantasy
game NosTale.


KLEIN, JOHN & FRIENDS: Claims Registration Ends February 26
-----------------------------------------------------------
Creditors of Klein, John & Friends GmbH have until Feb. 26, 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 9:00 a.m. on March 18, 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 Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

The Court will also verify the claims set out in the insolvency
manager's report 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
         Louise-Dumont-Str. 25
         40211 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against  Klein, John & Friends GmbH on Jan. 17, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Klein, John & Friends GmbH
         Ritterstrasse 9
         40213 Duesseldorf
         Germany

         Attn: Norbert John and Ulrike Klein, Managers
         Neurather Strasse 2
         41515 Grevenbroich
         Germany


KOTIMA KOMPETENZ: Claims Registration Ends February 26
------------------------------------------------------
Creditors of Kotima Kompetenz & Time Management GmbH have until
Feb. 26, 2008 to register their claims with court-appointed
insolvency manager Dr. Holger Lessing.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on March 18, 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 Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Dr. Holger Lessing
         Hanauer Landstr. 287-289, D
         60314 Frankfurt am Main
         Germany
         Tel: 069/15051-300
         Fax: 069/15051-400.

The District Court of Offenbach am Main opened bankruptcy
proceedings against  Kotima Kompetenz & Time Management GmbH on
Jan. 16, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Kotima Kompetenz & Time Management GmbH
         Attn: Stefan Otto, Manager
         Lichtbuehl 14
         63110 Rodgau
         Germany


NW NATURWARME: Claims Registration Period Ends February 27
----------------------------------------------------------
Creditors of NW Naturwarme GmbH have until Feb. 27, 2008, to
register their claims with court-appointed insolvency manager
Dr. Peter Naarmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 9, 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 Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

          Dr. Peter Naarmann
          Dresdner Strasse 86
          09130 Chemnitz
          Germany
          Tel: (0371) 4443 90
          Fax: (0371) 4443 911
          E-mail: info-ch@mne-insolvenzbuero.de

The District Court of Chemnitz opened bankruptcy proceedings
against NW Naturwarme GmbH on Jan. 17, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         NW Naturwarme GmbH
         Kjell Soeren Mickelsson, Manager
         Chemnitzer Str. 71
         09212 Limbach Oberfrohna
         Germany


RUNB GMBH: Claims Registration Ends February 26
-----------------------------------------------
Creditors of RUNB GmbH have until Feb. 26, 2008 to register
their claims with court-appointed insolvency manager Markus M.
Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 8, 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Markus M. Merbecks
         Koenigstrasse 9
         01097 Dresden
         Germany
         Web site: http://www.handschumacher.de/

The District Court of Dresden opened bankruptcy proceedings
against RUNB GmbH on Jan. 15, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         RUNB GmbH
         Schlueter Str. 29
         01277 Dresden
         Germany

         Attn: Lutz Scholze, Manager
         Dohnaer Str. 69
         01219 Dresden
         Germany


STIFT MICHAEL: Claims Registration Period Ends February 15
----------------------------------------------------------
Creditors of Stift Michael Moll Verwaltungs-GmbH have until
Feb. 15, 2008 to register their claims with court-appointed
insolvency manager Michael Wahl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         Germany

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

The insolvency manager can be reached at:

         Michael Wahl
         Karlstrasse 33
         89073 Ulm
         Germany
         Tel.0731/96880-0
         Fax: 0731/96880-52

The District Court of Goeppingen opened bankruptcy proceedings
against Stift Michael Moll Verwaltungs-GmbH on Jan. 22, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Stift Michael Moll Verwaltungs-GmbH
         Scheffelstr. 4
         78073 Bad Duerrheim
         Germany

         Attn: Otto G. Moll, Manager
         Lammhof 4
         73344 Gruibingen
         Germany


SYSTEMENTWICKLUNG UND: Claims Registration Period Ends Feb. 27
--------------------------------------------------------------
Creditors of Systementwicklung und Informa-tionstechnolgie mbH
have until Feb. 27, 2008, to register their claims with court-
appointed insolvency manager Florian Fuechsl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on April 3, 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 Ingolstadt
         Zi.28/I
         Schrannenstr.3
         85049 Ingolstadt
         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:

         Florian Fuechsl
         Leopoldstrasse 139
         80804 Muenchen
         Germany
         Tel: 089/361930-0
         Fax: 089/361930-199

The District Court of Ingolstadt opened bankruptcy proceedings
against Systementwicklung und Informa-tionstechnolgie mbH on
Jan. 8, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Systementwicklung und Informa-tionstechnolgie mbH
         Lisztstrasse 7
         85080 Gaimerheim
         Germany


VHB VERWALTUNGS: Claims Registration Period Ends February 26
------------------------------------------------------------
Creditors of VHB Verwaltungs GmbH have until Feb. 26, 2008, to
register their claims with court-appointed insolvency manager
Ralph Schmid.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 18, 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 13 B
         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:

         Ralph Schmid
         Duelmener Str. 92
         48653 Coesfeld
         Germany
         Tel: 02541/915-01
         Fax: 02541-915600

The District Court of Muenster opened bankruptcy proceedings
against VHB Verwaltungs GmbH on Dec. 28, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         VHB Verwaltungs GmbH
         Oldenkottplatz 1
         48683 Ahaus
         Germany


WIDMANN & BAEUERLE: Claims Period Ends February 20
--------------------------------------------------
Creditors of Widmann & Baeuerle GmbH have until Feb. 20, 2008 to
register their claims with court-appointed insolvency manager
Dietrich Hauser.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on March 17, 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 Heilbronn
         Hall 4
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Dietrich Hauser
         Edisonstrasse 19
         74076 Heilbronn
         Germany
         Tel: 07131/64281-0
         Fax: 07131/64281-28

The District Court of Heilbronn opened bankruptcy proceedings
against Widmann & Baeuerle GmbH on Jan. 23, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Widmann & Baeuerle GmbH
         Attn: Wolfgang Baeuerle, Manager
         Am Teerhaus 10
         71720 Oberstenfeld
         Germany


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


AFFILIATED COMPUTER: Earns US$81.6MM in 2nd Qtr. Ended Dec. 31
--------------------------------------------------------------
Affiliated Computer Services Inc. reported net income of
US$81.6 million for second quarter ended Dec. 31, 2007, compared
to net income of US$72.1 million for the same period in the
previous year.

"I am very pleased with our second quarter results," said
Lynn Blodgett, ACS president and chief executive officer.  "With
the uncertainty of ownership behind us we were able to focus on
selling more business, collecting our cash and growing earnings
per share.  Our financial goal is to deliver consistent, good
growth in revenue, signings and earnings."

"I feel we made very positive progress toward those goals this
quarter.  We need to continue improving our revenue growth rates
and I am confident that our improved signings this quarter and
in the future will be the main catalyst for accelerating our
growth.  We also demonstrated we can manage our collections and
capital expenditures.  I'm proud of the results our great team
delivered this quarter."

For six months ended Dec. 31, 2007, the company reported net
income of US$147.7 million, compared to net income of
US$133.5 million for the same period in the previous year.

Key highlights from ACS' fiscal year 2008 second quarter:

   -- Cash flow from operations during the second quarter was
      approximately US$323 million.  Free cash flow during the
      quarter was US$248 million.  This quarter's cash flow
      results benefited from improved collections on accounts
      receivable. Capital expenditures and additions to
      intangible assets were approximately US$74 million.

   -- During the quarter, the company's board of directors
      endorsed a US$1 billion share repurchase program and
      authorized a US$200 million share repurchase program.  The
      company used free cash flow to complete the US$200 million
      share repurchase program during the second quarter,
      purchasing approximately 4.5 million shares at an average
      price of US$44 per share.

Key year-to-date highlights for fiscal 2008:

   -- Cash flow from operations for year-to-date fiscal 2008
      was approximately US$331 million and free cash flow was
      US$181 million.  Capital expenditures and additions to
      intangibles were approximately US$150 million.

At Dec. 31, 2007, the company's balance sheets showed total
assets of US$6.03 billion, total liabilities of US$3.98 billion
and total stockholder's equity of US$2.05 billion.

            About Affiliated Computer Services Inc.

Headquartered in Dallas, Texas, Affiliated Computer Services
Inc. (NYSE:ACS) -- http://www.acs-inc.com/-- provides business
process outsourcing and information technology services to
commercial and government clients.  The company has two segments
based on the clients it serves: commercial and government.  The
company provides services to a variety of clients including
healthcare providers and payers, manufacturers, retailers,
wholesale distributors, utilities, entertainment companies,
higher education institutions, financial institutions, insurance
and transportation companies.  The company has global operations
in Brazil, China, Dominican Republic, India, Guatemala, Ireland,
Philippines, Poland, and Singapore.

                        *     *      *

As reported in the Troubled Company Reporter-Europe on Jan. 31,
2008, Moody's Investors Service confirmed these ratings:
Corporate family rating at Ba2; US$500 million Senior Secured
Notes due 2010 and 2015 at Ba2, LGD 4, 53%; US$1800 million
Senior Secured Term Loan facility due 2013 at Ba2, LGD 3, 43%,
and US$1000 million Senior Secured Revolving Credit Facility at
Ba2, LGD 3, 43%.  Moody's also revised the company's Probability
of default rating to Ba2 from Ba3 and assigned a Speculative
grade liquidity rating of SGL-1.  Moody's said the outlook is
stable.  Approximately US$3.3 billion of rated debt affected.


COMMSCOPE INC: Unit Closes Satellite Biz Sale to Resilience
-----------------------------------------------------------
CommScope Inc.'s subsidiary, Andrew Corporation, has completed
the sale of its Satellite Communications business to Resilience
Capital Partners, a Cleveland, Ohio-based private equity firm.

The former Andrew Satellite Communications business will be
operated as a newly-formed, independent company called ASC
Signal Corporation.  The new company will continue operations
from its current major facilities in the United States, Canada,
the United Kingdom, Germany and select regional locations around
the globe.  Its headquarters will be in Garner, North Carolina.
In addition, Andrew will own a minority 17.9 percent share of
ASC Signal and provide certain transition support services to
the new company.

"We are excited and optimistic about the future of ASC Signal
under the new Resilience ownership," said Bassem Mansour,
managing partner, Resilience Capital Partners.  "From the onset,
the transition will appear seamless and should minimize any risk
of disruption to customers, suppliers and our employees."

At closing, Andrew received US$8.5 million in cash and a US$2.5
million note from ASC Signal that will mature in 39 months.  In
addition, Andrew expected to receive an additional US$2.5
million note upon completion of certain manufacturing asset
transfers to an ASC Signal facility.  The company also may
receive up to an additional US$25 million in cash after three
years, based upon ASC Signal’s achievement of certain financial
targets.

ASC Signal Corporation is a leading global manufacturer of
antennas and radio frequency electronics for enterprise and
consumer satellite communication applications.  ASC Signal
designs and builds products that cover C, Ku, K, X, and
the emerging Ka band frequency platforms.  The extensive range
of products include:

   -- type-approved earth station antenna hubs and gateways for
      broadband and broadcast;

   -- complete VSAT outdoor units (antennas, transceiver
      electronics and installation mounts) for consumer
      broadband and enterprise networks providing the "last
      mile" connectivity to customers for virtual private
      networks, internet access and rural telecommunications;

    -- vehicle mounted communications-on-the-pause antenna
       solutions for disaster management and oil/gas
       exploration;

    -- tactical MilSatCom, air traffic control and weather
       radar, high frequency and troposcatter antenna systems
       for government and defense applications;

    -- direct-to-home antennas and electronics for home
       satellite television entertainment systems; and

    -- complete installation, testing, and value-added services.

                    About Resilience Capital

Resilience Capital Partners is a private equity firm, with
offices in Cleveland, Ohio and Detroit, Michigan, focused on
investing in underperforming, turnaround situations and non-core
divisions of larger corporations.  Resilience’s investment
strategy is to acquire middle-market companies that have solid
fundamental business prospects, but have suffered from a
cyclical industry downturn, are under-capitalized, or have less
than adequate management resources. Resilience typically
acquires companies with revenues of US$25 million to US$250
million.  Since its inception in 2001, Resilience has acquired
15 companies with combined revenues in excess of US$1 billion.

                       About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                      About CommScope

Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV) --
http://www.commscope.com/-- is a world leader in infrastructure
solutions for communication networks.  Through its SYSTIMAX(R)
Solutions(TM) and Uniprise(R) Solutions brands, CommScope is the
global leader in structured cabling systems for business
enterprise applications.  It is also the world's largest
manufacturer of coaxial cable for Hybrid Fiber Coaxial
applications.  CommScope has facilities in Brazil, Australia,
China and Ireland.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 22,
2007, Standard & Poor's Ratings Services affirmed its ratings on
CommScope Inc. and removed them from CreditWatch, where they
were placed on June 27, 2007, with negative implications.  S&P
also affirmed the company's 'BB-' corporate credit and 'B'
subordinated debt ratings.


LUNAR FUNDING: Moody's Cuts Rating on US$11 Million Notes to C
--------------------------------------------------------------
Moody's Investors Service downgraded to C from Aaa the rating of
these notes issued by Lunar Funding V PLC:

   -- Series 50 US$11,000,000 Asset Backed Notes due 2040.

This rating action follows the downgrade to C from Aaa of the
underlying collateral asset - Class A2 Notes issued by Visage
CDO II Ltd.  This downgrade follows the complete liquidation of
the collateral at the direction of the controlling class
following the occurrence on Dec. 24, 2007 of an event of default
linked to the Class A2 Par Value Ratio falling below 100%.  The
rating of this collateral bond is passed-through to the
overlying Repack notes as the main risk to Noteholders is that
of the collateral.

Lunar Funding V PLC is a special purpose company incorporated
under the laws of Ireland.


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


ALITALIA SPA: Sale Talks Continue Unless New Gov't Takes Over
-------------------------------------------------------------
(rw|july)

Negotiations to sell Italy's 49.9% stake in Alitalia S.p.A. to
Air France-KLM S.A. cannot be stopped unless a new government is
installed, Thomson Financial reports citing transport minister
Alessandro Bianchi.

As previously reported in the TCR-Europe, Prime Minister Romano
Prodi, tendered his resignation on Jan. 24, 2008, after losing a
confidence vote in the Senate.  Mr. Prodi earlier lost a
majority in the Italian Senate after the Udeur party left the
coalition government.

President Giorgio Napolitano said he will defer a decision to
accept the resignation pending consultations with all the
political parties in the Parliament.  According to Thomson
Financial, Mr. Napolitano may either install an interim
government to make electoral reforms or snap elections.

"If the Prodi government goes to elections nothing stop," Mr.
Prodi told Thomson Financial.  "The procedure [for Alitalia] is
fixed and it would be unreasonable to stop it.

Mr. Bianchi added that if an election is called, Mr. Prodi's
government would continue administration of the country, which
would include concluding the Alitalia sale.

"If, instead, there is another government then there is the need
to rediscuss everything," Mr. Bianchi told Thomson Financial.

Alitalia and Air France have until mid-March to present a final
contract.

                         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.


ALITALIA SPA: AirOne Asks Court to Cancel Air France Talks
----------------------------------------------------------
AP Holding S.p.A., investment arm of AirOne S.p.A., has filed an
appeal with the Italian Regional Administration Court of Lazio
to declare null and void a Dec. 28, 2007, decision of Italy's
Ministry of Economy and Finance to commence exclusive talks to
sell the Italian government's 49.9% stake to Air France-KLM SA,
Alitalia S.p.A. confirms.

"The appeal ... is the only instrument we have to know the
reasons why there weren't more transparent and non-
discriminatory criteria," AP Holding said.

AirOne chairman Carlo Toto insisted in mid-January that it
presented more economical offer for Alitalia, noting that its
business plan for the national carrier is supported by "four
among the world's most important banks that are ready to
formalize their commitment immediately should a private
negotiation be initiated."

"We don't want to halt the talks," a source privy to AP Holding
told Reuters.  "We also want to be able to present a binding
offer."

"There are still many questions open so we don't think the game
is over," Corrado Passera, who leads AirOne financial backer
Intesa Sanpaolo S.p.A., told Corriere della Sera.  "Everything
still has to be sorted out."

Alitalia and Italy have selected Air France-KLM's non-binding
offer over AirOne's.

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 until mid-March to reach an agreement, which
would be approved by the government.

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.

                          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.


ANDREW CORP: Completes Satellite Comm Biz Sale to Resilience
------------------------------------------------------------
Andrew Corporation, a CommScope Inc. subsidiary, has
completed the sale of its Satellite Communications business to
Resilience Capital Partners, a Cleveland, Ohio-based private
equity firm.

The former Andrew Satellite Communications business will be
operated as a newly-formed, independent company called ASC
Signal Corporation.  The new company will continue operations
from its current major facilities in the United States, Canada,
the United Kingdom, Germany and select regional locations around
the globe.  Its headquarters will be in Garner, North Carolina.
In addition, Andrew will own a minority 17.9 percent share of
ASC Signal and provide certain transition support services to
the new company.

"We are excited and optimistic about the future of ASC Signal
under the new Resilience ownership," said Bassem Mansour,
managing partner, Resilience Capital Partners.  "From the onset,
the transition will appear seamless and should minimize any risk
of disruption to customers, suppliers and our employees."

At closing, Andrew received US$8.5 million in cash and a US$2.5
million note from ASC Signal that will mature in 39 months. In
addition, Andrew expected to receive an additional US$2.5
million note upon completion of certain manufacturing asset
transfers to an ASC Signal facility.  The company also may
receive up to an additional US$25 million in cash after three
years, based upon ASC Signal’s achievement of certain financial
targets.

ASC Signal Corporation is a leading global manufacturer of
antennas and radio frequency electronics for enterprise and
consumer satellite communication applications.  ASC Signal
designs and builds products that cover C, Ku, K, X, and
the emerging Ka band frequency platforms.  The extensive range
of products include:

   -- type-approved earth station antenna hubs and gateways for
      broadband and broadcast;

   -- complete VSAT outdoor units (antennas, transceiver
      electronics and installation mounts) for consumer
      broadband and enterprise networks providing the "last
      mile" connectivity to customers for virtual private
      networks, internet access and rural telecommunications;

    -- vehicle mounted communications-on-the-pause antenna
       solutions for disaster management and oil/gas
       exploration;

    -- tactical MilSatCom, air traffic control and weather
       radar, high frequency and troposcatter antenna systems
       for government and defense applications;

    -- direct-to-home antennas and electronics for home
       satellite television entertainment systems; and

    -- complete installation, testing, and value-added services.

                    About Resilience Capital

Resilience Capital Partners is a private equity firm, with
offices in Cleveland, Ohio and Detroit, Michigan, focused on
investing in underperforming, turnaround situations and non-core
divisions of larger corporations.  Resilience’s investment
strategy is to acquire middle-market companies that have solid
fundamental business prospects, but have suffered from a
cyclical industry downturn, are under-capitalized, or have less
than adequate management resources. Resilience typically
acquires companies with revenues of US$25 million to US$250
million.  Since its inception in 2001, Resilience has acquired
15 companies with combined revenues in excess of US$1 billion.

                      About CommScope

Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV) --
http://www.commscope.com/-- is a world leader in infrastructure
solutions for communication networks.  Through its SYSTIMAX(R)
Solutions(TM) and Uniprise(R) Solutions brands, CommScope is the
global leader in structured cabling systems for business
enterprise applications.  It is also the world's largest
manufacturer of coaxial cable for Hybrid Fiber Coaxial
applications.  CommScope has facilities in Brazil, Australia,
China and Ireland.

                       About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 22,
2007, Standard & Poor's Ratings Services affirmed its ratings on
Andrew Corp. and removed them from CreditWatch, where they were
placed on June 27, 2007, with negative implications.  S&P also
affirmed the 'BB-' corporate credit and 'B' subordinated debt
ratings for the company.  S&P further said that the ratings on
Andrew will be withdrawn following its acquisition and debt
refinancing.


TRIMAS CORP: Cequent Acquires Parkside Towbars of West Australia
----------------------------------------------------------------
TriMas Corporation subsidiary, Cequent group has acquired
Parkside Towbars, located in Western Australia.  With annual
revenues of approximately US$5 million, Parkside Towbars adds to
Cequent's towing and truck accessory product offering, while
strengthening its position in an attractive international
market.  Parkside Towbars will be integrated with Cequent's
already well-established business in Australia, operating under
the brand of Hayman Reese(R).

"Consistent with our strategy to expand internationally, the
acquisition of Parkside Towbars provides us greater access to
the robust Western Australian segment of the Australian market,"
commented Cequent Group President, Ed Schwartz.  "Parkside's
recognized brand and established channel presence will generate
new opportunities for Cequent products in this market.  This
acquisition will also allow us to expand into complimentary
products, including front-end protection equipment for motor
vehicles."

                    About Parkside Towbars

Located in Perth, Western Australia, Parkside Towbars is a
leading manufacturer and distributor of standard towbars, Tow-
Safe(R) hitches, roobars, nudge bars, front protection bars and
bullbars.  The company also carries a range of related vehicle
accessories such as load equalizing hitches, electric brake
units, transmission coolers, cargo barriers and spotlights.
Established in 1972, Parkside Towbars earned certification as a
Quality Endorsed Company with Quality Assurance Services
(Standards Australia) in 1992.

                        About Cequent

Cequent is a leading designer, manufacturer and marketer of a
broad range of accessories for light trucks, sport utility
vehicles, recreational vehicles, passenger cars and trailers of
all types.  Products include towing and hitch systems, trailer
components and accessories, and electrical, brake, cargo-
carrying and rack systems.  Cequent draws upon a 75-year-old
heritage of superior towing and trailer brands, including:
ROLA(R), Hayman Reese(R), Highland(R), Draw-Tite(R), Reese(R),
Fulton(R), Wesbar(R), Bull Dog(R), Hidden Hitch(R) and
Tekonsha(R).

                        About TriMas

Headquartered in Bloomfield Hills, Michigan, TriMas Corporation
(NYSE:TRS) -- http://www.trimascorp.com/-- is a diversified
growth company of high-end, specialty niche businesses
manufacturing a variety of products for commercial, industrial
and consumer markets worldwide.  TriMas Corporation is organized
into five strategic business groups: Packaging Systems, Energy
Products, Industrial Specialties, RV & Trailer Products, and
Recreational Accessories.  TriMas Corporation has nearly 5,000
employees at 80 different facilities in 10 countries.  The
company has manufacturing facilities in Indiana, Mexico,
England, Germany, Italy, and China.

                        *     *     *

TriMas Corp. carries Standard & Poor's Ratings Services' B+
corporate credit rating.  S&P said the outlook is stable.


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


ALGABAS LLP: Proof of Claim Deadline Slated for March 4
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Algabas insolvent.

Creditors have until March 4 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda
         Kazakhstan


BOLASHAK 2007 LLP: Creditors Must File Claims by March 4
--------------------------------------------------------
LLP Bolashak 2007 has declared insolvency.  Creditors have until
March 4 to submit written proofs of claims to:

         LLP Bolashak 2007
         Bojmanov Str. 2
         Amangeldi
         Amangeldinsky District
         Kostanai
         Kazakhstan
         Tel: 8 (7143) 34-06-59


BRIGANTINA-2005 LLP: Claims Filing Period Ends February 26
----------------------------------------------------------
LLP Brigantina-2005 has declared insolvency.  Creditors have
until Feb. 26, 2008 to submit written proofs of claims to:

         LLP Brigantina-2005
         Skladskaya Str. 2
         Karaganda
         Kazakhstan


FILE-TRANSIT LLP: Creditors' Claims Due on February 26
------------------------------------------------------
LLP File-Transit has declared insolvency.  Creditors have until
Feb. 26, 2008 to submit written proofs of claims to:

         LLP File-Transit
         Almatinskaya Str. 52-24
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


FSK STROY: Claims Registration Ends February 26
-----------------------------------------------
LLP Construction Company FSK Stroy has declared insolvency.
Creditors have until Feb. 26, 2008 to submit written proofs of
claims to:

         LLP Construction Company FSK Stroy
         Al-Farabi ave. 119
         Kostanai
         Kazakhstan


MONOLIT LLP: Proof of Claim Deadline Slated for March 4
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Firm Monolit insolvent.

Creditors have until March 4 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


OAZIS+ORAL LLP: Creditors Must File Claims by March 4
-----------------------------------------------------
LLP Oazis+Oral has declared insolvency.  Creditors have until
March 4 to submit written proofs of claims to:

         LLP Oazis+Oral
         Akademik Asan Taimanov Str. 221/1
         Uralsk
         West Kazakhstan
         Kazakhstan


SHYMBAI LLP: Claims Filing Period Ends March 4
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Shymbai insolvent.

Creditors have until March 4 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda
         Kazakhstan


SPORT-CITY LLP: Creditors' Claims Due on March 4
------------------------------------------------
LLP Sport-City has declared insolvency.  Creditors have until
March 4 to submit written proofs of claims to:

         LLP Sport-City
         Konstitutsiya Kazakhstana Str. 55-82
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


TSEMINDUSTRIYA LLP: Claims Registration Ends March 4
----------------------------------------------------
LLP Tsemindustriya has declared insolvency.  Creditors have
until March 4 to submit written proofs of claims to:

         LLP Tsemindustriya
         Seifullin ave. 23-2
         Jezkazgan
         Karaganda
         Kazakhstan



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


JYLYSHNY PORYADOK: Creditors Must File Claims by February 20
------------------------------------------------------------
LLC Community on Servicing the Accomodation Owners and
Condominiums Jylyshny Poryadok has declared insolvency.

Creditors have until Feb. 20, 2008 to submit written proofs of
claim.

Inquiries can be addressed to (+996 312) 21-36-22.


===========
L A T V I A
===========


AFFILIATED COMPUTER: To Provide Ticketing System in Latvian City
----------------------------------------------------------------
Affiliated Computer Services, Inc. will provide a contactless
ticketing system to the city of Riga, Latvia, with the
municipality's wholly owned transit operator, Rigas Satiksme.
No financial details were disclosed for the 13-year contract.

Affiliated Computer will design and implement a smart card-based
ticketing system using contactless cards and tickets for Rigas
Satiksme's fleet of 460 buses, 322 trolleys, and 252 tramway
cars.  Affiliated Computer and Rigas Satiksme will then operate
the system under the city's oversight.

"The citizens of Riga will benefit from the most advanced
ticketing system in Eastern Europe," said Rigas Satiksme
chairperson, Leons Bemhens.  "ACS' technology and business
expertise will enable Riga to implement and operate a world-
class system."

The new contactless system replaces the current paper-based
ticketing system enabling Rigas Satiksme to issue tickets and
cards, and share information throughout Riga's public transport
network.  Passengers will benefit from seamless travel and easy,
convenient access to transportation.

"Our contactless technology is improving transport services
around the world in terms of cost, reliability, security, and
speed of transaction," said ACS Fare Collection managing
director, Eric Jean.  "We're looking forward to working closely
with Rigas Satiksme to provide a vital service in one of the
most dynamic areas of Eastern Europe."

Riga joins other cities on four continents that benefit from
ACS' contactless ticketing systems, including Paris, Lyon and
Toulouse; Warsaw; Zurich; Houston; Montreal; and Melbourne.
Major new contracts signed in 2007 for contactless ticketing
systems included Jerusalem and Mexico City.

             About Affiliated Computer Services

Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.acs-inc.com/-- provides business
process outsourcing and information technology solutions to
world-class commercial and government clients.  The company has
more than 58,000 employees supporting client operations in
nearly 100 countries.  The company has global operations in
Brazil, China, Dominican Republic, India, Guatemala, Ireland,
Philippines, Poland, and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 31,
2008, Moody's Investors Service confirmed these ratings:
Corporate family rating at Ba2; US$500 million Senior Secured
Notes due 2010 and 2015 at Ba2, LGD 4, 53%; US$1800 million
Senior Secured Term Loan facility due 2013 at Ba2, LGD 3, 43%,
and US$1000 million Senior Secured Revolving Credit Facility at
Ba2, LGD 3, 43%.  Moody's also revised the company's Probability
of default rating to Ba2 from Ba3 and assigned a Speculative
grade liquidity rating of SGL-1.  Moody's said the outlook is
stable.  Approximately US$3.3 billion of rated debt affected.


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


AGILENT TECH: Files Lawsuit to Protect Liquid Chormatography IP
---------------------------------------------------------------
Agilent Technologies Inc. has filed litigation against Advanced
Materials Technology Inc. in the Delaware Court of Chancery to
protect confidential and proprietary information relating to its
high-performance liquid chromatography technology.

The complaint contends that three former Agilent employees, now
with AMT, breached the confidentiality of their employment
agreements, misappropriated Agilent trade secrets and breached
their fiduciary duties with respect to Agilent’s HPLC
intellectual property.  The litigation filing alleges that
Agilent trade secrets and confidential information were used by
AMT in developing its Halo HPLC columns.

"Agilent is built on a long-standing foundation of integrity and
high ethical standards by our employees in both their external
and internal interactions," said Mike McMullen, vice president
and general manager of Agilent’s Chemical Analysis Solutions
Unit.  "This is an unfortunate, but reasonable and necessary
action to vigorously protect our intellectual property."

Agilent is a leading global supplier of HPLC instruments,
consumables and support.  HPLC is a form of liquid
chromatography used frequently in biochemistry and analytical
chemistry.  Sometimes referred to as high-pressure liquid
chromatography, it is used to separate components of a mixture
by using a variety of chemical interactions between the
substance being analyzed and the chromatography column.

                     About Agilent Tech

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 29,
2007, Moody's Investors Service assigned a Ba1 rating to Agilent
Technologies' proposed offering of USUS$500 million senior notes
due 2017 and affirmed its existing ratings and stable outlook.


CA INC: Earns US$163 Million in Third Quarter Ended Dec. 31
-----------------------------------------------------------
CA Inc. reported US$163 million of net income for the three
months ended Dec. 31, 2007, compared to US$50 million of net
income for the same period in 2006.

"CA has recorded another solid quarter – our fifth in a row,"
said John Swainson, CA’s president and chief executive officer.
"Most importantly, we remain on course to finish the year with
revenue and earnings per share exceeding the updated annual
outlook provided at our financial analyst day last December.

"I am very satisfied with our continued performance improvement,
and I am very proud of the people of CA for their efforts and
accomplishments," Mr. Swainson continued.  "Our EITM strategy
enables us to communicate CA’s value proposition to customers in
a clear and compelling way, and we have made considerable
progress in our efforts to cross-sell and up-sell a broader
portfolio of CA products to new and existing customers.

"I am confident that CA’s stable customer base and rich product
portfolio puts us in a strong position in today’s competitive
environment.  Our results are clearly showing the benefits of
the transformation efforts we began three years ago.  We
continue to manage our business prudently: controlling costs,
increasing efficiency and improving margins at the same time as
we focus on delivering innovative products and driving revenue
growth," Mr. Swainson concluded.

                      Third Quarter Results

Total revenue for the third quarter was US$1.100 billion, an
increase of 10 percent, or 4 percent in constant currency,
compared to US$1.002 billion reported in the comparable prior
year period.  For the first three quarters of fiscal year
2008, total revenue was US$3.192 billion, up 9 percent, or 5
percent in constant currency, over the first three quarters of
fiscal year 2007.

Total North American revenue was up 5 percent in the third
quarter while revenue from international operations was up 17
percent, or 4 percent on a constant currency basis, compared to
the same period last year.

Total product and services bookings in the third quarter were
US$1.228 billion, compared to US$1.553 billion reported in the
comparable prior year period, and, as expected, declined 21
percent on a year-over-year basis. During the third quarter of
fiscal year 2008, the company renewed 16 license agreements
greater than US$10 million, totaling US$303 million, compared to
18 such deals, totaling US$700 million, in the prior year
period. The weighted average duration of new direct bookings in
the third quarter was 3.16 years, compared to 3.74 years in the
prior year’s third quarter.  When annualized, the year-over-year
decrease from new direct bookings was 9 percent.

For the first three quarters of fiscal year 2008, total product
and services bookings were US$3.069 billion, up 9 percent from
the US$2.805 billion reported in the first three quarters of
fiscal year 2007.  In addition, annualized direct bookings for
the first three quarters of the fiscal year increased 17 percent
over the same period last year.  The company now expects total
product and services bookings for the full 2008 fiscal year to
grow at a percentage in the mid-teens over the prior year.

Total expenses, before interest and income taxes, for the third
quarter were US$851 million, a decrease of 6 percent, compared
to US$907 million in the prior year period.  The third quarter
was positively affected by a decrease in amortization of
capitalized software from the comparable quarter last year. In
the third quarter, GAAP operating income was US$249 million,
representing an operating margin of 23 percent, a 14 percentage
point improvement from the prior year period.

Total expenses, before interest and income taxes, for the first
three quarters were US$2.488 billion, a decrease of 8 percent,
compared to the US$2.712 billion reported in the first three
quarters of fiscal year 2007.  The decline in expenses was
driven primarily by a decrease in amortization of capitalized
software, lower restructuring costs and improved expense
management.

On a non-GAAP basis, which excludes purchased software and
intangibles, amortization, restructuring and other costs, the
company reported third quarter operating expenses of US$800
million, up one percent from the US$791 million reported in the
prior year period.  Excluding the negative impact of currency,
non-GAAP operating expenses were down 3 percent year-over-year.
In the third quarter, non-GAAP operating income was US$300
million, up 42 percent from the prior year period and
representing a non-GAAP operating margin of 27 percent – a 6
percentage point improvement from the third quarter of fiscal
year 2007.

The company recorded GAAP income from continuing operations of
US$163 million for the third quarter compared to US$52 million
in the prior year period.  This improvement is a result of
higher revenue, expense control and the decrease in amortization
of purchased software and restructuring costs.  For the first
three quarters of fiscal year 2008, GAAP income from continuing
operations was US$429 million, up from the US$141 million
reported in the same period in fiscal year 2007.

The company recorded non-GAAP income from continuing operations
of US$192 million for the third quarter compared to US$133
million reported a year earlier.  For the first three quarters
of fiscal year 2008, non-GAAP income from continuing
operations was US$524 million, up 34 percent from the first
three quarters of fiscal year 2007, while non-GAAP earnings per
diluted common share were US$0.97 in the first three quarters of
fiscal year 2008, an increase of 43 percent, over the US$0.68
reported in the same period in fiscal year 2007.

For the third quarter of fiscal year 2008, CA reported cash flow
from operations of US$233 million, compared to US$587 million in
cash flow from operations in the third quarter of fiscal year
2007.  The year-over-year decline was due primarily to last
year’s stronger than usual bookings in the third quarter, the
result of a catch-up from a weaker than normal first half of
fiscal year 2007.  Cash flow also was affected by an investment
in working capital in the third quarter, the majority of which
the Company expects to recover in the fourth quarter of 2008.
Additionally, third quarter cash flow was affected by lower than
expected cash taxes due principally to a tax refund. For the
first three quarters of the fiscal year, the Company recorded
US$413 million in cash flow from operations compared to US$547
million reported in the prior year period.

                        Capital Structure

The balance of cash, cash equivalents and marketable securities
at Dec. 31, 2007, was US$2.078 billion.  With US$2.575 billion
in total debt outstanding, the company has a net debt position
of US$497 million.

The company anticipated approximately 514 million shares
outstanding at fiscal year-end and a weighted average diluted
share count of approximately 541 million shares for the fiscal
year.  The company also expected a full-year tax rate on
non-GAAP income of approximately 36 percent.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 20,
2007, Fitch Ratings affirmed these ratings of CA, Inc.: Issuer
Default Rating at 'BB+'; Senior unsecured revolving credit
facility at 'BB+'; and Senior unsecured debt at 'BB+'.

Additionally, Fitch revised the Rating Outlook on CA Inc. to
Stable from Negative.  Fitch's actions affect approximately
US$2.8 billion of total debt, including the company's US$1.0
billion revolving credit facility.


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


BLACKBOARD INC: Completes US$182 Mln Acquisition of NTI Group
-------------------------------------------------------------
Blackboard Inc. has completed the acquisition of privately-held
The NTI Group Inc. for US$182 million in cash and stock, subject
to certain adjustments.  The final purchase price included
approximately US$132 million in cash and 1.45 million shares of
Blackboard's common stock, subject to certain adjustments.

In addition, up to US$17 million in consideration may be paid in
stock based on attainment of certain financial targets over the
two years afte the close of the acquisition.

The acquisition of the NTI Group moves Blackboard into the fast-
growing alert and notification market, forecast by Yankee Group
to grow to an estimated US$1.2 billion in revenue in the United
States by 2011, representing a five-year compounded average
annual growth rate of over 30%.

The company relates that the combination of Blackboard and NTI
adds another mission-critical offering to Blackboard's existing
enterprise products and fulfills a key education technology
priority.  The addition of NTI's Connect-ED(R) offering, to be
rebranded as Blackboard Connect(TM), will allow Blackboard to
extend its presence in North American higher education and
establish a much more significant presence with U.S. K-12
institutions where NTI has already established a significant
client base.

Blackboard retained Wachovia Securities as its financial advisor
and Dewey & LeBoeuf as its legal advisor.

NTI retained UBS Investment Bank as its financial advisor and
Latham and Watkins LLP as its legal advisor.

                     About Blackboard Inc.

Headquartered in Washington D.C., Blackboard Inc. (Nasdaq: BBBB)
-- http://www.blackboard.com/-- is a provider of enterprise
software applications and related services to the education
industry.  Founded in 1997, Blackboard's software applications
are used by colleges, universities, K-12 schools and other
education providers, well as textbook publishers and student-
focused merchants that serve education providers and their
students.  Blackboard has offices in North America, the
Netherlands, Australia, and China.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan, 17,
2008, Standard & Poor's Ratings Services said its ratings and
outlook on Blackboard Inc. (B+/Positive/--) would not be
affected by the company's disclosed acquisition of The NTI Group
Inc.


FLOWSERVE CORP: Discloses Full Year EPS Range of US$5.10-US5.40
---------------------------------------------------------------
Flowserve Corp. has announced a 2008 full year EPS target range
of between US$5.10 and US$5.40.

In addition, the company also provided additional details about
its pending 2007 results, including backlog, revenue and
operating margin improvement, as well as its market outlook.

As previously announced, bookings for the fourth quarter 2007
were US$1.1 billion and for full year 2007 were US$4.3 billion,
both up 19 percent.  The company’s backlog on Dec. 31, 2007 was
approximately US$2.3 billion, which is the highest year end
level in the company’s history.  The company expects full year
2007 revenue to be approximately US$3.75 billion, exceeding the
previously announced target range of US$3.6 to US$3.7 billion.
Flowserve also expects 2007 full year operating margin to be at
or near an annual improvement of 300 basis points, the high end
of its previously announced range.

From a market outlook perspective, the company continues to see
a strong level of investment from its customers in the global
oil and gas market, which continues to feed its large project
business.  Based on project activity levels in power, chemical,
water and other general industries, the company’s outlook for
increased investment by its customers in these segments also
remains positive.  In all its served industries, the company
continues to invest in market share growth and believes that its
annual record bookings in 2007 reflect success in this effort.

From a geographical perspective, the company continues to see
solid investment by its customers in the United States across
its core markets.  Internationally, where Flowserve receives
approximately two-thirds of its business, the company also sees
strength in its markets, including strong returns from its
investments in China, India, Middle East and Latin America.

Based on this strength in the company’s end markets, Flowserve
plans to increase its capital spending in 2008 over 2007 amounts
in order to capitalize on projected future growth through more
aggressive market penetration strategies and expansion of its
global footprint in both low cost manufacturing capacity and
Quick Response Centers.

"We continue to see strong prospects for growth in our key end
markets, and are excited about our outlook for 2008," said Lewis
Kling, Flowserve President and Chief Executive Officer.  "The
expected EPS in 2008 is a result of our planned continued
operational improvement driving both top and bottom line growth,
as well as the anticipated tax planning strategies that are
targeted to attain the lower end of an effective tax rate range
of between 30 to 35 percent."

                      About Flowserve

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.   Flowserve
has operations in Dominican Republic, Guatemala, Guyana, Belize,
Belgium, Netherlands, Indonesia, Singapore, Japan, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Europe on
Aug. 16, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1.  Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.


HERBALIFE LTD: Paying US$0.20 Per Share Dividend on March 24
------------------------------------------------------------
Herbalife Ltd.'s board of directors has approved a quarterly
cash dividend of US$0.20 per share to shareholders of record
effective Feb. 29, 2008, payable on March 14, 2008.

                     About Herbalife Ltd.

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

                        *      *      *

As reported in the Troubled Company Reporter-Europe on April 9,
2007, Standard & Poor's Ratings Services said that its 'BB+'
corporate credit rating on Los Angeles-based Herbalife Ltd.
remains on CreditWatch with negative implications following the
company's announcement that the company's board of directors has
rejected a bid to be acquired by Whitney V L.P.  The board
indicated that although it views Whitney's bid as too low, it
would consider an improved offer.


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


NETIA SA: Executes Annex to P4 Shareholders Agreement
-----------------------------------------------------
The Management Board of Netia S.A. has signed an annex to the
shareholders agreement of P4 Sp. z o.o. of May 24, 2007, the
execution of which was announced in the press release dated
May 25, 2007.

The annex was executed in order to establish the basis upon
which the shareholders will provide equity contributions of up
to PLN557,700,000 (being approximately EUR150 million) to
finance P4's current operations in 2008.

In view of the fact that the company has signed a letter of
intent and is in negotiations with potential buyers interested
in purchasing its equity stake in P4, as notified in current
report No. 4/2008 dated January 31 2008, Netia has elected not
to contribute to equity calls that may take place between now
and June 30, 2008.  Starting from July 2008, Netia will have the
right but not the obligation to participate in providing
financing to P4.

The parties to the annex have agreed that Netia's existing stake
of 12,519 P4 shares (of which 234 shares are subject to
registration), currently representing 23.4% of P4's equity, will
be valued at PLN470,600,000 (i.e., EUR130 million) for the
purposes of calculating the number of new shares to be issued to
Novator and Tollerton at each share capital increase between now
and September 30, 2008.  Should Netia still be a shareholder
after that date and should Netia continue to chose not to
contribute new equity pro rata, a new fair value of Netia's
shares shall be agreed between the shareholders.  As a result of
these arrangements, the value of Netia's equity stake is
effectively guaranteed at the value in the Letter of Intent
(i.e. EUR130 million), at least until September 30, 2008.

The company projects that, based on the structure agreed by the
parties to the annex, in the event that Netia does not sell its
shares and even if Netia does not participate in any increase of
P4's share capital before the end of September 2008, its share
in P4's share capital will not fall below 18.3% as at
September 30, 2008.

The annex will enter into force upon Netia obtaining a fairness
opinion confirming the value of Netia's shares in P4, however,
not later than on February 13, 2008.  In parallel, the first
equity call of PLN60,000,000 (without Netia's participation in
the financing) is unconditional.

Netia's Management received consent from the Supervisory Board
to sign the annex.  Supervisory Board members affiliated with
P4's majority shareholder, Constantine Gonticas and Bruce
McInroy, neither participated in the Supervisory Board's
discussions nor voted on the resolution on this matter.

                           About Netia

Headquartered in Warsaw, Poland, Netia S.A. -- http://netia.pl/
-- is an alternative fixed-line telecommunications operator in
Poland.  Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.

                          *     *    *

On Aug. 15, 2007, Standard & Poor's Ratings Services assigned a
B rating to Netia's Long-Term Foreign and Local Issuer Credit.
The rating still applies to date.


===============
P O R T U G A L
===============


INTERTAPE POLYMER: Ups Supply Chain Efficiency with Logility
------------------------------------------------------------
Intertape Polymer Group Inc. has implemented Logility Voyager
Solutions(TM) to improve visibility into customer demand,
increase collaboration, help rationalize its vast product
portfolio and create a more efficient supply chain.

"Logility Voyager Solutions has helped us quickly gain
visibility and flexibility in our supply chain," said Intertape
Polymer supply chain vice president, Joe Tocci.  "We are now
able to rollout a forecast that promotes a more accurate
foundation for inventory and replenishment planning and helps us
reach our goal of having a more proactive supply chain that
drives profitability."

Intertape Polymer Group implemented Logility Voyager Solutions
after experiencing rapid growth through acquisitions which
increased supply chain complexity.  As a result of the
implementation, Intertape Polymer Group has significantly
increased demand visibility, created a more proactive supply
chain and refined its inventory and replenishment planning
processes.  Logility has also enabled Intertape Polymer Group to
rationalize its broad product line by providing a comprehensive
overview of demand by SKU, customer and distribution channel.
Additionally, Intertape Polymer Group has leveraged time-phased
inventory policies that better align business seasonality with
customer service goals.

"Intertape Polymer Group has achieved tremendous results with
Logility Voyager Solutions," said  Logility president and Chief
Executive Officer, Mike Edenfield.  "They have experienced an
increase in forecast accuracy, customer fill rates and customer
service levels and we anticipate the benefits to continue as
Logility helps support Intertape Polymer's future supply chain
goals."

                        About Logility

With more than 1,240 customers worldwide, Logility Inc. -- visit
http://www.logility.com/-- is a provider of collaborative,
best-of-breed supply chain solutions that help small, medium,
large and Fortune 1000 companies realize substantial bottom-line
results in record time.  Logility Voyager Solutions is a
complete supply chain management solution that features
performance monitoring capabilities in a single Internet-based
framework and provides supply chain visibility; demand,
inventory and replenishment planning; Sales and Operations
Planning; supply and global sourcing optimization; manufacturing
planning and scheduling; transportation planning and management;
and warehouse management.  Logility customers include Brown Shoe
Company, McCain Foods, Pernod Ricard, Sigma Aldrich, and VF
Corporation.  The company is a majority owned subsidiary of
American Software (Nasdaq: AMSWA).

              About Intertape Polymer Group

Based in Montreal, Quebec and Sarasota/Bradenton, Florida,
Intertape Polymer Group Inc. (NYSE,ITP; TSX: ITP.TO) --
http://www.intertapepolymer.com/-- develops and manufactures
specialized polyolefin plastic and paper-based packaging
products and complementary packaging systems for industrial and
retail use.  The company employs approximately 2,100 employees
with operations in 17 locations, including 13 manufacturing
facilities in North America and one in Portugal and in Mexico.

                        *     *     *

As repored in the Troubled Company Reporter-Europe on Dec. 27,
2007, Standard & Poor's Ratings Services raised its ratings on
Intertape Polymer Group Inc. including its corporate credit
rating to 'B' from 'B-'.  The outlook is stable.


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


GOODYEAR TIRE: Will Redeem US$650 Mln of Senior Secured Notes
-------------------------------------------------------------
The Goodyear Tire & Rubber Company has called for redemption on
March 3, 2008, all of its outstanding US$650 million of senior
secured notes due 2011.

The redemption will result in annualized interest expense
savings of approximately US$75 million to US$80 million, of
which about US$65 million will be realized in 2008.

The notes are comprised of US$450 million of fixed rate notes,
which currently bear interest at 11.25%, and US$200 million of
floating rate notes, which currently bear interest at LIBOR plus
825 basis points.

The contractual redemption prices are 105.5% of the principal
amount of the fixed rate notes and 104 percent of the principal
amount of the floating rate notes.  In each case, accrued and
unpaid interest will be paid to the redemption date.

"These notes are our highest cost debt," Damon J. Audia,
Goodyear's vice president and treasurer, said.  "Eliminating
them is another step in our debt reduction process and helps us
move closer to achievement of our next stage metrics."

Mr. Audia said the company continues to evaluate other debt
reduction opportunities.

                       About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear's operations are located in Argentina,
Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica,
Peru, Russia, among others.  Goodyear employs more than 80,000
people worldwide.

                          *     *     *

In June 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'.  The ratings still apply to
date.


HOUSING FINANCE: Fitch Upgrades IDR to B- with Stable Outlook
-------------------------------------------------------------
Fitch Ratings has upgraded the ratings of Russia's Housing
Finance Bank to Long-term Issuer Default 'B-' from 'CCC', Short-
term IDR 'B' from 'C' and National Long-term 'BB-(rus)' from
'B+(rus)'.  Fitch has also affirmed HFB's other ratings at
Individual 'D/E', Support '5' and Support Rating Floor 'No
Floor'.  The Outlooks for the Long-term IDR and National Long-
term rating remain Stable.

The upgrade follows the recent assignment of a 'BB-' Long-term
IDR to Moscow-based residential developer OJSC PIK Group, with
whom HFB is affiliated.  HFB's operations are highly dependent
on those of PIK, to whom it has substantial contingent credit
risk exposure and on whom it relies to a significant degree for
funding and liquidity.  More than half of HFB's loan portfolio
consists of pre-mortgage loans, granted for acquisition of flats
being constructed by PIK.  HFB's upgrade also reflects a change
in the bank's asset structure, with lending now focused
primarily on pre-mortgage and mortgage loans to individuals,
rather than direct related-party corporate exposures.  HFB's
ratings are also supported by its low reported loan impairment
to date and solid capital ratios.

At the same time, HFB's ratings continue to be constrained by
its weak independent franchise, small size and a funding base
which is very short-term and highly concentrated on related
parties, making liquidity potentially vulnerable.  The ratings
also take into account the bank's poor overall performance, due
to network expansion expenses and rising funding costs, as well
as its rapid asset growth.  In the medium term, these factors
will continue to weigh on HFB's profitability, which is expected
to be at best moderate.

Upside potential for the ratings is currently limited, but a
broadening of HFB's franchise, diversification of funding by
source and tenor and improved profitability would be positive
factors for the bank's credit profile.  Downward pressure could
result from a considerable worsening of asset quality as a
result of a downturn in the real estate market, a major
liquidity shortfall and/or material deterioration of
capitalization.

HFB is a Moscow-based bank, operating through 29 outlets, and
primarily focused on home loans.  HFB is jointly and wholly
beneficially owned by Kirill Pisarev and Yury Zhukov, who also
together control an 84% stake in PIK.


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


IM CAJAMAR 6: Moody's Junks EUR50.7 Million Series E Notes
----------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
these classes of Notes issued by IM Cajamar 6 Fondo de
Titulizacion de Activos:

   -- (P)Aaa to the EUR1,836.2 million Series A notes;
   -- (P)Aa2 to the EUR31.2 million Series B notes;
   -- (P)A1 to the EUR19.5 million Series C notes;
   -- (P)Baa3 to the EUR62.4 million Series D notes;
   -- (P)C to the EUR50.7 million Series E notes.

The transaction represents the securitization of Spanish
residential mortgage loans originated by Cajamar Caja Rural,
Sociedad Cooperativa de Credito (A1/P-1).  The assets supporting
the Notes are prime mortgage loans secured on residential
properties located in Spain.  The portfolio will be also
serviced by Cajamar.

The ratings of the Notes are based upon the analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, the legal and
structural integrity of the issue and the credit quality of the
parties involved in the transaction.

The ratings address the expected loss posed to investors by the
legal final maturity (December 2050).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal on Series A, B, C and D at par, on or
before the final legal maturity date and for ultimate payment of
interest and principal at par on or before the final legal
maturity date on Series E.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings represent Moody's preliminary
opinion.  Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavor to assign
definitive rating to the Notes.  A definitive rating may differ
from a provisional rating.


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


ALPHA MAIMA: Creditors' Liquidation Claims Due by Feb. 13
---------------------------------------------------------
Creditors of JSC Alpha MAIMA have until Feb. 13, 2008, to submit
their claims to:

         BDO Visura
         Maiersackerweg 25
         4242 Laufen BL
         Switzerland

The Debtor can be reached at:

         JSC Alpha MAIMA
         Laufen BL
         Switzerland


EXAMINO! : Creditors' Liquidation Claims Due by Feb. 13
---------------------------------------------------------
Creditors of JSC Examino! The Business Process Knowledge Company
have until Feb. 13, 2008, to submit their claims to:

         Urs Tschudin and Peter Baur
         Liquidators
         Baarermattstrasse 10
         6302 Zug
         Switzerland

The Debtor can be reached at:

         JSC Examino! The Business Process Knowledge Company
         Baar ZG
         Switzerland


HEDINGER LLC: Claims Registration Period Ends Feb. 11
-----------------------------------------------------
The Bankruptcy Service of Unterstrass-Zurich commenced
bankruptcy proceedings against LLC Hedinger on Dec. 13, 2007.

Creditors have until Feb. 11, 2008, to file their written proofs
of claim.

The Bankruptcy Service of Unterstrass-Zurich can be reached at:

         Bankruptcy Service of Unterstrass-Zurich
         8042 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Hedinger
         Zeppelinstrasse 70
         8057 Zurich
         Switzerland


HERCULES INC: Earnings Drop to US$28MM in Qtr. Ended December 31
----------------------------------------------------------------
Hercules Incorporated reported net income for the quarter ended
Dec. 31, 2007 of US$28.5 million, as compared to net income of
US$242.1 million for the fourth quarter of 2006.  The fourth
quarter of 2006 included US$242 million of one-time tax
benefits.

Net income for the year ended Dec. 31, 2007 was
US$178.9 million,  as compared to net income of US$238.7 million
in 2006.

Cash flow from operations for the year ended Dec. 31, 2007, was
US$299.9 million, an increase of US$127 million as compared to
the prior year.

"We continue to demonstrate strong growth in revenue, earnings
per share and cash flow," Craig A. Rogerson, president and chief
executive officer, commented.  "Our employees, along with our
global market leadership and strong innovation, continue to
drive solid results."

During the quarter, the company purchased 1.65 million shares of
common stock for a cost of US$31.6 million.  To date, the
company has purchased 3 million shares for US$58 million under
its US$200 million share repurchase authorization.

Interest and debt expense was US$16.6 million in the fourth
quarter of 2007, down US$0.5 million compared with the fourth
quarter of 2006.  Interest expense for the year ended Dec. 31,
2007 was US$68.6 million, a decrease of US$2.6 million from
2006.

Net debt, total debt less cash and cash equivalents, was
US$679.5 million at Dec. 31, 2007, a decrease of US$144.2
million from year-end 2006.

Capital spending was US$40.5 million in the fourth quarter and
US$118.3 million in 2007.  This compares to US$44.4 million and
US$93.6 million in the fourth quarter and year 2006.  The
increase in capital expenditures was primarily for growth
projects including expanded production capacity.

The company completed the transition of its U.S. defined benefit
pension plan to a liability driven investment strategy in 2007.
The assets of the plan were transitioned from a portfolio that
had a strong equity bias, to one where greater than 80% of the
assets are invested in fixed income securities. The funding
level improved from 90% at the end of 2006 to 96% at the end of
2007 on a projected benefit obligation basis.

At Dec. 31, 2007, the company's balance sheet showed total
assets US$2.68 billion, total liabilities US$2.18 billion, and
total stockholders' equity US$0.48 billion.

                  About Hercules Inc

Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE:HPC)
-- http://www.herc.com/-- manufactures and markets chemical
specialties globally for making a variety of products for home,
office and industrial markets.  The company has its regional
headquarters in China and Switzerland, and a production facility
in Brazil.

                     *     *     *

In September 2006, Moody's placed the company's long-term
corporate family rating, senior unsecured debt rating and
probability of default rating at Ba2, senior subordinate rating
at Ba3, and junior subordinate debt rating at B1.  These ratings
still hold to date.  The outlook is positive.

Standard & Poor's placed the company's long-term foreign and
local issuer credits at BB which still hold to date.  The
outlook is positive.


IMPA CONSULTING: Creditors' Liquidation Claims Due by Feb. 13
-------------------------------------------------------------
Creditors of LLC IMPA Consulting have until Feb. 13, 2008, to
submit their claims to:

         Sibylle Nussbaumer
         Furrenstrasse 15
         6314 Unterageri ZG
         Switzerland

The Debtor can be reached at:

         LLC IMPA Consulting
         Unterageri ZG
         Switzerland


KATZENSTEIN ARCHITEKTUR: Aargau Court Starts Bankruptcy Process
---------------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC Katzenstein Architektur on Dec. 17,
2007.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Katzenstein Architektur
         Industriestrasse 8
         5722 Granichen
         Aarau AG
         Switzerland


SAS GROUP: Solothurn Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Cantonal Bankruptcy Service in Solothurn commenced
bankruptcy proceedings against JSC SAS Group on Nov. 19, 2007.

The Cantonal Bankruptcy Service can be reached at:

         Cantonal Bankruptcy Service
         4702 Oensingen
         Gau SO
         Switzerland

The Debtor can be reached at:

         JSC SAS Group
         Gibelinstrasse 27
         4500 Solothurn
         Switzerland


SMARTCRANKS LLC: Creditors' Liquidation Claims Due by Feb. 13
-------------------------------------------------------------
Creditors of LLC SmartCranks have until Feb. 13, 2008, to submit
their claims to:

         Urs Tanner
         JSC Juris Treuhand
         Industriestrasse 47
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC SmartCranks
         Zug
         Switzerland


TOWNFIRST INVESTMENT: Creditors Must File Claims by Feb. 13
-----------------------------------------------------------
Creditors of JSC Townfirst Investment have until Feb. 13, 2008,
to submit their claims to:

         Dr. Manuel Brandenberg
         Poststrasse 9
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Townfirst Investment
         Zug
         Switzerland


WTN WORLD: Claims Registration Period Ends Feb. 11
--------------------------------------------------
The Bankruptcy Service of Aussersihl-Zurich commenced bankruptcy
proceedings against JSC WTN World Telecom Network on Oct. 30,
2007.

Creditors have until Feb. 11, 2008, to file their written proofs
of claim.

The Bankruptcy Service of Aussersihl-Zurich can be reached at:

         Bankruptcy Service of Aussersihl-Zurich
         8026 Zurich
         Switzerland

The Debtor can be reached at:

         JSC WTN World Telecom Network
         Hardstrasse 235
         8005 Zurich
         Switzerland


ZUBER GETRANKE JSC: Creditors' Liquidation Claims Due by Feb. 13
----------------------------------------------------------------
Creditors of JSC Zuber Getranke have until Feb. 13, 2008, to
submit their claims to:

         Rudolf Schwendener
         Liquidator
         Habshagstr. 4
         4153 Reinach BL
         Switzerland

The Debtor can be reached at:

         JSC Zuber Getranke
         Arisdorf
         Liestal BL
         Switzerland


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


OYAK BANK: Fitch Affirms IDR at BB on Parent Support
----------------------------------------------------
Fitch Ratings has affirmed Oyak Bank A.S.'s ratings at Long-term
foreign currency Issuer Default 'BB', LT local currency IDR
'BBB-', Short-term foreign currency IDR 'B', ST local currency
IDR 'F3', National LT 'AAA(tur)', Individual 'C/D' and Support
'3'.

The Outlooks on the LT foreign and local currency IDRs and on
National LT rating remain Stable.  The LT foreign currency IDR
is constrained by Turkey's 'BB' Country Ceiling.  The LT local
currency IDR is rated two notches above the sovereign's based on
potential shareholder support from Netherlands-based ING Bank NV
(rated 'AA'/'F1+'/Stable).

The LT IDRs and ST local currency IDR, National Long-term and
Support ratings of Oyak Bank reflect its 100% ownership by ING
and the moderate potential support from the latter in case of
need.  The Individual rating reflects Oyak Bank's stable core
deposit base and good asset quality track record. These are
balanced by its modest franchise and diminishing profitability,
leading to reduced capital ratios in a potentially volatile
operating environment.

Oyak Bank was less focused on growth in 2006 compared to 2005,
and even less so in 2007, due to the acquisition by ING.
Profitability diminished in third quarter of 2007 and 2006 due
to limited growth in lending business in an increasingly
competitive banking environment in Turkey.  Retail loans account
for a high 40% of Oyak Bank's total loans; the bank maintains
strong market shares in car and housing loans.

Oyak Bank has a good asset quality track record.  Although the
NPL ratio increased in third quarter of 2007, it remained low at
1.16%.  A well-diversified deposit base continues to be the
bank's main strength.  After having been negatively affected by
lower profitability and new operational risk charges, its
consolidated total regulatory capital adequacy ratio, comprising
nearly all of Tier 1. was 12.8% at end of third quarter of 2007
(2006: 12.68%, 2005: 17.52%).  Higher capitalization would
provide a cushion against potential risks in a volatile
operating environment.

ING plans to inject US$900 million in installments into Oyak
Bank by end-2012 and make available new funding facilities to
the latter.  Its acquisition by ING is expected to contribute to
further improvements in the retail franchise, benefiting from
the Dutch bank's product offering and know-how in its home
market and its experience in other, less mature markets.

Oyak Bank is a medium-sized bank focusing on retail and small
business banking.  ING acquired a 100% stake in Oyak on
Dec. 24, 2007 from the previous shareholder, the supplementary
pension fund of the Turkish armed forces.  The name of the bank
will be changed to ING Bank by end-2008.  Oyak Bank has 359
domestic branches and plans to open 150 new branches and offices
in the next three years and to increase its market share in
total assets to 6% by 2012 from its current 2.3%.


TIMKEN CO: Full Year 2007 Net Income Drops to US$220 Million
------------------------------------------------------------
(The Timken Company earned US$220 million for the full year
ended Dec. 31, 2007, compared to net income of US$222.5 million
in 2006.  For the fourth quarter of 2007, the company recorded
US$48.2 million of net earnings compared to US$35.3 million of
net earnings for the same quarter of 2006.

The company reported sales of US$5.2 billion for 2007, an
increase of 5 percent from a year ago.  Strong sales in
industrial markets and the favorable impact of currency were
partially offset by the impact of the strategic divestment of
the company’s automotive steering and European steel tube
manufacturing operations.  The company achieved income from
continuing operations of US$219.4 million, up from US$176.4
million in 2006.

Excluding special items, income from continuing operations
increased 15 percent to US$229.9 million or US$2.40 per diluted
share in 2007, compared to US$200.8 million or US$2.13 per
diluted share in the prior year.  Special items, net of tax,
totaled US$10.5 million of expense in 2007 compared to
US$24.4 million in 2006.  These special items included losses on
divestitures and charges related to restructuring,
rationalization and impairment, which were partially offset by
disbursements received under the Continued Dumping and Subsidy
Offset Act and favorable tax adjustments.

"Our financial results for 2007 reflect the strength of
industrial markets and the progress we made on initiatives to
shift our portfolio to markets where we can create greater
shareholder value," said James W. Griffith, Timken’s president
and chief executive officer.  "We expect to see continued strong
demand for our products and are committed to achieving improved
financial performance through a combination of better execution
and portfolio management."

During 2007, the company took actions to drive further growth in
key market sectors while improving operational performance.

   -- Timken made progress in shifting its portfolio toward key
      growth markets, including Asia, aerospace, distribution,
      energy and heavy industries.  Examples include:

      * Significant capacity expansion over the past two years
        in China, India, Romania and the United States to meet
        growing demand for large-bore and aerospace bearings;

      * The acquisition of the assets of The Purdy Corp. for
        US$200 million, expanding the company's range of gearbox
        manufacturing and repair to serve the aerospace
        industry;

      * Establishment of a joint venture in China to manufacture
        ultra-large-bore bearings for the growing Chinese wind
        energy market;

      * Closure of steel tube manufacturing operations in
        Desford, England; and

   -- Advancement of restructuring initiatives within the
      company's bearing operations, including closure of its
      manufacturing facility in Clinton, S.C.

   -- Timken commissioned a new induction heat-treat line
      focused on steel products for the energy and industrial
      sectors and began building a US$60 million expansion for
      special small-bar steel capabilities that will give the
      company one of the broadest ranges of super-clean alloy
      steel bars in North America.

   -- The company realigned operations under two major business
      groups, the Bearings and Power Transmission Group and the
      Steel Group, to improve execution and accelerate
      profitable growth.

   -- The company completed the first major U.S. Implementation
      of Project O.N.E., a program designed to improve
      enterprise-wide business processes and systems.  Over the
      next year, the company will complete the next phase of the
      rollout, covering most of its remaining operations.

                     Fourth-Quarter Results

For the quarter ended Dec. 31, 2007, sales were US$1.3 billion,
an increase of 9 percent from a year ago.  Strong sales in
industrial markets were partially offset by the impact of the
company’s strategic divestments.

Income from continuing operations per diluted share was US$0.50
in the fourth quarter of 2007 compared to US$0.17 in the same
period a year ago.  The company’s performance benefited from
higher volume and improved pricing, which were partially offset
by higher raw-material, manufacturing and logistics costs.

Special items, net of tax, in the fourth quarter of 2007 totaled
US$0.8 million of expense, compared to US$5.5 million in the
same period a year ago and included losses on divestitures and
charges related to restructuring, rationalization and
impairment, partially offset by disbursements received under
CDSOA.  Excluding these items, income from continuing operations
per diluted share in the fourth quarter of 2007 was US$0.51,
compared to US$0.23 during the same period in 2006.

Total debt was US$723.2 million as of Dec. 31, 2007, or 26.9
percent of capital.  Net debt at Dec. 31, 2007, was US$693.0
million, or 26.1 percent of capital, compared to US$496.8
million, or 25.2 percent, as of Dec. 31, 2006.  The increase in
net debt was due primarily to the Purdy aerospace acquisition in
the fourth quarter of 2007, higher working capital requirements
driven by strong demand and increased capital expenditures in
support of growth initiatives.

In the fourth quarter of 2007 the company implemented a change
to its management structure and now operates under two major
business groups, the Steel Group and the Bearings and Power
Transmission Group, which includes three segments – Mobile
Industries, Process Industries and Aerospace & Defense.
Beginning with the first quarter of 2008, the company will
report its financial results under the new structure and
reclassify its prior-period segmentation accordingly.  Financial
reporting under the previous segmentation (Industrial,
Automotive and Steel) was used throughout the fourth quarter of
2007.

                      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.


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


EUROMET LLC: Creditors Must File Claims by February 13
------------------------------------------------------
Creditors of LLC Euromet (code EDRPOU 31045612) have until
Feb. 13, 2008, to submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as B 15/383-07.

The Debtor can be reached at:

         LLC Euromet
         Sverdlov Str. 6
         49000 Dnipropetrovsk
         Ukraine


FOOD INDUSTRY: Creditors Must File Claims by February 13
--------------------------------------------------------
Creditors of LLC Food Industry have until Feb. 13, 2008, to
submit written proofs of claim to:

         The Economic Court of Ternopol
         Ostrozsky Str. 14a
         46000 Ternopol
         Ukraine

The Economic Court of Ternopol commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 1/B-902.

The Debtor can be reached at:

         LLC Food Industry
         Bandera Avenue 3
         Ternopol
         Ukraine


KERMIKOND PLANT: Creditors Must File Claims by February 13
----------------------------------------------------------
Creditors of State Enterprise Kermikond Plant (code EDRPOU
14312424) have until Feb. 13, 2008, to submit written proofs of
claim to:

         Talan Rostislav
         Liquidator
         a/b 158
         49000 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as B 24/268/01.

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

The Debtor can be reached at:

         State Enterprise Kermikond Plant
         Titov Str. 206
         Verkhnednieprovsk
         51600 Dnipropetrovsk
         Ukraine


KT TELECOM: Creditors Must File Claims by February 13
-----------------------------------------------------
Creditors of LLC KT Telecom (code EDRPOU 32408888) have until
Feb. 13, 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 as 29/163.

The Debtor can be reached at:

         LLC KT Telecom
         Tarnavsky Str. 17/4
         79017 Lvov
         Ukraine


PLANETA LLC: Creditors Must File Claims by February 13
------------------------------------------------------
Creditors of LLC Planeta (code EDRPOU 30097130) have until
Feb. 13, 2008, to submit written proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 5/175B.

The Debtor can be reached at:

         LLC Planeta
         Kronshtadtskaya Str. 1
         Makieyevka
         86114 Donetsk
         Ukraine


TN MET: Creditors Must File Claims by February 13
-------------------------------------------------
Creditors of have until Feb. 13, 2008, to submit written proofs
of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as B 15/382-07.

The Debtor can be reached at:

         LLC TN Met Ltd Co.
         Vakulenchuk Str. 3-A
         49000 Dnipropetrovsk
         Ukraine


UKRTRANS-DNIEPROPETROVSK CJSC: Creditors' Claim Due February 13
---------------------------------------------------------------
Creditors of CJSC Ukrtrans-Dniepropetrovsk (code EDRPOU
03116269) have until Feb. 13, 2008, to submit written proofs of
claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as B 15/384-07.

The Debtor can be reached at:

         CJSC Ukrtrans-Dniepropetrovsk
         Osenniaya Str. 3-A
         49051 Dnipropetrovsk
         Ukraine


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


AXIUM INTERNATIONAL: Sells Remaining Assets for US$7.05 Million
---------------------------------------------------------------
Axium International Inc. has sold its remaining assets to
Entertainment Partners for $7.05 million, the Associated Press
reports.

As reported in the Troubled Company Reporter-Europe on Jan 29,
2008, Ensemble Chimes Global, the company's wholly-owned
subsidiary, sold its assets to MPS Group Inc.

Axium International Inc. -- http://www.axium.com/-- provides
payroll solutions for production.  It offers various financial
services and technology for the entertainment industry through
Axium Global and Axium Global Workforce.  It serves companies
ranging from mid-market to Fortune 500.  Axium International has
offices in Los Angeles, New York, Burbank, Hollywood, Las Vegas,
Toronto, Vancouver and London.  The company filed for protection
under Chapter 7 of the Bankruptcy Code on Jan. 8, 2008 (Bankr.
C.D. Calif. Case No. 08-10277).  Howard M. Ehrenberg, a partner
at SulmeyerKupetz, has been appointed as Chapter 7 Trustee.


BLUE DIAMOND: Andrew Appleyard Leads Liquidation Procedure
----------------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed liquidator of
Blue Diamond Drilling Ltd. on Jan. 24 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         6th Floor
         The White House
         111 New Street
         Birmingham
         B2 4EU
         England


BRITISH AIRWAYS: Fuel Costs Up GBP72 Mln in Third Quarter 2007
--------------------------------------------------------------
British Airways Plc has presented its interim management
statement for the nine months ended December 31, 2007.

Period highlights:

    * operating profit of GBP734 million (2006: GBP571 million)
      up 28.5%

    * operating margin 11.1 % (2006: 8.7 %)

    * profit before tax of GBP788 million (2006: GBP584 million)
      up 34.9%

    * fuel costs up GBP72 million in third quarter

    * OpenSkies EU US airline launched

    * Terminal 5 - less than eight weeks to opening

    * New London City New York services to be launched

"This is another good set of results despite soaring fuel costs
and difficulties in the market.  Revenue up some 1% and a strong
cost performance has led to an operating profit up 28.5%.  While
fuel costs in the first six months were down GBP36 million, they
have soared GBP72 million in the third quarter," Willie Walsh,
chief executive of British Airways,  said.

The opening of Terminal 5 is now less than two months away and
the public trials and previews for our Executive Club members
have been very successful.  When it opens in March our
passengers will be able to enjoy a calm and effortless
experience.  The suite of lounges will be the largest and most
luxurious in the world and will allow our passengers to work or
relax in comfort.

We have also launched our new airline OpenSkies as a result of
the new transatlantic air treaty.  It will operate initially
with one Boeing 757 non-stop between Europe and New York and
offer business, premium economy and economy class.  It will
complement our business not compete with it.

We will also launch a new all business class niche service in
2009, linking the two largest financial centres of the world
with flights from London City to New York on Airbus A318
aircraft.  We are confident it will be a success as London City
airport is only a short distance from the heart of London's
financial district."

                         Financial Review

Revenue was up by 0.9%.  Excluding exchange, revenue was up
3.2%.

Passenger revenue at GBP5.7 billion was up 1.7% on capacity up
0.8%.  Seat factor was down 0.6 points to 77%.  Yields were up
1.5% mainly due to more premium passengers traveling, although
the gains were partially neutralized by exchange rates, mainly
the US dollar.

Club World and First performed strongly, driving its overall
4.2% increase in premium traffic.  Shorthaul premium traffic has
weakened and non-premium traffic on the North Atlantic remains
soft.

Cargo performance is improving.  Strong volumes from the
Americas, U.K. and Middle East South Asia, resulted in a 1.6%
improvement in cargo-ton-kilometers.  Revenue fell GBP20 million
to GBP453 million primarily due to exchange rate movements.

Cost performance continues to be strong, helped by the weak US
dollar.  Total costs were down GBP101 million with unit costs
down 1.5%.  Employee costs fell by 6.9% to almost GBP1.6 billion
because of reduced pensions costs and lower severance costs.
Fuel was up 2.4% due to the higher oil prices, only partially
offset by hedging and the weak US dollar.  Aircraft lease costs
were down 16.4% as a result of fewer aircraft on operating
leases and renegotiation of existing leases.  Engineering costs
were up 11% because of higher freighter costs, price rises in
maintenance and higher volumes.  Handling charges, and other
operating costs have risen by 3.4% because of the cost of
dealing with baggage issues earlier this year.

The financial position of the company remains strong.  In
quarter three it raised a 15 year US$1.7 billion aircraft
financing facility and other financing facilities totaling
US$1.6 billion.  Cash at the end of December was GBP1.7 billion,
GBP631 million lower than at March 2007 but within its target
range.  Net debt was GBP1.4 billion, up GBP457 million since the
year end.  Cash and net debt were affected by payments into the
New Airways Pension Scheme and to the US Department of Justice
for anti-competitive activity.

Capital expenditure at GBP519 million was higher than last year
because the company took delivery of four new Airbus A321
aircraft and two new Airbus A320 aircraft.  It also continues to
invest in the new Club World cabin and Terminal 5.

The tax rate for the nine months was 21%.  It benefited from a
one-off credit because of the reduction in the U.K. corporation
tax from 30% to 28%, effective from April 1, 2008.  Excluding
the one-off credit, the tax rate for the period would have been
30%.

                       Business Review

The airline continues to win awards including the World's
Leading Airline at the World Traveller Awards, first prize for
the new Club World seat at the International Design Awards in
the US, Best Airline, Best Shorthaul, Best Economy Class and
Best Frequent Flyer Programme at the Business Traveller Awards
and Conde Naste Traveller magazine Best Leisure Shorthaul
Airline.

Following the incident at Heathrow in January involving one of
its Boeing 777s, the aircraft has been written off by
underwriters and the insurance claim agreed in full.  There will
be no material effect in the results.  The flight and cabin crew
and all staff involved were praised for their outstanding
performance in the incident.

Bringing Terminal 5 Alive

The company's key business objectives focus on four themes, the
first of which is Bringing Terminal 5 Alive.   T5 will open on
time and on budget.  Trials of all the new processes and
equipment continue to ensure T5 will be a flagship for the U.K.

Basics and Brilliance

The company's second theme redefines its customer promise under
the banner of BA Basics and Brilliance -- ensuring consistent
high quality service 24 /7 and brilliance where it counts.
Punctuality and baggage performance remain a challenge at
Heathrow where facilities are old and overstretched.  Heathrow
was designed to handle 45 million passengers but today looks
after 67 million passengers per year.  Both these key areas will
be improved significantly when the company moves to its new home
in T5 but, in the meantime, it remains focused on improving its
current performance.

In the air the company has completed the new Club World fit of
its fleet of 57 Boeing 747s.

Investing in Growth

The company's longhaul fleet order is fundamental to its third
theme of Investing in Growth.  It has now formally signed the
contracts for 12 Airbus A380 aircraft and 24 Boeing 787 aircraft
and options for a further seven A380s and 18 B787s.  The order
allows for replacement of older aircraft and sustainable,
profitable growth.  A key factor in its choice of these aircraft
was their environmental performance and they score highly on
every measure.  They are cleaner, quieter and more fuel
efficient.

The company has ordered two Airbus A318 aircraft to operate its
planned business only services from London City airport to New
York in 2009.

It is always looking for opportunities to increase its slot
portfolio at Heathrow and it has acquired seven daily slot pairs
during the nine months.  Its share of slots at Heathrow is 41%.

During 2007 it formed a consortium with TPG to explore a bid for
Iberia.  As a consequence of the recent decision taken by
Iberia's core shareholders to sell their shares to Caja Madrid,
the consortium withdrew its indication of interest for the
company.  It has retained its 10% stake in Iberia.

By March the company's franchise agreement in the U.K. with GB
Airways will end but it will be launching services on some of
the routes previously served by GB Airways.  Its agreement with
Loganair ends in October.  Although historically successful, the
franchise model has outlived its purpose in the U.K.  This
decision does not affect its overseas franchisees who continue
to provide valuable feed traffic and brand exposure in areas it
cannot serve.

Achieving a Competitive Cost Base

The company's final and most enduring theme in recent years has
been achieving a competitive cost base.  Improving cost
efficiency and eliminating waste in its business is key to
delivering its target of a 10% operating margin, which it is on
track to achieve by March 2008.

The Civil Aviation Authority published its draft final
consultation on the BAA Quinquennial (Q5) review of airport
charges.  The final decision on the price cap will be before the
end of March with the new charges to be implemented on April 1,
2008.  The CAA has proposed that, at Heathrow, there is a 15.6%
increase in year one of Q5.  In the other four years of the
charging period, the CAA proposes a rise of inflation (RPI) +
7.5% each year.

The CAA has said that the increases reflect the increased costs
of security operations, cost of recent capital projects and
allowances for significant additional expenditure.  However, the
company believes investment should be in the interests of the
customer and the right controls should be in place to ensure
greatly improved levels of service, following the Competition
Commission's public interest finding against BAA's performance.

The company is sure this could be achieved without the excessive
price hike that the CAA is proposing compared with the detailed
recommendations from the Competition Commission.

Corporate Responsibility

The Government launched its three-month consultation on a third
runway and mixed-mode for Heathrow in November last year.  The
company is very strongly in favor of increasing runway capacity
at Heathrow which it believes would generate GBP7 billion a year
in national economic benefits.  Mixed mode would generate an
additional GBP2.5 billion a year.

By the time a third runway could open, aviation's carbon
emissions will be capped under the EU Emissions Trading Scheme.
This means that any growth in aviation emissions resulting from
extra flights at Heathrow or any other European airport must be
matched by equivalent emissions reductions elsewhere.  So there
will be no increase in overall emissions as a result of a third
runway.

The EU Environment Council endorsed the Commission's plan to
impose the ETS on foreign airlines flying into and out of the EU
from 2012.  This means a one-year delay to the start of the
scheme and the loss of the opportunity to begin emissions
trading on an intra-EU basis only.

The company is concerned that the revised approach may provoke
significant international opposition and so lead to further
delays in implementation.  Nonetheless the council's agreement
does preserve a number of the features of the commission's
original proposal, and is a more balanced and reasonable
position than that recently adopted by the European Parliament.

The company has taken climate change very seriously for a long
time.  More than a decade ago it was the first airline to set a
target for improving fuel efficiency and it led the way in
advocating carbon trading.

The company has set a new target to improve its aircraft fuel
efficiency by 25% by 2025 and it has relaunched its online
passenger carbon offset scheme on ba.com to make it simpler and
easier to use.  On waste minimization it aims to recycle half of
its waste and phase out use of landfill by 2010.

In readiness for the move to Terminal 5, it has taken delivery
of 38 new airport buses, which comply with the latest Euro 5
exhaust emission standards.

                       Trading Outlook

The company's revenue guidance for the full year continues at 3
to 3.5% in spite of weakness in shorthaul premium and some non-
premium markets.

Longhaul premium traffic continues to be strong, supporting its
decision to make more premium capacity available.  It has seen
some fall in non-premium bookings in the January booking period
compared to last year.

The company's fuel costs will continue to rise and are now
expected to be up more than GBP100 million on last year.  This
year's increase will be offset by reductions in other operating
costs but its ability to mitigate rising fuel costs next year
will be challenging.

The company continues to focus its efforts on achieving a 10%
operating margin for this financial year.

                      About British Airways

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

British Airways Holidays 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.


CELESTICA INC: Fourth Quarter 2007 GAAP Net Loss is US$11.7-Mln
---------------------------------------------------------------
Celestica Inc. reported financial results for the fourth quarter
and year ended Dec. 31, 2007.

Revenue was US$2,211 million, down 2% from US$2,262 million in
the fourth quarter of 2006.  Net loss on a GAAP basis for the
fourth quarter was US$11.7 million or US$0.05 per share,
compared to GAAP net loss of US$60.8 million or US$0.27 per
share for the same period last year.  Restructuring charges in
the quarter were US$24 million compared to US$59 million for the
same period last year.  GAAP net loss for the quarter also
included a non-cash write-down of long-lived assets of US$15
million.

Adjusted net earnings for the quarter were US$37.2 million or
US$0.16 per share compared to US$6.5 million or US$0.03 per
share for the same period last year.  These results compare with
the company's guidance for the fourth quarter, announced on Oct.
25, 2007, revenue of US$2.0 to US$2.15 billion and adjusted net
earnings per share of US$0.10 to US$0.16.

For 2007, revenue was US$8,070 down 8%, compared to US$8,812
million for 2006.  Net loss on a GAAP basis was US$13.7 million
or US$0.06 per share compared to GAAP net loss of US$150.6
million or US$0.66 per share for last year.  Adjusted net
earnings for 2007 were US$62.3 million or US$0.27 per share
compared to adjusted net earnings of US$93.5 million or US$0.41
per share for 2006.

"We are pleased with the strong results our company delivered in
the fourth quarter," said Celestica President and Chief
Executive Officer, Craig Muhlhauser.  "Since implementing our
turnaround plans 12 months ago, we have undergone a major
transformation which has resulted in our best ever and industry
leading inventory turns, strong margin recovery and an improving
trend in returns on invested capital."

"We are executing well and our financial position is strong.  We
know we have more work to do in order to deliver continued
improvements in our future performance, but we are encouraged
with our financial and operational position as we enter 2008."
Mr. Muhlhauser continued.

                            Outlook

For the first quarter ending March 31, 2008, the company
anticipates revenue to be in the range of US$1.7 billion to
US$1.9 billion, and adjusted net earnings per share to range
from US$0.06 to US$0.11.  The topline and bottom line guidance
reflects the seasonal impacts in the March quarter for the
company's communications, information technology and consumer
business.

The company has also determined it will expand its restructuring
program by US$50 million to US$75 million during 2008 in order
to further reduce fixed costs and overhead expenses.

                    About Celestica Inc.

Celestica Inc. (NYSE:CLS) -- http://www.celestica.com/--
provides innovative electronics manufacturing services.  Its
global manufacturing and supply chain network, the company
delivers competitive advantage to companies in the computing,
communications, consumer, industrial, and aerospace and defense
end markets.   Celestica operates a highly sophisticated global
manufacturing network with operations in Brazil, China, Ireland,
Italy, Japan, Malaysia, Philippines, Puerto Rico, and the United
Kingdom, among others.

                        *     *     *

In May 2007, Moody's Investors Service downgraded Celestica
Inc.'s corporate family rating to B1 from Ba3 and the senior
subordinated note ratings to B3 from B2.   Simultaneously,
Moody's lowered the company's speculative grade liquidity rating
to SGL-2 from SGL-1.


DEALPAGE LTD: Appoints Andrew Appleyard as Liquidator
-----------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed liquidator of
Dealpage Ltd. on Jan. 24 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         Tenon Recovery
         6th Floor
         The White House
         111 New Street
         Birmingham
         B2 4EU
         England


ENVIROSPHERE CONSULTANCY: Taps Liquidators from Tenon Recovery
--------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of on for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         33 George Street
         Wakefield
         WF1 1LX
         England


GENERAL MOTORS: January U.S. Deliveries Up 2.1% to 252,565
----------------------------------------------------------
General Motors Corp. dealers in the United States delivered
252,565 vehicles in January, an increase of 2.1% compared with
the same month last year.  The company continued its efforts to
focus on improved retail sales, showing an increase of more than
11%.

Very strong retail sales of 186,187 vehicles were driven by a
more than 31-percent surge in retail car sales.  GM retail share
in the U.S. has remained essentially stable for the past two and
one-half years.  Total truck sales of 148,191 were up more than
3 percent compared with a year ago.

"January's performance strongly indicates that, along with our
great market position in trucks and crossovers, GM is back in
the car business," said Mark LaNeve, vice president, GM North
American Vehicle Sales, Service and Marketing.  "Our new launch
vehicles, including the award-winning Chevrolet Malibu and
Cadillac CTS had a sensational month, as did the Chevrolet
Cobalt, Pontiac G5 and G6, Saturn AURA, Buick Lacrosse and
Cadillac STS. Overall, we've had year-over-year retail sales
increases in four of the past five months."

Chevrolet Malibu retail sales were up 198% while total sales
climbed 58%, compared with a year ago.  Chevrolet retail car
sales were up 62% compared with a year ago.  Cadillac CTS
deliveries were up 95% total and 104% retail compared to last
January.

GM's fuel-efficient small cars saw substantial total and retail
growth. Chevrolet Aveo total sales were up 40 percent, while
retail sales were up 65 percent; Cobalt was up 33 percent total
and 65 percent retail; Pontiac G5 was up 50 percent total and 71
percent retail, while Vibe was up 10 percent total and 58
percent retail when compared with January 2007.

The Buick Enclave, GMC Acadia and Saturn OUTLOOK together
accounted for more than 12,200 retail vehicle sales in the
month.  The mid-utility crossover segment grew retail sales by
144%  compared with year-ago January levels.  Total sales of
GM's mid-utility crossovers were up 134% to more than 12,600
vehicles compared with a year ago.

Small crossover utilities, led by the Saturn VUE, Chevrolet
Equinox and Pontiac Torrent pushed up GM's total sales in that
segment by 51 percent, while retail volume rose 38% percent

"Our retail increase helped move our mix of retail sales as a
percentage of total sales up by 6 points," LaNeve added.  "We
are improving our quality of share while offering vehicles that
have industry-leading value, great fuel economy and the best
warranty coverage of any full-line automaker."  Chevrolet retail
sales were up 13 percent, Pontiac was up 17 percent, Buick was
up 13 percent, GMC was up 15 percent, Cadillac was up 11 percent
and Saturn retail sales were up 5 percent compared with a year
ago.

                      Certified Used Vehicles

January 2008 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 37,669
vehicles, down 13 percent from last January.

GM Certified Used Vehicles, the industry's top-selling certified
brand, posted January sales of 33,339 vehicles, down 11%.
Cadillac Certified Pre-Owned Vehicles sold 3,226 vehicles, down
14 percent.  Saturn Certified Pre-Owned Vehicles sold 546
vehicles, down 59%.  Saab Certified Pre-Owned Vehicles sold 429
vehicles, down 19%, and HUMMER Certified Pre-Owned Vehicles sold
129 vehicles, up nearly 2%.

"January sales for GM Certified Used Vehicles were up 10 percent
from the previous month, but down 11 percent from the brand's
best January sales month ever in 2007," said LaNeve.  "We're
optimistic about growing sales in the first quarter as consumers
opt for financing similar to new vehicles on some of our most
popular models and as more highly equipped off-rent vehicles
work their way into GM Certified inventory in coming months."

GM North America Reports January 2008 Production; 2008 First-
Quarter Production Forecast Revised at 965,000 Vehicles

In January, GM North America produced 297,000 vehicles (106,000
cars and 191,000 trucks).  This is down 16,000 units or 5%
compared to January 2007 when the region produced 313,000
vehicles (135,000 cars and 178,000 trucks).  (Production totals
include joint venture production of 13,000 vehicles in January
2008 and 15,000 vehicles in January 2007.)

The region's 2008 first-quarter production forecast is revised
at 965,000 vehicles (357,000 cars and 608,000 trucks), up 15,000
units or 2% from last month's guidance.

                           About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 274,000 people around the world and manufactures cars and
trucks in 35 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2007, nearly 9.37 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and WUling.  GM's
OnStar subsidiary is the industry leader in vehicle safety,
security and information services.

                          *     *     *

In Nov. 9, 2007, Moody's Investors Service affirmed its rating
for General Motors Corporation (B3 Corporate Family Rating, Ba3
senior secured, Caa1 senior unsecured and SGL-1 Speculative
Grade Liquidity rating) but changed the outlook to Stable from
Positive.  In an environment of weakening prospects for US auto
sales GM has announced that it will take a non-cash charge of
US$39 billion for the third quarter of 2007 related to
establishing a valuation allowance against its deferred tax
assets in the US, Canada and Germany.

In October 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating and other ratings on General Motors
Corp. and removed them from CreditWatch with positive
implications, where they were placed Sept. 26, 2007, following
agreement on the new labor contract.  The outlook is stable.


GETTY IMAGES: Reports US$125.9-Mln Net Income in Full Year 2007
---------------------------------------------------------------
Getty Images Inc. has disclosed financial results for the fourth
quarter and full year ended Dec. 31, 2007.  Net income for the
fourth quarter of 2007 was US$28.5 million compared to
US$30.9 million in the fourth quarter of 2006.  Net income for
2007 was US$125.9 million compared to US$130.4 million in 2006.

"We are making tremendous progress toward our goal of becoming a
complete digital media company and we are pleased with our
record revenue for the quarter," said Jonathan Klein, co-founder
and chief executive officer.  "We experienced sequential growth
in every product line compared to the third quarter of 2007 and
continue to see strong progress on our many initiatives to
stabilize our traditional creative stills business while growing
revenue across all other areas of our business."

                     Fourth Quarter Results

Revenue increased 7.1 percent to US$218.1 million from US$203.6
million in the fourth quarter of 2006.  Excluding the effects of
changes in currency exchange rates, revenue grew 1.0 percent.
Revenue growth over the prior year came from increasing licenses
of editorial imagery, significant growth in micro payment
revenue, and increased revenue from digital asset management and
publicity distribution.  This year over year growth was
partially offset by lower revenue in the company’s traditional
creative stills business.

As a percentage of revenue, cost of revenue was 27.0 percent,
compared to 26.3 percent in the prior year due to mix, in
particular in the composition of the company’s royalty free
business where "other" royalty free revenue is growing faster
and has lower gross margins than the traditional single image
royalty free licensing.

Selling, general and administrative expenses totaled US$86.4
million or 39.6 percent of revenue for the fourth quarter of
2007, compared to US$77.0 million or 37.8 percent of revenue in
the fourth quarter of 2006.  The increase over the prior year is
attributable to recently acquired companies, the impact of
changes in foreign exchange rates, certain non-recurring costs
and investments that the company is making in growth areas,
including editorial imagery, multi-media products, footage,
micro payment, music and consumer.

Income from operations was US$47.8 million or 21.9 percent of
revenue in the fourth quarter of 2007 compared to US$44.1
million or 21.7 percent of revenue in the fourth quarter of
2006.  Excluding US$1.1 million of professional fees associated
with the review of strategic alternatives and restructuring
costs, operating income in the fourth quarter of 2007 was
US$48.9 million or 22.4 percent of revenue.  Excluding US$11.1
million of restructuring costs and professional fees associated
with the review of the company’s historical equity compensation
grant practices, operating income in the fourth quarter of 2006
was US$55.2 million or 27.1 percent of revenue.

Total cash and short-term investments were US$364.5 million at
Dec. 31, 2007, compared to US$303.0 million at Sept. 30, 2007.
Net cash provided by operating activities during the fourth
quarter of 2007 was US$78.7 million.

                      2007 Full Year Results

For Full Year 2007, revenue grew 6.3 percent to US$857.6 million
compared to US$806.6 million in the prior year.  As a percentage
of revenue, cost of revenue was 26.6 percent in 2007 compared to
25.6 percent in the prior year.

For 2007, selling, general and administrative expenses were
US$335.9 million or 39.2 percent of revenue compared to US$302.7
million or 37.5 percent of revenue in the prior year.  Excluding
US$6.0 million for certain non-recurring professional fees
associated with the review of the company’s historical equity
compensation grant practices, a terminated transaction, and
exploration of strategic alternatives in 2007, SG&A would have
been US$329.9 million or 38.5 percent of revenue.

Income from operations was US$196.3 million or 22.9 percent of
revenue compared to US$198.1 million or 24.6 percent of revenue
in 2006.  Excluding US$11.2 million of restructuring costs and
professional fees, income from operations for 2007 was US$207.5
million or 24.2 percent of revenue.  In 2006, excluding US$27.9
million for items, income from operations was US$226.0 million
or 28.0 percent of revenue in the prior year.

For the full year 2007, the company generated cash from
operating activities of US$249.3 million, compared to US$269.1
million in 2006.  Significant uses of cash during the year
included US$254.7 million for business acquisitions and US$62.9
million for the acquisition of property and equipment.  The
company finished the year with total cash and short term
investments of US$364.5 million.

                         Business Outlook

The following forward-looking statements reflect Getty Images’
expectations as of Jan. 31, 2008.  The company currently does
not intend to update these forward-looking statements until the
next quarterly results announcement.

For the first quarter of 2008, the company expected revenue of
approximately US$220 million and diluted earnings per share of
US$0.45.  For the full year 2008, the company expected revenue
of approximately US$900 million and diluted earnings per share
of US$2.00 to US$2.10. Certain professional fees associated with
the company’s exploration of strategic alternatives are included
in the guidance for the first quarter and full year of 2008.

The company expected fully diluted shares just over 60 million
shares for both the first quarter and the full year of 2008.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 29,
2008, Standard & Poor's Ratings Services affirmed its ratings
and outlook on Getty Images Inc., including its 'BB' corporate
credit rating, following the company's announcement that it is
exploring strategic alternatives.


HARLEQUIN FRAMES: Names Andrew Appleyard Liquidator
---------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed liquidator of
Harlequin Frames Ltd. on Jan. 23 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         6th Floor
         The White House
         111 New Street
         Birmingham
         B2 4EU
         England


LEAR CORP: Earns US$27 Million in Fourth Quarter 2007
-----------------------------------------------------
Lear Corporation has reported improved financial results for the
fourth quarter and full year 2007 compared with year-ago levels
and updated its financial outlook for 2008.

        Fourth-Quarter and Full-Year 2007 Highlights:

   -- Net sales in core businesses up 6% in Q4 and 5% for FY vs.
      year ago

   -- Core operating earnings up 11% in Q4 and 34% for Fiscal
      Year vs. year ago

   -- Free cash flow of US$434 million for full year -- best
      since 2003

   -- Continued to diversify sales - about 60% of revenue
      outside of N.A. in Fourth Quarter

   -- Aggressive actions taken to improve cost structure since
      2005

   -- ProTec(TM) PluS named finalist in 2008 Automotive News
      PACE Awards

For the fourth quarter of 2007, Lear reported net sales of
US$3.9 billion and pretax income of US$45.1 million, including
restructuring costs and other special items of US$94.9 million.
This compares with net sales of US$4.3 billion and a pretax loss
of US$635.9 million for the fourth quarter of 2006, including a
loss of US$607.3 million related to the divestiture of the
Interior business and restructuring costs and other special
items of US$91.8 million.

Income before interest, other income expense, income taxes,
restructuring costs and other special items was US$178.6
million in the fourth quarter of 2007.  This compares with core
operating earnings of US$161.1 million in the fourth quarter of
2006, excluding the divested Interior business.  A
reconciliation of core operating earnings to pretax income
(loss) as determined by generally accepted accounting principles
is provided in the supplemental data pages.

"We have been successful in restructuring our operations to
achieve improved financial results at lower production levels,"
said Lear Chairman, Chief Executive Officer and President, Bob
Rossiter.  "We remain committed to continuously improving the
fundamentals of our business -- quality, customer satisfaction,
innovation and cost structure.  Going forward, the Lear team is
focused on profitably growing and further improving the long-
term competitiveness of our seating and electrical and
electronic businesses."

For the fourth quarter of 2007, net sales in the company's core
businesses were up over US$200 million from the prior year,
primarily reflecting favorable foreign exchange and the addition
of new business outside of North America, offset in part by
unfavorable platform mix in North America.  Operating
performance improved from the year-earlier results, reflecting
the company's cost improvement actions and restructuring
initiative, as well as benefits from new business outside of
North America.

In the seating segment, operating margins were unchanged from a
year ago, reflecting favorable cost performance from
restructuring and ongoing efficiency actions, selective vertical
integration and the benefit of new business globally, offset by
unfavorable platform mix in North America.  In the electrical
and electronic segment, operating margins improved slightly
reflecting the favorable impact of net commodity costs.

Lear reported fourth-quarter 2007 net income of US$27.0 million,
or US$0.34 per share, including restructuring costs and other
special items.  This compares with a net loss of US$645.0
million, or US$8.90 per share, including restructuring costs and
other special items, for the fourth quarter of 2006.

Free cash flow in the fourth quarter of 2007 was US$170.9
million, compared with US$254.4 million in the fourth quarter of
2006.  The lower cash flow reflects primarily the timing of
engineering and tooling recoveries.  Net cash provided by
operating activities was US$157.4 million and US$179.2 million
in the fourth quarters of 2007 and 2006, respectively.

Also during the fourth quarter, Lear's ProTec(TM) PluS self-
aligning active head restraint system was selected as a
finalist and Lear's SoyFoam(TM) received honorable mention in
the 14th annual Premier Automotive Suppliers' Contribution to
Excellence Award competition, which is jointly presented by
Automotive News, Microsoft, SAP and Transportation Research
Center Inc.

                   2007 Full-Year Results

For the full year 2007, Lear reported net sales of US$16.0
billion and pretax income of US$331.4 million, including
restructuring costs and other special items of US$204.9 million.
This compares with net sales of US$17.8 billion and a pretax
loss of US$655.5 million, including restructuring costs and
other special items of US$770.2 million, for the full year 2006.

Full-year 2007 net sales in core businesses were US$15.3
billion, up about US$700 million from 2006, reflecting the
addition of new business primarily outside of North America and
favorable foreign exchange, offset by lower industry production
and unfavorable platform mix in North America.

Excluding the divested Interior business, income before
interest, other expense, income taxes, restructuring costs
and other special items was US$748.5 million in 2007, compared
with US$557.8 million in 2006.  The improvement reflects
favorable cost performance from restructuring and ongoing
efficiency actions, selective vertical integration and the
benefit of new business, partially offset by lower industry
production and unfavorable platform mix in North America.  A
reconciliation of core operating earnings to pretax income
(loss) as determined by generally accepted accounting principles
is provided in the supplemental data pages.

"We have seen promising results from our strategy to restructure
our global operations, deliver superior quality products and
service, encourage innovation and continue to diversify our
sales on a customer, regional and vehicle segment basis," Mr.
Rossiter continued.

Lear reported net income of US$241.5 million, or US$3.09 per
share, including restructuring costs and other special items,
for the full-year 2007.  This compares with a net loss of
US$707.5 million, or US$10.31 per share, including special
items, for the full-year 2006.  The company's 2007 net income
excluding restructuring costs and other special items was
US$409.6 million, or US$5.24 per share.  A reconciliation of
adjusted net income to net income as determined by generally
accepted accounting principles is provided in the supplemental
data pages.

Free cash flow in 2007 was US$433.6 million.  This compares with
free cash flow of US$115.7 million in 2006.  The improvement
reflects higher earnings and the divestiture of the Interior
business.  Net cash provided by operating activities was
US$466.9 million and US$285.3 million in 2007 and 2006,
respectively.

The company continued to diversify its sales, with about 60% of
revenue in the fourth quarter and 55% of revenue in the full
year generated outside of North America.  Lear also continued to
improve its business structure by implementing US$386 million in
global restructuring actions since 2005.

                   2008 Full-Year Outlook

Lear expects 2008 worldwide net sales of approximately US$15
billion, reflecting primarily the addition of new business
globally and the positive impact of foreign exchange, more than
offset by lower vehicle production and unfavorable platform mix
in North America.

The company anticipates 2008 income before interest, other
expense, income taxes, restructuring costs and other special
items of US$660 to US$700 million.  Restructuring costs in 2008
are estimated to be about US$100 million.

Interest expense for 2008 is estimated to be between US$185 and
US$195 million.  Pretax income before restructuring costs and
other special items is estimated to be in the range of US$430 to
US$470 million.  Tax expense is expected to be approximately
US$135 million, depending on the mix of earnings by country.

Capital spending in 2008 is estimated in the range of US$255 to
US$275 million.  Depreciation and amortization expense is
estimated at about US$300 million.  Free cash flow is expected
to be solidly positive, at US$250 million or more, for the year.

Key assumptions underlying Lear's financial outlook include
expectations for industry vehicle production of approximately
14.4 million units in North America and 20.1 million units in
Europe.  The company expects production for the Domestic Three
to be down about 9% in North America.  In addition, The company
is assuming an exchange rate of US$1.45/Euro.

                   About Lear Corporation

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations
are located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in Singapore, China, India,
Japan, Philippines, South Korea, and Thailand.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 4,
2007, Moody's Investors Service affirmed Lear Corporation's
Corporate Family Rating of B2 with a stable outlook.  Ratings on
the company's term loan of B2 and on its unsecured notes of B3
were similarly affirmed but with slight revisions to their
respective LGD point estimates.  The company's liquidity rating
of SGL-2, designating good liquidity was also affirmed.

Ratings affirmed with revised LGD point estimates:

  -- Corporate Family Rating, B2

  -- Probability of Default, B2

  -- Senior Secured Term Loan, B2 (LGD-3, 47%) from B2 (LGD-4,
     50%)

  -- Senior Unsecured Notes to B3 (LGD-4, 58%) from B3 (LGD-4,
     61%)

  -- Shelf ratings for senior unsecured, subordinated and
     preferred, (P)B3 (LGD-4, 58%), (P)Caa1(LGD-6, 97%), and
     (P)Caa1 (LGD-6, 97%) respectively from (P)B3 (LGD-4, 61%),
     (P)Caa1 (LGD-6, 97%), and (P)Caa1 (LGD-6, 97%)
     respectively.

  -- Speculative Grade Liquidity Rating, SGL-2


MCBRIEN CIVILS: Calls In Liquidators from Moore Stephens
--------------------------------------------------------
Steven Draine and David Rolph of Moore Stephens LLP were
appointed joint liquidators of McBrien Civils Ltd. (formerly
Edgestyle Ltd.) on Jan. 25 for the creditors' voluntary winding-
up proceeding.

The joint liquidators can be reached at:

         Moore Stephens LLP
         3-5 Rickmansworth Road
         Watford
         Hertfordshire
         WD18 0GX
         England


MIDLAND LITHO: Joint Liquidators Take Over Operations
-----------------------------------------------------
Nigel Price and Mark Bowen of Moore Stephens LLP were appointed
joint liquidators of Midland Litho Co. Ltd. on Jan. 12 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


PLATINUM FUND: Capital Tax Change Prompts Shutdown
--------------------------------------------------
Platinum Fund Managers has shutdown owe mainly to the credit
crunch as well as changes to capital tax gains, Simon Bain of
The Herald reports.

Just last year, the report adds, the firm liquidated its
GBP80 million Platinum investment trust.  Fund manager Eric
McAuslan however managed to raise around GBP8 million for a
successor vehicle.  Despite various problems encountered, the
last straw was the chancellor changing capital gains tax to 18%,
the report discloses citing Mr. McAuslan.

Mr. McAuslan, Adam Forsyth and Adam Mills, co-directors, had
personal earnings related to their ownership of shares in
Platinum.  However, if the company was to be wound up after
April 6, their tax bill was likely 80% higher, the report
discloses.

According to Mr. McAuslan, the firm had already been subject to
a 30% tax.  But since the shares were a business asset, then it
was also subject to tax.  “There was an element of double
taxation...” Mr. McAuslan says, the report adds.

Thus, the directors decided to liquidate and has asked other
shareholders to accept the directors' shares in lieu of cash.

Platinum Fund Managers Ltd. managed the Platinum Investment
Trust since March 2002 and the Platinum Investment Fund since
May 2006.


QOS COMMUNICATIONS: Hires Liquidator from Tenon Recovery
--------------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed liquidator of
QOS Communications Ltd. on Jan. 24 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         6th Floor
         The White House
         111 New Street
         Birmingham
         B2 4EU
         England


RANK GROUP: Ruach Ministries Buys Mecca Bingo Club for GBP9 Mln
---------------------------------------------------------------
Ruach Ministries, a gospel church, has acquired Rank Group plc's
Mecca bingo club on Kilburn High Road in London for GBP9
million, the Daily Telegraph reports.

The Daily Telegraph relates the club, which Rank shut down last
autumn, will be converted into a Christian center.

The building, the Daily Telegraph adds, is Grade II listed.

Ruach, however, declined to comment on the transaction, Alistair
Osborne writes for the paper.

The paper reveals the smoking ban, a cut in the number of
permitted GBP500 jackpot machines and double taxation have
contributed to bingo club closures in the U.K.

                       Double-Tax Regime

As previously reported in the TCR-Europe on January 28, 2008,
Rank, along with other bingo club operators in the U.K.,
has submitted a letter to the Treasury, saying the double-tax
regime for bingo can be detrimental for the government.

The letter is part of an attempt to address the "unfair" tax
treatment of bingo, which bingo club operators claim, is "the
only mainstream gambling product to be subject to double
taxation in the form of gross profits tax and VAT."

According to the letter, which was signed by eight bingo senior
executives, including Rank chief Ian Burke and Gala head Neil
Goulden, the existing double-tax regime is putting 108 bingo
clubs at risk of closing down.

The letter stated that the Treasury may lose about GBP700,000
per annum in revenue for each bingo club closure if the
government continues to impose VAT.

"Based on current projections, the net cost of removing VAT at
this point is likely to be revenue positive to the government
when compared with the cost of clubs closing," the bingo
executives declared in the letter.

Meanwhile, Rank disclosed closing just 10% its 102 clubs, which
pays around GBP8 million a year in VAT, would cost the Treasury
more than GBP10 million.

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                          *     *     *

As reported in the TCR-Europe on Nov. 14, 2007, Standard &
Poor's Ratings Services lowered its long-term corporate credit
rating on U.K. gaming group The Rank Group PLC to 'B+' from
'BB-'.  S&P said the outlook is negative.

At the same time, the debt ratings on Rank's three public bond
issues were lowered to 'B' from 'BB-', one notch lower than the
corporate credit rating to reflect structural subordination, and
the 'B' short-term corporate credit rating was withdrawn at the
company's request.

In October 2007, Moody's Investors Service downgraded to B1
(from Ba3) the corporate family rating of Rank Group Plc.

Moody's concurrently downgraded ratings of the US$100 million
guaranteed notes due 2008 and US$14.3 million guaranteed notes
due 2018 at Rank Group Finance Plc to B3/LGD5/85% from
B2/LGD5/84%.  Ratings have been placed on review for possible
further downgrade.

In April 2007, Standard & Poor's Ratings Services revised its
outlook on the company The Rank Group PLC to negative from
stable.  At the same time, the 'BB-' long-term and 'B' short-
term corporate credit ratings were affirmed.


SCOTTISH RE: Eroding Capitalization Cues S&P to Cut Rating to B
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its counterparty
credit rating on Scottish Re Group Ltd. to 'B' from 'B+'.  At
the same time, it lowered its counterparty credit and financial
strength ratings on Scottish Re's operating companies to 'BB'
from 'BB+' and also lowered the ratings on all these companies'
dependent unwrapped securitized deals by one notch.  In
addition, Standard & Poor's placed the ratings on all these
companies on CreditWatch with negative implications.

"The downgrade reflects the impact of the further erosion of
Scottish Re's capitalization because of the declining market
value of its subprime and Alt-A investments and our increased
estimate of expected losses on these assets," said Standard &
Poor's credit analyst Robert Hafner.  "The resultant
deterioration in the company's financial condition has severely
disrupted Scottish Re's ability to generate new business and
potentially to retain existing business.  The company reports
only 6% of total in-force is subject to recapture rights."

"The ratings were placed on CreditWatch with negative
implications because of Scottish Re's continuing exposure to
increasing investment losses and meaningful risk of losing some
reserve credits secured through Ballantyne Re plc," added Mr.
Hafner.  "Our increasing estimates of cumulative subprime and
Alt-A expected losses based on the composition of such
investments, by vintage and other characteristics, negatively
affects our view of Scottish Re's capitalization."

The risk of losing reserve credits from the Ballantyne trust
increases as the market value of subprime and Alt-A investments
declines.  If reserve credits are lost it would immediately
affect Scottish Re's capitalization, because the company would
have to post collateral external to the Ballantyne structure to
reestablish the reserve credits.  Scottish Re's capacity to post
the required capital if it becomes necessary is increasingly
strained, and present circumstances make it exceedingly
difficult for Scottish Re to source external capital infusions
until the market disruption dissipates and the impact on the
company is known with near certainty.

"In the next few weeks we will refine our view of expected
losses and the impact on the firm's capitalization," Mr. Hafner
explained.  "The ratings will be lowered if there is substantial
risk of losing reserve credits or if our loss estimate were to
increase materially.  In addition, we will assess the risk of
the company incurring loss of reserve credits and possible
solutions.  The ratings will be affirmed if our refined
investment loss estimate is in line with our current
expectations and the risk of losing reserve credits is
ameliorated."


* Brown Rudnick Elects Two UK Attorneys to Partner
--------------------------------------------------
Brown Rudnick, a premier international law firm, has elected
nine attorneys to the partnership:

   -- Andreas P. Andromalos
   -- David A. Bright
   -- Jeremy B. Coffey
   -- Jessica H. Collins
   -- Lisa M. Kresge
   -- Michael E. Kozlik
   -- James Shaw
   -- Steven B. Smith, and
   -- Adrian Yeandle.

Among the new partners are two British lawyers practicing in
Brown Rudnick’s London office, as well as attorneys from the
Boston, New York, and Hartford offices.

"We pride ourselves on being a law firm that cultivates
leadership from within our own ranks, and the election of these
new partners illustrates our commitment to professional
development," Brown Rudnick’s CEO Joseph F. Ryan commented.
Each of these attorneys has distinguished him or herself through
legal excellence, dedication to client service, and overall
contributions to the firm. We are extremely fortunate to have
such talented, committed lawyers as partners."

Andreas P. Andromalos practices in the firm’s Commercial Finance
Group.  He has structured and documented a number of large
syndicated financings for a variety of financial institutions
during the last seven years.  He has also restructured a
significant amount of distressed debt and counseled clients on a
variety of workout related issues during the same time period.
Additionally, Mr. Andromalos routinely counsels financial
institutions and corporate clients in connection with the
financing of mergers and acquisitions and other complex
commercial law related issues.  He also represents a number of
public and privately held companies in connection with other
financing related matters.

David A. Bright is a real estate attorney representing national
developers, investors, retailers and financial institutions in
connection with acquisitions and dispositions, zoning and land
use matters, development and permitting processes and
financings.  Mr. Bright focuses his practice on inner-city
development projects, zoning and land use matters and has
counseled large corporations and institutions in connection with
obtaining the federal, state and local permits necessary to
construct their projects.

Jeremy B. Coffey practices in the firm’s Bankruptcy & Corporate
Restructuring Group.  He has extensive experience representing a
wide spectrum of creditors committees, equity committees,
debtors, secured and unsecured creditors, asset acquirers and
trustees in connection with complex Chapter 11 and Chapter 7
cases throughout the U.S. Prior to joining the firm, Mr. Coffey
was an associate at Gibson, Dunn & Crutcher LLP in its
bankruptcy group and a Co-Teacher of the Advanced Bankruptcy
course at Southern Methodist University.  Mr. Coffey also served
as a law clerk for Judge Dennis Michael Lynn in the United
States Bankruptcy Court for the Northern District of Texas.

Jessica H. Collins is a member of the firm’s Corporate &
Securities Department.  She represents publicly traded
corporations and domestic and international emerging growth
companies, primarily in the medical device, high technology and
semi conductor industries.  Ms. Collins counsels clients on
public and private offerings of debt and equity securities,
securities law compliance matters, corporate governance issues
and general corporate matters.  She also has significant
experience representing venture capital firms in private
placement transactions.  Prior to joining the firm, Ms. Collins
was an associate at Testa, Hurwitz & Thibeault, LLP in its
corporate group.

Lisa M. Kresge is a member of the firm’s Bankruptcy & Corporate
Restructuring Group.  Her practice involves all aspects of the
bankruptcy and post-bankruptcy process, including claim
objections, plan confirmation disputes, cash collateral and
debtor-in-possession financing proposals, and fraudulent
transfer and preference litigation.  She counsels clients with
respect to various financial and transactional matters,
including the drafting and negotiating of loan documents and
other actions associated with loan transaction closings,
primarily on behalf of borrowers.  Additionally, Ms. Kresge has
experience in the area of general corporate law, including
preparing federal and state securities law filings, reviewing
commercial contracts, and drafting and negotiating asset and
stock purchase agreements.

Michael E. Kozlik practices in the areas of energy, public
utility, environmental, and administrative law.  He has been
involved in the representation of electric utilities, natural
gas companies, developers, and corporate clients in regulatory
and commercial matters, including administrative proceedings
before governmental agencies and administrative appeals of
agency decisions.  Prior to joining Brown Rudnick, Mr. Kozlik
worked for more than seven years in the independent power
industry developing and constructing privately-owned power
plants, and was a member of project teams that successfully
developed and financed a 56-megawatt combined-cycle project in
Senegal, Africa, and a $600 million liquefied natural gas import
terminal and 500-megawatt combined-cycle power project in Puerto
Rico.

James Shaw is a British lawyer in Brown Rudnick’s London office.
He practices in Corporate Finance, advising technology companies
and venture/development capital investors on their funding
rounds, "buy and build" programs and exit strategies (including
trade sales and IPOs).  James has also developed a core
expertise in advising biotechnology and life science companies
on their growth and corporate strategies and has experience
advising on commercial and funding strategies, corporate
governance issues and commercial negotiation.

Steven B. Smith concentrates his practice in the area of
corporate restructuring and creditor’s rights.  He has extensive
experience representing official committees, hedge funds, asset
and claims purchasers, tort and trade claimants and other
parties-in-interest in Chapter 11 bankruptcy cases in a variety
of jurisdictions across the United States.  Mr. Smith just
concluded representing four official committees of unsecured
creditors and tort claimants in the ephedra-related bankruptcy
cases and insolvency proceedings of TwinLab, Metabolife, N.V.E.,
Inc. and Muscletech, which resulted in over US$150 million in
settlement proceeds for ephedra victims and meaningful
recoveries for trade claimants as well.

Adrian Yeandle is a British lawyer in Brown Rudnick’s London
office.  He practices in Corporate Finance, advising clients on
a wide variety of corporate and corporate finance matters.  This
includes mergers and acquisitions (public and private), equity
issues, joint ventures and corporate reorganizations.  His
practice focuses on global cross-border transactions,
representing predominantly European and US organizations in this
area.  In particular, he specializes in transactional work
including private equity backed exits, "buy and build
strategies" for large corporates and representing management
teams and senior board members in all aspects of corporate life.

           About Brown Rudnick Berlack Israels LLP

Brown Rudnick -- http://www.brownrudnick.com/-- is an
international law firm with offices in the United States and
Europe.  The firm represents clients from around the world,
providing business-focused solutions that address today’s ever-
changing, ever-demanding competitive marketplace.  With an
entrepreneurial and collaborative mindset, Brown Rudnick offers
a broad slate of capabilities and talents in areas that include:
Bankruptcy & Corporate Restructuring, Complex Litigation,
Corporate & Securities, Energy, Finance, Government Law &
Strategies, Health Law, Intellectual Property and Real Estate.

The Brown Rudnick Center for the Public Interest is a measure of
the firm’s strong commitment to the community and serves as an
umbrella entity encompassing the firm's pro bono legal work,
charitable giving, community involvement and public interest
efforts.


* Liquidations in Northern Ireland Up 14.3% in 4th Qtr. 2007
------------------------------------------------------------
The Insolvency Service has published statistics showing
insolvencies in the fourth quarter 2007.

                   England and Wales

There were 3,135 company liquidations in England and Wales in
the fourth quarter of 2007 on a seasonally adjusted basis.  This
was an increase of 0.3% on the previous quarter and a decrease
of 2.1% on the same period a year ago.

This was made up of 1,168 compulsory liquidations, a decrease of
7.2% on the previous quarter and a decrease of 17.0% on the
corresponding quarter of the previous year, and 1,967 creditors
voluntary liquidations, an increase of 5.4% on the previous
quarter and an increase of 9.5% on the corresponding quarter of
the previous year.

Year-on-year there have been only modest trends and fluctuations
in company liquidations over the last decade.  At 12,426, total
liquidations in 2007 showed a 5.4% decrease on 2006 (13,137).

In the twelve months ending Q4 2007, 0.6% of active companies
went into liquidation, the same as the previous quarter and the
corresponding quarter of 2006.

                          Scotland

There were 83 company liquidations in Scotland in the fourth
quarter of 2007 (not seasonally adjusted).  This was a decrease
of 33.6% on the previous quarter and a decrease of 37.1% on the
same period a year ago.

This was made up of 71 compulsory liquidations, a decrease of
32.4% on the previous quarter and a decrease of 20.2% on the
corresponding quarter of the previous year, and 12 creditors
voluntary liquidations, a decrease of 40% on the previous
quarter and a decrease of 72.1% on the corresponding quarter of
the previous years.

                        Northern Ireland

There were company 48 liquidations in Northern Ireland in the
fourth quarter of 2007 (not seasonally adjusted).  This was an
increase of 14.3% on the previous quarter and an increase of 60%
on the same period a year ago.

This was made up of 36 compulsory liquidations, an increase of
28.6% on the previous quarter and an increase of 80% on the
corresponding quarter of the previous year, and 12 creditors
voluntary liquidations, a decrease of 14.3% on the previous
quarter and an increase of 20% on the corresponding quarter of
the previous years.


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                               (85)       1,573      210


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


CYPRUS
------
Cyprus Airways            CAIR       (30)         262      (97)


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


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

FRANCE
------
Arbel                     PA.ARB    (116)         194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (67)         301      (13)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Outremer Telecom          OMT        (33)         229      (88)
Pagesjaunes GRP           PAJ     (2,718)       1,121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX       (18)         128      (22)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (27)         177      (30)
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kabel Deutschland                 (1,199)        2280     (306)
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Schaltbau Hold            SLTG       (13)         185        3
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)

GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

ICELAND
-------
Decode Genetics Inc.      DCGN       (55)         216      146

IRELAND
-------
Waterford Wed Ut          WTFU     (145)         897       208


ITALY
-----
A.S. Roma S.p.A.          ASR        (12)         188      (49)
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI    (116)         469     (143)
Lazio S.p.A.              SSL        (32)         254      (33)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (39)         275       36
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


ROMANIA
-------
Rafo Onesti               RAF       (354)         475   (1,421)


RUSSIA
------
East Siberia Brd          VSNK       (79)         107     (278)
Omskij Kauchu             OMKA        (4)         125   (1,794)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                  ZILLP     (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41


TURKEY
------
Nergis Holding                       (24)         125       26
Turk Tuborg              TBORG        (1)         153     (109)
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dniprooblenergo           DNON       (40)         477     (807)
Donetskoblenergo          DOON      (286)         597   (1,991)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd                (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Carlisle Group                       (12)         204       15
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST      (108)         595      (61)
Danka Bus System          DNK.L     (108)         540       65
Dowson Holding            DWN        (18)         226       31
Derby Investment                    (127)         793     (524)
Dignity Plc               DTY        (55)         552       36
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (296)
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)       1,273     (277)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
Jarvis Plc                JRVS.L     (28)         370      (22)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Marston's Trading                    (43)         908     (210)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP        (95)         211        2
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Trio Finance              TRIO       (14)         592      N.A.
Unilever U.K. Cent.               (1,170)       4,509       82
Wincanton Plc             WIN        (27)       1,451      (78)


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  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.


                 * * * End of Transmission * * *