TCREUR_Public/080206.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

            Wednesday, February 6, 2008, Vol. 9, No. 26

                            Headlines


A U S T R I A

ART-DEKOBAU LLC: Vienna Court Orders Business Shutdown
GRABNER + CO: Claims Registration Period Ends February 18
HASLER LLC: Claims Registration Period Ends March 12
KLOS KEG: Claims Registration Period Ends February 27
MADZAR LLC: Claims Registration Period Ends March 27

MAYRHOFER & PARTNER: Linz Court Orders Business Shutdown
PAMI LLC: Vienna Court Orders Business Shutdown
QUICK-TRANS: Vienna Court Orders Business Shutdown
W. U. H. HAMMER: Claims Registration Period Ends February 8


B E L G I U M

SOLUTIA INC: Inks Settlement Agreement to Resolve EPA Claim
SOLUTIA INC: Formally Asks US$2 Bln Exit Funding from Citigroup


G E R M A N Y
A H A SANITSTSHAUS: Claims Registration Period Ends February 29
APK WOLRDWIDE: Claims Registration Period Ends February 29
AUTOHAUS LINZ: Claims Registration Period Ends February 29
BACKSTUEBERL ALTINGER: Claims Registration Ends March 1
C-BUSINESS: Claims Registration Period Ends February 28

CB MEZZCAP: S&P Lowers Rating on Class E Notes to B-
CMT HANDELS-GMBH: Claims Registration Ends March 1
ERSTE BERLINER: Claims Registration Ends March 1
EURO HERZ: Claims Registration Period Ends February 8
GASTRO-MANUFAKTUR GMBH: Claims Registration Ends February 29

KARL & LOTHAR: Claims Registration Period Ends February 28
KLINIK DR. BOHNEN: Claims Registration Period Ends February 28
KREIS INTEGRIERTE: Claims Registration Ends February 29
MCGLAS GMBH: Claims Registration Period Ends February 8
TG TELECOM: Claims Registration Period Ends February 28

VISTEON CORP: Selling North American Facilities to Centrum
WILLI BROEHAN: Claims Registration Period Ends February 29


I R E L A N D

ELAN CORP: Kelly Martin Sells Shares Under Stock Trading Plan


I T A L Y

ALITALIA SPA: Faces EUR1.25 Bln Damages Suit over Malpensa Plan
ALITALIA SPA: To Give up Around 180 Milan Malpeansa Slots
CARROZZERIA BERTONE: Mr. Reviglio Pulls Out from Takeover Plan
DANA CORP: Emerges from Chapter 11 Protection Effective Jan. 31


K A Z A K H S T A N

AITYMAN NUR AMAN: Proofs of Claim Deadline Slated for March 4
ALLIANCE-NS LLP: Creditors Must File Claims by March 4
KOLOS LLP: Claims Registration Ends March 4
MORTGAGE GUARANTEE: S&P Affirms BB Long-Term Credit Rating
TRUBOMONTAGE LLP: Creditors' Claims Due on March 4

ZAPADREGION SB: Claims Filing Period Ends March 4


K Y R G Y Z S T A N

CENTER PO: Creditors Must File Claims by February 15


P O L A N D

PRIMA CHARTER: Grzegorz Gniady Dismissed from Supervisory Board


R U S S I A

BLOCK CJSC: Bankruptcy Hearing Slated for April 10
DALCOMBANK: Fitch Lifts Rating to B+ and Removes Positive Watch
KOLDO LLC: Court Starts Bankruptcy Supervision Procedure
KORFOVSKIY LIQUEUR-VODKA: Creditors Must File Claims by March 26
MALKINSKOE GRAIN: Under Bankruptcy Supervision Procedure

NATIONAL FACTORING: S&P Revises Outlook to Positive from Stable
ROSNEFT OIL: To Repay US$5 Billion Maturing Debt in March
ROSNEFT OIL: Inks Memorandum of Cooperation with Vnesheconombank
RUSSLAVBANK: Moody's Assigns B3/NP/E+ Global Scale Ratings
SISTEMA JSFC: Increases Stake in Dalcombank to 98.65%

SEVERSTAL OAO: Selling Siberian Coal Mines to Arcelor Mittal
STAROMAYNSK-AGRO-SNAB: Creditors Must File Claims by February 26
TATA MOTORS: January Passenger Car Sales Down 12%


S P A I N

IM CAJAMAR 6: Fitch Junks EUR50.7 Million Class E Notes


S W I T Z E R L A N D

ARCADE SHIPPING: Creditors' Liquidation Claims Due by Feb. 13
BIGTYME–LUXURY: Basel-Country Court Starts Bankruptcy Process
FRANZ DORIG: Creditors' Liquidation Claims Due by Feb. 14
HALPEN JSC: Creditors' Liquidation Claims Due by Feb. 14
MS-INOVA JSC: Creditors' Liquidation Claims Due by Feb. 14

MONA LISA: Basel-Country Court Starts Bankruptcy Proceedings
NEWCO HOLDINGS: Creditors' Liquidation Claims Due by Feb. 14
ORTHO-SCHUH JSC: Creditors' Liquidation Claims Due by Feb. 13
SCB INFORMATIK: Creditors' Liquidation Claims Due by Feb. 14
SWISS WATCH: Creditors' Liquidation Claims Due by Feb. 14


U N I T E D   K I N G D O M

ALSON CONTROLS: Appoints Administrators from Begbies Traynor
ANIXTER INTERNATIONAL: Earns US$70.5 Mln in Fourth Quarter 2007
AURORA COLORS: Taps Joint Administrators from Begbies Traynor
BELL CARS: Names Neil Francis Hickling as Liquidator
CHRYSLER LLC: Parts Shortage Prompts Closing of Four Facilities

CHRYSLER LLC: Total U.S. Sales Decreases 12% to 137,392 Units
DURA AUTOMOTIVE: Court Approves US$170MM Replacement Loan
FORD MOTOR: January 2008 Sales Decrease 4% to 159,914
FORD MOTOR: Kicks Off 2008 with 9.6% Sales Increase in Canada
M.A.P. WOODCRAFT: Appoints Liquidator from Mazars

MAXJET AIRWAYS: Gets Go-Signal from Court to Auction Assets
NORTHERN ROCK: Board and Virgin Submit Offers; Olivant Withdraws
NORTHUMBRIAN TOOL: Brings In Liquidators from Tenon Recovery
QUEBECOR WORLD: U.S. Trustee Forms Seven-Member Creditors' Panel
QUEBECOR WORLD: Can Use DIP Facility for Lat-Am & Europe Biz

SACHSEN FUNDING: S&P Puts Mezzanine & Capital Notes on Default
SETMASTERS LTD: Brings In Administrators from Tenon
SKYEPHARMA PLC: U.S. FDA Extends Review Period for Requip XLTM
SPEED 9404: Appoints Smith & Williamson as Administrators
WEATHERWISE LTD: Taps Begbies Traynor to Administer Assets


                            *********

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


ART-DEKOBAU LLC: Vienna Court Orders Business Shutdown
------------------------------------------------------
The Trade Court of Vienna entered Dec. 19, 2007 an order
shutting down the business of LLC Art-Dekobau (FN 239249m).

Court-appointed estate administrator Helmut Platzgummer
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. Helmut Platzgummer
          c/o  Dr. Wolfgang Leitner
          Kohlmarkt 14
          1010 Vienna
          Austria
          Tel: 533 19 39
          Fax: 533 19 39 39
          E-mail: helmut.platzgummer@lp-law.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 14, 2007 (Bankr. Case No 6 S 164/07w).  Wolfgang Leitner
represents Dr. Platzgummer in the bankruptcy proceedings.


GRABNER + CO: Claims Registration Period Ends February 18
---------------------------------------------------------
Creditors owed money by LLC Grabner + Co (FN 259081b) have until
Feb. 18, 2008 to file written proofs of claim to court-appointed
estate administrator Bernd Widerin at:

          Mag. Bernd Widerin
          Rathausgasse 6
          6700 Bludenz
          Austria
          Tel: 05552/650 930
          Fax: 05552/650936
          E-mail:  rechtsanwaelte@widerin.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 28 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Feldkirch
          Meeting Room 45
          First Floor
          Feldkirch
          Austria

Headquartered in Buers, Austria, the Debtor declared bankruptcy
on Jan. 8, 2008 (Bankr. Case No. 14 S 49/07d).


HASLER LLC: Claims Registration Period Ends March 12
----------------------------------------------------
Creditors owed money by LLC Hasler (FN 75804b) have until
March 12, 2008 to file written proofs of claim to court-
appointed estate administrator Martina Simlinger-Haas at:

          Dr. Martina Simlinger-Haas
          Reisnerstrasse 31
          1030 Vienna
          Austria
          Tel: 713 99 46
          Fax: 713 99 46 22
          E-mail: ra.reisnerstr31@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on March 12, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 8, 2008 (Bankr. Case No. 4 S 2/08h).


KLOS KEG: Claims Registration Period Ends February 27
-----------------------------------------------------
Creditors owed money by KEG Klos (FN 203320a) have until
Feb. 27, 2008 to file written proofs of claim to court-appointed
estate administrator Bernhard Eder at:

          Dr. Bernhard Eder
          c/o Dr. Herbert Hochegger
          Brucknerstrasse 4
          1040 Vienna
          Austria
          Tel: 505 78 61
          Fax: 505 78 619
          E-mail: eder@rechtsanwaelte.co.at
                  office@hoch.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on March 12, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 8, 2008 (Bankr. Case No. 3 S 2/08a ).  Herbert Hochegger
represents Dr. Eder in the bankruptcy proceedings.


MADZAR LLC: Claims Registration Period Ends March 27
----------------------------------------------------
Creditors owed money by LLC Madzar (FN 238285w) have until
March 27, 2008 to file written proofs of claim to court-
appointed estate administrator Hans Rant at:

          Dr. Hans Rant
          c/o Kurt Freyler
          Seilerstatte 5
          1010 Vienna
          Austria
          Tel: 513 31 65
          Fax: 512 20 01
          E-mail: ra-kanzlei@rant-freyler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on March 12, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 8, 2008 (Bankr. Case No. 3 S 1/08d).  Kurt Freyler
represents Dr. Rant in the bankruptcy proceedings.


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).


PAMI LLC: Vienna Court Orders Business Shutdown
-----------------------------------------------
The Trade Court of Vienna entered Dec. 27, 2007 an order
shutting down the business of LLC PAMI (FN 283079v).

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

The estate administrator can be reached at:

          Mag. Wolfgang Herzer
          c/o Mag. Michael Ludwig Lang
          Schuettelstrasse 55
          1020 Vienna
          Austria
          Tel: 72 577
          Fax: 72 577 577
          E-mail: wolfgang.herzer@blw-legal.com

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 17, 2008 (Bankr. Case No 6 S 165/07t).  Michael Ludwig
Lang represents Mag. Herzer in the bankruptcy proceedings.


QUICK-TRANS: Vienna Court Orders Business Shutdown
--------------------------------------------------
The Trade Court of Vienna entered Dec. 27, 2007 an order
shutting down the business of LLC QUICK-TRANS Transport (FN
78632k).

Court-appointed estate administrator Walter Kainz 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. Walter Kainz
          c/o  Dr. Eva Wexberg
          Gusshausstrasse 23
          1040 Vienna
          Austria
          Tel: 505 88 31
          Fax: 505 94 64
          E-mail: kanzlei@kainz-wexberg.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 14, 2007 (Bankr. Case No 6 S 162/07a).  Eva Wexberg
represents Dr. Kainz in the bankruptcy proceedings.


W. U. H. HAMMER: Claims Registration Period Ends February 8
-----------------------------------------------------------
Creditors owed money by LL W. u. H. Hammer (FN 59598w) have
until Feb. 8, 2008 to file written proofs of claim to court-
appointed estate administrator Gerhard Petrowitsch at:

          Dr. Gerhard Petrowitsch
          Kadagasse 11
          8430 Leibnitz
          Austria
          Tel: 03452/82837
          Fax: 03452/82837-7
          E-mail: office@ra-petrowitsch.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on Feb. 14, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 222
          Second Floor
          Graz
          Austria

Headquartered in St. Georgen an der Stiefing, Austria, the
Debtor declared bankruptcy on Dec. 27, 2007 (Bankr. Case No. 26
S 120/07b).


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


SOLUTIA INC: Inks Settlement Agreement to Resolve EPA Claim
-----------------------------------------------------------
Solutia Inc. and the United States Environmental Protection
Agency have reached an agreement to settle a US$9,800,000
environmental claim -- Claim No. 11276 -- asserting
contamination charges of an industrial site on Ferry Street in
St. Louis, Missouri.

If approved by the U.S. Bankruptcy Court for the Southern
District of New York, federal environmental regulators will have
an allowed Class 13 General Unsecured Claim against Solutia for
US$3,600,000.  The Allowed EPA Claim and its remaining portions
will be treated in accordance with Solutia's Consensual Plan of
Reorganization, as confirmed on Nov. 29, 2007.

The EPA filed on Oct. 8, 2002, a cause of action in the United
States District Court for the Eastern District of Missouri -
Eastern Division, captioned United States v. Mallinckrodt Inc.,
et al, Civil Action No. 4:02CV2599-ERW.

EPA named Solutia as defendant in the Suit as an alleged
successor to the liability of Solutia's parent company, Monsanto
Company, pursuant to Section 107 of the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980,
42 U.S.C. Section 9607, as amended.

EPA subsequently filed Claim No. 11276 asserting a claim for,
among other things, reimbursement from Solutia for all response
costs incurred in connection with the release or threatened
release of hazardous substances at the Great Lakes Container
Corporation Site in St. Louis.  Solutia adopted the
contamination from Monsanto, which allegedly shipped dirty
chemical barrels for reconditioning to the site.

In accordance with the terms of the Settlement, the EPA lodged
on Jan. 28, 2008, a notice of consent decree with the Missouri
District Court.  For 30 days after the publication of the
Notice, the Department of Justice will receive comments relating
to the Consent Decree.  Comments should be addressed to the
Assistant Attorney General at Environment and Natural Resources
Division.  Moreover, the proposed consent decree may be examined
at the office of the United States Attorney, and at the EPA
Region VII Office in Kansas City.

The Settlement is not, and will not be, construed as an
admission of liability with respect to the claims asserted or
any other claim.

The Settlement is subject to bankruptcy and federal court
approvals.

                        About Solutia Inc.

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


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

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 116;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or  215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 11,
2007, Standard & Poor's Ratings Services assigned its 'B+' loan
rating to Solutia Inc.'s (D/--/--) proposed US$1.2 billion
senior secured term loan and a '3' recovery rating, indicating
the likelihood of a meaningful (50%-70%) recovery of principal
in the event of a payment default.  The ratings are based on
preliminary terms and conditions.  S&P also assigned its 'B-'
rating to the company's proposed US$400 million unsecured notes.

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


SOLUTIA INC: Formally Asks US$2 Bln Exit Funding from Citigroup
---------------------------------------------------------------
Solutia Inc. has provided a formal demand of its
US$2,000,000,000 exit facility commitment letter to the lead
arrangers -- Citigroup Global Markets Inc., and certain of its
affiliates, Goldman Sachs Credit Partners LP, Deutsche Bank
Trust Company Americas and Deutsche Bank Securities Inc. -- to
close and fund their respective commitments by Feb. 6, 2008.

Solutia said in a statement last week that it could not emerge
from Chapter 11 on Jan. 25, 2008, as planned, because the
Commitment Parties were unable to syndicate new financing.

Rosemary L. Klein, Solutia Inc.'s senior vice president, general
counsel and secretary, relates in a regulatory filing with the
Securities and Exchange Commission that, in their January 30
response, the Commitment Parties reiterated their previously
stated position that there has been an adverse change since the
date of the commitment letter -- Oct. 25, 2007 -- in the loan
syndication, financial or capital markets that, in their
reasonable judgment materially impairs syndication of the loan
facilities that they committed to fund. Definitive documentation
for the senior bridge facility component of the commitment also
needs to be finalized prior to closing.

According to Ms. Klein, Solutia believes that the Commitment
Parties are required to fund their commitments on February 6,
2008, pursuant to Solutia's demand and that the Commitment
Parties have breached their obligations under the commitment
letter in refusing to do so.

The Commitment Letter expires Feb. 29, 2008.

"We're still hopeful that we will be able to work through
matters" with these banks, said Solutia spokesman Dan Jenkins,
according to STLtoday.com.  "At the same time, we're exploring
other alternatives."

                      About Solutia Inc.

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

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

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 116;
Bankruptcy  Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 11,
2007, Standard & Poor's Ratings Services assigned its 'B+' loan
rating to Solutia Inc.'s (D/--/--) proposed US$1.2 billion
senior secured term loan and a '3' recovery rating, indicating
the likelihood of a meaningful (50%-70%) recovery of principal
in the event of a payment default.  The ratings are based on
preliminary terms and conditions.  S&P also assigned its 'B-'
rating to the company's proposed US$400 million unsecured notes.

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


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


A H A SANITSTSHAUS: Claims Registration Period Ends February 29
---------------------------------------------------------------
Creditors of A H A Sanitstshaus Eppendorf GmbH have until Feb.
29, 2008, to register their claims with court-appointed
insolvency manager Dr. Dietmar Penzlin.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on April 1, 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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. Dietmar Penzlin
         Rathausstrasse 2
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against A H A Sanitätshaus Eppendorf GmbH on Jan. 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          A H A Sanitstshaus Eppendorf GmbH
          Eppendorfer Landstrasse 58
          20249 Hamburg
          Germany


APK WOLRDWIDE: Claims Registration Period Ends February 29
----------------------------------------------------------
Creditors of APK Wolrdwide Travel GmbH have until Feb. 29, 2008,
to register their claims with court-appointed insolvency manager
Hendrik Rogge.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 31, 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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:

         Hendrik Rogge
         Haferweg 22
         22769 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against APK Wolrdwide Travel GmbH on Jan. 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         APK Wolrdwide Travel GmbH
         Attn: Andreas Peter Krueger, Manager
         Desenisstrasse 54
         22083 Hamburg
         Germany


AUTOHAUS LINZ: Claims Registration Period Ends February 29
----------------------------------------------------------
Creditors of Autohaus Linz GmbH have until Feb. 29, 2008, to
register their claims with court-appointed insolvency manager
Andreas Rohe.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on March 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Andreas Rohe
          Kamigstrasse 2
          17373 Ueckermuende
          Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against Autohaus Linz GmbH on Jan. 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Autohaus Linz GmbH
          Travertinstrasse 1
          17036 Neubrandenburg
          Germany


BACKSTUEBERL ALTINGER: Claims Registration Ends March 1
-------------------------------------------------------
Creditors of Backstueberl Altinger GmbH have until March 1, 2008
to register their claims with court-appointed insolvency manager
Rolf G. Pohlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 2, 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Rolf G. Pohlmann
         Rosental 6
         80331 Munich
         Germany
         Tel: (089)548033-0
         Fax: (089)548033-111

The District Court of Munich opened bankruptcy proceedings
against Backstueberl Altinger GmbH on Jan. 9, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Backstueberl Altinger GmbH
         Attn: Stephan Altinger, Manager
         Lerchenstr. 14
         80995 Munich
         Germany


C-BUSINESS: Claims Registration Period Ends February 28
-------------------------------------------------------
Creditors of c-business Unternehmensberatung GmbH have until
Feb. 28, 2008 to register their claims with court-appointed
insolvency manager Herbert Feigl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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:

          Herbert Feigl
          Hansering 1
          D 06108 Halle
          Germany
          Tel: 0345/212220
          Fax: 0345/2122222

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against c-business Unternehmensberatung GmbH on Jan.
2, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          c-business Unternehmensberatung GmbH
          Pfaffengrund 5
          06193 Sennewitz
          Germany


CB MEZZCAP: S&P Lowers Rating on Class E Notes to B-
----------------------------------------------------
Standard & Poor's Ratings Services has removed from CreditWatch
with negative implications and lowered its ratings on the class
B, C, D, and E notes issued by CB MezzCAP Limited Partnership, a
German SME CLO transaction.  At the same time, the 'AAA'
rated class A notes were placed on CreditWatch negative.

These rating actions follow a full review of the transaction.
The actions take into account the latest insolvency in the
portfolio, ODS Optical Disk Services GmbH, and its effect on the
structure.  ODS is one of the SMEs in the underlying portfolio
to which the issuer made cash advances.  The portfolio analysis
relies on updated probabilities of default for each company in
the portfolio, which were quantitatively derived by using
CreditRiskTracker and running 2006 year-end financials.

"Based on the most recent information made available to us, the
portfolio credit quality has significantly decreased.
Furthermore, we have to assume that ODS's insolvency will have a
severe effect on the level of losses incurred by the issuer
under its participation right," said credit analyst
Viktor Milev.

ODS had issued a EUR6 million profit participation right to CB
MezzCAP and filed for insolvency on Oct. 5, 2007.  The default
of the company triggered a principal deficiency event in the
transaction, and consequently the EUR6 million exposure was
credited to the principal deficiency ledger.

"Whether or not a recovery will be achieved, and what the
potential level of that recovery could be, depends on further
insolvency proceedings," Mr. Milev added.  At the moment, we can
only assume a minimal recovery rate due to the deeply
subordinated nature of the participation right.  We will
continue to monitor the insolvency proceedings and remain in
close contact with the financial adviser and transaction monitor
to obtain the latest available information on the recovery
process."

As of the Jan. 25, 2008 payment date, the PDL in the transaction
was EUR15.83 million.  The actual clearance of the PDL will
depend on the availability of future excess spread and on
potential recoveries received.  The portfolio's future
performance will be crucial for a full clearance of the PDL
before the scheduled maturity date in January 2013.

"In our analysis, which included credit and cash flow modeling
of the transaction, we assumed a minimal recovery on the last
two defaulted entities, Erich Rohde KG and ODS. Our CDO
Evaluator was applied to derive updated scenario default rates
at the various rating levels.  This modeling relied on the
updated probabilities of default and took into account the
remaining term until maturity of the underlying participation
rights," concluded Mr. Milev.

               CB MezzCAP Limited Partnership
            EUR199.5 Million Floating-Rate Notes

  Ratings Removed from CreditWatch With Negative Implications
                       And Lowered

                                Rating
                                ------
            Class        To                  From
            -----        --                  ----
            B            BBB                 AA/Watch Neg
            C            BB                  A/Watch Neg
            D            B                   BBB-/Watch Neg
            E            B-                  BB-/Watch Neg

       Rating Placed On CreditWatch With Negative Implications

                                Rating
                                ------
            Class        To                  From
            -----        --                  ----
            A            AAA/WatchNeg        AAA


CMT HANDELS-GMBH: Claims Registration Ends March 1
--------------------------------------------------
Creditors of CMT Handels-GmbH have until March 1, 2008 to
register their claims with court-appointed insolvency manager
Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on April 1, 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 Dortmund
         Meeting Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         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. Christoph Schulte-Kaubruegger
         Koenigswall 21
         44137 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against CMT Handels-GmbH on Jan. 14, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         CMT Handels-GmbH
         Attn: Elisabeth Weidlich, Manager
         Olpketalstrasse 106
         44229 Dortmund
         Germany


ERSTE BERLINER: Claims Registration Ends March 1
------------------------------------------------
Creditors of Erste Berliner Kittfabrik Gustav Busch & Co GmbH
have until March 1, 2008 to register their claims with court-
appointed insolvency manager Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

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

The insolvency manager can be reached at:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Erste Berliner Kittfabrik Gustav Busch & Co
GmbH on Jan. 1, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Erste Berliner Kittfabrik Gustav Busch & Co GmbH
         Josef-Orlopp-Str. 89
         10365 Berlin
         Germany


EURO HERZ: Claims Registration Period Ends February 8
-----------------------------------------------------
Creditors of Euro Herz GmbH have until Feb. 8, 2008 to register
their claims with court-appointed insolvency manager Carin
Hoesel-Eichinger.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 14, 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 Ansbach
         Meeting Room 1
         Promenade 8
         91522 Ansbach
         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:

          Carin Hoesel-Eichinger
          Aussere Sulzbacher Str. 155
          90491 Nuremberg
          Germany
          Tel: 0911/586178-0
          Fax: 0911/586178-20

The District Court of Ansbach opened bankruptcy proceedings
against Euro Herz GmbH on Jan. 7, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Euro Herz GmbH
          Elisabethenstr. 8
          91583 Schillingsfuerst
          Germany


GASTRO-MANUFAKTUR GMBH: Claims Registration Ends February 29
------------------------------------------------------------
Creditors of Gastro-Manufaktur GmbH have until Feb. 29, 2008 to
register their claims with court-appointed insolvency manager
Rosemarie Lankes.

Creditors and other interested parties are encouraged to attend
the meeting at 3:10 p.m. on March 17, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Amberg
         Room 115
         Meeting Hall V
         First Stock
         Baustadelgasse 1
         Amberg
         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:

         Rosemarie Lankes
         Dr.-Valentin-Koch-Strasse 12
         93413 Cham
         Germany
         Tel: 09971/994045
         Fax: 09971/994046

The District Court of Amberg opened bankruptcy proceedings
against Gastro-Manufaktur GmbH on Jan. 10, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Gastro-Manufaktur GmbH
         Friedrich Ebert Strasse 55
         92421 Schwandorf
         Germany


KARL & LOTHAR: Claims Registration Period Ends February 28
----------------------------------------------------------
Creditors of Karl & Lothar Grueter GmbH & Co. KG have until
Feb. 28, 2008 to register their claims with court-appointed
insolvency manager Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on March 28, 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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         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. Christoph Schulte-Kaubruegger
          Koenigswall 21
          44137 Dortmund
          Germany

The District Court of Dortmund opened bankruptcy proceedings
against Karl & Lothar Grueter GmbH & Co. KG on Jan. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Karl & Lothar Grueter GmbH & Co. KG
          Kloecknerstr. 55
          44577 Castrop-Rauxel
          Germany


KLINIK DR. BOHNEN: Claims Registration Period Ends February 28
--------------------------------------------------------------
Creditors of Klinik Dr. Bohnen GmbH have until Feb. 28, 2008 to
register their claims with court-appointed insolvency manager
Henning Jung.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wolfsburg
         Hall D
         Rothenfelder Strasse 43
         38440 Wolfsburg
         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:

          Henning Jung
          Thiestr. 5
          38226 Salzgitter
          Germany
          Tel: 05341/8660900
          Fax: 05341/8660909
          E-mail: H.Jung@leonhardt-westhelle.eu

The District Court of Wolfsburg opened bankruptcy proceedings
against Klinik Dr. Bohnen GmbH on Dec. 28, 2007.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Klinik Dr. Bohnen GmbH
          Attn: Reinhard Ebeling, Manager
          Conringstrasse 26
          38350 Helmstedt
          Germany


KREIS INTEGRIERTE: Claims Registration Ends February 29
-------------------------------------------------------
Creditors of Kreis Integrierte Arbeitsplatze GmbH have until
Feb. 29, 2008 to register their claims with court-appointed
insolvency manager Dr. Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Friedberg (Hessen)
         Room 235
         Second Floor
         Homburger Strasse 18
         61169 Friedberg (Hessen)
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Friedberg (Hessen) opened bankruptcy
proceedings against Kreis Integrierte Arbeitsplatze GmbH on
Jan. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Kreis Integrierte Arbeitsplatze GmbH
         Attn: Reinhold Harst, Manager
         Philipp-Reis-Strasse 1
         63674 Altenstadt
         Germany


MCGLAS GMBH: Claims Registration Period Ends February 8
-------------------------------------------------------
Creditors of McGlas GmbH have until Feb. 8, 2008 to register
their claims with court-appointed insolvency manager Christian
Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on March 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

          Dr. Christian Frystatzki
          Sankt Augustiner Str. 94 a
          53225 Bonn
          Germany
          Tel: 022840094160
          Fax: +4922840094179

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

The Debtor can be reached at:

          McGlas GmbH
          Attn: Stephan Mayer, Manager
          Daimlerstr. 3
          50374 Erftstadt
          Germany

TG TELECOM: Claims Registration Period Ends February 28
-------------------------------------------------------
Creditors of tg Telecom Germania GmbH have until Feb. 28, 2008,
to register their claims with court-appointed insolvency manager
Herbert Feigl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on March 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stendal
         Hall 411
         Albrecht der Bar
         Scharnhorststrasse 40
         39576 Stendal
         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:

          Herbert Feigl
          Hansering 1
          D 06108 Halle
          Germany
          Tel: 0345/212220
          Fax: 0345/2122222

The District Court of Stendal opened bankruptcy proceedings
against tg Telecom Germania GmbH on Jan. 4, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          tg Telecom Germania GmbH
          Breite Strasse 32a
          06108 Halle
          Germany


VISTEON CORP: Selling North American Facilities to Centrum
----------------------------------------------------------
Visteon Corporation has sold its non-core North American-based
aftermarket underhood and remanufacturing facilities to Centrum
Equities XV LLC, an affiliate of Centrum Properties Inc.  The
operations sold include a manufacturing plant in Sparta,
Tennessee, and two plants in Reynosa, Mexico.

Specific terms of the transaction were not disclosed.  The sale
does not include aftermarket mobile electronics products, which
Visteon maintains as part of its electronics group.

"This transaction is another step in our plan to restructure,
improve and grow our business by focusing on strategic product
lines, including advanced climate, interiors and electronics
products," Donald J. Stebbins, Visteon president and chief
operating officer, said.

"We are pleased to be acquiring this business as part of our
growth strategy," Terry Howard, chief executive officer of
Centrum Equities XV LLC, said.  "We are excited about this
investment and look forward to future growth opportunities
across the automotive aftermarket."

Visteon's Sparta, Tennessee, facility known as LTD Parts,
manufactures starters and alternators for aftermarket customers.
The two Reynosa, Mexico, facilities manufacture aftermarket
climate products -- including radiators, compressors and
condensers -- and also remanufacture steering
pumps and gears.

                  About Centrum Properties Inc.

Headquartered in Chicago, Illinois, Centrum Properties Inc.  --
http://www.centrumproperties.com/-- is a 25-year-old full
service real estate firm that specializes in the development of
distinctive residential and commercial properties.

                   About Visteon Corporation

Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC)
-- http://www.visteon.com/-- is a global automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company's other
corporate offices are in Shanghai, China; and Kerpen, Germany.
The company has facilities in 26 countries and employs
approximately 43,000 people.

                          *     *     *

Moody's Investor Service placed Visteon Corp.'s long term
corporate family and probability of default ratings at 'B3' in
November 2006.  The ratings still hold to date with a negative
outlook.


WILLI BROEHAN: Claims Registration Period Ends February 29
----------------------------------------------------------
Creditors of Willi Broehan Baugeschaft GmbH & Co. KG have until
Feb. 29, 2008, to register their claims with court-appointed
insolvency manager Gregor Schoene.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tostedt
         Meeting Hall I
         Linden 23
         21255 Tostedt
         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:

          Gregor Schoene
          Haferweg 22
          D 22769 Hamburg
          Germany
          Tel: 040/8971 86-0
          Fax: 040/8971 86-11

The District Court of Tostedt opened bankruptcy proceedings
against Willi Broehan Baugeschaft GmbH & Co. KG on Jan. 8, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Willi Broehan Baugeschaft GmbH & Co. KG
          Attn: Malte Broehan, Manager
          Friedhofsweg 7
          21614 Buxtehude
          Germany


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


ELAN CORP: Kelly Martin Sells Shares Under Stock Trading Plan
-------------------------------------------------------------
Kelly Martin, president and CEO of Elan Corporation plc, has
sold shares under a pre-arranged stock trading plan established
in accordance with Rule 10b5-1 promulgated under the Securities
Exchange Act of 1934, as amended.  The plan allows for the
exercise of stock options for ordinary shares of Elan and the
sale of those shares in a systematic manner.  Mr. Martin adopted
the plan in May 2006.  This was the first sale made under the
plan.  Additional sales may occur in the future pursuant to the
terms of the plan.

In addition, Dr. Lars Ekman, who retired as President of
Research and Development on December 31, 2007, and who continues
as an advisor and a member of the board of directors and
chairman of the science & technology committee of the board, has
also entered into a pre-arranged stock trading plan established
in accordance with Rule 10b5-1.  Dr. Ekman's plan allows for the
exercise of stock options for ordinary shares of Elan and the
sale of those shares in a systematic manner on up to six
occasions between late February 2008 and December 31, 2009, at
which date all of Dr. Ekman's current options will expire.  The
first sale of 125,000 Elan ordinary shares by Dr. Ekman is
expected to occur in late February 2008.

SEC Rule 10b5-1 allows corporate executives to establish pre-
arranged plans to sell a specified number of shares of company
stock in accordance with a plan schedule.  These plans permit
executives to change their investment portfolio gradually.  This
minimizes the market effects of stock sales by spreading sales
out over a more extended period of time rather than carrying out
sales during limited trading windows following quarterly
earnings announcements.  It also avoids concerns about
initiating stock transactions while the executive may be aware
of material nonpublic information.  Once a plan is established,
the executive does not retain or exercise any discretion over
sales of stock under the plan, and the pre-planned trades can be
executed at later dates as set forth in the plan, without regard
to any subsequent material nonpublic information that the
executive might receive.

                       About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                          *     *     *

As reported in the TCR-Europe on Oct. 15, 2007, Standard &
Poor's Ratings Services revised its outlook on Elan
Corp. PLC to positive from stable and affirmed the ratings on
the company and its subsidiaries, including the 'B' corporate
credit rating.


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


ALITALIA SPA: Faces EUR1.25 Bln Damages Suit over Malpensa Plan
---------------------------------------------------------------
SEA S.p.A. has filed a EUR1.5 billion damages suit against
Alitalia S.p.A. over the carrier's decision to downscale its
operations at Milan's Malpensa airport, Thomson Financial
reports.

"We have decided to act legally against Alitalia to obtain
damages for the very serious damage deriving from the behaviour
of the airline," SEA chairman Giuseppe Bonomi told Thomson
Financial.  "The action is a duty under our obligations to our
company and its shareholders."

Mr. Bononi said Alitalia violated a hub partnership agreement
and contracts with SEA and its SEA Handling unit, Thomson
Financial relates.

Mr. Bononi noted that SEA designed and developed Malpensa as
Alitalia required in terms of infrastructures, facilities and
organization, Agenzia Giornalistica Italia reports.  However,
Mr. Bononi added, the investments are rendered useless by
Alitalia's downscale plan.

According to Mr. Bononi, Alitalia's downscale plan will cut
traffic at Malpensa by 6 million passengers and will reduce the
airport's results by EUR70 million, Thomson Financial says.

The SEA chairman said the airport operator is finding ways to
contain its losses in 2008 and 2009.

                          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: To Give up Around 180 Milan Malpeansa Slots
---------------------------------------------------------
Alitalia S.p.A. will release around 180 of its 357 slots at
Milan's Malpensa airport as part of its downscale strategy,
Thomson Financial reports, citing an official at Italian slot
coordinator Assoclearance.

Alitalia said the slots are unused ones during the summer
season, which starts March 30, 2008, and ends Oct. 25, 2008.

The Assoclearance official, however, stressed that the released
slots are not for sale.

                          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.


CARROZZERIA BERTONE: Mr. Reviglio Pulls Out from Takeover Plan
--------------------------------------------------------------
Domenico Reviglio cancelled his plan to takeover Carrozzeria
Bertone S.p.A. after Chairman Lilli Bertone failed to commit to
removing part of the agreement from the contract, the Financial
Times reports, citing Il Sole 24 Ore as its source.  This left
the unions representing staff at Carrozzeria Bertone, although
not necessarily supportive of Mr. Reviglio’s takeover, at fear
over the future of Bertone.

The unions are hoping that a court hearing on Feb. 8, 2008, will
put Carrozzeria Bertone into administration to reactivate the
temporary layoff fund for workers, otherwise the company faces
insolvency, Financial Times says.

As previously reported in the TCR-Europe on Jan. 18, 2008, Ms.
Bertone disclosed on Jan. 1, 2008, that she plans to sell the
company to Mr. Reviglio, the founder and president of Gruppo
Prototipo, best known as owner of Nardo test track.

Carrozzeria Bertone's 1,300 strong-workforce is currently paid
under a state funded scheme, which expired on Dec. 31, 2007.

Headquarterd in Turin, Italy, Carrozzeria Bertone S.p.A. --
http://www.bertone.it/-- manufactures car for the Bertone
Group.  The company does the product and process engineering for
all of its products and handles the entire manufacturing cycle.

As previously reported in the Troubled Company Reporter-Europe,
Bertone filed for bankruptcy protection in November 2007 after
accumulating EUR37.3 million in losses for the past three years.

Bertone filed for concordato preventivo -- similar to a
Chapter 11 bankruptcy petition in the U.S. -- which prevents
creditors to collect payments while the company reorganizes.
The filing foresees Bertone's management overseeing the
reorganization.

The company, however, excluded its design, engineering and glass
businesses from the filing.


DANA CORP: Emerges from Chapter 11 Protection Effective Jan. 31
---------------------------------------------------------------
Dana Corporation and its debtor-affiliates have notified the
U.S. Bankruptcy Court for the Southern District of New York that
their Third Amended Joint Plan of Reorganization is deemed
effective as of January 31, 2008, after satisfying or waiving
each of the conditions precedent to the effectiveness of the
Plan, Corine Ball, Esq., at Jones Day, in New York, relates.

Dana Corp., starting on the Effective Date, will operate as Dana
Holding Corporation.

                       Dana's Statement

Dana Holding Corporation is emerging from Chapter 11
reorganization as a new company positioned to compete vigorously
in the global automotive, commercial vehicle, and off-highway
markets.

Dana's U.S. operations entered Chapter 11 on March 3, 2006.
During a comprehensive, 23-month reorganization, the company and
its stakeholders achieved US$440 million to US$475 million in
annual cost savings and revenue improvements.  These annual
savings were achieved primarily from improvements in its
manufacturing footprint, reducing labor costs and benefit
changes, working with labor and retiree groups to create VEBA
trusts to assume ongoing obligations for retiree health and
welfare costs, and further reductions in administrative
expenses.

"Fundamental change has been our objective from the outset of
this process," said Mike Burns.  "We have achieved this goal
through the persistence and dedication of our employees around
the world, the partnerships with our labor unions, and the
ongoing confidence and support of our customers and suppliers.

Mr. Burns, who served as Dana's Chairman and CEO since 2004 and
will remain with the company for a transition period, added, "I
am proud of our emergence today and what the people of Dana have
accomplished during the restructuring process. Our actions were
necessary for the future of the company.  And we achieved our
goal while maintaining a strong focus on taking care of our
customers.  This is the right time for a change, and I am
convinced that the company and its new leadership are poised for
success."

              John Devine as Chairman and Acting CEO

In conjunction with emergence, Dana's new Board of Directors has
elected John Devine executive chairman and acting CEO.  Mr.
Devine is the former vice chairman and chief financial officer
of General Motors Corporation, where he served from 2001 to mid-
2006.  Prior to joining GM, Mr. Devine served as chairman and
chief executive officer of Fluid Ventures, LLC.  Previously, he
spent 32 years at Ford Motor Company, where he last served as
executive vice president and chief financial officer.  Mr.
Devine is also a board member of Amerigon Incorporated.

"I'm pleased to join the Dana team, particularly on this
important day for our company and all of its stakeholders," said
Mr. Devine.  "The reorganization achieved by Dana and its people
has positioned us to emerge as a more competitive company.  We
will be focused on the goal of returning Dana to a leadership
position in our industry."

                     Investment Programs

Dana obtained US$2,000,000,000 in exit financing through an
effort led by Citigroup Global Markets Inc., Lehman Brothers
Inc., and Barclays Capital.  Despite difficult credit market
conditions, the company was able to secure exit financing.  The
financing consists of a US$650 million asset-based revolving
credit facility and a US$1,350 million term loan facility.
Proceeds from the facility will be used by Dana to repay its
debtor-in-possession credit facility, make other payments
required upon exit from bankruptcy, and provide liquidity to
fund new product programs and other investments.

            Common Stock Begins Trading on NYSE

Effective Feb. 1, 2008, common stock in the new company will
begin trading on the New York Stock Exchange under the symbol
DAN.  Shares of Dana Corporation common stock that had most
recently traded over the counter under the symbol DCNAQ have
been canceled and will no longer trade.

          Dana Provides Documents to Lexington Entities

Lexington Dry Ridge Corp., Lexington Elizabethtown 730 Corp.,
Lexington Kalamazoo L.P., Lexington Owensboro Corp., LSAC
Crossvilee, L.P., and Lexington Tennessee Holdings, L.P., owners
of eight properties that are subject to assignment under the
Plan, have previously asked sufficient financial information
from the Debtors so that they may properly and adequately
evaluate each of the assignee's ability to perform all
obligations the leases to be assigned to it.

The Debtors told the Court that they have presented certain
financial information to the Lexington Entities under existing
confidentiality agreements.  The Debtors said they intend to
present the information to the Court as evidence of the
Assignees' ability to perform their future obligations under the
Leases.

The Financial Information, however, include confidential and
commercially sensitive data, including balance sheets and
financial projections for certain of the Debtors' subsidiaries,
the Debtors' counsel, Corinne Ball, Esq., at Jones Day, in New
York, said.

The Debtors thus ask the Court's authority to file any of the
Financial Information under seal.

The Lexington Entities filed with the Court a response to the
Debtors' Notice of Service.  The response, however, was filed
under seal.

In another filing, a lessor who has objected to the Debtors'
proposed cure amount, Claim Management Services, Inc., withdrew
its cure amount objection.

                         About Dana

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total
assets and US$7,551,000,000 in total debts resulting in a total
shareholders' deficit of US$673,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  Judge Burton
Lifland of the U.S. Bankruptcy Court for the Southern District
of New York entered an order confirming the Third Amended Joint
Plan of Reorganization of the Debtors on Dec. 26, 2007.  (Dana
Corporation Bankruptcy News, Issue No. 70; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


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


AITYMAN NUR AMAN: Proofs of Claim Deadline Slated for March 4
-------------------------------------------------------------
LLP Aityman Nur Aman has declared insolvency.  Creditors have
until March 4 to submit written proofs of claims to:

         LLP Aityman Nur Aman
         Micro District 28, 36-52
         Aktau
         Mangistau
         Kazakhstan


ALLIANCE-NS LLP: Creditors Must File Claims by March 4
------------------------------------------------------
LLP Alliance-NS has declared insolvency.  Creditors have until
March 4 to submit written proofs of claims to:

         LLP Alliance-NS
         Furmanov Str. 11/1
         Astana
         Kazakhstan


KOLOS LLP: Claims Registration Ends March 4
-------------------------------------------
LLP Trade House Kolos has declared insolvency.  Creditors have
until March 4 to submit written proofs of claims to:

         LLP Trade House Kolos
         Novorabochaya Str. 4
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


MORTGAGE GUARANTEE: S&P Affirms BB Long-Term Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
issuer credit rating on the Mortgage Guarantee Fund of
Kazakhstan (JSC).  At the same time, the 'kzA+' Kazakhstan
national scale rating was affirmed.

At the same time, both ratings were removed from CreditWatch
with negative implications, where they had been placed on
Oct. 2, 2007, and Oct. 9, 2007, respectively, following the
lowering of the ratings on the Republic of Kazakhstan (foreign
currency BBB-/Stable/A-3; local currency BBB/Stable/A-3;
Kazakhstan national scale 'kzAAA').  The outlook is stable.

"The CreditWatch removal and affirmation are based on stronger
support from the state in the view of current potential
difficulties in the real estate market and reiteration of the
company's critical role in the implementation of the state-
supported housing construction program," said Standard & Poor's
credit analyst Felix Ejgel.

The ratings on MGFK, which is 100% controlled by Ministry of
Finance and the National Bank, reflect its short track record;
weak and deteriorating financial performance, arising from the
need to increase personnel spending; volatile returns on
investments; and a limited scale of operations.

Offsetting these constraints are the support MGFK receives from
the Kazakh government and the company's sound liquidity.  At
Jan. 1, 2008, MGFK had no debt.

"We expect that strong ongoing explicit support from the central
government and a comfortable risk-to-capital ratio will help
MGFK withstand the potential emergence of defaults on loans
guaranteed by the fund," said Mr. Ejgel.

Although MGFK has not been called on its guarantees so far, this
could occur with the current pressure on the financial sector as
well as the maturing of the mortgage market in Kazakhstan. The
ratings on MGFK will likely follow the trend of the ratings on
the sovereign.

If the Kazakh government enhances support to the company and
endorses the company's long-term strategy to reinforce the
company's near-monopoly position in the market, it could result
in a positive rating action.

If the company does not manage its business as expected,
however, and the state does not provide for additional increases
to the company's capital in its medium-term program, the ratings
could come under pressure.


TRUBOMONTAGE LLP: Creditors' Claims Due on March 4
--------------------------------------------------
LLP Trubomontage has declared insolvency.  Creditors have until
March 4 to submit written proofs of claims to:

         LLP Trubomontage
         Naberejnaya Str. 11-14
         140000, Pavlodar
         Kazakhstan


ZAPADREGION SB: Claims Filing Period Ends March 4
-------------------------------------------------
LLP Zapadregion SB has declared insolvency.  Creditors have
until March 4 to submit written proofs of claims to:

         LLP Zapadregion SB
         Lomonosov Str. 30-2
         Aktobe
         Aktube
         Kazakhstan


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


CENTER PO: Creditors Must File Claims by February 15
----------------------------------------------------
Foreign American LLC Educational Centre Center Po Izucheniyu
Yazykov I Kultury has declared insolvency.  Creditors have until
Feb. 15, 2008 to submit written proofs of claim to:

         Center Po Izucheniyu Yazykov I Kultury
         Chui Ave. 142-11
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 21-89-10


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


PRIMA CHARTER: Grzegorz Gniady Dismissed from Supervisory Board
---------------------------------------------------------------
Grzegorz Gniady was dismissed as a member of Prima Charter's
supervisory board at a general meeting of shareholders on Feb.
3, 2008, the Financial Times reports citing the Polish New
Bulletin.  Grzegorz Gniady is the  deputy chief executive
officer of Cash Flow,  Prima Charter's largest shareholder.

According to the report, shareholders also decided to raise the
company's capital to PLN120 million from PLN75.6 million.  Cash
Flow however, wasn't allowed to participate.

The company had filed for bankruptcy but the court discontinued
it after an investor group offered a plan to save the company,
the report adds.  The group, headed by Prima CEO Krzysztof
Szymanski, offered to buy two-thirds of Cash Flow's shares in
the company for PLN1,1000.  The shares have a face value of
PLN16.7 million, the report discloses.

Cash Flow is said to be considering the group's offer since it
would incur costs of around PLN100 million from Prima's
insolvency.

Prima Charter -- http://www.primacharter.pl/-- is a Polish
charter line that offered short and long-range tourist flights.
The company ceased operations on on Jan. 16, 2008.


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


BLOCK CJSC: Bankruptcy Hearing Slated for April 10
--------------------------------------------------
The Arbitration Court of Udmurtiya will convene at 9:30 a.m. on
April 10, 2008, to hear the bankruptcy supervision procedure on
CJSC Building-Assembly Enterprise Block (TIN 1834100100).  The
case is docketed under Case No. A71-7366/2007-G21.

Creditors of the company have to submit their proofs of claim
to:

         A. Galushko
         Temporary Insolvency Manager
         50 Let Oktyabrya Square 2
         Izhevsk
         426034 Udmurtiya
         Russia

The Court is located at:

         The Arbitration Court of Udmurtiya
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya
         Russia

The Debtor can be reached at:

         CJSC Building-Assembly Enterprise Block
         Voroshilova Str. 111a
         Izhevsk
         426053 Udmurtiya
         Russia


DALCOMBANK: Fitch Lifts Rating to B+ and Removes Positive Watch
---------------------------------------------------------------
Fitch Ratings upgraded the ratings of Russia's Dalcombank to
Long-term Issuer Default 'B+' from 'B-', Support '4' from '5'
and National Long-term 'A-' from 'BB-'.

These ratings are all removed from Rating Watch Positive, where
they were placed on Dec. 19, 2007.  Stable Outlooks are assigned
to the Long-term IDR and National Long-term rating.  The Short-
term IDR is affirmed at 'B', and the Individual rating is
affirmed at 'E'.

These rating actions follow the recent completion of the
acquisition of a 98.6% stake in the bank by Sistema JSFC
(Sistema, rated 'BB-'/Outlook Stable).

The upgrade reflects Fitch's view of Sistema's greater ability
to provide DCB with support in case of need, compared to DCB's
previous majority shareholders.  In December 2007 the bank
received subordinated debt of RUR500 million from Sistema, and
in third quarter 2008 DCB plans a RUR1 billion share issue, to
be partly financed through the conversion of the subordinated
debt.

DCB is a small-sized Russian bank based in Khabarovsk and with a
broad presence in other regions of the far east of Russia.  The
bank is engaged in both corporate and retail lending, with the
latter growing very rapidly.


KOLDO LLC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on LLC National Fishing Association Koldo.
The case is docketed under Case No. A73-9693/2007-9.

Creditors of the company have to submit their proofs of claim
to:

         D. Zhalnin
         Temporary Insolvency Manager
         Post User Box 74/7
         680030 Khabarovsk
         Russia

The Debtor can be reached at:

         LLC National Fishing Association Koldo
         Kolkhoznaya Str. 2
         Nizhnie Khalby
         Komsomolskiy
         Khabarovsk
         Russia


KORFOVSKIY LIQUEUR-VODKA: Creditors Must File Claims by March 26
----------------------------------------------------------------
Creditors of LLC Korfovskiy Liqueur-Vodka Distillery have until
March 26, 2008, to submit proofs of claim to:

         V. Veselkov
         Temporary Insolvency Manager
         Post User Box 6/12
         Central Post Office
         680000 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A73-3504/2007-38.

The Debtor can be reached at:

         LLC Korfovskiy Liqueur-Vodka Distillery
         Lazo Str. 10
         Korfovskiy
         680504 Khabarovsk
         Russia


MALKINSKOE GRAIN: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Kabardino Balkariya will convene on
March 25, 2008, to hear the bankruptcy supervision procedure on
OJSC Malkinskoe Grain Receiving Enterprise.  The case is
docketed under Case No. A20-3139/2007.

Creditors of the company have to submit their proofs of claim
to:

         L. Koptelina
         Temporary Insolvency Manager
         Orlovskiy Per. 5
         129110 Moscow
         Russia

The Debtor can be reached at:

         OJSC Malkinskoe Grain Receiving Enterprise
         433460 Kabardino Balkariya
         Russia


NATIONAL FACTORING: S&P Revises Outlook to Positive from Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russian bank National Factoring Company to positive from stable.
At the same time, the Russia national scale rating was raised to
'ruBBB+' from 'ruBBB'.  At the same time, the 'B-' long-term and
'C' short-term counterparty credit ratings were affirmed.

"The outlook revision and national scale upgrade reflect the
bank's ongoing improving diversification of clientele, products,
and geographic presence," said Standard & Poor's credit analyst
Elena Romanova.

NFC's continuing to build a longer track record of adequate
capitalization and asset quality also benefits the outlook.
Moreover the bank's improving risk management function is
strengthening risk control and enhancing the risk-reward
balance.

The ratings reflect NFC's limited business and customer profile,
a concentrated, vulnerable short-term funding base; earnings,
challenged by squeezing interest margins and higher network
costs; and its relatively small asset size in both the Russian
and global context.

Supporting the ratings are NFC's well-recognized brand and good
market position in the fast-developing, niche factoring sector;
focused strategy, with a committed, experienced management team;
adequate capitalization and asset quality; and improving
diversification of clientele, products, and geographic presence.

"We expect NFC to expand its business in line with its strategic
objectives, while further diversifying its business profile and
maintaining adequate capitalization and asset quality," said Ms.
Romanova.

The ratings already incorporate funding and customer
diversification in the medium term; hence, any potential upgrade
depends on NFC's ability to strengthen its stand-alone credit
and funding profile and continue to build a track record of
adequate capitalization, asset quality, and profitability.

The ratings could be lowered or the outlook revised back to
stable, or even negative, if NFC's growth slows, or if its
financial and credit profile markedly deteriorates.  The ratings
or outlook could also come under pressure if market conditions
worsen, leading to a decline in core performance and an
accumulation of risks in the factoring portfolio.


ROSNEFT OIL: To Repay US$5 Billion Maturing Debt in March
---------------------------------------------------------
OAO Rosneft Oil Co. will refinance US$5 billion in maturing debt
in March 2008, RosBusinessConsulting reports citing chief
financial officer Anton Kozhinov.

Mr. Kozhinov told RBC that Rosneft's board has made necessary
decision to raise refinancing funds through securing loans and
issuing bonds and Eurobonds.

US$2.7 billion of Rosneft's debt due March 2008 are part of its
bridging loan -- extended by ABN Amro Holding BV, Barclays Plc,
BNP Paribas SA, Calyon SA, Citigroup Inc., Goldman Sachs Group
Inc., JPMorgan Chase & Co. and Morgan Stanley -- used to finance
its acquisition of Yukos assets early 2007.

                         About Rosneft

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

                         *     *     *

OAO Rosneft Oil Co. carries a BB+ long-term corporate credit
rating from Standard & Poor's Ratings Services.  S&P said the
outlook is positive.  Ratings apply to date.


ROSNEFT OIL: Inks Memorandum of Cooperation with Vnesheconombank
----------------------------------------------------------------
OAO Rosneft Oil Co. and the Vnesheconombank on Feb. 4, 2008,
signed a Memorandum of Cooperation, which outlines the parties'
joint participation in projects aimed at the development of
infrastructure, innovative technologies, and diversification of
operations to improve crude oil and high quality refined
petroleum products exports.

According to the Memorandum, Vnesheconombank will conduct due
diligence and financial analysis of several of Rosneft's
capital-intensive projects, including the Tuapse Refinery
upgrade and the construction of an oil pipeline from Rosneft's
Vankor development to Transneft's trunk pipeline system in the
Yamal-Nenets Autonomous District (Purpe).   The Bank will also
take part in financing and arranging funding for the Projects.

Vankor—Purpe is a 543-kilometer oil pipeline that will connect
Rosneft's Vankor development in the Krasnoyarsk Region with
Transneft's trunk oil pipelines in Western Siberia.  This will
facilitate transportation of Vankor crude to Asian-Pacific
markets via the planned Eastern Siberia—Pacific pipeline system.

The project implementation will facilitate overall economic
growth of the Krasnoyarsk Region, will promote integration of
Northern Territories with the regional economic growth centers
and ensure inflow of private investment into related sectors of
the Region's economy.

The upgrade of Rosneft's Tuapse Refinery includes the
construction of a 12 mmty facility based on the existing
facilities.  Work completion of Phase 1 is scheduled for 2010
with Phase 2 to follow in 2012.  Upon completion of the upgrade,
the Tuapse Refinery will become one of the most technologically
advanced refineries in the Russian Federation with light product
yield of 95%.

                         About Rosneft

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

                         *     *     *

OAO Rosneft Oil Co. carries a BB+ long-term corporate credit
rating from Standard & Poor's Ratings Services.  S&P said the
outlook is positive.  Ratings apply to date.


RUSSLAVBANK: Moody's Assigns B3/NP/E+ Global Scale Ratings
----------------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
Russlavbank:

   -- bank financial strength rating of E+; and

   -- long-term and short-term local and foreign currency
      deposit ratings of B3/Not Prime.

Concurrently, Moody's Interfax Rating Agency assigned a long-
term national scale rating of Baa2.ru to RSB.  Moscow-based
Moody's Interfax is majority-owned by Moody's, a leading global
rating agency.  The outlook on the global scale ratings is
stable, while the national scale rating carries no specific
outlook.

According to Moody's and Moody's Interfax, the B3/Not Prime/E+
global scale ratings reflect RSB's global default and loss
expectation, while the Baa2.ru national scale rating reflects
the standing of the bank's credit quality relative to that of
its domestic peers.

Moody's notes that RSB is unlikely to receive support from the
Russian government in case of distress.  The scope and
timeliness of the support from the bank's shareholders also
remains uncertain.  Therefore, RSB's deposit ratings are based
solely on its Baseline Credit Assessment of B3/Not Prime.

According to Moody's, RSB's ratings are underpinned by
relatively good geographical diversification of the bank's
business throughout the European part of Russia and its sound
profitability indicators.  Another positive rating driver is the
bank's ownership and operation of the CONTACT payment system,
one of the leading and widely spread remittance systems for
individuals on the Russian and CIS market.  At the same time,
the ratings are constrained by RSB's limited market franchise,
as relates to conventional banking services for corporate and
individual clients, the high level of single-party concentration
in the bank's loan book, low diversification of the bank's
funding base, weakening capitalization and a material level of
related-party business.

Moody's notes that an upgrade of RSB's deposit ratings might be
possible in the event of a material strengthening of the bank's
franchise value and reduction of single-party concentrations in
the bank's credit portfolio and funding base, if combined with a
consistently good track record of profitability, robust asset
quality and sufficient capital adequacy.  Conversely, a material
deterioration in asset quality, profitability and/or liquidity
position could potentially weigh negatively on the bank's BFSR
and deposit ratings.

Domiciled in Moscow, RSB conducts its conducts its business
through a head office, as well as 7 branches and 41 outlets
spread throughout the European part of the Russian Federation.

In 2000 RSB launched the CONTACT money transfer system which
supports remittances in Russian rubles, US dollars and euros.
As at year-end 2007 the CONTACT system operated a network of 372
Russian banks and 185 foreign banks and post offices, covered 84
countries and executed annually more than 4.87 million
remittance transactions for a total amount exceeding
US$2.25 billion.


SISTEMA JSFC: Increases Stake in Dalcombank to 98.65%
-----------------------------------------------------
Sistema JSFC said on February 4, 2008, that it has increased its
stake in Dalcombank, a commercial bank based in the Far East of
Russia, from 48.16% to 98.65%.

In November 2007, Sistema announced a public offer to acquire
the outstanding shares for RUB7.4 per share.  The offer expired
on Jan. 18, 2008.  According to the terms of the offer, Sistema
acquired 50.49% additional shares in Dalcombank for a cash
consideration of approximately RUB2.64 billion on Jan. 31, 2008.

The acquisition of shares in Dalcombank is in line with the
development of Sistema's banking group, which presently
comprises Moscow Bank for Reconstruction and Development and
East-West United Bank.

"We have acquired Dalcombank's shares in a multi-stage deal and
are now its major stakeholder.  The banking business is one of
the key "points of growth" for Sistema.  We are now present and
operating in the Far East which we consider as a strategically
important region," Alexander Goncharuk, Sistema president and
CEO commented.

                        About Sistema

Sistema JSFC (LSE: SSA) -- http://www.sistema.com/-- is the
largest private sector consumer services company in Russia and
the CIS, with over 65 million customers.  Sistema develops and
manages market-leading businesses in selected service-based
industries, including telecommunications, technology, insurance,
banking, real estate, retail and media.  Founded in 1993,
Sistema's shares are listed under the symbol 'SSA' on the London
Stock Exchange, under the symbol 'AFKS' on the Russian Trading
System (RTS), and under the symbol 'SIST' on the Moscow Stock
Exchange (MSE).

                         *     *     *

The company carries Moody's Investors Service's BB- rating with
a Stable Outlook.


SEVERSTAL OAO: Selling Siberian Coal Mines to Arcelor Mittal
------------------------------------------------------------
OAO Severstal is selling its stake in two coal mines in
Kemerovo, Western Siberia to Arcelor Mittal for US$650 million,
RIA Novosti reports.

Arcelor is acquiring Severtal's:

    * 97.6% stake in Beryozovskaya mine; and
    * 99.35% stake in Pervomaiskaya mine.

"This is a good deal for Severstal, allowing us to focus on the
development of existing, strategically important assets, as well
as invest in new coal projects," Roman Deniskin, head of
Severstal Resurs, the company's mining unit, was quoted by RIA
Novosti as saying.

The mines produced a total of 1.77 million metric tons of coking
coal concentrate in 2007, Severstal told RIA Novosti.

                         About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                         *     *     *

As of Dec. 10, 2007, OAO Severstal carries Ba2 Corporate Family,
Sneior Unsecured Debt and Probability-of-Default ratings from
Moody's Investor Service, which said the the outlook on all
ratings is stable.

The company also carries BB long-term Foreign and Local Issuer
Credit ratings from Standard & Poor's, which said the outlook is
stable.

Severstal carries BB- Issuer Default and Senior Unsecured
ratings from Fitch, which said the outlook is positive.


STAROMAYNSK-AGRO-SNAB: Creditors Must File Claims by February 26
----------------------------------------------------------------
Creditors of OJSC Staromaynsk-Agro-Snab have until Feb. 26,
2008, to submit proofs of claim to:

         S. Vorobyev
         Temporary Insolvency Manager
         Post User Box 67
         Cherdakly
         433400 Ulyanovsk
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A72-6655/07-29/44-B.

The Court is located at:

         The Arbitration Court of Ulyanovsk
         Zheleznodorozhnaya Str. 14
         432063 Ulyanovsk
         Russia

The Debtor can be reached at:

         OJSC Staromaynsk-Agro-Snab
         Mira Str. 12A
         Staraya Mayna
         Staromaynskiy
         433460 Ulyanovsk
         Russia


TATA MOTORS: January Passenger Car Sales Down 12%
-------------------------------------------------
Tata Motors reported a total sale of 54,796 vehicles (including
exports) for the month of January 2008, nearly flat compared to
55,440 vehicles sold in January last year.  The monthly sales --
both domestic and total (including exports) -- crossed the
50,000 mark for the first time this fiscal.  Cumulative sales
for the company were flat at 4,61,725 units.

                       Commercial Vehicles

The company's sales of commercial vehicles in January 2008 in
the domestic market were 30,530 units, a growth of 6% compared
to 28,896 vehicles sold in January last year.  M&HCV sales stood
at 15,633 units, a decline of 8.6% over January 2007, while LCV
sales were 14,897 nos., a growth of 26% over January 2007.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 2,46,060 units, a growth of 2% over last
year. Cumulative M&HCV sales stood at 1,28,504 units, a decline
of 7.8% over last year, while LCV sales for the fiscal were
1,17,556 units, an increase of 16% over last year.

                      Passenger Vehicles

The passenger vehicle business achieved total sales of 20,119
vehicles in the domestic market in January 2008, the highest
during the fiscal with a previous average of 17,000 vehicle
sales per month till December, but a decline of 11.8% over
22,801 units sold in January 2007.  The Indica reported sales of
12,360 units, a decline of 14.6% over January 2007. The Indigo
family registered sales of 2,901 units, a decline of 9.5% over
January 2007.  The new Indica Dicor and the Indigo CS (Compact
Sedan) launched in January have received an encouraging
reception, with production being in a ramp up mode.  The Sumo
and Safari accounted for sales of 4,858 units, a decline of 5%
over January 2007.  The Safari recorded a 23% growth over
January 2007, with its highest ever sales of 2,550 units in a
month.

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were 1,71,255 units, a decline of 4.8% over the
same period last year.  Cumulative sales of the Indica at
1,12,471 units, reported a decline of 3.7%.  Cumulative sales of
the Indigo family were 22,959 units, a decline of 13%.
Cumulative sales of Sumo and Safari were 35,825 units, a decline
of 1.8%.  The Safari recorded a 24% growth with sales of 14,406
units

                             Exports

The company's sales from exports at 4,147 vehicles in January
2008 grew by 11% compared to 3,743 vehicles in January 2007.
The cumulative sales from exports in the current period at
44,410 units have recorded a growth of 6% over the previous
year.

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

On Jan. 7, 2008, Standard & Poor's Ratings Services placed its
'BB+' long-term corporate credit ratings on India-based
automaker Tata Motors Ltd. on CreditWatch with negative
implications.  At the same time, Standard & Poor's placed its
'BB+' foreign currency rating on all of Tata Motor's rated debt
issues on CreditWatch with negative implications.

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


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


IM CAJAMAR 6: Fitch Junks EUR50.7 Million Class E Notes
-------------------------------------------------------
Fitch Ratings assigned expected ratings with Stable Outlook to
IM Cajamar 6, Fondo de Titulizacion de Activos' notes totaling
EUR2,000 million due in October 2047, as:

   -- EUR1,836.2 million Class A: 'AAA'; Outlook Stable

   -- EUR31.2 million Class B: 'AA'; Outlook Stable

   -- EUR19.5 million Class C: 'A'; Outlook Stable

   -- EUR62.4 million Class D: 'BBB-' (BBB minus); Outlook
      Stable

   -- EUR50.7 million Class E: 'CC'; Outlook Stable

The final ratings are contingent upon the receipt of final
documents conforming to information already received.

This transaction is a cash-flow securitization of a EUR2,000
million static pool of residential mortgage loans granted by
Caja Rural Intermediterranea Sociedad Cooperativa de Credito
('A'/'F1'/Outlook Stable).

The expected ratings are based on the quality of the collateral,
the sound underwriting and servicing of the mortgage loans,
available credit enhancement, the integrity of the transaction's
legal and financial structure and InterMoney Titulizacion
S.G.F.T, S.A's administrative capabilities.

Initial CE for the Class A to D notes is provided by
subordination and a reserve fund, which will be funded at
closing using the proceeds of the Class E notes.  The Class E
notes are uncollateralized but will benefit from cash released
from the amortization of the reserve fund.

The expected ratings address the payment of interest on the
notes according to the terms and conditions of the
documentation, subject to a deferral trigger on the Class B,
Class C and Class D, as well as the repayment of principal at
legal final maturity. Should the deferral trigger on the Class
B, C and D notes be hit, interest on these notes will be
deferred in the priority of payments.  In this instance,
interest payments might not be received for a period of time,
but will be received by legal final maturity.

The fund will be regulated by Spanish Securitization Law 19/1992
and Royal Decree 926/1998. Its sole purpose will be to convert
mortgage transmission certificates (certificados de transmision
de hipotecas or CTHs) from the seller into fixed-income
securities.  The fund will be legally represented and managed by
InterMoney Titulizacion S.G.F.T, S.A, a limited liability
company incorporated under Spanish law, whose activities are
limited to the management of securitization funds.


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


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

         Hans W. Rapp
         Liquidator
         Bachtelstrasse 49
         8808 Pfaffikon SZ
         Switzerland

The Debtor can be reached at:

         LLC ARCADE SHIPPING
         Zug
         Switzerland


BIGTYME–LUXURY: Basel-Country Court Starts Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Service of Arlesheim in Basel-Country commenced
bankruptcy proceedings against LLC BIGTYME-Luxury ride on Dec.
11, 2007.

The Bankruptcy Service of Arlesheim can be reached at:

         Bankruptcy Service of Arlesheim
         4144 Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC BIGTYME-Luxury ride
         Binningerstr. 19
         4142 Munchenstein
         Arlesheim BL
         Switzerland


FRANZ DORIG: Creditors' Liquidation Claims Due by Feb. 14
---------------------------------------------------------
Creditors of JSC Franz Dorig have until Feb. 14, 2008, to submit
their claims to:

         R. Marfurt
         Marktgasse 31
         9500 Wil SG
         Switzerland

The Debtor can be reached at:

         JSC Franz Dorig
         Wil SG
         Switzerland


HALPEN JSC: Creditors' Liquidation Claims Due by Feb. 14
--------------------------------------------------------
Creditors of JSC Halpen Contact have until Feb. 14, 2008, to
submit their claims to:

         Dr. Werner Dessauer
         Liquidator
         JSC Commercial Investment
         Alte Landstrasse 134
         8702 Zollikon
         Meilen ZH
         Switzerland

The Debtor can be reached at:

         JSC Halpen
         Glarus
         Switzerland


MS-INOVA JSC: Creditors' Liquidation Claims Due by Feb. 14
----------------------------------------------------------
Creditors of JSC MS-Inova have until Feb. 14, 2008, to submit
their claims to:

         Walter Studer
         Liquidator
         Badstrrasse 17
         5400 Baden AG
         Switzerland

The Debtor can be reached at:

         JSC MS-Inova
         Wohlenschwil
         Baden AG
         Switzerland


MONA LISA: Basel-Country Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Arlesheim in Basel-Country commenced
bankruptcy proceedings against LLC Mona Lisa Entertainment on
Dec. 11, 2007.

The Bankruptcy Service of Arlesheim can be reached at:

         Bankruptcy Service of Arlesheim
         4144 Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC Mona Lisa Entertainment
         Durrmattweg 1
         4144 Arlesheim BL
         Switzerland


NEWCO HOLDINGS: Creditors' Liquidation Claims Due by Feb. 14
------------------------------------------------------------
Creditors of JSC Newco Holdings have until Feb. 14, 2008, to
submit their claims to:

         Dr. Andreas Coradi
         Liquidator
         Lowenstrasse 42
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Newco Holdings
         Steinhausen ZG
         Switzerland


ORTHO-SCHUH JSC: Creditors' Liquidation Claims Due by Feb. 13
-------------------------------------------------------------
Creditors of JSC ORTHO-Schuh have until Feb. 13, 2008, to submit
their claims to:

         Ayhan Akyildiz
         Liquidator
         Hurdackerstrasse 1
         8600 Dubendorf
         Uster ZH
         Switzerland

The Debtor can be reached at:

         JSC ORTHO-Schuh
         Zurich
         Switzerland


SCB INFORMATIK: Creditors' Liquidation Claims Due by Feb. 14
------------------------------------------------------------
Creditors of JSC SCB Informatik have until Feb. 14, 2008, to
submit their claims to:

         JSC SCB Informatik
         Hardturmstrasse 120
         8005 Zurich
         Switzerland


SWISS WATCH: Creditors' Liquidation Claims Due by Feb. 14
---------------------------------------------------------
Creditors of JSC Swiss Watch Manufacturing Center have until
Feb. 14, 2008, to submit their claims to:

         JSC Swiss Watch Manufacturing Center
         Gibelinstrasse 27
         4503 Solothurn
         Switzerland


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


ALSON CONTROLS: Appoints Administrators from Begbies Traynor
------------------------------------------------------------
David Acland and Steven Williams of Begbies Traynor were
appointed joint administrators of Alson Controls Ltd. (Company
Number 04177648) on Jan. 24, 2008.

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

The company can be reached at:

          Alson Controls Ltd.
          Acorn House
          Dams Head Fold
          Westhoughton
          Bolton
          Lancashire
          BL5 3JH
          England
          Tel: 01942 843 900
          Fax: 01942 843 901
          Web site: http://www.alsoncontrols.co.uk/


ANIXTER INTERNATIONAL: Earns US$70.5 Mln in Fourth Quarter 2007
---------------------------------------------------------------
Anixter International Inc. reported net income of
US$70.5 million for the fourth quarter ended Dec. 28, 2007,
inclusive of a benefit of US$9.7 million primarily related to
foreign tax benefits and the finalization of prior year's tax
returns, compared to net income of US$52.4 million in last
year's fourth quarter when the company reported a benefit of
US$4.2 million primarily related to tax benefits associated with
its foreign operations.

For the three-month period ended Dec. 28, 2007, the company
reported sales of US$1.49 billion.  Included in the current
year's fourth quarter results was US$20.5 million of incremental
sales from a series of acquisitions completed in the past year.
After adjusting for acquisitions and the favorable foreign
exchange impact of US$50.5 million, fourth quarter sales grew at
a year-over-year organic rate of 9.0%.

In the prior year period, the company reported sales of
US$1.30 billion.

Operating income in the fourth quarter increased 27.0% to
US$114.4 million as compared to US$90.4 million in the year ago
quarter.  For the latest quarter, operating margins were 7.7%
compared to 7.0% in the fourth quarter of 2006.

                       Twelve Month Results

For the twelve-month period ended Dec. 28, 2007, sales of
US$5.85 billion produced net income of US$253.5 million.  The
2007 results include incremental sales of US$125.5 million from
a series of acquisitions completed in the past year.  After
adjusting for acquisitions and the favorable foreign exchange
impact of US$139.3 million, full year sales grew at a year-on-
year organic rate of 13.0%.  Net income in 2007 also includes
US$11.8 million primarily related to foreign tax benefits and
the finalization of prior year's tax returns.

In the prior year period, sales of US$4.94 billion produced net
income of US$209.3 million.  In addition to the previously
discussed tax benefits recorded in the prior year's fourth
quarter associated with the company's foreign operations, the
2006 twelve-month results include US$22.8 million of income
primarily associated with a refund from the U.S. Internal
Revenue.  This refund was the result of the final settlement of
income taxes covering the period of 1996 through 1998.

Operating income in fiscal 2007 increased by 30.0% to
US$439.1 million as compared to US$337.1 million in the prior
fiscal year.  Operating margins in 2007 were 7.5% as compared to
6.8% in the prior year.

Robert Grubbs, president and chief executive officer, stated,
"We are very pleased with the strong financial results in the
quarter and the year.  Our success in expanding our product and
supply chain offering, along with an intense focus on broadening
and diversifying our global customer base, drove record sales,
operating margins and net income in 2007.  We enter 2008
confident in our ability to continue executing on our growth
strategies including further expanding our customer base as well
as growing with our existing customers."

                      Cash Flow and Leverage

"In the fourth quarter we generated US$92.9 million in cash from
operations, up significantly compared to the US$17.0 million
generated in the year ago quarter," said Dennis Letham,
executive vice president-finance.  "The positive cash flow in
the quarter reflects the normal seasonal patterns associated
with the previously discussed slight drop in consecutive quarter
sales due to the number of holidays in the fourth quarter and
the related effects on working capital needs."

"During the fourth quarter the company repurchased 1,250,000 of
its outstanding shares at a total cost of US$82.1 million.  When
combined with the 3,000,000 shares repurchased during the first
quarter of 2007 for US$162.7 million, the company repurchased
4,250,000, or 10.8% of the outstanding shares it had at the
start of 2007, for a total consideration of US$244.8 million or
an average of US$57.61 per share," continued Letham.

Letham added, "Working capital requirements associated with our
year-on-year sales growth consumed US$139.8 million of cash
during 2007.  The company also completed two acquisitions for
total consideration of US$35.2 million.  The share repurchases,
added working capital requirements and acquisition costs were
financed from a combination of a US$300 million convertible bond
offering completed in the first quarter of 2007 and added
borrowings under bank lines of credit.

"The company ended 2007 with a debt-to-total capital ratio of
49.4% as compared to 45.7% at the end of 2006.  For the fourth
quarter the weighted-average cost of borrowed capital was 4.3%
as compared to 5.4% in the year ago quarter.  At the end of the
fourth quarter, approximately 77.0% of our total borrowings of
US$1.02 billion had fixed interest rates, either by the terms of
the borrowing agreements or through hedge contracts.  We also
had US$243.0 million of available, unused credit facilities at
Dec. 28, 2007, which provide us with the resources to support
continued strong organic growth and to pursue other strategic
alternatives, such as acquisitions, in the new year."

                         Balance Sheet

At Dec. 28, 2007, the company's consolidated balance sheet
showed US$3.02 billion in total assets, US$1.97 billion in total
liabilities,and US$1.05 billion in total stockholders' equity.

                         About Anixter

Headquartered in Glenview, Illinois, Anixter International Inc.
(NYSE: AXE) -- http://www.anixter.com/-- is a distributor of
communication products, electrical and electronic wire & cable
and a distributor of fasteners and other small parts to Original
Equipment Manufacturers.

The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5.0 million square feet of space, and has presence in 220
cities in 45 countries, including Indonesia, Australia, China,
France, Hong Kong, India, Malaysia, New Zealand, the
Philippines, Singapore, Spain, Taiwan, Thailand, and the United
Kingdom.

                          *     *     *

To date, Anixter International Inc. carries Fitch Ratings' BB+
Issuer Default Rating and BB- Senior Unsecured Debt Rating.


AURORA COLORS: Taps Joint Administrators from Begbies Traynor
-------------------------------------------------------------
D.F. Wilson and J.N.R. Pitts of Begbies Traynor were appointed
joint administrators of Aurora Colors Ltd. (Company Number
02848723) on Jan. 18, 2008.

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

The company can be reached at:

          Aurora Colors Ltd.
          Crossways Retail Park
          Caerphilly
          Mid Glamorgan
          CF83 3NL
          Wales
          Tel: 029 2088 0888
          Fax: 029 2088 0893
          Web site: http://www.auroracolors.plc.uk/


BELL CARS: Names Neil Francis Hickling as Liquidator
----------------------------------------------------
Neil Francis Hickling of Smith & Williamson Ltd. was appointed
liquidator of Bell Cars (Worcester) Ltd. on Jan. 18 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Smith & Williamson Ltd.
         No. 1 St. Swithin Street
         Worcester
         WR1 2PY
         England


CHRYSLER LLC: Parts Shortage Prompts Closing of Four Facilities
---------------------------------------------------------------
Chrysler LLC, closed four facilities on Feb. 4, 2008, as the
direct result of a supplier-related parts shortage:

   -- Belvidere Assembly Plant - Rockford, Illinois

   -- Newark Assembly Plant - Newark, Delaware

   -- Sterling Heights Assembly Plant - Sterling Heights,
      Michigan

   -- Toledo North Assembly Plant - Toledo, Ohio

   -- Toledo Supplier Park - Toledo, Ohio (Second shift only
      dismissed)

Mike Ramsey and Erik Larson at Bloomberg News reports that
Chrysler temporarily halted production at the four assembly
plants in a dispute with auto-parts supplier Plastech Engineered
Products Inc.  Bloomberg says Chrysler closed the plants after
following through Feb. 1 on a threat to revoke contracts with
Plastech.  The parts maker filed for Chapter 11 bankruptcy
protection hours after Chrysler canceled orders.

Chrysler's move may result in the closure of all 13 of its North
American assembly plants, according to Messrs. Ramsey and
Larson, unless it finds a way to obtain Plastech parts on an
interim basis.

Employees will be notified directly by their facility or through
local media regarding a return-to-work schedule, Chrysler said
in a statement announcing the plant closures.  Skilled trades
and janitorial services personnel will be notified of their work
schedules by their respective plants.  All other employees are
advised not to report to work unless notified directly by their
management.  Powertrain and Stamping operation employees will be
notified by their local facility as to their work schedule.

These actions are to ensure quality for the company's customers.
The delayed volume will be rescheduled in the near future.  The
company are monitoring the situation and will adjust inventory
mix accordingly to ensure its operations resume efficiently and
as quickly as possible.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                          *     *     *

In November 2007, Standard & Poor's Ratings Services affirmed
Chrysler LLC's 'B' corporate credit rating and said the outlook
was negative.


CHRYSLER LLC: Total U.S. Sales Decreases 12% to 137,392 Units
-------------------------------------------------------------
Chrysler LLC's total U.S. sales of 137,392 units were down 12%
and total fleet sales were down 18% in January.  This was due to
a planned reduction of daily rental fleet vehicles that is in
line with the company's strategy.

The company opened the new year with strong sales performance
from the Dodge Avenger, Dodge Viper, Dodge Caliber and Dodge
Charger, all contributing to a year-over-year sales increase of
42% (28,457 units) for Dodge brand car sales.  This is compared
with 20,020 units in January 2007.

Chrysler Aspen sales of 2,570 units represented a 20% increase
in January 2008 versus the same period last year.

Based on strong consumer demand, sales of the redesigned Jeep(R)
Liberty mid-size sport-utility vehicle increased 17% to 8,331
units in January 2008.  Sales in January 2007 were 7,141 units.

"As customers become even more thoughtful about the vehicles
they buy, Chrysler is committed to delivering products that meet
their needs-and exceed their expectations," Jim Press, Vice
Chairman and President, said.  "While the government works on an
economic stimulus package, we are ready to offer consumers the
best value in the American car market, with vehicles that meet
the highest safety and quality standards.  We are pleased to
offer products like the Dodge Journey, Challenger and Ram; and
launching soon, the two new SUV hybrids -- Chrysler Aspen and
Dodge Durango.  These products, combined with the best-in-
industry Lifetime Powertrain Warranty, will continue to bring
more customers to our showrooms."

"We're moving fast to earn the trust of dealers and customers
and prove that we are listening," Deborah Meyer, Vice President
and Chief Marketing Officer said.  "In the first 60 days after
Chrysler became private, we approved 260 line-item improvements
to our products.  With all of the changes, we have the
opportunity to really get back in step with the American public.
Our task is to challenge old perceptions and build a new image
that is strong and relevant to today's consumers-and prove that
it really is a New Day for Chrysler."

The company finished the month with 413,874 units of inventory,
or a 75-day supply.  Inventory is down by 15% compared with
January 2007 when it was at 488,410 units.

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                          *     *     *

In November 2007, Standard & Poor's Ratings Services affirmed
Chrysler LLC's 'B' corporate credit rating and said the outlook
was negative.


DURA AUTOMOTIVE: Court Approves US$170MM Replacement Loan
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted
DURA Automotive Systems, Inc., and its debtor-affiliates
permission to obtain up to US$170,000,000 in replacement
financing and amend their US$300,000,000 existing postpetition
financing facility.

The Debtors obtained commitments from Ableco Finance LLC on
Jan. 21, 2008, for a Replacement Term Loan DIP Facility, which
would:

   (i) extend the maturity date of DIP loans by six months to
       July 31, 2008, and

  (ii) would allow the Debtors to enter into a replacement
       facility in order borrow US$170,000,000 to pay off
       US$104,500,000 due under the existing term loan facility,
       and pay outstanding balance under its DIP revolver and
       pay fees and expenses associated with the replacement
       term loan facility.

Immediately after seeking for Chapter 11 protection, and in
order to fund their operations while in bankruptcy, the Debtors
obtained Court permission to enter into with Goldman Sachs
Capital Partners  L.P., General Electric Capital Corporation,
and other lender parties:

   -- up to US$130,000,000 asset based revolving credit
      facility, subject to borrowing base and availability
      terms, with a US$5 million sublimit for letters of credit;
      and

   -- up to US$170,000,000 Fixed Asset Facilities consisting of:

      * up to US$150,000,000 tranche B term loan; and

      * up to US$20,000,000 pre-funded synthetic letter of
        credit facility.

Due to their failure to obtain confirmation of their Joint Plan
of Reorganization by their mid-December 2007 target, the Debtors
had obtained an extension of their Existing DIP Facilities until
Jan. 31, 2008.  The Debtors missed their target mainly because
of its failure to obtain full syndication of its US$425,000,000
exit financing, due to tighter credit conditions.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, said the Debtors have been
working with a number of potential replacement DIP lenders to
solicit proposals for potential replacement DIP facilities.
These efforts culminated in the Debtors obtaining a commitment
letter from Ableco Finance on Jan. 21, 2008 for the Replacement
Term Loan  DIP Facility.

The parties are negotiating and finalizing a form of the
Replacement Term Loan DIP Facility based on the existing Term
Loan DIP Facility, i.e., premised substantially on "stepping
into the shoes" of the lenders under the existing Term Loan DIP
Facility, along with the pledge of 100% of the stock of the
Debtors' foreign non-debtor subsidiaries, an increase from the
existing pledge of 66% under the existing Term Loan DIP
Facility.

The material terms of the Revolver DIP Amendments are:

    Term                Description
    ----                -----------
    Aggregate
    Commitments         Reduced to US$90 million.

    New Maturity Date   July 31, 2008.

    Interest Rate       Subject to pending negotiations.

    New Collateral      Enhanced Foreign Stock Pledge.

    Other Terms         Certain additional terms, including
                        Revolver DIP Facility covenants, are
                        being negotiated and finalized.

    Carve-out           Subject to pending negotiations.

The salient terms of the Replacement Term Loan DIP Facility are:

    Term                Description
    ----                -----------
    Fees                US$1,275,000 commitment fee,
                        US$1,275,000 closing fee, and reasonable
                        out-of-pocket fees and expenses incurred
                        by Ableco, including already-paid
                        US$175,000 advance expense deposit.

    Interest Rate       The Term Loan will bear interest at the
                        rate per annum equal to (i) the
                        Reference Rate plus 7% of which 3% will
                        be paid-in-kind or (ii) the 30-, 60- or
                        90-day LIBOR plus 10% of which 3% will
                        be paid-in-kind.  Interest will be
                        payable monthly in arrears.

                        "Reference Rate" means the rate of
                        interest publicly announced from time to
                        time by JPMorgan Chase in New York, New
                        York as its reference rate, base rate or
                        prime rate, provided that at no time
                        will the Reference Rate be less than
                        6.75% "LIBOR" means the London Interbank
                        Rate, provided that at no time will the
                        LIBOR rate referred to above be less
                        than 3.75%.  All interest and fees will
                        be computed on the basis of a year of
                        360 days for the actual days elapsed.
                        If any Event of Default occurs and is
                        continuing, interest will accrue at a
                        rate per annum equal to 2% above the
                        rate previously applicable to the
                        obligation, payable on demand.

    Total Facility      US$170,000,000 -- approximately
                        US$105,000,000 to replace existing Term
                        Loan DIP Facility, approximately
                        US$45,000,000 additional term loan
                        financing for paying down the Revolver
                        DIP Facility, and a US$20,000,000
                        synthetic letter of credit facility.

    Interim Facility    Same as total facility.

    New Maturity Date   July 31, 2008

    Use of Proceeds     To (i) repay the Debtors' existing
                        debtor-in-possession term loan of
                        approximately US$104,500,000 and replace
                        the existing debtor-in-possession
                        synthetic letter of credit facility;
                        (ii) fund general corporate needs,
                        including working capital needs; and
                        (iii) pay fees and expenses related to
                        this transaction and the Chapter 11
                        cases.

    New Collateral      Enhanced Foreign Stock Pledge.

    Covenants           Customary covenants.

    Events of Default   Customary events of default.

    Curve-out           Subject to pending negotiations.

Mr. DeFranceschi stated that the credit market conditions in
which the Debtors are seeking to extend and amend postpetition
secured financing facilities have deteriorated markedly since
November 2006, when the Court entered the Final DIP Order.  As a
result, the cost of obtaining DIP financing has increased
substantially, he avers.

Mr. DeFranceschi added that the Debtors will suffer immediate
and irreparable harm if the Court does not authorize them to
enter into the Replacement Term Loan DIP Facility on an interim
basis prior to the Jan. 31, 2008, maturity date of the existing
DIP Term Loan Facility.  On Jan. 31, the Debtors' obligations
under the existing DIP Term Loan Facility would become
immediately due and payable, and the existing DIP Term Loan
lenders would be entitled to exercise all remedies available to
them under the Final DIP Order.

                      About DURA Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.  (Dura Automotive
Bankruptcy News, Issue No. 45; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


FORD MOTOR: January 2008 Sales Decrease 4% to 159,914
-----------------------------------------------------
Total Ford Motor Company sales in January, including Jaguar,
Land Rover, and Volvo, were 159,914, down 4%.

Demand for Ford's crossovers remained strong in January.  Sales
for the Ford Edge were 95% higher than a year ago and the
Lincoln MKX was up 78%.

Retail demand for Ford, Lincoln and Mercury cars also was strong
in January, especially for the new Focus.  Sales for the Focus
were up 44% compared with a year ago, with retail sales up 33%.
Combined retail sales for the Ford Fusion, Mercury Milan, and
Lincoln MKZ also were higher than a year ago.

"We're very pleased with this result," Jim Farley, Ford's group
vice president, Marketing and Communications, said.  "Our
dealers really delivered this month, despite a challenging
economic and competitive environment.

"It's not going to get any easier -- at least for awhile," Mr.
Farley said.  "Recent monetary actions and the proposed stimulus
package may help the economy later this year, but we're not
pinning our hopes on that.  Our plan is based on restructuring
our business to be profitable at lower demand and changed mix
while also accelerating the development of new products people
want to buy."

The next wave of new Ford products will arrive this summer --
the distinctively designed Ford Flex crossover and the elegant
Lincoln MKS sedan.  A new Ford F-150 pickup truck will debut
later in the fall.

Ford, Lincoln and Mercury sales totaled 148,355, down 4%
compared with a year ago.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

Ford Motor Company's B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured, and B3 probability of default,
were affirmed by Moody's Investors Service's in November 2007.
Moody's however changed the rating outlook to Stable from
Negative and raised the company's Speculative Grade Liquidity
rating to SGL-1 from SGL-3.


FORD MOTOR: Kicks Off 2008 with 9.6% Sales Increase in Canada
-------------------------------------------------------------
Ford Motor Company of Canada, Ltd., rang in the New Year with an
overall sales increase of 9.6%.  Ford trucks led the charge with
a 14.8% rise over last year's totals for the month.  And while
Ford car sales slipped 5.1%, sales of the redesigned Ford Focus
were up 22% and Ford Mustang marked a 6.5% increase in January.

"Canadian vehicle shoppers look for quality, versatility and
style.  We've listened carefully to our customers and we are
delivering the kinds of vehicles they want to drive," Barry
Engle, who was recently named president and CEO, Ford of Canada,
said.  "Now we have a strong start to 2008, and with new
products like the break-through Ford Flex crossover and the new
2009 Ford F-150 coming this year, we'll have even more to offer
Canadians."

Last month, Ford of Canada's overall sales increased 9.6% to
12,733 units.  Total truck sales were up 14.8% at 9,871 units
and total car sales of 2,862 units mark a 5.1% decline compared
to last January.

January Highlights:

   * Ford Edge sales increase 151%;
   * Ford Escape sales rise 60%, marking its best January ever;
   * Ford Ranger saw a 56% sales jump;
   * Ford Taurus X sales increase 36%;
   * Ford Explorer up 31%;
   * Ford Expedition sales rise 18%; and
   * Lincoln MKX up 29%.

                    January 2008 Vehicle Sales

     January                 2008       2007     % Change
     -------                 ----       ----     --------
     Total Vehicles        12,733     11,614         9.6%

     Total Cars             2,862      3,015        -5.1%

     Total Trucks           9,871       8,599       14.8%

                          About Ford

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

Ford Motor Company's B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured, and B3 probability of default,
were affirmed by Moody's Investors Service's in November 2007.
Moody's however changed the rating outlook to Stable from
Negative and raised the company's Speculative Grade Liquidity
rating to SGL-1 from SGL-3.


M.A.P. WOODCRAFT: Appoints Liquidator from Mazars
-------------------------------------------------
Timothy Colin Hamilton Ball of Mazars LLP was appointed
liquidator of M.A.P. Woodcraft (Caerphilly) Ltd. on Jan. 23 for
the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Mazars LLP
         Clifton Down House
         Beaufort Buildings
         Clifton
         Bristol
         BS8 4AN
         England


MAXJET AIRWAYS: Gets Go-Signal from Court to Auction Assets
-----------------------------------------------------------
The United States Bankruptcy Code for the District of Delaware
approved modified procedures for the auction and sale of MAXjet
Airways Inc.'s assets.

The auction will be held on February 20, 2008, at the
Wilmington, Delaware office of MAXjet's counsel, Pachulski Stang
Ziehl & Jones LLP, at 1:00 p.m.

Judge Peter J. Walsh will hold a separate hearing to consider
the results of the auction.

Kelly Beaudin Stapleton, the United States Trustee for Region 3,
asked the Court to reject the proposed procedures.

The Associated Press says Ms. Stapleton took issue with MAXjet's
request to reserve the right to reject any bid it deems
inadequate, to waive the terms and conditions of the bidding
procedures that it's seeking court approval of, and to impose or
modify the sale process as it progresses.  The U.S. Trustee
argued that the company's proposal would give it a "blank check"
to re-write bidding procedures as it goes along, AP relates.

MAXjet requested an auction without a leading bidder to set a
floor price for its assets, AP notes.

As reported in the Troubled Company Reporter on January 31,
2008, MAXjet wanted set Feb. 6 set as the deadline for
submission of initial bids and Feb. 11 for final bids.

Headquartered in Dulles, Virginia, MAXjet Airways Inc. --
http://www.maxjet.com/-- is an all-business class, long-haul
airline company.  It has introduced scheduled services with
flights from London Stansted Airport to New York.  As of
December 2006, it leased five B767 aircraft.  Its customers are
both business and leisure travelers.  At the airport, its
product features check-in facilities located in primary
terminals, security and a business class departure lounge and
arrivals facility.  Its flights features deep-recline seats (170
degree) spaced at a 60 inch pitch, portable entertainment
systems, stowage space and business class catering.

The Debtor filed for chapter 11 protection on Dec. 24, 2007
(Bankr. D. Del. Case No. 07-11912).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP as its bankruptcy counsel.
The Official Committee of Unsecured Creditors taps Morris James
LLP as counsel.  The Debtor listed assets between US$10 million
and US$50 million and debts between US$50 million to US$100
million when it filed for bankruptcy.


NORTHERN ROCK: Board and Virgin Submit Offers; Olivant Withdraws
----------------------------------------------------------------
The Board of Northern Rock plc and a Virgin Group-led consortium
have submitted to the Tripartite Authorities formal proposals
for the company on Monday, February 4, 2008.

Olivant Advisors Ltd., however, has decided not to lodge a
further proposal in relation to the stabilization,
recapitalization and repositioning of Northern Rock.

"Despite working intensively, we have been unable to formulate a
value creation proposal which meets our investment criteria
while also respecting HM Government's proposed financing terms
and the interests of other stakeholders in the company," Luqman
Arnold, chairman of Olivant said.

According to BBC News, Olivant, whose proposal earlier won
support from Northern Rock's largest shareholders, SRM and RAB
Capital, pulled out after it was required by the government to
repay its GBP25 million of direct loans to the company within
three years instead of five.

Olivant, BBC adds, was informed late about the three year time
limit.

As previously stated in a TCR-Europe report, Olivant's initial
proposal entails taking urgent steps to re-establish Northern
Rock as a viable business, retaining its brand and restoring it
to financial health.

Overview of proposal:

    * Immediate introduction of an experienced operational team
      into Northern Rock, led by Olivant's chairman, Luqman
      Arnold, to achieve stabilization of the company and its
      business

    * Prompt repayment of Bank of England liquidity support
      facility through active operational management,
      accelerated through external market financing

    * Implementation of a restructuring strategy to size
      Northern Rock to its natural funding and operational
      capacity

    * Subscription for a minority stake in Northern Rock on
      terms to be agreed with the Company's board

    * Olivant's only financial return will arise from an
      increase in the value of its investment

       Northern Rock Management's Restructuring Proposal

The Board of Northern Rock has put forward a standalone solution
for restructuring the company.  The Board has requested that the
Tripartite Authorities consider, at the same time as they are
considering providing funding for proposals from other
interested parties, whether they are prepared to provide funding
for the restructuring proposal on the basis previously announced
by them.

Following the announcement, the Board has been working with
interested parties to enable them to further develop their
proposals for the company, as well as continuing to develop the
restructuring proposal.  The Board has provided interested
parties with details of its restructuring proposal to maintain
transparency in the process and to enable such parties to
improve their proposals in order to provide a better outcome for
the company's stakeholders.

The restructuring proposal would combine a new equity raising of
not less than GBP500 million (which would be conditional upon EU
state aid approval), a reduction in the assets held on the
company's balance sheet and a reorganization of its operations.
The Board believes the restructuring proposal, once implemented
in full, will result in an independent, well-capitalized, low
cost and significantly lower risk mortgage and savings bank,
with two distinct phases of development:

    * Phase 1: business stabilization, controlled reduction of
      current loan book, preservation of capital within the
      balance sheet, strengthening of management team through
      the appointment of Paul Thompson as CEO, with Andy Kuipers
      taking the role of Deputy CEO, pay down of the bond
      funding proposed by HM Treasury to refinance in full the
      current Bank of England facility and removal of Government
      support

    * Phase 2: modest growth in prime quality lending in line
      with the company's ability to raise retail and wholesale
      funds, scope for dividends and capital returns

There can be no certainty that the restructuring proposal will
be supported by the Tripartite Authorities or that it will be
selected by the Board as the best option for the company
following a further review of other proposals received and
discussions with the Tripartite Authorities.  In addition,
requisite shareholder and third party consents may be required
for implementation of the restructuring proposal.  These
consents include, but are not limited to, the approval by the EU
Commission in respect of any state aid involved in the
restructuring proposal and the associated financing
arrangements.

A spokesman for RAB Capital told BBC Northern Rock's management
offer was the "only one strong and independent solution."

             Virgin Consortium's Formal Proposal

A Virgin-led consortium's formal proposal seeks to recapitalize
and refinance Northern Rock.

The consortium's intention is that the company continues as a
going concern and a listed entity -- rebranded as Virgin Bank.

"We have made a proposal that seeks to stabilize the company and
rebuild it as a trusted and thriving institution under the
Virgin brand with a long-term future.  The proposal is a sound
public-private solution for Northern Rock that will see
taxpayers' interests protected and give existing shareholders
the opportunity to invest alongside and at the same subscription
price as the Virgin Consortium," Sir Brian Pitman, proposed
executive chairman of Virgin Bank, said.

The consortium believes that its proposal meets all of the
Tripartite Authorities' objectives.  A clear strategy is
envisaged for full repayment of the financing package arranged
by HM Treasury and the Bank of England and for the release of HM
Treasury's guarantees.  In recognition of the proposed support
of the company's near term financing, HM Treasury will also
receive a warrant over part of the company's share capital.

The consortium believes that the company must be strongly
capitalized to withstand the full effects of potential adverse
market conditions.  Therefore the consortium proposes to lead a
substantial injection of GBP1.25 billion of new equity capital
into the company.  This will be structured as GBP500 million
cash injection from the consortium partners, contribution of the
complementary Virgin Money business for GBP250 million, and a
rights issue of GBP500 million priced at 25p per share.  The
rights issue -- under which existing shareholders are expected
to receive rights to subscribe for 4.7 new shares for every
share that they currently own -- will allow existing
shareholders to subscribe capital at the same price as the
consortium.

An experienced executive management team has been assembled,
including Sir Brian Pitman as executive chairman and Jayne-Anne
Gadhia as CEO.  New and experienced candidates for finance
director, treasury director and risk director have also agreed
to join the company if the consortium's proposal proceeds.

The full details of the proposal remain confidential.

Any issue of new equity by the company would be conditional on
the approval of its shareholders, including their approving a
"whitewash" of the provisions of Rule 9 of the City Code on
Takeovers and Mergers, which would otherwise require the
consortium to make a takeover offer for the company's existing
share capital.

There can be no certainty that the proposal will result in any
transaction or offer.

The government is due to decide by the end of this month after
which it will seek approval for any rescue plan from the
European Commission by March 17, 2008, the cut-off date for the
current GBP55 billion of financial assistance given to the
company from the Bank of England, BBC relates.

BBC reveals analysts haven't ruled out nationalization if
neither offers is ultimately deemed acceptable.

                      About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- deals with
mortgages, savings accounts, loans and insurance.  The company
also promotes secured loans to its existing mortgage customers.
The company had more than US$200 billion in assets at the end of
June 2007.

                          *     *     *

As reported in the TCR-Europe on Dec. 20, 2007, Moody's
Investors Service downgraded to E+ from D+ Northern Rock's Bank
Financial Strength Rating.  The E+ maps into a Baseline Credit
Assessment of B1.

The bank's dated subordinated debt was downgraded to B1 from
Baa1 and the undated subordinated debt and Tier-1 securities
were downgraded to B3 from Baa1 and Baa3 respectively.  All of
these ratings have negative outlooks.  Northern Rock's short-
term rating was affirmed at Prime-1.

As reported in the TCR-Europe on Sept. 28, 2007, Standard &
Poor's Ratings Services placed its 'A-/A-1' counterparty credit
ratings on U.K. bank Northern Rock PLC on CreditWatch with
developing implications.  At the same time, the 'BBB'
subordinated, 'BB' junior subordinated, and 'A-' senior
unsecured debt ratings were placed on CreditWatch with
developing implications.


NORTHUMBRIAN TOOL: Brings In Liquidators from Tenon Recovery
------------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Northumbrian Tool & Engineering
Services Ltd. (formerly Stone Light Enterprises Ltd.) on Jan. 30
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


QUEBECOR WORLD: U.S. Trustee Forms Seven-Member Creditors' Panel
----------------------------------------------------------------
Pursuant to Section 1102(a) and (b) of the Bankruptcy Code,
Diana G. Adams, the United States Trustee for Region 2,
appointed seven parties to the Official Committee of Unsecured
Creditors in the Chapter 11 cases of Quebecor World (USA) Inc.
and its debtor-affiliates.

The Creditors Committee consists of:

    (1) Wilmington Trust Company
        520 Madison Avenue, 33d floor
        New York, NY 10022
        Tel No: (212) 415-0500
        Attn: Suzanne Macdonald

    (2) Pension Benefit Guaranty Corp.
        1200 K Street, NW
        Washington, DC 20005
        Tel No: (202) 326-4070 x 6367
        Attn: Suzanne Kelly

    (3) The Bank of New York Mellon
        101 Barclay Street - 8 West
        New York, NY 10286
        Tel No: (212) 815-5650
        Attn: David M. Kerr

    (4) MEGTEC Systems Inc.
        830 Prosper Rd.
        De Pere, WI 54115
        Tel: (920) 337-1568
        Attn: Gregory R. Linn

    (5) Abitibi-Consolidated Inc.
        1155 Metcalfe Street, Suite 800
        Montreal, Quebec
        H3B 5H2 CANADA
        Tel No: (514) 394-3638
        Attn: Madeleine Fequiere

    (6) International Paper Company
        6285 Tri-Ridge Blvd.
        Loveland, OH 45140
        Tel No: (513) 965-2943
        Attn: Steve K. Dunn

    (7) Cellmark Paper, Inc.
        300 Atlantic Street
        Stamford, CT 06901
        Tel No: (203) 251-9026
        Attn: Dominick J. Merole


                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

Quebecor World and its Canadian subsidiaries filed a petition
under the Companies' Creditors Arrangement Act before the
Superior Court of Quebec, Commercial Division, in Montreal,
Canada, on Jan. 20, 2008.  They obtained creditor protection
until Feb. 20, 2008.  Ernst & Young Inc. was appointed as
Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.  (Quebecor World Bankruptcy News, Issue No. 4;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: Can Use DIP Facility for Lat-Am & Europe Biz
------------------------------------------------------------
The Honorable Justice Robert Mongeon at the Superior Court of
Justice (Commercial Division), for the Province of Quebec,
overseeing Quebecor World Inc.'s insolvency proceedings under
the Canadian Creditors' Companies Arrangement Act, directs that
the Applicants may use any proceeds from the US$1,000,000,000
DIP Facility or any of their property to refinance the existing
third-party credit facilities supporting their European and
Latin American operations, subject to reasonable prior notice
to, and prior consultation with, PricewaterhouseCoopers,
financial advisor to the DIP Lenders, and Houlihan Lokey Howard
& Zukin, financial advisor to holders of public notes issued by
the Applicants.

Mr. Justice Mongeon also authorizes the Applicants to:

   (a) make intercompany loans up to a maximum of
       CAUS$25,000,000 in the aggregate to pay non-Applicants'
       prepetition payables that relate to their European
       operations; and

   (b) make intercompany loans up to a maximum of
       CAUS$10,000,000 in the aggregate to pay non-Applicants'
       prepetition payables that relate to their Latin American
       operations.

The Administration Charge, the DIP Lenders Charge, and the
Directors and Officers Charge will rank in priority to any
mortgages, liens, trusts, security interests, priorities,
conditional sale agreements, financial leases, charges,
encumbrances or security affecting the property of Applicant
Quebecor World Inc., other than the valid and perfected
Encumbrances currently held pursuant to the prepetition credit
agreements with each of the Royal Bank of Canada and Societe
Generale (Canada), subject to an aggregate limit of
US$170,000,000 on amounts recoverable under the prepetition
Credit Agreements.

                      *     *     *

Shearman & Sterling is representing Credit Suisse and Morgan
Stanley Senior Funding, Inc., as Joint Lead Arrangers and Co-
Bookrunners, and Credit Suisse, as Administrative Agent, in
connection with the US$1,000,000,000 DIP Loan.

Attorneys include partners Douglas P. Bartner (NY-BR), Michael
Zinder (NY-FG), Andrew V. Tenzer (NY-BR), Michael S. Baker (NY-
FG) and Don J. Lonczak (NY-TX), counsel Matthew M. Donaher (NY-
FG) and Jeffrey L. Salinger (NY-PR), associates Justin C. Hewitt
(NY-BR), Gloria L. Huang (NY-BR), Danielle Kalish (NY-FG), Sung
Ho (Danny) Choi (NY-BR), Courtney Lemli (NY-FG), Eva A.
Rasmussen (NY-ECEB) and Maruti R.  Narayan (DC-TX).  Legal
assistant Ilona Logvinova (NY-FG) is assisting.

                Credit Suisse US$1 Bil. DIP Fund

As reported in the Troubled Company Reporter on Jan. 24, 2008,
the Debtors formally sought the Bankruptcy Court's authority to
enter into a US$1,000,000,000 senior secured superpriority DIP
credit agreement from a syndicate of lenders led by Credit
Suisse Securities (USA), LLC, as administrative and collateral
agent, and Morgan Stanley Senior Funding Inc.

As previously reported, the US$1,000,000,000 DIP Facility
comprises of a US$600,000,000 term loan and a US$400,000,000
revolving credit facility.  The Revolving Credit Facility also
includes a US$100,000,000 letter of credit subfacility and a
US$25,000,000 swing line subfacility.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

Quebecor World and its Canadian subsidiaries filed a petition
under the Companies' Creditors Arrangement Act before the
Superior Court of Quebec, Commercial Division, in Montreal,
Canada, on Jan. 20, 2008.  They obtained creditor protection
until Feb. 20, 2008.  Ernst & Young Inc. was appointed as
Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective on Jan. 28, 2008

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.  (Quebecor World Bankruptcy News, Issue No. 4;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SACHSEN FUNDING: S&P Puts Mezzanine & Capital Notes on Default
--------------------------------------------------------------
Standard & Poor's Ratings Services is lowering and retaining on
CreditWatch with negative implications its ratings on the
commercial paper issued by Sachsen Funding I Ltd.

It is also removing from CreditWatch negative and lowering to
'D' its ratings on the Mez Tier 1 and Mez Tier 2 notes and the
capital notes.

These ratings actions on Sachsen Funding are based on updated
current portfolio values and the notification from Sachsen LB
Europe, which manages the portfolio, that there were not enough
proceeds to pay the obligations on the mezzanine and junior
notes.

The vehicles remain at risk from further market valuation
declines and therefore the CP rating remains on CreditWatch
negative.


                        Ratings List

                    Sachsen Funding I Ltd.

  Rating Remaining On CreditWatch Negative And Lowered


                                     Rating
                                     ------
  Class                     To                  From
  -----                     --                  ----
  CP                        C/Watch Neg         A-3/Watch Neg

  Ratings Removed From CreditWatch Negative And Lowered

                                     Rating
                                     ------
  Class                     To                  From
  -----                     --                  ----
  Tier 1 mezzanine notes    D                   CCC-/Watch Neg
  Tier 2 mezzanine notes    D                   CCC-/Watch Neg
  Capital notes             D                   CCC-/Watch Neg


SETMASTERS LTD: Brings In Administrators from Tenon
---------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint administrators of Setmasters Ltd.
(Company Number 5501523) on Jan. 18, 2008.

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

The company can be reached at:

          Setmasters Ltd.
          Unit 150
          Wellworthy Road
          Lymington
          Hampshire
          SO41 8JY
          England
          Tel: 01590 675 555
          Fax: 01590 675 556
          Web site: http://www.setmasters.co.uk/



SKYEPHARMA PLC: U.S. FDA Extends Review Period for Requip XLTM
--------------------------------------------------------------
SkyePharma PLC has been informed that the United States Food and
Drug Administration has extended the Prescription Drug User Fee
Act action date for GlaxoSmithKline's Requip(R) XLTM Extended
Release tablets.  The PDUFA action date is the date by which the
FDA is expected to issue a response on a pending new drug
application.  Following the approvable letter for Requip XL
issued in December 2007, GlaxoSmithKline submitted a response to
the FDA.  A final decision from the FDA had been expected in Q1
2008.  However, GSK has recently submitted additional
information on food effect to the FDA.  The agency has
determined that they would not have sufficient time to review
this information prior to the Q1 action date and the final
decision is now expected to be received in Q2 2008.

Requip(R) XLTM is the first and only once-daily oral non-ergot
dopamine agonist indicated to treat the signs and symptoms of
idiopathic Parkinson's disease.  It uses SkyePharma's patented
GEOMATRIXTM technology and has been designed to provide a steady
rate of absorption in the body to help reduce daily blood
plasma fluctuations.  The product is expected to be available in
pharmacies shortly after the anticipated approval.

SkyePharma is pleased to note the launch in France last week of
Requip(R) LP Extended Release tablets (as Requip(R) XLTM
Extended Release tablets are known in France).

Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)
-- http://www.skyepharma.com/-- develops pharmaceutical
products benefiting from world-leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  There are now 12 approved products incorporating
SkyePharma's technologies in the areas of oral, injectable,
inhaled, and topical delivery supported by advanced
solubilization capabilities.

The Group balance sheet as at June 30, 2007, shows GBP55.1
million in total shareholders' deficit.


SPEED 9404: Appoints Smith & Williamson as Administrators
---------------------------------------------------------
Stephen John Tancock and Stephen Adshead of Smith & Williamson
Ltd. were appointed joint administrators of Speed 9404 Ltd.
(Company Number 4586106) on Jan. 24, 2008.

Smith & Williamson -- http://www.smith.williamson.co.uk/--
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.

The company can be reached at:

          Speed 9404 Ltd.
          The Old Pumping Station
          Pluckley Road
          Charing
          Ashford
          Kent
          TN27 0AH
          England
          Tel: 01233 713 858
          Fax: 01233 714 905


WEATHERWISE LTD: Taps Begbies Traynor to Administer Assets
----------------------------------------------------------
David Moore and Donald Bailey of Begbies Traynor were appointed
joint administrators of Weatherwise (UK) Ltd. (Company Number
02566423) on Jan. 23, 2008.

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

The company can be reached at:

          Weatherwise (UK) Ltd.
          Aviation Park
          Flint Road
          Saltney Ferry
          Chester
          Cheshire
          CH4 0GZ
          England
          Tel: 01244 529 100
          Fax: 01244 529 101
          Web site: http://www.weatherwise.co.uk/


                            *********

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 * * *