TCREUR_Public/080208.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

             Friday, February 8, 2008, Vol. 9, No. 28

                            Headlines


A U S T R I A

ABLEITINGER LLC: Claims Registration Period Ends February 25
BRUNNER RUDOLF: Claims Registration Period Ends February 18
COLOURS & BEAUTY: Claims Registration Period Ends March 19
ING. CHRISTIAN: Claims Registration Period Ends February 18
IPP FINANZMANAGEMENT: Claims Registration Period Ends March 19

SCHOENGRUNDNER LLC: Claims Registration Period Ends February 20
TRANSPORTE-MANINGER: Claims Registration Period Ends February 29
WELLE-BAU: Claims Registration Period Ends March 13


B E L G I U M

AVNET INC: Operating Unit Signs Global Distribution Deal w/ Alps
SOLUTIA INC: Files Suit to Enforce Exit Financing Commitment

C Z E C H   R E P U B L I C

CHEMOPROJECKT: Inks Pact with Setuza; Cancels Bankruptcy Request


F R A N C E

GENERAL CABLE: Picks Brian Robinson as EVP, CFO & Treasurer
SPANSION INC: Posts US$49.5 Mil. Net Loss in 2007 Fourth Quarter
TEMBEC INC: Furnishes Updates on Proposed Recapitalization
TIMKEN CO: Board Declares US$0.17 Per Share Quarterly Dividend


G E R M A N Y

ATU AUTO-TEILE-UNGER: S&P Cuts Rating to B-; Retains Watch
ANNETT REINELT: Claims Registration Ends March 4
BAAN THAI: Claims Registration Ends March 4
BARFIN GMBH: Claims Registration Period Ends March 3
BAUER-VERWALTUNG: Claims Registration Period Ends March 3

BAUGESCHAFT PETERSON: Claims Registration Period Ends March 3
BBT FERRO: Claims Registration Ends March 4
BUV BAUGESELLSCHAFT: Claims Registration Ends March 4
CITY COLOR: Claims Registration Period Ends March 3
CSS SANIERUNGSTECHNIK: Claims Registration Period Ends March 3

GEORGIUS BAD: Claims Registration Period Ends March 3
JACKEL MASSIVBAU: Claims Registration Period Ends March 3
JEREBITZ GMBH: Creditors' Meeting Slated for March 11
MIS LOGISTICS: Claims Registration Ends March 4
OPTIK SOMMER: Claims Registration Period Ends March 3

ROYAL FITNESS: Claims Registration Period Ends February 21


G R E E C E

WIND HELLAS: Fitch Removes Negative Watch and Holds B Rating


I R E L A N D

CHATTEM INC: Earns US$59.7 Million in Fiscal Year Ended Nov. 30


I T A L Y

ALITALIA SPA: Chairman Warns of Possible Bankruptcy
ALITALIA SPA: Lazio Court to Hear AirOne Appeal February 20
ALITALIA SPA: Presents Summer Network Schedule for 2008
FIAT SPA: Keeps Position on Jaguar/Land Rover Acquisition
FIAT SPA: Unit Signs PoU to Boost & Develop Verrone Plant

PARMALAT SPA: Sees Up to EUR550 Million Net Profit for 2007


K A Z A K H S T A N

BUMERANG-SK LLP: Proof of Claim Deadline Slated for March 7
DINARA-BUSINESS LLP: Creditors Must File Claims by March 7
HLEBOBULOCHNY COMBINATE: Claims Filing Period Ends March 7
KAZKOMMERTSBANK JSC: Tajikistan Subsidiary Gets Banking License
KSM-SERVICE XXI: Creditors' Claims Due on March 7

RETAIL TRADE: Claims Registration Ends March 7
RIS LLP: Creditors Must File Claims by March 7
ROHDE & LIESENFELD: Claims Filing Period Ends March 7
SOTSIALNYE INNOVATSIONNYE: Creditors' Claims Due on March 7
URAL MEH: Claims Registration Ends March 7


K Y R G Y Z S T A N

DOOLET CONSULTING: Creditors Must File Claims by February 22
JS COMMERCIAL: Claims Filing Period Ends February 22


N E T H E R L A N D S

BENCHMARK ELECTRONICS: Earns US$21 Mln in Fourth Quarter 2007


R U S S I A

ELVIS-A CJSC: Creditors Must File Claims by February 28
NOVATEK OAO: Natural Gas Production Down in 2007
PHOENIX CJSC: Asset Sale Slated for February 25
RUSSIAN FACTORING: Fitch Puts RUR500 Million Facility at BB
SO VYAZOVSKOE: Creditors Must File Claims by February 28

VOLZHSKIY FACTORY: Creditors Must File Claims by March 28
VYATSKAYA NEAR: Creditors Must File Claims by March 28


S P A I N

BAUSCH & LOMB: Raymond Elliott & Richard Wallman Joins Board
* Moody's Says Spanish RMBS Shows Delinquencies Hike in Q3 2007


U K R A I N E

FORTUNA-97 LLC: Proofs of Claim Filing Deadline Set February 17
FORUM-COMPLEX LLC: Creditors Must File Claims by February 16
IMEKS CMBH: Creditors Must File Claims by February 16
KLONDIKE-SERVICE LLC: Creditors Must File Claims by February 17
LISSONTRADE LLC: Creditors Must File Claims by February 16

NIVA LLC: Creditors Must File Claims by February 16
SAMARA FOOTBALL: Creditors Must File Claims by February 16
SELECTION CENTER: Proofs of Claim Filing Deadline Set Feb. 17
SERVICE LLC: Creditors Must File Claims by February 17
VYBOR-UKRAINE LLC: Creditors Must File Claims by February 17


U N I T E D   K I N G D O M

BMP REALISATIONS: Brings In Liquidators from Deloitte & Touche
CITELYNX TRAVEL: Taps Liquidators from BDO Stoy Hayward
DENNIS RUABON TILES: Jumps Into Receivership With Lousy Sales
DOWNS BUTCHERS: Calls In Liquidators from Tenon Recovery
ELECTRONIC DATA: To Pay US$0.05 Per Share Dividend on March 10

EYESAGLOW LTD: Appoints Liquidators from KPMG
FKI PLC: Melrose Confirms Making Preliminary Approach
FORD MOTOR: Toyota & Ford Unaffected by Plastech's Bankruptcy
GRAPHITE MORTGAGES: Fitch Affirms Ratings on 20 Tranches
HABITUS SURVEYORS: Put into Liquidation by B&C Associates

HOLYWELL MOTORS: Names Neil Francis Hickling Liquidator
INDIGO FUSION: Brings In Administrators from Deloitte & Touche
ING RE (UK): Scheme of Arrangement Effective February 1
ING RE (UK): Final Claims Submission Deadline is July 31
ING RE (UK): U.S. Court Recognizes Chapter 15 Petition

KEATING GROUP: Appoints Ernst & Young as Administrators
KRONOS INC: Paul Lacy to Quit as President
LADBROKES PLC: Acquires Eastwood Bookmakers for GBP117.5 Million
LANDSCAPE LTD: Joint Liquidators Take Over Operations
NORTHERN ROCK: 1,000 Jobs May be Cut Under Virgin's Rescue Bid

POLYONE CORP: Earns US$7.1 Million in 2007 Fourth Quarter
PWS INTERNATIONAL: Taps Joint Administrators from PwC
QUEBECOR WORLD: Printing Union Seeks Talk of Financial Woes
QUEBECOR WORLD: BP Canada Wants to End Gas Supply to U.S. Plants
QUEBECOR WORLD: Can File Schedules and Statements Until March 5

SAND TECH: Oct. 31 Balance Sheet Upside-Down by CDN$1.1 Million
SAND TECHNOLOGY: Has CDN$881,951 Equity Deficit at July 31
SEA CONTAINERS: Inks Pact with Two Pension Schemes Trustees
SETTEN AND DURWARD: Appoints Joint Administrators from PwC
SEVERN VALLEY: Taps KPMG to Administer Assets

SHEPLEY WINDOW: Appoints Deloitte as Joint Administrators
WHINSTONE CAPITAL: Fitch Holds Low-B Ratings on Five Classes
WISDOM SOLUTIONS: Claims Filing Period Ends March 28
* Moody's Says UK Prime RMBS Shows Stable Performance in Q4 2007
* BOOK REVIEW: How To Measure Managerial Performance


                            *********

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


ABLEITINGER LLC: Claims Registration Period Ends February 25
------------------------------------------------------------
Creditors owed money by LLC Ableitinger (FN 201351f) have until
Feb. 25, 2008 to file written proofs of claim to court-appointed
estate administrator Heinrich Nagl at:

          Dr. Heinrich Nagl
          Pfarrgasse 5
          3580 Horn
          Austria
          Tel: 02982/2278
          Fax: 02982/4479
          E-mail: dr.nagl.horn@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on March 12, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Krems an der Donau
          Hall A
          Second Floor
          Krems an der Donau
          Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy
on Jan. 17, 2008 (Bankr. Case No. 9 S 3/08a).


BRUNNER RUDOLF: Claims Registration Period Ends February 18
-----------------------------------------------------------
Creditors owed money by Private Entrepreneur BRUNNER Rudolf have
until Feb. 18, 2008 to file written proofs of claim to court-
appointed estate administrator Gerhard Scheidbach at:

          Dr. Gerhard Scheidbach
          Drevesstrasse 2
          6800 Feldkirch
          Austria
          Tel: 05522/78000
          Fax: 05522/78000-4
          E-mail: office@advocaten.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Feb. 28, 2008 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 Feldkirch, Austria, the Debtor declared
bankruptcy on Jan. 17, 2008 (Bankr. Case No. 14 S 3/08s).


COLOURS & BEAUTY: Claims Registration Period Ends March 19
----------------------------------------------------------
Creditors owed money by LLC Colours & Beauty Handel have until
March 19, 2008 to file written proofs of claim to court-
appointed estate administrator Hannelore Pitzal at:

          Dr. Hannelore Pitzal
          c/o  Mag. Katharina Pitzal
          Paulanergasse 9
          1040 Vienna
          Austria
          Tel: 587 31 11
          Fax: 587 87 50 50
          E-mail: office@pitzal-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on April 2, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 17, 2008 (Bankr. Case No. 2 S 5/08k).  Katharina Pitzal
represents Dr. Pitzal in the bankruptcy proceedings.


ING. CHRISTIAN: Claims Registration Period Ends February 18
-----------------------------------------------------------
Creditors owed money by LLC Ing. Christian Schaffer  (FN
156277w) have until Feb. 18, 2008 to file written proofs of
claim to court-appointed estate administrator Thomas Deschka at:

          Dr. Thomas Deschka
          Hauptplat z 11
          Atrium Top 16 A
          7400 Oberwart
          Austria
          Tel: 03352/31543
          Fax: 03352/31543-20
          E-mail: deschka@lawcenter.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on March 3, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Eisenstadt
          Hall F
          Eisenstadt
          Austria

Headquartered in Kleinzicken, Austria, the Debtor declared
bankruptcy on Jan. 17, 2008 (Bankr. Case No. 41 S 3/08s).


IPP FINANZMANAGEMENT: Claims Registration Period Ends March 19
--------------------------------------------------------------
Creditors owed money by LLC IPP Finanzmanagement &
Zukunftsvorsorge-Beratung (FN 218784t) have until March 19, 2008
to file written proofs of claim to court-appointed estate
administrator Michael Guenther at:

          Dr. Michael Guenther
          c/o  Dr. Susanne Fruhstorfer
          Seilerstatte 17
          1010 Vienna
          Austria
          Tel: 512 57 76
          E-mail: office@fg-lawyers.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on April 2, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 17, 2008 (Bankr. Case No. 2 S 6/08g).  Susanne
Fruhstorfer represents Dr. Guenther in the bankruptcy
proceedings.


SCHOENGRUNDNER LLC: Claims Registration Period Ends February 20
---------------------------------------------------------------
Creditors owed money by LLC Schoengrundner (FN 63725p) have
until Feb. 20, 2008 to file written proofs of claim to court-
appointed estate administrator Claudia Sorgo at:

          Mag. Claudia Sorgo
          Gartengasse 19
          8200 Gleisdorf
          Austria
          Tel: 03112/6644
          Fax: 03112/6644-20
          E-mail: office@ra-sorgo.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:25 p.m. on March 6, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 230
          Hall L
          Graz
          Austria

Headquartered in Eggersdorf, Austria, the Debtor declared
bankruptcy on Jan. 17, 2008 (Bankr. Case No. 25 S 6/08g).


TRANSPORTE-MANINGER: Claims Registration Period Ends February 29
----------------------------------------------------------------
Creditors owed money by LLC Transporte-maninger (FN 154893i)
have until Feb. 29, 2008 to file written proofs of claim to
court-appointed estate administrator Heimo Hofstatter at:

          Dr. Heimo Hofstatter
          OEG Hofstatter & Kohlfuerst Rechtsanwalte
          Marburgerkai 47
          8010 Graz
          Austria
          Tel: 0316/815454
          Fax: 0316/815454-22

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on March 6, 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 Graz, Austria, the Debtor declared bankruptcy
on Jan. 17, 2008 (Bankr. Case No. 26 S 6/08i).


WELLE-BAU: Claims Registration Period Ends March 13
---------------------------------------------------
Creditors owed money by LLC Welle-bau (FN 262212g) have until
March 13, 2008 to file written proofs of claim to court-
appointed estate administrator Stefan Jahns at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on March 27, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1703
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 16, 2008 (Bankr. Case No. 5 S 8/08y).


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


AVNET INC: Operating Unit Signs Global Distribution Deal w/ Alps
----------------------------------------------------------------
Avnet Inc.'s operating group, Avnet Electronics Marketing, and
Alps Electric Co. Ltd., a Japan-based developer and manufacturer
of electronic devices and components, have entered into a global
distribution agreement.

Under the agreement, Avnet will distribute the full line of Alps
products, including switches and encoders, sensors,
potentiometers, connectors, direct thermal printers, radio
frequency and optical devices on a worldwide basis.

Alps Electric is guided by a development concept that blends
core and proprietary technologies to produce a sophisticated and
highly functional line of devices for the broadcasting and
telecommunications fields.  Alps products enhance human-to-
machine interface and enable the comfortable operation of
appliances for unsurpassed machine-to-machine interface.

"Alps understands and embraces the concept of ‘art of
electronics,’ which results in a unique and advanced line of
products for seamless designs," said Tom McCartney, senior vice
president of IP&E business development worldwide for Avnet
Electronics Marketing.  "Together, Avnet and Alps will
work with customers, from the design stage to production and
around the globe, to assure products meet their unique needs in
a functional and cost-effective way."

"We are delighted to combine the broad global presence of Avnet
and the outstanding quality performance of our products," said
Yasuo Sasao, general manager strategic sales and marketing
operations for Alps Electric.  "This combination will create
synergy and lead to a great success in marketing the growing
range of Alps products across global markets, especially also in
adding service values and by creating new customer relationships
across all geographies."

                         About Avnet Inc.

Headquartered in Phoenix, Arizona, Avnet, Inc. --
http://www.avnet.com/-- distributes electronic components and
computer products, primarily for industrial customers.  It has
operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and Sweden,
Brazil, Mexico and Puerto Rico.

                          *     *     *

Moody's Investors Service affirmed Avnet's Ba1 corporate family
long-term debt ratings in March 2007.  Moody's said the outlook
is positive.


SOLUTIA INC: Files Suit to Enforce Exit Financing Commitment
------------------------------------------------------------
Solutia Inc. on Wednesday filed a complaint in the United States
Bankruptcy Court for the Southern District of New York against
the three banks that had executed a firm commitment to fund a
$2 billion exit financing package for Solutia, but to date have
refused to meet this commitment.

These banks are Citigroup Global Markets Inc., Goldman Sachs
Credit Partners L.P., and Deutsche Bank Securities Inc. Solutia
is seeking a court order requiring the banks to meet their
commitment and fund Solutia's exit from bankruptcy.

The complaint also asserts that the banks should be stopped from
invoking the clause they claim relieves them of their obligation
due to their improper conduct and misrepresentations to the
company, and further claims that the banks fraudulently induced
Solutia to enter into the initial engagement by promising that
the financing was firmly committed.  Solutia and the banks have
agreed that Solutia's claim to require immediate funding of the
$2 billion package should be heard by the Court on an expedited
basis, with the trial to conclude by the end of February --
prior to the expiration of the banks' commitment.

"This is not a 'best efforts' agreement," said Jeffry N. Quinn,
chairman, president and CEO of Solutia Inc.  "Solutia agreed to
pay the banks an enhanced fee in exchange for their firm
commitment to fund the full $2 billion exit financing facility
-- regardless of the results of the syndication process.  We are
extremely disappointed by their refusal to meet this commitment
and have no choice but to pursue all of our legal remedies."

On Oct. 25, 2007, the banks executed a firm commitment to fund a
$2 billion exit financing package for Solutia.  These
substantial, custom credit facilities and arrangements were
specifically tailored to facilitate Solutia's prompt emergence
from Chapter 11.  On Nov. 20, 2007, the bankruptcy court
approved the exit financing package.  Nine days later, in
reliance on the banks' firm lending commitment, the court found
the plan of reorganization to be feasible and confirmed the
plan.  However, in late January -- shortly before the
anticipated closing of the exit facility and Solutia's long-
awaited emergence from Chapter 11 -- the banks notified Solutia
that they were refusing to provide the funding, citing a so-
called "market MAC" provision in their commitment letter and
asserting that there has been a change in the markets since
entering into the commitment.

"It is a well-documented fact that the ongoing conditions in the
credit markets began in the summer of 2007," said Quinn.  "Well
before the banks committed to Solutia's exit financing, they
stated in public filings and through professional advice to
Solutia that the credit markets were in disarray, and that the
credit crisis would continue for months to come.  Despite their
concerns and negative outlook, the banks entered into a firm
commitment to provide Solutia with this exit financing.  The
willingness of these banks to offer committed financing that was
not subject to a successful syndication was a major factor in
deciding to award them this business."

Quinn added, "Solutia is ready to emerge from Chapter 11.  We
have successfully repositioned our company, we have confirmed a
plan of reorganization that brings significant value to our
constituents, and our businesses are performing well.  We now
look to the banks to meet their commitment."

                        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.


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C Z E C H   R E P U B L I C
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CHEMOPROJECKT: Inks Pact with Setuza; Cancels Bankruptcy Request
----------------------------------------------------------------
Chemoprojekt has entered into a contract with Setuza, the
Financial Times Ltd. reports citing Access Czech Republic
Business Bulletin.  Under the agreement, Chemoprojekt has agreed
to cancel its bankruptcy motion.

The company had applied for bankruptcy after it was not able to
pay invoices worth CZK3.5 million related to its oil methylester
producing plant, the report adds.  Setuza, the report relates,
had already paid for the invoices.

                        About Setuza

Based in Usti nad Labem, Czech Republic, Setuza is chemical and
food company.

                      About Chemoprojeckt

Based in Prague, Czech Republic, Chemoprojekt, a. s. --
http://www.chemoprojekt.cz/-- is a Czech design, engineering
and contracting company.  The company has been operating since
1950 as a leading supplier for the organic and inorganic
chemistry sector, petrochemistry, crude oil refining, natural
gas processing, pulp and paper production, power generation and
environmental protection.  After 1992, Chemoprojekt has been
focusing on the complex engineering activities and turn-key
projects, mainly in the area of production of nitric acid, urea,
oil & gas and biodiesel.


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F R A N C E
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GENERAL CABLE: Picks Brian Robinson as EVP, CFO & Treasurer
-----------------------------------------------------------
General Cable Corporation's Board of Directors has elected Brian
J. Robinson to the post of Executive Vice President, Chief
Financial Officer and Treasurer effective immediately.  Mr.
Robinson will continue to report to Gregory B. Kenny, President
and Chief Executive Officer of General Cable.

"This is a well-deserved recognition by the Board of the value
that the Company places on Brian’s operating and strategic
leadership," said Gregory B. Kenny, President and Chief
Executive Officer of General Cable.  "Since January 2007, Brian
has led our Corporate Finance Team through two debt issuances
totaling over $800 million, and four acquisitions, including the
$1.2 billion of revenues PDIC business.  He has also been
instrumental in driving improved controls and best practices in
our global finance organization."

Mr. Robinson has held the title of Senior Vice President, Chief
Financial Officer and Treasurer since January 2007.  Mr.
Robinson became Controller for General Cable in 2000 and assumed
the additional responsibility of Senior Vice President and
Treasurer in March 2006.  He began his career at Deloitte &
Touche LLP in 1991, and in 1997 moved from Cincinnati, Ohio to
London, England, where he served as Audit Manager focused on
accounting services for global companies.  In 1999, Mr. Robinson
joined General Cable as Assistant Controller.

Mr. Robinson holds a Bachelor of Science degree in Accounting
from the University of Dayton and received his CPA certification
in 1993.

                       About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
gimail ntransmission products); and communications (wire for
low-voltage signals for voice, data, video, and control
applications).  Brand names include Carol and Brand Rex.  It
also produces power cables, automotive wire, mining cables, and
custom-designed cables for medical equipment and other products.
General Cable has locations in China, Australia, France, Brazil,
the Dominican Republic and Spain.

                         *     *     *

In September 2007, Moody's Investors Service assigned a rating
of B1 to the proposed US$400 million senior unsecured
convertible notes of General Cable Corporation.


SPANSION INC: Posts US$49.5 Mil. Net Loss in 2007 Fourth Quarter
----------------------------------------------------------------
Spansion Inc. reported a net loss of US$49.5 million for the
fourth quarter ended Dec. 30, 2007, compared to a net loss of
US$71.6 million in the previous quarter.

For the fourth quarter of 2007, the company reported net sales
of US$652.8 million, an increase of 7.0% compared to net sales
of US$611.1 million in the third quarter of 2007.

For the fourth quarter of 2007 gross margin rose to 20.0%
compared to 18.0% percent in the third quarter of 2007 and
sequential operating loss decreased by US$13.0 million, or
22.0%, to
US$46.2 million.

"The fourth quarter reflected significant operational
improvement as gross margin improved.  The overall pricing
environment was encouraging and the book-to-bill ratio was
strong at 1.3," said Bertrand Cambou, president and chief
executvie officer, Spansion Inc.  "The strategic investment plan
for our 300mm, SP1 facility is on track and we expect to begin
recognizing revenue in the first quarter as we are already
qualified at leading customers."

                        Annual Highlights

For the fiscal year ended Dec. 30, 2007, net sales declined 3.0%
to US$2.5 billion from US$2.58 billion in the same time period
last year.

Net loss for fiscal year 2007 was US$263.5 million, compared to
a net loss of US$147.8 million for fiscal year 2006.  Net loss
for fiscal year 2007 includes approximately US$60.0 million in
operating costs related to the strategic investment in SP1, the
company’s new 300mm, 65nm, wafer fabrication facility.

                          Balance Sheet

At Dec. 30, 2007, the company's consolidated balance sheet
showed US$3.81 billion in total assets, US$2.18 billion in total
liabilities, and US$1.63 billion in total stockholders' equity.

                       About Spansion Inc.

Headquartered in Sunnyvale, California, Spansion Inc. (NASDAQ:
SPSN) -- http://www.spansion.com/-- designs, develops,
manufactures, markets and sells flash memory solutions for
wireless, automotive, networking and consumer electronics
applications.

The company has European operations in France, Asia-Pacific
facilities in Japan, China, Malaysia and Thailand, as well as
sales offices in Latin American countries including Brazil and
Mexico.

                         *     *     *

To date, Spansion Inc. still carries Moody's 'B3' long term
corporate family rating last placed on Dec. 5, 2005.  Outlook
is Stable.


TEMBEC INC: Furnishes Updates on Proposed Recapitalization
----------------------------------------------------------
Tembec Inc. yesterday provided an update on its proposed
recapitalization transaction disclosed on Dec. 19, 2007.

  -- Additional noteholders have executed support agreements in
     which they agreed to vote in favor of and to support the
     recapitalization.  Noteholders have now agreed to vote in
     excess of US$795 million of notes in favor of and to
     support the recapitalization, representing in excess of 66%
     of the total amount of notes outstanding.

  -- As contemplated in the key terms of the recapitalization
     announced on December 19, all additional backstop deals
     with Tembec have now been completed.

  -- Tembec received written notice from the financial advisors
     to the informal committee of noteholders, confirming the
     committee's continuing support for the recapitalization and
     advising Tembec that they have informed Jolina Capital Inc.
     and its advisors of such views in respect of the
     recapitalization.

Tembec stakeholders are also reminded of these:

  -- As previously stated, a management proxy circular relating
     to the recapitalization was mailed to registered
     noteholders of Tembec Industries Inc. and registered
     shareholders of Tembec Inc. on Jan. 29, 2008.

  -- Qualifying noteholders who wish to participate in the new
     US$300 million loan to Tembec Industries Inc. must deliver
     properly executed new loan participation forms to
     Computershare Investor Services prior to Feb. 15, 2008.
     Details regarding participation in the new loan are
     contained in the proxy circular.

  -- A special meeting of shareholders and a meeting of
     noteholders will be held on Feb. 22, 2008 relating to the
     approval of the recapitalization.  Proxies for the meetings
     must be received by Computershare Investor Services prior
     to 5:00 p.m. (Toronto time) on Feb. 20, 2008.

  -- A hearing for the court order approving the
     recapitalization has been set for Feb. 27, 2008.
     Implementation of the recapitalization is expected to occur
     on Feb. 29, 2008.

Tembec indicated that it will continue to solicit and obtain
further support for the recapitalization.

Questions regarding the meetings or participation in the new
loan should be directed to Georgeson Shareholder Communications
Canada Inc. through telephone numbers, 1-866-783-6756.

                     Jolina Capital Proposal

Last week, Jolina Capital Inc. has presented the terms of its
proposal for the recapitalization of Tembec Inc. at a meeting of
the holders of Tembec Industries Inc. unsecured senior notes
respectively due June 2009, February 2011 and March 2012.

The meeting was convened after Tembec's rejection of the Jolina
Proposal and Tembec's invitation to Jolina to make the details
of its proposal available to Tembec's stakeholders through a
public statement.

            Bondholders Balk at Jolina Proposal

The Canadian Press stated Tuesday that a number of bondholders
have united to object to Tembec Inc.'s recapitalization as
offered by Jolina Capital.  This rejection, based on the report,
may likely lead Tembec to go into bankruptcy under Companies
Creditors' Arrangment Act (Canada) to allow the company get
other refinancing.

According to Canadian Press, creditors who were at last week's
meeting with Jolina Capital asserted that "a disproportionate
power" will be bestowed upon Jolina chairman Emanuele Saputo
when the recapitalization is completed.  Mr. Saputo was once
part of Tembec's board of directors and presently owns about
19.4% stake at Tembec, according to the news.  But many
speculate that Mr. Saputo will gain influence over Tembec's
US$1.2 billion recapitalization at a Feb. 22, 2008 meeting if
the plan earns at least one-third of the votes, report related.
About two-thirds of bondholders and shareholders must support
the recapitalization during separate conventions, Canadian Press
said.

Mr. Saputo's consultant, Neil Rothschild told Canadian Press
that his client remains indecisive.  Tembec refused to comment
about the possibility of CCAA filing, Canadian Press added.

                           About Tembec

Headquartered in Montreal Quebec, Tembec Inc. (TSC:TBC) --
http://www.tembec.com/-- operates an integrated forest products
business.  The company's operations consist of four business
segments: forest products, pulp, paper and chemicals.  The
forest products segment consists primarily of forest and
sawmills operations, which produce lumber and building
materials.  The pulp segment includes the manufacturing and
marketing activities of a number of different types of pulps.
The paper segment consists primarily of production and sales of
newsprint and bleached board.   The chemicals segment consists
primarily of the transformation and sale of resins and pulp by-
products.  As of Sept. 29, 2007, Tembec operated manufacturing
facilities in New Brunswick, Quebec, Ontario, Manitoba, Alberta,
British Columbia, the states of Louisiana and Ohio, as well as
in Southern France.

                          *     *     *

Standard & Poor's placed Tembec Inc.'s long term foreign and
local issuer credit ratings at 'CC' in Dec. 20, 2007.


TIMKEN CO: Board Declares US$0.17 Per Share Quarterly Dividend
--------------------------------------------------------------
Timken Company's board of directors has declared a quarterly
cash dividend of 17 cents per share.  The dividend is payable on
March 4, 2008, to shareholders of record as of Feb. 15, 2008.
It will be the 343rd consecutive dividend paid on the common
stock of the company.

                       About Timken Co.

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

                         *     *     *

The Timken Company still carries Moody's Investors Service's Ba1
senior unsecured deb rating on US$300 million Medium Term Notes,
Series A.


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


ATU AUTO-TEILE-UNGER: S&P Cuts Rating to B-; Retains Watch
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-based auto parts retailer and
integrated workshop operator A.T.U Auto-Teile-Unger to 'B-' from
'B'.

At the same time, S&P lowered to 'CCC' from 'CCC+' the debt
rating on the EUR150 million subordinated bond, maturing 2014,
issued by finance vehicle A.T.U Auto-Teile-Unger Investment GmbH
& Co. KG.

The ratings remain on CreditWatch with negative implications
where they were placed on Jan. 11, 2008.

"The downgrade reflects the ongoing weak market environment due
to mild weather conditions that have heightened concerns that
ATU might breach the covenants under its senior secured
facilities," said Standard & Poor's credit analyst Anna Stegert.

ATU is currently revising its strategy in response to the
adverse operating trends and its high dependence on weather-
related winter-tire sales.  The ratings continue to reflect
S&P's expectations that management will seek ways to adapt the
capital structure to compensate for the weak operating
performance.

The company's already weak operating performance for the first
three quarters of 2007 continued in the traditionally strong
fourth quarter of the year. ATU's credit protection measures for
the 12 months ended Sept. 30, 2007, were down significantly on
2006, with net debt to earnings before interest, taxes,
depreciation, amortization, and rents (EBITDAR) up to 6.9x from
6.1x, and funds from operations (FFO) to debt down to 7% from
9%.  Leverage could increase further as a result of the reduced
earnings guidance.

In September 2007, the company reset its covenants, as headroom
became tight under previous covenants after difficult trading in
2007.  Nevertheless, there is uncertainty whether it will be
able to comply with the new requirements in view of the steeper-
than-expected decline in earnings.

"Failure to comply with financial covenants could lead to
restrictions on drawings under the revolving credit facilities,
which would further impair the company's liquidity situation,"
said Ms. Stegert.

To resolve the CreditWatch placement, S&P will seek detailed
information on the company's revised business plan and the
consequent implications for the capital structure.


ANNETT REINELT: Claims Registration Ends March 4
------------------------------------------------
Creditors of Annett Reinelt Hausverwaltungs GmbH have until
March 4, 2008 to register their claims with court-appointed
insolvency manager Steffi Radack-Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 3, 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 Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         Germany

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

The insolvency manager can be reached at:

         Steffi Radack-Mueller
         Franzoesische Strasse 9-12
         10117 Berlin
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against  Annett Reinelt Hausverwaltungs GmbH on Jan. 4, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Annett Reinelt Hausverwaltungs GmbH
         Attn: Reiner Reinelt, Manager
         Albertstrasse 6
         16540 Hohen Neuendorf
         Germany


BAAN THAI: Claims Registration Ends March 4
-------------------------------------------
Creditors of Baan Thai Restaurant GmbH Hamburg have until
March 4, 2008 to register their claims with court-appointed
insolvency manager Veit Schwierholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B 405
         Fourth Floor
         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:

         Veit Schwierholz
         Heuberg 1
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Baan Thai Restaurant GmbH Hamburg on Jan. 4, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Baan Thai Restaurant GmbH Hamburg
         Attn: Bhandit Sukondhavat and Sompongvadee Vikitsreth,
         Managers
         Gansemarkt 50
         20354 Hamburg
         Germany


BARFIN GMBH: Claims Registration Period Ends March 3
----------------------------------------------------
Creditors of BARFIN GmbH Aerosols & Cosmetics have until
March 3, 2008 to register their claims with court-appointed
insolvency manager Stephan Ammann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 101
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

          Stephan Ammann
          Barthstr. 16
          80339 Munich
          Germany
          Tel: 089/8589633
          Fax: 089/85896350

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

The Debtor can be reached at:

          BARFIN GmbH Aerosols & Cosmetics
          Seidlstr. 18 a
          80335 Munich
          Germany


BAUER-VERWALTUNG: Claims Registration Period Ends March 3
---------------------------------------------------------
Creditors of BAUER-Verwaltung GmbH have until March 3, 2008 to
register their claims with court-appointed insolvency manager
Hans-Joerg Laudenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Marburg/Lahn
         Hall 157
         Universitatsstrasse 48
         35037 Marburg/Lahn
         Germany

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

The insolvency manager can be reached at:

          Dr. Hans-Joerg Laudenbach
          Fach 62
          Carlo-Mierendorff-Strasse 15
          35398 Giessen
          Germany
          Tel: 0641/98292-15
          Fax: 0641/98292-16

The District Court of Marburg/Lahn opened bankruptcy proceedings
against BAUER-Verwaltung GmbH on Jan. 2, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          BAUER-Verwaltung GmbH
          Lahnstrasse 16
          35091 Coelbe
          Germany


BAUGESCHAFT PETERSON: Claims Registration Period Ends March 3
-------------------------------------------------------------
Creditors of Baugeschaft Peterson GmbH have until March 3, 2008
to register their claims with court-appointed insolvency manager
Stefanie Luethje.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         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:

          Stefanie Luethje
          Ostertorsteinweg 74/75
          28203 Bremen
          Germany
          Tel: 0421/79257-0
          Fax: 0421/7925757

The District Court of Verden (Aller) opened bankruptcy
proceedings against Baugeschaft Peterson GmbH on Jan. 22, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Baugeschaft Peterson GmbH
          Poggenmoorstr. 12
          27283 Verden
          Germany


BBT FERRO: Claims Registration Ends March 4
-------------------------------------------
Creditors of BBT Ferro GmbH have until March 4, 2008 to register
their claims with court-appointed insolvency manager Rolf
Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 15, 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 Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         Germany

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

The insolvency manager can be reached at:

         Rolf Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court of Gera opened bankruptcy proceedings against
BBT Ferro GmbH on Jan. 23, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         BBT Ferro GmbH
         Talstrasse 84
         07743 Jena
         Germany


BUV BAUGESELLSCHAFT: Claims Registration Ends March 4
-----------------------------------------------------
Creditors of BuV Baugesellschaft mbH have until March 4, 2008 to
register their claims with court-appointed insolvency manager
Dieter Rasehorn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 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:

         Dieter Rasehorn
         Muehlweg 16, D
         06108 Halle
         Germany
         Tel: 0345/478228124
         Fax: 0345/478228119

The District Court of Halle-Saalkreisopened bankruptcy
proceedings against BuV Baugesellschaft mbH on Jan. 8, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BuV Baugesellschaft mbH
         Hauptstr. 16
         06333 Greifenhagen
         Germany


CITY COLOR: Claims Registration Period Ends March 3
---------------------------------------------------
Creditors of City Color GmbH Malerfachbetrieb have until
March 3, 2008 to register their claims with court-appointed
insolvency manager Gunter Tarkotta.

Creditors and other interested parties are encouraged to attend
the meeting on April 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 Chemnitz
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

          Gunter Tarkotta
          Boernichsgasse 4
          09111 Chemnitz
          Germany
          Tel: (0371) 2783650
          Fax: (0371) 27836529
          E-mail: dmp@derra-c.de

The District Court of Chemnitz opened bankruptcy proceedings
against City Color GmbH Malerfachbetrieb on Jan. 14, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          City Color GmbH Malerfachbetrieb
          Attn: Frank Tautenhahn, Manager
          Rosinenberg 4
          08112 Wilkau-Hasslau
          Germany


CSS SANIERUNGSTECHNIK: Claims Registration Period Ends March 3
--------------------------------------------------------------
Creditors of CSS Sanierungstechnik GmbH have until March 3, 2008
to register their claims with court-appointed insolvency manager
Stefan Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 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:

          Stefan Denkhaus
          Jungfernstieg 30
          20354 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against CSS Sanierungstechnik GmbH on Jan. 10, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          CSS Sanierungstechnik GmbH
          Attn: Ronald Seifert, Manager
          Bramfelder Chaussee 64
          22177 Hamburg
          Germany


GEORGIUS BAD: Claims Registration Period Ends March 3
-----------------------------------------------------
Creditors of Georgius BAD-DESIGN GmbH have until March 3, 2008,
to register their claims with court-appointed insolvency manager
Christian Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 2:20 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 Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany

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

The insolvency manager can be reached at:

          Christian Beck
          Hansering 1
          06108 Halle
          Germany
          Tel: 0345/21222400
          Fax: 0345/21222436

The District Court of Dessau opened bankruptcy proceedings
against Georgius BAD-DESIGN GmbH on Jan. 23, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Georgius BAD-DESIGN GmbH
         An der Hermine 15
         06792 Sandersdorf
         Germany


JACKEL MASSIVBAU: Claims Registration Period Ends March 3
---------------------------------------------------------
Creditors of Jackel Massivbau GmbH have until March 3, 2008, to
register their claims with court-appointed insolvency manager
Carsten Koch.

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

The meeting of creditors will be held at:

         The District Court of Marburg/Lahn
         Hall 157
         Universitatsstrasse 48
         35037 Marburg/Lahn
         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:

         Carsten Koch
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166-311
         Fax: 0561/3166-312

The District Court of Marburg/Lahn opened bankruptcy proceedings
against Jackel Massivbau GmbH on Jan. 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Jackel Massivbau GmbH
         Im Hermersgrund 7
         34637 Schrecksbach
         Germany


JEREBITZ GMBH: Creditors' Meeting Slated for March 11
-----------------------------------------------------
The court-appointed insolvency manager for Jerebitz GmbH & Co.
KG, Peter Theiss, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 8:45 a.m. on
March 11, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 8:45 a.m. on March 25, 2008, at the same
venue.

Creditors have until April 3, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Peter Theiss
          Dudweiler Strasse 4
          66111 Saarbruecken
          Germany
          Tel: (0681) 9404 180
          Fax: (0681) 9404 181

The District Court of Saarbruecken opened bankruptcy proceedings
against Jerebitz GmbH & Co. KG on Jan. 25, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Jerebitz GmbH & Co. KG
          Metzer Str. 105
          66802 Ueberherrn-Felsberg
          Germany


MIS LOGISTICS: Claims Registration Ends March 4
-----------------------------------------------
Creditors of MIS Logistics GmbH have until March 4, 2008 to
register their claims with court-appointed insolvency manager
Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on April 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Torsten Gutmann
         Kriegerstrasse 44
         30161 Hannover
         Germany
         Tel: 0511 2206268-0
         Fax: 0511 2206268-9

The District Court of Hannover opened bankruptcy proceedings
against MIS Logistics GmbH on Jan. 21, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MIS Logistics GmbH
         Lilienthalstrasse 13
         30179 Hannover
         Germany

         Attn: Michael Mass, Manager
         Jordanstr. 18A
         301713 Hannover
         Germany


OPTIK SOMMER: Claims Registration Period Ends March 3
-----------------------------------------------------
Creditors of Optik Sommer GmbH Augenoptik & Optometrie have
until March 3, 2008, to register their claims with court-
appointed insolvency manager Sabine Prager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 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:

         Sabine Prager
         Nymphenburgerstr. 139
         80636 Munich
         Germany
         Tel: 089/120260
         Fax: 089/12026137

The District Court of Munich opened bankruptcy proceedings
against Optik Sommer GmbH Augenoptik & Optometrie on Jan. 2,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Optik Sommer GmbH Augenoptik & Optometrie
         Riesstr. 59
         80993 Munich
         Germany


ROYAL FITNESS: Claims Registration Period Ends February 21
----------------------------------------------------------
The court-appointed insolvency manager for Royal Fitness Centrum
GmbH, Dr. Bernd Peters, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on Feb. 21, 2008.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on April 17, 2008, at the same
venue.

Creditors have until March 4, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Bernd Peters
         Am Wall 146
         28195 Bremen
         Germany
         Tel: 0421/2440090
         Fax: 0421/24400929
         E-Mail: dr.peters@dr-peters.org

The District Court of Bremen opened bankruptcy proceedings
against Royal Fitness Centrum GmbH on Jan. 22, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Royal Fitness Centrum GmbH
         Groepelinger Heerstr. 251-257
         28237 Bremen
         Germany


===========
G R E E C E
===========


WIND HELLAS: Fitch Removes Negative Watch and Holds B Rating
------------------------------------------------------------
Fitch Ratings removed Greek mobile operator WIND Hellas
Telecommunications S.A.'s ratings from Rating Watch Negative
where they were placed on Oct. 19, 2007.

Fitch has affirmed the company's Long- and Short-term Issuer
Default ratings at 'B' and assigned a Stable Outlook to the
Long-term IDR.  The instrument ratings are also affirmed, as
listed below.

The ratings reflect the company's proven free cash flow
generation capability in the Greek mobile market as the third-
ranked operator and its rising market share at the expense of
Vodafone Greece, as well as the potential growth prospects for
the local loop unbundling (LLU) segment at newly-acquired fixed-
line business Tellas.  The agency expects the company's existing
cash balance and EUR250m committed Revolving Credit Facility
will provide adequate liquidity for Wind Hellas's share of
short-term funding requirements at Tellas until the consolidated
group returns to positive FCF generation.  Though the agency
takes comfort in the strong mobile franchise of Wind Hellas,
Fitch also notes that there is a high level of execution risk
for the fixed-line business of Tellas, for which 2008 will be a
critical year on the LLU front.  Fitch has reviewed Wind Hellas
assuming the Tellas business is consolidated, but notes that
funding requirements of Tellas will be shared with the minority
owner, Wind Telecommunications SpA (rated 'BB-' (BB
minus)/Negative Outlook).

WIND Hellas' Long-term IDR of 'B' was predicated on Fitch's
expectation of rapid deleveraging of the company to
approximately 6x EBITDA by end-2007 or early-2008 from 7.1x at
YE06.  Whilst the company had met this target by Q307 on an
adjusted EBITDA basis, pro forma for the Tellas acquisition in
Q407, Fitch estimates an increase in adjusted net leverage to 7x
by YE07.  In addition, the additional funding and capital
expenditure requirements for the development of Tellas's LLU
business is expected to postpone the further deleveraging of the
combined group until 2009.  The agency believes that although
the credit metrics may be stretched for a 'B'-rated credit in
the short-term, the leverage levels are expected to decline
towards the 6x level in the next 18 months, which is deemed
acceptable for maintenance of the current rating.  However,
Fitch also notes that failure to delever to less than 6x (net)
within the next 18 months or the implementation of further debt-
funded acquisitions to bolster the company's position in the LLU
segment would be detrimental to the rating.

The future success of Tellas's fixed-line business in Greece
will depend on the quality of its fixed network, rising
competition in the sector, wholesale line rental and LLU rates,
as well as its ability to access the exchanges of the incumbent
(Hellenic Telecommunications Organization (OTE), rated
'BBB'/Stable Outlook).  Greek broadband penetration is still low
by western European standards, so there is opportunity for
alternative providers to make an impact in the medium-term.
Fitch also notes that the recent measures adopted by the Greek
regulator have lowered the barriers to entry to the LLU segment
and encouraged competition.

WIND Hellas is the third-largest mobile operator in Greece and
also owns the number-four operator Q-Telecom, with a combined
4.4 million customers at Q307.  At Q307, Wind Hellas reported
LTM total revenues and proforma adjusted EBITDA of EUR1,223m and
EUR453m, respectively.

WIND Hellas Ratings:

WIND Hellas Telecommunications S.A.:

Long-term IDR: affirmed at 'B'; removed from RWN;
               Stable Outlook assigned

Short-term IDR: affirmed at 'B'; removed from RWN

Hellas Telecommunications (Luxembourg) V senior revolving credit
facility: affirmed at 'B+'/'RR3'; removed from RWN

Hellas Telecommunications (Luxembourg) V senior secured floating
rate notes due 2012: affirmed at 'B+' /'RR3'; removed from RWN

Hellas Telecommunications (Luxembourg) III senior notes due
2013: affirmed at 'B+'/'RR3'; removed from RWN

Hellas Telecommunications (Luxembourg) II subordinated floating-
rate notes due 2015: affirmed at 'CCC+'/'RR6'; removed from RWN


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


CHATTEM INC: Earns US$59.7 Million in Fiscal Year Ended Nov. 30
---------------------------------------------------------------
Chattem Inc. reported net income of US$59.7 million for the
fiscal year ended Nov. 30, 2007, compared to net income of
US$45.1 million for fiscal 2006.  Net income for fiscal 2007
included a loss on early extinguishment of debt and SFAS 123R
employee stock option expense.  Net income for fiscal 2006
included a debt extinguishment charge, litigation settlement
items and SFAS 123R employee stock option expense.  As adjusted
to exclude these items, net income for fiscal 2007 was
US$65.1 million, compared to US$37.5 million for fiscal 2006.

Total revenues for fiscal 2007 rose to US$423.4 million, an
increase of 40.9%, compared to total revenues of US$300.5
million in fiscal 2006.  Revenue growth for the fiscal year was
driven by the five acquired brands and continued growth of the
Gold Bond and Icy Hot businesses, offset by declines in the Icy
Hot Pro-Therapy(R) and Dexatrim(R) franchises, the latter of
which was impacted by unprecedented competition in the weight
loss category as well as difficult comparisons to the fiscal
2006 launch period of Dex Max2O(R).  Excluding the impact of the
acquired brands and Icy Hot Pro-Therapy, total revenues
increased 5.0% compared to fiscal 2006.

"The company experienced the most successful year in its 128
year history," said Zan Guerry, Chattem's chairman and chief
executive officer.  "Early in the year, we made the exciting
acquisition of five brands from Johnson & Johnson and were able
to integrate those brands into our organization smoothly and
ahead of schedule. The acquisition, combined with the growth of
our existing business, resulted in a 41.0% increase in total
revenues for the year to a record US$423.0 million and even more
impressive earnings growth," Guerry stated.

"In reference to the balance sheet," Guerry commented further,
"we were able to finance the acquisition of the five brands on
very favorable terms and have put in place a very solid and
effective capital structure.  Our strong operating cash flows
for fiscal 2007 enabled us to reduce debt more rapidly than we
anticipated at the time of the acquisition while also
repurchasing over 400,000 shares of our common stock for US$23.6
million, or an average cost of US$58.98 per share."

                 Fourth Quarter Financial Results

Total revenues for the fourth quarter of fiscal 2007 were
US$100.6 million, compared to total revenues of US$65.1 million
in the prior year quarter, representing a 54.5% increase.
Revenue growth for the quarter was led by the five acquired
brands as well as strong performances from Gold Bond and Icy
Hot.  Offsetting these increases was a reduction in sales of
Dexatrim and lower sales of Icy Hot Pro-Therapy.  Excluding the
impact of the acquired brands and Icy Hot Pro-Therapy, total
revenues increased 3.0% compared to the prior year quarter.

Net income for the quarter rose to US$14.8 million, compared to
net income of US$4.9 million for the prior year quarter.  Net
income for the fourth quarter of fiscal 2007 included SFAS 123R
employee stock option expense.  Net income for the fourth
quarter of fiscal 2006 included litigation settlement items and
SFAS 123R employee stock option expense.  As adjusted to exclude
these items, net income for the fourth quarter of fiscal 2007
was US$15.8 million, compared to US$6.0 million for the prior
year quarter.

In the fourth quarter of fiscal 2007, the company increased the
reserves for Icy Hot Pro-Therapy retail and in-house inventory
exposure by approximately US$7.0 million, which resulted in
lower revenue and reduced gross margins during the fourth
quarter of fiscal 2007.

                      Cash Flows and EBITDA

For the fiscal year, cash flows from operations increased 59.4%
to US$86.7 million compared to US$54.4 million for fiscal 2006.
Free cash flow was US$80.4 million, up 61.8%, compared to
US$49.7 million for fiscal 2006.

EBITDA increased 139.0% to US$32.2 million, or 32.0% of total
revenues, for the quarter and increased 82.6% to US$133.9
million, or 31.6% of total revenues, for the fiscal year,
compared to US$73.3 million, or 24.4% of total revenues in
fiscal 2006.

                            Total Debt

Since acquiring the five brands on Jan. 2, 2007, the company has
reduced total debt by US$62.5 million to US$508.0 million as of
Nov.  30, 2007.  During that same period, the company funded the
purchase of a net bond hedge of US$12.1 million in connection
with the issuance of the 1.625% senior convertible notes in
April 2007; acquired the ACT business in Western Europe and the
worldwide trademark rights to ACT for US$4.1 million; and
repurchased 400,129 shares of the company's common stock for
US$23.6 million, or an average cost of US$58.98 per share.

                          Balance Sheet

At Nov. 30, 2007, the company's consolidated balance sheet
showed US$780.6 million in total assets, US$578.9 million in
total liabilities, and US$201.7 million in total stockholders'
equity.

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

                          About Chattem

Chattem Inc. (NASDAQ: CHTT) -- http://www.chattem.com/--
markets and manufactures a broad portfolio of a broad portfolio
of brandedover the counter healthcare products, toiletries and
dietarysupplements.  The company's portfolio of products
includes well-recognized brands such as Icy Hot, Gold Bond,
Selsun Blue, ACT, Cortizone-10 and Unisom.  Chattem conducts a
portion of its global business through subsidiaries in the
United Kingdom, Ireland and Canada.

                           *     *     *

To date, Chattem Inc. still carries Moody's Investors Service
'Ba3' corporate family and 'B2' senior subordinate ratings.
Outlook is Stable.


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


ALITALIA SPA: Chairman Warns of Possible Bankruptcy
---------------------------------------------------
Alitalia S.p.A. may file for bankruptcy if the sale of the
Italian government's 49.9% stake to Air France-KLM SA is
blocked, Bloomberg News reports citing Il Sole 24 Ore as its
source.

According to Il Sole 24 Ore, Alitalia chairman Maurizio Prato
told stock market regulator Commissione Nazionale per le Societa
e la Borsa that the exclusive sale talks with Air France is
currently threatened by the current political crisis and the
recently filed appeal by AirOne S.p.A.

As reported in the TCR-Europe on Jan. 17, 2008, Alitalia and
Italy commenced exclusive sale talks with Air France-KLM.
The carriers have until mid-March to reach an agreement, which
would be approved by the government.

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

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

   -- acquire 100% of Alitalia convertible bonds; and

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

As reported in the TCR-Europe on Feb. 5, 2008, AP Holding
S.p.A., the investment arm of AirOne, has filed an appeal with
the Italian Regional Administration Court of Lazio to declare
null and void a Dec. 28, 2007, decision of Italy's Ministry of
Economy and Finance to commence exclusive talks to sell the
Italian government's 49.9% stake to Air France-KLM SA.

                          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: Lazio Court to Hear AirOne Appeal February 20
-----------------------------------------------------------
The Italian Regional Administration Court of Lazio will convene
on Feb. 20, 2008, to hear an appeal filed by AP Holding S.p.A.,
investment arm of AirOne S.p.A., to declare null and void a Dec.
28, 2007, decision of Italy's Ministry of Economy and Finance to
commence exclusive talks to sell the government's 49.9% stake to
Air France-KLM SA, Agenzia Giornalistica Italia reports.

Lawyers for the parties have agreed not to take any action that
may prejudice the situation before a verdict is reached, AGI
relates.

Slated to appear on the hearing are the regional government of
Lombardy, Air France and Codacons.

As reported in the TCR-Europe on Feb. 7, 2008, AirOne said it
would present a binding offer for Italy's stake once it wins its
appeal.  AirOne said its offer will be financially backed by
Intesa Sanpaolo S.p.A., Goldman Sachs Group Inc., Morgan Stanley
and Nomura Holdings Plc.

TPG Inc. and Pirelli & S.p.A. chairman Marco Tronchetti Provera
may join AirOne in its Alitalia bid.

As reported in the TCR-Europe on Jan. 17, 2008, Alitalia and
Italy have commenced exclusive sale talks with Air France-KLM.
The carriers have until mid-March to reach an agreement, which
would be approved by the government.

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

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

   -- acquire 100% of Alitalia convertible bonds; and

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

                          About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

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


ALITALIA SPA: Presents Summer Network Schedule for 2008
-------------------------------------------------------
Alitalia S.p.A. disclosed that its new summer schedule will come
into force on March 31, 2008.  The network for the 2008 summer
season has been drawn up according to the guidelines set out in
the 2008-2010 Business Plan approved by the Board of Directors
in September 2007.  The new network design is the first action,
that can't be deferred, envisaged by the Plan.

The actions contained in it, Alitalia says, are the result of
compulsory choices, dictated by:

    * a trend of accumulated losses together with prospects
      which are less and less sustainable under the current
      situation;

    * the impossibility for the Company, as things stand, to
      manage two hubs efficiently and productively, from the
      competitive and economic points of view; and

    * the resulting urgent need to redefine Alitalia's
      positioning and business approach, through radical changes
      to the network, the quality of the product, operating
      costs, and Company organization.

                    New Strategic Positioning

Alitalia said it chose to return to its traditional mission, as
a carrier serving Italy, placing Italy at the center of its
network, by offering better schedules and connections between
all the main Italian cities and the rest of the world and
vice versa.

With the new Alitalia network, Italy is no longer a transit
point for passengers coming from other routes and traveling
towards other destinations.

With the current network, most of the intercontinental traffic
on Malpensa is made up of connecting flights -– passengers for
whom Milan is neither the origin nor the destination of their
journeys; direct flights from/to Malpensa, less than half the
traffic (38%), are used by Milanese customers, while most of
the flights are operated by foreign airlines.

Currently, most Alitalia flights on Malpensa from the rest of
Italy are required not so much for passengers traveling from/to
Milan, as to channel passengers (traveling beyond Milan) to
Malpensa airport, which does not have a natural catchment area.
For Alitalia, this system represents a burdensome and
unsustainable duplication of flights for traffic from/to Milan,
which is already served by the conveniently central airport of
Milan Linate.

The new business mission for Alitalia is based on:

    * choosing Rome Fiumicino as the main reference hub, in the
      middle of Italy and a "natural" catchment area for
      traffic, in order to take maximum advantage of Rome's
      special feature as a large destination market and natural
      point of inter-connection for Italian traffic and North-
      South routes;

    * suspending flights on non-remunerative routes and
      increasing connecting flights and frequencies;

    * relaunching the Alitalia brand in Italy and worldwide, in
      line with the new network positioning;

    * focusing product and marketing investments on the main
      markets of origin/destination from/to Italy: United
      States, Canada, Japan, South America and the Mediterranean
      area.

                 Fiumicino as Main Reference Hub

The reasons for choosing Fiumicino as main reference hub are:

    * under current conditions, it is impossible to run a dual-
      hub system efficiently because of the continuing
      accumulation of business losses, most of which are related
      to Malpensa airport;

    * focusing on Fiumicino radically improves service from the
      main Italian cities in north and south Italy, with more
      flights and better connections compared to the current
      situation at Malpensa;

    * Rome is the largest natural catchment area in Italy for
      air traffic demand from/to Italy; in Europe it is the
      third largest, after London and Paris;

    * 62% of passengers originating from the Milan area and 92%
      of passengers originating from north Italy do not use
      Malpensa as their departure airport for intercontinental
      flights;

    * Malpensa airport is difficult to get to (by car or
      train).

       Suspending Flights on Non-Remunerative Destinations

Alitalia says destinations where the Company operated at a loss
have been suspended for the 2008 network.

These routes involve these airports:

    * in Italy, Rimini, Olbia (currently operated by Air Alps)
      and Perugia;

    * Zagreb, Sarajevo, Skopje; Minsk, Lyons, Copenhagen and
      Stockholm on the international market.

      -- service to Krakow and Timisoara is operated by the
         Group's low-cost company Volareweb;

      -- service to Copenhagen and Stockholm may also be
         operated by Volareweb);

      -- Dakar, Shanghai, Mumbai and Delhi, on the
         intercontinental market.

These destinations will be re-instated as soon as conditions
make it possible.

                  Increasing Number of Flights

Alitalia's 2008 network, while reducing the number of
destinations, is strengthened in terms of the number of flights,
with growth concentrated on Rome.  Weekly frequencies from
Fiumicino will go up from 1,406 to 1,601.

The Company's network will be:

    * domestic market: 24 destinations, 44 routes, 1,265
      frequencies a week;

    * international market: 45 destinations, 73 routes, 928
      frequencies a week;

    * intercontinental market: 14 destinations, 17 routes, 101
      frequencies a week.

                       Quicker Connections

Optimizing the network makes it possible to reduce considerably
the connecting time on the hub for flights departing from
Italian cities to intercontinental destinations, with transit
via Fiumicino:

    * Turin-Buenos Aires: -30 minutes,
    * Turin-Miami: -15 minutes,
    * Verona-New York: -60 minutes,
    * Verona-Tunis: -95 minutes,
    * Bari-Miami: -70 minutes,
    * Catania-Sao Paulo: -60 minutes.

Connectivity also improves for people from abroad who want to
get to an Italian city, passing through Rome.

                  Main reasons: Italian market

    * developing an international and intercontinental product
      from Rome with more destinations and flights;

    * improving flight schedules leaving from Rome, with more
      opportunities to use Alitalia for round-trip flights in
      one day from Fiumicino to destinations in Italy;

    * increasing the offer of flights from all over Italy to
      Rome, and increasing the opportunities of international
      connections from Italy to the rest of the world, and vice
      versa.

    * increasing the number and frequency of flights from Milan
      Linate to destinations in Italy and Europe;

    * improving schedules and flight times for the Milanese
      market both from Linate and from Malpensa for the routes
      served;

    * improving the quality of the product offered by means of
      redefining "feeder" operations previously carried out
      mainly by small aircraft of the regional type (turbo-props
      and small jets), now using larger and more comfortable
      aircraft (MD80 and Airbus); and

    * launching the low-cost Volareweb product for flights
      from/to Malpensa and domestic north-south flights.

                  Main Reasons: Foreign Market

    * focusing the network on the main originating markets for
      travel from/to Italy: United States, Canada, Japan, South
      America and the Mediterranean area;

    * valorising Rome as a natural gateway destination for
      traffic to Italy and the Mediterranean area;

    * re-opening the historical Rome-Los Angeles route (also
      under study, boosting service to Brazil, as of the 2008
      winter season);

    * Malpensa remains a key airport for Alitalia passenger
      transport, with a network design which, for the first
      time, is devoted to the needs of passengers traveling
      from/to Milan.  Malpensa also becomes a focal point for
      cargo transport;

A new marketing approach re-instating the traditional link with
Italy Alitalia's market positioning also depends on relaunching
the Alitalia brand, to be carried out by a number of actions.

In Italy, the main ones are:

    * national and regional advertising campaign, multimedia and
      multi-channel, aimed at telling customers about the
      features of the Alitalia network;

    * more commercial agreements with the regions;

    * commercial events in all Italian airports;

    * recreating the link with Italy by means of producing a new
      set of images to complete the brand design system, focused
      on the three-color flag;

    * relaunching the MilleMiglia programme in its new edition,
      as of Jan. 1, 2008, which is more advantageous for
      frequent flyers, confirming its reputation as "top
      generous program."

In the World, the main actions are:

    * advertising campaigns in the main countries served by
      Alitalia aimed at promoting the offer of flights to Rome
      and the many connections to the rest of Italy;

    * press conferences abroad on the new network; and

    * broadening commercial agreements with foreign markets.

                          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.


FIAT SPA: Keeps Position on Jaguar/Land Rover Acquisition
---------------------------------------------------------
Fiat S.p.A. reiterated its previously stated position that it
would not participate in the bidding process for the acquisition
of Jaguar/Land Rover and would not buy these assets.

The issued statement answered recent press speculations on
Fiat's involvement with Tata Motors in its discussions regarding
the acquisition of the marques.

According to a Fiat spokesman, Fiat has not had discussions,
directly or indirectly, with Tata regarding this potential
transaction or its participation in it and it has not offered to
purchase any assets or technologies from Tata if the transaction
is completed.

"Fiat nonetheless considers Tata as a strategic partner, and is
considering other collaboration alternatives which do not
involve the Jaguar/Land Rover assets," a Fiat spokesman said.

In a report by Adrian Michaels for the Financial Times, Tata
Motors is the frontrunner in negotiations to acquire Jaguar/Land
Rover in a deal worth around US$2 billion.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 28,
2008, Moody's Investors Service affirmed Fiat SpA's Ba1
Corporate Family Rating, and the group's other long-term senior
unsecured ratings.  At the same time, the positive outlook was
maintained.  The short term Not Prime rating remains unchanged.

The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.


FIAT SPA: Unit Signs PoU to Boost & Develop Verrone Plant
---------------------------------------------------------
Fiat S.p.A.'s Fiat Powertrain Technologies (FPT) signed a
protocol of understanding with the Region of Piedmont, the
Province of Biella and the City of Verrone, that aimed at
boosting and developing the Verrone plant.  A new transmission
named the C635 will be produced there for use in mid-sized cars.

It is estimated that FPT will invest approximately EUR500
million between fixed assets and research and development costs,
which will permit achieving a production capacity of about
800,000 transmissions in 2012.  Once it is in full operation, it
could employ 1,100 workers, or about 600 more than current
levels.

Production of the manual version of the new C635 transmission is
planned to begin in June 2009, while production of the Dual Dry
Clutch version will begin in September 2009 and the robotized
version in 2010.  The C635 DDCT transmission introduces a new
technology in the automatic transmission sector and will be able
to replace both current robotized transmissions and traditional
transmissions.  One of its special features is that it will
significantly reduce fuel consumption as compared with
traditional automatic transmissions.

By signing the Protocol of Understanding, the common objective
of FPT, the Region of Piedmont, the Province of Biella, and the
City of Verrone is to establish certain general principles,
commitments, and procedures for future implementation by means
of instruments that will be defined over time.

The Region of Piedmont, the Province of Biella, and the City of
Verrone support this project on account of the social, economic,
and employment impact that it can have on the industrial system
of the Biella area and all of Piedmont.  The participating local
entities promise to reduce the time for administrative
procedures and authorizations necessary for realization of the
investment planned by FPT to a minimum.

The Province of Biella and the City of Verrone will promote and
organize a series of initiatives principally for transport and
city planning.  Furthermore, the Region of Piedmont promises to
submit the Protocol of Understanding to the Ministry of Research
and the Ministry of Economic Development for signing of joint
program agreements in support of the initiative.  A joint
technical committee will also be set up at the Region of
Piedmont Department of Productive Activities.  This committee
will be responsible for full implementation of the initiative.

Fiat Powertrain Technologies is the Fiat Group company that
embraces all the powertrain activities of Fiat Group
Automobiles, Iveco, CRF, and Elasis. Around 25% of its revenues
are generated by sales to non-captive customers.  With annual
production of approximately 3.1 million engines and 2.5 million
transmissions, 20,000 employees, 15 plants, and 10 research and
development centers in seven countries, FPT is one of the
world’s most important powertrain makers.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 28,
2008, Moody's Investors Service affirmed Fiat SpA's Ba1
Corporate Family Rating, and the group's other long-term senior
unsecured ratings.  At the same time, the positive outlook was
maintained.  The short term Not Prime rating remains unchanged.

The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.


PARMALAT SPA: Sees Up to EUR550 Million Net Profit for 2007
-----------------------------------------------------------
Parmalat S.p.A.'s Board of Directors approved its preliminary
results at Dec. 31, 2007, which show further gains in the
Group's operating performance and a marked improvement in its
net financial position.

The Parmalat Group posted EUR367.1 million in EBITDA on
EUR3.86 billion in net revenues for the financial year ended
Dec. 31, 2007, compared with EUR347.7 million in EBITDA on
EUR3.63 billion in net revenues for the same period in 2006.

The Parmalat Group expects EUR545 million to EUR550 million in
net profit for full year 2007, compared with EUR125.6 million in
net profit for 2006.

Parmalat attributed the improved results largely to:

    * an aggressive pricing policy designed to offset the impact
      of higher raw material costs;

    * a shift in the product mix toward items with greater value
      added;

    * an increase in manufacturing and operating efficiency; and

    * successful marketing programs.

As of Dec. 31, 2007, the Group had EUR857 million in net
financial assets, compared to EUR170 million in net borrowings
as at Dec. 31, 2006.

The Group attributed the positive impact on the net financial
position to:

    * EUR754.6 million in cash flow from operations, proceeds
      from settlements with credit institutions;

    * EUR247.8 million in divestitures of non-strategic assets;

Other developments that had negative impact on the net financial
position include:

    * EUR55 million in costs incurred to pursue lawsuits;

    * EUR40 million in tax payments; and

    * EUR43.4 million in distribution of dividends.

                         Parmalat S.p.A.

For full year 2007, Parmalat S.p.A. posted EUR78.4 million in
EBITDA on EUR869.4 million, compared with EUR69.5 million in
EBITDA on EUR841.9 million for full year 2006.

Parmalat expects the net profit for the period to range between
EUR545 million and EUR550 million, mainly due to settlements
with financial institutions.

As of Dec. 31, 2007, Parmalat had EUR1.23 billion in net
financial assets, compared to EUR341.4 million in net financial
assets at Dec. 31, 2006.

Parmalat attributed the improvement to a positive cash flow from
operations and proceeds generated by lawsuit settlements and
divestitures of non-strategic assets.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than $200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court Granted
Parmalat Permanent Injunction.


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


BUMERANG-SK LLP: Proof of Claim Deadline Slated for March 7
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Bumerang-SK insolvent.

Creditors have until March 7 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 109-302
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


DINARA-BUSINESS LLP: Creditors Must File Claims by March 7
----------------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Dinara-Business (RNN 090200210103).

Creditors have until March 7 to submit written proofs of claims
to:

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


HLEBOBULOCHNY COMBINATE: Claims Filing Period Ends March 7
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared OJSC Hlebobulochny Combinate insolvent.

Creditors have until March 7 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 109-302
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


KAZKOMMERTSBANK JSC: Tajikistan Subsidiary Gets Banking License
---------------------------------------------------------------
The National Bank of Tajikistan issued on January 24, 2008, the
licenses for execution of banking operations in national and
foreign currencies to Kazkommertsbank Tajikistan, a subsidiary
of JSC Kazkommertsbank.

"The presence of Kazkommertsbank in Tajikistan via its
subsidiary, not a representative office, demonstrates the
highest confidence in the government's efforts to create a
stable political and economic climate in the country.  We
believe that our example will be followed by other investments
and potentially higher interest of other banks into the country,
leading to higher ratings and a change in the attitudes towards
the country and its business," Beibit Apsenbetov, chairman of
the board of Kazkommertsbank Tajikistan, managing director of
Kazkommertsbank, said.

Via its subsidiary in Tajikistan Kazkommertsbank will offer its
clients in the country a wide range of services, gradually
introducing a fully comprehensive pr oduct line taking into
account the legal requirements in the Republic of
Tajikistan.

"We plan to start a dialogue with corporate clients on
traditional banking services, including lending, documentary
operations and other services, as soon as March-April this year.
Considering the existing shortage of long-term financing in the
country, we would like to offer local business long-term loans
to implement projects to rebuild and to create new production
capabilities.  The following steps would include the gradual
introduction of new banking services for SME clients as well
as retail banking, including mortgages," Rashid Saidov, CEO
a.i., Kazkommertsbank Tajikistan, said.

In September 2007 Kazkommertsbank obtained permits from the
Agency for Regulation and Supervision of the Financial Market
and Financial Organizations to establish a subsidiary in
Tajikistan.  On December 11, 2007 Kazkommertsbank announced that
the Justice Ministry of the Republic of Tajikistan had
registered a Closed Joint Stock Company "Kazkommertsbank
Tajikistan" as a 100% subsidiary of Kazkommertsbank with
chartered capital of US$10 million.

The banking sector of Tajikistan comprises 9 commercial banks, 1
state-owned bank and 1 foreign bank branch.


                     About Kazkommertsbank

Kazkommertsbank -- http://www.kazkommertsbank.com/-- accepts
deposits and provides loans and credit facilities in Tenge and
foreign currencies.  The Bank is also a major participant in the
securities market and the foreign currency market in Kazakhstan.

Kazkommertsbank has subsidiaries in Kyrgyzstan and Russia, it is
the majority shareholder in the Grantum pension fund,
Kazkommerts-Policy and Kazkommerts-Life companies, as well as
the Kazkommerts-Securities investment company.

                          *   *   *

As reported in the TCR-Europe on Dec. 20, 2007, Standard &
Poor's Ratings Services had revised its outlook to negative from
stable on Kazkommertsbank JSC.

At the same time, Standard & Poor's lowered its long-term
counterparty credit rating on KKB to 'BB' from 'BB+' and its
Kazakhstan national scale rating on Temirbank to 'kzBBB' from
'kzBBB+' and on Eurasian Bank to 'kzBB' from 'kzBBB-'.  All
other ratings were affirmed.

In November 2007, Fitch Ratings has affirmed the ratings of
Kazakhstan-based bank Kazkommertsbank.  KKB has been rated Long-
term foreign currency Issuer Default 'BB+', Short-term foreign
currency IDR 'B', Long-term local currency IDR 'BBB-', Short-
term local currency IDR 'F3', Individual 'C/D', Support '3' and
Support Rating Floor 'BB+'.  The Outlook for the Long-term IDR
remain Stable.

In June 2007, Moody's Investors Service downgraded these ratings
of Kazkommertsbank of Kazakhstan: senior unsecured debt in
foreign currency to Baa2/P-2 from Baa1/P-2; foreign currency
backed subordinated debt to Baa3 from Baa2; and foreign currency
backed junior subordinated debt to Ba1 from Baa3.

KKB's bank financial strength rating is affirmed at D, while the
outlook on the BFSR and on all debt ratings is changed to
negative.  Moody's has also affirmed KKB's foreign currency
deposit ratings at Ba1/NP with a stable outlook.


KSM-SERVICE XXI: Creditors' Claims Due on March 7
-------------------------------------------------
LLP KSM-Service XXI has declared insolvency.  Creditors have
until March 7 to submit written proofs of claims to:

         LLP KSM-Service XXI
         Aiteke bi Str. 42-10
         Aktobe
         Aktube
         Kazakhstan


RETAIL TRADE: Claims Registration Ends March 7
----------------------------------------------
LLP Retail Trade has declared insolvency.  Creditors have until
March 7 to submit written proofs of claims to:

         LLP Retail Trade
         Office 6
         Kunayev Str. 64
         Almaty
         Kazakhstan


RIS LLP: Creditors Must File Claims by March 7
----------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Ris (RNN 090200001640).

Creditors have until March 7 to submit written proofs of claims
to:

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


ROHDE & LIESENFELD: Claims Filing Period Ends March 7
-----------------------------------------------------
Representation of Rohde & Liesenfeld International GmbH & Co.
has declared its closure.  Creditors have until March 7 to
submit written proofs of claims to:

         Representation of Rohde & Liesenfeld
         International GmbH & Co.
         Office 12
         Tole bi Str. 189
         Almaty
         Kazakhstan


SOTSIALNYE INNOVATSIONNYE: Creditors' Claims Due on March 7
-----------------------------------------------------------
JSC Sotsialnye Innovatsionnye Technologyiy has declared
insolvency.  Creditors have until March 7 to submit written
proofs of claims to:

         JSC Sotsialnye Innovatsionnye Technologyiy
         Str. 35, 6-10
         Astana
         Kazakhstan


URAL MEH: Claims Registration Ends March 7
------------------------------------------
LLP Construction Company Ural Meh Stroy Service has declared
insolvency.  Creditors have until March 7 to submit written
proofs of claims to:

         LLP Construction Company Ural Meh Stroy
         Sholohov Str. 33
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 53-74-70


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


DOOLET CONSULTING: Creditors Must File Claims by February 22
------------------------------------------------------------
LLC Doolet Consulting has declared insolvency.  Creditors have
until Feb. 22, 2008 to submit written proofs of claim to:

         LLC Doolet Consulting
         Umetaliyev Str. 14-16
         Bishkek
         Kyrgyzstan


JS COMMERCIAL: Claims Filing Period Ends February 22
----------------------------------------------------
LLC JS Commercial Bank has declared insolvency. Creditors have
until Feb. 22, 2008 to submit written proofs of claim.

Inquiries can be addressed to (0-543) 01-35-57, (0-555) 66-80-
20.


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


BENCHMARK ELECTRONICS: Earns US$21 Mln in Fourth Quarter 2007
-------------------------------------------------------------
Benchmark Electronics Inc. reported sales of US$735 million for
the quarter ended Dec. 31, 2007, compared to US$737 million for
the same quarter in the prior year.  Fourth quarter net income
was US$21 million.  In the comparable period of 2006, net income
was US$28 million.

Excluding restructuring charges, integration costs, amortization
of intangibles and the impact of stock-based compensation costs,
the Company would have reported net income of US$25 million in
the fourth quarter of 2007.  Excluding restructuring charges and
the impact of stock-based compensation costs, the Company would
have reported net income of US$29 million in the fourth quarter
of 2006.

Sales for the years ended Dec. 31, 2007 and 2006 were each
US$2.9 billion.  Net income for the year ended Dec. 31, 2007 was
US$93 million.  In the prior year, net income was US$112
million.

Excluding restructuring charges, integration costs, amortization
of intangibles, the impact of stock-based compensation costs and
a discrete tax benefit related to a previously closed facility,
the company would have reported net income of US$98 million in
2007.  Excluding restructuring charges, the impact of stock-
based compensation expense and a tax benefit resulting from the
closure of our UK facility, the company would have reported net
income of US$113 million in 2006.

"In 2007 we achieved several major goals -- we expanded our
customer base, enhanced our manufacturing and engineering
capabilities, completed the integration of recent acquisitions,
and realigned our manufacturing facilities," said Chief
Executive Officer, Cary T. Fu.  "We are delighted to have the
heavy lifting behind us.  We are on an excellent pathway for
increased business from new and existing customers in 2008."

          Fourth Quarter 2007 Financial Highlights

   -- Operating margin for the fourth quarter was 3.0% on a GAAP
      basis and was 3.7%, excluding restructuring charges,
      integration costs, amortization of intangibles and the
      impact of stock-based compensation expense.

   -- Cash flows provided by operating activities for the fourth
      quarter were approximately US$59 million.

   -- Cash and short-term investments balance was US$382 million
      at Dec. 31, 2007.

   -- Total debt outstanding was US$13 million.

   -- Accounts receivable was US$486 million at Dec. 31, 2007;
      calculated days sales outstanding were 60 days.

   -- Inventory was US$362 million at Dec. 31, 2007; inventory
      turns were 7.6 times.

   -- Repurchases of common shares through Feb. 4, 2008, were
      US$74 million.

                          2008 Outlook

For 2008, the company expects top line growth of 5-8% for the
year and earnings per share growth in the range of 15-20%,
excluding amortization of intangibles and the impact of stock-
based compensation expense.

Looking forward, sales for the first quarter of 2008 are
expected to be between US$700 million and US$725 million.

                   About Benchmark Electronics

Based in Angleton, Texas, Benchmark Electronics Inc. (NYSE: BHE)
-- http://www.bench.com/-- manufactures electronics and
provides services to original equipment manufacturers of
computers and related products for business enterprises, medical
devices, industrial control equipment, testing and
instrumentation products, and telecommunications equipment.  The
company's global operations include facilities in The
Netherlands, Romania, Ireland, Brazil, Mexico, Thailand,
Singapore, and China.

                         *     *      *

As reported in the Troubled Company Reporter-Latin America on
Jan. 21, 2008, Moody's Investors Service has assigned a Ba2
(LGD-3, 39%) rating to Benchmark Electronics, Inc.'s new 5-year
US$100 million senior secured revolving credit facility due 2012
and affirmed the company's Ba3 corporate family rating.  The
rating outlook is stable.


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


ELVIS-A CJSC: Creditors Must File Claims by February 28
-------------------------------------------------------
Creditors of CJSC Elvis-A have until Feb. 28, 2008, to submit
proofs of claim to:

         M. Sotnik
         Insolvency Manager
         Tsvetochnaya Str. 1B
         410009 Saratov
         Russia
         Tel: (8452) 793993

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-22620/07-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Elvis-A
         Zorinskiy
         Saratov
         Russia


NOVATEK OAO: Natural Gas Production Down in 2007
------------------------------------------------
OAO Novatek disclosed of its preliminary production data for the
fourth quarter and full year 2007.

In 2007, gross production for Novatek totaled 28.52 billion
cubic meters of natural gas and 2.5 million tons of liquids.
Gross natural gas production decreased by 210 million cubic
meters, or by less than 1%, and gross liquids production
decreased by 11,000 tons, or by 0.5%, as compared with the
corresponding gross production in 2006.

Gross production for the fourth quarter totaled 7.61 billion
cubic meters of natural gas and 643,000 tons of liquids (gas
condensate and crude oil).  Gross natural gas production
increased by 398 million cubic meters, or by 5.5%, and gross
liquids production increased by 45,000 tons, or by 7.6%, as
compared with the corresponding gross hydrocarbon production in
the fourth quarter 2006.

Total gross natural gas production during the 2007 period was
consistent with Novatek's revised production targets due
primarily to a decrease in natural gas volumes injected into
underground storage which was the result of reduced off-take
from the underground storage system during the unseasonably warm
winter in Russia.

Total gross liquids production was consistent with the Company's
forecasts and takes into account natural declines in the
concentration of gas condensate, due to decreasing reservoir
pressure at the current gas condensate producing horizons at the
East-Tarkosalinskoye and Khancheyskoye fields, and the temporary
production stoppage in July 2007 due to planned maintenance and
repair work at the fields.

In 2007, Novatek processed 2.11 million tons of unstable gas
condensate at the Purovsky processing plant.  In the fourth
quarter, the plant's throughput totaled 553,000 tons.

                       About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek --
http://www.novatek.ru/-- engages in the exploration,
production and processing of natural gas and liquid
hydrocarbons.  The company's upstream activities are
concentrated in the prolific Yamal-Nenets Region in Western
Siberia.

                         *   *   *

As of Feb. 7, 2008, OAO Novatek carries Ba2 Corporate Family
rating from Moody's Investors Service, which said the outlook is
stable.

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


PHOENIX CJSC: Asset Sale Slated for February 25
-----------------------------------------------
CJSC Phoenix, will open a public auction for the company's
properties at noon on Feb. 25, 2008 at:

         Vorovskogo Str. 7A
         Kaluga
         Kirov
         Russia

The company has set a RUR400,000 starting price for the assets
in auction.

Interested participants have until Feb. 23, 2008, to deposit an
amount equivalent to 10% of the starting price to:

         CJSC Phoenix
         Settlement Account 40702810700000003050
         KFACB Lefko-bank (OJSC), Kaluga
         Correspondent Account 30101810300000000713
         GRKTsU GU Bank of Russia, Kaluga
         BIK 042908713
         TIN 7722015224

Bidding documents must be submitted to:

         F. Amarov
         Insolvency Manager and Bidding Organizer
         Sovetskaya Str. 106
         Kaluga
         Russia
         Tel: 8 (4842) 59-28-31
         Fax: 8-910-595-12-10

The Debtor can be reached at:

         CJSC Phoenix
         Promyshlennyj
         Desnogorsk
         Smolensk
         Russia


RUSSIAN FACTORING: Fitch Puts RUR500 Million Facility at BB
-----------------------------------------------------------
Fitch Ratings assigned expected ratings to the debt obligations
of Russian Factoring No. 1 S.A. as:

   - RUR7.5bn senior asset-backed notes: 'BBB'; Outlook Stable
   - RUR0.5bn mezzanine facility: 'BB'; Outlook Stable

The expected ratings address the timely and full payment of
principal and interest.  The ratings exclude any claim of the
lenders to receive prepayment charges as well as interest
payments equal to the step-up margin.  The final ratings are
contingent upon the receipt of final documents conforming to
information already received.

The transaction is a securitisation of receivables factored by
Eurokommerz FC refinancing small- and medium-sized companies
within the Russian Federation ('BBB+'/Outlook Stable /'F2').
The issuance is denominated in local currency as are the
receivables.  Until the expected maturity in September 2008,
collections will be re-invested in further purchases on a daily
basis unless an early amortisation is triggered or the un-
invested cash exceeds 15% of the senior notes balance, leading
to partial redemption of the exceeding amount.  In addition to
early amortisation events, the transaction includes triggers
that suspend further purchases and which lead to amortisation in
case the performance of the portfolio deteriorates beyond
trigger levels.

Eurokommerz FC is a closed joint stock company incorporated
under Russian law.  It pursues factoring business since
inception in 2000.  The originator is currently owned by the
group's management team (49.8%) and the Russian New Growth Fund
(50.2%).  Total assets were at RUB1.4bn at year-end 2007 and the
company's equity ratio currently stands at about 27% of total
assets.  Asset growth slowed down over the second half of 2007
after two years of strong growth.

As of beginning of February 2008, the originator acquires
receivables from around 2,000 customers against around 6,500
debtors.  Debtors and customers are located throughout the
Russian Federation with a certain concentration in the Moscow
region (about 18% for debtors and 23% for customers).  Day sales
outstanding over the past two years averaged at 55 days.

Russian legislation is unclear whether factoring (defined in the
civil code as "financing against assignment of monetary claims")
is subject to supervision by a regulating authority and whether
Eurokommerz FC would require a licence from such an authority to
pursue its factoring business.  Based on current legislation, it
can be argued that only entities that are licensed as a bank can
pursue factoring.  However, according to the transaction's legal
counsel and the originator, no procedure is in place to obtain a
separate licence just on factoring activity.

The legal counsel to the transaction has confirmed in its legal
opinion that Eurokommerz FC, in their view, does not need any
licence or regulatory permit to enter into the agreements with
its customers in the form reviewed by the counsel and to
exercise its rights and perform its obligations.  Interested
parties may wish to form their own view on the matter in
consultation with its legal counsel.

The transaction includes a dynamic enhancement mechanism in line
with Fitch's trade receivables criteria.

However, in line with the agency's criteria for the analysis of
portfolios located in emerging regions, rating multiples were
calibrated to the rating of the Russian Federation.  The
enhancement calculation sizes for three reserves are: (a) loss
reserve, (b) carrying cost reserve and (c) commingling reserve -
all provided by subordination through the subordinated loan.
Dilutions are covered by full recourse against customers to make
up the reduction in the invoice amount.  This turns dilution
risk into credit risk covered by the first reserve.

While historical delinquencies are negligible, supported by the
practice of customers to make payments on behalf of debtors to
avoid delinquency charges, the documentation foresees a minimum
loss coverage of 8.5% for the senior notes and 6.0% for the
mezzanine facility.  Enhancement is provided by the deferred
purchase price agreed between the originator and the customer
(10.7%), the subordinated loan (8.0 %) and the mezzanine
facility (5.4%) with amounts as of end of January 2008.

To mitigate commingling, the transaction channels all payments
via accounts held by a "collection agent".  On a daily basis,
the collection agent (a Russian limited liability company), will
receive payments from debtors and customers in collection
accounts held with Slavinvestbank (SIB, rated 'B-' (B minus)/ on
Rating Watch Positive/'F3').  Intra-day it will pass collections
on to the issuer and originator depending on reconciliation
advice given by the servicer. Upon certain events linked to
SIB's performance, collection accounts are to be closed,
preventing any further money to be credited to accounts with
SIB. Customers and debtors will be required to pay into the
standby collection account held with Vneshtorgbank JSC (VTB,
rated 'BBB+'/Outlook Stable/'F2').  VTB also acts as a hot
backup servicer able to take over servicing as well as daily
reconciliation on short notice.  Handover routines are tested
and documented and are, in the agency's view, strong mitigating
factors against operational risks associated for assets with a
high repayment speed.

Based on documented grace periods within the agreements and
Fitch's judgement on the duration of operational tasks to be
performed by the different entities in case an immediate
handover becomes necessary, Fitch concluded that up to six days
of collections are exposed to commingling and lost from the
issuer's perspective. The dynamic enhancement calculation takes
this factor into account, testing the expected amortisation
profile for the six consecutive days that show the maximum
cumulative payment amounts. The dynamic mechanism therefore also
covers changes in the tenor structure.

The issuer also holds a cash reserve to cover a potential
liquidity shock.  The amount held in the account is determined
monthly to cover about three months of interest payments due
under the rated debt and senior expenses.

Fitch will monitor the transaction on a regular basis and as
warranted by events.  Its structured finance performance
analytics team ensures that the assigned ratings remain, in the
agency's view, an appropriate reflection of the issued notes'
credit risk.


SO VYAZOVSKOE: Creditors Must File Claims by February 28
--------------------------------------------------------
Creditors of CJSC SO Vyazovskoe have until Feb. 28, 2008, to
submit proofs of claim to:

             M. Sotnik
             Insolvency Manager
             Tsvetochnaya Str. 1B
             410009 Saratov
             Russia
             Tel: (8452) 793993

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-22621/07-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC SO Vyazovskoe
         Vyazovka
         Tatishevskiy
         Saratov
         Russia



VOLZHSKIY FACTORY: Creditors Must File Claims by March 28
---------------------------------------------------------
Creditors of CJSC Management Company Volzhskiy Factory of Metal
Constructions have until March 28, 2008, to submit proofs of
claim to:

         A. Zaletnykh
         Insolvency Manager
         Rokossovskogo Str. 24-134
         400131 Volgograd
         Russia

The Arbitration Court of Volgograd commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A12-8780/07-s57.

The Debtor can be reached at:

         CJSC Management Company Volzhskiy Factory of Metal
         Constructions
         Portovaya Str. 3
         Volzhskiy
         404130 Volgograd
         Russia


VYATSKAYA NEAR: Creditors Must File Claims by March 28
-------------------------------------------------------
Creditors of LLC Vyatskaya Near Beer Company have until
March 28, 2008, to submit proofs of claim to:

         E. Esaulova
         Insolvency Manager
         Orlovskaya Str. 20-a
         610002 Kirov
         Russia

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A28-331/07-220/20.

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         LLC Vyatskaya Near Beer Company
         Sovetskaya Str. 104
         Slobodskoy
         Kirov
         Russia


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


BAUSCH & LOMB: Raymond Elliott & Richard Wallman Joins Board
------------------------------------------------------------
Bausch & Lomb Inc. disclosed that J. Raymond Elliott and Richard
F. Wallman have joined its Board of Directors.

"Our board of directors is helping guide the company into an
extended period of growth," said Gerald M. Ostrov, board
chairman and chief executive officer, Bausch & Lomb.  "Ray and
Richard further enhance the board’s expertise in global business
expansion and healthcare markets.  We look forward to benefiting
from their insight and knowledge."

Mr. Elliott served as chairman, president and chief executive
officer of Zimmer Holdings, Inc. from 2001 until his retirement
in 2007.  Prior, Mr. Elliott spent almost 30 years in general
management positions in the healthcare, media and consumer
products industries.  He began his career with American Hospital
Supply Corporation, culminating in the role of president of the
Far East divisions in Tokyo, Japan.  Mr. Elliott recently joined
the board of Boston Scientific Corporation.  He holds a B.A.
degree from the University of Western Ontario, Canada.

Mr. Wallman was senior vice president and chief financial
officer of Honeywell International, Inc. from 1995 until his
retirement in 2003.  Prior, he was vice president and controller
at IBM Corporation, and held leadership positions at Chrysler
Corporation over the course of 14 years.  He is a director of
Ariba, Convergys, Hayes Lemmerz International, Lear Corporation,
and Roper Industries.  Mr. Wallman holds a B.S. degree in
electrical engineering from Vanderbilt University and an M.B.A.
from the University of Chicago.

Mr. Elliott and Mr. Wallman join board members Joseph P. Landy,
Elizabeth H. Weatherman and Sean D. Carney, all managing
directors of Warburg Pincus LLC, and D. Scott Mackesy, general
partner, Welsh Carson Anderson & Stowe.

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.  In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                         *     *     *

Bausch & Lomb Incorporated still carries Moody's Ba1 Corporate
Family Rating, Ba1 Probability of Default Rating and Ba1 ratings
on certain existing senior unsecured notes.  Rating outlook was
revised to stable.


* Moody's Says Spanish RMBS Shows Delinquencies Hike in Q3 2007
---------------------------------------------------------------
The total issuance of Spanish Residential Mortgage Backed
Securities surged to EUR12.7 billion in third quarter 2007, says
Moody's Investors Service in its latest Spanish RMBS index
report.  Eleven new transactions were closed during third
quarter 2007.

"The overall index for 60+ day delinquencies has increased over
the past quarter to 0.66% up from 0.56% in second quarter 2007",
states Ignacio Rivela, a Moody's Senior Associate and author of
the report.  Also 90+ delinquency levels increased slightly in
third quarter 2007 to 0.29% up from 0.24% in second quarter
2007.  Namely the 2006 vintage shows a steeper index values for
both 60+ and 90+ delinquencies in third quarter 2007.

"In third quarter 2007, the cumulative defaults remained low,
standing currently at 0.11%", adds Maria Turbica, a Moody's
Associate Analyst and co-author of the report.  Only very few
transactions report actual losses ranging around a few basis
points only.  The total annualized redemption rate in third
quarter 2007 decreased slightly to 13.02%.

No performance-related rating actions on outstanding Spanish
RMBS transactions were taken by Moody's during third quarter
2007.


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


FORTUNA-97 LLC: Proofs of Claim Filing Deadline Set February 17
---------------------------------------------------------------
Creditors of LLC Fortuna-97 (code EDRPOU 25334268) have until
Feb. 17, 2008, to submit written proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
45/214B.

The Debtor can be reached at:

         LLC Fortuna-97
         Pozharnaya Str. 1
         Shakhtersk
         86200 Donetsk
         Ukraine


FORUM-COMPLEX LLC: Creditors Must File Claims by February 16
------------------------------------------------------------
Creditors of LLC Forum-Complex (code EDRPOU 33471165) have until
Feb. 16, 2008, to submit written proofs of claim to:

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

Economic Court of Zaporozhje commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 26, 2007.
The case is docketed under Case No. 25/317/07.

The Debtor can be reached at:

         LLC Forum-Complex
         Vostochnaya Str. 11
         Zaporozhje
         Ukraine


IMEKS CMBH: Creditors Must File Claims by February 16
-----------------------------------------------------
Creditors of LLC Imeks CMBH (code EDRPOU 20496380) have until
Feb. 16, 2008, to submit written proofs of claim to:

         Natalia Martynenko
         Liquidator
         Apartment 5
         Mayakovsky Avenue 12
         69035 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
Jan. 10, 2008.  The case is docketed under Case No. 25/608.

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

The Debtor can be reached at:

         LLC Imeks CMBH
         Apartment 47
         Lenin Str. 14
         Dnieprobudnoye
         Vasilievsky District
         71630 Zaporozhje
         Ukraine


KLONDIKE-SERVICE LLC: Creditors Must File Claims by February 17
---------------------------------------------------------------
Creditors of LLC Advertising Agency Klondike-Service (code
EDRPOU 31977059) have until Feb. 17, 2008, to submit written
proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/275-07-8985.

The Debtor can be reached at:

         LLC Advertising Agency Klondike-Service
         Arnautskaya Str. 107
         65000 Odessa
         Ukraine


LISSONTRADE LLC: Creditors Must File Claims by February 16
----------------------------------------------------------
Creditors of LLC Lissontrade (code EDRPOU 34748247) have until
Feb. 16, 2008, to submit written proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
Dec. 26, 2007.  The case is docketed under Case No. 25/316/07.

The Debtor can be reached at:

         LLC Lissontrade
         Lezhenko Str. 6/28
         Zaporozhje
         Ukraine


NIVA LLC: Creditors Must File Claims by February 16
---------------------------------------------------
Creditors of LLC Niva (code EDRPOU 30749027) have until
Feb. 16, 2008, to submit written proofs of claim to:

         Eugene Kornilov
         Liquidator
         Office 408
         Independency Square 1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 17, 2007.
The case is docketed under Case No. 8/466-07.

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

The Debtor can be reached at:

         LLC Niva
         P. Sagaydachny Str. 46
         Kniazhychi
         Yampolsky District
         41200 Sumy
         Ukraine


SAMARA FOOTBALL: Creditors Must File Claims by February 16
----------------------------------------------------------
Creditors of LLC Football Club Samara (code EDRPOU 34682836)
have until Feb. 16, 2008, to submit written proofs of claim to:

         Vadim Koloshyn
         Liquidator
         Rabochaya Str. 152/47
         Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Jan. 8, 2008.  The case is docketed under Case No. B 15/385-07.

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

The Debtor can be reached at:

         LLC Football Club Samara
         Artem Str. 94
         Dnipropetrovsk
         Ukraine


SELECTION CENTER: Proofs of Claim Filing Deadline Set Feb. 17
-------------------------------------------------------------
Creditors of Selection Center Ukraine have until Feb. 17, 2008,
to submit written proofs of claim to:

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

The Economic Court of Zhytomir commenced bankruptcy supervision
procedure on the company on Nov. 28, 2007.  The case is docketed
under Case No. 7/173-b.

The Debtor can be reached at:

         Selection Center Ukraine
         Velikaya Racha
         Radomyshlsky District
         Zhytomir
         Ukraine


SERVICE LLC: Creditors Must File Claims by February 17
------------------------------------------------------
Creditors of LLC Service (code EDRPOU 20290164) have until
Feb. 17, 2008, to submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Dec. 26, 2007.  The case is docketed under Case No. B 15/380-07.

The Debtor can be reached at:

         LLC Service
         Kotsiubinsky Str. 12
         49000 Dnipropetrovsk
         Ukraine


VYBOR-UKRAINE LLC: Creditors Must File Claims by February 17
------------------------------------------------------------
Creditors of LLC Vybor-Ukraine (code EDRPOU 32818411) have until
Feb. 17, 2008, to submit written proofs of claim to:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 10, 2008.
The case is docketed under Case No. 16/49b/19b.

The Debtor can be reached at:

         LLC Vybor-Ukraine
         Vorovsky Str. 20-A
         14000 Chernigov
         Ukraine


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


BMP REALISATIONS: Brings In Liquidators from Deloitte & Touche
--------------------------------------------------------------
Andrew Philip Peters and David John Langton of Deloitte & Touche
LLPwere appointed joint liquidators of BMP Realisations Ltd.
(formerly B-Prepared Ltd., Bomfords Prepared Ltd.) on Jan. 24
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Deloitte & Touche LLP
         Four Brindleyplace
         Birmingham
         B1 2HZ
         England


CITELYNX TRAVEL: Taps Liquidators from BDO Stoy Hayward
-------------------------------------------------------
A. H. Beckingham and M. J. Chadwick of BDO Stoy Hayward LLP were
appointed joint liquidators of Citelynx Travel Ltd. on Jan. 17
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Arcadia House
         Maritime Walk
         Ocean Village
         Southampton
         SO14 3TL
         England


DENNIS RUABON TILES: Jumps Into Receivership With Lousy Sales
-------------------------------------------------------------
Slump in sales has prompted Dennis Ruabon Tiles to shut its
operations and undergo receivership, the Financial Times
reports.  Anne O'Keefe and Simon Wilson were appointed joint
administrative receivers to the Dennis Ruabon Group and are
trying to sell the group as a going concern.

The report notes that Dennis Ruabon Group lost 68 jobs with the
appointment of the receivers.  Dennis Ruabon Group encompasses
Dennis Ruabon Tiles Ltd. and Dennis Ruabon Sales Ltd.

"We are currently reviewing all options for the Dennis Ruabon
Group and are actively seeking to sell the group as a going
concern," Ms. O'Keefe told the Times.  "Unfortunately, we were
forced to make the 68 employees of the group redundant on our
appointment as administrative receivers."

Dennis Ruabon Tiles started manufacturing tiles 130 years ago in
1878, the Times relates.  Although it had been struggling for
some time, Dennis Ruabon Tiles was the UK's only remaining
quarry tile maker.

Meanwhile, Wrexham County Borough Council redundancy specialists
in Wales are also investigating what they can do to help Dennis
Ruabon Tiles.

                     About Dennis Ruabon Tiles

Dennis Ruabon Tiles -- http://www.dennisruabon.co.uk/index.htm
-- is the only remaining quarry tile manufacturer in the UK.
Originally founded by the famous local entrepreneur, Henry
Dennis, in 1878 when vast amounts of high quality Etruria Marl
clay were discovered in Ruabon.  The site was the largest of its
kind and constructed immediately adjacent to the clay reserves.
An innovation at the time was an endless chain tramway, driven
by steam power.  This fed the clay directly to the works
delivering it at the exact locations required, the same pure
Welsh clay is used to the present day.

The Ruabon “Red Works”, as the site was first known, commenced
producing ridge tiles, chimney pots and ornamental terracotta.
It was here that the famous quarry tile was born –- the Ruabon
tile, which is today still Britain’s best-known quarry tile.


DOWNS BUTCHERS: Calls In Liquidators from Tenon Recovery
--------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Down Butchers Ltd. on
Jan. 30 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         33 George Street
         Wakefield
         West Yorkshire
         WF1 1LX
         England


ELECTRONIC DATA: To Pay US$0.05 Per Share Dividend on March 10
--------------------------------------------------------------
The Electronic Data System Corp. Board of Directors has declared
a dividend on the common stock of US$0.05 per share, payable
March 10, 2008, to shareholders of record as of the close of
business Feb. 20, 2008.

Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS)
-- http://www.eds.com/-- is a global technology services
company delivering business solutions to its clients.  The
company founded the information technology outsourcing industry
more than 40 years ago.  The company delivers a broad portfolio
of information technology and business process outsourcing
services to clients in the manufacturing, financial services,
healthcare, communications, energy, transportation, and consumer
and retail industries and to governments around the world.  EDS
has locations in Argentina, Australia, Austria, Brazil, China,
Chile, Greece, Hong Kong, India, Japan, Malaysia, Mexico, Puerto
Rico, Singapore, Taiwan, Thailand, South Korea, United Kingdom,
among others.

                        *     *     *

Moody's placed EDS Corp.'s senior unsecured debt rating at 'Ba1'
in July 2004, and its probability of default rating at 'Ba1' in
September 2006.  Moody's said the outlook is positive.  The
ratings still hold to date.


EYESAGLOW LTD: Appoints Liquidators from KPMG
---------------------------------------------
Kevin Roy Mawer and Steve Treharne of KPMG LLP were appointed
joint liquidators of Eyesaglow Ltd. on July 19, 2007 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


FKI PLC: Melrose Confirms Making Preliminary Approach
-----------------------------------------------------
Melrose Plc confirmed that it made a preliminary approach to FKI
Plc on Jan. 31, 2008, for a possible offer at 70 pence per FKI
share.

According to Melrose, any offer for FKI, would be in cash or
consist of a mix of cash and share consideration and would
involve an equity issue by Melrose to its current shareholders.

Melrose emphasized that there can be no certainty that an offer
for FKI will be forthcoming.

                        About FKI PLC

Headquartered in Loughborough, England, FKI PLC --
http://www.fki.co.uk/-- is an international engineering group
active in the four specialized business areas: FKI Logistex,
Lifting Products & Services, Hardware and Energy Technology.

                            *   *   *

As of February 6, 2008, FKI Plc carries Moody's Investors
Service ratings at Ba3 long term corporate family rating, Ba3
senior unsecured debt and Ba3 probability of default with stable
outlook.

FKI carries Standard & Poor's long-term foreign issuer credit
rating at BB, long-term local issuer credit rating at BB, short-
term foreign issuer credit rating at B, and short-term local
issuer credit rating at B.


FORD MOTOR: Toyota & Ford Unaffected by Plastech's Bankruptcy
-------------------------------------------------------------
While Chrysler LLC said that it could close four of its U.S.
plants due to Plastech Engineered Products, Inc. and its debtor-
affiliates' failure to deliver component parts, Ford Motor Co.
and Toyota Motor Corp. said their automotive production won't be
affected by the auto-parts supplier's Chapter 11 filing.

Ford said that Plastech's Chapter 11 filing won't adversely
affect the auto maker's production, The Wall Street Journal
reports.  "We've had no impact," said Mark Fields, Ford's
President of the Americas.  "We anticipate, for the time being,
to be able to continue our production."

"We're not out shopping to take this business elsewhere
at this point," Mr. Fields told WSJ.

According to Reuters, Toyota said it continues to receive parts
from Plastech.  "We have had no interruption in supplies," Mike
Goss said.  "Plastech has told us that they will continue
production and we will monitor the situation closely."

As previously reported, Chrysler terminated its supply contracts
with Plastech.  Chrysler has sought court permission to seize
certain equipment from Plastech's plants, so that it could
transfer production of its parts to an alternate supplier.  It
warned that absent the transfer, it will lose production of
approximately 500 end-item parts, halting the production of its
entire corporate fleet of vehicles.

Plastech's major customers include General Motors, Ford
Motor Company, and Toyota.

                    About Plastech Engineering

Based in Dearborn, Michigan, Plastech Engineered Products, Inc.
-- http://www.plastecheng.com/-- is full-service automotive
supplier of interior, exterior and underhood components.  It
designs and manufactures blow-molded and injection-molded
plastic products primarily for the automotive industry.
Plastech's products include automotive interior trim, underhood
components, bumper and other exterior components, and cockpit
modules.  Plastech's major customers are General Motors, Ford
Motor Company, and Toyota, as well as Johnson Controls, Inc.

Plastech is a privately held company and is the largest family-
owned company in the state of Michigan.  The company is
certified as a Minority Business Enterprise by the state of
Michigan.  Plastech maintains more than 35 manufacturing
facilities in the midwestern and southern United States.  The
company's products are sold through an in-house sales force.

The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417).  Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts.  The
Debtors chose Jones Day as their special corporate and
litigation counsel.  Lazard Freres & Co. LLC serves as the
Debtors' investment bankers, while Conway, MacKenzie & Dunleavy
provide financial advisory services.  The Debtors also employed
Donlin, Recano & Company as their claims and noticing agent.

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.  (Plastech Bankruptcy News, Issue No. 2;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        About Ford Motor

Based 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.

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 19, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3.  Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative.  These rating actions follow Ford's announcement of
the details of the newly ratified four-year labor agreement with
the UAW.


GRAPHITE MORTGAGES: Fitch Affirms Ratings on 20 Tranches
--------------------------------------------------------
Fitch Ratings affirmed all 20 tranches of Graphite Mortgages Plc
transactions following a satisfactory performance review.  The
Outlooks are Stable.

These transactions are synthetic securitisations of residential
mortgages, which are referenced to pools of UK residential
mortgage loans originated by Northern Rock plc.  They also use
the Provide transaction platform developed by Kreditanstalt fur
Wiederaufbau, a public entity guaranteed by the Federal Republic
of Germany.

All Graphite Mortgages Plc transactions reviewed are currently
in their replenishment periods.  Due to the replenishment
periods, the notes have not yet started to pay down, thus
keeping the credit enhancement levels unchanged.

These transactions all feature a Threshold Account utilised to
cover the first losses incurred on the reference portfolio.  Due
to the synthetic nature of this transaction, the outstanding
threshold amount is not replenished using the excess spread.  To
date, there have been limited losses.  The outstanding threshold
amounts for Graphite Mortgages PLC Provide Graphite 2005-I,
Graphite Mortgages PLC Provide Graphite 2005-II and Graphite
Mortgages PLC Provide Graphite 2006-I are 98.42%, 98.63% and
99.64%, respectively, of the original amount.

Graphite Mortgages PLC Provide Graphite 2005-I:

    * Class A+ (ISIN XS0212255847): affirmed at 'AAA';
                                    Outlook Stable

    * Class A (ISIN XS0212252745): affirmed at 'AAA';
                                   Outlook Stable

    * Class B (ISIN XS0212253123): affirmed at 'AA';
                                   Outlook Stable

    * Class C (ISIN XS0212253479): affirmed at 'A';
                                   Outlook Stable

    * Class D1 (ISIN XS0212253636): affirmed at 'BBB';
                                    Outlook Stable

Graphite Mortgages PLC Provide Graphite 2005-II:

    * Class A+ (ISIN XS0235893624): affirmed at 'AAA';
                                    Outlook Stable

    * Class A1 (ISIN XS0235893970): affirmed at 'AAA';
                                    Outlook Stable

    * Class A2 (ISIN XS0235894192): affirmed at 'AA';
                                    Outlook Stable

    * Class B (ISIN XS0235894275): affirmed at 'AA';
                                    Outlook Stable

    * Class C (ISIN XS0235894358): affirmed at 'A';
                                    Outlook Stable

    * Class D1 (ISIN XS0235894515): affirmed at 'BBB';
                                    Outlook Stable

Graphite Mortgages PLC Provide Graphite 2006-I:

    * Class A+ (ISIN XS0258739803): affirmed at 'AAA';
                                    Outlook Stable

    * Class A (ISIN XS0258741452): affirmed at 'AAA';
                                   Outlook Stable

    * Class B (ISIN XS0258744555): affirmed at 'AA-' (AA minus);
                                   Outlook Stable

    * Class C1 (ISIN XS0258746097): affirmed at 'A';
                                    Outlook Stable

    * Class C2 (ISIN XS0258747061): affirmed at 'A-' (A minus);
                                    Outlook Stable

    * Class D1 (ISIN XS0258748549): affirmed at 'BBB';
                                    Outlook Stable

    * Class D2 (ISIN XS0258749356): affirmed at 'BBB-' (BBB
                                    minus) ; Outlook Stable

    * Class E (ISIN XS0258750107): affirmed at 'BB';
                                    Outlook Stable

    * Class SS: affirmed at 'AAA'; Outlook Stable

Fitch has employed its credit cover multiple methodology in
reviewing the deals to assess the level of credit support
available to each class of notes.


HABITUS SURVEYORS: Put into Liquidation by B&C Associates
----------------------------------------------------------
Habitus Surveyors' provisional administrator, B&C Associates,
along with secured and unsecured creditors, has put the company
into liquidation on Tuesday, Feb. 5, 2008, the Estates Gazette
reports.

The company went into administration on December 2007 with
GBPR2.89 million in debts.  The company blamed its downfall on
the collapse in building surveys and valuation work, as well as
delays in introducing home information packs.

Residential building surveyors will meet next week to try to get
repayment of GBP1.4 million in unpaid fees owed to them, the
report said.

The Independent Surveyors Association, the report adds, will put
together complaints filed against the company that include
surveyors' non-payment of work before the company went into
administration.  The ISA plans to forward these complaints to
the compliance department of the RICS.

Habitus -- http://www.habitus-surveyors.co.uk/-- is one of the
largest independent networks of property professionals in the
UK.


HOLYWELL MOTORS: Names Neil Francis Hickling Liquidator
-------------------------------------------------------
Neil Francis Hickling of Smith & Williamson Ltd. were appointed
joint liquidators of Holywell Motors Ltd. on Jan. 28 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


INDIGO FUSION: Brings In Administrators from Deloitte & Touche
--------------------------------------------------------------
Adrian Peter Berry and William Kenneth Dawson of Deloitte &
Touche LLP were appointed joint administrators of Indigo Fusion
Ltd. (Company Number 00532124).

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

The company can be reached at:

          Indigo Fusion Ltd.
          Duke Street
          Manchester
          Lancashire
          M3 4NF
          England
          Fax: 0161 834 0336


ING RE (UK): Scheme of Arrangement Effective February 1
-------------------------------------------------------
The solvent scheme of arrangement between I.N.G. Re (U.K.),
Ltd., and its Scheme Creditors became effective on Feb. 1, 2008.

The scheme was voted on and approved by the Scheme Creditors at
a meeting dated Dec. 19, 2007.  The scheme was then sanctioned
by the High Court of Justice of England and Wales through an
order dated Jan. 23, 2008.

                    About ING Re (U.K.), Ltd.

ING Re (U.K.), Ltd. -- http://www.ing-re.co.uk/-- provided
accident and health reinsurance services and was also engaged in
the retrocession business in the U.K. since 1997.

ING Re (U.K.), Ltd. ceased its business and went into run-off in
2002.  However, since it expected the run-off of its business to
continue for a number of years, it had proposed a solvent scheme
of arrangement under Section 425 of the U.K. Companies Act of
1985 as the most efficient and effective method of making full
payment to its creditors in the shortest practical time.

On Sept. 21, 2007, the ING Re (U.K.), Ltd. sought permission
from the High Court of Justice of England and Wales in the U.K.
to convene a meeting with the creditors to allow them to vote on
the Scheme of Arrangement.  On Oct. 31, 2007, the court gave the
sought permission.  On Dec. 19, 2007, the meeting between the
ING Re (U.K.), Ltd. and the creditors was convened.


ING RE (UK): Final Claims Submission Deadline is July 31
--------------------------------------------------------
Under the sanctioned solvent scheme of arrangement between
I.N.G. Re (U.K.), Ltd., and its Scheme Creditors, creditors have
until 5:00 p.m., London time, on July 31, 2008, to submit their
completed Claim Forms with respect to their Scheme Liabilities.

Forms must be submitted to:

                  Attn: Brad Lintern
                  ING Re (U.K.), Ltd.
                  The London Underwriting Centre
                  3 Minister Court, Mucking Lane
                  London EC3R 7DD

Creditors who fail to submit their forms by the Final Claims
Submission Date will have their claims valued at zero and deemed
satisfied in full.

                    About ING Re (U.K.), Ltd.

ING Re (U.K.), Ltd. -- http://www.ing-re.co.uk/-- provided
accident and health reinsurance services and was also engaged in
the retrocession business in the U.K. since 1997.

ING Re (U.K.), Ltd. ceased its business and went into run-off in
2002.  However, since it expected the run-off of its business to
continue for a number of years, it had proposed a solvent scheme
of arrangement under Section 425 of the U.K. Companies Act of
1985 as the most efficient and effective method of making full
payment to its creditors in the shortest practical time.

On Sept. 21, 2007, the ING Re (U.K.), Ltd. sought permission
from the High Court of Justice of England and Wales in the U.K.
to convene a meeting with the creditors to allow them to vote on
the Scheme of Arrangement.  On Oct. 31, 2007, the court gave the
sought permission.  On Dec. 19, 2007, the meeting between the
ING Re (U.K.), Ltd. and the creditors was convened.


ING RE (UK): U.S. Court Recognizes Chapter 15 Petition
------------------------------------------------------
The Honorable Robert E. Gerber of the U.S. Bankruptcy Court for
the Southern District of New York entered an order recognizing
the UK scheme proceedings of I.N.G. Re (U.K.) Ltd. as the
foreign main proceeding pursuant to Chapter 15 of the U.S.
Bankruptcy Code.

The Debtors are subject to a scheme of arrangement proceeding in
the High Court of Justice of England and Wales.

The Debtor's solvent scheme of arrangement with its creditors
had been approved by the High Court of Justice of England and
Wales on Jan. 23, 2008.

Chapter 15, which became effective Oct. 17, 2005, broadens the
mechanism through which representatives of non-US proceedings
might obtain relief, including injunctive relief, in the United
States; expands the powers of U.S. Bankruptcy Courts; and
enhances the rights of both U.S. and non-U.S. creditors.

The U.S. Court's decision has effectively stayed all other legal
proceedings that may be ongoing or commenced against the Debtor.
It also protects the Debtors' assets within the United States
from any execution, transfer, encumbrance, and disposal.

                    About ING Re (U.K.), Ltd.

ING Re (U.K.), Ltd. -- http://www.ing-re.co.uk/-- provided
accident and health reinsurance services and was also engaged in
the retrocession business in the U.K. since 1997.

ING Re (U.K.), Ltd. ceased its business and went into run-off in
2002.  However, since it expected the run-off of its business to
continue for a number of years, it had proposed a solvent scheme
of arrangement under Section 425 of the U.K. Companies Act of
1985 as the most efficient and effective method of making full
payment to its creditors in the shortest practical time.

On Sept. 21, 2007, the ING Re (U.K.), Ltd. sought permission
from the High Court of Justice of England and Wales in the U.K.
to convene a meeting with the creditors to allow them to vote on
the Scheme of Arrangement.  On Oct. 31, 2007, the court gave the
sought permission.  On Dec. 19, 2007, the meeting between the
ING Re (U.K.), Ltd. and the creditors was convened.


KEATING GROUP: Appoints Ernst & Young as Administrators
-------------------------------------------------------
T.A. Jack and S. Allport of Ernst & Young LLP were appointed
joint administrators of Keating Group Gravure Cylinders Ltd.
(Company Number 02140707) and Keating Group Mold Ltd. (Company
Number 04220596) on Jan. 29, 2008.

Ernst & Young -- http://www.ey.com/-- provides broad array of
services relating to audit and risk-related services, tax, and
transactions across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of
business issues.

The company can be reached at:

          Keating Group Gravure Cylinders Ltd.
          Stephen Gray Road
          Bromfield Industrial Estate
          Mold
          Clwyd
          CH7 1HE
          Wales
          Tel: 01352 754 421
          Fax: 01352 757 306
          Web site: http://www.keatings.co.uk/


KRONOS INC: Paul Lacy to Quit as President
------------------------------------------
Kronos(R) Incorporated disclosed that its president, Paul Lacy,
plans to retire from the company.  During his 20-year tenure,
Kronos grew from a small, US$26 million hardware company to a
US$662 million global enterprise software company.  An active
national search is already underway for Mr. Lacy’s replacement.
Kronos anticipates that the transition will be completed no
later than June 2008.

"It is hard to put into words what Paul Lacy has meant to our
company," said Aron Ain, Kronos chief executive officer.  "Paul
embodies everything that makes Kronos a great place to work.
His deep knowledge of all aspects of our business, as well as
his steady leadership, clear vision, and uncompromising
integrity, have been tremendous assets to Kronos.  We will miss
Paul both professionally and personally, and are grateful for
all that he has done for Kronos. We wish him happiness as he
moves into a new phase of his life."

Mr. Lacy joined Kronos in 1988 and has served as president since
2005, previously serving as executive vice president and chief
financial and administrative officer for the company.  During
his tenure, Mr. Lacy helped Kronos become one of the world’s
most consistently performing enterprise software companies.  He
led the company’s Initial Public Offering in 1992, and selected
and integrated 60 company and product acquisitions in North
America and in other parts of the world.

"It has been a distinct privilege to be part of Kronos’
evolution to one of the most respected and successful companies
in the technology industry," said Mr. Lacy.  "Kronos has
provided me with a wide range of opportunities and professional
experiences, culminating with taking the company private after
15 years as a public company.  I will forever be grateful to my
friends and colleagues at Kronos for making my two decades
with this great company the most fulfilling period of my
professional career.  I am confident that the skilled and
compassionate leadership at Kronos will guide the company
through many more years of growth and success."

Headquartered in Chelmsford, Mass., Kronos Inc. --
http://www.kronos.com/-- provides a suite of solutions that
automate employee-centric processes, as well as tools to
optimize the workforce.  It provides workforce management
software, including time and attendance software and talent
management (recruiting) software.  The company offers its
products primarily in the United States, Canada, Mexico, the
United Kingdom, Australia, and New Zealand.

The company posted about US$617 million of revenues for the
twelve months ended March 31, 2007.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on May 18,
2007, Moody's Investors Service assigned Kronos, Inc. a
first time B2 corporate family rating and a stable rating
outlook.


LADBROKES PLC: Acquires Eastwood Bookmakers for GBP117.5 Million
----------------------------------------------------------------
Ladbrokes plc has acquired Eastwood Bookmakers, Northern
Ireland's largest bookmaker, for a consideration of GBP117.5
million on Thursday, February 7, 2008.  The acquisition is
expected to generate EBITDA of approximately GBP11 million in
the first 12 months of Ladbrokes' ownership, with good growth
forecast for the next 2 years as rebranding takes effect.

Following [Thurs]day's acquisition of the 54 Eastwood shops,
Ladbrokes will have 70 shops throughout Northern Ireland, which
include the 16 shops it acquired in 2006 from Northwest
Bookmakers. Ladbrokes' market share represents 23% of the total
number of betting shops in Northern Ireland, where strict
application of the demand test criteria has kept betting shop
numbers relatively stable for many years.  Unlike the rest of
the UK the demand test criteria for betting shop licenses still
applies in Northern Ireland.

Ladbrokes is already the largest bookmaker in the Republic of
Ireland where it operates 201 shops.  In total Ladbrokes now
operates 271 shops throughout Ireland.

BJ Eastwood and Frances Eastwood established Eastwood Bookmakers
in the 1950s and developed the business to become Northern
Ireland's best-known family bookmaker.  Of the acquired shops,
30 are located in and around Belfast with the remaining shops
spread throughout Northern Ireland.  The acquisition also
includes Eastwood telephone betting business.

"[Thurs]day's acquisition of Eastwood establishes Ladbrokes as
the biggest bookmaker in Northern Ireland.  We bought our first
shops in Northern Ireland in 2006 and our 16 shops have
performed exceptionally well as customers respond to the wider
product range, increased opening hours and refurbishments.  We
aim to repeat this success with Eastwood in the coming years,"
Alan Ross, managing director of Ladbrokes European Retail said.

                       About Ladbrokes

Headquartered in Watford, United Kingdom, Ladbrokes plc --
http://www.ladbrokesplc.com/-- engages in fixed odds betting.
The company is comprised of Ladbrokes, the biggest retail
bookmaker in the U.K. and Ireland, Ladbrokes.com, a world-
leading provider of interactive betting and gaming services,
Vernons, the leading football pools operator and Ladbrokes
Casinos, which opened its first casino at the Hilton London
Paddington in July 2006.

At June 30, 2007, Ladbrokes' consolidated balance sheet
showed GBP1 billion in total assets, GBP1.6 billion total
liabilities, and a GBP533.5 million stockholders' deficit.

The company's June 30 balance sheet also showed strained
liquidity with GBP186.4 million in total current assets
available to pay GBP454.1 million in total liabilities coming
due within the next 12 months.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors in April 2007,
the rating agency confirmed its Ba2 Corporate Family Rating for
Ladbrokes Plc.

Moody's also assigned a Ba2 Probability-of-Default rating to the
company.

As of Jan. 2, 2008, Ladbrokes' Long-Term Foreign and Local
Issuer Credit carry BB ratings from Standard & Poor's.


LANDSCAPE LTD: Joint Liquidators Take Over Operations
-----------------------------------------------------
Peter James Hughes-Holland and Frank Wessely of Vantis Business
Recovery Services were appointed joint liquidators of Landscape
U.K. Ltd. on Jan. 29 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England


NORTHERN ROCK: 1,000 Jobs May be Cut Under Virgin's Rescue Bid
--------------------------------------------------------------
Virgin Group may have to cut jobs at Northern Rock plc if its
rescue plan for the company wins approval, the Daily Telegraph
reports.

According to a spokesman for Virgin, whose head Sir Richard
Branson previously declared the group's takeover would not
result to job losses, Northern Rock may lose as many as 1,000 of
its 6,000 workers as the group will have to scale down the size
of the company's GBP113 billion mortgage book in order to repay
the GBP25 billion emergency taxpayer loan within the three year
limit set by the government.

Virgin Money's chief executive Jayne-Anne Gadhia, the group's
proposed chief executive for Northern Rock, however, has not
ruled out redundancies, although she indicated any reductions
will be minimized, the Daily Telegraph relates.

               Virgin Consortium's Formal Proposal

As previously reported in the TCR-Europe on February 6, 2008, a
Virgin-led consortium submitted to the Tripartite Authorities a
formal proposal 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.

                         Stress-Testing

Meanwhile, Virgin Money has stress-tested its rescue plan for
Northern Rock, the Daily Telegraph reveals.

Sir Brian Pitman, who will become executive chairman of Northern
Rock if the bid proceeds, told the paper "we have tested the
model to destruction," concluding "based on the recession of
1990-1992, when there was severe unemployment and negative
equity, we will be able to survive."

Mr. Pitman anticipates a reduction in Northern Rock's GBP113
billion loan book.  He sees no growth in deposits in 2008, the
paper states.

Mr. Pitman, the paper adds, also pointed out Northern Rock's
credit rating is absolutely crucial in attracting new deposits.

                      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.


POLYONE CORP: Earns US$7.1 Million in 2007 Fourth Quarter
---------------------------------------------------------
PolyOne Corporation reported fourth-quarter consolidated sales
of $631.3 million, a 6% increase compared with $595.2 million in
the fourth quarter of 2006.

Net income was $7.1 million, or $0.08 per diluted share, for the
fourth quarter of 2007 versus $14.5 million from continuing
operations, or $0.16 per diluted share, for the fourth quarter
of 2006.  Included in fourth quarter results were special items
that equate to a $0.01 per share charge in 2007 contrasted to a
$0.10 per share gain in 2006.

On a comparable basis, adjusting for special items, PolyOne
reported $0.09 earnings per share in the fourth quarter of 2007,
a 50% increase compared to the $0.06 per share earned in the
fourth quarter of 2006.

"We are encouraged that we delivered both top line growth and
stronger earnings during the quarter, and are energized by the
fact that never in PolyOne's history have so many opportunities
been present to affect change and drive cash flow and earnings,
despite the economic uncertainty Corporate America faces near
term," said Stephen D. Newlin, chairman, president and chief
executive officer.  "We accomplished much in 2007, including
materially reducing our historical earnings volatility by
divesting our interest in OxyVinyls which deleveraged our
balance sheet and accelerated our global specialization
strategy."

"We have prudently balanced commercial investment with
productivity increases, positioning us to leverage our new
commercial capabilities and focus our energy on profitably
growing our businesses during this period of economic
turbulence," Newlin added.

International Color and Engineered Materials sales and operating
income for fourth quarter 2007 increased 15% and 48%,
respectively, compared with the fourth quarter of 2006.  PolyOne
Distribution sales increased 10%, while operating income rose
from $3.6 million to $5.7 million, a 58% increase, in the fourth
quarter of 2007 compared to the fourth quarter of 2006.
Operating income for segments reported within 'All Other'
meaningfully improved by $4.0 million to earn $1.5 million in
the fourth quarter 2007, compared with the $2.5 million loss
reported in the same period last year.  For the fourth quarter
of 2007, operating income for PolyOne's non-vinyl businesses
increased 175% compared with the same period a year ago.  Non-
vinyl businesses include PolyOne Distribution, International
Color and Engineered Materials and All Other.

Fourth quarter Vinyl Business sales were flat while earnings
fell $8 million, or approximately 70%, compared to the fourth
quarter of 2006, in line with Company expectations, reflecting
weak residential construction market demand and downward margin
pressure resulting from higher raw material and energy costs.

"Earnings in the fourth quarter reflected an important and
meaningful shift toward our specialty platform.  The magnitude
of our non-vinyl income growth reflects significant strides in
building an earnings platform separate from the cyclical
residential housing market.  As we look ahead, we expect this
base will continue to grow to become the primary source of
earnings and earnings growth for the company," stated Newlin.

Sales for the full year 2007 were $2.64 billion, up 1% from the
$2.62 billion reported for 2006.

                    2007 Highlights

    -- Divestiture of our 24% interest in OxyVinyls for
       $261 million, eliminating a major source of earnings
       volatility.

    -- Financial profile strengthened with redemption of entire
       $241 million balance of the company's 2010 senior notes,
       resulting in lowest outstanding debt balance and leverage
       ratio in company history.

    -- Announced the acquisition of GLS Corporation (which
       subsequently closed on Jan. 2, 2008), a leading North
       American business in the $3.5 billion global
       thermoplastic elastomers (TPE) market.

    -- Established vinyl compounding foothold in China by
       acquiring the assets of Ngai Hing PlastChem.

    -- Specialty platform businesses' operating income more than
       doubled to nearly $30 million in 2007 compared with 2006:

    -- International Color and Engineered Materials delivered
       strong sales and earnings growth of 16% and 25%,
       respectively;

    -- North American Color reversed steep losses with a greater
       than $9 million operating income improvement from 2006;
       and

    -- Specialty platform gross margin as a percent of sales
       increased 1.7% points to over 16% in 2007.

    -- PolyOne Distribution set an earnings record, posting a
       16% increase compared to 2006.

    -- Innovation processes are gaining momentum with 27 new
       commercial launches in 2007.

    -- Increased commercial resources by adding 127 people since
       first quarter 2006 and upgraded talent level by investing
       in training to develop sales skills and marketing
       processes.

                         2008 Outlook

The company anticipates 2008 total company sales growth in the
range of 10% to 12%, as a result of sales improvements in our
distribution and specialty businesses, including sales from GLS,
despite the likelihood of incremental degradation in the North
American residential construction market.  Similarly, PolyOne
expects full-year earnings growth in 2008 even though near term
economic conditions should remain challenging.  Growth in
PolyOne's non-vinyl businesses, operating improvements and lower
interest expense underpin current expectations.  Beyond the
broader economic conditions, raw material and energy costs
remain a fluid dynamic that could impact the magnitude and
direction of our preliminary forecast.

                       About PolyOne Corp.

Headquartered in northeast Ohio, PolyOne Corporation (NYSE: POL)
-- http://www.polyone.com/-- is a provider of specialized
polymer materials, services and solutions.  The company
maintains operations in China, Colombia, Thailand, Singapore,
Belgium, Denmark, France, the United Kingdom, among others.

                          *     *     *

Moody's Investor Services placed PolyOne Corporation's senior
unsecured debt, long term corporate family and probability of
default ratings at 'B1' in July 2007.  The ratings still hold to
date with a stable outlook.


PWS INTERNATIONAL: Taps Joint Administrators from PwC
-----------------------------------------------------
Michael John Andrew Jervis and Douglas Nigel Rackham of
PricewaterhouseCoopers LLP were appointed on Jan. 4, 2008, joint
administrators of:

   -- PWS Holdings Public Ltd. Co. (Company Number 01083393);
   -- PWS Group Services Ltd. (Company Number 02173349); and
   -- PWS International Ltd. (Company Number 00818461).

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.

The companies can be reached at:

          PWS International Ltd.
          52-56 Minories
          London
          EC3N 1JJ
          England
          Tel: 020 7480 6622
          Fax: 020 7283 5594


QUEBECOR WORLD: Printing Union Seeks Talk of Financial Woes
-----------------------------------------------------------
Canada's largest printing union, CEP Graphical, asked for a
meeting with Quebecor World Inc., executives to discuss the
financial crisis that forced the commercial printer to seek
creditor protection, The Canadian Press reported.

"The current financial crisis at Quebecor World is a major
concern to all Quebecor World employees, including CEP members
and their families," says Duncan Brown, National Director of CEP
Graphical.

"The CEP and our members are committed to the continuing
viability of the company; but the lack of communication and
information has been a problem, thus we are seeking to meet with
company executives to discuss the current situation, its
implications and the solutions."

The union representing workers at Quebecor plants in Europe, UNI
Graphical, has also asked to meet with company brass, the
Canadian Press said.

CEP National President Dave Coles said, "Although there may be
problems in some markets, overall this appears to be a banking
crisis, rather than a business crisis."

CEP, the Communications, Energy and Paperworkers Union of
Canada, represents 150,000 Canadian workers in several key parts
of the economy, including more than 25,000 newspaper, broadcast,
film and printing industry workers.

                      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 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  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.  The company has until May 20, 2008, to file a
plan of reorganization in the Chapter 11 case.  (Quebecor World
Bankruptcy News, Issue No. 4; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: BP Canada Wants to End Gas Supply to U.S. Plants
----------------------------------------------------------------
Craig W. Wolfe, Esq., at Kelley Drye & Warren, LLP, in New York,
notes that Quebecor World Inc. and its debtor-affiliates are
seeking to compel BP Canada Energy Marketing Corp., BP Energy
Company, and IGI Resources Inc., to continue to provide natural
gas to the Debtors' printing facilities in the United States
under three separate base contracts.

Mr. Wolfe asserts that the Debtors' request should be denied as
it relates to BP Canada, BPEC and IGI.  He argues that BP
Canada, BPEC and IGI are not "utilities," and are thus not
subject to Section 366 of the Bankruptcy Code.

Section 366 does not define "utility," Mr. Wolfe notes.
However, he points out that the legislative history of Section
366 indicates that Congress intended the statute to apply only
to those "utilities," which have a special position with respect
to the debtor.  He further notes that utilities may include "an
electric company, gas supplier, or telephone company that is a
monopoly in the are so the debtor cannot easily obtain
comparable services from another utility."

Mr. Wolfe asserts that BP Canada, BPEC and IGI do not have a
monopoly over the sale of natural gas to the Debtors.  There are
numerous other providers of natural gas that are available to
the Debtors, including the local distribution company, he points
out.

Mr. Wolfe also argues that Section 556 expressly prohibits any
injunction that seeks to compel BP Canada, et al., to sell
natural gas to the Debtors because the controlling Base
Contracts are forward contracts.  Section 556 provides, among
other things, that neither the automatic stay nor an "order of a
court in anyproceeding under this title," which includes
granting the injunction, apply to contracts between a debtor and
a forward contract merchant under a forward contract, he notes.

                          *     *     *

The Bankruptcy Court prohibits the Utility Providers, in the
interim, to discontinue, alter or refuse service on account of
any unpaid prepetition charges, or require additional assurance
of payment other than the proposed Adequate Assurance pending
final order.

Any Utility Provider who objects to the proposed Adequate
Assurance Procedures must file an objection on or before Feb.
12, 2008.  Utility Providers who do not timely file an objection
will be deemed to consent to the proposed procedures and will be
bond by those procedures.

The Court will convene a hearing on February 21 to consider
final approval of the proposed Adequate Assurance Procedures.

For purposes of the Interim Order, BP Canada, BPEC, IGI, BP
Energy Marketing Corp., and National Fuel Resources Inc., will
be excluded from the definition of Utility Provider.

                          About BP Canada

Headquartered in Calgary, Alberta, BP Canada Energy Company is
an affiliate of London-based BP p.l.c. -- http://www.bp.com/--
is a holding company and employs around 1,500 Canadians.  BP plc
operates through three business segments: Exploration and
Production, Refining and Marketing and Gas, Power and
Renewables.  Exploration and Production's activities include oil
and natural gas exploration, development and production
(upstream activities), together with related pipeline,
transportation and processing activities (midstream activities).
The activities of Refining and Marketing include oil supply and
trading and the manufacture and marketing of petroleum products,
including aromatics and acetyls, as well as refining and
marketing.  Gas, Power and Renewables activities include
marketing and trading of gas and power; marketing of liquefied
natural gas (LNG); natural gas liquids (NGLs), and low-carbon
power generation through its Alternative Energy business.  BP
has operations in Europe, the United States, Canada, Russia,
South America, Australasia, Asia and parts of Africa.  In August
2006, it acquired Greenlight Enery, Inc.

                      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 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  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.  The company has until May 20, 2008, to file a
plan of reorganization in the Chapter 11 case.  (Quebecor World
Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Service,
Inc.,http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: Can File Schedules and Statements Until March 5
---------------------------------------------------------------
At the Debtors' behest, the U.S. Bankruptcy Court for the
Southern District of New York extends until March 5, 2008, the
deadline by which the Debtors will file their schedules of
assets and liabilities, schedules of current income and
expenditures, schedules of executory contracts and unexpired
leases, and statements of financial affairs.

Proposed counsel to the Debtors, Michael J. Canning, Esq., at
Arnold & Porter LLP, in New York, says the the 30-day extension
is needed since the Debtors maintain voluminous books and
records and complex accounting systems with which certain
prepetition invoices have not yet been received, or entered into
the Debtors' financial accounting systems.

                      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 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  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.  The company has until May 20, 2008, to file a
plan of reorganization in the Chapter 11 case.  (Quebecor World
Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SAND TECH: Oct. 31 Balance Sheet Upside-Down by CDN$1.1 Million
---------------------------------------------------------------
SAND Technology Inc.'s consolidated balance sheet at Oct. 31,
2007, showed CDN$2,245,054 in total assets and CDN$3,431,925 in
total liabilities, resulting in a CDN$1,186,871 total
stockholders' deficit.

At Oct. 31, 2007, the company's consolidated balance also showed
strained liquidity with CDN$2,001,607 in total current assets
available to pay CDN$3,431,925 in total current liabilities.

The company reported a net loss for the first quarter of fiscal
year 2008 of CDN$304,920, on revenues of CDN$1,784,925.  In
comparison with the first quarter of fiscal year 2007,
revenues have increased by over 21.0% and the operating loss has
decreased by over 64.0%.

"We are encouraged by the revenue growth over the first quarter
of last year," said Arthur Ritchie, president and chief
executive officer of SAND.  "This gives us some indication on
the level of the growing interest for our SAND/DNA products in
general and our new SAND/DNA for SAP BI offering," added
Ritchie.

              Management Raises Going Concern Doubt

The company said it will continue to search for additional
sources of debt and equity financing.  It added that there can
be no assurance that its activities will be successful and as a
result there is doubt regarding the "going concern" assumption.

The company said that because it has not been profitable in four
out of its last five fiscal years, it has had to fund losses
through a combination of sales of liquid investments and assets.
The company incurred losses of CDN$7,129,930 in fiscal 2004,
CDN$7,363,054 for the fiscal year ended July 31, 2005,
CDN$3,926,921 for the fiscal year ended July 31, 2006 and
CDN$2,526,524 for the fiscal year end July 31, 2007.

Although fiscal year 2003 was profitable, the profit was due to
the gain from the sale of ClarityBlue, which amounted to
CDN$11,757,280.  According to the company, had it not sold
ClarityBlue, it would have shown a loss of CDN$1,964,199.

                      About SAND Technology

Westmount, Quebec-based SAND Technology Inc. (OTC BB: SNDTF) --
http://www.com/-- provides advanced analytic data management
products.  SAND Technology-based solutions include CRM
analytics, financial analysis, regulatory compliance and
specialized Business Intelligence applications for government
and security, healthcare, telecommunications, financial
services, retail and other business sectors.

SAND Technology has offices in the United States, Canada, the
United Kingdom and Central Europe.


SAND TECHNOLOGY: Has CDN$881,951 Equity Deficit at July 31
----------------------------------------------------------
SAND Technology Inc. reported in its July 31, 2007 balance sheet
total assets of CDN$2,357,148, total liabilities of
CDN$3,239,099, and total shareholders' deficit of CDN$881,951.

For the year ended July 31, 2007, the company generated revenue
of CDN$6,728,540 and incurred a net loss of CDN$2,526,524.  For
the year ended July 31, 2006, the company had revenue of
CDN$5,477,485 and incurred a net loss of CDN$3,926,921.

              Management Raises Going Concern Doubt

The company said it will continue to search for additional
sources of debt and equity financing.  It added that there can
be no assurance that its activities will be successful and as a
result there is doubt regarding the "going concern" assumption.

The company said that since it has not been profitable in four
out of its last five fiscal years, it had to fund losses through
a combination of sales of liquid investments and assets.  The
company incurred losses of US$7,129,930 for the fiscal year
ended
July 31, 2004, US$7,363,054 for the fiscal year ended July 31,
2005, US$3,926,921 for the fiscal year ended July 31, 2006 and
US$2,526,524 for the fiscal year end July 31, 2007.

Although fiscal year 2003 was profitable, the profit was due to
the gain from the sale of ClarityBlue, which amounted to
US$11,757,280.  According to the company, had it not sold
ClarityBlue, it would have shown a loss of US$1,964,199.

                 Warning of Likely Restructuring

The company stated in its annual report for 2007 that most of
its operating expenses are relatively stable and are based in
part on its expectations regarding future revenues.  As a
result, sustained shortfall in the company's revenues relative
to its expectations would negatively impact financial results.

The company said that it then may not have sufficient capital to
fund its operations.  Thus, the company warned, it could
adversely impact its ability to respond to competitive pressures
or could prevent us from conducting all or a portion of its
planned operations.  Hence, the company said it may need to
undertake additional measures to reduce its operating expenses
in the future.

                        Auditor's Report

Raymond Chabot Grant Thornton LLP stated in its report that its
report to the shareholders and Board of Directors, dated
Sept. 14, 2007, is expressed in accordance with Canadian
reporting standards, which do not require a reference to
accounting principles and conditions that cast substantial doubt
on the company's ability to continue as a going concern as that
in the standards of the Public Company Accounting Oversight
Board (United States).

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?27a0

                      About SAND Technology

Westmount, Quebec-based SAND Technology Inc. --
http://www.sandtechnology.com/-- and subsidiaries, including
SAND Technology (USA) Inc. (OTC: SNDTF), is involved in the
design, development, marketing and support of software products
and services that enable users to retrieve usable business
information from large amounts of data.  The software products,
collectively known as the SAND DNA Access and the SAND DNA
Analytics, are designed to provide an efficient and cost-
effective way for business users to make fast and easy inquiries
of large databases without the intervention of specialist
information technology professionals.

SAND Technology has offices in the United States, Canada, the
United Kingdom and Central Europe.


SEA CONTAINERS: Inks Pact with Two Pension Schemes Trustees
-----------------------------------------------------------
Sea Containers has reached agreement in principle with the
Trustees of the two main Sea Containers Pension Schemes to agree
the amount of their claims against the Sea Containers estate.

This is a critical and positive milestone in its efforts to
emerge from Chapter 11.

Since the Chapter 11 negotiations first began in October 2006,
the board of directors and the officers of Sea Containers have
been focused on achieving a plan of reorganization that provides
full and fair settlement for all creditors.  The major creditors
involved are the 1983 and the 1990 pension funds which have
almost 1500 members between them and the holders - thought to be
a number of US hedge funds - of the four outstanding bond
issues.

The agreement with the Trustees for the pension funds, which are
estimated to be in deficit by approximately US$200 million under
the s75 'buy out' basis prescribed by UK law, will allow the
Company and The trustees to avoid costly and protracted
litigation in multiple and potentially competing jurisdictions.

The agreement also creates an additional reserve of
US$69 million for certain potential pension scheme liabilities
in respect of age-related equalization changes.

In connection with the agreement, Sea Containers has withdrawn
its appeal against the Financial Support Direction.  The FSD,
which sought to oblige Sea Containers Limited, the ultimate
parent company, to put in place additional financial support for
the pension funds, was handed down by the Determinations Panel
of the UK Pensions Regulator on 3 July 2007.  Sea Containers
considers that the settlement will adequately address any FSD
and that the current legal proceedings would be of no further
benefit.  Sea Containers is therefore pleased to have reached a
timely and consensual settlement with the Trustees.

Sea Containers, alongside the Trustees, will be seeking approval
from the Regulator for the proposed settlement.  Both sides are
confident an approval will be granted in the near future.

The proposed settlement is also subject to approval by the U.S.
Bankruptcy Court for the District of Delaware and may be
objected to by other creditors of the estate.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of US$1,545,384,083.

The Court gave the Debtors until Feb. 20, 2008, to file a plan
of reorganization.


SETTEN AND DURWARD: Appoints Joint Administrators from PwC
----------------------------------------------------------
Rob Lewis and Ross Connock of PricewaterhouseCoopers LLP were
appointed joint administrators of Setten and Durward Ltd. on
Feb. 5, 2008.

"Setten and Durward has a comprehensive manufacturing facility,
a good product range and reputable and well known brands such as
IXL, Bulldog and Premier Grip.  We are hopeful that these
qualities will attract potential purchasers," Mr. Lewis said.

"The administrators will be allowing the Company to continue
trading whilst they seek a buyer of the business on a 'going
concern' basis.  During this period we will be communicating
with the Company’s customers, suppliers and employees and would
ask for their support while we seek a future for the business
that protects employment for 150 people."

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.

Headquartered in Llandrindod Wells, Wales, Setten and Durward
Ltd. specializes in the manufacture of stationery products such
as ringbinders, lever arch files and boxfiles, for supply
primarily to stationery suppliers and wholesalers and also to
the retail industry.  The company employs around 150 people at
its factory.


SEVERN VALLEY: Taps KPMG to Administer Assets
---------------------------------------------
Allan Watson Graham and Andrew Stephen McGill of KPMG LLP were
appointed joint administrators of Severn Valley Boat Centre
Ltd.(Company Number 02002870) on Jan. 25, 2008.

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

The company can be reached at:

          Severn Valley Boat Centre Ltd.
          Mart Lane
          Stourport-on-Severn
          Worcestershire
          DY13 9EL
          England
          Tel: 01299 871 165
          Fax: 01299 827 211


SHEPLEY WINDOW: Appoints Deloitte as Joint Administrators
---------------------------------------------------------
William Kenneth Dawson and Ian Brown of Deloitte & Touche LLP
were appointed joint administrators of Shepley Window Systems
(Holdings) Ltd. (Company Number 04011074) on Jan. 28, 2008.

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

The company can be reached at:

          Shepley Window Systems (Holdings) Ltd.
          Outram Road
          Dukinfield
          Cheshire
          SK16 4XE
          England
          Tel: 0161 344 5327


WHINSTONE CAPITAL: Fitch Holds Low-B Ratings on Five Classes
------------------------------------------------------------
Fitch Ratings affirmed the ratings of the Whinstone Capital
Management Limited and Whinstone 2 Capital Management Limited
notes.

The rating actions are:

Whinstone Capital Management Limited:

Class B1 (ISIN XS0234448289): affirmed at 'BBB+';
                              Outlook Positive

Class B2 (ISIN XS0234448529): affirmed at 'BBB+';
                              Outlook Positive

Class B3 (ISIN XS0234449501): affirmed at 'BBB+';
                              Outlook Positive

Class C1 (ISIN XS0234450939): affirmed at 'BB+';
                              Outlook Positive

Class C2 (ISIN XS0234451234): affirmed at 'BB+';
                              Outlook Positive

Class C3 (ISIN XS0234451820): affirmed at 'BB+';
                              Outlook Positive

Whinstone 2 Capital Management Limited:

Class C1 (ISIN XS0255934720): affirmed at 'BB'; Outlook Stable
Class C2 (ISIN XS0255936188): affirmed at 'BB'; Outlook Stable

The Whinstone notes reference the performance of the reserve
funds acting as credit enhancement for 13 existing Granite
mortgage-backed securitisation transactions launched by Northern
Rock plc (NR).  The referenced Granite transactions comprise
three stand-alone pass-through deals (Granite 99-1, Granite 00-1
and Granite 00-2) as well as the first 10 RMBS issues from the
Granite Finance Funding Limited platform of the Granite master
trust programme (Granite 01-1 through to Granite 04-3).  The
reserve funds include the issuer reserve funds of the stand-
alone transactions, the issuer reserve funds of the master trust
transactions and the Granite Finance Funding (Funding) reserve
fund. The first layer of protection is a threshold amount
retained by NR, which equals the Funding reserve fund.  The
redemption at par of Granite Mortgages 99-1 plc, Granite
Mortgages 00-1 plc and Granite Mortgages 00-2 plc has triggered
the repayment of the Class A notes and partial repayment of the
Class B notes from Whinstone and a build-up of the relative
credit enhancement provided by the threshold amount.

The Whinstone 2 notes reference the performance of the Granite
Master Issuer plc reserve fund and the Granite Finance Funding 2
Limited platform reserve fund.

Granite arrears have remained relatively stable over the past 12
months and performance continues to be slightly better than
average for other UK master trust transactions.  As at the date
of the last investor report for December 2007, mortgages that
were 90 days past due comprised some 0.52% of the current
collateral balance, versus the 0.61% current average value for
the same on the Fitch UK Prime index.  Nevertheless, Fitch notes
that the future of NR remains uncertain.  Any negative rating
actions with respect to NR's Long- and Short-term Issuer Default
ratings could impact their role as swap counterparty and
guaranteed investment contract provider to the Granite
programme, in addition to causing a breach of the rating trigger
that exists within the substitution conditions.  Fitch will
continue to monitor any rating movements closely and appropriate
rating action with respect to the notes issued by Granite will
be taken.


WISDOM SOLUTIONS: Claims Filing Period Ends March 28
----------------------------------------------------
Creditors of Wisdom Solutions Ltd. have until March 28, 2008, to
detail their names and addresses (and solicitors if applicable)
together with particulars of their debts or claims, in writing,
or in person, to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed joint liquidator
of the company on Jan. 29 for the creditors' voluntary winding-
up procedure.


* Moody's Says UK Prime RMBS Shows Stable Performance in Q4 2007
----------------------------------------------------------------
There was a decline in U.K. Prime Resident Mortgage Backed
Securities Master Trust transactions in fourth quarter 2007
compared to the previous quarter although Non-Master Trust
issuance increased, says Moody's Investors Service in its latest
U.K. Prime RMBS fourth quarter 2007 index report.

Two Master Trust transactions closed during fourth quarter 2007
with a total issuance value of GBP8 billion.  One U.K. Prime
RMBS Non-Master Trust transaction worth GBP10.4 billion was
issued in fourth quarter 2007, in contrast to no Non-Master
Trust transactions in third quarter 2007.  Including Non-Master
Trust issuance volumes, there was therefore a 74% increase in
U.K. Prime RMBS issuance in fourth quarter 2007 over third
quarter 2007.

"Delinquencies remained overall stable in 2007 whereas
outstanding repossessions and the cumulative loss trend
increased," says Johannes Ebner, a Moody's Analyst and author of
the report.  The weighted average delinquency trend (90+ days
overdue) was 0.62% in fourth quarter 2007, up slightly from
0.59% the previous quarter but unchanged from fourth quarter
2006.  The repossession trend was 4.4 basis points in fourth
quarter 2007, unchanged from third quarter 2007. The cumulative
loss trend, at 1.3 bps in fourth quarter 2007, has increased
from the previous quarter (third quarter 2007: 1.1 bps) and up
from 0.8 bps in fourth quarter 2006. Due to the loan additions
to Master Trusts performance indicators are diluted and should
be evaluated with caution.  All ratios for RMBS U.K. Master
Trust transactions are determined on current portfolio balances.

The redemption trend has started to decrease.  As of fourth
quarter 2007, the average Total Redemption Ratio is 26%, down
from 34% the previous quarter and from 36% from fourth quarter
2006. The Loan-To-Value measure trends slightly downwards to 65%
as of fourth quarter 2007, compared to 66% in fourth quarter
2006. The weighted average Funding Share is 60% as of fourth
quarter 2007, which is less than what was recorded in third
quarter 2007 (66%) or fourth quarter 2006 (67%).

"U.K. housing data show that the growth in house prices softened
during the course of 2007, with housing market activity also
slowing," says Nitesh Shah, a Moody's Economist and report co-
author.  "Slower activity is likely to see mortgage loans growth
continuing to ease while the tighter credit market prevailing
since the onset of the credit crunch could see fewer options for
obligors who want to refinance their mortgage loans, potentially
affecting performance."

Moody's report, entitled "U.K. Prime RMBS fourth quarter 2007
Index", notes that no performance-related rating actions on
outstanding U.K. Prime RMBS transactions were taken during
fourth quarter 2007.


* BOOK REVIEW: How To Measure Managerial Performance
----------------------------------------------------
Author:     Richard S. Sloma
Publisher:  Beard Books
Paperback:  272 pages
List Price: US$34.95

Order your personal copy at:
http://www.amazon.com/exec/obidos/ASIN/1893122646/internetbankru
pt

How to Measure Managerial Performance by Richard S. Sloma is a
valuable reference tool.  This practical handbook provides new
insights into enterprising management techniques.

This book is a compendium of principles and techniques to
improve and measure managerial performance in a number of areas
important to the successful operation of a business.

Rigorous application of the concepts of this instructive book
will enable an organization to perform at several levels higher
in efficiency and effectiveness.

                            *********

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

Copyright 2008.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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