TCREUR_Public/080211.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

            Monday, February 11, 2008, Vol. 9, No. 29

                            Headlines


A U S T R I A

ENGELBERT MOSER: Creditors' Meeting Slated for February 25
OASIS FITNESS: Claims Registration Period Ends March 13
PIZZERIA DI MAURO: Claims Registration Period Ends March 5
SAB ELECTRONIC: Claims Registration Period Ends March 13
SIPRO & CO: Claims Registration Period Ends March 17

TELIS KG: Claims Registration Period Ends March 11


B U L G A R I A

NOVA PLAMA: Pleven Court Orders Firm to Pay Wage Arrears & Debt


F R A N C E

HARMAN INTERNATIONAL: Earns US$43 Mln in Quarter Ended Dec. 31


G E R M A N Y

COMTEL EDV-SERVICE: Claims Registration Period Ends March 5
FABAS FAHRZEUG: Claims Registration Period Ends March 5
HANDEL - SPEDITION: Claims Registration Period Ends February 27
KUNST-UND BAUGLASEREI: Claims Period Ends February 19
NUTHE BAU: Claims Registration Ends March 4

ODT GMBH: Claims Registration Period Ends February 25
PGL PLANUNGSBUERO: Claims Registration Ends March 4
PRIMALOGIC TECHNOLOGIES: Claims Registration Ends March 4
PRISMA HAUS: Claims Registration Ends March 4
PRISMA HAUSBAU: Claims Registration Ends March 4

PROPEC GMBH: Claims Registration Period Ends March 4
PURAC GMBH: Claims Registration Period Ends March 4
RE-WO BAUMASCHINEN: Claims Registration Period Ends February 25
SRLS VERWALTUNGS: Claims Registration Period Ends February 21
TOUR SALES: Claims Registration Period Ends March 4


I R E L A N D

FAI FINANCIAL: Receives Winding Up Orders from the High Court


I T A L Y
ALITALIA SPA: Outgoing Prime Minister Vows to Complete Sale


K A Z A K H S T A N

AUYL-TURKESTAN CREDIT: Claims Deadline Slated for March 7
BALHASH ARUY: Creditors Must File Claims by March 7
BALHASH-AGRO LTD: Claims Filing Period Ends March 7
COMPLECT SERVICE: Creditors' Claims Due on March 7
JAWAD GROUP: Claims Registration Ends March 7

KAZAKHSTANSKAYA GRUPPA: Proof of Claim Deadline Set for Mar. 7
KAZNOOTECH LLP: Creditors Must File Claims by March 7
PEKARI LLP: Claims Filing Period Ends March 7
PROMTECHS-STANDARD LLP: Creditors' Claims Due on March 7
VELT LLP: Claims Registration Ends March 7


K Y R G Y Z S T A N

BIO ICE-TECHNIC: Creditors Must File Claims by February 26
CHIL USTUN-UG: Claims Filing Period Ends February 22


N E T H E R L A N D S

BLACKBOARD INC: Earns US$4.2 Mln in Quarter Ended December 31
ROMPETROL GROUP: Strategic Ties Prompt Fitch to Up Rating to B+


N O R W A Y

CAPROCK COMMS: Liquidity Concerns Cue Moody's Negative Outlook


P O L A N D

EXIDE TECHNOLOGIES: Taps Phillip Damaska as Exec. Vice President
KNOLL INC: Reports US$20.7-Mln Net Income in Fourth Quarter 2007


R U S S I A

BRISTOW GROUP: Quarter Ended Dec. 31 Earnings Hike to US$20 Mln
CHUVASHIA REPUBLIC: Moody's Holds Ba2 Rating with Stable Outlook
GEO-INVEST LLC: Creditors Must File Claims by February 28
LAND LLC: Creditors Must File Claims by February 28
NARVA LLC: Krasnoyarsk Bankruptcy Hearing Slated for May 21

OB’-FISH LLC: Asset Sale Slated for February 26
OMSK-BREAD-PROM: Creditors Must File Claims by February 26
OMSK-STORY-MOST: Omsk Bankruptcy Hearing Slated for June 3
TURILOVSKOE CJSC: Creditors Must File Claims by March 28


S W I T Z E R L A N D

ARCUSWEAR JSC: Lucerne Court Starts Bankruptcy Proceedings
CARROSSERIE ENZIRIED: Creditors Must File Claims by Feb. 15
D. FLURI LLC: Creditors' Liquidation Claims Due by Feb. 15
ILI INTERNATIONAL: Lucerne Court Starts Bankruptcy Proceedings
LISCO JSC: Creditors' Liquidation Claims Due by Feb. 15

SAMHABER ENGINEERING: Creditors Must File Claims by Feb. 15
STETTLER HOLZ: Creditors' Liquidation Claims Due by Feb. 15
TRABAT JSC: Creditors' Liquidation Claims Due by Feb. 15


U K R A I N E

INTERSERVICE LLC: Proofs of Claim Filing Deadline Set Feb. 22
MAXIMUM ALT: Creditors Must File Claims by February 21
NADEZHDA LLC: Proofs of Claim Filing Deadline Set February 21
RUTEL LLC: Creditors Must File Claims by February 21
SEVERGAS LLC: Creditors Must File Claims by February 22

SIPAYLO LLC: Proofs of Claim Filing Deadline Set February 21
SOUTH-AGRO-TRANS LLC: Creditors Must File Claims by February 21
VIVA-LUX LLC: Creditors Must File Claims by February 22
VIVATECHNOCOM LLC: Creditors Must File Claims by February 21


U N I T E D   K I N G D O M

BRIGGS PALM: Taps PwC as Joint Administrators
BRITISH ENERGY: Wins Case Over Eggborough Option Rights
BRITISH ENERGY: CEO Attacks Scottish Government's Energy Policy
CASTAWAY KIDS: Michael Young Leads Liquidation Procedure
CHRYSLER LLC: Still Out to Grab Tooling Equipment from Plastech

DENNIS RUABON: Ruaban Sales Ltd. Acquires the Assets
DURA AUTOMOTIVE: To Bypass Top Executives from 2008 Bonuses
DURA AUTO: Reaches Settlement Pact w/ Nyloncraft for US$2 Mln
ENVIRONMENT CONCERN: Appoints Begbies Traynor as Administrators
FEATURECREEP LTD: Taps Liquidators from BDO Stoy Hayward

MMP GROUP: Brings In Liquidators from KPMG
MOBILITY CUBE: Appoints Duncan R. Beat as Liquidator
MONITOR OIL: Committee Taps Thompson & Knight as Counsel
MONITOR OIL: Judge Glenn Denys Ad Hoc Committee's Dismiss Plea
NORTHERN ROCK: Gets Public Sector Classification from ONS

NORTHERN ROCK: Small Investors Likely to Support In-House Offer
NOVIKOVA LTD: Taps Peter Hollis to Liquidate Assets
NSE LTD: Names Joint Administrators from PwC
QUEBECOR WORLD: ISDA Launches Protocol to Settle Derivate Trades
SEA CONTAINERS: Court Approves SC Iberia and YMCL Guarantees

SHEPLEY WINDOW: Brings In Joint Administrators from Deloitte
SIRVA INC Commences Prepackaged Chapter 11 Case to Pare Debt
SIRVA INC: Case Summary & 30 Largest Unsecured Creditors
SUPERIOR REAL: Appoints PwC to Administer Assets
TRITON GALLERIES: Calls In Liquidators from BDO Stoy Hayward

W.R GRACE: Reports Fourth Quarter 2007 Financial Results

* Deloitte Says Insolvency Filing Down by 7% in 2007

* Moody's Says European Speculative-Grade Default Rate Down

* Moody's Expects Global Default Rate to Rise in 2008

* BOND PRICING: For the Week Feb. 4 to Feb. 8, 2008


                            *********

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


ENGELBERT MOSER: Creditors' Meeting Slated for February 25
----------------------------------------------------------
Creditors owed money by LLC Engelbert Moser u. Co. (FN 118800g)
are encouraged to attend the creditors' meeting at 10:00 a.m. on
Feb. 25, 2008.

The creditors' meeting will be held at:

          The Land Court of Eisenstadt
          Hall F
          Eisenstadt
          Austria

Headquartered in Oberwart, Austria, the Debtor declared
bankruptcy on Jan. 21, 2008 (26 S 2/08h).  Elisabeth Hrastnik
serves as the court-appointed estate administrator of the
bankrupt's estate.

The estate administrator can be reached at:

          Dr. Elisabeth Hrastnik
          Hauptplatz 11
          Atrium, Top 16 A
          7400 Oberwart
          Austria
          Tel: 03352/31375
          Fax: 03352/31375-16
          E-mail: dr.hrastnik@utanet.at


OASIS FITNESS: Claims Registration Period Ends March 13
-------------------------------------------------------
Creditors owed money by LLC OASIS Fitness (FN 241806y) have
until March 13, 2008 to file written proofs of claim to court-
appointed estate administrator Matthias Schmidt at:

          Dr. Matthias Schmidt
          c/o Dr. Florian Gehmacher
          Dr. Karl Lueger-Ring 12
          1010 Vienna
          Austria
          Tel: 533 16 95
          Fax: 535 56 86
          E-mail: schmidt@preslmayr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:45 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 1701
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 22, 2008 (Bankr. Case No. 6 S 8/08f).  Florian Gehmacher
represents Dr. Schmidt in the bankruptcy proceedings.


PIZZERIA DI MAURO: Claims Registration Period Ends March 5
----------------------------------------------------------
Creditors owed money by PIZZERIA "DI MAURO Sebastiano" have
until March 5, 2008 to file written proofs of claim to court-
appointed estate administrator Peter Frisch at:

          Dr. Peter Frisch
          Braunauer Strasse 22
          4950 Altheim
          Austria
          Tel: 07723/41 213
          Fax: 07723/41 213 - 4
          E-mail: office@ra-frisch.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 13, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Ried im Innkreis
          Hall 101
          First Floor
          Ried im Innkreis
          Austria

Headquartered in Burgkirchen, Austria, the Debtor declared
bankruptcy on Jan. 22, 2008 (Bankr. Case No. 17 S 4/08g).


SAB ELECTRONIC: Claims Registration Period Ends March 13
--------------------------------------------------------
Creditors owed money by  LLC Sab electronic components  (FN
133304k) have until March 13, 2008 to file written proofs of
claim to court-appointed estate administrator Michael Lesigang
at:

          Dr. Michael Lesigang
          Landstrasser Hauptstrasse 14-16/8
          1030 Vienna
          Austria
          Tel: 715 25 26
          Fax: 715 25 26 27
          E-mail: michael@lesigang.at

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1701
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 22, 2008 (Bankr. Case No. 6 S 6/08m).


SIPRO & CO: Claims Registration Period Ends March 17
----------------------------------------------------
Creditors owed money by LLC SIPRO & Co KG (FN 146861y) have
until March 17, 2008 to file written proofs of claim to court-
appointed estate administrator Guenther Dobretsberger at:

          Dr. Guenther Dobretsberger
          Starhembergstrasse 58
          4020 Linz
          Austria
          Tel: 77 31 74
          Fax: 77 31 74 20
          E-mail: office@do-st.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 31, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Jan. 22, 2008 (Bankr. Case No. 12 S 104/07t).


TELIS KG: Claims Registration Period Ends March 11
--------------------------------------------------
Creditors owed money by KG Telis (FN 296265i) have until
March 11, 2008 to file written proofs of claim to court-
appointed estate administrator Katharina Widhalm-Budak at:

          Dr. Katharina Widhalm-Budak
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 513 10 37
          Fax: 513 10 37-22
          E-mail: widhalm-budak@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on March 25, 2008  for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 22, 2008 (Bankr. Case No. 28 S 11/08h).


===============
B U L G A R I A
===============


NOVA PLAMA: Pleven Court Orders Firm to Pay Wage Arrears & Debt
---------------------------------------------------------------
The District Court of Pleven has ordered receivers of bankrupt
oil concern JSC Nova Plama AD to pay off 10-year wage arrears to
former employees, Novinite reports.

Around 2,300 Nova Plama's former employees will receive delayed
salaries -- in accumulated sums of between BGN500 and BGN30,000
-- through debit cards and bank transfers, Novinite relates.

As previously reported in the TCR-Europe, Nova Plama's 2,232
creditors will not receive their money until the court settles
the unpaid wage claims, which according to Focus Information
Agency total BGN12 million.

Nova Plama's receivers sold assets of Nova Plama to Highway
Logistic Center EOOD for BGN44.44 million at an auction on
June 18, 2007.  The company's receivers will the auction
proceeds to pay its creditors.

                       About Nova Plama

Headquartered in Pleven, Bulgaria, JSC Nova Plama AD was the
main supplier of base oils, finished oils and special products
for all local and most East-European consumers.

The District Court of Pleven opened a bankruptcy proceeding
against the company in July 2005.  The proceeding is the second
in seven years after the Bulgarian oil company failed to
implement its rehabilitation plan approved by creditors in 1999.

In January 2006, Yorset Holding and DZI Bank filed separate
insolvency petitions against Nova Plama.  Yorset failed to have
Nova Plama declared insolvent, after the Supreme Cassation Court
stayed the proceedings against the oil refinery.  The Court said
Yorset does not own enough credit percentage to ask for an
insolvency ruling.  Court records show that Yorset and DZI Bank
own 14.83% and 7.9% respectively of Nova Plama's BGL241 million
debt.


===========
F R A N C E
===========


HARMAN INTERNATIONAL: Earns US$43 Mln in Quarter Ended Dec. 31
--------------------------------------------------------------
Harman International Industries Incorporated reported results
for the second quarter ending Dec. 31, 2007.

For the quarter, net income was US$43 million.  Excluding
merger-related costs, net income was US$46 million.

Foreign currency translation positively impacted quarterly
results as the Euro strengthened approximately 12% compared to
the same quarter last year.  The Euro averaged US$1.45 in the
second quarter compared to US$1.29 in the same period last year.

As a result, foreign currency translation improved sales by
approximately US$75 million and contributed US$0.15 to earnings
per diluted share in the quarter.

"Although we continue to increase sales across all divisions,
our automotive earnings are under pressure due to portable
navigation devices, product mix, and higher engineering and
material costs during a period of record launch activity,"
Dinesh Paliwal, Harman' chief executive officer, said.  "We are
accelerating a number of strategic actions to improve our cost
structure and optimize our global footprint in the automotive
sector, while flattening our broader organization to instill a
strong culture of execution."

                     Strategic Appointments

Harman's board of directors has been expanded to eight members,
bringing new expertise and global range.  Brian Carroll has
joined from KKR, bringing strong financial expertise.
Dr. Harald Einsmann, a German national who has worked with such
industry leaders as Procter & Gamble, the Wallenberg Group, and
the Carlson Group, brings international business experience.
Gary Steel, a Scottish national with experience from Europe's
Shell and ABB Groups, adds deep expertise in human resources,
restructuring, and corporate governance.

The company has also disclosed several significant additions to
its senior management team in recent weeks.

   * Richard Sorota, an experienced executive with premium
     consumer brand companies, Procter & Gamble and Royal
     Phillips, has joined the company as consumer division
     president.

   * John Stacey, with 20 years of experience in employee and
     organizational development across the Americas and Europe,
     is joining Harman as vice president of human resources.

   * Robert Lardon has joined the company as vice president,
     strategy and investor relations.  In addition to his
     experience as a management consultant at PwC, Accenture,
     and Booz Allen, Mr. Lardon was chief strategy officer at
     Porter Novelli, a Top 10 communications agency.

   * Kent Moerk, a Danish national, has been appointed to
     manage the newly established global PND business unit
     which will integrate the company's two lines of portable
     navigation devices.

   * Dr. Wolfgang Ptacek, who has held senior management
     positions at T-Mobile and Bosch, has been appointed chief
     technology officer for Harman automotive operations
     worldwide.

   * Bronson Reed, an experienced international finance
     executive at ABB, joined the company as vice president,
     group controller.

In order to strengthen the leadership and to improve common
processes across multiple Harman businesses, the company has
created the new position of Country Manager in the United States
and Japan, and will extend this concept to Germany, China,
India, and Russia.

Blake Augsburger, who leads the professional division, has taken
this additional role in the US. Ken Yasuda, president of Harman
Consumer Japan, assumes the additional group-wide country role
in Japan.  These individuals will serve as country champion for
functional best practices, and will directly participate in such
business activities as project risk reviews, large supply or
investment proposals, restructurings, and key human resource
decisions.

                     Strategic Initiatives

During the fiscal second quarter, the company initiated an
extensive review of its footprint and launched a number of key
initiatives to improve simplicity and cost.  In the third
quarter, restructuring of the company's automotive footprint was
accelerated with the decision to close plants in Northridge,
California and Martinsville, Indiana.

Also during the third quarter, the company decided to shut down
two smaller facilities in Massachusetts serving the consumer
division.  These operations will be integrated with other Harman
facilities in California and New York.  Consolidations of
additional Harman manufacturing and engineering facilities in
Europe and Africa are under review.

These actions are expected to result in restructuring charges of
US$25 to US$30 million in the third quarter and US$5 to US$10
million in the fourth quarter of fiscal 2008.  About 1400 jobs
will be affected, of which 500 jobs will be eliminated and the
balance transferred to other Harman facilities in the United
States, Germany, China, and Mexico.

The company has added several hundred new jobs at its plants in
Mexico and China and extensive job training is now being
completed.  The company has also decided to add capacity to its
plant in Hungary in order to expand production of audio
electronics and speakers.

The company is in the final stage of completing its plan to
outsource its information technology infrastructure.  This step
will blend an outside service provider's solutions expertise
with emerging-country resources to bring us significant gains in
both agility and cost.  This initiative will also help us take a
closer look at alternative resources for project-related
software, systems and costs.

In the third quarter, the company also decided to consolidate
resources from Washington, DC and Northridge, California to its
new corporate headquarters in Stamford, Connecticut.  This will
accelerate the speed of decision making and improve coordination
across key company functions.

                         Balance Sheet

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$2.65 billion, total liabilities of US$1.41 billion
and total shareholders' equity of US$1.24 billion

                About Harman International

Based in Washington, D.C., Harman International Industries Inc.
(NYSE: HAR) -- http://www.harman.com/-- manufactures, designs
and markets a range of audio and infotainment products for the
automotive, consumer and professional markets.  The company
maintains a presence in the Americas, Europe and Asia and
employs more than 10,500 people worldwide.  The Harman
International family of brands spans some 15 leading names
including AKG, Audioaccess, Becker, BSS, Crown, dbx, DigiTech,
DOD, Harman Kardon, Infinity, JBL, Lexicon, Mark Levinson,
Revel, QNX, Soundcraft and Studer.  Harman Int'l has operations
in Japan, Mexico and France.

                        *     *     *

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


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


COMTEL EDV-SERVICE: Claims Registration Period Ends March 5
-----------------------------------------------------------
Creditors of COMTEL EDV-Service GmbH have until March 5, 2008 to
register their claims with court-appointed insolvency manager
Hubert Griesoph.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Wilhelmshaven
         Hall 109
         Old Building
         Marktstrasse 15
         26382 Wilhelmshaven
         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:

          Hubert Griesoph
          Alte Wiefelsteder Str. 3
          26316 Varel
          Germany
          Tel: 04451-913880
          Fax: 04451-913839
          E-mail: buero@hsm-stb.de

The District Court of Wilhelmshaven opened bankruptcy
proceedings against COMTEL EDV-Service GmbH on Dec. 27, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          COMTEL EDV-Service GmbH
          Attn: Michael Tjarks, Manager
          Graudenzer Strasse 2
          26316 Varel
          Germany


FABAS FAHRZEUG: Claims Registration Period Ends March 5
-------------------------------------------------------
Creditors of FABAS Fahrzeug- und Baumaschinenservice GmbH have
until March 5, 2008 to register their claims with court-
appointed insolvency manager Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on April 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

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

The insolvency manager can be reached at:

          Dr. Dirk Wittkowski
          Kirchblick 11
          14129 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against FABAS Fahrzeug- und Baumaschinenservice GmbH
on Dec. 5, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          FABAS Fahrzeug- und Baumaschinenservice GmbH
          Plauener Str. 160
          13053 Berlin
          Germany


HANDEL - SPEDITION: Claims Registration Period Ends February 27
---------------------------------------------------------------
Creditors of HSL Handel - Spedition - Ligistik GmbH have until
Feb. 27, 2008 to register their claims with court-appointed
insolvency manager Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 2, 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 Betzdorf
         Hall 109
         First Floor
         Friedrichstrasse 17
         57518 Betzdorf
         Germany

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

The insolvency manager can be reached at:

         Jens Lieser
         Koelner Strasse 29
         57610 Altenkirchen
         Germany
         Tel: 02681-803618
         Fax: 02681-950505

The District Court of Betzdorf opened bankruptcy proceedings
against HSL Handel - Spedition - Ligistik GmbH on Jan. 22, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HSL Handel - Spedition - Ligistik GmbH
         Bergstrasse 5
         57577 Hamm/Sieg
         Germany


KUNST-UND BAUGLASEREI: Claims Period Ends February 19
-----------------------------------------------------
Creditors of Kunst-und Bauglaserei Robert Scherer GmbH have
until Feb. 19, 2008 to register their claims with court-
appointed insolvency manager Christina Siegert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on April 1, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 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:

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

The District Court of Munich opened bankruptcy proceedings
against Kunst-und Bauglaserei Robert Scherer GmbH on Jan. 24,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Kunst-und Bauglaserei Robert Scherer GmbH
         Kistlerhofstr. 102
         81379 Muenchen
         Germany


NUTHE BAU: Claims Registration Ends March 4
-------------------------------------------
Creditors of Nuthe Bau GmbH have until March 4, 2008 to register
their claims with court-appointed insolvency manager Andre
Schirrmeister.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.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 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:

         Andre Schirrmeister
         Magdeburger Strasse 23
         06112 Halle
         Germany
         Tel: 0345/2311111
         Fax: 0345/2311199

The District Court of Dessau opened bankruptcy proceedings
against Nuthe Bau GmbH on Jan. 22, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Nuthe Bau GmbH
         Kirschallee 3
         39261 Zerbst
         Germany

         Attn: H. Redling, Manager
         Jeversche Str. 18
         39261 Zerbst
         Germany


ODT GMBH: Claims Registration Period Ends February 25
-----------------------------------------------------
Creditors of ODT GmbH have until Feb. 25, 2008 to register their
claims with court-appointed insolvency manager Dr. Juergen
Toemp.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on March 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         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. Juergen Toemp
         Wilhelmshofallee 75
         47800 Krefeld
         Germany
         Tel: 02151-58130
         Fax: 02151-5813134

The District Court of Kleve opened bankruptcy proceedings
against ODT GmbH on Jan. 25, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ODT GmbH
         Boemsfeld 4
         47627 Kevelaer
         Germany

         Attn: Stephan Kremer, Manager
         Ostwall 3
         41515 Grevenbroich
         Germany


PGL PLANUNGSBUERO: Claims Registration Ends March 4
---------------------------------------------------
Creditors of PGL Planungsbuero fuer Garten-, Landschafts- und
Freiraumgestaltung GmbH have until March 4, 2008 to register
their claims with court-appointed insolvency manager Dr.
Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against PGL Planungsbuero fuer Garten-, Landschafts-
und Freiraumgestaltung GmbH on Jan. 2, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         PGL Planungsbuero fuer Garten-, Landschafts- und
         Freiraumgestaltung GmbH
         Woennichstrasse 68/70
         10317 Berlin
         Germany


PRIMALOGIC TECHNOLOGIES: Claims Registration Ends March 4
---------------------------------------------------------
Creditors of primalogic technologies GmbH have until March 4,
2008 to register their claims with court-appointed insolvency
manager Dr. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Leipzig
         Hall 145
         First Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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. Rainer Eckert
         Kathe-Kollwitz-Strasse 9
         04109 Leipzig
         Germany
         Tel: 0341/910470
         Fax: 0341/9104710
         E-mail: eckert-leipzig@rae-eckert.de

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

The Debtor can be reached at:

         primalogic technologies GmbH
         Attn: Thomas Schwing, Manager
         Schorlemmerstrasse 7
         04155 Leipzig
         Germany


PRISMA HAUS: Claims Registration Ends March 4
---------------------------------------------
Creditors of Prisma Haus GmbH have until March 4, 2008 to
register their claims with court-appointed insolvency manager
Wolfgang Weidemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Reinbek
         Parkallee 6
         21465 Reinbek
         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:

         Wolfgang Weidemann
         Wendenstr. 4
         20097 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings
against Prisma Haus GmbH on Jan. 18, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

        Prisma Haus GmbH
        Lily Braun Strasse 46
        23843 Bad Oldesloe
        Germany


PRISMA HAUSBAU: Claims Registration Ends March 4
------------------------------------------------
Creditors of Prisma Hausbau GmbH have until March 4, 2008 to
register their claims with court-appointed insolvency manager
Wolfgang Weidemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Reinbek
         Parkallee 6
         21465 Reinbek
         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:

         Wolfgang Weidemann
         Wendenstr. 4
         20097 Hamburg
         Germany

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

The Debtor can be reached at:

         Prisma Hausbau GmbH
         Attn: Stefan Barz and Jan Busch, Manager
         Lily-Braun-Strasse 46
         23843 Bad Oldesloe
         Germany


PROPEC GMBH: Claims Registration Period Ends March 4
----------------------------------------------------
Creditors of propec GmbH have until March 4, 2008 to register
their claims with court-appointed insolvency manager Christoph
Mathern.

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

          Christoph Mathern
          Kanzlerstr. 32-34
          09112 Chemnitz
          Germany
          Tel: (0371) 490 91 67
          Fax: (0371) 490 94 44
          E-mail: mail@poessl.com

The District Court of Chemnitz opened bankruptcy proceedings
against propec GmbH on Jan. 24, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          propec GmbH
          Rand 8
          09526 Heidersdorf
          Germany


PURAC GMBH: Claims Registration Period Ends March 4
---------------------------------------------------
Creditors of PURAC GmbH have until March 4, 2008 to register
their claims with court-appointed insolvency manager Herbert
Feigl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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:

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

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against PURAC GmbH on Jan. 4, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          PURAC GmbH
          Weissenfelser Strasse 46 a
          06217 Merseburg
          Germany


RE-WO BAUMASCHINEN: Claims Registration Period Ends February 25
---------------------------------------------------------------
Creditors of RE-WO Baumaschinen und Baugerate
Handelsgesellschaft mbH have until Feb. 25, 2008 to register
their claims with court-appointed insolvency manager Dirk
Hammes.

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

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         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:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld
         Germany
         Tel: 02151 - 5813 - 0
         Fax: 02151 - 5813134

The District Court of Kleve opened bankruptcy proceedings
against RE-WO Baumaschinen und Baugerate Handelsgesellschaft mbH
on Jan. 25, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         RE-WO Baumaschinen und
         Baugerate Handelsgesellschaft mbH
         Hochstr. 60
         47506 Neukirchen-Vluyn
         Germany

         Attn: Edward Rentz, Manager
         Muehlenstr. 19
         47506 Neukirchen-Vluyn
         Germany


SRLS VERWALTUNGS: Claims Registration Period Ends February 21
-------------------------------------------------------------
Creditors of SRLS Verwaltungs-GmbH have until Feb. 21, 2008 to
register their claims with court-appointed insolvency manager
Udo Groener.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on March 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Meeting Hall 24
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         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:

         Udo Groener
         Faktoreistrasse 4
         66111 Saarbruecken
         Germany
         Tel: 0681/ 41010
         Fax: 0681/ 4101 276

The District Court of Saarbruecken opened bankruptcy proceedings
against SRLS Verwaltungs-GmbH on Jan. 29, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         SRLS Verwaltungs-GmbH
         Attn: Udo Prinz und
               Leander Schoen, Managers
         Lise Meitner-Weg 1
         66271 Rilchingen-Hanweiler
         Germany


TOUR SALES: Claims Registration Period Ends March 4
---------------------------------------------------
Creditors of tour sales GmbH have until March 4, 2008 to
register their claims with court-appointed insolvency manager
Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Leipzig
         Hall 035
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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. Rainer Eckert
          Kathe-Kollwitz-Strasse 9
          04109 Leipzig
          Germany
          Tel: 0341/910470
          Fax: 0341/9104710
          E-mail: eckert-leipzig@rae-eckert.de

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

The Debtor can be reached at:

          tour sales GmbH
          Attn: Oliver Huettl, Manager
          Kippenbergstrasse 4
          04317 Leipzig
          Germany


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


FAI FINANCIAL: Receives Winding Up Orders from the High Court
-------------------------------------------------------------
Justice Mary Laffoy of the High Court ordered the winding up of
FAI Financial Corporation Ltd. following majority shareholder
Fexco's application, published reports say.

William O'Riordan of PricewaterhouseCoopers LLP and Simon
Granger of FTI Consulting will jointly liquidate FAI, reports
disclosed.

According to the reports, the company had an agreement with
Barclays Bank for finance facilities and had drawn around GBP30
million under that.  Barclays has a first fixed charge over the
assets and undertaking of the company and the loan was repayable
in October 12, 2007.

Fexco provided funding to FAI to date for amounts of
GBP7,718,518 and EUR1,691,700, reports say.

Fexco's counsel Lyndon MacCann told reporters that FAI Finance
was not in a position to settle its debts to either Barclays or
Fexco.

Headquartered in Dublin, Ireland, FAI Financial Corporation Ltd.
-- http://www.ffc.ie/-- was engaged in providing loans,
including right-to-buy loans, a scheme operated by the British
government under which local authority tenants in Britain could
buy their rented homes at a discount.  It also provided
industrial disease loans, essentially loans to assist workers in
Britain to make claims under industrial disease legislation
there.

The company posted GBP36 million net loss and GBP32 million in
shareholders' deficit for the year ended 2007.


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


ALITALIA SPA: Outgoing Prime Minister Vows to Complete Sale
-----------------------------------------------------------
The caretaker Italian government will "do everything possible"
to sell its 49.9% stake in Alitalia S.p.A., Bloomberg News
reports citing Italian Prime Minister Romano Prodi.

President Giorgio Napolitano dissolved the Italian parliament on
Feb. 6, 2008, and set a snap election for April 13 and 14, 2008.
Mr. Prodi's administration will remain as caretaker government
until a new prime minister is elected into office.

"We will certainly do our best to make sure that this operation,
which no-one has had the courage to face despite being widely
recognized as necessary and unavoidable, makes it to the end,"
Mr. Prodi was quoted by Agenzia Giornalistica as saying.  "We
have taken on this task and we will try to go all the way."

Alitalia and Air France-KLM SA have until mid-March to complete
exclusive talks and present a final binding offer to the Italian
government, which thereafter will decide whether to sell its
stake to the French carrier.

As previously reported in the TCR-Europe, Alitalia and Italy
commenced exclusive sale talks with Air France-KLM.

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

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

   -- acquire 100% of Alitalia convertible bonds; and

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

                          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.


Italian Government Will Proceed With Alitalia Sale, Prodi Says


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


AUYL-TURKESTAN CREDIT: Claims Deadline Slated for March 7
---------------------------------------------------------
LLP Auyl-Turkestan Credit has declared insolvency.  Creditors
have until March 7 to submit written proofs of claims to:

         LLP Auyl-Turkestan Credit
         Torekulov Str. 68
         Turkestan
         South Kazakhstan
         Kazakhstan


BALHASH ARUY: Creditors Must File Claims by March 7
---------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Balhash Aruy (RNN 090200210565).

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


BALHASH-AGRO LTD: Claims Filing Period Ends March 7
---------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Balhash-Agro Ltd (RNN 090200044266).

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


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

         LLP Complect Service Plast
         Office 25
         Kazybek bi Str. 50
         Almaty
         Kazakhstan
         Tel: 8 (3272) 72-47-57


JAWAD GROUP: Claims Registration Ends March 7
---------------------------------------------
LLP Jawad Group has declared insolvency.  Creditors have until
March 7 to submit written proofs of claims to:

         LLP Jawad Group
         Shymkent, Ilyaev Str. 25
         South Kazakhstan
         Kazakhstan


KAZAKHSTANSKAYA GRUPPA: Proof of Claim Deadline Set for Mar. 7
--------------------------------------------------------------
LLP Kazakhstanskaya Gruppa Postavshikov has declared insolvency.
Creditors have until March 7 to submit written proofs of claims
to:

         LLP Kazakhstanskaya Gruppa Postavshikov
         Maresyev Str. 79-48
         Aktobe
         Aktube
         Kazakhstan


KAZNOOTECH LLP: Creditors Must File Claims by March 7
-----------------------------------------------------
LLP Kaznootech has declared insolvency.  Creditors have until
March 7 to submit written proofs of claims to:

         LLP Kaznootech
         Kutuzov Str. 6/2-13
         Pavlodar
         Kazakhstan


PEKARI LLP: Claims Filing Period Ends March 7
---------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Trade House Pekari insolvent.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         308 Krasnoznamenny Polk Str. 37
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


PROMTECHS-STANDARD LLP: Creditors' Claims Due on March 7
--------------------------------------------------------
LLP Promtechs-Standard has declared insolvency.  Creditors have
until March 7 to submit written proofs of claims to:

         LLP Promtechs-Standard
         Room 19
         Aiteke bi Str. 88
         Almaty
         Kazakhstan


VELT LLP: Claims Registration Ends March 7
------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Velt insolvent.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         308 Krasnoznamenny Polk Str. 37
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


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


BIO ICE-TECHNIC: Creditors Must File Claims by February 26
----------------------------------------------------------
LLC Bio Ice-Technic has declared insolvency.  Creditors have
until Feb. 26, 2008 to submit written proofs of claim to:

         LLC Bio Ice-Technic
         Sydykov Str. 254-34
         Bishkek
         Kyrgyzstan


CHIL USTUN-UG: Claims Filing Period Ends February 22
----------------------------------------------------
LLC Chil Ustun-Ug has declared insolvency.  Creditors have until
Feb. 22, 2008 to submit written proofs of claim.

Inquiries can be addressed to (0-772) 71-36-61.


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


BLACKBOARD INC: Earns US$4.2 Mln in Quarter Ended December 31
-------------------------------------------------------------
Blackboard Inc. reported financial results for the fourth
quarter and year ended Dec. 31, 2007.

Net income was US$4.2 million for the fourth quarter of 2007
compared to net income of US$201,000 in the same period last
year.

Net income was US$12.9 million for the full year 2007 compared
to a net loss of US$10.7 million in the same period last year.

"This was a tremendous year for Blackboard," Michael Chasen,
chief executive officer and president for Blackboard, said.  "We
are pleased with our financial results, made possible by our
global client base adopting Blackboard products and services to
manage their most mission-critical technologies. During the
year, we realized strong revenue and earnings performance and
generated operating cash-flows of more than US$69 million."

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$307.3 million, total liabilities of US$167.18
million and total stockholders' equity of US$140.12 million.

                    About Blackboard Inc.

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

                          *     *     *

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


ROMPETROL GROUP: Strategic Ties Prompt Fitch to Up Rating to B+
---------------------------------------------------------------
Fitch Ratings upgraded Netherlands-based The Rompetrol Group
N.V.'s Long-term Issuer Default Rating (IDR) to 'B+' from 'B-'
(B minus) and removed it from Rating Watch Positive.  The Long-
term IDR has been assigned a Positive Outlook.

TRG's Long-term IDR was placed on RWP on 28 August 2007 when
Kazakhstan-based oil and gas company National Company
KazMunaiGaz (NC KMG, rated 'BBB'/'F3'/Negative Outlook)
announced an acquisition of a 75% stake in TRG from privately-
owned Rompetrol Holding SA (RH).

The rating upgrade reflects strong strategic ties between TRG
and its higher rated parent NC KMG.  Following further
discussions with the management of TRG Fitch believes that it is
likely that NC KMG, and TRG's minority shareholder RH, will
provide additional shareholder funds to TRG and/or restructure
TRG's debt, as well as supporting its ambitious capital
expenditure programme.  Although NC KMG does not guarantee TRG's
debt, Fitch believes that the parent is willing and able to
support TRG in case of financial difficulties.  To date, NC KMG
and RH have granted a USD200m subordinated loan to TRG to
improve its highly-leveraged balance sheet and tight liquidity
position.

Fitch regards TRG's strategic ties with NC KMG as strong given
that the TRG acquisition is the Kazakh company's first large
investment in the strategically important European downstream
sector. The acquisition price for TRG, together with
consolidation of TRG's net debt is material for the NC KMG group
as it equals about 0.9x NC KMG's EBITDA for 2006.

The acquisition fits NC KMG's strategy of vertical integration
into the refining and marketing sector, as TRG has doubled the
Kazakh group's refining capacity and added about 600 petrol
stations in seven European countries, primarily Romania and
France.  The Kazakh company treats TRG as a platform for further
growth through acquisitions in eastern and western Europe. There
is also room for some physical integration, as a part of TRG's
crude oil needs may be met from purchases of NC KMG's crude oil
from Kazakhstan.  In addition, NC KMG plans to integrate the
trading business of the two companies.

The Positive Outlook reflects Fitch's expectation that the
rating may be upgraded further if TRG enhances its standalone
credit profile by way of improved capital structure and reduced
refinancing risk through an extension of debt maturity profile.

TRG's liquidity remains tight, with short term maturities
exceeding cash and undrawn committed facilities, making TRG
dependent on renewal of its trading and working capital
facilities during 2008, or support from its shareholders.


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


CAPROCK COMMS: Liquidity Concerns Cue Moody's Negative Outlook
--------------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family
rating for CapRock Communications Inc. and revised the outlook
to negative due to liquidity concerns, including elevated
revolver usage relative to Moody's prior expectations, and
heightened operational risk over the next twelve months.

Moody's also downgraded the rating on the first lien secured
bank facility to B1 from Ba3.  This debt comprises the
preponderance of the debt capital structure; the downgrade
incorporates modest changes in the capital structure and is in
accord with Moody's Loss-Given Default Methodology.

Moody's could lower CapRock's ratings if debt-to-EBITDA (as per
Moody's standard adjustments) remains above 5.5 times or free
cash flow remains negative over the next 12 -- 18 months.

CapRock Communications Inc.

     * Outlook, Changed To Negative From Stable

     * Affirmed Corporate Family Rating, B2

     * Affirmed Probability of Default Rating, B2

     * Downgraded Senior Secured First Lien Credit Facility to
       B1, LGD3, 33%

     * Affirmed Senior Secured Second Lien Term Loan, Caa1,
       LGD5, 83%

CapRock's B2 corporate family rating continues to reflect the
company's small scale, high customer concentration, elevated
leverage and minimal free cash flow.  The ratings are supported
by blue-chip customers, significant barriers to entry, a healthy
contract pipeline and good customer retention rates.

CapRock Communications Inc. provides global fixed and mobile
satellite communications in remote locations engineered at high
levels of reliability.  ABRY Partners acquired CapRock for
approximately $200 million in February 2006.


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


EXIDE TECHNOLOGIES: Taps Phillip Damaska as Exec. Vice President
----------------------------------------------------------------
Exide Technologies Board of Directors has appointed Phillip A.
Damaska as the new Executive Vice President and Chief Financial
Officer, effective April 1, 2008.

Mr. Damaska brings more than 30 years of experience to his new
role at Exide.  He joined the company in January 2005 as Vice
President, Finance and was subsequently appointed Vice President
and Corporate Controller in August of that same year.  Since
March 2006, Mr. Damaska has held the position of Senior Vice
President and Corporate Controller and has overseen all of the
company’s internal and external financial reporting, the
preparation of annual operating plans and forecast updates as
well as provided guidance in the company’s efforts to comply
with requirements of the Sarbanes-Oxley Act.

From 1996 through 2004, Mr. Damaska held a variety of positions
at Freudenberg-NOK, the Americas joint venture partnership
between Freudenberg and Company in Germany and NOK Corporation
in Japan.

Freudenberg-NOK provides an extensive portfolio of precision
molded products to the aerospace, aftermarket, fluid power, oil
and gas, marine, healthcare/medical, off-highway equipment,
recreational, industrial, chemical processing and semiconductor
markets worldwide.  During his tenure, he served as President of
Corteco, an automotive and industrial seal supplier that is part
of the Freudenberg-NOK global group of companies.  He also held
several finance related positions of increasing responsibility.

"During his time at Exide, Phil has demonstrated leadership and
financial acuity while earning the respect of the entire
executive team and our Board of Directors," said Exide
Technologies President and Chief Executive Officer, Gordon A.
Ulsh.  "He has played a fundamental role in strengthening
Exide’s stability and profitability, and his guidance as Chief
Financial Officer will help the Company as we drive toward
achieving our goals of growth and profitability."

Mr. Damaska holds a Bachelor’s Degree in Accounting from Albion
College and an MBA from the University of Detroit.  He also is a
Certified Public Accountant in the state of Michigan.

Mr. Damaska succeeds Francis M. Corby, Jr., who has served Exide
as Executive Vice President and Chief Financial Officer since
March 2006.  During his tenure, Mr. Corby has been instrumental
in helping the Company refinance its bank debt and complete two
separate equity rights offerings.  He plans his retirement to
coincide with the conclusion of the Company’s fiscal year 2008.

"As a mature, experienced leader, Fran infused Exide with
financial stability at a critical time in our company’s
evolution, bringing a number of internal issues under control,"
said Mr. Ulsh.  "He took the lead, for example, in strengthening
our corporate accounting controls and compliance with Sarbanes-
Oxley.  We are grateful for his many contributions that have
strengthened our position in the financial marketplace."

                    About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

The company has operations in 89 countries, including,
Australia, India, Finland, Poland, New Zealand, among others.

The company filed for chapter 11 protection on Apr. 14, 2002
(Bankr. Del. Case No. 02-11125).  Matthew N. Kleiman, Esq., and
Kirk A. Kennedy, Esq., at Kirkland & Ellis, represented the
Debtors in their successful restructuring.  The Court confirmed
Exide's Amended Joint Chapter 11 Plan on April 20, 2004.  The
plan took effect on May 5, 2004.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 26,
2007, Standard & Poor's Ratings Services has raised its
corporate credit rating on Exide Technologies to 'B-' from
'CCC+' because of the company's improved financial results,
which the company has achieved despite sharply higher lead
prices.  S&P said the outlook is stable.

Moody's Investor Service placed Exide Technologies' senior
secured debt and probability of default ratings at 'Caa1' in
September 2006.  The ratings still hold to date with a stable
outlook.


KNOLL INC: Reports US$20.7-Mln Net Income in Fourth Quarter 2007
----------------------------------------------------------------
Knoll Inc. announced results for its fourth quarter and year
ended Dec. 31, 2007.  Net sales were US$281.8 million for the
quarter, an increase of 3.2% from fourth quarter 2006.

Operating income was US$39.5 million, or 14.0% of net sales, an
increase of 11% from the fourth quarter 2006, and net income was
US$20.7 million, an increase of 15% over the fourth quarter
2006.

For the full year, net sales were US$1.05 billion, an increase
of 7.5% over full year 2006.  Operating income was US$142.2
million, or 13.5% of net sales, an increase of 21.6% over full
year 2006, net income was US$71.4 million, an increase of 21.8%
over full year 2006.

"For the 3rd year in a row now Knoll has continued to expand our
industry leading operating margins, generate better than
industry top-line growth and deliver more than 20% EPS growth
for our shareholders," said Knoll Chief Executive Officer,
Andrew Cogan.

"While we are aware that our industry faces headwinds as we head
into 2008, we are confident that the strength and diversity of
our growth initiatives, the fullness of our new product pipeline
and our cost discipline will allow us to continue to generate
better than industry top-line performance as we work to achieve
our mid-term 15% operating margin goals." Mr. Cogan added.

"I want to congratulate and thank our Associates and Dealers on
generating another year of industry leading performance.  They
have once again demonstrated that in the words of our founder
Florence Knoll 'Good design is good business.'" Mr. Cogan
stated.

Mr. Cogan noted, "Net sales for the quarter were US$281.8
million, an increase of US$8.8 million, or 3.2%, over fourth
quarter 2006, representing increased volume and price
realization from previously implemented price increases.  Our
Specialty products experienced the strongest growth during the
quarter as they also benefited from our fourth quarter
acquisition of Edelman Leather."

Backlog of unfilled orders at Dec. 31, 2007, was US$190.7
million, an increase of US$23million, or 13.7%, versus the prior
year.

Gross profit for the fourth quarter 2007 was US$99 million, an
increase of US$9.9 million, or 11.1%, over the same period in
2006.  Gross margin increased from 32.6% in the fourth quarter
of 2006 to 35.1% in spite of the significant appreciation of the
Canadian Dollar.  The increase from the fourth quarter of 2006
largely resulted from additional volume, better pricing, and
moderating inflation.  Improved factory performance and global
sourcing initiatives also contributed to the increase in gross
margin.

Operating expenses for the quarter were US$59.5 million, or
21.1% of sales, compared to US$53.5 million, or 19.6% of sales,
for fourth quarter of 2006.  The increase in operating expenses
during the fourth quarter of 2007 was in large part due to the
inclusion of Edelman Leather and increased investment spending
in marketing and product development.

Operating income increased, as a percentage of sales, to 14%
from 13% in the same period in the prior year.  Gross margin
improvements from a year ago contributed to this increase.

Net income for the fourth quarter 2007 was US$20.7 million as
compared to US$18 million for the same quarter in 2006. Interest
expense decreased US$0.9 million due to lower borrowing costs on
the company's credit facility.

For the year, net sales totaled US$1.05 billion an increase of
US$73.6 million, or 7.5%, from 2006 net sales of US$982.2
million.  The increase was attributable to additional revenues
realized from price increases as well as higher volumes across
all the company's product categories.  The specialty businesses
followed by International expansion and complimentary seating
and storage products experienced the strongest growth in the
year.

Gross margins increased to 34.6% in 2007 compared to 32.5% in
2006.  Additional volume, better pricing, and moderating
inflation led to the increase.  Improved factory performance and
global sourcing initiatives also contributed to the increase.
The increase in gross margin came in spite of the further
appreciation in the Canadian Dollar.

Operating expenses for 2007 were US$222.9 million, or 21.1% of
sales, compared to US$202.1 million, or 20.6% of sales, for
2006.  Increased investment spending on growth initiatives
relating to new products and international expansion drove the
increase along with increased incentive payments as a result of
the higher sales and profits.  The acquisition of Edelman
Leather also impacted operating expense levels.

The company generated 2007 net income of US$71.4 million
compared to US$58.6 million in 2006.  Net income in 2007
includes the write-off of deferred financing fees totaling
US$0.7 million after tax as the company implemented the
refinancing of its old credit facility with a new US$500 million
revolving credit facility on June 29, 2007.

Other income/expense in 2007 included an approximate
US$4.2 million loss due to foreign currency translation and
US$1.2 million loss related to the write off of deferred
financing fees.  Other income/expense in 2006 included an
approximate US$563 thousand gain due to the foreign currency
translation, a US$703 thousand loss on interest rate
derivatives, and US$881 thousand gain in other miscellaneous
income.

Annual cash generated from operations in 2007 was
US$102.2 million, compared to US$77.5 million the year before.
Capital expenditures in 2007 totaled US$16.3 million compared to
US$13.4 million for 2006.  Investing activities in 2007 also
included US$70.8 million for the acquisition of Edelman Leather.
In addition, the Company repurchased approximately 2.3 million
shares of its stock for US$48.1 million during the year.  Also
during the year the Company had net borrowings of US$18.2
million primarily to finance the purchase of Edelman Leather and
repurchase shares.  The company also paid dividends of
US$21.7 million for the first three quarters of 2007, increasing
to US$0.12 per share in the fourth quarter of 2007.

Chief Financial Officer, Barry L. McCabe said, "During the
quarter we were able to close the acquisition of Edelman
Leather, increase our quarterly dividend and take advantage of
our current stock price by repurchasing 1.1 million shares for a
total repurchase of 2.261 million shares for the year.  With our
expanded bank facility, lowered leverage ratio and reduced
borrowing costs, Knoll enters 2008 in the strongest financial
position since our 2004 IPO and we are well positioned to take
advantage of opportunities to continue to reduce our shares
outstanding.  Accordingly, we are pleased to announce the
expansion of our share repurchase program by US$50 million."

       Expanded US$50 million Stock Repurchase Program

On Feb. 4, 2008, the Knoll Board of Directors approved a US$50
million expansion of the company's previously announced stock
repurchase program.  The expanded repurchase program does not
require the purchase of any minimum number of shares, but sets a
limit on the total amount spent on repurchases.  Before this
expansion, the company had approximately US$17 million remaining
under its US$50 million stock repurchase program announced in
February 2006.  Purchases under the repurchase program may be
made from time to time in the open market, through privately
negotiated transactions, or otherwise, and will depend on market
conditions and applicable securities laws.

                   First Quarter 2008 Outlook

The company stated that it expects first quarter 2008 revenue to
be in the US$258 - US$265 million range, an increase of 4.1%-
6.9% from the first quarter of 2007.

The company added that on Feb. 4, 2008, its Board of Directors
declared a quarterly cash dividend of US$0.12 per share payable
on March 31, 2008, to stockholders of record on March 14, 2008.

                        About Knoll Inc.

Headquartered in East Greenville, Pennsylvania, Knoll Inc.
(NYSE: KNL) -- http://www.knoll.com/-- designs and manufactures
branded office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal and Singapore, among others.

                         *     *     *

Knoll Inc. carries Moody's Investors Service's B1 Corporate
Family Rating and the company's US$200 million senior secured
revolver and US$250 million senior secured term loan carry
Moody's Ba2.  Moody's assigned an LGD2 rating to both loans,
suggesting note holders will experience a 27% loss in the event
of a default.


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


BRISTOW GROUP: Quarter Ended Dec. 31 Earnings Hike to US$20 Mln
---------------------------------------------------------------
Bristow Group Inc. reported financial results for its three and
nine-month ended Dec. 31, 2007.

The company reported net income of US$20.1 million, a 91%
increase from US$10.5 million for the December 2006 quarter.
Net income for the December 2007 quarter includes the loss of
US$6.2 million on the sale of our Grasso Production Management
business in November 2007, which is presented as discontinued
operations.
.
For the nine months ended Dec. 31, 2007, net income of
US$76.8 million increased 64% from US$46.8 million for the nine
months ended Dec. 31, 2006.  Net income for the nine months
ended Dec. 31, 2007, includes the loss of US$6.2 million on the
sale of our Grasso business in November 2007, which is presented
as discontinued operations.

                     Capital and Liquidity

   -- the Dec. 31, 2007 consolidated balance sheet reflected
      US$959.3 million in stockholders' investment and
      US$607.8 million of indebtedness.

   -- the company has US$315.3 million in cash and an undrawn
      US$100 million revolving credit facility.

   -- the company generated US$57.8 million of cash from
      operating activities, US$344.8 million in net proceeds
      from the issuance of 7 1/2% senior notes, US$23 million of
      cash from asset dispositions and US$22 million in net cash
      from the sale of Grasso during the nine months ended
      Dec. 31, 2007.

   -- the company used US$288.8 million for capital expenditures

   -- for aircraft -- and US$14.6 million for the acquisitions,
      net of cash acquired, of Bristow Academy and Vortex
      during the nine months ended Dec. 31, 2007.

   -- Aircraft purchase commitments totaled US$344.7 million for
      28 aircraft, with options totaling US$472.6 million for 34
      aircraft as of Dec. 31, 2007.

"We remain very pleased with our operational and financial
performance," William E. Chiles, president and chief executive
officer of Bristow Group Inc., said.  The delivery of new
aircraft well as rate increases in several operating regions
produced strong revenues and earnings performance in the
December quarter."

"We renegotiated and extended the last of our major contracts in
Nigeria at significantly better rates during the quarter, which
should result in improved operating margins for our West Africa
business unit and move us closer to meeting our return on
capital goal for this region. We also saw improved rates from
the North Sea," he added.

"We continued to invest in our fleet with the exercise of
options on eight additional aircraft, including five large- and
three medium-sized helicopters from Sikorsky and Eurocopter,"
Mr. Chiles continued.

"During the quarter we also completed the sale of our Grasso
Production Management business, which makes Bristow Group a pure
play in helicopter transportation services principally to the
offshore energy industry," Mr. Chiles ended.

                  About  Bristow Group Inc.

Headquartered in Houston, Texas, Bristow Group Inc. (NYSE:BRS)
-- http://www.bristowgroup.com/-- fka Offshore Logistics Inc.,
provides helicopter transportation services to the worldwide
offshore oil and gas industry with operations in the United
States Gulf of Mexico and the North Sea.  The company also has
operations, both directly and indirectly, in offshore oil and
gas producing regions of the world, including Australia, Brazil,
China, Mexico, Nigeria, Russia and Trinidad.  The company also
provides production management services for oil and gas
production facilities in the United States Gulf of Mexico.

                         *     *     *

Standard & Poor's Ratings Services placed Bristow Group Inc.'s
long-term corporate family and senior unsecured debt ratings at
'Ba2' in January 2006.  The ratings still hold today with a
negative outlook.


CHUVASHIA REPUBLIC: Moody's Holds Ba2 Rating with Stable Outlook
----------------------------------------------------------------
Moody's Investors Service affirmed the Republic of Chuvashia's
issuer rating of Ba2 (global scale, local currency).  The rating
outlook is stable.

At the same time, Moody's Interfax Rating Agency, which is
majority-owned by Moody's, has affirmed Chuvashia's Aa2.ru
national scale rating.

According to Moody's, the ratings are driven by increasing tax
revenue, underpinned by sustained economic growth, stable and
positive operating balances and a low debt burden.  The ratings
also reflect the considerable challenges facing Chuvashia,
including the growth of relatively rigid operating expenditure,
the significant infrastructure requirements and limited revenue
flexibility.

Chuvashia's tax revenue grew by 34% in 2006 and 37% in 2007
according to anticipated budget results, reflecting the
improving financials of local companies and growing personal
income of the republic's population.  Chuvashia recorded solid
and stable operating balances in 2006 (gross operating balance
or GOB was 18% of operating revenue) and is expected to report
GOB of 22% in 2007.  Moody's notes that Chuvashia still relies
upon federal equalisation transfers, which accounted for about
25% and 21% of total budget revenue in 2006-2007 accordingly.
However, in 2009-2010, these transfers - adjusted every three
years - will be lowered significantly under the current
equalisation methodology of the Russian Ministry of Finance,
which takes account of Chuvashia's increasing tax and non-tax
revenues.  Moody's notes that the rapid growth in public sector
wages and social benefits is exerting considerable pressure on
operating expenditure.

Chuvashia's debt burden remains low: total debt to operating
revenue ratio is estimated at 23% in 2007 compared to 20% in
2006.  The bulk of Chuvashia's direct debt is long-term rouble
bonds issued in recent years.  According to Chuvashia's three-
year budget, although new rouble bonds are to be issued, the
debt burden should remain moderate.  Moody's notes that
essential capital expenditure under the current programme of the
republic government to boost local road infrastructure and water
supply, coupled with limited tax revenue flexibility, could lead
to a further increase in the debt burden over the long term.

Chuvashia's ratings also reflect the application of Moody's
Joint-Default Analysis methodology for regional and local
governments, with a Baseline Credit Assessment of 12 (on a scale
of 1 to 21, where 1 represents the lowest credit risk), and a
low likelihood that the federal government would act to prevent
an imminent default by the region.  The assumed low likelihood
of extraordinary support reflects past instances of regional and
local government defaults and a federal government policy stance
that does not favour interventions to prevent defaults by lower-
tier governments on a timely basis.

Chuvashia is in the Volga Federal District and has a population
of 1.3 million and an area of 18,300 square kilometres.  The
region contributes 0.4% to Russia's gross domestic product.


GEO-INVEST LLC: Creditors Must File Claims by February 28
---------------------------------------------------------
Creditors of LLC Company Geo-Invest (TIN 2625026180) have until
Feb. 28, 2008, to submit proofs of claim to:

         G. Shirkin
         Insolvency Manager
         Office 317
         Serafimovicha Str. 58
         344002 Rostov-na-Donu
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A 63-113/05-S5, A63-5072/
07-S5-7.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         LLC Company Geo-Invest
         Georgievsk
         Stavropol
         Russia


LAND LLC: Creditors Must File Claims by February 28
---------------------------------------------------
Creditors of LLC Land (TIN 6113014936) have until Feb. 28, 2008,
to submit proofs of claim to:

         M. Makhnev
         Temporary Insolvency Manager
         Nakhichevanskiy Per. 64
         344000 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov will convene at 11:00 a.m. on
March 19, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A53-21289/
2007-S1-30.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         LLC Land
         Kagalnitskaya St. 34
         Rostov
         Russia


NARVA LLC: Krasnoyarsk Bankruptcy Hearing Slated for May 21
-----------------------------------------------------------
The Arbitration Court of Krasnoyarsk will convene on May 21,
2008, to hear the bankruptcy supervision procedure on LLC Narva.
The case is docketed under Case No. A33-15599/2007.

The Temporary Insolvency Manager is:

         D. Makhov
         Svobodnyj Pr. 60a
         Krasnoyarsk
         Russia

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Narva
         426053 Krasnoyarsk
         Russia


OB’-FISH LLC: Asset Sale Slated for February 26
-----------------------------------------------
LLC OB’-Fish, will open a public auction for the company's
properties at 3:00 p.m. on Feb. 26, 2008, at:

         Gagarina Str. 65
         Khanty-Mansiysk
         Klhanty-Mansiyskiy-Yugra
         Tyumen
         Russia

The company has set a RUR3.7 million starting price for the
assets in auction.

Interested participants have to deposit an amount equivalent to
10% of the starting price.

Bidding documents must be submitted to:

         The Insolvency Manager and Bidding Organizer
         Gagarina Str. 65
         Khanty-Mansiysk
         KLhanty-Mansiyskiy-Yugra
         Tyumen
         Russia
         Tel: (34671) 2-92-65, 8-922-402-87-21

The Debtor can be reached at:

         LLC OB’-Fish
         Sovetskaya Str. 17b
         Polnovat
         Beloyarskiy
         628179 Khanty-Mansiyskiy-Yugra
         Russia


OMSK-BREAD-PROM: Creditors Must File Claims by February 26
----------------------------------------------------------
Creditors of OJSC Company Omsk-Bread-Prom (TIN 5504008657) have
until Feb. 26, 2006, to submit proofs of claim to:

         V. Evdokeevich
         Temporary Insolvency Manager
         K. Marksa Pr. 18/b
         644042 Omsk
         Russia

The Arbitration Court of Omsk will convene at 10:20 a.m on
June 3, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A46-14860/2007.

The Debtor can be reached at:

         OJSC Company Omsk-Bread-Prom
         Lenina Str. 46
         644042 Omsk
         Russia


OMSK-STORY-MOST: Omsk Bankruptcy Hearing Slated for June 3
----------------------------------------------------------
The Arbitration Court of Omsk will convene on June 3, 2008, to
hear the bankruptcy supervision procedure on CJSC Omsk-Story-
Most–Mostootryad-63.  The case is docketed under Case No.
A46-15068/2007.

The Temporary Insolvency Manager is:

         V. Dobryshkin
         Office 166
         Lermontova Str. 127/1
         644001 Omsk
         Russia

The Debtor can be reached at:

         CJSC Omsk-Story-Most–Mostootryad-63
         Mostootrayd-63
         644074 Omsk
         Russia


TURILOVSKOE CJSC: Creditors Must File Claims by March 28
--------------------------------------------------------
Creditors of CJSC Turilovskoe have until March 28, 2008, to
submit proofs of claim to:

         A. Skorodumov
         Insolvency Manager
         Post User Box 6
         Shakhunya
         606910 Nizhniy Novgorod
         Russia

The Arbitration Court of Kostroma commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A31-1933/2007-12.

The Debtor can be reached at:

         CJSC Turilovskoe
         Antropovskiy
         Neverovo
         157230 Kostroma
         Russia


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


ARCUSWEAR JSC: Lucerne Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Luzern-Stadt in Lucerne commenced
bankruptcy proceedings against JSC Arcuswear on Dec. 21, 2007.

The Bankruptcy Service of Luzern-Stadt can be reached at:

         Bankruptcy Service of Luzern-Stadt
         6000 Lucerne 5
         Switzerland

The Debtor can be reached at:

         JSC Arcuswear
         Weystrasse 22
         6006 Lucerne
         Switzerland


CARROSSERIE ENZIRIED: Creditors Must File Claims by Feb. 15
-----------------------------------------------------------
Creditors of JSC Carrosserie Enziried have until Feb. 15, 2008,
to submit their claims to:

         JSC Marty Treuhand
         Liquidator
         Waldstatterstrasse 12
         6003 Lucerne
         Switzerland

The Debtor can be reached at:

         JSC Carrosserie Enziried
         Horw LU
         Switzerland


D. FLURI LLC: Creditors' Liquidation Claims Due by Feb. 15
----------------------------------------------------------
Creditors of LLC D. Fluri have until Feb. 15, 2008, to submit
their claims to:

         Daniel Fluri
         Oberlohn 1
         4616 Kappel SO
         Switzerland

The Debtor can be reached at:

         LLC D. Fluri
         Kappel SO
         Switzerland


ILI INTERNATIONAL: Lucerne Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Luzern-Stadt in Lucerne commenced
bankruptcy proceedings against LLC ILI International
Weiterbildungszentrum on Jan. 7, 2008.

The Bankruptcy Service of Luzern-Stadt can be reached at:

         Bankruptcy Service of Luzern-Stadt
         6000 Lucerne 5
         Switzerland

The Debtor can be reached at:

         LLC ILI International Weiterbildungszentrum
         Theaterstrasse 13
         6002 Lucerne
         Switzerland


LISCO JSC: Creditors' Liquidation Claims Due by Feb. 15
-------------------------------------------------------
Creditors of JSC Lisco have until Feb. 15, 2008, to submit their
claims to:

         Richard J. Vollenweider
         Bauherren-Strasse 40
         8049 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Lisco
         Zug
         Switzerland


SAMHABER ENGINEERING: Creditors Must File Claims by Feb. 15
-----------------------------------------------------------
Creditors of JSC Samhaber Engineering AG (SEAG) have until
Feb. 15, 2008, to submit their claims to:

         JSC Samhaber Engineering AG (SEAG)
         Gewerbestrasse 2
         4528 Zuchwil
         Wasseramt SO
         Switzerland


STETTLER HOLZ: Creditors' Liquidation Claims Due by Feb. 15
-----------------------------------------------------------
Creditors of LLC Stettler Holz have until Feb. 15, 2008, to
submit their claims to:

         Rudolf Stettler-Ledermann and Rudolf Stettler-Wenger
         Kreuzweg
         3616 Schwarzenegg (Oberlangenegg)
         Thun BE
         Switzerland

The Debtor can be reached at:

         LLC Stettler Holz
         Oberlangenegg
         Thun BE
         Switzerland


TRABAT JSC: Creditors' Liquidation Claims Due by Feb. 15
--------------------------------------------------------
Creditors of JSC Trabat have until Feb. 15, 2008, to submit
their claims to:

         JSC Trabat
         Rue des Pres 33
         2503 Biel/Bienne BE
         Switzerland


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


INTERSERVICE LLC: Proofs of Claim Filing Deadline Set Feb. 22
-------------------------------------------------------------
Creditors of LLC Interservice (code EDRPOU 31125027) have until
Feb. 22, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
B11/443-07.

The Debtor can be reached at:

         LLC Interservice
         B. Hmelnitsky Str. 35
         Belaya Tserkov
         09100 Kiev
         Ukraine


MAXIMUM ALT: Creditors Must File Claims by February 21
------------------------------------------------------
Creditors of LLC Maximum Alt Ukraine (code EDRPOU 34569635) have
until Feb. 21, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/912-b.

The Debtor can be reached at:

         LLC Maximum Alt Ukraine
         Krasnozvezdny Avenue 119
         Kiev
         Ukraine


NADEZHDA LLC: Proofs of Claim Filing Deadline Set February 21
-------------------------------------------------------------
Creditors of Agricultural LLC Nadezhda (code EDRPOU 31364269)
have until Feb. 21, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
B11/387-07.

The Debtor can be reached at:

         Agricultural LLC Nadezhda
         Mikhaylovka
         Tetiyev District
         Kiev
         Ukraine


RUTEL LLC: Creditors Must File Claims by February 21
----------------------------------------------------
Creditors of LLC Rutel (code EDRPOU 32613561) have until
Feb. 21, 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
Jan. 10, 2008.  The case is docketed under Case No. 25/5/08.

The Debtor can be reached at:

         LLC Rutel
         Mayakovsky Str. 34
         Berdiansk
         71100 Zaporozhje
         Ukraine


SEVERGAS LLC: Creditors Must File Claims by February 22
-------------------------------------------------------
Creditors of LLC Severgas (code EDRPOU 30523005) have until
Feb. 22, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/594-b.

The Debtor can be reached at:

         LLC Severgas
         Kikvidze Str. 17/10
         01103 Kiev
         Ukraine


SIPAYLO LLC: Proofs of Claim Filing Deadline Set February 21
------------------------------------------------------------
Creditors of LLC Agricultural Firm Sipaylo (code EDRPOU
33561237) have until Feb. 21, 2008, to submit written proofs of
claims to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company on Dec. 12, 2007.  The case is docketed
under Case No. B-31/181-07.

The Debtor can be reached at:

         LLC Agricultural Firm Sipaylo
         1st May Str. 1
         Rogan
         Kharkov
         Ukraine


SOUTH-AGRO-TRANS LLC: Creditors Must File Claims by February 21
---------------------------------------------------------------
Creditors of LLC South-Agro-Trans (code EDRPOU 33437239) have
until Feb. 21, 2008, to submit written proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 18, 2008.
The case is docketed under Case No. 2/4/08.

The Debtor can be reached at:

         LLC South-Agro-Trans
         Kolodtsevaya Str. 39
         Apartment 3
         Nikolaev
         Ukraine


VIVA-LUX LLC: Creditors Must File Claims by February 22
-------------------------------------------------------
Creditors of LLC Viva-Lux (code EDRPOU 34707064) have until
Feb. 22, 2008, to submit written proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 15, 2008.
The case is docketed under Case No. 14/780/07.

The Debtor can be reached at:

         LLC Viva-Lux
         2-a Apartment 514
         Mir Avenue
         54034 Nikolaev
         Ukraine


VIVATECHNOCOM LLC: Creditors Must File Claims by February 21
------------------------------------------------------------
Creditors of LLC Vivatechnocom (code EDRPOU 34936057) have until
Feb. 21, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/548-b.

The Debtor can be reached at:

         LLC Vivatechnocom
         Office 126
         Mechnikov/L. Pervomaysky Str. 10/2
         Kiev
         Ukraine


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


BRIGGS PALM: Taps PwC as Joint Administrators
---------------------------------------------
Robert Jonathan Hunt, Stuart David Maddison and  John Bruce
Cartwright of PricewaterhouseCoopers LLP were appointed joint
administrators of Briggs "Palm Shoes" Ltd. (Company Number
00297429) on Jan. 28, 2008.

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 Leominster, England, Briggs "Palm Shoes" Ltd.
retails footwear.


BRITISH ENERGY: Wins Case Over Eggborough Option Rights
-------------------------------------------------------
British Energy Group plc has secured the dismissal of an appeal
brought by Credit Suisse against a judgment the company obtained
in June 2007 relating to rights over Eggborough Power Station.

Credit Suisse, at that time a holder of approximately 90% of the
Eggborough debt, sought to transfer its rights to acquire
Eggborough in 2010 to a third party.

The lending banks have the right to acquire Eggborough on
March 31, 2010, a right exercisable at any time prior to
August 31, 2009.  The dismissal of the appeal preserves the
company's pre-emption rights, should the lending banks seek to
sell or transfer their option rights to a third party before
March 31, 2010.

                      Background of the Case

The company contended that the scheme was in breach of its
rights under option agreements, signed as part of the financial
restructuring of the Company in January 2005.  Under those
agreements, the lending banks were granted an option to acquire
Eggborough on March 31, 2010.  The company was, in turn, granted
a pre-emption right if the lending banks sought to sell or
transfer their options to a third party before 2010.  The
agreements also contained restrictions on the transfer or other
dealing with the option rights prior to March 31, 2010.

The company was notified of the scheme in early February 2007.
Under the scheme, two companies (Ampere Limited and Ampere 1
Limited) would acquire sub-participation rights to approximately
90% of the Eggborough debt, held by Credit Suisse.

Credit Suisse was not willing to reconsider the scheme or to
disclose the relevant documentation.  The company commenced
proceedings in the Commercial Court on March 7, and the case
proceeded on an expedited timetable.  The trial was heard from
May 21 to 23, 2007.

On June 19, 2007, Mr. Justice Langley ruled that the scheme did
indeed breach the company's rights under the option agreements,
and that it could not proceed.

Credit Suisse appealed and the appeal was heard on November 13
to 15, 2007 before Sir Anthony Clarke MR, Lord Justice May and
Lady Justice Hallett.  In a unanimous judgment of the court
dated February 7, 2008, Credit Suisse's appeal was dismissed.
The company was awarded its costs of the appeal.

                       About British Energy

Headquartered in Livingston, Scotland, British Energy Group plc
-- http://www.british-energy.com/-- is the U.K.'s largest
producer of electricity.  With a workforce of about 6,000, it
produces around one-sixth of the nation's electricity.

                        *     *     *

As of Jan. 11, 2008, British Energy Group plc carries a Ba2
long-term corporate family rating from Moody's with a stable
outlook.

Standard & Poor's rates the company's long-term foreign and
local issuer credit at BB*-.

The company holds a BB+ long-term issuer default rating from
Fitch with a stable outlook.


BRITISH ENERGY: CEO Attacks Scottish Government's Energy Policy
---------------------------------------------------------------
Bill Coley, chief executive of British Energy Group plc, has
attacked the Scottish government's energy policy dismissing it
as "contradictory," the Scotsman reports, citing Edinburgh
Evening News.

According to the report, the government will no longer allow the
construction of new power plants as it aims an 80% cut in
emissions by 2050.

However, Mr. Coley, who is also having difficulty getting
approval for a proposed wind farm on Lewis, argued it is not
possible for Scotland to meet its objectives of a zero carbon
economy without nuclear, the Scotsman relates.

The government, on the other hand, defended itself,
claiming there is no need for nuclear power since figures
indicate it would only deliver a 4% cut in carbon emissions by
2025 even if new ones are built, the Scotsman adds.

As previously stated in a TCR-Europe, British Energy, which
is 35% owned by the government, has been in discussions with 10
potential partners, including Electricite de France, E.ON AG,
RWE AG and Scottish and Southern Energy plc, to build new
nuclear sites.

                       About British Energy

Headquartered in Livingston, Scotland, British Energy Group plc
-- http://www.british-energy.com/-- is the U.K.'s largest
producer of electricity.  With a workforce of about 6,000, it
produces around one-sixth of the nation's electricity.

                        *     *     *

As of Jan. 11, 2008, British Energy Group plc carries a Ba2
long-term corporate family rating from Moody's with a stable
outlook.

Standard & Poor's rates the company's long-term foreign and
local issuer credit at BB*-.

The company holds a BB+ long-term issuer default rating from
Fitch with a stable outlook.


CASTAWAY KIDS: Michael Young Leads Liquidation Procedure
--------------------------------------------------------
Michael Young of Vantis was appointed liquidator of Castaway
Kids Ltd. on Jan. 31 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Herts
         AL1 1HD
         England


CHRYSLER LLC: Still Out to Grab Tooling Equipment from Plastech
---------------------------------------------------------------
Chrysler LLC CEO Robert Nardelli disclosed that the auto-maker
is still in pursuit of its tooling equipment holed up at
Plastech Engineered Products Inc.'s plants, and continues to
seek component supplies from other vendors, Jeff Bennett of the
Wall Street Journal reports.

As reported in the Troubled Company Reporter-Europe on Feb. 7,
2008, a temporary disruption in Chrysler's production was caused
by a tooling dispute over the parties, with Chrysler attempting
to retrieve its tooling equipment over at Plastech's plants and
transfer them to other suppliers so its operations would not
suffer.

The parties however, reached an agreement early this week that
ended the idling of Chrysler plants.  Pursuant to an interim
agreement, Plastech resumed its shipment of car parts and
components to Chrysler, which enabled the auto maker to resume
its plant operations.  The arrangement will continue until Feb.
15.

"This was not hard-ball tactics, it was a solid business
practice," WSJ quotes Nardelli during an auto show.  "We never
meant to create an adversarial relationship with Plastech or any
other suppliers."

Nardelli related to WSJ that Plastech was going to raise its
prices.  "We have to stay competitive," Nardelli insisted.  "No
hard feelings, no animosity, just solid business practices."

As reported in the Troubled Company Reporter-Europe on Feb. 8,
2008, while Chrysler said that it could close four of its U.S.
plants due to Plastech's 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."

                   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.

                       About Chrysler LLC

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

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007.  S&P
said the outlook is negative.


DENNIS RUABON: Ruaban Sales Ltd. Acquires the Assets
----------------------------------------------------
The assets of Dennis Ruabon Tiles has been bought by Ruaban
Sales Ltd., the Evening Leader reports.  According to the
report, the sale was completed on Feb. 1, 2008.

As previously reported in the TCR-EUR, the company shut its
operations and underwent receivership due to slump in sales.
Anne Clare O’Keefe and Simon Wilson of Kroll Ltd., were
appointed by The Bank of Scotland as joint administrative
receivers of the company on Jan. 28, 2008, to sell the company
as a going concern.

                  About Dennis Ruabon Tiles

Dennis Ruabon Tiles -- http://www.dennisruabon.co.uk/index.htm
--  is the only remaining quarry tile manufacturer in the UK.


DURA AUTOMOTIVE: To Bypass Top Executives from 2008 Bonuses
-----------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates have
amended their 2008 Key Management Incentive Plan to better focus
on the non-senior management KMIP participants with respect to
two aspects:

   (1) The Debtors are not going forward with the proposed 2008
       KMIP payments to their chief executive officer, chief
       financial officer, chief operating officer, and vice
       president of human resources; and

   (2) The Debtors intend to make all payments to approximately
       104 non-Debtor employee participants in the 2008 KMIP
       from the Debtors' European non-debtor affiliates.

The Amended 2008 KMIP maintains a two three-month performance
measurement and pay-out periods, ending on March 31 and June 30,
2008:

   * Threshold pay-out:  If the Debtors achieve 90% of adjusted
     EBITDA goals, participants will receive 50% of their
     individual target bonus opportunities;

   * Target opportunity pay-out: If the Debtors achieve 100% of
     adjusted EBITDA goals, participants will receive 100% of
     their individual target bonus opportunities.

   * Maximum pay-out: If the Debtors achieve 120% of adjusted
     EBITDA goals, participants will receive 150% of their
     individual target bonus opportunities.

Participant's individual target bonus opportunities range from
5% to 45% of each participant's base salary at the Target
Opportunity Payout.  The Debtors have previously proposed a
target bonus opportunities range range of 5% to 80%.
Distribution of participant to target opportunity percentages:

       Target Opportunity              Number of 2008 KMIP
       (% of base salary)                  Participants
       ------------------              -------------------
              45%                                7
              30%                               16
              25%                               20
              20%                               26
              15%                                1
              12%                               40

The Debtors estimate to pay approximately US$2,500,000 at the
Target Opportunity Payout, compared to their previous estimate
of US$6,000,000.

Accordingly, the Debtors ask the Court to approve the 2008 KMIP,
as amended.  The Debtors reserve their right to seek approval of
an incentive plan for their senior managers.

Marc Kieselstein, P.C., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, relates the Official Committee of Unsecured
Creditors and the Debtors are in discussions regarding the
merits of the 2008 KMIP.  As of February 4, 2008, Mr. Kieseltein
says there has been no appreciable progress in resolving the
differences between the Debtors and the Creditors Committee.

                    About DURA Automotive

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

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

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

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.

As of July 2, 2006, the Debtor had US$1,993,178,000 in total
assets and US$1,730,758,000 in total liabilities.  The Debtors
have asked the Court to extend their plan filing period to
April 30, 2008.


DURA AUTO: Reaches Settlement Pact w/ Nyloncraft for US$2 Mln
-------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Courts for the District of Delaware to approve a
US$2 million settlement agreement they entered into with
Nyloncraft, Inc.

In January 2002, the Debtors sold their plastics products
business to Nyloncraft, Inc., for US$41,000,000.  Of the
proceeds, US$6,000,000 was in the form of a subordinated note
executed by Nyloncraft, which provides that Nyloncraft will pay
interest to the Debtors quarterly, and will repay US$4,000,000
of principal on Feb. 28, 2007, with the remainder due on
Feb. 28, 2008.

Shortly after the bankruptcy filing, the Debtors were informed
that Nyloncraft was in financial covenant default with its
senior secured lenders, as well as under the Nyloncraft Note.
Nyloncraft would not be able to make further interest payments
to the Debtors under the Nyloncraft Note.  Accordingly, during
the pendency of their Chapter 11 cases, the Debtors have not
received interest payments on the Nyloncraft Note, which
interest payments have accrued to approximately US$647,500
through Feb. 15, 2008.  Nyloncraft was also unable to make the
principal payment required
by the note on Feb. 28, 2007.

The Debtors and Nyloncraft conducted discussions over a
compromise of the Nyloncraft Note amount payable to the Debtors.

As a result of good-faith negotiations, the parties agree that
Nyloncraft will pay US$1,997,500 to the Debtors in exchange for
a release from obligations under the Nyloncraft Note.

Daniel DeFranceschi, Esq., at Richards, Layton & Finger, P.A.,
in Wilmington, Delaware, relates that the Debtors have
considered accepting part of the settlement amount in equity but
have determined that an all-cash settlement is in the best
interests of their estates.

By settling the debt, Dura avoided becoming an unsecured
creditor if the former subsidiary itself were to file in Chapter
11, William Rochelle at Bloomberg News says.

                    About DURA Automotive

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

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

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

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.

As of July 2, 2006, the Debtor had US$1,993,178,000 in total
assets and US$1,730,758,000 in total liabilities.  The Debtors
have asked the Court to extend their plan filing period to
April 30, 2008.


ENVIRONMENT CONCERN: Appoints Begbies Traynor as Administrators
---------------------------------------------------------------
Peter Sargent and Michael E.G. Saville of Begbies Traynor were
appointed joint administrators of Environment Concern for Batley
Ltd. (Company Number 03226620) on Jan. 25, 2008.

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

The company can be reached at:

          Environment Concern for Batley Ltd.
          Cemetery Road
          Batley
          West Yorkshire
          WF17 8PG
          England
          Tel: 01924 476 585


FEATURECREEP LTD: Taps Liquidators from BDO Stoy Hayward
--------------------------------------------------------
Mark Peter George Roach and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint liquidators of Featurecreep
Ltd. on Jan. 28 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Fourth Floor
         1 Victoria Street
         Bristol
         BS1 6AA
         England


MMP GROUP: Brings In Liquidators from KPMG
------------------------------------------
Mark Granville Firmin and Richard Dixon Fleming of KPMG LLP were
appointed joint liquidators of MMP Group Ltd. (formerly MM
Plasline Ltd.) on Jan. 11 for the creditors' voluntary winding-
up procedure.

The joint liquidators can be reached at:

         KPMG LLP
         Quayside House
         110 Quayside
         Newcastle upon Tyne
         NE1 3DX
         England


MOBILITY CUBE: Appoints Duncan R. Beat as Liquidator
----------------------------------------------------
Duncan R. Beat of Tenon Recovery was appointed liquidator of
Mobility Cube Ltd. on Jan. 29 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England


MONITOR OIL: Committee Taps Thompson & Knight as Counsel
--------------------------------------------------------
The Official Committee of Unsecured Creditors of Monitor Oil PLC
and its debtor-affiliates asks the United States Bankruptcy
Court for the Southern District of New York for permission to
retain Thompson & Knight LLP as its counsel, nunc pro tunc
Jan. 15, 2008.

As the Committee's counsel, Thompson & Knight will:

   a) assist, advise and represent the Committee with respect
      to the administration of the cases and the exercise of
      oversight of the Debtors' affairs while they are being
      reorganized;

   b) provide all necessary legal advice relating to the
      Committee's powers and duties;

   c) review motions filed by the Debtors and by others,
      including any motions to appoint a trustee, motions to
      retain professionals, motions for debtor-in-possession
      financing, motions to extend time in which to file a plan
      or plan of reorganization, and motions for the sale of
      assets, whether in or outside the normal course of
      business;

   d) investigate and review the prepetition date financial
      affairs of the Debtors, including insider transactions and
      avoidance actions;

   e) represent the Committee in litigation with the Debtors and
      with other interested parties, should that be necessary in
      connection with the Chapter 11 cases;

   f) assist the Committee in maximizing the value of the
      Debtors' assets for the benefit of all unsecured
      creditors;

   g) negotiate the terms of funding for the Debtors including
      the use of cash collateral and debtor-in-possession
      financing;

   h) provide legal advice and to take any necessary action to
      negotiate a plan or plans of reorganization with the
      Debtors and other parties-in-interest, and where
      appropriate, pursue confirmation of a plan or plans of
      reorganization and approval of one or more disclosure
      statement;

   i) prepare all necessary motions, answers, orders, reports
      and other legal papers; and

   j) provide all other legal services that may be requested by
      the Committee in connection with the fulfilling of its
      duties, or as may become necessary.

The firm professionals and their compensation rates are:

      Professional            Designation       Hourly Rate
      ------------            -----------       -----------
      Ira L. Herman, Esq.       Partner            US$695
      Rhett G. Campbell, Esq.   Partner            US$695
      David M. Bennett, Esq.    Partner            US$675
      Robert Saunders, Esq.     Partner            US$730
      Carrie Jones, Esq.       Associate           US$430
      Irene Dubowy, Esq.       Associate           US$385
      Allison D. Byman, Esq    Associate           US$385
      Elissa Schragger, Esq.   Associate           US$240

      Paralegals                                 US$170-US$250

Ira L. Herman, Esq., a senior partner of the firm, assures the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

Mr. Herman can be reached at:

   Ira L. Herman, Esq.
   Thompson & Knight LLP
   919 Third Avenue, 39th Floor
   New York, New York, 10022-3915
   Tel: (212) 751-3001
   http://www.tklaw.com/

Monitor Oil, P.L.C. -- htpp://www.monitoroil.com/ -- an oil
and gas service company that provides oil and gas production
solutions, offshore services and engineering services.  The
company and two of its affiliates,  Monitor Single Lift 1, Ltd.,
and Monitor US FinCo, Inc., filed for Chapter 11 Protection on
Nov. 21, 2007 (Bankr. S.D.N.Y. Case No. 07-13709).  Eric Lopez
Schnabel, Esq., at Dorsey & Whitney, L.L.P., represents the
Debtor.  The U.S. Trustee for Region 2 appointed five creditors
to serve on an Official Committee of Unsecured Creditors in the
Debtors' cases.  Ira L. Herman, Esq., at Thompson & Knight, LLP,
represents the Committee.  As of Dec. 31, 2007, the company
disclosed total assets of US$98,340,000 and total debts of
US$56,125,000.


MONITOR OIL: Judge Glenn Denys Ad Hoc Committee's Dismiss Plea
--------------------------------------------------------------
The Honorable Martin Glenn of the U.S. Bankruptcy Court for
the Southern District of New York denied a request filed by the
Ad Hoc Committee of Bondholders to dismiss Monitor Oil PLC and
its debtor-affiliates' Chapter 11 cases.

Judge Glenn said the Ad Hoc Committee failed to present before
the Court a basis for granting extraordinary relief, pursuant to
Section 305(a)(1) of the Bankruptcy Code.

The Ad Hoc Committee argued that the Debtors have limited
connections to the United States in general and New York,
specifically.

The Debtors, Ad Hoc Committee pointed out, have no operations in
the United States and most of their oil-drilling operations are
done in the North Sea.  Moreover, Power Buoy, one of the
Debtors' key assets, also filed for bankruptcy protection in
Scotland.

Judge Glenn, however, said the Scottish proceedings does not
directly affect the Debtors' estate before the U.S. Court.

In addition, Judge Glenn said the Debtors have offered sound
arguments as to why their Chapter 11 cases better protects the
Debtors' contractual rights, and therefore the rights of the
Debtors' creditors as a whole.

"This will allow us to preserve Monitor's contracts rather than
having the contracts be deemed terminated upon the company's
insolvency," Bloomberg News quotes Michael Foreman, Esq., a
lawyer for Monitor Oil, as saying.

                        About Monitor Oil

Monitor Oil, P.L.C. -- htpp://www.monitoroil.com/ -- an oil
and gas service company that provides oil and gas production
solutions, offshore services and engineering services.  The
company and two of its affiliates,  Monitor Single Lift 1, Ltd.,
and Monitor US FinCo, Inc., filed for Chapter 11 Protection on
Nov. 21, 2007 (Bankr. S.D.N.Y. Case No. 07-13709).  Eric Lopez
Schnabel, Esq., at Dorsey & Whitney, L.L.P., represents the
Debtor.  The U.S. Trustee for Region 2 appointed five creditors
to serve on an Official Committee of Unsecured Creditors in the
Debtors' cases.  Ira L. Herman, Esq., at Thompson & Knight, LLP,
represents the Committee.  As of Dec. 31, 2007, the company
disclosed total assets of US$98,340,000 and total debts of
US$56,125,000.


NORTHERN ROCK: Gets Public Sector Classification from ONS
---------------------------------------------------------
Northern Rock plc will be classified to the public sector for
statistical purposes, according to the Office for National
Statistics.

Northern Rock will be classified as a public financial
corporation from October 9, 2007, when the support arrangements
provided by the Bank of England were amended.  Prior to this
date it was classified to the private sector.

The decision is in line with international statistical guidance.
It should not be confused with "nationalization," which is a
term commonly used to refer to public ownership.  National
Accounts classification is determined by control of "general
corporate policy," which does not always coincide with
ownership.

The decision is based on a judgment that the public sector has
the power to control Northern Rock's general corporate policy.
This is largely due to powers that the Bank of England has taken
as part of its secured lending facility arrangements through
covenants in the loan agreements.  While amounts are outstanding
under this loan, Northern Rock requires permission from the Bank
of England before undertaking certain activities –- for example,

   -- entering into any corporate restructuring;

   -- making substantial changes to the general nature of the
      business;

   -- making dividend payments; and

   -- acquiring or disposing of certain types of assets.

The decision also required ONS to examine the structures and
arrangements used in Northern Rock's borrowing program,
which involves securitization of mortgage assets.  The ONS
judgment here is to also classify to the public sector the UK-
resident special purpose vehicles used in the securitization
program.

The exact impact of Northern Rock's inclusion in public sector
net debt cannot be stated at this time because it was not
possible to collect the relevant data from Northern Rock plc in
advance of this announcement and it would have involved
disclosing commercially sensitive information.  However, the
reclassification will be reflected in the Public Sector Finances
dataset as soon as possible.

To allow for a consistent and meaningful presentation of the
dataset the Bank of England, which is also a public financial
corporation, will also be fully included within the Public
Sector Finances at the same time.  Transactions and positions
between Northern Rock and the Bank of England will be netted out
as they are taking place between one part of the public sector
and another.

Government guarantees in relation to Northern Rock's borrowings
and depositors are classified as contingent liabilities for the
purposes of National Accounts and Public Sector Finances
statistics.  International standards define that contingent
liabilities are excluded -– they would only impact if they were
called.

                    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.


NORTHERN ROCK: Small Investors Likely to Support In-House Offer
---------------------------------------------------------------
Virgin Money's recent decision to abandon its promise not to cut
jobs at Northern Rock plc if its rescue plan wins approval will
move in favor of the rival in-house takeover proposal, the
Scotsman reports, citing the Northern Rock Shareholders'
Association.

Robin Ashby, a spokesman for the Northern Rock Shareholders'
Association, which described Virgin's action as "entirely
predictable" told the Scotsman "the previous claim of no job
losses had never been credible," adding "it was just one of the
reasons so few small shareholders favor the Virgin bid."

According to Mr. Ashby, the in-house offer is likely to gather
more support from the company's small investors, as they expect
the management's rescue bid "to try harder to protect the
resource base, including staff," the Scotsman relates.

A TCR-Europe report on February 8, 2008,  Virgin Group disclosed
that Northern Rock may lose as many as 1,000 of its 6,000
workers, although the figures are yet to be confirmed.  Virgin
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 proposed
chief executive for Northern Rock, however, indicated any
workforce reductions will be minimized.

              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.

        Northern Rock Management's Restructuring Proposal

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

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

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

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

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

                     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.


NOVIKOVA LTD: Taps Peter Hollis to Liquidate Assets
---------------------------------------------------
Peter Hollis of Vantis was appointed liquidator of Novikova Ltd.
on Feb. 1 for the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Herts
         AL1 1HD
         England


NSE LTD: Names Joint Administrators from PwC
--------------------------------------------
David Thornhill and Ian David Green of PricewaterhouseCoopers
LLP were appointed joint administrators of NSE Ltd. (Company
Number 02697922) on Jan. 29, 2008.

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 Colne, England, NSE Ltd. is engaged in metal
fabrication.


QUEBECOR WORLD: ISDA Launches Protocol to Settle Derivate Trades
----------------------------------------------------------------
The International Swaps and Derivatives Association has
announced the launch of a protocol created to facilitate
settlement of credit derivative trades involving Quebecor World
Inc., a Canadian printing company that filed for creditor
protection under the Canadian Companies' Creditors Arrangement
Act on Jan. 21, 2008.

The 2008 Quebecor CDS Protocol permits cash settlement of
single-name, index, tranche and other credit derivative
transactions.  The Protocol offers market participants an
efficient way to settle credit derivative trades referencing
Quebecor.  It enables parties to agree to settle their trades on
a multilateral basis based on a final price established at
auction.  This approach to settlement brings considerable
operational efficiencies, while also preserving a participant's
right to receive or deliver obligations if desired.  Markit and
Creditex will administer the auction, scheduled for Feb. 19,
2008, which will determine the final price for Quebecor bonds.

"At a time when credit concerns are permeating the global
financial markets, the ISDA mechanism reassures derivatives
industry participants of a smooth and reliable settlement
process," said Robert Pickel, ISDA's Chief Executive Officer and
Executive Director.  "ISDA is committed to supporting the
integrity of credit risk management practices and operational
efficiency across privately negotiated derivatives."

While earlier ad hoc protocols enabled cash settlement only of
index trades, this is the second time this settlement
methodology has been applied to a broad range of credit
derivative transactions.  The mechanism was successfully
implemented in the 2006 Dura CDS Protocol.

The Protocol is open to ISDA members and non-members alike.  The
adherence period for the Protocol runs until Feb. 8, 2008.

Details on the auction are included in the Protocol.

                          About ISDA

The International Swaps and Derivatives Association, ISDA, --
http://www.isda.org/-- which represents participants in the
privately negotiated derivatives industry, is among the world's
largest global financial trade associations as measured by
number of member firms.  ISDA was chartered in 1985, and today
has approximately 805 member institutions from 55 countries on
six continents.  These members include most of the world's major
institutions that deal in privately negotiated derivatives, as
well as many of the businesses, governmental entities and other
end users that rely on over-the-counter derivatives to manage
efficiently the financial market risks inherent in their core
economic activities.

                      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)


SEA CONTAINERS: Court Approves SC Iberia and YMCL Guarantees
------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware authorized Sea Containers Ltd. and its
debtor-affiliates to enter into two Deeds of Guarantee in favor
its two wholly owned non-debtor subsidiaries, Sea Containers
Iberia SA and Yorkshire Marine Containers Ltd.

As reported in the Troubled Company Reporter on Jan. 22, 2008,
the Debtors sought permission from the Court to enter into the
SC Iberia and YMCL Guarantees, in connection with a potential
settlement by SCL and certain of its subsidiaries, of
intercompany claims asserted by GE SeaCo SRL and its
subsidiaries.

Sanjay Bhatnagar, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, related that many of the GE SeaCo
Entities' claims against the Debtors are currently under a
pending arbitration proceeding.  However, the Parties excluded
certain claims from arbitration in an attempt to consensually
resolve those claims.  The excluded claims consist of more than
US$90,000,000 in intercompany claims asserted by GE SeaCo out of
ordinary course business transactions between the Parties.

After extensive negotiations among the Parties, the Official
Committee of Unsecured Creditors of Sea Containers Ltd. and the
Official Committee of Unsecured Creditors of Sea Containers
Services Ltd., reached a stipulation for the resolution of the
Intercompany Claims, the terms of which are yet to be finalized.

As a condition to their entry into the Stipulation, the
directors of SC Iberia and YMCL have required that SCL provide
certain guarantees in exchange for releasing their receivable
balances against the GE SeaCo Entities, Mr. Bhatnagar disclosed.
Accordingly, SCL made arrangements to provide postpetition
guarantees to SC Iberia and YMCL for the value of their
receivables due from the GE SeaCo Entities, amounting to
US$585,861 for YMCL and US$189,858 for SC Iberia.

Each Guarantee is payable solely to the extent necessary to fund
recoveries of sums owed to creditors of SC Iberia and YMCL,
other than the SCL Entities, and only upon the occurrence of the
earlier of:

   -- certain insolvency events with respect to SC Iberia and
      YMCL; or

   -- the Debtors' confirmation of a plan of reorganization that
      includes a final settlement of any of the Intercompany
      Claims.

The Stipulation provides that as of June 30, 2007, the GE SeaCo
Entities owe approximately US$4,300,000 to SCL and its
subsidiaries on account of all Intercompany Claims.  The amount
would be adjusted based on certain payments made by and between
the GE SeaCo Entities and the SCL Parties subsequent to June 30.

Pursuant to the Stipulation, after accounting for the post-June
30 payments, the GE SeaCo Entities agree to set aside at least
US$600,000 in a segregated account as the net balance owing to
the SCL Parties.  The funds would remain in the segregated
account for SCL's benefit, pending resolution of all the GE
SeaCo Entities' claims, including those subject to arbitration.

Mr. Bhatnagar contended that the Stipulation, if finalized,
would maximize value for the bankruptcy estates, and that SCL's
grant of the Guarantees is necessary to induce SC Iberia and
YMCL to enter into the Stipulation.

The Guarantees serve the Debtors' interests in helping to ensure
that third-party claims against SC Iberia and YMCL are funded,
thus, avoiding the need for the third-party claimants to resort
to collection efforts, which may reach back to the bankruptcy
estates, Mr. Bhatnagar explained.

Judge Carey said that the Guarantees and the authorization are
only effective upon execution and approval of the stipulation.
He noted that the maximum guaranteed amount will be reduced by
the amount of any offset by GE SeaCo on accounts owed by SC
Iberia or YMCL.

Judge Carey also ruled that the Debtors' and the Committees'
rights and defenses are reserved with respect to:

   -- the services agreement between SCL and SCSL;

   -- the final determination of the existence, amount and
      treatment of any related or underlying Intercompany
      Claims; and

   -- the appropriate allocation of any costs or obligations.

Judge Carey further noted that the order is without prejudice to
the rights of the Committees to oppose the approval of any
ultimate resolution of the intercompany claims.  He said that
the Committees may seek reconsideration of the Order on any
grounds, and at any time prior to the approval of the
stipulation resolving the Intercompany Claims.

                       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.  (Sea Containers Bankruptcy News, Issue No. 35;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SHEPLEY WINDOW: Brings In Joint Administrators from Deloitte
------------------------------------------------------------
William Kenneth Dawson and Ian Brown of Deloitte & Touche LLP
were appointed joint administrators of Shepley Window Systems
Co. Ltd. (Company Number 01840597) 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 Co. Ltd.
          Outram Road
          Dukinfield
          Cheshire
          SK16 4XE
          England
          Tel: 0161 339 2433
          Fax: 0161 343 3684
          Web site: http://www.shepleywindowsystems.co.uk/


SIRVA INC Commences Prepackaged Chapter 11 Case to Pare Debt
--------------------------------------------------------------
SIRVA Inc. has reached an agreement with its lenders to
restructure its senior secured debt through a voluntary,
pre-packaged Chapter 11 reorganization, which will allow it to
finalize the restructuring of its debt while continuing to
operate its business and serve its customers.  SIRVA's
operations outside of the U.S. are not part of the Chapter 11
filing.

SIRVA said it is taking this action to free up its operations
from a heavy debt service burden and to strengthen its balance
sheet so that it is better positioned to weather the continuing
weak U.S. housing market.  The restructuring is embodied in a
plan of reorganization which received overwhelming support from
the company's lenders.

The plan will reduce SIRVA's outstanding bank debt by
approximately US$200 million and annual cash interest expense by
approximately US$54 million.  As a result of the plan, the
outstanding capital stock of the company will be canceled upon
consummation of the restructuring.

"SIRVA undertook a comprehensive strategic review to evaluate
all the options for restructuring our balance sheet and, after
careful consideration, determined that a pre-packaged Chapter 11
filing provided the most efficient way forward for the company,"
said Robert W. Tieken, chief executive officer.  "We believe
this approach is in the best interest of our employees,
customers, agents and suppliers because it reduces the excessive
amount of interest expense we had to pay, allowing us to
dedicate more of our capital to our business operations."

The company emphasized the Chapter 11 filing will not impact
day-to-day operations for employees, customers, agents,
suppliers and general business operations in the U.S. SIRVA has
sought, and expects to receive, authority to continue to operate
on a normal basis during the in-court restructuring, which it
expects to complete in 60 to 90 days.

These "first-day motions" would ensure that employee pay and
benefits are fully protected, all current and future obligations
to its customers and agents are fulfilled, and suppliers will be
paid in full.  Furthermore, as part of its agreement with its
lenders, SIRVA will provide a full recovery to the vast majority
of its general unsecured creditors.

              SIRVA Arranges $150-Mil. DIP Financing

To supplement its liquidity position, the company has arranged
for debtor-in-possession financing, with an initial commitment
of US$150 million, from members of its current lender group.
The DIP financing will convert into a US$215 million senior
secured credit facility upon emergence, US$130 million of which
will be available for revolver borrowings and letters of credit.

"Our financing commitment provides additional reassurance to
employees, customers, agents and suppliers that we can meet all
of our ongoing commitments," Mr. Tieken said.

"The ability to come to a consensual debt-for-equity agreement
with our lenders demonstrates our lenders' belief in SIRVA's
business model and their long-term faith in the company,"
continued Mr. Tieken.  "When our financial restructuring efforts
are complete, we will be in a better position to serve our
customers and capitalize on new opportunities within the global
relocation landscape."

The company and its domestic subsidiaries filed their voluntary
Chapter 11 petitions in U.S. Bankruptcy Court for the Southern
District of New York.  The main case has been assigned case
number 08-10375.

                         About SIRVA Inc.

Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK)  -- http://www.sirva.com/-- is a provider of
relocation solutions to a well-established and diverse customer
base.  The company handles all aspects of relocation, including
home purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers.  SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement.  The company also has operations in Asia,
continental Europe, U.K., Australia and New Zealand.


SIRVA INC: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------
Lead Debtor: SIRVA, Inc.
             700 Oakmont Lane
             Westmont, IL 60559

Bankruptcy Case No.: 08-10433

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
        D.J.K. Residential, L.L.C.                 08-10375
        A Five Star Forwarding, Inc.               08-10376
        A Relocation Solutions Management Co.      08-10377
        A Three Rivers Forwarding, Inc.            08-10378
        Allied Freight Forwarding, Inc.            08-10379
        A.V.L. Transportation, Inc.                08-10380
        Alaska U.S.A. Van Lines, Inc.              08-10381
        Allied Alliance Forwarding, Inc.           08-10382
        Allied Continental Forwarding, Inc.        08-10383
        Allied Domestic Forwarding, Inc.           08-10384
        Allied Intermodal Forwarding, Inc.         08-10385
        Allied International N.A., Inc.            08-10386
        Allied Interstate Transportation, Inc.     08-10387
        Allied Transcontinental Forwarding, Inc.   08-10388
        Allied Transportation Forwarding, Inc.     08-10389
        Allied Van Lines Terminal Co.              08-10390
        Allied Van Lines, Inc.                     08-10391
        Allied Van Lines, Inc. of Indiana          08-10392
        Americas Quality Van Lines, Inc.           08-10393
        Anaheim Moving Systems, Inc.               08-10394
        Cartwright Moving & Storage Co., Inc.      08-10395
        Cartwright Van Lines, Inc.                 08-10396
        City Storage & Transfer, Inc.              08-10397
        C.M.S. Holding, L.L.C.                     08-10398
        Executive Relocation Corp.                 08-10399
        Federal Traffic Service, Inc.              08-10400
        Fleet Insurance Management, Inc.           08-10401
        FrontRunner Worldwide, Inc.                08-10402
        Global Van Lines, Inc.                     08-10403
        Global Worldwide, Inc.                     08-10404
        Great Falls North American, Inc.           08-10405
        Lyon Van Lines, Inc.                       08-10406
        Lyon Worldwide Shipping, Inc.              08-10407
        Manufacturing Support Services, L.L.C.     08-10408
        Meridian Mobility Resources, Inc.          08-10409
        Move Management Services, Inc.             08-10410
        N.A. (U.K.) G.P. Corp.                     08-10411
        N.A.C.A.L., Inc.                           08-10412
        N.A.V.L., L.L.C.                           08-10413
        NorAm Forwarding, Inc.                     08-10414
        North American Forwarding, Inc.            08-10415
        North American International Holding Corp. 08-10416
        North American International N.A., Inc.    08-10417
        North American Logistics, Ltd.             08-10418
        North American Van Lines of Texas, Inc.    08-10419
        North American Van Lines, Inc.             08-10420
        Relocation Risk Solutions, L.L.C.          08-10421
        R.S. Acquisition Holding, L.L.C.           08-10422
        R.S. Acquisition, L.L.C.                   08-10423
        SIRVA Container Lines, Inc.                08-10424
        SIRVA Freight Forwarding, Inc.             08-10425
        SIRVA Global Relocation, Inc.              08-10426
        SIRVA Imaging Solutions, Inc.              08-10427
        SIRVA M.L.S., Inc.                         08-10428
        SIRVA Relocation, L.L.C.                   08-10429
        SIRVA Settlement of Alabama, L.L.C.        08-10430
        SIRVA Settlement, Inc.                     08-10431
        SIRVA Worldwide, Inc.                      08-10432
        Trident Transport International, Inc.      08-10434

Type of Business: The Debtors provide relocation solutions
                  (relocation services and moving services) to
                  more than 12,000 corporate clients and
                  governmental agencies, as well as a number of
                  individual consumers around the world.  Their
                  services include transferee counseling, home
                  purchase programs, real estate broker and
                  agent referrals to assist transferees with
                  home sales and purchases, mortgage
                  originations, expense management, movement of
                  household goods, global program management,
                  and the provision of destination settling in
                  services.  They globally market and deliver
                  these services under the SIRVA Relocation
                  brand, as well as a variety of household
                  goods.  They provide relocation services
                  through its operating centers located in the
                  U.S., Asia, continental Europe, U.K.,
                  Australia and New Zealand.  They operate in
                  three segments: Global Relocation Services,
                  Moving Services North America and Moving
                  Services Europe and Asia Pacific.  See
                  http://www.sirva.com/

Chapter 11 Petition Date: February 5, 2008

Court: Southern District of New York (Manhattan)

Judge: James M. Peck

Debtors' Counsel: Marc Kieselstein, Esq.
                  Kirkland & Ellis, L.L.P.
                  200 East Randolph Drive
                  Chicago, IL 60601
                  Tel: (312) 861-2000
                  Fax: (312) 861-2200

Consolidated Quarterly Financial Condition as of Sept. 30, 2007:

Total Assets: US$924,457,299

Total Debts:  US$1,232,566,813

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                      Nature of Claim     Claim Amount
   ------                      ---------------     ------------
SIRVA U.K. Pension Scheme      U.K. Pension        US$31,808,000
SIRVA Trustees, Ltd.           Guarantee
Attention: Stephen Holland
Heritage House,
345 Southbury Road
Enfield, Middlesex,
EN1 1UP, U.K.
Tel: 44-2082198200
Fax: 44-2082198041

Owner Operators Independent    Litigation          US$5,000,000
Drivers Association            Settlement
Attention: Daniel E. Cohen
The Cullen Law Firm, P.L.L.C.
1101 30th Street Northwest,
Suite 300
Washington, D.C. 20007
Tel: (202) 944-8600
Fax: (202) 944-8611

TEAM Relocations               Vendor              US$3,805,945
Attention: Tim Roemer
Drury Way
London, U.K. NW10 0NJ
Tel: 44-2089551333
Fax: 44-2089551336

Johnson & Johnson              Client              US$3,401,878
Attention: Ruth Davis
U.S. Route 1 & Aaron Road
New Brunswick, NJ 08902
Tel: (732) 524-4000
Fax: (732) 524-5031

Abbot Laboratories             Client              US$2,790,563
Attention: Tillie Scanian
1401 North Sheridan Road,
D-311-A3A-3
North Chicago, IL 60064
Tel: (847) 937-8655
Fax: (847) 937-4766

UnitedHealth Group             Client              US$2,526,369
Attention: Thomas Valerius
9900 Bren Road
East Mail Route, MN008-B217
Minnetonka, MN 55343
Tel: (952) 936-7329
Fax: (952) 936-3052

U.S. Department of Treasury    Client              US$1,190,166
Attention: Office of the
Treasurer
1500 Pensnsylvania Avenue
Northwest, Room 2134
Washington, D.C. 20220
Tel: (202) 622-2000
Fax: (202) 622-6464

Beltmann Group, Inc.           Agent               US$1,186,570
Attention: Dann W. Battina
2480 Long Lake Road
Roseville, MN 55113
Tel: (651) 639-2800
Fax: (651) 639-2933

3M Co.                         Client              US$1,068,416
Attention: Judy Knepp
3M Center Building 224-02-W-15
St. Paul, MN 55144
Tel: (651) 733-1110
Fax: (651) 736-2133

Cargill, Inc.                  Client              US$1,018,896
Attention: Sandy Palmer
P.O. Box 9300, MS 83
Minneapolis, MN 55440
Tel: (952) 742-6125
Fax: (952) 742-6502

MacDermid, Inc.                Client              US$775,479
Attention: Deb Christensen
245 Freight Street
Waterbury, CT 06702
Tel: (203) 575-5700
Fax: (203) 575-5630

Mills Van Lines, Inc.          Agent               US$723,842
Attention: Robert K. Mills
14675 Foltz Industrial Parkway
Strongsville, OH 44136
Tel: (440) 846-0200
Fax: (440) 846-0606

Ward North American            Agent               US$704,341
Attention: Kevin Ankenbauer
17275 Green Mountain Road,
Suite 100
San Antonio, TX 78247
Tel: (210) 655-8623
Fax: (210) 967-5420

PetSmart, Inc.                 Client              US$569,782
Attention: Marci Renfro
19601 North 27th Avenue
Phoenix, AZ 85027
Tel: (623) 395-6100
Fax: (623) 395-6517

The North American Coal Corp.  Client              US$560,270
Attention: Patty Kropp
Signature Place II
14785 Preston Road,
Suite 1100
Dallas, TX 75254
Tel: (972) 239-2625
Fax: (972) 387-1328

Comcast Communications, Inc.   Client              US$553,548
Attention: Mary Pennington
1500 Market Street,
8 Floor East Tower
Philadelphia, PA 19102
Tel: (215) 665-1700
Fax: (215) 981-7790

Bayshore Transportation        Agent               US$519,948
Systems, Inc.
Attention: Linda L. Piazza
901 Dawson Drive
New Castle, DE 19713
Tel: (302) 366-0220
Fax: (302) 366-8085

K.P.M.G., L.L.P.               Client              US$500,000
Attention: Cathy A. Schultz
Three Chestnut Road
Montvale, NJ 07645
Tel: (201) 307-7306
Fax: (201) 505-6305

Accretive Solutions Houston,   Vendor              US$497,687
L.L.P.
Attention: Gary Horn
10375 Richmond Avenue
Houston, TX 77042
Tel: (713) 266-8288
Fax: (713) 266-8299

United Launch Alliance, L.L.C. Client              US$485,517
Attention: Susan Moore
9100 East Mineral Circle,
MS-U6001
Centennial, CO 80112
Tel: (720) 922-7100

Wells Fargo Home Mortgage      Client              US$461,636
Attention: Amy Simpson
Client Accounting
P.O. Box 340
Frederick, MO 21705
Tel: (301) 662-5413
Fax: (301) 662-7020

John Deere                     Client              US$413,338
Attention: Chelsey Allaman
H.R. Shared Services Center
3800 Avenue of the Cities,
Suite 108
Moline, IL 61265
Tel: (309) 748-0587
Fax: (309) 749-2345

Exxon Mobile                   Customer Accounts   US$406,000
Attention: Reanna Hamel        Receivables Credits
4500 Dacoma Street
corner BH3546
Houston, TX 77092
Tel: (713) 680-5148
Fax: (262) 313-4153

Winn-Dixie Stores, Inc.        Client              US$401,648
Attention: Kara Church
5050 Edgewood Court
Jacksonville, FL 32254
Tel: (904) 783-5828
Fax: (904) 370-7224

Coleman American Moving        Agent               US$382,536
Services, Inc.
Attention:
William J. Brakefield
#1 Covan Drive
Midland City, AL 36350
Tel: (334) 983-6500
Fax: (334) 983-6716

Palmer Moving & Storage Co.    Agent               US$378,627
Attention: Jeffrey W. Palmer
24660 Dequindre
Warren, MI 48091
Tel: (586) 834-3400
Fax: (586) 834-3414

Ketchum Directory Advertising  Vendor              US$354,032
Attention: Liz Okesson
225 North Michigan Avenue,
12th Floor
Chicago, IL 60611
Tel: (312) 946-8091
Fax: (312) 946-8297

Edward Jones                   Client              US$340,406
Attention: Ginger Noblitt
1245 J.J. Kelley Memorial
Drive
St. Louis, MO 63131
Tel: (314) 515-2000
Fax: (314) 515-3269

Cytec Industries, Inc.         Client              US$337,206
Attention: Steve Nackerson
5 Garrett Mountain Plaza
West Paterson, NJ 07424
Tel: (973) 357-3100
Fax: (973) 357-3065

Safeway Inc.                   Client              US$334,711
Attention: Arlene McCort
5918 Stoneridge Mall Road
Pleasanton, CA 94588
Tel: (925) 467-3508
Fax: (925) 937-7809

Land O'Lakes                   Client              US$331,602
Attention: Naomi Roodell
P.O. Box 64101
St. Paul, MN 55164
Tel: (651) 481-2865
Fax: (651) 234-0800


SUPERIOR REAL: Appoints PwC to Administer Assets
------------------------------------------------
Paul William Harding and Derek Anthony Howell of
PricewaterhouseCoopers LLP were appointed joint administrators
of The Superior Real Estate Group Ltd. (Company Number 03316738)
on Jan. 24, 2008.

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 company can be reached at:

          The Superior Real Estate Group Ltd.
          Brook Office Park
          Emerson Green
          Bristol
          Avon
          BS16 7FL
          England
          Tel: 0117 957 0279
          Fax: 0870 750 6380
          Web site: http://www.oasismorocco.com/


TRITON GALLERIES: Calls In Liquidators from BDO Stoy Hayward
------------------------------------------------------------
Mark Peter George Roach and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint liquidators of Triton Galleries
Exeter Ltd. on Jan. 24 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         One Victoria Street
         Bristol
         BS1 6AA
         England


W.R GRACE: Reports Fourth Quarter 2007 Financial Results
--------------------------------------------------------
W. R. Grace & Co. reported its financial results for the fourth
quarter and full year ended December 31, 2007.  Beginning with
this financial announcement, Grace's reportable operating
segments reflect the transfer of the Darex Packaging
Technologies product group to the Grace Davison operating
segment.  The previous Grace Performance Chemicals operating
segment has been renamed "Grace Construction Products" as a
result of the transfer.  All segment information contained
herein has been retrospectively restated to reflect this
realignment.  Highlights are:

   -- Sales for the fourth quarter were US$803.7 million
      compared with US$697.4 million in the prior year quarter,
      a 15.2% increase (9.9% before the effects of currency
      translation).  The increase was attributable primarily to
      higher selling prices in response to rising raw material
      costs and to higher volumes in most product groups,
      particularly outside the United States.  Sales increased
      19.7% for the Grace Davison operating segment and 7.7% for
      the Grace Construction Products operating segment.
      Geographically, sales were up 3.5% in North America, 25.0%
      in Europe Africa, 17.0% in Asia Pacific and 25.4% in Latin
      America.

   -- Net income for the fourth quarter was US$41.6 million, or
      US$0.58 per diluted share, compared with net income of
      US$5.0 million, or US$0.07 per diluted share, in the prior
      year quarter.  The 2007 and 2006 fourth quarters were
      negatively affected by Chapter 11 expenses, litigation and
      other matters not related to core operations.  Net income
      for the 2007 fourth quarter benefited from the favorable
      tax effects of Grace's global capital optimization plan
      approved by the Bankruptcy Court and executed in the
      quarter.  Excluding such costs and benefits, and after tax
      effects, net income would have been US$28.9 million for
      the fourth quarter of 2007 compared with US$22.4 million
      calculated on the same basis for the prior year quarter, a
      29.0% increase.

   -- Pre-tax income from core operations was US$56.9 million in
      the fourth quarter compared with US$50.6 million in the
      prior year quarter, a 12.5% increase. Pre-tax operating
      income of the Grace Davison operating segment was US$55.0
      million, up 4.4% compared with the prior year quarter,
      attributable principally to sales increases across all
      product groups and to productivity gains.  Pre-tax
      operating income of the Grace Construction Products
      operating segment was US$30.1 million, up 8.3% compared
      with the prior year quarter, attributable primarily to
      higher sales in regions other than North America.
      Corporate operating costs were US$1.7 million lower than
      the fourth quarter of 2006 due primarily to lower pension
      and insurance expenses.

   -- Sales for the year ended December 31, 2007 were US$3,115.2
      million compared with US$2,826.5 million for the prior
      year, a 10.2% increase (6.4% before the effects of
      currency translation).  Net income for the year ended
      Dec. 31, 2007 was US$83.6 million, or US$1.17 per diluted
      share, compared with net income in the prior year of
      US$18.3 million, or US$0.27 per diluted share.  Excluding
      noncore and Chapter 11-related costs and benefits (and
      after tax effects), net income would have been US$143.8
      million for the year ended Dec. 31, 2007 compared with
      US$113.7 million calculated on the same basis for the
      prior year, a 26.5% increase.  Pre-tax income from core
      operations was US$284.6 million for the year ended
      Dec. 31, 2007, an 18.5% increase over the prior year,
      primarily attributable to higher volumes in regions other
      than North America, higher selling prices to offset cost
      inflation, and from lower overall pension costs.

"We are pleased to finish 2007 with a strong quarter in a
changing global economy," said Grace's Chairman, President and
Chief Executive Officer Fred Festa.  "The full year 2007
results, with more than an 18% increase in core operating
income, reflects the strong market position of our businesses,
the diversification of our product portfolio, and the geographic
reach of our customer base.  The realignment of our reportable
segments is designed to capture operating synergies within Grace
Davison and to enhance our regional focus within Grace
Construction Products."

                         CORE OPERATIONS

                          Grace Davison

Fourth quarter sales for the Grace Davison operating segment,
which includes specialty catalysts and materials used in
a wide range of industrial applications, were US$525.9 million,
up 19.7% from the prior year quarter.  Beginning with this
report, sales of the Grace Davison operating segment are being
disclosed in the following product groups:

   -- Refining Technologies - catalysts and chemical additives
      used by petroleum refineries, where sales were US$266.1
      million in the fourth quarter of 2007, up 29.1% from the
      prior year quarter.

   -- Materials Technologies - engineered materials, coatings
      and sealants used in numerous industrial, consumer and
      packaging applications, where sales were US$183.2 million
      in the fourth quarter, up 14.6% from the prior year
      quarter.

   -- Specialty Technologies - highly specialized catalysts and
      materials used in unique or proprietary applications and
      markets, where sales were US$76.6 million in the fourth
      quarter, up 4.1% from the prior year quarter.

The primary factors contributing to the sales increase were:
(1) selling price increases across all product groups that
offset higher raw material costs; (2) higher volume of Refining
Technologies products in all geographic regions from continued
favorable demand for transportation fuels and from favorable
re-order patterns for certain hydroprocessing units; (3) higher
volumes of Materials Technologies products particularly in the
Europe and Latin America regions; and (4) favorable translation
effects from sales denominated in foreign currencies.

Pre-tax operating income of Grace Davison for the fourth
quarter was US$55.0 million compared with US$52.7 million in the
prior year quarter, a 4.4% increase.  Operating margin was
10.5%, compared with 12.0% in the prior year quarter.  The
decline in operating margin was principally attributable to
higher raw material costs and to an increase in sales of
hydroprocessing catalysts, the profits from which are shared
with our joint venture partner.

Sales of Grace Davison for the year ended December 31, 2007
were US$2,009.2 million, up 11.8% from the prior year, with
sales of Refining Technologies up 13.0%, Materials Technologies
up 11.0% and Specialty Technologies up 9.7%.  Full year pre-tax
operating income was US$240.4 million, a 15.0% increase over the
prior year, with operating margins at 12.0% compared with 11.6%
for the prior year.  Full year operating results reflect higher
sales to both refining and industrial end markets in all major
geographic regions and cost savings from productivity
initiatives, partially offset by higher raw material costs which
have increased approximately 11% year-over-year.

                   Grace Construction Products

Fourth quarter sales for the Grace Construction Products
operating segment, which includes specialty chemicals and
building materials used in commercial, infrastructure and
residential construction, were US$277.8 million compared with
US$257.9 million in the prior year quarter, a 7.7% increase.
Sales of this operating segment are grouped along geographic
regions as:

   -- Americas - products sold to customers in North, Central
      and South America, where sales were US$144.7 million, down
      1.1% from the prior year quarter.

   -- Europe - products sold to customers in Eastern and Western
      Europe, the Middle East, Africa and India, where sales
      were US$96.5 million, up 20.6% from the prior year
      quarter.

   -- Asia - products sold to customers in Asia (excluding
      India), Pacific Rim countries, Australia and New Zealand,
      where sales were US$36.6 million, up 15.8% from the prior
      year quarter.

The primary factors contributing to the sales increase were:

   (1) higher volume of products sold into commercial and
       infrastructure construction in Europe, the Middle East,
       Asia Pacific and Latin America, where economic activity
       was favorable;

   (2) higher selling prices in all major geographic regions
       and product groups; and

   (3) favorable translation effects from sales denominated in
       foreign currencies.

Sales of construction products in North America were lower in
the fourth quarter of 2007 compared with the prior year
primarily due to a nearly 24% decline in housing starts in the
United States.

Pre-tax operating income for Grace Construction Products was
US$30.1 million compared with US$27.8 million for the prior year
quarter, an 8.3% increase.  Operating margin of 10.8% was even
with the fourth quarter of 2006.  The increase in 2007 operating
income was primarily a result of sales volume growth in regions
other than North America, selling price increases that partially
offset raw material cost inflation, and productivity gains.

Sales of Grace Construction Products for the full year ended
December 31, 2007 were US$1,106.0 million, up 7.5% from 2006,
attributable to sales growth in Europe (up 22.7%) and Asia
(up 17.6%), offset by softness in the Americas (down 2.4%) from
a nearly 28% decline in housing starts in the United States.
Full year pre-tax operating income was US$146.8 million compared
with US$138.5 million for the prior year, a 6.0% increase,
reflecting higher sales volume globally, selling price
increases, and positive results from productivity and cost
containment initiatives, which more than offset an approximate
5% increase in raw material costs.  Operating margin of 13.3%
was about even with last year despite lower sales volumes in the
United States.

                    Corporate Operating Costs

Corporate costs related to core operations were US$28.2 million
in the fourth quarter of 2007 compared with US$29.9 million
in the prior year quarter, and US$102.6 million for the full
year compared with US$107.4 million in 2006.  The decrease in
full year corporate operating costs was primarily attributable
to lower pension costs from the effect of contributions made to
defined benefit pension plans in recent years.

          PRE-TAX INCOME (LOSS) FROM NONCORE ACTIVITIES

Noncore activities (as reflected in the attached Segment
Basis Analysis) comprise events and transactions not directly
related to the generation of operating revenue or the support of
core operations.  The pre-tax loss from noncore activities was
US$14.7 million in the fourth quarter of 2007 compared with
US$8.8 million in the prior year quarter, and US$54.3 million
for the full year 2007 compared with US$97.7 million in 2006.
The full year loss is principally due to: (1) a charge of
US$12.0 million in the second quarter to adjust Grace's estimate
of costs to resolve environmental remediation claims; and (2)
defense costs of US$19.0 million related to legal proceedings
arising from Grace's former vermiculite mining operations in
Montana.

                    INTEREST AND INCOME TAXES

Interest expense was US$15.0 million for the quarter ended
Dec. 31, 2007, compared with US$18.7 million for the prior year
quarter, and US$72.1 million for all of 2007 compared with
US$73.2 million in the prior year.  The change in interest
expense is attributable to movements in the prime rate and the
effects of compounding interest on certain liabilities subject
to compromise over the course of the Chapter 11 proceeding.  The
annualized weighted average interest rate on such pre-petition
obligations for the quarter was 5.1% and for the full year was
6.3%.

Income taxes are recorded at a global effective rate of
approximately 35% before considering the effects of certain
non-deductible Chapter 11 expenses, changes in uncertain tax
positions and other discrete adjustments.  Income taxes related
to foreign jurisdictions are generally paid in cash, while
income taxes in the United States are generally offset by
available net operating loss carryforwards and foreign tax
credits.  Discrete tax items reflected in the fourth quarter of
2007 include: 1) the reversal of US$44 million of previously
established tax reserves resulting from the implementation of
Grace's global capital optimization plan approved by the
Bankruptcy Court in the fourth quarter; 2) the recognition of
US$11 million in tax benefits related to a settlement with the
U.S. Internal Revenue Service over tax attributes of a
previously established liability management company; and 3) the
recording of US$20 million of deferred tax liability to reflect
Grace's current expectation that the cash value of corporate
owned life insurance will be accessed as part of reorganization
financing.

                     CHAPTER 11 PROCEEDINGS

On April 2, 2001, Grace and 61 of its United States subsidiaries
and affiliates, including its primary U.S. operating subsidiary
W. R. Grace & Co.-Conn., filed voluntary petitions for
reorganization under Chapter 11 of the United States Bankruptcy
Code in the United States Bankruptcy Court for the District of
Delaware in order to resolve Grace's asbestos-related
liabilities.  As part of determining the confirmability of a
plan of reorganization, the Bankruptcy Court has approved a
process and timeline for determining the cost to resolve
asbestos-related property damage and personal injury claims.
The trial to determine the Bankruptcy Court's estimate of
Grace's pending and future asbestos personal injury liability
began in January 2008 and is currently scheduled for
approximately 20 trial days ending in mid-May.

Expenses related to Grace's Chapter 11 proceedings, net of
filing-entity interest income, were US$23.7 million in the
fourth quarter compared with US$17.7 million in the prior year
quarter, and US$86.4 million for full year 2007 compared with
US$49.9 million in the prior year, reflecting a higher level of
activity in the bankruptcy proceeding related to claims
adjudication and estimation.

Most of Grace's noncore liabilities and contingencies (including
asbestos-related litigation, environmental claims and other
obligations) are subject to compromise under the Chapter 11
process.  The Chapter 11 proceedings, including related
litigation and the claims valuation process, could result in
allowable claims that differ materially from recorded amounts.
Grace will adjust its estimates of allowable claims as facts
come to light during the Chapter 11 process that justify a
change, and as Chapter 11 proceedings establish court-accepted
measures of Grace's noncore liabilities.

                     CASH FLOW AND LIQUIDITY

Grace's net cash inflow from operating activities for the
full year ended December 31, 2007 was US$92.1 million, compared
with a net cash inflow of US$152.7 million for the prior year.
The decrease in cash flow from operating activities was
principally attributable to higher Chapter 11 related costs,
higher working capital, dividends to joint venture partners and
cash paid to resolve certain tax contingencies, offset by higher
pre-tax operating income.  Pre-tax income from core operations
before depreciation and amortization was US$398.0 million for
the full year ended Dec. 31, 2007, higher than in the prior year
by 12.5%, a result of the performance from core operations
described above.  Net cash used for investing activities was
US$206.9 million for the full year ended December 31, 2007,
primarily related to routine capital improvements, capacity
expansion at certain production sites, one acquisition and
equity investment, and investments in short-term debt
securities.

At Dec. 31, 2007, Grace had available liquidity in the
form of cash and cash equivalents of US$484.4 million, short-
term investment securities of US$100.9 million, net cash value
of life insurance of US$81.0 million, available credit under its
debtor-in-possession facility of US$178.5 million and available
credit under various non-U.S. credit facilities equivalent to
US$91.5 million.  Grace believes that these sources and amounts
of liquidity are sufficient to support its business operations,
strategic initiatives and Chapter 11 proceedings for the
foreseeable future.

                       About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The
Debtors hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and
Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the
Official Committee of Asbestos Personal Injury Claimants.  The
Asbestos Committee of Property Damage Claimants tapped Scott
Baena, Esq., and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena
Price & Axelrod, LLP, to represent it.  Thomas Moers Mayer,
Esq., at Kramer Levin Naftalis & Frankel, LLP, represents the
Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on Jan.
21, 2005.  The Debtors' exclusive period to file a chapter 11
plan expired on July 23, 2007.

Estimation of W.R. Grace's asbestos personal injury liabilities
commenced on January 14, 2008.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
As of November 30, 2007, W.R. Grace's balance sheet showed total
assets of US$3,335,000,000, and total debts of US$3,712,000,000.
(W.R. Grace Bankruptcy News, Issue No. 150; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


* Deloitte Says Insolvency Filing Down by 7% in 2007
----------------------------------------------------
Latest analysis of administration and receivership figures by
Deloitte and Touche LLP has shown that insolvencies are down by
7% for the twelve months to December 2007, reflecting that for
the majority of the year, the U.K. economy remained relatively
healthy, with record levels of corporate finance deals completed
and an abundant availability of cheap credit.

"The effects of the summer's credit crunch are beginning to be
felt by consumers as we are now seeing downward pressure on
housing prices and tighter credit terms, leading to a reduction
in discretionary spend," Lee Manning, reorganization services
partner at Deloitte, commented.

"Until recently there was a relatively positive environment with
insolvency appointments in decline and businesses worked
together with lenders to restructure and refinance, without an
insolvency event occurring. However, we are entering a more
demanding credit phase where the prospects of solvent rescue
will be reduced," Mr. Manning added.

This year’s figures remain benign, the only sector with a
notable increase in appointments (15%), being the Hospitality
and Leisure industry.

"There have been a number of factors hampering this sector,
including increasing price competition from supermarkets,
growing trends of drinking and entertaining at home, and more
recently the smoking ban.  In addition, non-qualification of any
of the Home Nations for Euro2008 will affect those
establishments whose forecasts had already built in significant
sport fixture related income.  We anticipate that the downturn
will dent discretionary spend, and that the industry will be hit
further," Mr. Manning continued.

On the retail side, Manning remarked, "the Retail sector has so
far held up well, after several years of bumper profits and good
trading conditions.  However the position of the weaker
performers will start to deteriorate as drops in discretionary
spend coupled with fierce price competition materialize."
Appointments in this sector declined by 15% in 2007 but we are
expecting to see a reversal of this trend in 2008.

While, the transport and communications sector is predicted to
see an upturn in insolvency. Mr. Manning added, "the sector is
being squeezed by increasing fuel prices, and may see pressure
on volumes and margins in line with any reduction in economic
activity."

Looking at the coming year, Deloitte expect to see the effects
of the economic downturn materializing in a number of sectors:

   -- appointments in the property sector remained steady in
      2007. However, we expect tighter credit conditions and
      falling house prices in both the residential and
      commercial sectors to impact property developers, the
      construction trade and related financial service
      providers; specifically, mortgage brokers and estate
      agents; and

   -- appointments over structured investment vehicles (SIVs)
      have accounted for a few of the recent financial services
      appointments, including Cheyne and Rhinebridge, SIVs over
      which Deloitte was appointed Receiver.  However, many
      banks are taking these vehicles onto their balance sheets
      and it is conceivable that while this sector will struggle
      in the coming year that this may not show itself in
      insolvency figures.

On the regional numbers, Deloitte sees that 41% of all
appointments occurred in London & South East, however this is a
5% decrease against the previous year.  More significant
decreases in appointments occurred in East Anglia with a drop of
32%, and the South West with a drop of 22%.  Conversely the
North East saw an 11% increase from 46 to 51 appointments.

Deloitte move from a positive beginning last year, to a
difficult start to 2008; the effect of the economic downturn on
the insolvency figures will be gradual as it spreads through the
various industries.  Deloitte look to its next analysis for
early signs of patterns that are to emerge throughout 2008.


* Moody's Says European Speculative-Grade Default Rate Down
-----------------------------------------------------------
Moody's Investors Service's European speculative-grade default
rate for the twelve months to the end of January 2008 was 0.7%,
down significantly from the revised figure of 1.1% at the end of
December. There were no Moody's-rated European defaults in
January.

According to Andrea Zazzarelli, Associate Director of Corporate
Default Research in Moody's London-based Credit Policy team:
"The downward trend in the European default rate reflects the
fact that the effects of the credit crunch have so far remained
largely confined to the financial sector on this side of the
Atlantic."  The drop in the European default rate is also due to
an Italian defaulter passing out of the trailing 12-month
window.  At this time last year, the European rate stood at
3.1%.

On a global basis, Moody's speculative-grade default rate rose
to 1.1% at end-January from a revised 0.9% at end-December.
January was the second consecutive month in which this rate rose
on a month-on-month basis. One year ago, the global default rate
was 1.8%. The US default rate has also risen, to 1.3% from a
revised 1.0% one month previously.

Moody's default rate forecasting model predicts that the global
speculative-grade default rate will rise sharply to 4.6% by the
end of 2008 and further increase to 4.8% by January 2009.

For Europe, Moody's model predicts a rise in the speculative-
grade default rate to 3.3% by end-2008.

"Expectations around defaults are clearly on the upside and
closely tied to the fate of the US economy.  Given the lags
between the North American and European credit cycles, we expect
a relatively more contained rise in defaults in Europe as
highlighted by our forecasts over the next twelve months," Mr
Zazzarelli explains.

Moody's model indicates that in Europe the hotel, gaming &
leisure sector is likely to encounter the highest default rate
in the coming year.  In the US, the most troubled sector will,
according to the model, be the construction & building sector.

Moody's Distressed Index is at 18.8% as at end-January 2008, its
highest level since November 2002.  This index was relatively
low from 2004 until mid-2007 but, after dipping to 1.9% last
summer, then began to rise sharply.

Worldwide, a total of seven Moody's-rated bond issuers defaulted
in January, the highest default count in a single month since
2004. Six of the defaulters were US issuers and one was
Canadian.

As a percentage of dollar volume outstanding, the global
speculative-grade default rate rose to 0.7% in January from 0.6%
in December, but down from 1.2% a year ago.

As a percentage of dollar volume, the European default rate fell
to 0.4% in January from a revised 0.7% in December. A year ago,
this rate was 1.4%.

In the leveraged loan market, four Moody's-rated issuers
defaulted in January.  The trailing twelve-month loan default
rate among US leveraged loan issuers rose to 0.8% in January,
double the revised level of 0.4% in December.


* Moody's Expects Global Default Rate to Rise in 2008
-----------------------------------------------------
Moody's global speculative-grade default rate reached 1.1% at
the end of January, up from a revised closing level of 0.9% for
2007, Moody's Investors Service reported today.  The recent
increase comes off of a two-decade record low level reached in
November 2007, when the speculative-grade default rate came in
just below 0.9%.

"January is the second consecutive month in which the
speculative-grade default rate has now increased," says Moody's
Director of Corporate Default Research Kenneth Emery.  In
January 2007, the global spec-grade default rate was at 1.8%.

Moody's default rate forecasting model now predicts that the
global speculative-grade default rate will rise sharply to 4.6 %
by the end of this year and increase further to 4.8% by January
2009.  The year-end forecast is close to the long-term average
of 4.5% since 1983.

"Importantly, the model's baseline forecast does not assume a
U.S. recession.  If a significant recession were to occur,
default rates could reach over 10% as they have in previous
recessions," adds Emery.

Across industries, Moody's default rate forecasting model
indicates that the Construction & Building sector will be the
most troubled industry among U.S. issuers over the next 12
months.

Moody's speculative-grade corporate distress index, which
measures the percentage of rated issuers that have debt trading
at distressed levels, reached 18.8% in January, the highest
level since November 2002.  The index has been increasing
sharply since last summer when it had been fluctuating in the
2.0% range during the first half of 2007.

A total of seven Moody's-rated corporate issuers defaulted in
January, the highest default count in a month since 2004.  In
2007, the average default count was only 1.5 issuers per month
for a total of 18 defaulters. Of the seven defaulters in
January, six were by U.S. issuers and the other was domiciled in
Canada.

Measured on a dollar volume basis, the global speculative-grade
bond default rate closed at 0.7% in 2007, up from 0.6% in
December.  A year ago, the global dollar-weighted bond default
rate was 1.2%.

Among U.S. speculative-grade issuers, Moody's default rate
forecasting model forecasts that default rates will rise to 5.2%
by the end of this year.  Additionally, the dollar-weighted bond
default rate rose from 0.6% in December 2007, to 0.8% in January
2008. At this time last year, the U.S. dollar-weighted bond
default rate stood at 1.2%.


* BOND PRICING: For the Week Feb. 4 to Feb. 8, 2008
----------------------------------------------------
Issuer                   Coupon   Maturity   Currency   Price
------                   ------   --------   --------   -----

AUSTRIA
-------
Immofinanz Immobilien
  Anlagen AG              2.750    01/20/14     EUR      75.25
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      64.47
                          0.250    10/14/26     CDN      39.78
Republic of Austria       4.000    06/22/22     EUR      75.50
                          1.740    08/04/25     EUR      66.19
                          0.000    10/10/25     EUR      64.44

BULGARIA
--------
Petrol AD Sofia           8.375    10/26/11     EUR      70.21


FINLAND
-------
M-Real Serla              7.250    04/01/13     EUR      73.04
Muni Finance PLC          1.000    03/19/13     AUD      72.65
                          0.500    04/26/13     AUD      69.91
                          1.000    11/21/16     NZD      58.28
                          1.000    10/30/17     AUD      56.45
                          0.500    09/24/20     CDN      60.59
                          0.250    06/28/40     CDN      20.54

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.59
Altran Technologies S.A.  3.750    01/01/09     EUR      12.04
Calyon                    6.000    06/18/47     EUR      48.84
CAP Gemini S.A.           2.500    01/01/10     EUR      52.23
                          1.000    01/01/12     EUR      45.58
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.05
                          4.375    11/01/10     EUR      46.44
Groupe Vial S.A.          2.500    01/01/14     EUR      39.29
Havas S.A.                4.000    01/01/09     EUR      10.63
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR      00.67
Ingenico                  2.750    01/01/12     EUR      17.90
Maurel & Prom             3.500    01/01/10     EUR      20.40
Publicis Group            0.750    07/17/08     EUR      28.75
                          1.000    01/18/18     EUR      42.11
Rhodia S.A.               0.500    01/01/14     EUR      38.88
Scor S.A.                 4.125    01/01/10     EUR       2.06
Soc Air France            2.750    04/01/20     EUR      24.41
Soitec                    4.625    12/20/09     EUR       5.40
Tereos Europe S.A.        6.380    04/15/14     EUR      72.29
Theolia S.A.              2.000    01/01/14     EUR      21.68
Valeo                     2.375    01/01/11     EUR      43.81
Vivendi Universal S.A.    1.750    10/30/08     EUR      30.56
Wavecom S.A.              1.750    01/01/14     EUR      21.95
Wendel Invest S.A.        2.000    06/19/09     EUR      43.39
                          4.380    08/09/17     EUR      73.57

GERMANY
-------
KfW Bankengruppe          0.500    10/30/13     AUD      67.77
                          0.500    12/19/17     EUR      68.71
                          6.000    07/21/25     EUR      73.31
                          8.000    08/10/30     EUR      70.13
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.00
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      57.11


GREECE
------
Hellenic Republic         0.990    07/08/24     EUR      74.61
                          0.628    07/13/20     EUR      65.83

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      51.72

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      48.19
                          0.250    07/08/33     CDN      28.00
Magnolia Finance IV Plc   1.050    12/20/45     US$      26.51
Ono Finance II            8.000    05/16/14     EUR      72.67

ITALY
-----
Risanamento S.p.A.        1.000    05/10/14     EUR      63.48
Telecom Italia S.p.A.     5.250    03/17/55     EUR      74.08
Unicredito
   Italiano S.p.A.        6.000    02/15/35     EUR      67.00

LUXEMBOURG
----------
Kloeckner Finance
   International S.A.     1.500    07/27/12     EUR      72.64
Nell AF S.A.              8.380    08/15/15     EUR      70.97
Sonata Securities S.A.    1.000    03/10/08     EUR      69.94


NETHERLANDS
-----------
ABN Amo Bank B.V.         6.250    06/29/35     EUR      65.88
Biopetrol Finance B.V.    4.000    02/21/12     EUR      73.13
BK Ned Gemeenten          0.500    06/27/18     CDN      66.24
                          0.500    02/24/25     CDN      48.23
EM.TV Finance B.V.        5.250    05/08/13     EUR       4.69
Hypo Real ES Finance      5.500    08/20/08     EUR      41.87
IVG Finance B.V.          1.750    03/29/17     EUR      73.97
Lehman Bros TSY B.V.      1.000    06/06/17     EUR      73.57
                          6.000    02/15/35     EUR      66.35
                          8.250    03/16/35     EUR      55.19
                          7.000    05/17/35     EUR      61.69
                          7.250    10/05/35     EUR      55.83
                          6.000    11/02/35     EUR      61.63
Ned Waterschapbk          6.000    06/01/35     EUR      72.66
                          6.500    08/15/35     EUR      65.76
                          6.000    06/30/45     EUR      61.55
NXP B.V.                  8.630    10/15/15     EUR      71.75
                          8.630    10/15/15     EUR      71.81
Rabobank Groep N.V.       6.000    02/22/35     EUR      68.79
                          5.000    02/28/35     EUR      64.74
                          7.000    03/23/35     EUR      63.58
                          6.000    05/09/35     EUR      69.45

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.83
Norske Skogindustrier ASA 7.000    06/26/17     EUR      73.72

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      71.29
Stena AB                  5.880    02/01/19     EUR      91.68

SWITZERLAND
-----------
UBS AG                    1.000     06/28/12    NZD      74.46
                          1.000     07/30/12    NZD      74.04

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      52.27
BAA Plc                   5.130     02/15/23    GBP      77.18
Ineos Group Holding       7.880     02/15/16    EUR      70.48
Jaztel Plc                5.000     04/29/10    EUR      75.10
Lloyds TSB Bank Plc       6.210     12/14/37    EUR      63.40
Louis No. 1 Plc           8.500     12/01/14    EUR      57.88
                         10.000     12/01/16    EUR      60.25
National Grid Gas Plc     1.754     10/17/36    GBP      42.44
                          1.771     03/30/37    GBP      42.34
Royal BK Scotland         7.000     06/09/25    EUR      65.43
                          3.310     06/29/30    EUR      59.92
                          7.000     02/15/45    EUR      70.02
Wessex Water Finance Plc  1.369     07/31/57    GBP      27.82


                            *********

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

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

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

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

                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jason Nieva, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes
Tovilla, Patrick Abing and Marites Claro, Editors.

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

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

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

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


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