TCREUR_Public/080212.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, February 12, 2008, Vol. 9, No. 30

                            Headlines


A U S T R I A

FELDMANN AKTIV: Claims Registration Period Ends February 25
FRIEDRICH SUCHY: Claims Registration Period Ends March 18
HANLAR MODE: Claims Registration Period Ends February 18


B E L G I U M

CHEMTURA CORP: Closes Fluorochemicals Business Sale to Du Pont
CHIQUITA BRANDS: Prices 4.25% Convertible Senior Notes Offering


F R A N C E

ALCATEL-LUCENT SA: Posts EUR3.52 Billion Net Loss for 2007
DELPHI CORP: Wants Lease Decision Period Extended Until May 31
DELPHI CORP: Proposal to Assign Steering Biz Contracts Disputed
DELPHI CORP: Wants More Time to Remove Pending Civil Actions
DOLE FOOD: Fitch Says WTO Ruling on Banana Tariff May be Good


G E R M A N Y

ADAN-HAUS KONZEPT: Claims Registration Ends March 7
AUGUSTA FINANZ-VERMITTLUNGS: Claims Registration Ends March 7
BAUFRANK GESELLSCHAFT: Creditors Meeting Slated for April 2
BAUGESCHAFT WILFERT: Claims Registration Ends March 7
BOECKENHOFF GMBH: Claims Registration Period Ends February 29

D & N LANDMASCHINEN: Creditors' Meeting Slated for February 21
D UND D TRANSPORT: Claims Registration Period Ends March 5
DELTA 2 MARKETING: Claims Registration Period Ends February 29
ELP-MEDIEN: Claims Registration Period Ends March 5
HAARSTUDIO NORBERT: Claims Registration Period Ends March 5

HAIR BEAUTY: Claims Registration Period Ends March 5
GUESTROWER MELIORATIONS: Claims Registration Period Ends March 5
JONAS & SCHWARZ: Claims Registration Period Ends February 28
KAUFMANN & CO: Creditors' Meeting Slated for March 6
LANDTECHNIK ANDERTEN: Claims Registration Period Ends March 5

MALKUS & ROBERT: Claims Registration Period Ends February 27
MARTIN THIEME: Claims Registration Period Ends March 5
PETROLEOS DE VENEZUELA: Fitch Says Freeze Has Little Effect
PRAGMATIC GESELLSCHAFT: Claims Registration Period Ends March 5
SANITARINSTALLATION HELMUT: Claims Registration Ends March 5

* Insolvency Cases in Germany Drops in November 2007


H U N G A R Y

FLEXTRONICS INT'L: Plans to Buy FRIWO Mobile Unit from CEAG AG


I T A L Y

ALITALIA SPA: AirOne SpA Welcomes More Partners for Stake Bid
ALITALIA SPA: Air France to Place Company Under Direct Control
TISCALI SPA: S&P Lifts Ratings to B+ on Rights Issue Completion


K A Z A K H S T A N

ALIR LLP: Proof of Claim Deadline Slated for March 7
BAISERIK-JOLY LLP: Creditors Must File Claims by March 7
ETHNO-A LLP: Claims Filing Period Ends March 7
GEYA LLP: Creditors' Claims Due on March 7
KARLYGASH LLP: Claims Registration Ends March 7

KOSTANAI COMMERCE: Creditors Must File Claims by March 7
LAVANDA OIL: Claims Filing Period Ends March 7
SAYAT SERVICE: Creditors' Claims Due on March 11


K Y R G Y Z S T A N

KYRGYZ AVIA: Creditors Must File Claims by February 26
OSH-INSAN: Claims Filing Period Ends February 26


N E T H E R L A N D S

ACXIOM CORP: Mr. Meyer Gets Nonqualified Options to Buy Shares

* Linklaters Launches Dutch Restructuring & Insolvency Practice


P O L A N D

BOT ELEKTROWNIA: S&P Withdraws B Ratings at Company's Request
PRIMA CHARTER: Cash Flow to Sell Stake


R U S S I A

ANGARSK-WOOD: Court Names A. Gievskiy as Insolvency Manager
BMK–ELECTRIC STEEL: Creditors Must File Claims by February 28
GAVAN-BREAD OJSC: Creditors Must File Claims by March 28
PARTNERSHIP-NORTH: Creditors Must File Claims by February 28
PETRO-STROY-INVEST: Creditors Must File Claims by March 28

QUARTS-TRANS: Creditors Must File Claims by February 28
ROSNEFT OIL: Mandates Nine Banks to Arrange US$2 Billion Loan
VOSTOK-AGRO-PRODUCT: Creditors Must File Claims by February 28


S W I T Z E R L A N D

ALEX ECKART: Creditors' Liquidation Claims Due by Feb. 18
ARTPHOTO LLC: Creditors' Liquidation Claims Due by Feb. 18
FICO MANAGEMENT: Schaffhausen Court Starts Bankruptcy Process
GIPFELBERG HOLDING: Creditors' Liquidation Claims Due by Feb. 18
NOBILIA LLC: Creditors' Liquidation Claims Due by Feb. 18

PHILANTHROPIA LLC: Creditors' Liquidation Claims Due by Feb. 18
PS PROGRAMM: Zug Court Starts Bankruptcy Proceedings
WILTON LICENSING: Creditors' Liquidation Claims Due by Feb. 18


U K R A I N E

ALEKSANDRIYA LLC: Creditors Must File Claims by February 22
ALFIN LLC: Creditors Must File Claims by February 22
BLITSTRADE-PLUS LLC: Creditors Must File Claims by February 22
INTERAGRO-BBC LLC: Creditors Must File Claims by February 22
LLC-AGRO-SERVICE: Creditors Must File Claims by February 22

MIR LLC: Proofs of Claim Deadline Set February 22
PC WORLD: Creditors Must File Claims by February 22
PRAVEX-BANK: Moody's Puts Ratings on Review and May Upgrade
REGUL LLC: Proofs of Claim Deadline Set February 22
SOROKOTIAGI STATE: Proofs of Claim Deadline Set February 22

STILON LLC: Creditors Must File Claims by February 22
VOLLKAR LLC: Creditors Must File Claims by February 22


U N I T E D   K I N G D O M

ARENA INFORMATION: Joint Liquidators Take Over Operations
ASTON INSULATION: Appoints BDO Stoy as Joint Administrators
CARE INVESTMENT: Taps Deloitte as Joint Administrators
CHRYSLER LLC: Plans to Cut Product Lines and Dealerships
CLAREMONT PRESS: Brings In Smith & Williamson as Administrators

CLOROX CO: Paying US$0.40 Per Share Dividend Due on April 25
CRDL REALISATIONS: Taps Liquidators from BDO Stoy Hayward
DH PARTNERSHIP: Names Joint Administrators from Deloitte
FAIR TRADE: Brings In Liquidators from Tenon Recovery
FLORIDA REALTY: Taps Joint Administrators from Begbies Traynor

FREESCALE SEMICONDUCTOR: CEO Departure Won't Impact Ratings
HELIVIEW LTD: Calls In Liquidators from Tenon Recovery
INTERNATIONAL RECTIFIER: Names Oleg Khaykin as President & CEO
INVARO GROUP: Liquidators Confident in Repaying Creditors
INVENSYS PLC: Moody's Places Ratings on Review and May Upgrade

J HELMORE: Appoints Liquidators from Vantis
JEDMANS INDUSTRIAL: In Voluntary Liquidation
MASSIVE LTD: Brings In Joint Administrators from Grant Thornton
METRONET RAIL: TfL Gets GBP1.7BB Government Grant to Pay Lenders
NORTHERN ROCK: May Lose 2,400 Jobs Under Management's Rescue Bid

NORTHERN ROCK: Three Banks Offer to Securitize Emergency Loans
PETROLEOS DE VENEZUELA: Fitch Says Freeze Has Little Effect
QUEBECOR WORLD: D.E. Shaw Claims 1.2% Stake Ownership
QUEBECOR WORLD: Grosman Says Magazine Arm Unmoved by Bankruptcy
SALVALE DESIGN: Names Matthew Colin Bowker Liquidator

SHENWOOD LTD: Names Joint Administrators from Vantis
STONEHILL BUILDERS: Hires Liquidators from Vantis
TATA MOTORS: Unit to Supply Parts for Boeing 787 Dreamliner

* Fitch Updates Criteria for UK Residential Mortgage Default

* Large Companies with Insolvent Balance Sheet


                            *********

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


FELDMANN AKTIV: Claims Registration Period Ends February 25
-----------------------------------------------------------
Creditors owed money by LLC Feldmann Aktiv-Markte (FN 75383h)
have until Feb. 25, 2008 to file written proofs of claim to
court-appointed estate administrator Martin Kloser at:

          Dr. Martin Kloser
          Hofsteigstrasse 1/1
          6971 Hard
          Austria
          Tel: 05574/87444
          Fax: 05574/87444-5
          E-mail: martin@rakloser.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 6, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Feldkirch
          Hall 45
          First Floor
          Feldkirch
          Austria

Headquartered in Lauterach, Austria, the Debtor declared
bankruptcy on Jan. 22, 2008 (Bankr. Case No. 13 S 2/08m).


FRIEDRICH SUCHY: Claims Registration Period Ends March 18
---------------------------------------------------------
Creditors owed money by LLC Friedrich Suchy, Kraftfahrzeug-
Service (FN 119262k) have until March 18, 2008 to file written
proofs of claim to court-appointed estate administrator Norbert
Mooseder at:

          Dr. Norbert Mooseder
          c/o Dr. Guenther Grassner
          Stelzhamerstrasse 1
          4400 Steyr
          Austria
          Tel: 07252/42 4 24
          E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:30 p.m. on April 1, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Steyr
          Hall 7
          Second Floor
          Steyr
          Austria

Headquartered in Steyr, Austria, the Debtor declared bankruptcy
on Jan. 22, 2008 (Bankr. Case No. 14 S 9/08h).  Guenther
Grassner represents Dr. Mooseder in the bankruptcy proceedings.


HANLAR MODE: Claims Registration Period Ends February 18
--------------------------------------------------------
Creditors owed money by LLC Hanlar Mode Handel (FN 269562s) have
until Feb. 18, 2008 to file written proofs of claim to court-
appointed estate administrator Michael Kaintz at:

          Dr. Michael Kaintz
          Gartenweg 108
          7100 Neusiedl am See
          Austria
          Tel: 02167/8296-0
          Fax: 02167/8296-20
          E-mail: ra_kaintz@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:15 a.m. on March 3, 2008 for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Eisenstadt
          Hall F
          Eisenstadt
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 22, 2008 (Bankr. Case No. 26 S 7/08v).


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


CHEMTURA CORP: Closes Fluorochemicals Business Sale to Du Pont
--------------------------------------------------------------
Chemtura Corporation has completed the sale of its
Fluorochemicals business and related production facility to E.I.
du Pont de Nemours and Company in an all-cash deal for an
undisclosed amount.

"The sale is another step in our ongoing portfolio refinement
initiative," Robert L. Wood, chairman and chief executive
officer, said.  "We are actively divesting non-core businesses
and assets to enable us to better focus on our core businesses,"

Chemtura completed the divestiture of its organic peroxides
business in May, its EPDM business in June and its optical
monomers business in October 2007.

The approximately 25 employees who work for the Fluorochemicals
business have become employees of DuPont.  The Fluorochemicals
business had revenues for 2006 of approximately US$56 million.
Included in the sale is the Fluorochemicals production unit at
Chemtura's El Dorado, Arkansas plant.  Chemtura will retain
ownership of its other El Dorado facilities.  The company will
record the sale in its first quarter, 2008 financial statements.

                   About Chemtura Corporation

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a manufacturer and
marketer of specialty chemicals, crop protection, and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  The company has facilities in Singapore,
Australia, China, Hong Kong, India, Japan, South Korea, Taiwan,
Thailand, Brazil, Belgium, France, Germany, Mexico, and The
United Kingdom.

                        *      *      *

As reported in the Troubled Company Reporter-Europe on Dec. 21,
2007, Moody's Investors Service placed Chemtura Corporation's
corporate family rating of Ba2 under review for possible
downgrade after reports that its "board of directors has
authorized management to consider a wide range of strategic
alternatives available to the company to enhance shareholder
value."

Standard & Poor's Ratings Services placed its 'BB+' corporate
credit and senior unsecured debt ratings of Chemtura Corp. on
CreditWatch with developing implications, after reports that
management is considering strategic alternatives, including sale
or merger of the company.


CHIQUITA BRANDS: Prices 4.25% Convertible Senior Notes Offering
---------------------------------------------------------------
Chiquita Brands International Inc. has priced its offering of
US$175 million aggregate principal amount of 4.25% Convertible
Senior Notes due 2016, US$25 million more than previously
announced.  In addition, the company has granted the
underwriters an overallotment option to purchase up to an
additional US$25 million principal amount of Notes.  The company
expects this offering to close on Feb. 12, 2008, and intends to
use the net proceeds from the offering to repay a portion of the
outstanding amounts under the Term Loan C of its senior secured
credit facility.

The Notes will pay interest semiannually at a rate of 4.25% per
annum, beginning Aug. 15, 2008.  The Notes will be convertible,
under certain circumstances described in the prospectus, at an
initial conversion rate of 44.5524 shares of common stock per
US$1,000 in principal amount of the Notes, equivalent to an
initial conversion price of approximately US$22.45 per share of
Chiquita common stock.  This represents a premium of
approximately 32.5% to the last reported sale price of the
company's common stock on Feb. 6, 2008 of US$16.94.

The Notes will be unsecured unsubordinated obligations of
Chiquita Brands International, Inc. and will rank equally with
any unsecured unsubordinated indebtedness Chiquita may incur.

Beginning Feb. 19, 2014, Chiquita may call the Notes for
redemption if the common stock trades above 130% of the
conversion price, or initially approximately US$29.19 per share,
for at least 20 of the 30 trading days preceding the redemption
notice.  The Notes will be issued pursuant to an effective shelf
registration statement, which was previously filed with the
Securities and Exchange Commission.

Goldman, Sachs & Co. and Morgan Stanley & Co. Inc. are the joint
book-running managers for the offering.  A prospectus relating
to the offering may be obtained from:

    Goldman, Sachs & Co., Prospectus Department,
    85 Broad Street, New York, New York 10004,
    fax: 212-902-9316 or
    email: prospectus-ny@ny.email.gs.com.

A prospectus may also be obtained from:

    Morgan Stanley & Co. Inc., Prospectus Department,
    180 Varick Street, New York, New York 10014,
    telephone number: 1-866-718-1649, or
    email: prospectus@morganstanley.com.

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

                          *     *     *

Chiquita Brands International Inc. continues to carry Moody's
Investors Service's B3 long term corporate family and Caa2
senior unsecured debt ratings which were placed on November
2006.  The outlook is negative.


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


ALCATEL-LUCENT SA: Posts EUR3.52 Billion Net Loss for 2007
----------------------------------------------------------
Alcatel-Lucent S.A. released its financial results for full year
and fourth quarter ended Dec. 31, 2007.

Alcatel-Lucent posted EUR3.52 billion in net losses on
EUR17.79 billion in net revenues for full year 2007, compared
with EUR522 million in net profit on EUR18.25 billion in net
revenues for 2006.

The company registered EUR2.58 billion in net losses on
EUR5.23 billion in net revenues for the fourth quarter 2007,
compared with EUR618 million in net losses on EUR4.42 billion in
net revenues for the same period in 2006.

As of Dec. 31, 2007, Alcatel-Lucent had EUR271 million in net
cash, compared with EUR24 million in net debt as of
Sept. 30, 2007.

The funded status of pensions and other post retirement benefits
(OPEB) amounted to EUR2.81 billion at year-end 2007, compared
with EUR2.44 million as of Sept. 30, 2007.

The group reduced its exposure to equity markets in November
2007.  As of Dec. 31, 2007, the global asset allocation of the
group’s funds was:

    * 20% in equity securities,
    * 60% in bonds, and
    * 20% in alternatives.

Alcatel-Lucent's board of directors, after considering the
results and more uncertain market outlook, has decided to
suspend dividend payment for 2007.

"This quarter, we delivered solid year-over-year revenue growth
of 18.4% with the strongest performance in the carrier and
services businesses," Patricia Russo, Alcatel-Lucent CEO, said.
"These results reflect the strengthening of our position in IP
and optics, a recovery of our GSM business and the ramp up of
WCDMA.

"Our adjusted gross margin -– excluding the one-time impact of
the charge in the cost recognition methodology for this large
wireless construction contract -– was roughly flat quarter-over-
quarter, despite a challenging pricing environment and an
unfavorable shift in our geographic and product mix.  Our
adjusted operating margin has significantly improved
sequentially, reflecting higher volumes and, to a lesser extent,
a reduction in our operating expenses.

"As we have said, 2007 was a transition year for the company as
we executed our integration plans in a difficult market
environment.  Notwithstanding these challenges, the performance
of our wireline, enterprise and services business has been
solid. On the other hand, the slower-than-expected ramp up of
revenues in WCDMA and NGN/IMS, two areas in which we have been
investing, has severely impacted profitability."

                             Outlook

Alcatel-Lucent expects a sequential drop in revenues of 20% to
25% in the first quarter of 2008.  The company expects to incur
a loss at the adjusted2 operating income1 level in the first
quarter of 2008 as a result of this seasonality.

Given the expected improvement in the gross margin as well as a
reduction in adjusted operating expenses, Alcatel-Lucent expects
an adjusted operating margin in the low to mid single digit
range in percentage of revenues in full year 2008.

"While the long term prospects of our industry remain good, the
macroeconomic environment has created uncertainty in our markets
in the last few months," Ms. Russo said.  "Our initial
projections for 2008 indicate that the global Telecommunications
equipment and related services market should be flat to slightly
up at constant EUR/US$ rate and slightly down at current rate.

"With this in mind, we will continue to execute against our
three-year plan.  The ongoing implementation of a more selective
pricing approach as well as product cost reduction program
should enable us to improve our gross margin.  We also intend to
make continued good progress in our fixed costs reduction plan."

                       About Alcatel-Lucent

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

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

                          *     *     *

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

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


DELPHI CORP: Wants Lease Decision Period Extended Until May 31
--------------------------------------------------------------
Pursuant to Section 365(d)(4) of the Bankruptcy Code, Delphi
Corporation and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to extend the time
within which they may assume or reject unexpired leases of
nonresidential real property through and including the earlier
of:

   (a) the effective date of their confirmed First Amended Joint
       Plan of Reorganization; and

   (b) May 31, 2008.

The Debtors are lessors or lessees with respect to roughly 80
unexpired leases of nonresidential real property, John Wm.
Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in Chicago, Illinois, relates.  Certain of the Real Property
Leases, he notes, are among the Debtors' primary assets and are
vital to their business.

The First Amended Plan provides for the assumption of all of the
Real Property Leases on the Plan Effective Date.  The Debtors'
current Lease Decision Deadline is Feb. 29, 2008.  Out of an
abundance of caution, the Debtors seek an extension of the Lease
Decision Deadline in the event the confirmed Plan does not
become effective by Feb. 29, 2008.

The Proposed Lease Decision Deadline will be subject to the
terms of the Plan and Plan Confirmation Order, Mr. Butler
assures the Court.  The Proposed Deadline, he adds, coincides
with the Debtors' current deadline to solicit acceptances of a
reorganization plan.

The Debtors have remained and fully intend to remain current
with respect to all outstanding postpetition rental obligations
under the Real Property Leases, Mr. Butler continues.  The non-
debtor parties to the Real Property Leases will not be
prejudiced by the proposed extension because the Debtors are
making payments under the Real Property Leases as they come due,
he says.

If the Lease Decision Deadline is not extended, the Debtors may
face uncertainty with respect to their ability to assume or
reject the Real Property Leases if the Plan does not become
effective by the current Feb. 29, 2008 Lease Decision Deadline,
Mr. Butler maintains.

                     About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 111; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

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

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

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


DELPHI CORP: Proposal to Assign Steering Biz Contracts Disputed
---------------------------------------------------------------
Thirty-four parties-in-interest have filed objections to Delphi
Corp. and its debtor-affiliates' proposal to assume and assign
certain executory contracts to the buyer of their steering and
halfshaft businesses.

Delphi is seeking to sell their steering business to Steering
Solutions Corp., an affiliate of Platinum Equity, LLC, subject
to higher and better offers.

The interested parties that filed responses to the assumption
and cure notices mailed by the Debtors are:

   * Alps Automotive, Inc.
   * American Aikoku Alpha, Inc.
   * Assembly Systems Innovators, LLC
   * BI Technologies Corp.
   * Canon U.S.A., Inc.
   * Castwell Products, LLC
   * E.I. du Pont de Nemours & Co.
   * F&G Multi-Slide Inc.
   * Freudenberg-NOK General Partnership
   * Furukawa Electric Company Ltd.
   * GMD Industries
   * Henkel Corp.
   * Hydro Aluminum North America, Inc.
   * Intermet Corp.
   * Lear Corp.
   * Liquidity Solutions, Inc.
   * MacArthur Corp.
   * Master Automatic, Inc.
   * Means Industries, Inc.
   * Millennium Industries Corp.
   * Nissan North America, Inc.
   * Robin Industries, Inc.
   * Rosler Metal Finishing USA, LLC
   * S&Z Metalworks, Ltd.
   * SKF USA Inc.
   * Small Parts, Inc.
   * Stoneridge, Inc.
   * Teleflex Inc.
   * Temic Automotive of North America, Inc.
   * The Timken Co.
   * Timken U.S. Corp.
   * United States Steel Corp.
   * Universal Bearings, LLC
   * ZF Boge Elastmetall, LLC

A number of the Responding Parties assert that the Debtors must
cure all defaults under their executory contracts before those
contracts may be assumed or assigned.  They also contend that
the Debtors have failed to provide adequate assurance of
Steering Holdings' or any other purchaser's future performance
under the contracts to be assumed.

Certain of the Responding Parties argue that the Debtors may not
assume certain portions of their contracts.  Rather, the Debtors
must either assume or reject the parties' entire contracts.

Several of the Responding Parties complain that the Debtors have
not provided sufficient information in the Assumption and Cure
Notices to enable them to identify the contracts to be assumed,
while others relate that they have not yet been able to identify
the contracts listed in the Notices.

Alps Automotive points out that certain of the Assumed Contracts
have already been rejected by the Debtors.

GMD Industries clarifies that its "Surcharge Implementation"
agreement with the Debtors is binding on certain of the Assumed
Contracts.

Certain of the Responding Parties also disagree with the cure
amounts for the assumption of their contracts, arguing that the
Debtors' proposed cure amounts are understated.

Specifically, 19 Cure Objectors assert that the Debtors owe them
cures at these amounts:

                                      Debtors'     Objector's
                                      Proposed     Proposed
   Cure Objector                      Cure Amount  Cure Amount
   -------------                      -----------  -----------
   American Aikoku Alpha, Inc.             5,823    US$415,761
   Assembly Systems Innovators, LLC       21,651       871,011
   BI Technologies Corp.                 167,743       189,736
   Castwell Products, LLC                108,063       138,425
   F&G Multi-Slide Inc.                        -       250,422
   Furukawa Electric Company Ltd.              -        58,992
   Hydro Aluminum North America, Inc.    533,760       603,421
   Liquidity Solutions, Inc.              43,080        86,009
   MacArthur Corp.                        23,206        43,041
   Master Automatic, Inc.                  3,013       153,868
   Millennium Industries Corp.           585,170     1,178,152
   Robin Industries, Inc.                  9,615        25,640
   S&Z Metalworks, Ltd.                        -         5,250
   SKF USA Inc.                          103,159       345,366
   Small Parts, Inc.                       1,536         7,599
   Stoneridge, Inc.                      436,312       564,996
   Temic Automotive of North America   2,255,696     2,516,096
   Universal Bearings, LLC               275,509       283,230
   ZF Boge Elastmetall, LLC                    -        17,830

Rosler Metal also asserts that the Debtors should pay it
US$585,346 as cure for the assumption of the parties' contracts.

As reported in the Troubled Company Reporter on Jan. 28, 2008,
Delphi will seek Court approval of the sale at the hearing on
Feb. 21, 2008.

Delphi said, in a news release, plans to conclude the sale as
soon as all regulatory approvals have been received.

Platinum Equity, through Steering Solutions, has offered to
purchase Delphi's global steering and halfshaft businesses for
US$447,000,000.  Delphi previously disclosed in January 2007
that it was working on finalizing a sale and purchase agreement
with Platinum Equity regarding the sale of the businesses.

Pursuant to a Master Sale And Purchase Agreement dated Dec. 10,
2007, have agreed to sell the global steering and halfshaft
businesses to Platinum Equity, but subject to competitive
bidding at an auction scheduled for Jan. 28, 2008.
Delphi said that Platinum Equity was the sole bidder for the
subject assets.

Steering Holding, LLC, previously opposed to Platinum Equity's
designation as stalking horse bidder on grounds that (i) the
proposed break up fee and expense reimbursements, which could
reach up to USUS$8,000,000, is not justified; and (ii) it could
provide a better offer for Delphi's steering and halfshaft
businesses.  The Court, however, denied Steering Holding's
objection, but the party was entitled to submit a competing bid
by Jan. 18, 2008, under the Court-approved protocol.

Under its steering and halfshaft businesses, Delphi designs and
manufactures steering and driveline systems and components for
automotive vehicle manufacturers and adjacent markets.  The
businesses operate 22 manufacturing plants in 15 locations
worldwide, five regional systems engineering centers, and 11
local customer support enters.  In addition, the businesses
employ approximately 9,700 individuals globally, about 5,625 of
whom work in the U.S.  The businesses' customer base includes
major domestic, transnational, and international original
equipment manufacturers, including General Motors Corp., Fiat,
Ford, DaimlerChrysler, and Chevy.  In 2006, the businesses
generated USUS$2,530,000,000 in revenues.

                     About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 111; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

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

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

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


DELPHI CORP: Wants More Time to Remove Pending Civil Actions
------------------------------------------------------------
Delphi Corporation and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York to extend
their deadline to remove pending judicial and administrative
proceedings through the earlier of:

   (a) 30 days after the effective date of their Joint Plan of
       Reorganization; and

   (b) 30 days after the Court enters an order terminating the
       automatic stay with respect an action.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, relates, the Debtors are parties
to more than 200 judicial and administrative actions pending in
various courts or administrative agencies throughout the United
States.

The Debtors' current deadline to remove Actions in accordance
with Section 1452 of the Judiciary and Judicial Procedure Code
and Rule 9027 of the Federal Rules of Bankruptcy Procedure is
Feb. 29, 2008.

The Debtors expect to emerge from Chapter 11 during the first
quarter of the year.

An extension, Mr. Butler asserts, is necessary in the event that
the Debtors' bankruptcy emergence date is delayed beyond
Feb. 29, 2008.  An extension, he adds, will afford the Debtors
an opportunity to make fully informed and prudent decisions
concerning the possible removal of the claims and causes of
action in the Actions, thus protecting the Debtors' valuable
right to adjudicate the Actions economically if current or
future circumstances warrant their removal.

The Debtors' request will not prejudice any party whose
proceeding is removed from seeking remand under Section 1452(b)
of the Bankruptcy Code, Mr. Butler points out.

                     About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 111; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

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

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

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


DOLE FOOD: Fitch Says WTO Ruling on Banana Tariff May be Good
-------------------------------------------------------------
Fitch Ratings views the World Trade Organization's recent
dispute ruling in favor of the United States against the
European Union on its banana tariff policy as a potential
positive for Dole Food Company (Dole, IDR 'B-'; Outlook
Negative).

While a final resolution has not been reached and
the timing of any changes to the current EUR176/metric ton
tariff is still uncertain, additional evidence continues
to surface that a possible reduction in EU banana tariffs could
occur in the near-term.  In late 2007, a WTO dispute
panel ruled in favor of Ecuador that the current EU import
regime was not in compliance with international trade
rules.  These rulings follow continued negotiations between the
EU and Latin American banana producing countries to
cut import duties and drop international trade suits.

On Jan 1, 2006, the European Union  - the second largest
importer of bananas behind North America- implemented a
135% increase in import tariffs on bananas.  The financial
implications of these changes have been substantial.  The
incremental cost of the tariff along with elevated bunker fuel
shipping, procurement and packaging costs have contributed to an
approximate 200 basis point reduction in Dole's EBITDA margin.
Since Dec. 31, 2005, the company's margin has declined to 4.4%
from 6.4%.

Dole's credit protection measures remain weak for the 'B-'
rating category.  For the latest twelve month (LTM) period
ended Oct. 6, 2007, leverage (defined as total debt-to-operating
EBITDA) was 8.2 times (x), interest coverage
(defined as operating EBITDA-to-gross interest expense) was 1.5x
and funds from operations fixed charge coverage was
1.2x.  While a potential reduction in the current European Union
banana tariff would result in improved credit statistics, Dole's
overall cost base will continue to be pressured by elevated fuel
and packaging costs which Fitch expects to remain high in the
near-term.

Fitch currently rates Dole, its Bermuda-based financing
subsidiary and its intermediate holding company as:

   -- Issuer Default Rating (IDR) 'B-';
   -- Secured asset-based revolving facility 'BB-/RR1';
   -- Secured term loan B 'BB-/RR1';
   -- Senior unsecured debt 'CCC+/RR5'.

Solvest Ltd. (Bermuda-based Subsidiary)

   -- Issuer Default Rating (IDR) 'B-';
   -- Secured term loan C 'BB-/RR1'.

Dole Holding Company, LLC (Intermediate Holding Company)

   -- Issuer Default Rating (IDR) 'B-'.

Dole had approximately $2.4 billion in consolidated debt as of
the quarter ended Oct 6, 2007.  The Rating Outlook is
Negative.

                     About Dole Food

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia, primarily to wholesale florists and supermarkets in
the U.S.

The company's European Ripening & Distribution business
distributes DOLE and non-DOLE branded fresh produce in Europe.
This business operates 37 sales and distribution centers in
eleven countries, predominantly in Western Europe.  European
Ripening and Distribution accounted for approximately 38% of our
fresh fruit business segment’s revenues in 2006.

The company maintains its European headquarters in Paris, France
and regional offices in Antwerp, Belgium, Athens, Greece,
Hamburg, Germany, Milan, Italy, Stockholm, Sweden and Cape Town,
South Africa, which are leased from third parties.  The company
also has offices in Madrid, Spain, Rungis, France, Lubeck,
Germany and Dartford, England.


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


ADAN-HAUS KONZEPT: Claims Registration Ends March 7
---------------------------------------------------
Creditors of ADAN-HAUS Konzept & Bau GmbH have until March 7,
2008 to register their claims with court-appointed insolvency
manager Jutta Ruedlin.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         Germany

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

The insolvency manager can be reached at:

         Jutta Ruedlin
         Markt 4
         34212 Melsungen
         Germany
         Tel: 05661 926280
         Fax: 05661 9262820
         E-mail: melsungen@Henningsmeier.de

The District Court of Kassel opened bankruptcy proceedings
against ADAN-HAUS Konzept & Bau GmbH on Jan. 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ADAN-HAUS Konzept & Bau GmbH
         Attn: Arno Duemer, Manager
         Kaufunger Strasse 34
         34329 Nieste
         Germany


AUGUSTA FINANZ-VERMITTLUNGS: Claims Registration Ends March 7
-------------------------------------------------------------
Creditors of Augusta Finanz-Vermittlungs GmbH have until
March 7, 2008 to register their claims with court-appointed
insolvency manager Rudolf Rossmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         Germany

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

The insolvency manager can be reached at:

         Rudolf Rossmann
         Weisskopfstr. 13
         c/o Kanzlei Gabrielli
         Kaufer u. Koll.
         86343 Königsbrunn
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against Augusta Finanz-Vermittlungs GmbH on Jan. 15, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Augusta Finanz-Vermittlungs GmbH
         Attn: Birgit Hervay, Manager
         Derchinger Str. 126
         86165 Augsburg
         Germany


BAUFRANK GESELLSCHAFT: Creditors Meeting Slated for April 2
-----------------------------------------------------------
The court-appointed insolvency manager for Baufrank Gesellschaft
fuer elementiertes Bauen mbH, Hans Raab, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:10 a.m. on April 2.

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

         The District Court of Ansbach
         Meeting Room 1
         Promenade 8
         91522 Ansbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on May 16 at the same venue.

Creditors have until Feb. 29, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hans Raab
         Marktstr. 1
         91448 Emskirchen
         Germany
         Tel: 09104 829418
         Fax: 09104 829 441

The District Court of Ansbach opened bankruptcy proceedings
against Baufrank Gesellschaft fuer elementiertes Bauen mbH on
Feb. 1, 2008. Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Baufrank Gesellschaft fuer
         elementiertes Bauen mbH
         Bahnhofstr. 37
         91717 Wassertruedingen
         Germany


BAUGESCHAFT WILFERT: Claims Registration Ends March 7
-----------------------------------------------------
Creditors of Baugeschaft Wilfert GmbH have until March 7, 2008
to register their claims with court-appointed insolvency manager
Gunther Neef.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 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 Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         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:

         Gunther Neef
         Bismarckstrasse 21
         95028 Hof
         Germany
         Tel: 09281/140056
         Fax: 09281/14005777

The District Court of Hof opened bankruptcy proceedings against
Baugeschaft Wilfert GmbH on Jan. 2, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Baugeschaft Wilfert GmbH
         Attn: Thomas Bauer, Manager
         von-Beulwitz-Str. 2
         95180 Berg
         Germany


BOECKENHOFF GMBH: Claims Registration Period Ends February 29
-------------------------------------------------------------
Creditors of Boeckenhoff GmbH have until Feb. 29. 2008 to
register their claims with court-appointed insolvency manager
Wilhelm Klaas.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 18, 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:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld
         Germany
         Tel: 02151/80580
         Fax: 02151/805858

The District Court of Kleve opened bankruptcy proceedings
against Boeckenhoff GmbH on Feb. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Boeckenhoff GmbH
         Kevelaerer Strasse 30-32
         47652 Weeze
         Germany

         Attn: Christoph Linssen, Manager
         Laar 8 b
         47652 Weeze
         Germany


D & N LANDMASCHINEN: Creditors' Meeting Slated for February 21
--------------------------------------------------------------
The court-appointed insolvency manager for D & N Landmaschinen-
Handelsgesellschaft mbH, Christian Willmer will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:20 a.m. on Feb. 21, 2008.

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

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         Germany

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

Creditors have until March 6, 2008  to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Dr. Christian Willmer
          Georgstrasse 5
          D 27283 Verden
          Germany
          Tel: 04231-884-0,
          Fax: 04231-884-55

The District Court of Syke opened bankruptcy proceedings against
D & N Landmaschinen-Handelsgesellschaft mbH on Jan. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          D & N Landmaschinen-Handelsgesellschaft mbH
          Attn: Elke Dauser-Kurihara, Manager
          Schoenberger Dorfstr. 61
          16835 Lindow/Mark
          Germany


D UND D TRANSPORT: Claims Registration Period Ends March 5
----------------------------------------------------------
Creditors of D und D Transport GmbH have until March 5, 2008, to
register their claims with court-appointed insolvency manager
Dr. Friedrich Seggebruch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on April 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Dr. Friedrich Seggebruch
         Damaschkestrasse 21
         10711 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against D und D Transport GmbH on Jan. 10, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         D und D Transport GmbH
         Eichhoernchenweg 34
         14558 Nuthetal
         Germany


DELTA 2 MARKETING: Claims Registration Period Ends February 29
--------------------------------------------------------------
Creditors of Delta 2 Marketing & Communication GmbH have until
Feb. 29, 2008 to register their claims with court-appointed
insolvency manager Dr. Wolf-R. von der Fecht.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on March 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Dr. Wolf-R. von der Fecht
         Rheinort 1
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Delta 2 Marketing & Communication GmbH on Feb. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Delta 2 Marketing & Communication GmbH
         Rethelstrasse 153
         40237 Duesseldorf
         Germany

         Attn: Juergen Linstromberg, Manager
         Ringstr. 40
         42489 Wuelfrath
         Germany


ELP-MEDIEN: Claims Registration Period Ends March 5
---------------------------------------------------
Creditors of ELP-Medien und Verlags GmbH have until March 5,
2008, to register their claims with court-appointed insolvency
manager Dr. Sebastian Braun.

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 Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

          Dr. Sebastian Braun
          Josef-Schmitt-Strasse 10
          97922 Lauda-Koenigshofen
          Germany
          Tel: 09343/2065
          Fax: 09343/3833

The District Court of Offenbach am Main opened bankruptcy
proceedings against ELP-Medien und Verlags GmbH on Jan. 22,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          ELP-Medien und Verlags GmbH
          Bieberer Str. 1-7
          63065 Offenbach am Main
          Germany


HAARSTUDIO NORBERT: Claims Registration Period Ends March 5
-----------------------------------------------------------
Creditors of Haarstudio Norbert Specht GmbH have until March 5,
2008, to register their claims with court-appointed insolvency
manager Dr. Lason Gutsche.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on April 16, 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 Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be reached at:

         Dr. Lason Gutsche
         Cronstettenstrasse 30
         60322 Frankfurt am Main
         Germany
         Tel: 069/9591100
         Fax: 069/95911012

The District Court of Frankfurt am Main opened bankruptcy
proceedings against Haarstudio Norbert Specht GmbH on Jan. 9,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Haarstudio Norbert Specht GmbH
          Hadrianstrasse 17
          60439 Frankfurt am Main
          Germany


HAIR BEAUTY: Claims Registration Period Ends March 5
----------------------------------------------------
Creditors of Hair Beauty GmbH have until March 5, 2008, to
register their claims with court-appointed insolvency manager
Dr. Marcus Egner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 16, 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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

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

The insolvency manager can be reached at:

          Dr. Marcus Egner
          Moltkestrasse 40
          74072 Heilbronn
          Germany
          Tel: 07131/60990
          Fax: 07131/609962

The District Court of Heilbronn opened bankruptcy proceedings
against Hair Beauty GmbH on Feb. 2, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Hair Beauty GmbH
          Frankenbacher Strasse 22
          74078 Heilbronn
          Germany


GUESTROWER MELIORATIONS: Claims Registration Period Ends March 5
----------------------------------------------------------------
Creditors of Guestrower Meliorations-, Wasser- und Tiefbau GmbH
have until March 5, 2008, to register their claims with court-
appointed insolvency manager Herbert Huelsbergen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 16, 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 Rostock
         Hall 330
         Zochstrasse 13
         18057 Rostock
         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 Huelsbergen
         Graf-Schack-Strasse 14
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against Guestrower Meliorations-, Wasser- und Tiefbau GmbH on
Jan. 21, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Guestrower Meliorations-, Wasser- und Tiefbau GmbH
         Attn:  Karl-Heinz Kleinpeter und Hans-Georg Hinrichs,
         Manager
         Heideweg 43
         18273 Guestrow
         Germany


JONAS & SCHWARZ: Claims Registration Period Ends February 28
------------------------------------------------------------
Creditors of Jonas & Schwarz GmbH have until Feb. 28, 2008 to
register their claims with court-appointed insolvency manager
Holger Leichtle.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 14, 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 Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         Ludwigsburg
         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:

         Holger Leichtle
         Danneckerstrasse 52
         70182 Stuttgart
         Germany
         Tel: 0711/238890

The District Court of Ludwigsburg opened bankruptcy proceedings
against Jonas & Schwarz GmbH on Feb. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Jonas & Schwarz GmbH
         Attn: Stefan Jonas und
               Markus Schwarz, Managers
         Schwieberdingerstr. 54
         71636 Ludwigsburg


KAUFMANN & CO: Creditors' Meeting Slated for March 6
----------------------------------------------------
The court-appointed insolvency manager for Kaufmann & Co. GmbH,
Manfred Kuhne will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:30 a.m. on
March 6, 2008.

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

         The District Court of Marburg/Lahn
         Hall 159
         Universitatsstrasse 48
         35037 Marburg/Lahn
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:45 a.m. on April 9, 2008 at:

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

Creditors have until March 7, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Manfred Kuhne
         Fach 31
         Schwanallee 18-20
         35037 Marburg
         Tel: 06421/407960
         Fax: 06421/15858

The District Court of Marburg/Lahn opened bankruptcy proceedings
against Kaufmann & Co. GmbH on Jan. 14, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Kaufmann & Co. GmbH
         Attn: Mark Kaufmann, Manager
         Herborner Str. 23
         35075 Gladenbach
         Germany


LANDTECHNIK ANDERTEN: Claims Registration Period Ends March 5
-------------------------------------------------------------
Creditors of Landtechnik Anderten GmbH have until March 5, 2008
to register their claims with court-appointed insolvency manager
Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on April 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

          Hartwig Albers
          Luetzowstrasse 100
          10785 Berlin
          Germany

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

The Debtor can be reached at:

          Landtechnik Anderten GmbH
          Attn: Udo Herre, Manager
          Kampaweg 1
          14822 Linthe
          Germany


MALKUS & ROBERT: Claims Registration Period Ends February 27
------------------------------------------------------------
Creditors of Malkus & Robert GmbH have until Feb. 27, 2008 to
register their claims with court-appointed insolvency manager
Steuerberater Wolfgang Lorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 119 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Steuerberater Wolfgang Lorisch
         Kurt-Schumacher-Str. 48
         45699 Herten
         Germany
         Tel: 02366/10820
         Fax: +492366108282

The District Court of Muenster opened bankruptcy proceedings
against Malkus & Robert GmbH on Feb. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Malkus & Robert GmbH
         Attn: Heinz-Peter Robert, Manager
         Barloer Strasse 106
         46414 Rhede
         Germany


MARTIN THIEME: Claims Registration Period Ends March 5
------------------------------------------------------
Creditors of Martin Thieme GebAudereinigung und Sanierung GmbH
have until March 5, 2008 to register their claims with court-
appointed insolvency manager Hubertus Bange.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 Muenster
          Meeting Hall 119 B
          First Floor
          Gerichtsstr. 2-6
          48149 Muenster
          Germany

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

The insolvency manager can be reached at:

          Hubertus Bange
          Kardinal-von-Galen-Str. 5
          48268 Greven
          Germany
          Tel: 02571/865-0
          Fax: +4925718645

The District Court of Muenster opened bankruptcy proceedings
against Martin Thieme GebAudereinigung und Sanierung GmbH on
Jan. 15, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Martin Thieme GebAudereinigung und Sanierung GmbH
          Attn:  Martin Thieme, Manager
          Bahnhofstrasse 23
          48268 Greven
          Germany


PETROLEOS DE VENEZUELA: Fitch Says Freeze Has Little Effect
-----------------------------------------------------------
Fitch Ratings views a British court order to freeze up to
US$12 billion of Petroleos de Venezuela SA's worldwide assets to
have a minimum impact on the company's day to day operations, as
well as its near term credit quality and financial flexibility.

In order to comply with this court order, PDVSA must maintain
$12 billion of unencumbered assets anywhere in the world.  The
order in and of itself does not prevent PDVSA from transacting
business, and from a practical perspective transferring assets
given its total consolidated asset base of more than
US$92 billion.  PDVSA is expected to oppose this decision and
present their opposing arguments later this month.  The
enforcement of this order and the applicability of British
jurisdiction over assets domiciled outside of the UK
remain unclear at this time.

More importantly, this order is part of the legal wrangling over
the ongoing dispute between PDVSA and Exxon Mobil
regarding the nationalization of the Cerro Negro heavy oil
project in the Orinoco belt.  The compensation to Exxon
Mobil for this action remains in dispute and is currently in
arbitration; the outcome of this arbitration process
remains uncertain.  A negative outcome of the arbitration could
pressure the credit profile of PDVSA, which timing
could be lengthy.  In the meantime, the ability of the courts to
encumber any of PDVSA assets before the arbitration
process is complete is unlikely.

PDVSA, Venezuela's national oil company, is engaged in the
exploration and production of crude oil and natural gas;
the refining, marketing and transportation of crude and refined
products; and the production of petrochemicals, as
well as various other hydrocarbon-related activities in
Venezuela and abroad.  The Venezuelan government is the
company's sole shareholder. The majority of PDVSA's cash
generating assets are located in Venezuela (85%), and in
the United States (15%) through its Citgo subsidiary. PDVSA's
European assets represent only a small portion of the
company's US$92.6 billion of total consolidated assets as of
June 30, 2007.

The company's Long Term Issuer Default Rating and Local Currency
Long Term Issuer Default Rating are both rated BB- by Fitch.
Fitch also said that ratings outlook was negative.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.  The
company also has offices in London and Holland.

RUHR OEL GMBH, a German refinery in 50% run by PDVSA.   The
company has a one million-barrel refining capacity per day, of
which around 250,000 belong to the Venezuelan corporation.  The
company also provides the German market with 20% of its by-
products and petrochemicals needs.

PDVSA runs 50% of this company in association with Veba Oel,
which has four refineries, that makes it the biggest company
refining oil products in Germany. It has a one million-barrel
refining capacity per day, of which around 250,000 belong to the
Venezuelan corporation.  Besides this, RUHR OEL GMBH provides
the German market with 20% of its by-products and petrochemicals
needs.

PDVSA and the Finnish Neste Corporation are partners, with a
share 50% each of the corporation AB NYNAS PETROLEUM, which runs
refineries in Sweden, Belgium and The United Kingdom.


PRAGMATIC GESELLSCHAFT: Claims Registration Period Ends March 5
---------------------------------------------------------------
Creditors of PRAGMATIC Gesellschaft fuer Pragmatische DV-
Organisation, Programmierung & Schulung mbH have until March 5,
2008 to register their claims with court-appointed insolvency
manager Andreas Fischer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Baden-Baden
         Hall 009a
         Ground Floor
         Gutenbergstr. 17
         76532 Baden-Baden
         Germany

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

The insolvency manager can be reached at:

          Andreas Fischer
          Erbprinzenstr. 27
          76133 Karlsruhe
          Germany

The District Court of Baden-Baden opened bankruptcy proceedings
against PRAGMATIC Gesellschaft fuer Pragmatische DV-
Organisation, Programmierung & Schulung mbH on Jan. 8, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          PRAGMATIC Gesellschaft fuer Pragmatische DV-
          Organisation, Programmierung & Schulung mbH
          Attn: Anna Demuth-Franke, Manager
          Kronprinzenstr. 1 A
          76530 Baden-Baden
          Germany


SANITARINSTALLATION HELMUT: Claims Registration Ends March 5
------------------------------------------------------------
Creditors of Sanitarinstallation Helmut Bathon GmbH have until
March 5, 2008 to register their claims with court-appointed
insolvency manager Franz X. Kerber.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on April 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         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:

          Franz X. Kerber
          Kleberstr. 4
          63739 Aschaffenburg
          Germany
          Tel: 06021/22150
          Fax: 06021/24620

The District Court of Aschaffenburg opened bankruptcy
proceedings against Sanitarinstallation Helmut Bathon GmbH on
Jan. 10, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Sanitarinstallation Helmut Bathon GmbH
          Hofackerstr. 19
          63776 Moembris
          Germany


* Insolvency Cases in Germany Drops in November 2007
----------------------------------------------------
German insolvency courts reported a total of 14,565 insolvencies
in November 2007, including 2,715 enterprise insolvencies and
9,376 consumer insolvencies, the Federal Statistical Office
(Destatis) disclosed on its website.

Following the correction of the data from two federal Lander for
2006, the data for 2007 can be compared with previous year’s
figures again.  In November 2007, the number of consumer
insolvencies for the first time decreased by 3.2% from the
corresponding month of the previous year.

Enterprise insolvencies continued to decrease.  However, the
decrease was – 1.8% and hence weaker than in the previous
months.


=============
H U N G A R Y
=============


FLEXTRONICS INT'L: Plans to Buy FRIWO Mobile Unit from CEAG AG
--------------------------------------------------------------
Flextronics International Ltd. disclosed plans to acquire the
FRIWO Mobile Power business unit of CEAG AG, a global market
leader for power supplies and chargers for mobile telephones.
FRIWO Mobile develops, produces and markets power supply and
charging devices for mobile applications in the
telecommunications sector.  FRIWO Mobile will become part of
Flextronics' components business unit Vista Point Technologies,
which designs, builds and markets refined microsystems for end
users, including camera modules, antennas, radio frequency
modules, and thin film transistor displays and power supplies.
The transaction is subject to regulatory approvals and other
customary closing conditions and is expected to close during
Flextronics' first quarter ending June 30, 2008.

Flextronics will support CEAG's remaining business unit, FRIWO
Power Solutions, through an EMS partnership whereby the Vista
Point Technologies business unit will provide manufacturing
requirements for FRIWO Power that are currently managed by FRIWO
Mobile, which operates three manufacturing facilities in China
and R&D centers in Germany and China.

"This acquisition will significantly expand our capabilities in
the area of low power (10 Watts) AC/DC power supplies and will
establish us as one of the top two mobile charger suppliers
worldwide," said Vista Point Technologies president, Bob
Roohparvar.  "Additionally, this acquisition will add
significant relationships with leading mobile phone OEMs, will
strengthen our vertical integration capabilities through the
addition of magnetic (transformer) manufacturing and cable
assembly and will add three power supply manufacturing
facilities to our current Dongguan location.  This is a
strategic acquisition that is synergistic with our power
supplies strategy and we look forward to bringing the FMP team
onboard with our business unit."

"This transaction fits our acquisition strategy perfectly, which
is to add various component technologies and be the number one
or two global supplier for each of the component technologies we
offer," said Flextronics chief executive officer, Mike McNamara.
"In relation to Flextronics, these types of acquisitions are
typically small, as is the case with FMP.  The acquisition price
is approximately US$85 million for which we will be acquiring
annual revenues of approximately US$375 million at slightly
higher than corporate average operating margins."

                       About Flextronics

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                          *     *     *

Flextronics International Ltd. continues to carry Moody's "Ba1"
probability of default and long-term corporate family ratings
with a negative outlook.

The company also carries Standard & Poor's "BB+" long-term local
and foreign issuer credit ratings with a negative outlook.


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


ALITALIA SPA: AirOne SpA Welcomes More Partners for Stake Bid
-------------------------------------------------------------
AirOne S.p.A. is inviting local and foreign investors to join
its binding offer for the Italian government's 49.9% stake in
Alitalia S.p.A., Reuters reports, citing AirOne chairman Carlo
Toto.

As reported in the TCR-Europe on Feb. 7, 2008, AirOne said its
offer will be financially backed by Intesa Sanpaolo S.p.A.,
Goldman Sachs Group Inc., Morgan Stanley and Nomura Holdings
Plc.

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

A spokesman for Giorgio Armani, meanwhile, denied reports that
Milan-based fashion designer is mulling to participate in
AirOne's stake bid.

AirOne said it would present a binding offer once it wins an
appeal at the Italian Regional Administration Court of Lazio.
As reported in the TCR-Europe on Feb. 5, 2008, AP Holding
S.p.A., investment arm of AirOne, has filed an appeal with the
court  to declare null and void a Dec. 28, 2007, decision of
Italy's Ministry of Economy and Finance to commence exclusive
talks to sell the Italy's stake to Air France.

AirOne winning the suit would allow it to present its binding
offer for the state-owned carrier.

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

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

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

   -- acquire 100% of Alitalia convertible bonds; and

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

                          About Alitalia

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

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

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


ALITALIA SPA: Air France to Place Company Under Direct Control
--------------------------------------------------------------
Air France-KLM S.A. would place Alitalia S.p.A. under direct
control if it acquires the Italian government's 49.9% stake in
the national carrier, Reuters reports, citing sources privy to
the French airline.

A union leader earlier told Reuters that Air France is planning
to place Alitalia under a sub-holding for three years until the
Italian carrier breaks even.  This, according to the source,
would mean that both airlines could keep bilateral landing
rights agreed at state level.

                           Share Swap

The sources added to Reuters that the Italian government could
sit at Air France's board if it becomes a shareholder at the
French carrier by agreeing to a share swap deal.

According to Reuters, Air France is offering EUR0.35 per share
for the government's stake.

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

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

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

   -- acquire 100% of Alitalia convertible bonds; and

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

                           Legal Contest

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

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

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

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

                          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.


TISCALI SPA: S&P Lifts Ratings to B+ on Rights Issue Completion
---------------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
corporate credit rating to 'B+' from 'B' on Tiscali SpA, an
alternative provider of Internet, telephony, and TV services in
Italy and the U.K.

The one-notch upgrade also applies to S&P's long-term debt
ratings on the EUR50 million senior secured term loan and
EUR50 million senior secured revolving credit facility taken on
by financing vehicle Tiscali U.K. Holdings Ltd.  These debt
obligations' recovery ratings of respectively '3' (meaningful
{50%-70%} recovery in the event of a payment default, given the
presence of the EUR400 million bridge facility) and '2'
(substantial {70%-90%} recovery in the event of a payment
default) remain unchanged and are meaningfully influenced by the
impact of the Italian insolvency regime on lenders' recovery
prospects.

At the same time, S&P removed all of the credit ratings from
CreditWatch, where they had been placed with positive
implications on Jan. 10, 2008, when they first assigned ratings
to Tiscali.  The outlook is stable.

"The upgrade reflects Tiscali shareholders' virtually complete
subscription (97.85%), through pre-emption rights, of the total
ordinary shares being offered through the rights issue," said
Standard & Poor's credit analyst Leandro de Torres Zabala.  "The
group will use the proceeds to repay a EUR150 million bridge
facility, thereby reducing leverage."

The rating continues to be constrained by the group's negative
free operating cash flow generation and by high financial
leverage primarily from the acquisition of Pipex Communications
PLC.  It is also limited by Tiscali's fairly modest business
scale and by continuing investments in its two markets, which
are weighing on operating margins and FOCF generation.

The rating is supported by Tiscali's favorable strategic
positioning in the high-growth broadband markets of the U.K. and
Italy.  The rating also acknowledges our expectation of
continuous organic earnings growth, based on Tiscali's strategy
of developing its direct customer base through the deployment of
full local loop unbundling, despite material price pressure.

Pro forma for the recent refinancing, the Pipex acquisition, and
the EUR150 million rights issue, the ratio of Standard & Poor's-
adjusted net debt to last-12-month EBITDA was about 4.0x at
Sept. 30, 2007.  S&P expects Tiscali to perform in line with its
business plan, including, in 2008, strong sales and EBITDA
growth (about 39% and 81%, respectively, with Pipex consolidated
from Sept. 13, 2007), contained capital expenditures (at about
EUR225 million), and positive -- although modest -- FOCF
generation.
"We also expect the group to deleverage to a Standard & Poor's-
adjusted gross debt-to-EBITDA ratio of about 3x in 2008," said
Mr. de Torres.

The outlook assumes, in addition, manageable competitive and
price conditions in the U.K. broadband market, as well as the
successful integration of Pipex and the extraction of planned
synergies.


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


ALIR LLP: Proof of Claim Deadline Slated for March 7
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Alir insolvent.

Creditors have until March 7, 2008 to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Voroshilov Str. 4-11
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 22-50-14
         FAX: 8 (7232) 55-55-48


BAISERIK-JOLY LLP: Creditors Must File Claims by March 7
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Baiserik-Joly insolvent.

Creditors have until March 7, 2008 to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan


ETHNO-A LLP: Claims Filing Period Ends March 7
----------------------------------------------
LLP Publishing House Ethno-A has declared insolvency.  Creditors
have until March 7, 2008 to submit written proofs of claims to:

         LLP Publishing House Ethno-A
         Office 38
         Dostyk ave. 105
         Almaty
         Kazakhstan


GEYA LLP: Creditors' Claims Due on March 7
------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Geya insolvent.

Creditors have until March 7, 2008 to submit written proofs of
claims to:

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


KARLYGASH LLP: Claims Registration Ends March 7
-----------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Karlygash (RNN 090200001200).

Creditors have until March 7, 2008 to submit written proofs of
claims to:

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


KOSTANAI COMMERCE: Creditors Must File Claims by March 7
--------------------------------------------------------
LLP Kostanai Commerce has declared insolvency.  Creditors have
until March 7, 2008 to submit written proofs of claims to:

         LLP Kostanai Commerce
         Skladskaya Str. 1
         110006, Kostanai
         Kazakhstan


LAVANDA OIL: Claims Filing Period Ends March 7
----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Lavanda Oil insolvent.

Creditors have until March 7, 2008 to submit written proofs of
claims to:

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


SAYAT SERVICE: Creditors' Claims Due on March 11
------------------------------------------------
LLP Sayat Service Group has declared insolvency.  Creditors have
until March 11, 2008 to submit written proofs of claims to:

         LLP Sayat Service Group
         Moldagaliyev Str. 3-45
         Almaty
         Kazakhstan


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


KYRGYZ AVIA: Creditors Must File Claims by February 26
------------------------------------------------------
LLC Kyrgyz Avia Leasing has declared insolvency.  Creditors have
until Feb. 26, 2008 to submit written proofs of claim to:

         LLC Kyrgyz Avia Leasing
         Chui Ave. 128-10
         Bishkek
         Kyrgyzstan


OSH-INSAN: Claims Filing Period Ends February 26
------------------------------------------------
Branch of JS Commercial Bank Osh-Insan has declared insolvency.
Creditors have until Feb. 26, 2008 to submit written proofs of
claim to:

         Branch of JS Commercial Bank Osh-Insan
         Masaliyev Str. 73
         Osh
         Kyrgyzstan


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


ACXIOM CORP: Mr. Meyer Gets Nonqualified Options to Buy Shares
--------------------------------------------------------------
Acxiom(R) Corporation disclosed that, in connection with its
hiring of John A. Meyer as its Chief Executive Officer and
President, Mr. Meyer was granted inducement awards consisting of
nonqualified stock options to purchase 265,000 shares of the
company’s common stock and restricted stock units in respect of
115,000 shares of the company’s common stock.

The stock options have a per share exercise price equal to the
fair market value on the date of the grant, have a 10-year term
and will vest ratably over four years, 25 percent per year,
beginning on the first anniversary of the grant.  The
restrictions on the restricted stock units granted to Meyer will
lapse ratably over four years, 25 percent per year, beginning on
the first anniversary of the grant.  These inducement awards
were granted outside of the 2005 Equity Compensation Plan of
Acxiom Corporation, approved by the independent members of the
Company’s board of directors and granted as an inducement
material to Meyer’s employment with the Company in accordance
with Nasdaq Marketplace Rule 4350(i)(1)(iv).  As previously
reported by the company in its Current Report on Form 8-K filed
Jan. 17, 2008, Mr. Meyer was also granted certain equity
incentive awards under the 2005 Equity Compensation Plan of
Acxiom Corporation in connection with his employment, and he is
to be granted certain performance share units in respect of the
company’s common stock as an inducement award no later than May
15, 2008 pursuant to his employment agreement.

                          About Acxiom

Headquartered in Little Rock, Arkansas, Acxiom Corporation,
(Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data,
services and technology to create and deliver customer and
information management solutions for many of the largest, most
respected companies in the world.  The core components of
Acxiom's innovative solutions are Customer Data Integration
(CDI) technology, data, database services, IT outsourcing,
consulting and analytics, and privacy leadership.  Founded in
1969, Acxiom has locations in the United States, Poland,
Portugal, United Kingdom, Netherlands, Australia, China and
Canada.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 17,
2007, Moody's Investors Service confirmed Acxiom's Ba2 corporate
family rating and assigned a negative rating outlook, concluding
a review for possible downgrade initiated on May 17, 2007,
following the company's announcement that it had entered into a
definitive agreement to be acquired by Silver Lake and ValueAct
Capital for US$3 billion.


* Linklaters Launches Dutch Restructuring & Insolvency Practice
---------------------------------------------------------------
Linklaters, on Feb. 4, 2008, launched a Dutch restructuring &
insolvency practice with the appointment of Paul Kuipers as
Counsel in Amsterdam.

Paul joins Linklaters from Simmons & Simmons where he was a
partner specialising in corporate recovery.  He has extensive
experience in a wide range of insolvency-related matters,
stressed and distressed reorganisation and debt restructurings,
advising banks, creditors and debtors.  His experience includes
advising on issues relating to the European insolvency
regulation.

Paul, who will head the new practice, will be responsible for
developing a broad restructuring & insolvency capability in the
Netherlands, advising corporates and financial institutions on
debt and equity restructurings, workouts, reorganisations and
insolvency issues.

Tony Bugg, global head of restructuring & insolvency, said: "We
are seeing an increasing demand for restructuring & insolvency
advice in the Netherlands, just as we are globally.  Paul's
appointment will enable us to meet this demand and reflects our
commitment to providing the highest quality advice to our
clients globally."

Martijn Koopal, head of Linklaters' Amsterdam office, said: "The
launch of our Dutch restructuring & insolvency practice
represents another key step in the ongoing development of our
Amsterdam office, following the launch of our Dutch tax and
employment practices last year.  Paul is an outstanding lawyer
whose appointment will enable us to deepen our relationships
with major Dutch financial institutions and corporates who
require specialist restructuring and insolvency advice."


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


BOT ELEKTROWNIA: S&P Withdraws B Ratings at Company's Request
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B' long-term
corporate credit rating on Poland-based electricity generator
BOT Elektrownia Turow S.A. at the company's request.  Turow has
no public debt outstanding.

At the time of the withdrawal, the outlook was positive,
reflecting the possibility that compensation for the termination
of power purchase agreements and the integration of Turow into
state-controlled Polska Grupa Energetyczna would reduce Turow's
liquidity risk and improve its business and financial risk
profiles.  The outlook also reflected potential parental support
from PGE, which has already materialized in the partial
refinancing of Turow's debt at the PGE level.  At the time of
the rating's withdrawal, Standard & Poor's did not have complete
information on the progress of the aforementioned developments.


PRIMA CHARTER: Cash Flow to Sell Stake
--------------------------------------
Cash Flow disclosed that its  management board has assessed that
the firm's investment in Prima Charter was considered high risk,
the Financial Times reports citing Polish News Bulletin.

The assessment, according to the report, was based on the
airline's:

     * recent insolvency procedures,

     * halt in operational activity, and

     * development blueprint drawn up by the management board of
       Prima Charter.

As a result, Cash Flow has decided to sell its stocks in the
airline.  Cash Flow intends to invite bidders soon to buy its
stocks in Prima Charter, the report adds.  Other parties have
also expressed their intention to sell their Prima Charter
shares.

Around 34% of the airline's stock will probably be up for sale,
the report discloses.

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


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


ANGARSK-WOOD: Court Names A. Gievskiy as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Krasnoyarsk appointed A. Gievskiy as
Insolvency Manager for LLC Angarsk-Wood.  He can be reached at:

         A. Gievskiy
         Urvantseva Str. 23-7
         660125 Krasnoyarsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-8457/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Angarsk-Wood
         Lesnaya Str. 9-1
         Angarskiy
         Boguchanskiy
         Krasnoyarsk
         Russia


BMK–ELECTRIC STEEL: Creditors Must File Claims by February 28
-------------------------------------------------------------
Creditors of OJSC BMK–Electric Steel have until Feb. 28, 2008,
to submit proofs of claim to:

         Y. Parshin
         Insolvency Manager
         Post User Box 174
         Rossiyskaya Str. 108
         Ufa
         450098 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-24376/06-G-GIA.

The Court is located at:

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

The Debtor can be reached at:

         Y. Parshin
         Insolvency Manager
         Post User Box 174
         Rossiyskaya Str. 108
         Ufa
         450098 Bashkortostan
         Russia


GAVAN-BREAD OJSC: Creditors Must File Claims by March 28
--------------------------------------------------------
Creditors of OJSC Gavan-Bread (TIN 2704004020) have until
March 28, 2008, to submit proofs of claims to:

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

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73-4803/2007-39/37.

The Debtor can be reached at:

         OJSC Gavan-Bread
         Griboedova Str. 1
         Sovetskaya Gavan
         Khabarovsk
         Russia


PARTNERSHIP-NORTH: Creditors Must File Claims by February 28
------------------------------------------------------------
Creditors of LLC Partnership-North have until Feb. 28, 2008, to
submit proofs of claim to:

         D. Upirov
         Insolvency Manager
         Office 413
         Aviatorov Str. 19
         660079 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-9256/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Partnership-North
         Norilsk
         Russia


PETRO-STROY-INVEST: Creditors Must File Claims by March 28
----------------------------------------------------------
Creditors of OJSC Petro-Stroy-Invest have until March 28, 2008,
to submit proofs of claims to:

         G. Pogosyan
         Insolvency Manager
         Post User Box 152
         160000 Volgograd
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-26704/2007.

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         OJSC Petro-Stroy-Invest
         St. Petersburg and Leningrad
         Russia


QUARTS-TRANS: Creditors Must File Claims by February 28
-------------------------------------------------------
Creditors of CJSC Quarts-Trans have until Feb. 28, 2008, to
submit proofs of claim to:

         V. Zorov
         Insolvency Manager
         Karla Marksa Str. 9
         Kineshma
         155800 Ivanovo
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-4762/2007-K1-120B.

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir
         Russia

The Debtor can be reached at:

         CJSC Quarts-Trans
         Kurskaya Str. 5
         Vladimir
         Russia


ROSNEFT OIL: Mandates Nine Banks to Arrange US$2 Billion Loan
-------------------------------------------------------------
OAO Rosneft Oil Co. has mandated nine banks to arrange a
US$2 billion loan to repay maturing debts, The Financial Times
reports citing Interfax News as its source.

The five-year loan will be arranged by:

   -- Barclays,
   -- Bank of Tokyo-Mitsubishi,
   -- BNP Paribas,
   -- Deutsche Bank,
   -- BayernLB,
   -- ING,
   -- Societe Generale,
   -- SNBC, and
   -- WestLB.

The loan's syndication will commence mid-to-late February.

As reported in TCR-Europe on Jan. 28, 2008, Rosneft was seeking
a US$2 billion loan, with negotiated interest of 0.95 percentage
point more than LIBOR and 0.5 percentage point above the
company's existing debts.

Rosneft would use part of the amount to repay US$11.75 billion
in bridging loans, US$2.7 billion of which are due March 2008.
The company used the bridging loan -- extended by ABN Amro
Holding BV, Barclays Plc, BNP Paribas SA, Calyon SA, Citigroup
Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan
Stanley -- to finance its acquisition of Yukos assets early
2007.

                         About Rosneft

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

                         *     *     *

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


VOSTOK-AGRO-PRODUCT: Creditors Must File Claims by February 28
--------------------------------------------------------------
Creditors of LLC Vostok-Agro-Product (TIN 6143045554) 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 Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A53-2694/2007-S1-33.

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 Vostok-Agro-Product
         Morskaya Str. 3/7
         Volgodonsk
         347360 Rostov
         Russia


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


ALEX ECKART: Creditors' Liquidation Claims Due by Feb. 18
---------------------------------------------------------
Creditors of LLC Alex Eckart have until Feb. 18, 2008, to submit
their claims to:

The Debtor can be reached at:

         LLC Alex Eckart
         Salisstrasse 2
         9000 St. Gallen
         Switzerland


ARTPHOTO LLC: Creditors' Liquidation Claims Due by Feb. 18
----------------------------------------------------------
Creditors of LLC Artphoto have until Feb. 18, 2008, to submit
their claims to:

         Peter K. Kraus
         JSC Revitrag Treuhand
         Metallstrasse 9a
         6304 Zug
         Switzerland

The Debtor can be reached at:

         LLC Artphoto
         Zug
         Switzerland


FICO MANAGEMENT: Schaffhausen Court Starts Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Service of Schaffhausen commenced bankruptcy
proceedings against LLC FICO Management on Jan. 11, 2008.

The Bankruptcy Service of Schaffhausen can be reached at:

         Bankruptcy Service of Schaffhausen
         8201 Schaffhausen
         Switzerland

The Debtor can be reached at:

         LLC FICO Management
         Hauptstrasse 22
         8414 Buch am Irchel
         Andelfingen ZH
         Switzerland


GIPFELBERG HOLDING: Creditors' Liquidation Claims Due by Feb. 18
----------------------------------------------------------------
Creditors of LLC Gipfelberg Holding have until Feb. 18, 2008, to
submit their claims to:

         JSC DSA Holding
         via Nassa 5
         6900 Lugano TI
         Switzerland

The Debtor can be reached at:

         LLC Gipfelberg Holding
         Basel BS
         Switzerland


NOBILIA LLC: Creditors' Liquidation Claims Due by Feb. 18
---------------------------------------------------------
Creditors of LLC Nobilia have until Feb. 18, 2008, to submit
their claims to:

         Susan Balmer
         Fohrholzlistrasse 8
         5443 Niederrohrdorf
         Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Nobilia
         Niederrohrdorf
         Baden AG
         Switzerland


PHILANTHROPIA LLC: Creditors' Liquidation Claims Due by Feb. 18
---------------------------------------------------------------
Creditors of LLC Philanthropia have until Feb. 18, 2008, to
submit their claims to:

         LLC Philanthropia
         Bleicherweg 39
         8002 Zurich
         Switzerland


PS PROGRAMM: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC PS Programm Support on Jan. 11, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC PS Programm Support
         Allmendstrasse 11
         6312 Steinhausen ZG
         Switzerland


WILTON LICENSING: Creditors' Liquidation Claims Due by Feb. 18
--------------------------------------------------------------
Creditors of JSC Wilton Licensing have until Feb. 18, 2008, to
submit their claims to:

         JSC Bachmann Treuhand
         Liquidator
         Am Schanzengraben 25
         8002 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Wilton Licensing
         Hergiswil NW
         Switzerland


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


ALEKSANDRIYA LLC: Creditors Must File Claims by February 22
-----------------------------------------------------------
Creditors of LLC Agrodar Subsidiary Company Aleksandriya (code
EDRPOU 30090313) have until Feb. 22, 2008, to submit written
proofs of claim to:

         Kulik Victor
         Liquidator
         Apartment 27
         Zhukov Quarter 4
         91055 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 10, 2008.
The case is docketed under Case. No. 12/551b.

The Debtor can be reached at:

         LLC Agrodar Subsidiary Company Aleksandriya
         Kalashnikov Str. 1
         Sverdlovsk
         94800 Lugansk
         Ukraine


ALFIN LLC: Creditors Must File Claims by February 22
----------------------------------------------------
Creditors of LLC Alfin (code EDRPOU 33121841) have until
Feb. 22, 2008, to submit written proofs of claims to:

         Georgy Zagrebelny
         P.O. Box 10068
         61070 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 8, 2008.
The case is docketed under Case. No. B-39/225-07

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

The Debtor can be reached at:

         LLC Alfin
         Darvin Str. 20
         Kharkov
         Ukraine


BLITSTRADE-PLUS LLC: Creditors Must File Claims by February 22
--------------------------------------------------------------
Creditors of LLC Blitstrade-Plus (code EDRPOU 34889510) 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. 9, 2008.
The case is docketed under Case. No. 2/803/07.

The Debtor can be reached at:

         LLC Blitstrade-Plus
         Apartment 41
         General Karpenko Str. 2/1
         54038 Nikolaev
         Ukraine


INTERAGRO-BBC LLC: Creditors Must File Claims by February 22
------------------------------------------------------------
Creditors of LLC Interagro-BBC (code EDRPOU 33084229) have until
Feb. 22, 2008, to submit written proofs of claim to

         Michael Tsurika
         Liquidator
         Apartment 41
         General Karpenko Str. 2/1
         54038 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 9, 2008.
The case is docketed under Case. No. 2/804/07.

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


LLC-AGRO-SERVICE: Creditors Must File Claims by February 22
-----------------------------------------------------------
Creditors of LLC-Agro-Service (code EDRPOU 33626461) have until
Feb. 22, 2008, to submit written proofs of claim to

         Michael Tsurika
         Liquidator
         Apartment 41
         General Karpenko Str. 2/1
         54038 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 9, 2008.
The case is docketed under Case. No. 2/802/07.

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


MIR LLC: Proofs of Claim Deadline Set February 22
-------------------------------------------------
Creditors of LLC Mir (code EDRPOU 03749460) have until
Feb. 22, 2008, to submit written proofs of claim to

         Vladimir Ivannikov
         Temporary Insolvency Manager
         Apartment 8
         Shevchenko Str. 3
         Berdiansk
         71100 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case. No. 16/7/08.

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

The Debtor can be reached at:

         LLC Mir
         Pervomayskaya Str. 1
         Novopoltavka
         Chernigovsky District
         Zaporozhje
         Ukraine


PC WORLD: Creditors Must File Claims by February 22
---------------------------------------------------
Creditors of LLC PC World Ukraine (code EDRPOU 21598487) 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 on Dec. 24, 2007.
The case is docketed under Case. No. 15/721-b.

The Debtor can be reached at:

         LLC PC World Ukraine
         P. Mirny Str. 19
         Kiev
         Ukraine


PRAVEX-BANK: Moody's Puts Ratings on Review and May Upgrade
-----------------------------------------------------------
Moody's Investors Service has placed Pravex-Bank's B2 long-term
global local currency deposit rating, its A3.ua National Scale
Rating and its B2 long-term local currency debt rating on review
for possible upgrade.  At the same time, Moody's has assigned a
positive outlook to the bank's B2 long-term foreign currency
deposit rating and has affirmed the E+ Bank Financial Strength
Rating with a stable outlook.

Moody's explains that the review for possible upgrade was
prompted by the recent announcement that Intesa Sanpaolo (rated
B-/Aa2/Prime-1) has signed a share purchase agreement to acquire
100% of the share capital of Pravex-Bank.

Depending on the assumed likelihood of parental support from
Intesa Sanpoalo for Pravex-Bank following the completion of the
acquisition, any support from Intesa Sanpoalo is likely to have
a positive impact on the local currency deposit and debt ratings
of Pravex-Bank.  The acquisition is expected to be completed in
the next few months.

According to the rating agency, Pravex-Bank's foreign currency
deposit rating would be constrained by the relevant
country ceiling for Ukraine, which is currently at B2 with a
positive outlook. As a result, this rating is unlikely
to be upgraded upon the completion of the transaction and would
move in tandem with Ukraine's foreign currency
deposit ceiling.

Moody's understands that Pravex-Bank will continue to develop
its retail activities with a network of around 556 branches (as
of 1 January 2008) and may become one of the most active players
in this market over the medium term.

Pravex Bank's share of retail lending reached 86% of the bank's
loan portfolio as of 1 October 2007.  Moody's says that its
rating review will focus on the implicit commitment and support
from Intesa Sanpaolo as well as on the legal completion of the
transaction and the receipt of all the necessary approvals from
the Ukrainian and Italian authorities.

Pravex-bank is headquartered in Kyiv, Ukraine, and as of 1
October 2007 reported, under Ukrainian Accounting
Standards (UAS), total assets of UAH5.7 billion (US$1.2 billion)
and a net profit of UAH19.3 million (US$3.8 million).


REGUL LLC: Proofs of Claim Deadline Set February 22
---------------------------------------------------
Creditors of LLC Regul (code EDRPOU 20643837) have until
Feb. 22, 2008, to submit written proofs of claim to:

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company on Jan. 10, 2008.  The case is docketed
under Case. No. 10/256.

The Debtor can be reached at:

         LLC Regul
         Lenin Avenue 51
         Aleksandriya
         Kirovograd
         Ukraine


SOROKOTIAGI STATE: Proofs of Claim Deadline Set February 22
------------------------------------------------------------
Creditors of Sorokotiagi State Enterprise (code EDRPOU 30353167)
have until Feb. 22, 2008, to submit written proofs of claim to:

         Alexander Borodiy
         Temporary Insolvency Manager
         Apartment 11
         Azerbaijan Str. 16/11
         Kiev
         Ukraine

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case. No.
B11/314-07.

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

The Debtor can be reached at:

         Sorokotiagi State Enterprise
         Kotovsky Str. 24
         Sorokotiagi
         Belaya Tserkov District
         09155 Kiev
         Ukraine


STILON LLC: Creditors Must File Claims by February 22
-----------------------------------------------------
The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 8, 2008.
The case is docketed under Case. No. 2/789/07.

         Michael Tsurika
         Liquidator
         Apartment 41
         General Karpenko Str. 2/1
         54038 Nikolaev
         Ukraine

Creditors of LLC Stilon (code EDRPOU 34852040) have until
Feb. 22, 2008, to submit written proofs of claim to:

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


VOLLKAR LLC: Creditors Must File Claims by February 22
------------------------------------------------------
Creditors of LLC Vollkar (code EDRPOU 34375231) have until
Feb. 22, 2008, to submit written proofs of claim to:

         Michael Tsurika
         Liquidator
         Apartment 41
         General Karpenko Str. 2/1
         54038 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 8, 2008.
The case is docketed under Case. No. 2/788/07.

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


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


ARENA INFORMATION: Joint Liquidators Take Over Operations
---------------------------------------------------------
Mark Newman and Vincent John Green of Vantis Business Recovery
Services were appointed joint liquidators of Arena Information
Technology Ltd. on Feb. 1 for the creditors' voluntary winding-
up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         Kent
         TN9 1HG
         England


ASTON INSULATION: Appoints BDO Stoy as Joint Administrators
-----------------------------------------------------------
Andrew Howard Beckingham and Matthew James Chadwick of BDO Stoy
Hayward LLP were appointed joint administrators of Aston
Insulation (Southern) Ltd. (Company Number 02810743) on
Jan. 28, 2008.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

          Aston Insulation (Southern) Ltd.
          Windle Works
          Southampton Road
          Cadnam
          Southampton
          Hampshire
          SO40 2NF
          England
          Tel: 023 8081 4813
          Fax: 023 8081 4803
          Web site: http://www.aston-insulation.co.uk/


CARE INVESTMENT: Taps Deloitte as Joint Administrators
------------------------------------------------------
Nicholas Guy Edwards and Carlton Malcolm Siddle of Deloitte &
Touche LLP were appointed on Jan. 28, 2008, joint administrators
of:

   -- Care Investment Holdings Ltd. (Company Number 05535745);
   -- Ruthven Towers Ltd. (Company Number 02246410);
   -- Abbeybridge Care Ltd. (Company Number 05535756);
   -- Ashleigh House Darlington Ltd. (Company Number 02806309);
   -- Harrowgate Lodge Ltd. (Company Number 05535734);
   -- St Alban’s Nursing Home Ltd. (Company Number 03933877);
   -- Wyrebridge Ltd. (Company Number 05535729); and
   -- Bonnybridge Ltd. (Company Number 05535737).

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

Headquartered in  Newcastle upon Tyne, England, the companies
are engaged in residential and nursing care home.


CHRYSLER LLC: Plans to Cut Product Lines and Dealerships
--------------------------------------------------------
Chrysler LLC intends to downsize certain aspects of its
operations in order to match the market's demand for its
products, Neal E. Boudette of the Wall Street Journal reports.

For the auto-maker, this includes slashing the number of its
product models and decreasing the number of dealers, WSJ cites
company representatives in meetings with Chrysler's dealers.

The Journal's Neal E. Boudette and Terry Kosdrosky relate that
over the next three years or so, Chrysler plans to drop as many
as half of the roughly 30 models it now produces, a move likely
to cut sales at least for a while.  Along the way, it expects a
substantial consolidation in its network of 3,600 dealers, the
Journal writers relate.

According to people familiar with the issue, the adjustment is
part of a strategy to trim the company to achieve healthy
profits, which was a far cry from several years ago where it was
aiming to double its sales volume, WSJ relates.  Company
executives acknowledged the fact that Chrysler "can't expect to
increase its sales volume substantially," says WSJ.

The company and its shareholders are considering solutions in
order to contract the number of dealers, WSJ reports, citing a
Chrysler spokesman.

The company is currently rushing on finding a new supplier for
its components.  As reported in the Troubled Company Reporter on
Feb. 8, 2008, 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.

                       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-Europe on Nov. 13,
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.


CLAREMONT PRESS: Brings In Smith & Williamson as Administrators
---------------------------------------------------------------
Anthony Murphy and Robert Horton and Roger Tulloch of Smith &
Williamson Ltd. were appointed joint administrators of Claremont
Press Ltd. (Company Number 01047410) on Jan. 29, 2008.

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

The company can be reached at:

          Claremont Press Ltd.
          23 Star Road
          Partridge Green
          Horsham
          West Sussez
          RH13 8RA
          England
          Tel: 01403 711 474
          Fax: 01403 711 575
          Web site: http://www.claremont-press.co.uk/


CLOROX CO: Paying US$0.40 Per Share Dividend Due on April 25
------------------------------------------------------------
The Clorox Company's board of directors has declared a regular
quarterly dividend of 40 cents per share on the company’s common
stock, payable April 25, 2008, to stockholders of record on
May 15, 2008.

Headquartered in Oakland, California, The Clorox Company
(NYSE: CLX) -- http://www.thecloroxcompany.com/-- manufactures
and markets household cleaning products with fiscal year 2007
revenues of US$4.8 billion.  Clorox markets some of consumers'
most trusted and recognized brand names, including its namesake
bleach and cleaning products, Green Works(TM) natural cleaners,
Armor All(R) and STP(R) auto-care products, Fresh Step(R) and
Scoop Away(R) cat litter, Kingsford(R) charcoal, Hidden
Valley(R) and K C Masterpiece(R) dressings and sauces, Brita(R)
water-filtration systems, Glad(R) bags, wraps and containers,
and Burt’s Bees(R) natural personal care products.

Clorox has manufacturing facilities in China, Costa Rica,
Dominican Republic, Malaysia, Panama, Peru, United Kingdom,
among others.

                          *     *     *

At Dec. 31, 2006, Clorox's balance sheet showed total assets of
US$3,624 million and total liabilities of US$3,657 million
resulting in a stockholders' deficit of US$33 million.  The
company reported a stockholders' deficit of US$156 million at
June 30, 2006.


CRDL REALISATIONS: Taps Liquidators from BDO Stoy Hayward
---------------------------------------------------------
William John Turner and Geoffrey Stuart Kinlan of BDO Stoy
Hayward LLP were appointed joint liquidators of CRDL
Realisations Ltd. (formerly Coredale Ltd.) on Jan. 29 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Prospect Place
         85 Great North Road
         Hatfield
         Hertfordshire
         AL9 5BS
         England


DH PARTNERSHIP: Names Joint Administrators from Deloitte
--------------------------------------------------------
Nicholas Guy Edwards and Carlton Malcolm Siddle of Deloitte &
Touche LLP were appointed on Jan. 28, 2008, joint administrators
of:

   -- The DH Partnership LLP (Company Number OC311098);

   -- Foxberry Investments Ltd. (Company Number 05401976);

   -- Broomco (805) Ltd. (Company Number 02960624);

   -- Tyne Bell Ltd. (Company Number 05512509);

   -- Halebell Ltd. (Company Number 05306478);

   -- Coleby Property Investment Fund Ltd.
      (Company Number 04087289)

   -- Ivybell Ltd. (Company Number 05366229);

   -- Alpeast Ltd. (Company Number 03431722); and

   -- Inchgem Ltd. (Company Number 03204562).

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

Headquartered in  Newcastle upon Tyne, England, the companies
are engaged in residential and nursing care home.


FAIR TRADE: Brings In Liquidators from Tenon Recovery
-----------------------------------------------------
A. J. Pear and and I. Cadlock of Tenon Recovery were appointed
joint liquidators of Fair Trade Windows Ltd. on Jan. 29 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Lyndean House
         43/46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England


FLORIDA REALTY: Taps Joint Administrators from Begbies Traynor
--------------------------------------------------------------
Peter Sargent and  Michael E.G. Saville of Begbies Traynor were
appointed joint administrators of Florida Realty UK Ltd.
(Company Number 4568727) on Jan. 30, 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:

          Florida Realty UK Ltd.
          120 Main Street
          Burley in Wharfedale
          Ilkley
          West Yorkshire
          LS29 7JX
          England
          Tel: 0870 162 0772


FREESCALE SEMICONDUCTOR: CEO Departure Won't Impact Ratings
-----------------------------------------------------------
Moody's commented that Freescale Semiconductor, Inc.'s ratings
(corporate family rating of B1) and negative ratings outlook
will not be impacted by the company's announcement that its
Chairman and CEO, Michel Mayer has decided to step down.  The
company announced that Mr. Mayer will remain in his current role
until the company and board of directors have completed their
search for a new CEO.

In December 2007, Moody's downgraded Freescale's corporate
family and long-term debt ratings and maintained the
negative ratings outlook, which was revised from stable in May
2007.  The downgrade reflected Freescale's weakened
credit profile evidenced by continued high financial leverage,
reduced capacity utilization levels and lower
earnings prospects over the near term.  In addition to continued
expected weakness in the company's wireless segment,
Moody's remains concerned about moderating demand in its
networking segment, especially in light of Cisco's
(A1/Positive) announcement regarding lower growth prospects for
2008, as well as the company's exposure to the automotive
segment, which is experiencing a slowdown in consumer spending
in the current weak macro-environment.

While management turnover is a concern, Moody's does not believe
this will have any immediate impact on the company's credit
quality.  Moody's notes that Freescale has undergone key
management changes recently, with the former head of its
troubled wireless unit (formerly Wireless and Mobile Systems
Group) transitioning to the role of Chief Development Officer
and the appointment of a new Head of Sales & Marketing.

Although it appears to be voluntary, the departure of its CEO
coincides with Freescale's weak operating performance
during 2007.  Moody's believes product development strategy,
execution quality and management stability are key
rating factors in the semiconductor industry, given the highly
competitive nature of the industry and the execution
intensity of the business, which requires the ability to make
key long-term strategic R&D investments to pursue new
product opportunities plus an in-depth understanding of industry
dynamics accumulated over a longer period of time.

Moody's will monitor Freescale's performance closely while it
conducts its search for a new CEO. Signs of further
management upheaval or that the management team is becoming
distracted, prompting a more pronounced weakness in
operating performance, could have a negative impact on the
ratings.  Given that the company is privately owned, Moody's
anticipates the search to be concluded expeditiously.  Once the
new CEO is in place, Moody's will monitor any changes
in the company's strategies, financial policies and operating
results.

Headquartered in Austin, TX, Freescale Semiconductor, Inc.
designs and manufactures embedded semiconductors for the
transportation, networking and wireless markets. The company was
separated from Motorola via IPO in July 2004 and
taken private in a leveraged buyout in December 2006. Revenues
for the twelve months ended December 31, 2007 were
$5.7 billion.

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the transportation,
networking and wireless markets.  The company was separated from
Motorola via IPO in July 2004 and taken private in a leveraged
buyout in December 2006. The company has design, research and
development, manufacturing or sales operations in more than 30
countries.  In Latin America, Freescale Semiconductor has
operations in Argentina, Brazil and Mexico.  In Europe, the
company has operations in Czech Republic, France, Germany,
Ireland, Italy, Romania, Turkey and the United Kingdom.
Revenues for the twelve months ended Sept. 28, 2007 (LTM) were
US$5.8 billion.


HELIVIEW LTD: Calls In Liquidators from Tenon Recovery
------------------------------------------------------
A. J. Pear and I. M. D. G. Cadlock of Tenon Recovery were
appointed joint liquidators of Heliview Ltd. on Jan. 31 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Lyndean House
         43/46 Queens Road
         Brighton
         BN1 3XB
         England


INTERNATIONAL RECTIFIER: Names Oleg Khaykin as President & CEO
--------------------------------------------------------------
International Rectifier Corporation has elected, effective
March 1, 2008, Oleg Khaykin as President and Chief Executive
Officer, succeeding Donald Dancer, who has served as acting
Chief Executive Officer since August 30, 2007.  Mr. Dancer will
be actively involved in ensuring a smooth transition and will
remain with the Company supporting Mr. Khaykin in his new role.

Mr. Khaykin, 43, brings to International Rectifier extensive
global experience in the semiconductor industry, having served
most recently as the Chief Operating Officer of Amkor
Technology, Inc., a leading provider of semiconductor assembly
and test services, with twelve high-volume manufacturing
facilities located in Korea, the Philippines, China, Japan,
Taiwan, and Singapore and 22,000 employees worldwide.  At Amkor,
he was responsible for all aspects of sales, marketing, R&D and
manufacturing operations, including accountability for the
development and implementation of corporate and business
strategy, business development, strategic partnerships and IP
management.

Speaking on behalf of the Board of Directors, Lead Director Jack
Vance said, "We are delighted to have attracted a leader of the
caliber of Oleg Khaykin, who possesses all of the key attributes
we had sought for our CEO – extensive global experience in our
industry, a proven track record in every key business
discipline, as well as tremendous creativity and vision.  Oleg’s
leadership, coupled with our recent executive promotions,
significantly strengthens our management team and positions
International Rectifier to focus our energies on our core
operations, with a goal of profitable growth and value
creation."

"We also want to express our gratitude to Don Dancer for the
tremendous leadership he has provided over the past five months.
During his tenure, we have made steady progress in instituting
key management changes, executing organizational improvements in
support of our sales, engineering and new product development
initiatives, driving a culture of employee empowerment, and
making many improvements to our financial controls.  The
management team remains committed to and confident about our
longstanding vision to provide industry-leading power management
products that meet our customers’ evolving needs."

Commenting on his appointment, Mr. Khaykin said, "I look forward
to hitting the ground running at International Rectifier.  I was
attracted to this company because of its advanced technology,
rich history of technological innovation, industry leading
product portfolio and strong customer base.  I expect us to
leverage those assets to drive growth of existing and new
products and technology platforms even as we drive to improve
our operational efficiencies and organizational effectiveness.
At the same time, I share the Board’s deep commitment to
ensuring that our operations are conducted with transparency and
adherence to the highest ethical standards."

Prior to joining Amkor as Executive Vice President of Strategy
and Business Development in 2003, Mr. Khaykin was Vice President
of Strategy and Business Development at Conexant Systems Inc.
and its spin-off Mindspeed Technologies Inc., where he held
positions of increasing responsibilities from 1999 to 2003.

Prior to Conexant, he was with The Boston Consulting Group, a
leading international strategy and general management consulting
firm, where he worked with many European and US firms on a broad
range of business and management issues, including revenue
growth strategies, operational improvement, M&A, divestitures,
and turnaround and restructuring.

Mr. Khaykin is, and has been since November 2007, a member of
the Board of Directors of Zarlink Semiconductor Inc.

Mr. Khaykin holds a BSEE from Carnegie-Mellon University and an
MBA from the J.L. Kellogg Graduate School of Management.

International Rectifier Corporation (NYSE:IRF) --
http://www.irf.com/-- provides power management technology.
IR's analog, digital, and mixed signal ICs, and other advanced
power management products, enable high performance computing and
save energy in a wide variety of business and consumer
applications.  Manufacturers of computers, energy efficient
appliances, lighting, automobiles, satellites, aircraft, and
defense systems rely on IR's power management solutions to power
their next generation products.  The company has manufacturing
facilities in the U.S., Mexico, United Kingdom, Germany and
Italy; and has subsidiaries in Japan and Singapore.

                          *     *     *

In September, 2007, Standard & Poor's Ratings Services said that
its 'BB' corporate credit rating on International Rectifier
Corp. remains on CreditWatch with negative implications.


INVARO GROUP: Liquidators Confident in Repaying Creditors
---------------------------------------------------------
Smith and Williamson, liquidators for Invaro Group, is confident
that it will be able to pay creditors, the Post Magazine
reports.

Citing Smith and Williamson director Tony Murphy, the report
discloses that an annual report had already been sent to
creditors which included a review of payments received.

The firm has filed a suit against a panel of solicitors that
Invaro had passed work on to.  Although there are around 100
solicitors, the claims are within a core of 10 to 12 solicitors,
the report adds.

Liverpool-based Invaro Group was once Britain's largest
independent litigation funder before going into voluntary
liquidation in June 2004.


INVENSYS PLC: Moody's Places Ratings on Review and May Upgrade
--------------------------------------------------------------
Moody's Investors Service placed the ratings of Invensys Plc on
review for possible upgrade. Ratings actions follow the release
of third quarter results showing the continuation of a positive
operating trend and reduction in legacy liabilities which
Moody's treats as debt, together with notification of the
optional redemption of around GBP 343 million of high yield
bonds due March 2011 using cash on hand.

Moody's will withdraw the ratings on the high yield bonds if
these are fully redeemed in March 2008.

The rating action reflects the continued positive momentum in
underlying operating performance, together with the
company's demonstrated commitment to apply more conservative
financial policies that target toward a higher credit
rating.  The intention to call bonds marks a continuation of the
company's pattern to divest businesses and use
proceeds or allocate free cash flows to reduce absolute debt
levels.  In particular, the sale of APV and the Firex
Safety and Reversing Valve divisions and use of proceeds for
debt reduction, together with the continued decreases
in legacy liabilities (comprising pensions, litigation,
taxation, environmental and transition costs) are key
drivers for the ratings.

The company's positive trend in operating performance, decreases
in legacy liabilities and debt reduction plans will
see the financial risk profile materially improve.  These plans
will also further simplify the capital structure,
reduce future funding costs and enhance financial flexibility.
Moody's estimates that adjusted debt to EBITDA will
move from above 3.0 times as at 31 March 2007 to less than 2.0
times on a proforma last 12 months basis to 31
December 2007 if all of the bonds are redeemed.  Similarly, the
adjusted EBIT interest cover ratio would move from
around 2.0 times as at 31 March 2007 to closer to 3.0 times.

Moody's review will consider the forward outlook for Invensys'
businesses, particularly in light of the company's
solid market positions and strong brands, counterbalanced by
exposure to cyclical industries, strong competition and
subdued performance in the Eurotherm division, albeit that this
contributes less than 7.5% of total group revenues.

Revision of the business footprint and possible further changes
to the capital structure also form part of Moody's
review which are also expected to be positive for ratings.

A review of the company's on-going operational performance and
cash flow generation will also be an important
ratings consideration, particularly in light of the different
economic outlooks across the markets and sectors in
which the company operates.  Nevertheless, the material
reduction in absolute debt levels and legacy liabilities has
already led to a strengthening in the company's financial risk
profile so continued positive momentum along with the
demonstration of sustainable performance would see upward
ratings pressure.  The impact from further changes cited
for the debt capital structure, plans to reinstate dividends and
other financial policy objectives, such as
targeting a higher credit rating, are additional factors being
considered as part of the review.

These ratings are affected:

Invensys plc:

   - corporate family rating placed on review for possible
     upgrade;

   - ratings on senior notes due 2010 and 2011 placed on review
     for possible upgrade.

Headquartered in London, England, Invensys is a leading global
automation, controls and process solutions group.  For
the nine months ended 31 December 2007, Invensys reported total
revenues from continuing operations of approximately
GBP1.59 billion.


J HELMORE: Appoints Liquidators from Vantis
-------------------------------------------
Peter James Hughes-Holland and Frank Wessely of Vantis Business
Recovery Services were appointed joint liquidators of J Helmore
Construction Ltd. on Jan. 31 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

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


JEDMANS INDUSTRIAL: In Voluntary Liquidation
--------------------------------------------
Jedmans Industrial & Domestic Ltd. is in voluntary liquidation,
the Yorkshire Evening Post reports.

According to the report, at an extraordinary general meeting, it
was decided that the company was unable to continue its business
due to its liabilities.

DF Wilson and JNR Pitts, of Begbies Traynoir were appointed
liquidators.

Leeds, West Yorkshire-based Jedmans Industrial & Domestic Ltd.,
is a plumbing and heating contractor.


MASSIVE LTD: Brings In Joint Administrators from Grant Thornton
---------------------------------------------------------------
Robert Thurgood and Martin Gilbert Ellis of Grant Thornton UK
LLP were appointed on Jan. 28, 2008, joint administrators of:

   -- Massive Ltd. (Company Number 03088588);
   -- W.H. Enterprises Ltd. (Company Number 02104147);
   -- Tup Inns Ltd. (Company Number 03362146);
   -- Firefun Ltd. (Company Number 02681248);
   -- Joe’s Ltd. (Company Number 02813197);
   -- Forrester Grant & Co Ltd. (Company Number 00713185); and
   -- Thomas and Carter Ltd. (Company Number 03332667).

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

The companies can be reached at:

          Massive Ltd.
          124 High Street
          Hampton Hill
          Hampton
          Middlesex
          TW12 1NS
          England
          Tel: 020 8977 0633
          Fax: 020 8288 1502


METRONET RAIL: TfL Gets GBP1.7BB Government Grant to Pay Lenders
----------------------------------------------------------------
Transport for London will receive a GBP1.7 billion grant from
the U.K. government after acquiring the Metronet Rail Group from
administration, Anousha Sakoui writes for Dow Jones Newswires.

According to the report, the money will be used to repay
Metronet's senior lenders.

TfL disclosed that as a result of Metronet's administration in
July 2007, lenders were able to exercise a put option that would
force London Underground Ltd. to pay GBP1.74 billion within
seven days, Dow Jones relates.

The Secretary of State for Transport announced that the
Department of Transport will give TfL a GBP1.7 billion grant to
be used in paying Metronet's senior lenders.

In a report by the Telegraph, the PPP contracts of 2003 stated
that the government effectively guaranteed 95% of Metronet's
borrowings.

The settlement, according to Dow Jones, is a step forward in the
transfer of Metronet's businesses to Tfl.

According to the Telegraph, the banking syndicate, led by RBS,
included the European Investment Bank. Monoline insurers Ambac
and FSA were among the largest bondholders.

The U.K. government has also prepared a further GBP300 million
to partially cover the cost of running Metronet in
administration, the Telegraph relates.

Administrator Ernst & Young estimated costs of GBP180 million to
March 31, 2008.

"Our priority remains the removal of Metronet from PPP
administration as quickly as possible, Tim Toole, London
Underground managing director was quoted by Dow Jones as saying.

"A great deal of progress has already been made and we remain on
track to transfer the two Metronet companies to two dedicated
Transport for London companies in the early part of 2008," Mr.
Toole added.

                        About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure -- its trains, stations,
signaling, track, tunnels and bridges -- under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group owns and operates Metronet Rail BCV Ltd.
and Metronet Rail SSL Lte. -- which maintain the Bakerloo,
Central, Victoria, and Waterloo & City lines (BCV) and Circle,
District, Metropolitan, Hammersmith & City and East London lines
(SSL).

On July 18, 2007, Metronet Rail BCV Ltd. and Metronet Rail SSL
Ltd., entered Administration; Alan Bloom, Maggie Mills, Roy
Bailey and Stephen Harris, partners and directors of Ernst &
Young LLP, were appointed PPP Administrators.  This followed the
PPP Arbiter's Interim Determination award of just GBP121 million
for Metronet Rail BCV, when the company had been seeking a
GBP551 million Interim Determination and GBP992 million in
total.

                            *   *   *

As reported in the TCR-Europe on Nov. 27, 2007, Standard &
Poor's Ratings Services lowered its long-term and underlying
debt ratings on the GBP2.6 billion combined senior secured bank
loans and debt issued by U.K.-based underground rail
infrastructure financing companies Metronet Rail BCV Finance PLC
and Metronet Rail SSL Finance PLC (Metronet BCV and Metronet
SSL; the Metronet companies) to 'CC' from 'BB+'.

In July 2007, Moody's Investors Service downgraded to B1 from
Ba2 the senior secured unguaranteed debt ratings of both
Metronet Rail BCV Finance plc and of Metronet Rail SSL Finance
Plc.


NORTHERN ROCK: May Lose 2,400 Jobs Under Management's Rescue Bid
----------------------------------------------------------------
Northern Rock plc's management may have to shed about 2,400 jobs
as it aims to downsize the bank and repay GBP25 billion to
GBP30 billion of government loans within three years under its
rescue plan, the Times reports.

Paul Thompson, who will run Northern Rock if its rescue bid is
successful, has not ruled out compulsory redundancies," although
he told the Times "we'll try to manage it by moving people from
sales to the positions left open by natural attrition."

Mr. Thompson, the Times adds, expects 10% to 15% of the bank's
6,250 staff to leave voluntarily every year.

"It is a truism that if the business needs to be smaller because
the taxpayer needs repaying, it will need fewer people to run
it," Mr. Thompson was quoted by the Independent as saying.

Meanwhile, Mr. Thompson, the Daily Telegraph relates, is eyeing
to double the bank's deposit base to about GBP20 billion over
the three year-period without using the government's GBP30
billion savings guarantee, stating "we can't have a lot of
support from the government over the next three years and go out
there distorting the market, that has to be wrong."

Mr. Thompson is also planning to shrink the bank's GBP113
billion mortgage book in half through limiting the amount of
lending.  However, he disclosed the bank will still do about
GBP2 billion to GBP3 billion of new lending a year, counting on
an earlier-than-expected recovery in the money markets, the
Daily Telegraph reveals, citing Reuters.

Northern Rock Management's Restructuring Proposal

As previously reported in the TCR-Europe, 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.


NORTHERN ROCK: Three Banks Offer to Securitize Emergency Loans
---------------------------------------------------------------
Royal Bank of Scotland, Barclays and Citi have proposed to
securitize half of Bank of England's GBP25 billion emergency
loan to the company, the Sunday Telegraph reports.

The three banks, the Sunday Telegraph relates, have offered to
securitize GBP12.5 billion of Northern Rock's mortgage assets in
the market under a plan, which is an alternative to a scheme
devised by Goldman Sach's, the government's adviser, wherein
all of the emergency loans are converted into bonds to be sold
to investors.

The banks, the Sunday Telegraph adds, can demand for some
better-quality assets under the alternative plan in order to be
able to securitize them.  They will also be given higher
priority among the creditors.

According to the report, the plan, compared to Goldman Sach's,
which is awaiting approval, is more appealing for the government
since securitized assets would not have to be included in the
national accounts, although securitizing some of the assets
would be more expensive as opposed to having a government to
guarantee all of them.

It is still uncertain whether the government will consider the
proposal, which was at a preliminary stage.  However, a Treasury
source told the paper "we will examine all of the options for
the Northern Rock sale."

                     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.


PETROLEOS DE VENEZUELA: Fitch Says Freeze Has Little Effect
-----------------------------------------------------------
Fitch Ratings views a British court order to freeze up to
US$12 billion of Petroleos de Venezuela SA's worldwide assets to
have a minimum impact on the company's day to day operations, as
well as its near term credit quality and financial flexibility.

In order to comply with this court order, PDVSA must maintain
$12 billion of unencumbered assets anywhere in the world.  The
order in and of itself does not prevent PDVSA from transacting
business, and from a practical perspective transferring assets
given its total consolidated asset base of more than
US$92 billion.  PDVSA is expected to oppose this decision and
present their opposing arguments later this month.  The
enforcement of this order and the applicability of British
jurisdiction over assets domiciled outside of the UK
remain unclear at this time.

More importantly, this order is part of the legal wrangling over
the ongoing dispute between PDVSA and Exxon Mobil
regarding the nationalization of the Cerro Negro heavy oil
project in the Orinoco belt.  The compensation to Exxon
Mobil for this action remains in dispute and is currently in
arbitration; the outcome of this arbitration process
remains uncertain.  A negative outcome of the arbitration could
pressure the credit profile of PDVSA, which timing
could be lengthy.  In the meantime, the ability of the courts to
encumber any of PDVSA assets before the arbitration
process is complete is unlikely.

PDVSA, Venezuela's national oil company, is engaged in the
exploration and production of crude oil and natural gas;
the refining, marketing and transportation of crude and refined
products; and the production of petrochemicals, as
well as various other hydrocarbon-related activities in
Venezuela and abroad.  The Venezuelan government is the
company's sole shareholder. The majority of PDVSA's cash
generating assets are located in Venezuela (85%), and in
the United States (15%) through its Citgo subsidiary. PDVSA's
European assets represent only a small portion of the
company's US$92.6 billion of total consolidated assets as of
June 30, 2007.

The company's Long Term Issuer Default Rating and Local Currency
Long Term Issuer Default Rating are both rated BB- by Fitch.
Fitch also said that ratings outlook was negative.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.  The
company also has offices in London and Holland.

RUHR OEL GMBH, a German refinery in 50% run by PDVSA.   The
company has a one million-barrel refining capacity per day, of
which around 250,000 belong to the Venezuelan corporation.  The
company also provides the German market with 20% of its by-
products and petrochemicals needs.

PDVSA runs 50 % of this company in association with Veba Oel,
which has four refineries, that makes it the biggest company
refining oil products in Germany. It has a one million-barrel
refining capacity per day, of which around 250,000 belong to the
Venezuelan corporation.  Besides this, RUHR OEL GMBH provides
the German market with 20% of its by-products and petrochemicals
needs.

PDVSA and the Finnish Neste Corporation are partners, with a
share 50% each of the corporation AB NYNAS PETROLEUM, which runs
refineries in Sweden, Belgium and The United Kingdom.


QUEBECOR WORLD: D.E. Shaw Claims 1.2% Stake Ownership
-----------------------------------------------------
D.E. Shaw Laminar Portfolios LLC, D.E. Shaw & Co., LP, and
David E. Shaw, disclose in a Form 13G filing with the U.S.
Securities and Exchange Commission that they are deemed to
beneficially own 1,054,500 shares of Quebecor World Inc., common
stock, as of Jan. 28, 2008.

D.E. Shaw has reduced its stake in QWI to 1.2%, from 6.5%,
equivalent to 5,500,000 shares, on January 17, 2008.

According to Bloomberg, about 85,079,000 shares of QWI common
stock were outstanding as of Jan. 31, 2008.  The stock held a
closing price of CAUS$0.285 per share on Feb. 1, 2008.

                     About D. E. Shaw & Co.

New York-based D. E. Shaw & Co. -- http://www.deshaw.com/-- is
always on the lookout for a good investment opportunity.
Through various affiliates, the firm specializes in applying
quantitative and qualitative trading strategies to hedge fund
management and other investments.  It makes private equity
investments in early-stage and established firms involved in
technology, health care, and financial services.  It also
acquires assets of distressed companies.  The company's D.E.
Shaw Research unit focuses on long-term scientific and
technological projects.  The company, which has some US$33
billion in capital under management, was founded in 1988 by
chairman and CEO David E. Shaw.

                      About Quebecor World

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

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

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  They obtained creditor protection until Feb. 20,
2008.  Ernst & Young Inc. was appointed as Monitor.

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

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

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.  The company has until May 20, 2008, to file a
plan of reorganization in the Chapter 11 case.  (Quebecor World
Bankruptcy News, Issue No. 4; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


QUEBECOR WORLD: Grosman Says Magazine Arm Unmoved by Bankruptcy
---------------------------------------------------------------
Doron Grosman, president of Quebecor World Inc.'s magazine
division, told Publishing Executive Inbox in an interview that
QW Magazine customers, as well as those in its other divisions,
are unaffected by the parent's reorganization.

Mr. Grosman said the unit's plants are all fully operational and
its commitments to its customers are being fulfilled.

"We've received an extraordinary level of support from the
magazine industry, including some personal notes from customers
to our plant personnel and management expressing their loyalty.
Many customers recognize that QW is an integral part of the
history of many magazines, and its continued strength is
important to the industry," Mr. Grosman said.

                About Publishing Executive Inbox

Publishing Executive Inbox -- http://www.pubexec.com/-- is a
biweekly summary of news brought to you by Publishing Executive
magazine.  Publishing Executive is available now in either print
or digital format.  It is an affiliate of North American
Publishing Company -- http://www.napco.com/-- established in
1958 and headquartered in Philadelphia.

                      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)


SALVALE DESIGN: Names Matthew Colin Bowker Liquidator
-----------------------------------------------------
Matthew Colin Bowker of Tenon Recovery was appointed liquidator
of Salvale Design Ltd. on Feb. 5 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


SHENWOOD LTD: Names Joint Administrators from Vantis
----------------------------------------------------
Peter Hollis and Simon Glyn of Vantis were appointed joint
administrators of Shenwood Ltd. (Company Number 3030722) on
Jan. 25, 2008.

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

The company can be reached at:

          Shenwood Ltd.
          6 8 Ridley Road
          London
          E8 2NR
          England
          Tel: 020 7923 2477


STONEHILL BUILDERS: Hires Liquidators from Vantis
-------------------------------------------------
Vincent John Green and Mark Newman of Vantis Business Recovery
Services were appointed joint liquidators of Stonehill Builders
Ltd. on Jan. 31 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         Kent
         TN9 1HG
         England


TATA MOTORS: Unit to Supply Parts for Boeing 787 Dreamliner
-----------------------------------------------------------
The Boeing Company has entered into an agreement with TAL
Manufacturing Solutions Ltd., a wholly owned subsidiary of Tata
Motors Ltd., for manufacturing structural components for
Boeing's 787 Dreamliner airplane program.

Under the agreement, TAL Manufacturing Solutions will build
floor beams for the 787 using new technology with advanced
titanium and composite materials.  These floor beams will be
used on the 787 Dreamliner and provide for a best-value solution
and significant weight savings. Financial terms of the agreement
were not disclosed.

"Boeing is proud to welcome Tata into its family of world-class
aerospace suppliers and we are confident that this partnership
will help Boeing and Tata leverage mutual best-value
capabilities," said Carolyn Corvi, vice president and general
manager of Airplane Programs for Boeing Commercial Airplanes.
"This partnership between Boeing and Tata will further increase
the value of the 787 to our customers, helping make it the
world’s leading commercial airplane."

The floor beams for the 787 airplane will be produced at TAL’s
new facility in Nagpur, India, and then transported to Boeing
partners in Japan, Italy and the United States for further
assembly.

"The production of Boeing’s structural components by TAL
indicates technical and manufacturing excellence within the
Group," said Ravi Kant, chairman, TAL and managing director,
Tata Motors Ltd.  "We believe that this agreement has the
potential to develop into a more broad-based alliance that would
enable both organizations to utilize the best and most
competitive resources within themselves and thereby offer
greater value to customers."

"TAL already has an established reputation in state-of-the-art
precision engineering.  The agreement with Boeing allows us to
open yet another frontier," said Atam P Arya, managing director,
TAL.  "This would be a turning point for the Indian
manufacturing industry to gain a footprint in the global
aerospace business."

"The Boeing-Tata partnership is strong and growing, and forms an
important part of our ongoing efforts to strengthen both our
presence in India and our strategic relationships with Indian
industry," said Ian Thomas, president, Boeing India.  "We are
pursuing a host of growth and productivity initiatives in India
and remain deeply committed to the success of India's aerospace
sector."

The Boeing 787 Dreamliner, the world's first mostly composite
commercial airplane, will use 20 percent less fuel per passenger
than similarly sized airplanes, produce fewer carbon emissions,
and will have quieter takeoffs and landings.  To date, the 787
has logged more than 855 orders from more than 55 customers
worldwide since program launch in 2004, making the Dreamliner
the most successful commercial airplane launch in history.

Boeing's history in India reaches back more than 60 years,
marked by success in working with airline customers, parts
suppliers, research institutes and others to provide products
and services. Boeing Commercial Airplanes’ annual Current Market
Outlook projects that India will need approximately $86 billion
worth of aircraft over the next 20 years. In December 2003,
Boeing established a wholly-owned subsidiary, Boeing
International Corporation India Private Limited (BICIPL), to
support the growing demands of India's aviation, aerospace and
defense industries.

                          About Boeing

Boeing is the world’s leading aerospace company and the largest
manufacturer of commercial jetliners and military aircraft
combined.  Additionally, Boeing designs and manufactures
rotorcraft, electronic and defense systems, missiles,
satellites, launch vehicles and advanced information and
communication systems.  As a major service provider to NASA,
Boeing operates the Space Shuttle and International Space
Station.  The company also provides numerous military and
commercial airline support services. Boeing has customers in
more than 90 countries around the world and is one of the
largest U.S. exporters in terms of sales.  Headquartered in
Chicago, Boeing employs nearly 160,000 people across the United
States and in 70 countries. Total company revenues for 2007 were
US$66.4 billion.

                           About TAL

TAL is India's premier manufacturing solutions provider to the
automotive and auto-ancillary industry with revenues over US$ 36
million for the fiscal ended 31st March, 2007.  It is a wholly
owned subsidiary of Tata Motors.

                       About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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


* Fitch Updates Criteria for UK Residential Mortgage Default
------------------------------------------------------------
Fitch Ratings has launched its updated criteria for analysing
the credit risk in securities backed by UK residential
mortgages.

Fitch will use its updated residential mortgage default criteria
in analysing portfolios backing residential mortgage backed
securities, as well as portfolios comprising the cover pool for
UK mortgage covered bonds.

Although Fitch's core methodology remains relatively unchanged,
the agency has revised its assumptions to reflect
the results of recently-conducted analysis of the UK RMBS
market.  Fitch carried out a detailed review of historical
performance information from securitised portfolios, UK mortgage
lenders, the overall UK mortgage market and the
ongoing challenges posed by the liquidity crisis, combined with
a comprehensive assessment of relevant economic
information.

Key revisions to the last update in February 2007 include:

   -- upward adjustments to default probabilities at the 'BBB'
      to 'B' stress scenarios for certain product categories
      that are expected to pose increased levels of refinancing
      risk in the current credit environment;--for new-build
      properties where part of the borrower's equity is funded
      by vendor/builder deposit or incentive, the analysis
      carried out by Fitch will utilise property values that are
      net of incentives'

   -- upward adjustments to default probability for borrowers
      who have re-mortgaged for the purpose of debt
      consolidation;

   -- updated market value declines (MVDs).

Additionally, Fitch has updated assumptions in its cash-flow
criteria, with respect to these following :

   -- adjustment to the prepayments vector for non-prime
      transactions;

   -- adjustment to delinquency vector for non-prime
      transactions'

   -- additional interest rate stress scenario for deals with
      interest rate caps.


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

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


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


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


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


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

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


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

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

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

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


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


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


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


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


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


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


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


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


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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *