TCREUR_Public/080213.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, February 13, 2008, Vol. 9, No. 31

                            Headlines


A U S T R I A

LUTTENBERGER KEG: Claims Registration Period Ends March 5
MAR BAU: Claims Registration Period Ends March 12
NRK LLC: Claims Registration Period Ends February 26
VARIANT LLC: Claims Registration Period Ends February 27
XERIUM TECH: Hires Stephen Light as New President & CEO


F R A N C E

ARROW ELECTRONICS: Earns US$114 Million in 2007 Fourth Quarter
INT'L PAPER: Earnings Drop to US$327 Mln in Qtr. Ended Dec. 31


G E R M A N Y

AIPPERSPACH & UNGER: Claims Registration Ends March 1
AMOR HOCHZEITS: Claims Registration Period Ends March 6
ASAT HOLDINGS: Receives Nasdaq Securities Delisting Notice
CELTECH GERMANY: Claims Registration Ends March 1
CR - STANZTECHNIK: Creditors' Meeting Slated for February 25

FAIRGATE GMBH: Creditors Must File Proofs of Claim by March 7
FITNESS IM ZENTRUM: Claims Registration Period Ends February 29
FRITZ DELIKATESSEN: Claims Registration Period Ends February 29
FUTURA FINANZ: Claims Registration Period Ends March 3
HAMAG INGENIEURGESELLSCHAFT: Claims Registration Ends March 7

HASSLER & CO: Claims Registration Period Ends March 6
HEIZUNG & SANITARTECHNIK: Claims Registration Ends March 6
JOSEF MAIWORM: Claims Registration Period Ends March 7
JUERGEN DAUSER: Creditors' Meeting Slated for February 21
JUERGEN WOLFF: Claims Registration Period Ends March 7

KOELN EINS: Claims Registration Period Ends March 7
KUHLMANN TRANSPORT: Creditors' Meeting Slated for February 21
MAIWORM BADER: Claims Registration Ends March 7
MEDIA X: Claims Registration Period Ends February 29
PULLMAN FERIENPARK: Claims Registration Ends March 7

REINER MISCHKE: Claims Registration Period Ends February 29
RODEWALD GASTRO: Claims Registration Ends March 7
SCANDOLO BETONSTEINWERK: Creditors Must File Claims by March 7
SCHLOSS DER KUENSTE: Claims Registration Period Ends February 29
TECNOMEDIC GMBH: Creditors Must File Proofs of Claim by March 7

VERKEHRS- UND ANLAGENBAU: Creditors' Claims Due March 7
WESTLB AG: Owners Agree to Place EUR23 Bln Securities in SPV
WESTLB AG: Restructuring Plan Sees 1,500 Job Cuts by 2010


I R E L A N D

KENDAR HOLDINGS: Irish High Court Appoints Liquidator


I T A L Y

ALITALIA SPA: Opposition Party to Respect Possible Stake Sale
DANA CORP: Wants Court to Expunge 307 Scheduled Claims
DANA CORP: Newco Gets BB- Rating from S&P After Chap. 11 Exit
FIAT SPA: Sees no Slowdown in Global Demand
IT HOLDING: Lars Nilsson Ends Ties with Gianfranco Ferre Brand

PARMALAT SPA: Venezuela Threatens to Seize Milk Plants
PARMALAT SPA: Kenyan Crisis Spurs Firm to Defer Spin Knit Buy


K A Z A K H S T A N

AGRO-DARHAN LLP: Proof of Claim Deadline Slated for March 11
AKSERVICESNAB LLP: Creditors Must File Claims by  March 11
GG AGRO: Claims Filing Period Ends March 7
HEADWAY & K: Creditors' Claims Due on March 11
HKM OIL: Claims Registration Ends March 7

NORD PARTHNER: Creditors Must File Claims by March 7
POLFROST INTERNATIONAL: Claims Filing Period Ends March 11
TECHNIC-OIL LLP: Creditors' Claims Due on March 7


K Y R G Y Z S T A N

ATILIM INTERNATIONAL: Claims Filing Period Ends February 22
NEON-UG LLC: Creditors Must File Claims by February 22


L U X E M B O U R G

HUNTSMAN CORP: Board Paying US$0.10 Per Share Div. on March 31


N E T H E R L A N D S

CETECO HOLDING: Court Lets Receivers to Attach Hagemeyer Assets


P O L A N D

SCO GROUP: Gets Court OK to File Chapter 11 Plan Until May 11


R U S S I A

BULGAR-AVTOVAZ: Creditors Must File Claims by February 28
GONCHAROVSKOE CJSC: Asset Sale Slated for February 28
NOVATEK OAO: Board Approves Share Repurchase Program
OZERSKAYA GARMENT: Creditors Must File Claims by March 28
SALAIR CJSC: Creditors Must File Claims by February 28

SISTEMA JSFC: Names Sergev Boyev as VP for Programs Development
STEKLYANSKOE CJSC: Court Names A. Biryukov as Insolvency Manager


S W I T Z E R L A N D

ABACADABRA: Creditors' Liquidation Claims Due by Feb. 20
ANNY BLUMER: Creditors' Liquidation Claims Due by Feb. 18
DIMO COMPANY: Creditors' Liquidation Claims Due by Feb. 20
LABOREA JSC: Creditors' Liquidation Claims Due by February 18
LUXHOF GARAGE: Creditors' Liquidation Claims Due by Feb. 20

NOVELIS INC: Incurs US$49 Mil. Net Loss in Quarter Ended Dec. 31
PRO SL: Creditors' Liquidation Claims Due by Feb. 15
RESOPTICOM LLC: Creditors' Liquidation Claims Due by Feb. 18
SIGMA WIRTH: Creditors' Liquidation Claims Due by Feb. 18


U N I T E D   K I N G D O M

CABLE & WIRELESS: Monaco Telecom Buys 49% Stake in Connecteo
DOCKRIGHT LTD: Appoints Baker Tilly as Joint Administrators
E & J PROPERTIES: Brings In Liquidators from Vantis
FEDERAL-MOGUL: Insurers, et al., Oppose Plan A Modifications
FEDERAL-MOGUL: Mesothelioma Claimants Support Plan A Settlement

FREESCALE SEMICONDUCTOR: Chief Executive M. Meyer to Step Down
FREESCALE SEMICON: CEO Resignation No Rating Effect Says Moody's
GENERAL MOTORS: Paying US$0.25 First Qtr. Dividend on March 10
GENERAL MOTORS: Invests US$69 Mln in Ohio Diesel Engine Plant
LEVEL 3 COMMS: Reports US$91 Mil. Net Loss for 2007 Fourth Qtr.

MAXJET AIRWAYS: Court Approves Arent Fox as Committee Counsel
MAXJET AIRWAYS: Can Hire P. Stang as Bankruptcy Co-Counsel
MAXJET AIRWAYS: Gets Court OK to Employ Pillsbury as Co-Counsel
MAXJET AIRWAYS: Filing of Schedules Extended to February 19
MORADA FABRICS: Names Joint Administrators from Begbies

NORTHERN CONSERVATORY: Calls In Liquidators from Tenon Recovery
NORTHERN ROCK: Investors Question Virgin Money Valuation
PLECK CHICKEN: NatWest Bank Taps PKF as Joint Receivers
QUEBECOR WORLD: Moody's Rates  US$1-BB DIP Facilities Ba2 & Ba3
R.J. PICKFORD: Brings In Administrators from Deloitte & Touche

TAPLOW KITCHENS: Appoints Vantis to Administer Assets
TEREX CORPORATION: Hart-Scott-Rodino Waiting Period Expires
VIRGIN MEDIA: Shelves Non-Cable Market Capture Strategy
WEATHERWISE UK: Cash Flow Problem Sends Firm into Administration
WHOLE FOODS: Moody's Attaches Ba1 Rating on US$700MM Sec. Loan

WORKS RETAIL: Taps Joint Administrators from Kroll


                            *********


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


LUTTENBERGER KEG: Claims Registration Period Ends March 5
---------------------------------------------------------
Creditors owed money by Keg Luttenberger (FN 223220s) have until
March 5, 2008, to file written proofs of claim to court-
appointed estate administrator Wolfgang Reinisch at:

          Dr. Wolfgang Reinisch
          Advocacy LLC Reinisch & Wisiak
          Hauptplatz 28
          8430 Leibnitz
          Austria
          Tel: 03452/83296
          Fax: 03452/83296-20
          E-mail: leibnitz@reinisch-wisiak.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on March 13, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 222
          Second Floor
          Graz
          Austria

Headquartered in  Leibnitz, Austria, the Debtor declared
bankruptcy on Jan. 22, 2008 (Bankr. Case No. 26 S 10/08b).


MAR BAU: Claims Registration Period Ends March 12
-------------------------------------------------
Creditors owed money by LLC MAR Bau (FN 288400v) have until
March 12, 2008, to file written proofs of claim to court-
appointed estate administrator  Christiane Pirker at:

          Dr. Christiane Pirker
          Hasenhutgasse 9
          Haus 3
          1120 Vienna
          Austria
          Tel: 817 57 57, 817 57 67
          Fax: 817 57 55 -17
          E-mail: Dr.Christiane.Pirker@chello.at

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 23, 2008 (Bankr. Case No. 3 S 7/08m).


NRK LLC: Claims Registration Period Ends February 26
----------------------------------------------------
Creditors owed money by LLC Nrk (FN 265609b) have until
Feb. 26, 2008, to file written proofs of claim to court-
appointed estate administrator Alexander Schoeller at:

          Dr. Alexander Schoeller
          Schiessstattring 35/13
          3100 St. Poelten
          Austria
          Tel: 02742/74 731
          Fax: 02742/74 731-22
          E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 a.m. on March 18, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of St. Poelten
          Room 216
          Second Floor
          Old Building
          St. Poelten
          Austria

Headquartered in Gablitz, Austria, the Debtor declared
bankruptcy on Jan. 22, 2008 (Bankr. Case No. 14 S 9/08a).


VARIANT LLC: Claims Registration Period Ends February 27
--------------------------------------------------------
Creditors owed money by LLC Variant (FN 75560v) have until
Feb. 27, 2008, to file written proofs of claim to court-
appointed estate administrator Karl F. Engelhart at:

          Dr. Karl F. Engelhart
          c/o Dr. Thomas Engelhart
          Esteplatz 4
          1030 Vienna
          Austria
          Tel: 01/712 33 30-0
          Fax: 01/712 33 30 30
          E-mail: engelhart@csg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 12, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Klosterneuburg, Austria, the Debtor declared
bankruptcy on Jan. 23, 2008 (Bankr. Case No. 36 S 3/08w).
Thomas Engelhart represents Dr. Engelhart in the bankruptcy
proceedings.


XERIUM TECH: Hires Stephen Light as New President & CEO
-------------------------------------------------------
Xerium Technologies Inc. appointed Stephen R. Light as its new
President and Chief Executive Officer, effective Feb. 11, 2008.
Mr. Light will also become a member of the company's board of
directors concurrently with the effectiveness of his appointment
as President and Chief Executive Officer.

Mr. Light comes to Xerium Technologies having recently completed
the highly successful turnaround of Flow International Corp.,
the world's largest producer of industrial waterjet cutting and
cleaning equipment.  Prior to Flow, Mr. Light was President and
CEO of OmniQuip Textron and held senior level management
positions at General Electric, Emerson Electric and N.V.
Phillips.

Mr. Light replaces Thomas Gutierrez, who has resigned as an
officer and director of the company.  The board of directors
expresses its thanks to Mr. Gutierrez for his contributions to
the company during his six-year tenure as CEO, including the
successful completion of the company's initial public offering
in 2005.

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.

                          *     *     *

Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1; Guaranteed
senior secured term loan B at B1 rating; and Guaranteed senior
secured revolving credit facility at B1 rating.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believed the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.


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


ARROW ELECTRONICS: Earns US$114 Million in 2007 Fourth Quarter
--------------------------------------------------------------
Arrow Electronics Inc. reported fourth quarter 2007 net income
of US$114.0 million on sales of US$4.42 billion, compared with
net income of US$128.1 million on sales of US$3.49 billion in
the fourth quarter of 2006.  Sales increased 26% year over year.
On a pro-forma basis, sales increased nine% year over year as
acquisitions also benefited sales growth.

The company's results for the fourth quarters of 2007 and 2006
include a number of items that impact their comparability.  On a
non-GAAP basis, net income for the quarter ended Dec. 31, 2007,
would have been US$120.6 million and net income for the quarter
ended Dec. 31, 2006, would have been US$88.6 million.

"We finished 2007 with outstanding performance in the fourth
quarter.  Sales, working capital to sales, and return on working
capital were all at record levels, and exceptional cash flow
generation of US$220 million in the fourth quarter brought 2007
operating cash flow to US$851 million," said William Mitchell,
chairman, president and chief executive officer.  "Our operating
margin was again at an industry leading level and our balance
sheet is at its strongest level in 10 years.  We are doing this
while continuing to invest in important initiatives that will
take us to even greater levels of growth and profitability."

Global enterprise computing solutions sales of US$1.61 billion
increased 111% year over year.  Growth was aided by the impact
of the acquisitions of KeyLink Systems Group, Alternative
Technology Inc. and the storage and security distribution
business of InTechnology plc.  On a pro-forma basis, sales
increased 22% year over year on strong growth in proprietary
servers, storage, software, and services.

"Sales pro forma for acquisitions more than tripled the rate at
which the overall market is expected to have grown and our
operating margin strengthened significantly over last quarter,
demonstrating the tremendous operating leverage in our business.
Execution on our strategic objectives in 2007 has resulted in a
much stronger organization with broader geographic reach into
22 countries, increased market share in the fast growing product
segments of software and storage, and a more robust customer and
supplier base.  Arrow ECS is now the world's largest distributor
of enterprise storage and security and virtualization software,
and with increased scale, scope and capabilities, our strategy
is resonating with our customers and suppliers," added
Mr. Mitchell.

Global components sales of US$2.81 billion increased 3% year
over year.  "We again executed well and posted sales at the high
end of expectations.  In North America, we saw our first
increase in daily run rate since the third quarter of 2006 and
book to bill (the amount of sales booked for delivery as
compared with sales that have been billed) was above one in each
of the regions in which we operate.  As we continued along the
path to building best-in-class global capabilities and
leveraging our global scale, we moved closer to our financial
targets for the global components business in the fourth
quarter.  Operating income grew at more than three times the
rate of sales growth and we reduced the amount of working
capital needed to support sales by 160 basis points year over
year.  Our strategic initiatives around the world continue to
take hold and we look forward to additional progress in the
upcoming year," Mr. Mitchell said.

The company's results for the fourth quarter of 2007 and 2006
include the items outlined below that impact their
comparability:

   * during the fourth quarter of 2007, the company recorded a
     restructuring and integration charge of US$10.0 million
     (US$6.6 million net of related taxes) primarily related to
     initiatives taken by the company to improve operating
     efficiencies.

   * during the fourth quarter of 2006, the company settled
     certain tax matters covering multiple years.  As such, the
     company recorded a reduction in the provision for income
     taxes of US$44.7 million and related interest expense of
     US$6.2 million (US$3.8 million net of related taxes)
     related to periods prior to the fourth quarter of 2006.

   * during the fourth quarter of 2006, the company completed
     the valuation of identifiable intangibles associated with
     acquisitions completed in the fourth quarter of 2005.
     Accordingly, the company recorded the related amortization
     expense for the full year in the fourth quarter of 2006.
     The impact on net income was a decrease of US$1.2 million
     related to periods prior to the fourth quarter of 2006.

   * during the fourth quarter of 2006, the company recorded
     restructuring and integration charges and costs associated
     with pre-acquisition warranty and environmental claims of
     US$9.7 million (US$7.8 million net of related taxes).

"Based upon the information known to us, we expect normal
seasonality in both our components and ECS businesses.  We
believe that total first quarter sales will be between US$3.925
and US$4.225 billion, with global component sales between
US$2.775 and US$2.975 billion and global enterprise computing
solutions sales between US$1.15 and US$1.25 billion.  Earnings
per share, on a diluted basis, excluding any charges and
including estimated amortization of intangible assets of US$.03
to US$.04, are expected to be in the range of US$.81 to US$.87,
an increase of 9% to 18% from last year's first quarter," said
Paul J. Reilly, senior vice president and chief financial
officer.

                        Full Year Results

Arrow's net income for 2007 was US$407.8 million on sales of
US$16.0 billion, compared with net income of US$388.3 million on
sales of US$13.6 billion in 2006.

Net income for 2007 includes a restructuring and integration
charge of US$11.7 million (US$7.0 million net of related taxes)
primarily related to initiatives taken by the company to improve
operating efficiencies and the acquisition of KeyLink.  Net
income for 2007 also includes an income tax benefit of
US$6.0 million, net, principally due to a reduction in deferred
income taxes as a result of the reduction in the statutory tax
rate in Germany.  Excluding these items, net income would have
been US$408.8 million for 2007.

Net income for 2006 includes a restructuring and integration
charge and costs associated with pre-acquisition warranty and
environmental claims of US$16.1 million (US$11.7 million net of
related taxes) and a loss on prepayment of debt of
US$2.6 million (US$1.6 million net of related taxes).  During
2006, the company settled certain tax matters covering multiple
years. As such, the company recorded a reduction in the
provision for income taxes of US$40.4 million and related
interest expense of US$4.0 million (US$2.4 million net of
related taxes) related to tax years prior to 2006.  Excluding
these items, net income would have been US$358.7 million for
2006.

                    About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                         *     *     *

Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


INT'L PAPER: Earnings Drop to US$327 Mln in Qtr. Ended Dec. 31
--------------------------------------------------------------
International Paper Co. reported net earnings of US$327 million
in fourth-quarter ended Dec. 31, 2007, compared with net
earnings of US$217 million in the prior quarter and net earnings
of US$2 billion in the fourth quarter of 2006.

The company reported preliminary full-year 2007 net earnings
total of US$1.2 billion compared with net earnings total of
US$1.1 billion in 2006.

Amounts in all periods include special items; most notably, 2006
fourth-quarter net earnings include an after-tax gain of
US$2.7 billion from the sale of U.S. forestlands.

"We increased profits before special items by 52% in 2007, which
is strong evidence that the transformation we began in 2005 is
continuing to pay off," John Faraci, International Paper
chairman and chief executive officer, said.  "We've steadily
expanded our margins through internal cost controls and by
focusing on the right customers and product segments within our
key businesses. Our global investments are adding to revenue and
profit growth and helping to offset some demand decline in North
America."

"Solid fourth-quarter results tell the same story," Tim
Nicholls, chief financial officer and senior vice president,
added.  "Margins and volumes continue to improve, contributing
to strong business earnings in paper, packaging and xpedx.
Improved price realizations in the quarter helped offset the
impact of continuing increases in raw material and distribution
costs, but we expect continued input cost pressures in the first
quarter of 2008. Uncertainty within the North American economy
will also play a role in the first quarter, but we will continue
to balance our supply with our customers' demand.  Global demand
for paper and packaging continues to look solid."

The effective tax rate from continuing operations and before
special items for the fourth quarter of 2007 is 31%, compared
with 29% in the third quarter and 28% in the fourth quarter of
2006. The 2007 full-year tax rate is 30% compared with 29% for
the 2006 full year.

                      Effects of Special Items

Special items in the fourth quarter of 2007 include a pre-tax
charge of US$9 million  or US$6 million after taxes, for charges
relating to the company's transformation plan and an Ohio tax
adjustment, well as a US$13 million pre-tax gain for adjustments
to estimated gains/losses of production facilities sold.

Additionally, a US$41 million net income tax benefit was
recorded relating to the effective settlement of certain tax
audit issues. The net after-tax effect of these special items is
a gain of US$44 million.

Special items in the third quarter of 2007 include restructuring
and other charges totaling US$42 million before taxes, including
US$37 million of pre-tax charges related to the closure of the
company's Terre Haute, Indiana mill.

Additionally, net pre-tax gains of US$8 million were recorded,
principally to reduce estimated transaction costs accrued in
connection with the transformation plan forestland sales in
2006, and a US$3 million increase to the income tax provision
was recorded related to the settlement of a prior-year tax
audit.  The net after-tax effect of these special items is a
loss of US$23 million.

Special items in the fourth quarter of 2006 include a pre-tax
gain of:

   -- US$4.4 billion from sales of U.S. forestlands included in
      the company's transformation plan;

   -- a charge of US$759 million for the impairment of goodwill
      in the company's coated paperboard and Shorewood Packaging
       businesses;

   -- a US$149 million pre-tax charge for losses on sales and
      impairments of businesses, including a US$128 million pre-
      tax impairment charge to reduce the carrying value of the
      fixed assets of the company's Saillat, France, mill to
      estimated fair value;

   -- a US$111 million pre-tax charge for restructuring and
      other corporate charges;

   -- a US$6 million pre-tax credit for interest received from
      the Canadian government on refunds of prior-year softwood
      lumber duties; and

   -- a US$5 million pre-tax credit for reductions of reserves
      no longer required.

Restructuring and other corporate charges include:

   -- a US$34 million charge for severance and other charges
      associated with the company's transformation plan;

   -- a gain of US$115 million for payments received in the
      fourth quarter relating to the company's participation in
      the U.S. Coalition for Fair Lumber Imports;

   -- a charge of US$157 million for losses on early debt
      extinguishment;

   -- a US$40 million charge for increases to legal reserves,
      and a US$5 million credit for other items.

In addition, a US$4 million tax expense was recorded in the
quarter. The net after-tax effect of these special items is a
gain of US$1.8 billion.

At Dec. 31, 2007, International Paperhad total assets of
US$23.96 billion, total liabilities of US$15.29 billion and
total common shareholders' equity of US$8.67 billion.

                   About International Paper

Based in Stamford, Connecticut, International Paper Co. (NYSE:
IP) -- http://www.internationalpaper.com/-- is in the forest
products industry for more than 100 years.  The company is
currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia.
The company has operations include, among others, facilities
in Argentina, Brazil, Bolivia, France, Italy, Spain, Venezuela,
and the United Kingdom.  These businesses are complemented by an
extensive North American merchant distribution system.
International Paper is committed to environmental, economic and
social sustainability, and has a long-standing policy of using
no wood from endangered forests.

                         *     *     *

Moody's Investors Service placed International Paper Co.'s
senior subordinate rating at 'Ba1' in December 2005.  The rating
still holds to date with a stable outlook.


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


AIPPERSPACH & UNGER: Claims Registration Ends March 1
-----------------------------------------------------
Creditors of Aipperspach & Unger GmbH i.L. have until
March 1, 2008, to register their claims with court-appointed
insolvency manager Martin Kern.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 19, 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 Freiburg
         Room 204
         Bismarckalle 2
         79098 Freiburg
         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:

         Martin Kern
         AG Fach 36
         Heinrich-von-Stephan-Str. 5
         79100 Freiburg
         Germany
         Tel: 0761/2111660
         Fax: 0761/2111670

The District Court of Freiburg opened bankruptcy proceedings
against Aipperspach & Unger GmbH i.L. on Jan. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Aipperspach & Unger GmbH i.L.
         Engesserstrasse 3
         79108 Freiburg
         Germany


AMOR HOCHZEITS: Claims Registration Period Ends March 6
-------------------------------------------------------
Creditors of Amor Hochzeits- und Abendgaderoben GmbH have until
March 6, 2008, to register their claims with court-appointed
insolvency manager Claudia Jansen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 17, 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:

         Claudia Jansen
         Bockenheimer Landstrasse 20
         D 60323 Frankfurt/Main
         Germany
         Tel: 069/4272686-5270
         Fax: 069/42726865555

The District Court of Frankfurt am Main opened bankruptcy
proceedings against Amor Hochzeits- und Abendgaderoben GmbH on
Dec. 20, 2007.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Amor Hochzeits- und Abendgaderoben GmbH
          Zeil 43
          60313 Frankfurt am Main
          Germany


ASAT HOLDINGS: Receives Nasdaq Securities Delisting Notice
----------------------------------------------------------
ASAT Holdings Limited received a Nasdaq Staff Determination
letter indicating that the company's market value of listed
securities has been below US$35 million as required for
continued inclusion by Marketplace Rule 4320(e)(2)(B), and that
its American Depositary Shares are, therefore, subject to
delisting.

The company was also notified by Nasdaq on Jan. 3, 2008, that it
does not comply with the minimum stockholders' equity of
US$2.5 million or net income from continuing operations of
US$500,000 in the recently completed fiscal year or in two of
the last three recently completed fiscal years, which are also
requirements for continued listing on The Nasdaq Capital Market.

The company requested on Feb. 12, 2008, an appeal hearing before
a Nasdaq Listing Qualifications Panel to avoid delisting and
expects to have a hearing date scheduled in 30 to 45 days.
During the appeal hearing process, the company's ADSs will
remain listed and traded on The Nasdaq Capital Market.

There can be no assurance that the Panel will grant the
company's request for continued listing.  If the company's ADSs
are ultimately delisted from The Nasdaq Capital Market, the
company expects that its ADSs will trade on the Over-the-Counter
Bulletin Board market.

In addition, the company disclosed that it had separately
received a Nasdaq letter on Jan. 3, 2008, stating that the
company's ADSs did not meet the minimum US$1 per ADS requirement
for continued inclusion on The Nasdaq Capital Market as set
forth in Nasdaq Marketplace Rule 4320(e)(2)(E)(ii).  This
requirement has not been satisfied to date, and in accordance
with the Rule the company has until July 1, 2008, to regain
compliance.

                  About ASAT Holdings Limited

Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of
semiconductor package design, assembly and test services.  With
18 years of experience, the company offers a definitive
selection of semiconductor packages and world-class
manufacturing lines.  ASAT's advanced package portfolio includes
standard and high thermal performance ball grid arrays, leadless
plastic chip carriers, thin array plastic packages, system-in-
package and flip chip.  ASAT was the first company to develop
moisture sensitive level one capability on standard leaded
products.  The company has operations in the United States, Hong
Kong, China and Germany.

                          *     *     *

Standard & Poor's placed ASAT Holdings Limited's long-term
foreign and local issuer credit ratings at 'CCC-' in September
2007.  The outlook is negative.


CELTECH GERMANY: Claims Registration Ends March 1
-------------------------------------------------
Creditors of Celtech Germany GmbH have until March 1, 2008, to
register their claims with court-appointed insolvency manager
Andreas Becker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on March 13, 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 Schweinfurt
         Meeting Hall 22
         Eingang Friedenstr. 2
         Schweinfurt
         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 Becker
         Manggasse 10
         97421 Schweinfurt
         Germany
         Tel: 09721/472930
         Fax: 09721/4729322

The District Court of Schweinfurt opened bankruptcy proceedings
against Celtech Germany GmbH on Jan. 29, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Celtech Germany GmbH
         Sieboldstr. 7
         97688 Bad Kissingen
         Germany


CR - STANZTECHNIK: Creditors' Meeting Slated for February 25
------------------------------------------------------------
The court-appointed insolvency manager for CR - Stanztechnik
GmbH, Klaus Hassdenteufel will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:40
a.m. on Feb. 25, 2008.

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

         The District Court of Saarbruecken
         Meeting Hall 24
         Second Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:45 a.m. on April 14, 2008, at the same
venue.

Creditors have until March 10, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Klaus Hassdenteufel
         Kardinal-Wendel-Strasse 12
         66440 Blieskastel
         Germany
         Tel: (06842) 4021
         Fax: (06842) 3962

The District Court of Saarbruecken opened bankruptcy proceedings
against CR - Stanztechnik GmbH on Jan. 18, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         CR - Stanztechnik GmbH
         Attn: Christian Reinstadler, Manager
         Kesselwald 5
         66386 St. Ingbert
         Germany


FAIRGATE GMBH: Creditors Must File Proofs of Claim by March 7
-------------------------------------------------------------
Creditors of Fairgate GmbH have until March 7, 2008, to register
their claims with court-appointed insolvency manager Jens Koeke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 1, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B8
         Berliner Strasse 8
         37073 Goettingen
         Germany

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

The insolvency manager can be reached at:

         Jens Koeke
         Obere Karspuele 36
         37073 Goettingen
         Germany
         Tel: 0551/9003660
         Fax: 0551/90036629

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

The Debtor can be reached at:

         Fairgate GmbH
         Breslauer Str. 26
         37154 Northeim
         Germany


FITNESS IM ZENTRUM: Claims Registration Period Ends February 29
---------------------------------------------------------------
Creditors of Fitness Im Zentrum GmbH & Co. KG have until
Feb. 29, 2008, to register their claims with court-appointed
insolvency manager Andreas Becker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 25, 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 Wuerzburg
         Room 14
         Tiepolostr. 6
         Wuerzburg
         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 Becker
         Ludwigstr. 2
         97070 Wuerzburg
         Germany
         Tel: 0931/3046211

The District Court of Wuerzburg opened bankruptcy proceedings
against Fitness Im Zentrum GmbH & Co. KG on Feb. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Fitness Im Zentrum GmbH & Co. KG
         Frankfurter Str. 87
         97082 Wuerzburg
         Germany


FRITZ DELIKATESSEN: Claims Registration Period Ends February 29
---------------------------------------------------------------
Creditors of Fritz Delikatessen GmbH have until Feb. 29, 2008,
to register their claims with court-appointed insolvency manager
Albert Hirt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 178
         Hauffstr. 5
         70190 Stuttgart
         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:

         Albert Hirt
         Berner Feld 74
         78628 Rottweil
         Germany
         Tel: 0741/17540-50
         Fax: 0741/17540-20

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

The Debtor can be reached at:

         Fritz Delikatessen GmbH
         Attn: Rosa Velasquez-Fritz
         Kirchheimer Str. 71
         70619 Stuttgart
         Germany


FUTURA FINANZ: Claims Registration Period Ends March 3
------------------------------------------------------
Creditors of Futura Finanz Zukunftsunternehmen fuer Finanz- und
Wirtschafsberatung GmbH & Co KG have until March 3, 2008, to
register their claims with court-appointed insolvency manager
Martin Prager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on April 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

          Dr. Martin Prager
          Feuerwache 5
          95445 Bayreuth
          Germany
          Tel: 0921/7877806
          Fax: 0921/78778077

The District Court of Hof opened bankruptcy proceedings against
Futura Finanz Zukunftsunternehmen fuer Finanz- und
Wirtschafsberatung GmbH & Co KG on Jan. 9, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Futura Finanz Zukunftsunternehmen fuer Finanz- und
          Wirtschafsberatung GmbH & Co KG
          Schuetzenweg 25
          95028 Hof
          Germany


HAMAG INGENIEURGESELLSCHAFT: Claims Registration Ends March 7
-------------------------------------------------------------
Creditors of HAMAG Ingenieurgesellschaft mbH have until
March 7, 2008, to register their claims with court-appointed
insolvency manager Bert Buske.

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

The meeting of creditors will be held at:

         The District Court of 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:

          Bert Buske
          Alt Nowawes 67
          14482 Potsdam
          Germany

The District Court of Potsdam opened bankruptcy proceedings
against HAMAG Ingenieurgesellschaft mbH on Jan. 9, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          HAMAG Ingenieurgesellschaft mbH
          Attn: Gerd Hausdorf, Manager
          Sperlingshof 02
          14624 Dallgow-Doeberitz
          Germany


HASSLER & CO: Claims Registration Period Ends March 6
-----------------------------------------------------
Creditors of Hassler & Co. Servicecenter GmbH have until
March 6, 2008, to register their claims with court-appointed
insolvency manager Dr. Jan Roth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 17, 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. Jan Roth
         Pfingstweidstrasse 3
         60316 Frankfurt am Main
         Germany
         Tel: 069/209739-0
         Fax: 069/20973929

The District Court of Frankfurt am Main opened bankruptcy
proceedings against Hassler & Co. Servicecenter GmbH on Jan. 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Hassler & Co. Servicecenter GmbH
          Sontrarer Strasse 6
          60386 Frankfurt am Main
          Germany


HEIZUNG & SANITARTECHNIK: Claims Registration Ends March 6
----------------------------------------------------------
Creditors of Heizung & Sanitartechnik GmbH Berkenbrueck have
until March 6, 2008, to register their claims with court-
appointed insolvency manager Dr. Detlef-Ruediger Beckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 10, 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 (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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. Detlef-Ruediger Beckmann
         Lindenallee 33
         14050 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Heizung & Sanitartechnik GmbH Berkenbrueck
on Jan. 18, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Heizung & Sanitartechnik GmbH Berkenbrueck
          vormals Dorfstrasse 1-2
          15518 Berkenbrueck
          Germany


JOSEF MAIWORM: Claims Registration Period Ends March 7
------------------------------------------------------
Creditors of Josef Maiworm GmbH & Co. KG have until
March 7, 2008, to register their claims with court-appointed
insolvency manager Ulrich Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting at 2:45 p.m. on April 7, 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 Siegen
         Hall 009
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         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:

          Ulrich Kuehn
          Riehler Str. 26
          50668 Cologne
          Germany
          Tel: (0221) 9726157
          Fax: (0221) 9726227

The District Court of Siegen opened bankruptcy proceedings
against Josef Maiworm GmbH & Co. KG on Jan. 9, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Josef Maiworm GmbH & Co. KG
          Wueste 72
          57462 Olpe
          Germany


JUERGEN DAUSER: Creditors' Meeting Slated for February 21
---------------------------------------------------------
The court-appointed insolvency manager for Juergen Dauser
Vermoegensverwaltungsgesellschaft mbH & Co. Anlagen KG,
Christian Willmer, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:15 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 10:10 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
Juergen Dauser Vermoegensverwaltungsgesellschaft mbH & Co.
Anlagen KG on Jan. 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Juergen Dauser Vermoegensverwaltungsgesellschaft mbH &
         Co. Anlagen KG
         Jahnstrasse 12
         28844 Weyhe
         Germany


JUERGEN WOLFF: Claims Registration Period Ends March 7
------------------------------------------------------
Creditors of Juergen Wolff Sammeln und Service GmbH have until
March 7, 2008, to register their claims with court-appointed
insolvency manager Thomas Steger.

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

The meeting of creditors will be held at:

          The District Court of Bonn
          Meeting Hall W1.26
          First Floor
          William-Strasse 23
          53111 Bonn
          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:

          Thomas Steger
          Koelnstrasse 135
          53757 Sankt Augustin
          Germany
          Tel: 02241/90600
          Fax: 02241/906090

The District Court of Bonn opened bankruptcy proceedings against
Juergen Wolff Sammeln und Service GmbH on Jan. 22, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Juergen Wolff Sammeln und Service GmbH
          Flughafenstrasse 61
          53842 Troisdorf
          Germany


KOELN EINS: Claims Registration Period Ends March 7
---------------------------------------------------
Creditors of Koeln Eins Verwaltungsgesellschaft Leipzig West mbH
have until March 7, 2008, to register their claims with court-
appointed insolvency manager Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         First Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

          Dr. Lucas F. Floether
          Specks Hof Eingang C
          Nikolaistrasse 3-5
          04109 Leipzig
          Germany
          Tel: 0341/652200
          Fax: O341/65220111

The District Court of Leipzig opened bankruptcy proceedings
against Koeln Eins Verwaltungsgesellschaft Leipzig West mbH on
Jan. 14, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Koeln Eins Verwaltungsgesellschaft Leipzig West mbH
          Antonienstrasse 20
          04229 Leipzig
          Germany


KUHLMANN TRANSPORT: Creditors' Meeting Slated for February 21
-------------------------------------------------------------
The court-appointed insolvency manager for Kuhlmann Transport
GmbH, Dr. 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
Kuhlmann Transport GmbH  on Jan. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Kuhlmann Transport GmbH
         Wienbergen 2
         27318 Hilgermissen
         Germany


MAIWORM BADER: Claims Registration Ends March 7
-----------------------------------------------
Creditors of Maiworm Bader GmbH & Co. KG have until
March 7, 2008, to register their claims with court-appointed
insolvency manager Ulrich Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on April 7, 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 Siegen
         Meeting Hall 009
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         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:

         Ulrich Kuehn
         Riehler Str. 26
         50668 Cologne
         Germany
         Tel: (0221) 9726157
         Fax: (0221) 9726227

The District Court of Siegen opened bankruptcy proceedings
against Maiworm Bader GmbH & Co. KG on Jan. 9, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Maiworm Bader GmbH & Co. KG
         Attn: Wolfgang Weiss, David Weiss and Jennifer Coskun,
         Managers
         Wueste 72
         57462 Olpe
         Germany


MEDIA X: Claims Registration Period Ends February 29
----------------------------------------------------
Creditors of MEDIA X GmbH  have until Feb. 29, 2008, to register
their claims with court-appointed insolvency manager Dr. Oliver
Kirschnek.

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 p.m. on March 17, 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. Oliver Kirschnek
         Kriegerstrasse 3
         70191 Stuttgart
         Germany
         Tel: 0711/225583-0
         Fax: 0711/225583-20

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

The Debtor can be reached at:

         MEDIA X GmbH
         Attn: Loris-Marco Gelesch, Manager
         Siemensstrasse 28
         74343 Sachsenheim
         Germany


PULLMAN FERIENPARK: Claims Registration Ends March 7
----------------------------------------------------
Creditors of Pullman-Ferienpark Betreiber-GmbH have until
March 7, 2008, to register their claims with court-appointed
insolvency manager Dr. Thomas Wazlawik.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 7, 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 Passau
         Meeting Hall 12a
         Ground Floor
         Schustergasse 4
         Passau
         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. Thomas Wazlawik
         Luragogasse 5
         94032 Passau
         Germany
         Tel: 0851/490548-0
         Fax: 0851/490548-9

The District Court of Passau opened bankruptcy proceedings
against Pullman-Ferienpark Betreiber-GmbH on Jan. 15, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Pullman-Ferienpark Betreiber-GmbH
         Ruberting 7
         94535 Eging am See
         Germany


REINER MISCHKE: Claims Registration Period Ends February 29
-----------------------------------------------------------
Creditors of Reiner Mischke GmbH have until Feb. 29. 2008 to
register their claims with court-appointed insolvency manager
Rainer Froelich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         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:

         Rainer Froelich
         Vohwinkeler Str.58
         42329 Wuppertal
         Germany
         Tel: 0202/7470430
         Fax: 0202/7470431
         www.kuebler-gbr.de

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

The Debtor can be reached at:

         Reiner Mischke GmbH
         Attn: Dietrich Harnach und
               Else Schulz, Managers
         Friedrich-Ebert-Str. 173
         42117 Wuppertal
         Germany


RODEWALD GASTRO: Claims Registration Ends March 7
-------------------------------------------------
Creditors of Rodewald Gastro GmbH have until March 7, 2008, to
register their claims with court-appointed insolvency manager
Arnd Sebelefsky.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Arnd Sebelefsky
         Arcostr. 3
         80333 Munich
         Germany
         Tel: 089/5490250
         Fax: 089/558674

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

The Debtor can be reached at:

         Rodewald Gastro GmbH
         Walchenseeplatz 4
         81539 Munich
         Germany

         Attn: Sven Rodewald, Manager
         Ludwigsfelder Str. 94
         80997 Munich
         Germany


SCANDOLO BETONSTEINWERK: Creditors Must File Claims by March 7
--------------------------------------------------------------
Creditors of Scandolo Betonsteinwerk GmbH have until
March 7, 2008, to register their claims with court-appointed
insolvency manager Jens Koeke.

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 Goettingen
         Hall B8
         Berliner Strasse 8
         37073 Goettingen
         Germany

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

The insolvency manager can be reached at:

         Jens Koeke
         Obere Karspuele 36
         37073 Goettingen
         Germany
         Tel: 0551/9003660
         Fax: 0551/90036629

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

The Debtor can be reached at:

         Scandolo Betonsteinwerk GmbH
         Rudolf-Winkel-Strasse 14
         37079 Goettingen
         Germany


SCHLOSS DER KUENSTE: Claims Registration Period Ends February 29
----------------------------------------------------------------
Creditors of Schloss der Kuenste GmbH have until Feb. 29, 2008,
to register their claims with court-appointed insolvency manager
Jan van Bruggen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on March 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ravensburg
         Room 127
         Herrenstr. 42
         88212 Ravensburg
         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:

         Jan van Bruggen
         Hochstr. 1
         88045 Friedrichshafen
         Germany

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

The Debtor can be reached at:

         Schloss der Kuenste GmbH
         Attn: Arthur Tormay und
              Joan Dunne, Managers
         Riedheimer Str. 8
         88048 Friedrichshafen
         Germany


TECNOMEDIC GMBH: Creditors Must File Proofs of Claim by March 7
---------------------------------------------------------------
Creditors of Tecnomedic GmbHhave until March 7, 2008, to
register their claims with court-appointed insolvency manager
Ruediger Bauch.

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

The meeting of creditors will be held at:

         The District Court of Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         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:

         Ruediger Bauch
         Damm 18
         38100 Braunschweig
         Germany
         Tel: 0531 38848-10
         Fax: 0531 38848-11

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

The Debtor can be reached at:

         Tecnomedic GmbH
         Jasperstrasse 40
         38170 Schoeppenstedt
         Germany


VERKEHRS- UND ANLAGENBAU: Creditors' Claims Due March 7
-------------------------------------------------------
Creditors of Verkehrs- und Anlagenbau Nienburg GmbH have until
March 7, 2008, to register their claims with court-appointed
insolvency manager Lothar Plumhof.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

         Lothar Plumhof
         Hauptstr. 2
         28857 Syke
         Germany

The District Court of Syke opened bankruptcy proceedings against
Verkehrs- und Anlagenbau Nienburg GmbH on Jan. 15, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Verkehrs- und Anlagenbau Nienburg GmbH
         Vor dem Zoll 4
         31582 Nienburg/Weser
         Germany


WESTLB AG: Owners Agree to Place EUR23 Bln Securities in SPV
------------------------------------------------------------
WestLB AG's owners have reached an agreement to ring-fence
substantial risks in the Bank's structured portfolios.
Securities with a nominal volume of roughly EUR23 billion will
be ring-fenced off the WestLB's balance sheet in a special
purpose vehicle.

WestLB says this solution means that the losses included in the
2007 annual accounts as a result of the developments on the
international capital markets will be compensated for in the
current financial year and that future risks will be ring-
fenced.

The financing of the special purpose vehicle will be secured by
a guarantee from the owners of up to EUR5 billion to cover any
payment defaults.

According to WestLB, its owners will meet any possible losses
from these securities portfolios in line with their
shareholdings in WestLB up to an amount of EUR2 billion, in
compliance with their statement of Jan. 20, 2008.  Any further
losses up to EUR3 billion will be borne by the State of North
Rhine-Westphalia.

If an to the extent that claims arising from the
disproportionate risk 'shield' are asserted against the State of
North Rhine-Westphalia, the federal state is entitled to demand
that a corresponding number of WestLB shares currently held by
the savings banks associations and the regional associations
shall be transferred to the federal state against payment of the
book value of the shares held by the above shareholders.

Any claims shall be based on a calculated share price of EUR220,
less a discount of EUR20 per share.  For the regional
associations a share price of EUR220 shall apply.  Instead of a
transfer of the shares, the parties involved may also agree on a
cash payment.

"WestLB can now concentrate fully on its future realignment,"
Michael Breuer, WesLB chairman of the supervisory board,
disclosed.  This expressly includes exploring the possibilities
of a merger with Helaba.

                          About WestLB

Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).

                          *     *     *

As reported in the Troubled Company Reporter-Europe on
Jan. 24, 2008, Fitch Rating downgraded WestLB AG's Individual
rating to 'F' from 'D/E' and removed the Rating Watch Negative.

Moody's Investor Service assigned WestLB AG's 7.15% Fixed Rate
Credit Linked Notes due 2013 at B1.


WESTLB AG: Restructuring Plan Sees 1,500 Job Cuts by 2010
---------------------------------------------------------
WestLB AG's managing board has submitted to the supervisory
board a framework plan for restructuring and strengthening the
business model by the year 2010.

The plan envisages cost savings of EUR300 million, which are to
be achieved, among other things, by reducing headcount by
between 1,300 and 1,500 employees during this period.

At the same time income will be increased by approximately
EUR100 million through the savings banks and mid-cap initiative
alone.  The supervisory board instructed the managing board to
work out the details of the restructuring based on the key
points submitted.

"Headcount reductions are always painful.  But there is no
alternative.  We have to begin quickly to shape the future of
WestLB and make the remaining jobs as safe as possible,"
Alexander Stuhlmann, chairman of the managing board of WestLB,
said.

The key points of the restructuring are:

   -- strengthening the joint business with the savings banks
      and private clients;

   -- significantly expanding the mid-cap business and
      optimizing the business with large corporates;

   -- further developing the real estate business; and

   -- focusing our investment banking activities.

"The restructuring will not be to the detriment of our clients.
On the contrary, we will invest in our clients and, apart from
the mid-cap business, expand our product offering for the client
business of the savings banks.  Let me emphasize, however, that
we do not wish to grow in competition with the savings banks,
but in partnership with them," Mr. Stuhlmann added.

                          About WestLB

Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).

                          *     *     *

As reported in the Troubled Company Reporter-Europe on
Jan. 24, 2008, Fitch Rating downgraded WestLB AG's Individual
rating to 'F' from 'D/E' and removed the Rating Watch Negative.

Moody's Investor Service assigned WestLB AG's 7.15% Fixed Rate
Credit Linked Notes due 2013 at B1.


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


KENDAR HOLDINGS: Irish High Court Appoints Liquidator
-----------------------------------------------------
The Irish High Court has appointed a liquidator for Kendar
Holdings Ltd., the Sofia News Agency reports.

The order was sought by Welplan Limited, alleging debts of
EUR325,414 owed by Michael Lynn, Kendar's owner, the report
said.  According to Welplan, the debt was for goods and services
received under a contract in the last six years.

The amount has yet to be paid despite Welplan serving the
company a letter of demand on Dec. 20, 2007, the report adds.
Thus Welplan was satisfied the company was insolvent and unable
to pay its debts.

Mr. Lynn, as the sole director and secretary of Kendar, is being
investigated by garda fraud squad, for allegedly taking out
multiple mortgages on several properties with more than ten
banks, the report relates.  Mr. Lynn is said to owe the banks
more than EUR82.5 million.

Dublin-based Kendar Holdings Ltd. develops and sells real
estate.


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


ALITALIA SPA: Opposition Party to Respect Possible Stake Sale
-------------------------------------------------------------
The Forza Italia opposition party will respect the possible sale
of the Italian government's 49.9% stake in Alitalia S.p.A. to
Air France-KLM S.A. if it wins the snap election in April 2008,
published reports say.

"If there were to be a contract already signed, it would be
respected," Renato Brunetta, deputy coordinator of Silvio
Berlusconi's Forta Italia, was quoted by Bloomberg News as
saying.

Mr. Brunetta, however, said Forza Italia would like the outgoing
government, headed by Prime Minister Romano Prodi, to avoid an
agreement and leave the decision to the next government, Reuters
reports.

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

As reported in the TCR-Europe on Feb. 11, 2008, Mr. Prodi vowed
to "do everything possible" to complete the stake sale.

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

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

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

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

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

   -- acquire 100% of Alitalia convertible bonds; and

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

                          About Alitalia

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

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

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


DANA CORP: Wants Court to Expunge 307 Scheduled Claims
------------------------------------------------------
Dana Corporation and its affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to disallow and
expunge 307 claims totaling US$10,549,663, listed in their
Schedules of Assets and Liabilities because those claims either
have been (a) satisfied by the Debtors in full during the
pendency of their Chapter 11 cases, or (ii) reduced to zero as a
result of reconciliation of the Debtors' books and records after
the filing of the Schedules.

The 10 largest Satisfied Claims are:

                                Scheduled
   Claimant                     Claim No.         Claim Amount
   --------                     ---------         ------------
   Acemco Automotive            54-F-1-19766       US$795,312
   B&C Machine Company          54-F-1-20099          453,315
   Mueller Impact               95-F-1-18463          364,619
   Watson & Chalin              54-F-1-23671          288,513
   HL Yoh Company               54-F-1-21338          228,042
   Omaha Steel Castings         54-F-1-22480          233,162
   Unity                        54-F-1-24139          215,410
   Avatar Components            54-F-1-20078          203,529
   UPS Customhouse Brokerage    73-F-1-16075          166,138
   Holland Group                54-F-1-21453          160,751

A list of the Satisfied Claims is available for free at:

      http://bankrupt.com/misc/Dana_SatisfiedClaims.pdf

The Debtors also ask the Court to disallow and expunge 36
Scheduled Claims totaling US$264,589.  Those Claims, according
to Corinne Ball, Esq., at Jones Day, in New York, relate to
executory contracts that the Debtors propose to assume under
their Third Amended Joint Plan of Reorganization.  Pursuant to
the proposed assumption, the Contract Claims will be resolved
and satisfied.

The 10 largest Contract Claims are:

                                Scheduled
   Claimant                     Claim No.         Claim Amount
   --------                     ---------         ------------
   Convisint                    64-F-1-15592        US$45,640
   Najico Spicer Co Ltd         54-F-5-100             38,996
   Fredericktown School         54-F-1-21144           33,791
   Automatic Data Processing    54-F-1-20069           16,675
   Kace Logistics               73-F-1-15884           13,067
   Knox County Career Center    54-F-1-21835           10,887
   Argo Partners                54-F-1-23575           10,152
   Shumaker Loop & Kendrick     54-F-1-23085            9,500
   System Scale Corp            54-F-1-23301            8,741
   Sourcenet Solutions Inc      54-F-1-23149            8,296

A list of the Contract Claims is available for free at:

       http://bankrupt.com/misc/Dana_ContractClaims.pdf

Furthermore, the Debtors ask the Court to reduce the amount
asserted by seven claims.  Ms. Ball says that the Claims have
already been paid or otherwise satisfied, or has been deemed
satisfied and reduced in the Debtors' books and records.

The Overstated Claims are:

                          Scheduled      Original    Adjusted
   Claimant               Claim No.      Claim Amt.  Claim Amt.
   --------               ---------      ----------  ----------
   Merrill Lynch          54-F-1-20976   US$173,418  US$617,255
   Moores Machine         54-F-1-22254      346,393     292,657
   Atchinson Casting      54-F-1-20043      188,904     111,788
   Credit Suisse          54-F-1-20371      234,999      77,542
   Madison Investment     54-F-1-23041      318,821      67,480
   Ford Components        54-F-1-21122      113,641      27,117
   Pricewaterhousecoopers 54-F-1-22720      154,000       5,000

As reported in the Troubled Company Reporter on Feb. 6, 2008,
Dana and its debtor-affiliates' Third Amended Joint Plan of
Reorganization became effective as of Jan. 31, 2008, and the
Company emerged from Chapter 11 bankruptcy protection.

                          About Dana

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

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

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

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

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

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


DANA CORP: Newco Gets BB- Rating from S&P After Chap. 11 Exit
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Toledo, Ohio-based Dana Holding Corp. following
the company's emergence from Chapter 11 on Feb. 1, 2008.  The
outlook is negative.

"The ratings are based on the exit financing, capital structure,
and other terms and conditions under Dana's plan of
reorganization filed with the bankruptcy court, which has now
been consummated," said Standard & Poor's credit analyst Nancy
Messer.

At the same time, Standard & Poor's assigned Dana's
US$650 million asset-based loan revolving credit facility due
2013 a 'BB+' rating (two notches higher than the corporate
credit rating) with a recovery rating of '1', indicating an
expectation of very high (90%-100%) recovery in the event of a
payment default.

In addition, S&P assigned a 'BB' bank loan rating to Dana's
US$1.43 billion senior secured term loan (one notch above the
corporate credit rating) with a recovery rating of '2',
indicating an expectation of average (70%-90%) recovery.

The bank loan ratings assume that any remaining conditions that
predate the bank facility are satisfied or waived.

Dana had US$1.6 billion of balance sheet debt outstanding at
emergence from bankruptcy.  The capital structure also includes
US$792 million of 4% cash-pay convertible preferred stock, held
by Centerbridge Partners L.P. and certain prior creditors, which
Standard & Poor's views as equity.

The ratings reflect Dana's weak business profile and aggressive
financial profile.  Dana is a significant participant in the
global automotive marketplace, manufacturing under-the-vehicle
products such as axles, driveshafts, and other structural,
sealing, and thermal products.  Dana's customers are original
equipment manufacturers of vehicles in the light, heavy-duty
commercial, and heavy off-road markets.

S&P could lower the ratings over the next year if Dana fails to
generate free cash flow, whether because of slower restructuring
efforts, more adverse market conditions, or failure to install a
strong executive leadership team.  In addition, S&P could lower
the ratings if Dana's strategic or financial policies take a
more aggressive turn under the new board of directors and
executive management team.  Any of these occurrences could
inhibit Dana's free cash flow and the potential for reduced
leverage in the near term.  S&P could revise the outlook to
stable if market conditions stabilize and Dana is able to
modestly expand sales and EBITDA in the next few years, and if
restructuring activities produce improved and sustainable
adjusted EBITDA margin in 2008-2009 at 10% or better.  The
assignment of a stable outlook would also require S&P's
confidence that the financial policy and business strategy of
Dana's new owners would remain consistent with the current
rating and that the company would resolve prior accounting
issues.  S&P would also need to see evidence, through the
achievement of profitable new business wins, that the company is
establishing itself as a credible long-term global competitor in
its markets.


FIAT SPA: Sees no Slowdown in Global Demand
-------------------------------------------
Fiat S.p.A. expects no decrease in global demand despite the
current financial market upheaval, Reuters reports citing
company CEO Sergio Marchionne.

"Most companies that are in this sector have not yet shown the
slightest slowdown in industrial development," Mr. Marchionne
was quoted by Reuters as saying.  "We do not see any negative
impact on market demand."

Mr. Marchionne added that the company is experiencing weak local
demand, which the CEO is "understandable" due to the tax
incentives problem.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                          *     *     *

As reported in the TCR-Europe on Nov. 6, 2007, Moody's Investors
Service changed the outlook on Fiat S.p.A. and subsidiaries' Ba3
Corporate Family Rating to positive from stable and affirmed its
Ba3 long-term senior unsecured ratings as well as the short-term
non-Prime rating.

On Oct. 4, 2007, Fitch Ratings affirmed Fiat S.p.A.'s Issuer
Default and senior unsecured ratings at BB- and Short-term
rating at B.

The company carries Standard & Poor's Ratings Services' BB long-
term corporate credit rating.  The compay also carries B short-
term rating.  S&P said the outlook is stable.


IT HOLDING: Lars Nilsson Ends Ties with Gianfranco Ferre Brand
--------------------------------------------------------------
IT Holding S.p.A.'s Gianfranco Ferre brand ended on Feb. 8,
2008, its collaboration with Lars Nilsson, who was appointed
creative director on Sept. 25, 2007.

Mr. Nilsson was the creative director of Nina Ricci in Paris.
According to Bloomberg News, he had designed for Christian Dior
S.A. and Chanel S.A.  Mr. Nilsson replaced founder Gianfranco
Ferre, who died in June 2007.

"Ferre is IT Holding's biggest brand and Nilsson leaving is
negative," Salvatore Provinzano at Il Nuovo Mercato in Rome was
quoted by Bloomberg as saying.

According to the company, will be presented on Feb. 18, 2008.
The collection has been designed by in-house creative team.

The creative direction' new personnel structure will be
announced after The Gianfranco Ferre Fall and Winter womenswear
collection on Feb. 18, 2008, the company said.

Headquartered in Milan, Italy, IT Holding S.p.A.
-- http://www.itholding.it/-- controls a group of companies
that design, produce and distribute high-quality products under
owned brands -- Ferre, Malo, Exte -- as well as under license
agreements -- D&G, Versus, Versace Jeans Couture, Just Cavalli,
C'N'C Costume National.  Worldwide distributing network includes
29 directly operated stores, 111 other mono-brand stores and
over 4,000 highly selected department and specialty stores.  IT
Holding has over 1,700 employees.  It went public on November
1997 and its shares are traded on Milan Stock Exchange.

                          *     *     *

As of Feb. 12, 2008, IT Holding S.p.A. carries Moody's B3
Corporate Family and Probability-of-Default rating.   Moody's
said the outlook is stable.

The company also carries Standard & Poor's B- long-term foreign
issuer credit rating, 'B-' long-term local issuer credit rating
with stable outlook.


PARMALAT SPA: Venezuela Threatens to Seize Milk Plants
------------------------------------------------------
Venezuelan President Hugo Chavez threatened to expropriate milk
processing plants of Parmalat S.p.A. and Nestle S.A., various
reports say.

Mr. Chavez is accusing Parmalat and Nestle of pressuring local
dairy farmers to sell their milk to these international firms,
Reuters relates.

According to Agence France-Presse, Venezuela for months has been
rocked by shortages of basic foods like milk, eggs, sugar, beef,
chicken and wheat flour.

"It doesn't make any difference if we set up [state] milk
processing plants if there is no milk to process because it is
all taken away by Parmalat or Nestle," Mr. Chavez was quoted by
the Associated Press as saying.

Mr. Chavez is seeking to end the shortages by bolstering the
private sector's supply with state-financed enterprises, Reuters
adds.

"If it is proven that Nestle or Parmalat -- under different
economic means of pressure or blackmail, such as by offering
money in advance -- are making off with the raw milk output and
leaving state plants without the milk they need, then that is
called sabotage," Mr. Chavez was further quoted by AP.

"The Constitution has to be enforced, the government has to step
in and expropriate the plants," Mr. Chavez adds.  "We are facing
an economic conspiracy and we are forced to act to defend
national security."

                          About Parmalat

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

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

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

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

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

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


PARMALAT SPA: Kenyan Crisis Spurs Firm to Defer Spin Knit Buy
-------------------------------------------------------------
Parmalat S.p.A. has postponed its acquisition of Spin Knit Dairy
Ltd. due to political turmoil in Kenya, where the latter is
based, Thomson Financial reports citing La Stampa as its source.

La Stampa said Parmalat's board of directors has approved the
acquisition.

Meanwhile, Parmalat also wants to acquire Australian milk
producer Dairy Farmers for EUR700 million, La Stampa reports.

Parmalat said in March 2007 that it allocated EUR1 billion to
acquire firms and stimulate external growth.

The company, however, is unlikely to make any purchases before
its shareholders' meeting on April 8-9, 2008, when it will elect
a new board.

                          About Parmalat

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

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

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

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

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

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


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


AGRO-DARHAN LLP: Proof of Claim Deadline Slated for March 11
------------------------------------------------------------
LLP Agro-Darhan has declared insolvency.  Creditors have until
March 11, 2008, to submit written proofs of claims to:

         LLP Agro-Darhan
         Fabrichnaya Str. 3
         Baimurza
         Buhar-Jyrausky
         Karaganda
         Kazakhstan


AKSERVICESNAB LLP: Creditors Must File Claims by  March 11
----------------------------------------------------------
LLP Akservicesnab has declared insolvency.  Creditors have until
March 11, 2008, to submit written proofs of claims to:

         LLP Akservicesnab
         Micro District 12, 66-22
         Aktau
         Mangistau
         Kazakhstan


GG AGRO: Claims Filing Period Ends March 7
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP GG Agro insolvent on Dec. 7, 2007.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Djambul Str. 76-6
         Almaty
         Kazakhstan


HEADWAY & K: Creditors' Claims Due on March 11
----------------------------------------------
LLP Headway & K has declared insolvency.  Creditors have until
March 11, 2008, to submit written proofs of claims to:

         LLP Headway & K
         Micro District Orbita-3, 33-66
         Almaty
         Kazakhstan


HKM OIL: Claims Registration Ends March 7
-----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP HKM Oil Contract insolvent on Dec. 7, 2007.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Satpayev Str. 88
         Almaty
         Kazakhstan


NORD PARTHNER: Creditors Must File Claims by March 7
----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Nord Parthner insolvent.

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

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


POLFROST INTERNATIONAL: Claims Filing Period Ends March 11
----------------------------------------------------------
Representation of LLP Polfrost International Spedition has
declared its closure.  Creditors have until March 11, 2008, to
submit written proofs of claims to the representation of:


         LLP Polfrost International Spedition
         Suyunbai ave. 2
         Almaty
         Kazakhstan


TECHNIC-OIL LLP: Creditors' Claims Due on March 7
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Technic-OiL insolvent on Dec. 4, 2007.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Satpayev Str. 88
         Almaty
         Kazakhstan


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


ATILIM INTERNATIONAL: Claims Filing Period Ends February 22
-----------------------------------------------------------
LLC Atilim International has declared insolvency.  Creditors
have until Feb. 22, 2008, to submit written proofs of claim to:

         LLC Atilim International
         Michurin Str. 65/3
         Bishkek
         Kyrgyzstan


NEON-UG LLC: Creditors Must File Claims by February 22
------------------------------------------------------
LLC Neon-Ug has declared insolvency.  Creditors have until
Feb. 22, 2008, to submit written proofs of claim to:

         LLC Neon-Ug
         Masaliyev Ave. 55/4
         Osh
         Kyrgyzstan


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


HUNTSMAN CORP: Board Paying US$0.10 Per Share Div. on March 31
--------------------------------------------------------------
Huntsman Corporation's board of directors has declared a US$0.10
per share cash dividend on its common stock.  The dividend is
payable on March 31, 2008, to stockholders of record as of
March 14, 2008.

Huntsman Corp. -- http://www.huntsman.com/-- manufactures and
markets differentiated and commodity chemicals.  Its operating
companies manufacture products for a variety of global
industries including chemicals, plastics, automotive, aviation,
textiles, footwear, paints and coatings, construction,
technology, agriculture, health care,  detergent, personal care,
furniture, appliances and packaging.  Originally known for
pioneering innovations in packaging and, later for rapid and
integrated growth in petrochemicals, Huntsman has operations in
24 countries, including Argentina, Belarus, Japan, Luxembourg,
Malaysia, Spain and the United Kingdom, among others.  The
company had 2006 revenues from all operations of over
US$13 billion.

                          *     *     *

In June 2007, Moody's Investors Service placed the debt ratings
and the corporate family ratings (CFR -- Ba3) for Huntsman
Corporation and Huntsman International LLC, a subsidiary of
Huntsman under review for possible downgrade.


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


CETECO HOLDING: Court Lets Receivers to Attach Hagemeyer Assets
---------------------------------------------------------------
A court in Amsterdam, Netherlands has allowed bankruptcy
receivers of Ceteco Holding N.V. to make a provisional
attachment for up to EUR190 million on the shares of certain of
Hagemeyer N.V.'s Dutch subsidiaries and any intra-group
receivables that currently due, Hagemeyer said.

Hagemeyer said it may provide a bank guarantee to avoid its
assets seized.  Hagemeyer holds a 65% stake in Ceteco.

According to Dow Jones, Ceteco's receivers filed the claim based
on allegations that Hagemeyer's non-executive directors
improperly supervised Ceteco's executive directors, leading to
the unit's collapse in 2000.

                         Utrecht Appeal

Hagemeyer, meanwhile, disclosed that it has filed an appeal on
the Dec. 12, 2007, ruling by a court in Utrecht, Netherlands,
that ordered the firm, former members of Ceteco's Board
of Management and Supervisory Board to jointly pay a still-to-
be-determined amount of damages.

The court also ordered Hagemeyer and other defendants to former
members of Ceteco's Board of Management and Supervisory Board
were jointly ordered to make an advance payment of EUR50 million
in damages.

                       About Ceteco Holding

Headquartered in Maarsen, Netherlands, Ceteco Holding N.V.
manufactures and retails consumer durables such as household
appliances, audio & video equipment and furniture in Latin
America.

Ceteco Holding went into bankruptcy in 1998, and its receivers
in 2003 filed in court up to EUR200 million in financial
compensation against Hagemeyer.  The receivers claimed Hagemeyer
is liable for the bankruptcy of Ceteco and that it had acted
negligently with respect to Ceteco and its creditors.


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


SCO GROUP: Gets Court OK to File Chapter 11 Plan Until May 11
-------------------------------------------------------------
The Hon. Kevin Gross of the United States Bankruptcy Court for
the District of Delaware further extended The SCO Group Inc. and
its debtor-affiliates' exclusive periods to:

   a) file a Chapter 11 plan until May 11, 2008; and

   b) solicit acceptances of that plan until July 11, 2008.

As reported in the Troubled Company Reporter on Jan. 8, 2008,
the Debtors told the Court that they need more time to resolve
an issue regarding Novell Inc.'s rights in connection with the
sale of the Unix business.  The Debtor said that Novell objected
to the sale of that business and that the asset was a threshold
issue that must be determined before any sale.

Accordingly, the Debtors said that they have decided to allow
the dispute to narrow before they file a Chapter 11 plan.

The Debtors reminded the Court that Novell obtained permission
to prosecute its counterclaim against the Debtor in the United
States Bankruptcy Court for the District of Utah.

                          About SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, the United
Kingdom, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Epiq Bankruptcy Solutions, LLC, acts as the
Debtors' claims and noticing agent.  The United States Trustee
failed to form an Official Committee of Unsecured Creditors in
these cases due to insufficient response from creditors.  The
Debtors' exclusive period to file a chapter 11 plan expires on
March 12, 2008.  The Debtors' schedules of assets and
liabilities showed total assets of US$9,549,519 and total
liabilities of US$3,018,489.


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


BULGAR-AVTOVAZ: Creditors Must File Claims by February 28
---------------------------------------------------------
Creditors of OJSC Bulgar-Avtovaz have until Feb. 28, 2008, to
submit proofs of claim to:

         R. Valiullin
         Temporary Insolvency Manager
         Ak. Parina Str. 6-333
         Kazan
         420101 Tatarstan
         Russia

The Arbitration Court of Tatarstan will convene at 1:00 p.m. on
June 26, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A65-9781/
2007-SG4-40.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Bulgar-Avtovaz
         Avoservisnaya Str. 33
         Kazan
         420051 Tatarstan
         Russia


GONCHAROVSKOE CJSC: Asset Sale Slated for February 28
-----------------------------------------------------
LLC OB'-Fish, will open a public auction for the CJSC
Goncharovskoe's property complex at 11:00 a.m. on Feb. 28, 2008,
at:

         S. Vinnik
         External Manager and Bidding Organizer
         Office 401
         Sherbaneva Str. 25
         Omsk
         Russia

The company has set a RUR14.45 million starting price for the
assets on auction.

Interested participants have until Feb. 23, 2008, to deposit an
amount equivalent to 20% of the starting price to:

         TIN 5534003617
         Settlement Account 40702810100500010492
         Correspondent Account 30101810900000000783
         BIK 045209783
         OJSC Omsk-Bank
         Omsk
         Russia

Bidding documents must be submitted to:

         S. Vinnik
         External Manager and Bidding Organizer
         Office 401
         Sherbaneva Str. 25
         Omsk
         Russia
         Tel: (3812) 37-30-12

The Debtor can be reached at:

         CJSC Goncharovskoe
         Lyubomirovka
         Tavricheskiy
         Omsk
         Russia


NOVATEK OAO: Board Approves Share Repurchase Program
----------------------------------------------------
OAO Novatek's Board of Directors has approved the purchase of up
to, 3% of Novatek's ordinary shares outstanding, in the form of
global depositary receipts, as part of a share buy back program.

The program will be carried out on a long-term basis and its
implementation is currently being reviewed by the company.

Novatek plans to use the buy back program for possible future
financing activities and for the company's ongoing
implementation of a compensation and incentive program.

                         About Novatek

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

                         *   *   *

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

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


OZERSKAYA GARMENT: Creditors Must File Claims by March 28
---------------------------------------------------------
Creditors of LLC Ozerskaya Garment Factory (TIN 7422033159) have
until March 28, 2008, to submit proofs of claim to:

         E. Mikhaylova
         Insolvency Manager
         Sh. Rustaveli Str. 25a, 4
         454078 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-6032/2007-34-109.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         LLC Ozerskaya Garment Factory
         Building 2
         Krasnoarmeyskaya Str. 5
         Ozersk
         456780 Chelyabinsk
         Russia


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

         S. Izyurov
         Temporary Insolvency Manager
         Post User Box 29
         Krasnoobsk
         633592 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk will convene on May 28,
2008, to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A45-16006/07-43/70.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         CJSC Salair
         Parkovaya Str. 7
         Elban
         Maslyaninskiy
         633592 Novosibirsk
         Russia


SISTEMA JSFC: Names Sergev Boyev as VP for Programs Development
---------------------------------------------------------------
Sistema JSFC appointed Sergev Boyev as vice president for
development of state programs and non-public assets, effective
Feb. 18, 2008.

Sistema board of directors approved Mr. Boyev's appointment on
Feb. 9, 2008.

Mr. Boyev served as head of OJSC Radio Technical and Information
Systems Concern from 2000, and was a member of its board of
direcotors.

The board of directors of Sistema recommended appointing
Mr. Boyev as chairman of the board of directors of RTI Systems.

Vyacheslav Lobuzko, deputy director and the head of
marketing department of RTI Systems, has been appointed as
acting general director.

"One of our main strategic tasks is to develop our non-public
assets.  We have also strengthened our cooperation with the
State in implementing joint projects in key sectors of the
national economy.  All this required Sistema to make a number of
new appointments.  Sergev Boyev is a highly skilled manager who
established a profitable scientific and industrial holding of
the national scale.  We are confident that he will take the
development of our non-public assets and joint programs with the
State to the next level," Alexander Goncharuk, Sistema president
and CEO, commented.

About Sistema

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

                         *     *     *

As reported in the TCR-Europe on Oct. 26, 2007, Moody's
Investors Service upgraded the corporate family ratings of JSFC
Sistema to Ba3 from B1.  Moody's said the outlook on the ratings
is positive.

Simultaneously, Moody's upgraded the existing Sistema Capital
S.A. Notes and MTN program ratings to Ba3 from B3.

The company carries Standard & Poor's BB- long-term and local
issuer credit ratings with positive outlook and Fitch Ratings'
BB- issuer default rating with stable outlook.


STEKLYANSKOE CJSC: Court Names A. Biryukov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Novosibirsk appointed A. Biryukov as
Insolvency Manager for CJSC Steklyanskoe.  He can be reached at:

         A. Biryukov
         Post User Box 2004
         Central Post Office
         650000 Kemerovo
         Russia

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         A. Biryukov
         Post User Box 2004
         Central Post Office
         650000 Kemerovo
         Russia


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


ABACADABRA: Creditors' Liquidation Claims Due by Feb. 20
--------------------------------------------------------
Creditors of LLC Abacadabra Dienstleistungen have until
Feb. 20, 2008, to submit their claims to:

         Siebel Ozkan
         Liquidator
         Hauptstrasse 31
         9424 Rheineck
         Rheintal SG
         Switzerland

The Debtor can be reached at:

         LLC Abacadabra Dienstleistungen
         Rheineck
         Rheintal SG
         Switzerland


ANNY BLUMER: Creditors' Liquidation Claims Due by Feb. 18
---------------------------------------------------------
Creditors of LLC Anny Blumer have until Feb. 18, 2008, to submit
their claims to:

         LLC Anny Blumer
         Breitenweg 14
         6370 Stans NW
         Switzerland


DIMO COMPANY: Creditors' Liquidation Claims Due by Feb. 20
----------------------------------------------------------
Creditors of LLC Dimo Company have until Feb. 20, 2008, to
submit their claims to:

         Frau Wilawan Langnak
         Langgenstrasse 3
         8184 Bachenbulach
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC Dimo Company
         Zurich
         Switzerland


LABOREA JSC: Creditors' Liquidation Claims Due by February 18
-------------------------------------------------------------
Creditors of JSC Laborea have until Feb. 18, 2008, to submit
their claims to:

         Arthur Wellinger
         Liquidator
         Sonnhaldestrasse 2
         8357 Guntershausen
         Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         JSC Laborea
         Aadorf
         Frauenfeld TG
         Switzerland


LUXHOF GARAGE: Creditors' Liquidation Claims Due by Feb. 20
-------------------------------------------------------------
Creditors of LLC Luxhof-Garage have until Feb. 20, 2008, to
submit their claims to:

         Daniela Kundert
         Liquidator
         Rutelistrasse 25
         8762 Schwanden GL
         Switzerland

The Debtor can be reached at:

         LLC Luxhof-Garage
         Zurich
         Switzerland


NOVELIS INC: Incurs US$49 Mil. Net Loss in Quarter Ended Dec. 31
----------------------------------------------------------------
Novelis Inc., a subsidiary of Hindalco Industries Limited,
reported a net loss of US$49 million for the third quarter of
fiscal year 2008, which ended on Dec. 31, 2007.  This compares
with a net loss of US$105 million for the corresponding period
of 2006.

Novelis incurred a pre-tax loss of US$45 million on sales of
US$2,735 million, compared with the prior-year period when it
incurred a pre-tax loss of US$140 million on sales of US$2,472
million.  The US$95 million increase in pre-tax earnings
reflects significant underlying operational improvement.  This
increase is due to a number of positive business factors,
including the following:

   -- product mix improvements and price increases added
      approximately US$45 million of pre-tax earnings compared
      with the prior-year period.

   -- the company's exposure to customer contracts with metal
      price ceilings was reduced by US$42 million, net of
      hedges, compared with the prior-year period.

   -- corporate selling, general and administrative expenses
      were reduced by US$22 million driven by streamlining of
      corporate staff and costs related to financial reporting
      requirements in the prior year.

   -- interest expense was US$10 million lower primarily due to
      penalty interest and the write-off of backstop commitment
      fees incurred during the prior year as a result of the
      company's delayed filings and lower interest rates in the
      current year.

The prior year's quarter included the benefit of a US$26 million
gain from the sale of an equity interest in a non-consolidated
affiliate and certain rights to develop hydroelectric power
plants in South America.

In addition to these items, pre-tax earnings during the quarter
ended Dec. 31, 2007, were impacted by certain income and expense
items associated with fair value adjustments recorded at the
date of acquisition.  The net pre-tax impact of these items was
a benefit of US$8 million primarily driven by the amortization
of accruals related to unfavorable contracts (recorded at fair
value at the date of acquisition) partially offset by higher
depreciation and amortization.

"While the bottom line is still not satisfactory, these results
reflect continued progress towards improving our performance in
an environment of high energy costs and volatile metal price and
currencies," said Martha Brooks, President and Chief Operating
Officer.  "Product mix improvements, price increases and reduced
exposure to contracts with metal price ceilings are examples of
the steps we have taken to improve our business fundamentals."

Included in the net loss of US$49 million for the third quarter
of fiscal year 2008 is US$4 million of income tax expense.
Significant tax items in the quarter included:

   -- US$32 million of tax expense related to exchange
      translation and re-measurement items;

   -- US$14 million of tax expense on valuation allowance
      increases primarily related to tax losses in certain
      jurisdictions where the company believes, based on current
      facts and circumstances, it will not be able to utilize
      those losses; and

   -- US$32 million of tax benefit associated with enacted tax
      rate changes.

Cash taxes paid during the third quarter of fiscal year 2008
were US$19 million.

                          About Novelis

Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- is the global provider of aluminum
rolled products and aluminum can recycling.  The company
operates in 11 countries and has approximately 12,900 employees.
Novelis has the capability to provide its customers with a
regional supply of technologically sophisticated rolled aluminum
products throughout Asia, Europe, North America and South
America.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin American region.
Novelis also has operations in Germany, Switzerland and Korea.

                          *     *     *

In July 2007, Fitch Ratings affirmed the Issuer Default Rating
for Novelis Inc. and Novelis Corp. at 'B' and assigned a
negative rating outlook.  Fitch said the rating outlook is
negative.  About US$2.4 billion of debt is affected by the
ratings.


PRO SL: Creditors' Liquidation Claims Due by Feb. 15
----------------------------------------------------
Creditors of LLC Pro sl informatik have until Feb. 15, 2008, to
submit their claims to:

         Erica Ruttimann
         Liquidator
         Strickweg 22
         5722 Granichen
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Pro sl informatik
         Sissach BL
         Switzerland


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

         Josef Stalder
         Liquidator
         Titlisweg 1
         8916 Jona AG
         Switzerland

The Debtor can be reached at:

         LLC Resopticom
         Basel
         Switzerland


SIGMA WIRTH: Creditors' Liquidation Claims Due by Feb. 18
----------------------------------------------------------
Creditors of LLC Sigma Wirth have until Feb. 18, 2008, to submit
their claims to:

         Ursula Wirth
         Liquidator
         Nussbaumweg 8
         5604 Hendschiken
         Lenzburg AG
         Switzerland

The Debtor can be reached at:

         LLC Sigma Wirth
         Hendschiken
         Lenzburg AG
         Switzerland


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


CABLE & WIRELESS: Monaco Telecom Buys 49% Stake in Connecteo
------------------------------------------------------------
Monaco Telecom, which is jointly owned by the Principality of
Monaco and Cable Wireless Plc's unit, Cable & Wireless
International, has acquired a 49% holding in the Connecteo
Group, a supplier of satellite, data and internet services in
six African countries from its management and local investors.
The gross assets of the Connecteo Group as at Sept. 30, 2007,
were GBP3.2 million.

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units - International and Europe, Asia & US.

The International business unit operates integrated
telecommunications companies in 33 countries offering mobile,
broadband, domestic and international fixed line services to
residential and business customers, with principal operations in
the Caribbean, Panama, Macau, Monaco and the Channel Islands.

The Europe, Asia & U.S. business unit provides enterprise and
carrier solutions to the largest users of telecoms services
across the U.K., U.S., continental Europe and Asia -- and
wholesale broadband services in the U.K.

                        *     *     *

As of Feb. 12, 2008, Cable & Wireless Plc carries a Ba3 long-
term corporate family rating, a B1 senior unsecured debt rating
and a Ba3 probability of default rating from Moody's, which said
the outlook is stable.

The company also carries a BB- long-term local and foreign
issuer credit ratings from Standard & Poor's, which said the
outlook is stable.  S&P rates its short-term local and foreign
issuer credit at B.


DOCKRIGHT LTD: Appoints Baker Tilly as Joint Administrators
-----------------------------------------------------------
Andrew Martin Sheridan and Guy Edward Brooke Mander of Baker
Tilly were appointed on Jan. 23, 2008, joint administrators of:

   -- Dockright Ltd. (Company Number 04012271); and
   -- ECO Industrial Doors Ltd. (Company Number 05969154).

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

The company can be reached at:

          Dockright Ltd.
          Valley Road
          Cinderford
          Gloucestershire
          GL14 2PA
          England
          Tel: 01594 822 591
          Fax: 01594 823 544


E & J PROPERTIES: Brings In Liquidators from Vantis
---------------------------------------------------
Christopher David Stevens and Colin Ian Vickers of Vantis
Business Recovery Services were appointed joint liquidators of
E & J Properties Ltd. on Feb. 4 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         Southfield House
         11 Liverpool Gardens
         Worthing
         BN11 1RY
         England


FEDERAL-MOGUL: Insurers, et al., Oppose Plan A Modifications
------------------------------------------------------------
Objecting parties ask the U.S. Bankruptcy Court for the District
of Delaware to deny confirmation and approval of a Plan A
Settlement, which is attached as an addendum to Federal-Mogul
Corp. and its debtor-affiliates' Fourth Amended Joint Plan of
Reorganization.

The objecting parties are:

   (1) Ten insurance companies comprised of:

          * Columbia Casualty Company,
          * Continental Casualty Company,
          * Federal Insurance Company,
          * Fireman's Fund Insurance Company,
          * First State Insurance Company,
          * Hartford Accident and Indemnity Company,
          * Mt. McKinley Insurance Company,
          * National Surety Company ,
          * New England Insurance Company, and
          * The Continental Insurance Company;

   (2) PepsiAmericas Inc.; and

   (3) Automotive companies DaimlerChrysler Corporation, Ford
       Motor Company, and Volkswagen of America, Inc.

As previously reported in the Troubled Company Reporter, the
Bankruptcy Court confirmed the Debtors' Fourth Amended Joint
Plan of Reorganization and accompanying Plan B Settlement on
Nov. 8, 2007.  The U.S. District Court for the District of
Delaware affirmed the Bankruptcy Court's Plan Confirmation Order
on Nov. 13, 2007.  On Dec. 27, 2007, the Fourth Amended Plan
became effective.

At the Debtors' behest, the Bankruptcy Court deferred ruling on
the Plan A Settlement, which is attached as an addendum to the
Fourth Amended Plan.  A number of insurance companies opposed
Plan A, asserting that it affects their rights and insurance
policies.

To recall, the Plan A Settlement and the Plan B Settlement
represent two alternate arrangements for the treatment of the
claims and Plan objections of Cooper Industries, LLC, and Pneumo
Abex LLC.  Pursuant to various transactions, the Debtors assumed
liability for certain asbestos-related claims asserted against
Cooper and Pneumo Abex.

In December 2007, the Debtors removed the insurance-related
provisions contained in Plan A to eliminate all arguments that
Plan A is anything other than absolutely "insurance neutral."

The Objecting Insurers and PepsiAmericas argue that the Plan A
Modifications are insufficient to cure the multitude of problems
that render Plan A unconfirmable.  Contrary to the Debtors'
allegations, the Plan A Modifications do not render Plan A
neutral as to the Insurers' rights and insurance policies, the
Insurers contend.  Thus, they have standing to object to Plan A,
the Insurers and PepsiAmericas maintain.

According to Mt. McKinley, the Plan A Modifications are nothing
more than a last ditch attempt by the Plan Proponents to
convince
the Bankruptcy Court to approve an arrangement that:

   -- improperly rids non-debtors Cooper and Pneumo Abex of
      their alleged asbestos liabilities;

   -- unlawfully extends the protections of a channeling
      injunction under Section 524(g) of the Bankruptcy Code to
      Cooper and Pneumo Abex where the law does not so provide;

   -- provides Cooper with a distinct and clear "non-neutral"
      litigation advantage over the Objecting Insurers in
      subsequent insurance coverage litigation; and

   -- provides Cooper with control over Pneumo Abex insurance
      policies in direct contravention to the Bankruptcy Court's
      explicitly rulings.

Through the Plan A Modifications, all the Plan Proponents have
managed to do is obscure the means by which they are assigning
the Pneumo Asbestos Insurance Policies to the Asbestos PI Trust,
Sean J. Bellew, Esq., at Cozen O'Connor, in Wilmington,
Delaware,
argues, on Mt. McKinley's behalf.

The Insurers point out that Plan A still effectuates an
assignment of the non-Debtor Pneumo Asbestos Insurance Policies
and still grants Cooper the right to pursue, enforce and collect
the proceeds of those policies.  Thus, Plan A's impact on the
Insurers' rights has not changed.  As the insurance policies are
not assets of the Debtors' estates, the Bankruptcy Court lacks
the jurisdiction necessary to approve Plan A, the Insurers
assert.

Plan A also still permits Cooper to "double-dip" and receive
multiple or excess recoveries from the Asbestos PI Trust by
expressly preventing the Trust from reducing the amount it pays
to Cooper to reflect Cooper's actual settlement costs, according
to Mt. McKinley.

Mr. Bellew notes that Plan A provides for greater payment to
asbestos claimants than that provided under Plan B or in the
tort system.  Thus, Plan A will cost the Insurers more money.
Plan A also provides for payment to asbestos claimants who will
not receive payment under Plan B or in the tort system, thus,
increasing the Insurers' exposure.  Moreover, Plan A permits the
Asbestos PI Trust and Cooper to apply the proceeds of the Pneumo
Policies to pay liabilities for which the policies do not
provide coverage.

The Debtors have already been reorganized under Chapter 11 of
the Bankruptcy Code, the Insurers point out.  They argue that
the Debtors may not revert back and undo their already completed
reorganization.  "The Plan Confirmation Order has become final.
Approval of Plan A now is contrary to the concept of finality in
bankruptcy and is in direct conflict with the express and
unambiguous language of Section 1127(b) of the Bankruptcy Code
which prohibits modification of a confirmed plan after
substantial consummation.  It is time to end these games and
close the book on these proceedings," Mr. Bellew asserts.

At any rate, Plan A is not necessary for the Debtors'
reorganization, the Insurers continue.  The confirmed Fourth
Amended Plan, they point out, has already conclusively resolved
the Debtors' alleged liabilities to Cooper, Pneumo Abex and
asbestos personal injury claimants in respect of Pneumo Abex
Claims.

Plan A's Section 524(g) Injunction enjoins the pursuit of
asbestos personal injury actions against Cooper and Pneumo Abex.
The Insurers contend that the claims being channeled under the
Injunction do not arise from the Debtors' operations or
liabilities.  In addition, the Debtors' reorganization does not
rely in any way on the Injunction.  Court approval of Plan A is
therefore barred by the express and unambiguous language of
Section 524(g), the Insurers assert.

None of the Pneumo Protected Parties have a current ownership
interest in the Debtors, any of their past or present affiliates
or their predecessors in interest as is required by Section
524(g)(4)(A)(ii)(I), Mr. Bellew points out.  There is also no
evidence that any of the Pneumo Protected Parties have liability
for Pneumo Asbestos Claims that arises by reason of their
"involvement in the management" of the Debtors or a predecessor
in interest of the Debtors as required by Section
524(g)(4)(A)(ii)(II).  Furthermore, there is no evidence that
the Pneumo Protected Parties had any involvement in a
transaction changing the corporate structure of the Debtors or
that the Pneumo Protected Parties have liability for Pneumo
Asbestos Claims that arise out of such involvement.  Thus, the
Pneumo Protected Parties fail to satisfy the requirements of
Section 524(g)(4)(A)(ii)(IV), Mr. Bellew relates.

A Section 524(g) injunction may be issued only in connection
with an order confirming a plan, Fireman's Fund reminds the
Bankruptcy Court.

DaimlerChrysler, Ford, and Volkswagen agree that the actions to
be enjoined under the Plan A Injunction are not derivative of
claims for which the Debtors are principally liable.
DaimlerChrysler and Volkswagen further contend that the Plan A
Injunction adds nothing to the Debtor's discharge.
DaimlerChrysler, Ford, and Volkswagen are co-defendants with
Cooper and Pneumo Abex in numerous lawsuits that allege injury
as a result of Pneumo Abex's and Cooper's asbestos activities.

                       About Federal-Mogul

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, among others, Mexico, Malaysia,
Australia, China, India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and US$8.86
billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on
Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The Fourth Amended Plan was
confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed
by the District Court on Nov. 14, 2007.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
Jan. 11, 2008, Moody's Investors Service confirmed the ratings
of the reorganized Federal-Mogul Corporation -- Corporate Family
Rating, Ba3; Probability of Default Rating, Ba3; and senior
secured bank credit facilities, Ba2.  The outlook is stable.
The financing for the company's emergence from Chapter 11
bankruptcy protection has been funded in line with the structure
originally rated by Moody's in a press release dated Nov. 28,
2007.

As reported in the Troubled Company Reporter-Europe on Jan. 8,
2008, Standard & Poor's Ratings Services assigned its 'BB-'
corporate credit rating to Southfield, Michigan-based Federal-
Mogul Corp. following the company's emergence from Chapter 11 on
Dec. 27, 2007.  The outlook is stable.


FEDERAL-MOGUL: Mesothelioma Claimants Support Plan A Settlement
---------------------------------------------------------------
Certain Mesothelioma Claimants ask the U.S. Bankruptcy Court for
the District of Delaware to approve the Plan A Settlement, which
is attached as an addendum to Federal-Mogul Corp. and its
debtor-affiliates' Fourth Amended Joint Plan of Reorganization.

The Mesothelioma Claimants hold claims for exposure to asbestos-
containing products produced by one or more of the Debtors and,
in some instances, also hold unresolved claims against Pneumo
Abex.  The Mesothelioma Claimants' claims will be paid pursuant
to the Federal Mogul U.S. Asbestos Personal Injury Trust.

As previously reported in the Troubled Company Reporter, the
Bankruptcy Court confirmed the Debtors' Fourth Amended Joint
Plan of Reorganization and accompanying Plan B Settlement on
Nov. 8, 2007.  The U.S. District Court for the District of
Delaware affirmed the Bankruptcy Court's Plan Confirmation Order
on Nov. 13, 2007.  On Dec. 27, 2007, the Fourth Amended Plan
became effective.

At the Debtors' behest, the Bankruptcy Court deferred ruling on
the Plan A Settlement, which is attached as an addendum to the
Fourth Amended Plan.  A number of insurance companies opposed
Plan A, asserting that it affects their rights and insurance
policies.

To recall, the Plan A Settlement and the Plan B Settlement
represent two alternate arrangements for the treatment of the
claims and Plan objections of Cooper Industries, LLC, and Pneumo
Abex LLC.  Pursuant to various transactions, the Debtors assumed
liability for certain asbestos-related claims asserted against
Cooper and Pneumo Abex.

In December 2007, the Debtors removed the insurance-related
provisions contained in Plan A to eliminate all arguments that
Plan A is anything other than absolutely "insurance neutral."

The Mesothelioma Claimants agree with the Debtors that the
Objecting Insurers no longer have standing to object to Plan A
since all of the insurance-related provisions have been removed.

Plan B requires the Asbestos PI Trust to pay US$140 million to
Cooper Industries and Pneumo Abex in satisfaction of those
creditors' claims against the Debtors.  The money necessary to
pay that sum is taken from the funds otherwise allocated to the
T&N Subfund of the Asbestos PI Trust, Patricia P. McGonigle,
Esq., at Seitz, Van Ogtrop & Green, P.A., in Wilmington,
Delaware, notes.  As a result, approximately 18% or US$140
million of the US$775 million worth of assets allocated in the
aggregate to the T&N Subfund will not be available to pay
asbestos claims and will instead be paid to Cooper Industries
and Pneumo Abex.  Consequently, the Mesothelioma Claimants'
Claims will be paid as much as one-fifth less if the Bankruptcy
Court will not approve Plan A and the Asbestos PI Trust is
required to pay the Plan B Settlement Amount.

"For the Mesothelioma Claimants, each of whom is a person dying
of an incurable form of cancer or the personal representative of
someone already dead from same, losing another 15 to 20% off of
their already reduced and delayed claims against the Debtors
represents an unfair and unnecessary impairment of their claims
. . . Given that the only parties objecting to the Plan A
Settlement are insurers not involved or affected by the
transaction, [Court approval of Plan A] is ridiculously unfair
and unnecessary," Ms. McGonigle asserts.

                       About Federal-Mogul

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, among others, Mexico, Malaysia,
Australia, China, India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and US$8.86
billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on
Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The Fourth Amended Plan was
confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed
by the District Court on Nov. 14, 2007.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
Jan. 11, 2008, Moody's Investors Service confirmed the ratings
of the reorganized Federal-Mogul Corporation -- Corporate Family
Rating, Ba3; Probability of Default Rating, Ba3; and senior
secured bank credit facilities, Ba2.  The outlook is stable.
The financing for the company's emergence from Chapter 11
bankruptcy protection has been funded in line with the structure
originally rated by Moody's in a press release dated Nov. 28,
2007.

As reported in the Troubled Company Reporter-Europe on Jan. 8,
2008, Standard & Poor's Ratings Services assigned its 'BB-'
corporate credit rating to Southfield, Michigan-based Federal-
Mogul Corp. following the company's emergence from Chapter 11 on
Dec. 27, 2007.  The outlook is stable.


FREESCALE SEMICONDUCTOR: Chief Executive M. Meyer to Step Down
--------------------------------------------------------------
Freescale Semiconductor disclosed that Michel Mayer, chairman
and chief executive officer, has decided to step down.  The
company and its board of directors have initiated a search for a
new chief executive officer.

Mr. Mayer will continue in his current role until a successor
has been identified and will remain chairman of the board until
the transition is effective.

Mr. Mayer joined Freescale in May, 2004 and led the company
through its transition from a semiconductor division of Motorola
to a public company after an initial public offering in July
2004.

"The Freescale team executed well over the last four years,"
Michel Mayer said.  "Following a successful IPO, we dramatically
improved the operating profitability of the company and
strengthened the leadership team."

"One year into a successful LBO, the time is right for me and my
family to take some time off before exploring new challenges.
The company is well positioned to continue its transformation,"
Mr. Mayer added.

"On behalf of the Board of Directors, I thank [Mr. Mayer] for
his leadership, contributions and stewardship of the company,"
Daniel F. Akerson, director of Freescale Semiconductor and
managing director of The Carlyle Group, said.  "With [Mr. Mayer]
at the helm and in conjunction with the senior leadership team,
Freescale was able to successfully transition from a public to
private company at a challenging time in the industry."

"Freescale is in a strong position today and we are confident it
will continue to strengthen going forward," Mr. Akerson
continued.  "We will work closely with Michel and the senior
management team to ensure a smooth transition."

                   About Freescale Semiconductor

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 Europe, the company has operations in Czech Republic, France,
Germany, Ireland, Italy, Romania, Turkey and the United Kingdom.
In Latin America, Freescale Semiconductor has operations in
Argentina, Brazil and Mexico.  Revenues for the 12 months ended
Sept. 28, 2007, were
US$5.8 billion.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
Dec. 10, 2007, Moody's Investors Service lowered Freescale
Semiconductor Inc.'s ratings, including its Corporate Family
Rating to B1 from Ba3 and Probability of Default Rating to B1
from Ba3.

The TCR-Europe reported on Nov. 23, 2007, that Standard & Poor's
Ratings Services lowered its corporate credit rating on
Freescale Semiconductor Inc. to 'B+' from 'BB-' and
removed the rating from CreditWatch where it was placed with
negative implications on Sept. 18, 2007.  S&P said The outlook
is negative.

The TCR-Europe reported on Nov. 16, 2007, Fitch Ratings has
initiated coverage of Freescale Semiconductor Inc. by
establishing these ratings:

  -- Issuer default rating of 'B+';
  -- Bank revolving senior secured credit facility of 'BB+/RR1';
  -- Senior secured term loan of 'BB+/RR1';
  -- Senior unsecured notes of 'B/RR5';
  -- Senior subordinated notes of 'CCC+/RR6'.

Fitch said the rating outlook is stable.


FREESCALE SEMICON: CEO Resignation No Rating Effect Says Moody's
----------------------------------------------------------------
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
Chairperson and Chief Executive Officer, 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.

As reported in the Troubled Company Reporter-Europe on
Dec. 10, 2007, Moody's Investors Service lowered Freescale
Semiconductor Inc.'s ratings, including its Corporate Family
Rating to B1 from Ba3 and Probability of Default Rating to B1
from Ba3.

In December 2007, Moody's downgraded the company'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 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 anticipate 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.

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- is one of the
oldest and most diverse makers of microchips in the world.  It
produces many different kinds of chips for use in automobiles,
computers, industrial equipment, wireless communications and
networking equipment, and other applications.  The company's
global client roster includes such blue-chip companies as
Alcatel-Lucent, Cisco Systems, Fujitsu, Hewlett-Packard,
QUALCOMM, Robert Bosch, and Siemens; former parent Motorola
remains a substantial customer.

In Europe, the company has operations in Czech Republic, France,
Germany, Ireland, Italy, Romania, Turkey and the United Kingdom.

In Latin America, the company has operations in Argentina,
Brazil and Mexico.


GENERAL MOTORS: Paying US$0.25 First Qtr. Dividend on March 10
--------------------------------------------------------------
General Motors Corp. disclosed a first-quarter dividend of
US$0.25 per share on GM common stock.  The dividend is payable
March 10, 2008, to holders of record as of Feb. 15, 2008.  The
dividend is unchanged from the previous quarter.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 12,
2007, Moody's Investors Service affirmed its rating for General
Motors Corporation (B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured and SGL-1 Speculative Grade
Liquidity rating) but changed the outlook to Stable from
Positive.  In an environment of weakening prospects for U.S.
auto sales GM has announced that it will take a non-cash charge
of US$39 billion for the third quarter of 2007 related to
establishing a valuation allowance against its deferred tax
assets (DTAs) in the US, Canada and Germany.

As reported in the Troubled Company Reporter-Europe on
Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating and other ratings on General Motors
Corp. and removed them from CreditWatch with positive
implications, where they were placed Sept. 26, 2007, following
agreement on the new labor contract.  The outlook is stable.


GENERAL MOTORS: Invests US$69 Mln in Ohio Diesel Engine Plant
-------------------------------------------------------------
General Motors Corp. disclosed an investment of US$69 million in
its DMAX plant in Moraine to manufacture a new Duramax 6.6-liter
V-8 turbo diesel engine that will meet stringent emissions
standards in 2010.  DMAX Limited is a joint venture between GM
and Isuzu Motors Limited and was established as a diesel engine
company in 1998.

The investment includes renovations to the plant, new machinery
and tooling to support manufacturing of the new diesel engine.
Renovations are expected to begin immediately. As a result of
the investment, the DMAX plant will retain over 1,000 jobs.

"GM is committed to continuing to reduce fuel consumption and
emissions across its portfolio and around the world," John
Buttermore, GM Powertrain vice president of global
manufacturing, said.  "The 2010 Duramax diesel is an integral
part of that transformation, as well as a component of GM's
strategy to diversify vehicle energy sources.  This new
investment demonstrates GM's commitment to continue to invest in
technologies that reduce the impact of our vehicles on the
environment, while maintaining performance attributes required
by customers in the areas of towing and hauling loads."

The announcement brings GM's total investment in the State of
Ohio to more than US$1 billion over the last two years.

"Our investment in the DMAX joint venture is a significant vote
of confidence in our employees and IUE-CWA Local 797, who have
demonstrated their commitment and dedication to benchmark
performance in safety, quality and efficiency required in
today's competitive business climate," Mr. Buttermore continued.
"This joint venture is a great example of what can be achieved
with a successful global partnership and I extend my
appreciation to the leadership of Isuzu for their commitment to
the success of this operation."

Mr. Buttermore also thanked Ohio's leaders on the federal,
state, county and local levels, including Ohio Governor Ted
Strickland, Lt. Governor Lee Fisher and the Ohio Department of
Development, Montgomery County Board of Commissioners and
Moraine Mayor Leonard Johnson, for providing the business case
to support GM's investments in Ohio.

"General Motors' continuing investment in its Ohio manufacturing
base demonstrates the strength of our partnership and Ohio's
competitive business climate," Ohio Governor Ted Strickland
said.  "I commend GM for investing in our state and the
technologies that put Ohio at the forefront of clean vehicle
manufacturing."

The 2010 model year 6.6-liter V-8 Duramax diesel will use a
selective catalytic reduction NOx after-treatment system with a
diesel particulate filter to help achieve the 2010 Tier 2 Bin 5
and LEV 2 emissions standards, and it will be compliant in all
50 states.

GM first introduced the Duramax diesel in the U.S. in the 2001
model year, and since then customer enthusiasm for this heavy-
duty diesel has been outstanding.  In fact, GM's heavy-duty
pickup truck market share has jumped nearly tenfold in the seven
years that Duramax engines have been offered.

In the DMAX joint venture with Isuzu Motors Ltd., GM owns 60%
and Isuzu 40%.  The 584,000-square foot DMAX plant employs 1,195
hourly and salaried employees with annual production near
200,000 engines.  Hourly employees are represented by the IUE-
CWA Local 797.  In April 2007, DMAX produced its one millionth
Duramax diesel engine.

                             About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
Nov. 12, 2007, Moody's Investors Service affirmed its rating for
General Motors Corporation (B3 Corporate Family Rating, Ba3
senior secured, Caa1 senior unsecured and SGL-1 Speculative
Grade Liquidity rating) but changed the outlook to Stable from
Positive.  In an environment of weakening prospects for U.S.
auto sales GM has announced that it will take a non-cash charge
of US$39 billion for the third quarter of 2007 related to
establishing a valuation allowance against its deferred tax
assets (DTAs) in the US, Canada and Germany.

As reported in the Troubled Company Reporter-Europe on
Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating and other ratings on General Motors
Corp. and removed them from CreditWatch with positive
implications, where they were placed Sept. 26, 2007, following
agreement on the new labor contract.  The outlook is stable.


LEVEL 3 COMMS: Reports US$91 Mil. Net Loss for 2007 Fourth Qtr.
---------------------------------------------------------------
Level 3 Communications Inc. reported net loss for the fourth
quarter 2007 ended Dec. 31 of US$91 million, or US$0.06 per
share, compared to a net loss of US$174 million, or US$0.11 per
share, for the previous quarter.  The net loss for full fiscal
year ended Dec. 31, 2007, was US$1.11 billion, or US$0.73 per
share, compared to a net loss of US$744 million, or US$0.74 per
share in 2006.

The company's showed consolidated revenue of US$1.10 billion for
the fourth quarter 2007, compared to consolidated revenue of
US$1.06 billion for the third quarter 2007.  For the full year
2007, consolidated revenue increased to US$4.27 billion,
compared to US$3.38 billion in 2006.

"During the quarter, we made a number of organizational, process
and systems improvements to better align our sales, service and
operational capabilities," James Crowe, chief executive officer
of Level 3, said.  "And while we still have more work to do,
these actions have significantly reduced our aged backlog of
signed sales orders, improved our customer experience, and paved
the way to accelerate future revenue growth."

"Financial performance for the quarter was solid, with
particularly strong growth in Core Communications Services
Revenue, Unlevered Cash Flow and Free Cash Flow," Mr. Crowe
continued.

Total communications revenue for the fourth quarter 2007 was
US$1.08 billion, versus US$1.04 billion for the previous
quarter.  Core communications services revenue was approximately
US$3.62 billion, an increase of 84% from 2006.  Year over year
revenue growth was primarily from acquisitions and organic
growth.  Other communications services revenue declined 11% to
US$56 million during the fourth quarter as a result of expected
declines in managed modem and managed services.

The communications deferred revenue balance was US$929 million
at the end of the fourth quarter 2007, compared to
US$930 million at the end of the third quarter.

                    Cash Flow and Liquidity

During the fourth quarter 2007, Unlevered Cash Flow was positive
US$146 million, versus positive US$76 million for the previous
quarter.

Consolidated free cash flow for the fourth quarter was positive
US$41 million, versus negative US$54 million for the previous
quarter, primarily from improvements in cash flow as a result of
reductions in days sales outstanding, as well as lower net cash
interest expense for the period.

For the full year 2007, unlevered cash flow was positive
US$89 million compared to positive US$324 million in 2006, and
consolidated free cash flow was negative US$402 million in 2007
compared to negative US$171 million in 2006.  Consolidated
capital expenditures for the company totaled US$633 million for
the full year 2007 compared to US$392 million in 2006.

As of Dec. 31, 2007, the company had cash and marketable
securities of around US$723 million.

As of Dec. 31, 2007, the company's consolidated balance sheet
reflected a total assets of US$10.2 billion, total liabilities
of US$9.1 billion resulting to a total shareholder's equity of
US$1.1 billion.

                   About Level 3 Communications

Headquartered in Broomfield. Colorado, Level 3 Communications
Inc. (NASDAQ:LVLT) -- http://www.level3.com/-- is engaged in
the communications business.  Level 3 is a facilities-based
provider  of integrated communications services.

As of Dec. 31, 2006, the company had around 73,000 intercity
route miles in the United States and Europe, connecting 16
countries.  As of Dec. 31, 2006, the company had metropolitan
fiber networks in arouind 125 markets in the United States and
Europe, which contain around 25,000 route miles and connect in
the aggregate around 6,500 traffic aggregation points and
buildings.   During the year ended Dec. 31, 2006, the company
acquired Content Delivery Network services business of SAVVIS
Inc., Broadwing Corporation, TelCove Inc., ICG Communications
Inc., Progress Telecom LLC and Looking Glass Networks Holding
Co. Inc.  On Sept. 7, 2006, the company sold Software Spectrum
Inc. to Insight Enterprises Inc.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on
Aug. 29, 2007, Fitch has upgraded Level 3 Communications, Inc.
and its wholly owned subsidiary Level 3 Financing, Inc.'s Issuer
Default Rating to 'B-' from 'CCC'.


MAXJET AIRWAYS: Court Approves Arent Fox as Committee Counsel
-------------------------------------------------------------
The Official Committee of Unsecured Creditors of MAXjet Airways
Inc. has obtained authority from the U.S. Bankruptcy Court for
the District of Delaware to employ Arent Fox LLP as its counsel
nunc pro tunc Jan. 4, 2008.

Arent Fox is expected to:

     a) assist, advise and represent the Committee in its
        consultation with the Debtor relative to the
        administration of this Chapter 11 case;

     b) assist, advice and represent the Committee in analyzing
        the Debtor's assets and liabilities, investigating the
        extent and validity of liens and participating in and
        reviewing any proposed asset sales or disposition;

     c) attend meetings and negotiate with the representatives
        of the Debtor;

     d) assist and advise the Committee in its examination and
        analysis of the conduct of the Debtor's affairs;

     e) assist the Committee in the review, analysis and
        negotiation of any plans of reorganization that may be
        filed and to assist the Committee in the review,
        analysis and the negotiation of the disclosure statement
         accompanying any plans of reorganization;

     f) assist the Committee in the review, analysis, and
        negotiation of any financing or funding agreements;

     g) take all necessary action to protect and preserve the
        interests of the Committee, including, without
        limitation, the prosecution of actions on its behalf,
        negotiations concerning all litigation in which the
        Debtor is involved, and review and analysis of all
        claims filed against the Debtor's estate;

     h) generally prepare on behalf of the Committee all
        necessary motions, applications, answers, orders,
        reports and papers in support of positions taken by the
        Committee;

     i) appear, as appropriate, before this Court, the Appellate
        Courts, and other Courts in which matters may be heard
        and to protect the interest of the Committee before
        said Courts and the U.S. Trustee; and

     j) perform all other necessary legal services in this case.

The firm will bill the Committee at these rates:

     Designation                 Hourly Rates
     -----------                 ------------
     Partners                     US$455 - US$790
     Of Counsel                   US$455 - US$750
     Associates                   US$290 - US$515
     Paraprofessionals            US$145 - US$260

To the best of the Committee's knowledge, the firm holds no
interest adverse to the Committee, the Debtor and its estates
and is "disinterested" as that term is defined in Section
101(14) of the Bankruptcy Code.

The firm can be reached at:

     Arent Fox LLP
     1675 Broadway, Suite 34
     New York, NY 10019
     Tel: (212) 484-3900
     Fax: (212) 484-3990

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

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


MAXJET AIRWAYS: Can Hire P. Stang as Bankruptcy Co-Counsel
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware grants
MAXjet Airways Inc. the authority to employ Pachulski Stang
Ziehl & Jones LLP as bankruptcy co-counsel nunc pro tunc Dec.
24, 2007.

Pachulski Stang is expected to:

   a) provide legal advice with respect to the Debtor's powers
      and duties as a debtor in possession in the continued
      operation of their business and management of their
      property;

   b) prepare on behalf of the Debtor necessary applications,
      motions, answers, orders, reports, and other legal papers;

   c) appear in Court on behalf of the Debtor and in order to
      protect the interests of the Debtor before the Court;

   d) prepare and pursue confirmation of a plan and approval of
      a disclosure statement; and

   e) perform all other legal services for the Debtor that may
      be necessary and proper in these proceedings.

The Debtor will pay the firm's professionals at these billing
rates:

      Professionals                 Hourly Rates
      -------------                 ------------
      Laura Davis Jones, Esq.           US$750
      James E. O'Neil, Esq.             US$475
      Timothy P. Cairns, Esq.           US$350
      Louise Touschak                   US$180
      Karina Yee                        US$180

To the best of the Debtor's knowledge the firm does not hold any
interests adverse to the Debtor's estate and is "disinterested"
as that term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

      Pachulski Stang Ziehl & Jones LLP
      10100 Santa Monica Boulevard, 11th Floor
      Los Angeles, CA 90067
      Tel: (310) 277-6910
      Fax: (310) 201-0760
      http://www.pszjlaw.com

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

The Debtor filed for chapter 11 protection on Dec. 24, 2007
(Bankr. D. Del. Case No. 07-11912).  The Debtor selected
Pillsbury Winthrop Shaw Pittman LLP as its bankruptcy co-
counsel.  Arent Fox LLP represents the Official Committee of
Unsecured Creditors.  The Debtor listed assets between US$10
million and US$50 million and debts between US$50 million and
US$100 million when it filed for bankruptcy.


MAXJET AIRWAYS: Gets Court OK to Employ Pillsbury as Co-Counsel
---------------------------------------------------------------
MAXjet Airways Inc. has obtained authority from the U.S.
Bankruptcy Court for the District of Delaware to employ
Pillsbury Winthrop Shaw Pittman LLP as its bankruptcy co-
counsel.

Winthrop Shaw will:

   a) provide legal advice with respect to the Debtor's powers
      and duties as debtor-in-possession in the continued
      operations of its business and management of properties;

   b) assist in the formulation of a business plan or plans and
      the negotiation of a resolution of this case with the
      Debtor's various creditors constituencies;

   c) negotiate and obtain financing Debtor may require in this
      case or in connection with any plan or plan of
      reorganization;

   d) assist the Debtor with the sale of assets, including the
      negotiating and documenting of the transactions and seek
      bankruptcy court approval of the same;

   e) assist the Debtor in obtaining the use of cash collateral;

   f) render any requested pension, tax, or labor advice that
      may be required to effectuate or maximize the efficiency
      of liquidation in this case;

   g) pursue confirmation of a plan or plans of reorganization
      and approval of a disclosure statement or statements;

   h) prepare, on behalf of the Debtor, any necessary
      applications, motions, answers, order, reports and other
      legal papers related to the foregoing duties;

   i) appear in Court and protect the interest of the Debtor
      before the Court in connection with the foregoing duties;
      and

   j) perform all other legal services for the Debtor which may
      be necessary and proper in furtherances of the foregoing
      duties.

The Debtor agreed to pay the firm's professionals at these
hourly rates:

   Professionals                Hourly Rates
   -------------                ------------
   Richard Epling, Esq.             US$915
   Leo Crowley, Esq.                US$825
   Karen Dine, Esq.                 US$700
   Jerry Hall, Esq.                 US$550
   Gianni Dimos, Esq.               US$510
   Roger Elder                      US$320
   Carre Altenburg                  US$255

To the best of the Debtor's knowledge the firm does not hold any
interest adverse to its estates and is "disinterested" as that
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

      Pillsbury Winthrop Shaw Pittman LLP
      1540 Broadway
      New York, NY 10036-4039
      Tel: (212) 858-1000
      http://www.pillsburylaw.com/

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

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


MAXJET AIRWAYS: Filing of Schedules Extended to February 19
-----------------------------------------------------------
The Honorable Peter J. Walsh of U.S. Bankruptcy Court for the
District of Delaware extended MAXjet Airways Inc.'s deadline to
file its schedules of assets and liabilities, and statements of
financial affairs until Feb. 19, 2008.

The Debtor tells the Court that it was unable to complete and
finalize its schedules and statements because of the limited
staff available to review its books, accounts and records.

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

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


MORADA FABRICS: Names Joint Administrators from Begbies
-------------------------------------------------------
Paul Michael Davis and Timothy John Edward Dolder of Begbies
Traynor (South) LLP were appointed joint administrators of
Morada Fabrics Ltd. (Company Number 05545458) on Jan. 31, 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:

          Morada Fabrics Ltd.
          Entrance D
          Tavistock House South
          Tavistock Square
          London
          WC1H 9LG
          England
          Tel: 01254 265 279


NORTHERN CONSERVATORY: Calls In Liquidators from Tenon Recovery
---------------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Northern Conservatory Products
Ltd. on Jan. 31, 2008, for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         SR5 3JN
         England


NORTHERN ROCK: Investors Question Virgin Money Valuation
--------------------------------------------------------
Legal & General and Schroders, RAB Capital and SRM Global have
questioned the EUR250-million valuation of the Virgin Group
consortium for Virgin Money, which will be merged with Northern
Rock Plc if the bid is successful, the Sunday Times reports.

A Virgin spokesman declined to comment on how they arrive at the
valuation, although he said the partners in the consortium,
including WL Ross and Toscafund, were satisfied with it, adding
the business is fast-growing, Reuters reports.

"If you look at the historic profits it's not worth GBP250
million, and certainly not in the current climate, Roger Lawson
of the U.K. Shareholders Association was quoted by Reuters as
saying.  "The profits would have had to have increased very
substantially in the last year to make it worth more than 150
million."

A former member of the management team at Virgin Money told
Reuters its valuation in the current market was at most
GBP90 million.

SRM and RAB Capital, the Sunday Times says, expressed concerns
that Virgin's proposed deeply discounted rights issue at about
25p per share would dilute existing shareholders and give the
consortium around 54% of the shares.  Both investors also
expressed their strong disapproval of the Virgin Group's plan to
charge an annual fee of GBP8 million to GBP10 million for the
use of its brand.

The investors seek to retain the Northern Rock name, disputing
Virgin's declaration that the brand is damaged beyond repair and
the bank's best chance of recovery is as part of the group, the
Sunday Times adds.

             Virgin-Led Consortium's Formal Proposal

As reported in the TCR-Europe on Feb. 6, 2008, a Virgin-led
consortium submitted to the Tripartite Authorities a formal
proposal to recapitalize and refinance Northern Rock.

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

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

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

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

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

                     About Northern Rock plc

Headquartered in Newcastle upon Tyne, United Kingdom, 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.


PLECK CHICKEN: NatWest Bank Taps PKF as Joint Receivers
-------------------------------------------------------
National Westminster Bank Plc appointed Edward T. Kerr and
Ian J. Gould of PKF (UK) LLP joint administrative receivers of
Pleck Chicken Supply Co. Ltd. (Company Number 3693443) on
Jan. 28, 2008.

PKF (U.K.) LLP -- http://www.pkf.co.uk/-- specializes in
advising the management of developing private and public
businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

The company can be reached at:

          Pleck Chicken Supply Co. Ltd.
          Unit 5
          Bilston Key Industrial Estate
          Oxford Street
          Bilston
          West Midlands
          WV14 7DW
          England
          Tel: 01902 401 230
          Fax: 01902 409 906


QUEBECOR WORLD: Moody's Rates  US$1-BB DIP Facilities Ba2 & Ba3
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession (DIP).
The related  US$600 million super priority senior secured term
loan was rated Ba3 (together, DIP facilities).

The revolving term loan's better asset value coverage relative
to the TL accounts for the ratings' differential.  Overall, the
ratings are a function of the facility's aggregate size relative
to estimated coverage in either a going concern or wind-up
scenario, the fact there is only US$170 million of prior-ranking
obligations, expectations that the company will be cash flow
positive over the expected life of the credit facilities, and
expectations that it will continue operations subsequent to
creditor protection.  This is balanced against execution risks
stemming from concerns that creditors may not support a
restructuring proposal sponsored by the same management and
board that put the company in a position requiring creditor
protection.

The DIP facilities were sanctioned by court orders in both
Canada and the United States.  The rating action assumes that
the terms of the Initial Order dated Jan. 21, 2008, (Canada),
and the Interim Order dated Jan. 23, 2008, (United States) will
be continued by way of permanent orders such that all pre-
petition obligations will continue to be stayed for a
substantial period beyond the existing expiry of Feb. 20, 2008.
No affiliates outside of North America were included in the
company's filing for creditor protection.

Moody's had previously withdrawn ratings for all of the
company's pre-petition obligations.  The new ratings are
assigned on a point-in-time basis, will not be monitored going
forward, and therefore do not have an associated ratings
outlook.

Ratings assigned:

Quebecor World Inc., as Debtor-in-possession:

   --  US$400 million super priority Senior Secured Revolving
      Term Loan, rated Ba2

   --  US$600 million super priority Senior Secured Tern Loan,
      rated Ba3

   --  US$1 billion of debtor-in-possession financing rated

Quebecor World is the second largest commercial printer in the
world.  While the market is quite fragmented and no single
company commands a significant market share, the company's
stature suggests there is a market need for it to continue in
some form.  Consequently, while the company has not yet
formulated definitive restructuring plans, there is a good
probability of the its operations continuing subsequent to
creditor protection.  This perspective is reinforced by the
background to the company's filing for creditor protection.
While operating cash flow was weak, it was expected to be
modestly positive in 2008 and 2009.

The company's failure to appropriately manage its debt
maturities and other liquidity needs during a period of elevated
capital spending were key factors that led to the decision to
file for creditor protection.  The ratings assigned to the DIP
facilities assume that, given an appropriate capital structure
and financing arrangements and given the potential of creditor
protection being used to facilitate permanent cost reductions,
the company will be cash flow self-sufficient over the near
term. Consequently, presuming a restructuring plan is accepted
by the various constituents, the DIP facility is expected to be
covered, even with a conservative EBITDA estimate of
US$400 million and a tepid valuation multiple of 4.0.

Recall as well that only the  US$600 million term loan portion
of the DIP facility is initially drawn and that Quebecor World
spent significant amounts to re-tool its plants over the past
three years.  With a significantly reduced interest burden,
lower capital expenditures, and minimal income tax leakage, the
company needs to generate only  US$250 million of EBITDA to
cover estimated interest expense, income tax, and capital
expenditures.  With 2008 and 2009 EBITDA estimated to be well in
excess of these cash requirements, with all other debts being
stayed, and with the court-appointed Monitor acting to ensure
that cash flow is not deployed on non-essential matters, it is
not likely that the revolving DIP facility will feature
significant usage.  This implies that coverage calculations
based on the  US$1.0 billion aggregate facility limit may be
conservative relative to what actual refinancing requirements
will be.

At the same time, while the above analysis suggests there should
be enough value to cover the DIP facilities, given the incumbent
board's and management's role in the events leading up to the
company's filing, there is the potential that some constituents
will insist on material governance changes before agreeing to a
restructuring proposal.  This could lead to negotiation delays
and, potentially, value erosion.  This factor complicates the
risk assessment and weighs on the rating.

In addition to the probability that Quebecor World will remain a
going concern and successfully reorganize and emerge from
bankruptcy, the DIP facility ratings also consider the extent of
protection provided to DIP lenders by the liquidation value and
character of the collateral.  While asset liquidation values are
not likely to provide the same coverage as the enterprise's
going concern value, the DIP facility appears to be covered even
in this scenario.

As background, Quebecor World competes in an industry plagued by
over-capacity and low profitability. North American utilization
rates are in the 70% range.  Given the company's poor
profitability in Europe, it is likely that a similar situation
exists there as well.  With fears of a U.S. recession looming,
and with 80% of its operating assets based in North America,
industry conditions could worsen during this important period.
This suggests that even with a relatively new asset base, a
significant discount to book value would likely be required in
order to sell the relevant assets.

In addition, 20% of the company's assets are located in Europe
and Latin America where laws regulating the conveyance and
realization of security are not nearly as creditor friendly as
is the case in North America.  Even for seemingly liquid
receivables and inventory, realization values may be at a
significant discount to book.  While the aggregate of these
influences may cause creditors to be more willing to support a
restructuring plan, in the event this is not the case, recovery
values may be only nominally in excess of the security
arrangements sanctioned by the courts.

Assuming a 40% recovery on  US$200 million of inventory, 60%
recovery on  US$925 million of accounts receivable and a 30%
recovery on  US$2.1 billion of net PP&E, there would be only
approximately  US$1.2 billion of liquidation proceeds.  After
applying the initial  US$170 million of proceeds against prior
ranking claims, there would be enough value to cover the DIP
facility (were it fully drawn).

Note however, that there are two classes of lenders under the
DIP credit agreement, and that each has its own collateral pool.
Based on the above estimates, coverage of the revolving term
loan is superior to that of the term loan.  The term loan is
rated Ba3 and the revolving term loan is rated one notch higher
at Ba2.

The courts identified three super priority claims:

   i) US$170 million of claims relating to the company's pre-
      petition bank credit facility;

  ii) the  US$1.0 billion DIP facility; and

iii) up to C US$32 million for potential director and officer
      related matters.

All pre-petition claims were stayed.  Otherwise, this is the
same company, with the same assets, operations, and management
as it had prior to seeking creditor protection.  Since the
company has not outlined a definitive restructuring plan, it is
assumed that it has the same general operating plan.
Consequently, the only significant changes to pre-petition
financial forecasts are that interest expenses are reduced by
approximately  US$150 million per year.  Based on this
assumption, and with capital expenditures contractually limited
by the DIP facility to less than  US$150 million per year, it is
expected that Quebecor World will be cash flow positive over the
near term.

Proceeds of the  US$600 million DIP term loan were used to
refinance approximately  US$418 million of accounts receivable
funding, to fund strategic payments, and to pay certain fees and
expenses.  The  US$400 million DIP revolving credit facility is
available to support working capital requirements and for
general corporate purposes.  Until the Final Order is delivered
by the court, only  US$150 million of the facility is available;
the full  US$400 million limit is available upon a Final Order
being rendered.

In any case, the revolving credit facility is governed by a
borrowing base consisting of

   i) 85% of eligible accounts receivables, plus

  ii) the lesser of 85% of orderly liquidation value of eligible
      inventory or 65% of eligible inventory, net of reserves,
      and (subject to the security pledged to the
      US$170 million pre-petition bank credit facility) benefits
      from a first charge on North American accounts receivable
      and inventory and a second charge on North American fixed
      assets.

The term loan benefits from a first charge on North American
fixed assets and a second charge on North American accounts
receivable and inventory (also subject to the security pledged
to the  US$170 million pre-petition bank credit facility).  In
addition, the DIP facilities are guaranteed by substantially all
of Quebecor World's direct and indirect subsidiaries; the
guarantees are supported by share pledges. The facility matures
at the earlier of 18 months from the date of the interim order
(i.e. July 23, 2009) or the date of substantial consummation of
a Plan of Reorganization.

Key covenants include the above-noted  US$150 million limitation
on annual Capital Expenditures.  As well, the company will be
required to maintain a minimum level of EBITDAR (EBITDA as
defined with adjustments for restructuring expenses, bankruptcy
administration costs as well as certain other non-recurring
costs) as per a set schedule, on a global basis.  Quebecor World
will also be required to maintain a minimum liquidity
availability of at least  US$50 million on any business day.
With these conditions and with oversight provided by the court-
appointed Monitor, the company will not be able to deviate
materially from the status quo while it is protected from
creditors.  This should act to preserve value for all
constituents.

                     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)


R.J. PICKFORD: Brings In Administrators from Deloitte & Touche
--------------------------------------------------------------
Christopher James Farrington and Dominic Lee Zoong Wong of
Deloitte & Touche LLP were appointed joint administrators of
R.J. Pickford (Electrical) Ltd. (Company Number 971687) on
Feb. 1, 2008.

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

The company can be reached at:

          R.J. Pickford Electrical Ltd.
          Newbourne House
          Bedford Grove
          Nottingham
          NG6 9DE
          England
          Tel: 011 5976 4445


TAPLOW KITCHENS: Appoints Vantis to Administer Assets
-----------------------------------------------------
Frank Wessely and Peter James Hughes-Holland of Vantis Business
Recovery Services were appointed joint administrators of Taplow
Kitchens Ltd. (Company Number 01750154) on Jan. 28, 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:

          Taplow Kitchens Ltd.
          The Bishop Centre
          Bath Road
          Taplow
          Maidenhead
          Bershire
          SL6 0NX
          Tel: 01628 666 300


TEREX CORPORATION: Hart-Scott-Rodino Waiting Period Expires
-----------------------------------------------------------
Terex Corporation disclosed the expiration of the mandatory
waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended, in connection with the
cash tender offer by Terex for all of the outstanding shares of
common stock of A.S.V., Inc. for US$18.00 per share.

The tender offer is being made pursuant to a merger agreement
with ASV, dated as of Jan. 13, 2008, and is scheduled to expire
at midnight, New York City time, at the end of Feb. 25, 2008,
unless extended.

                            About ASV

A.S.V. Inc. -- http://www.asvi.com/-- designs, manufactures and
sells rubber track machines and related components, accessories,
and attachments.  Its purpose-built chassis and patented rubber
track undercarriage technology are unique and lead all rubber
track loaders in innovation and performance.  ASV products are
able to traverse nearly any terrain with minimal damage to the
ground, making them effective in markets such as construction,
landscaping, forestry and agriculture.  ASV's wholly-owned
subsidiary Loegering Mfg., Inc. designs, manufactures and sells
traction products and attachments for the skid-steer industry.
Goldman, Sachs & Co. acted as financial advisor to ASV on this
transaction.

                         About Terex Corp.

Headquartered in Westport, Connecticut, Terex Corporation
(NYSE:TEX) - http://www.terex.com/-- manufactures a broad range
of equipment for use in various industries, including the
construction, infrastructure, quarrying, surface mining,
shipping, transportation, refining, and utility industries.
Terex offers a complete line of financial products and services
to assist in the acquisition of Terex equipment through Terex
Financial Services.  The company operates in five business
segments: Aerial Work Platforms, Construction, Cranes, Materials
Processing & Mining, and Roadbuilding, Utility Products and
Other.  The company has operations in Australia, Brazil, China,
Japan, Germany, United Kingdom, among others.

                          *     *     *

In August 2007, Moody's placed the company's long-term corporate
family rating and probability of default rating at Ba2, bank
loan debt rating at Ba1, and senior subordinate rating at Ba3.
These ratings still hold to date.  Moody's said the outlook is
stable.


VIRGIN MEDIA: Shelves Non-Cable Market Capture Strategy
-------------------------------------------------------
Virgin Media Inc. is abandoning its undertaking to capture 50%
of the U.K. market not covered by its cables, the Financial
Times reports.

According to FT, Virgin Media's "offnet" strategy is opposed to
acting CEO Neil Berkett's pitch to distinguish the company from
traditional pay-TV rival British Sky Broadcasting Plc by
emphasizing its ability to deliver faster broadband speeds.

Mr. Berkett told Mr. Beckett that Virgin Media will no longer
compete with BSkyB for premium content like films and sports
rights.  Virgin Media has also dropped plans of buying ITV.

The acting CEO said Virgin Media was trying pursue too many
strategies at once, saying that "his priorities" lies elsewhere.

Mr. Berkett, however, stressed that Virgin Media will still
pursue its content control strategy through entering
partnerships and owning production or distribution channels, FT
reports.

                        About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

As reported in the TCR-Europe on Nov. 19, 2007, Standard &
Poor's Ratings Services affirmed its 'B+' corporate credit
rating on U.K.-based telecommunications provider Virgin Media
Inc. and related entities.  The ratings were also removed from
CreditWatch with negative implications where they were placed on
July 3, 2007.  The outlook is stable.

In August 2007 Moody's Investors Service changed the outlook on
the ratings of Virgin Media Inc. to negative from stable.

The ratings affected are:

Virgin Media Inc.

   -- Corporate Family Rating at Ba3

Virgin Media Investment Holdings Ltd.

   -- Tranches A / B senior secured facility at Ba2

   -- Trance C second lien facility at B2

Virgin Media Finance plc.

   -- Senior notes at B2

The company carries Moody's Ba3 Probability-of-Default rating.


WEATHERWISE UK: Cash Flow Problem Sends Firm into Administration
----------------------------------------------------------------
Weatherwise (U.K.) Ltd.'s has been put into administration, the
Contact Journal reports.  David Moore and Donald Bailey, of
Begbies Tyalor, were appointed as joint administrators.

According to the report, financial difficulties began when the
company's cladding work on the roof of Wembley Stadium was
delayed a year longer than expected leading the company to post
a GBP157,000 loss in 2006.

Citing a statement from the company, the report adds that the
company experienced cash flow problems due to delays in
resolving a number of claims.  The company's directors then
sought advice from  Begbies Traynor.

A deal has been agreed by the existing management that it
believes offers the most benefit for creditors.

At this period, the reports says, the company does not known
where the claims they are facing came from since it has no
outstanding claims from the Wembley project.

Weatherwise (UK) Ltd -- http://www.weatherwise.com/-- has more
than 30 years experience of designing, procuring and installing
industrial and commercial building envelope systems.


WHOLE FOODS: Moody's Attaches Ba1 Rating on US$700MM Sec. Loan
--------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Whole Foods
Market, Inc.'s US$700 million secured bank term loan.  Moody's
also assigned a Ba1 corporate family rating.  The outlook is
stable.

Ratings assigned:

  -- Corporate family rating at Ba1
  -- Probability of default rating at Ba1
  -- US$700 million secured term loan due 2012 at Ba1 (LGD3,47%)

Whole Foods Ba1 rating balances non investment grade credit
metrics against the company's compelling business model,
industry leading comparable store sales growth and profit
margins, and productive store base.  Whole Foods is the market
leader in high quality perishables and organic food offerings.
Furthermore, the company generates solid cash flow, which has
been generally used to fund internal operating expense and the
company's aggressive capital expenditures.  The ratings also
reflect Moody's concern that Whole Foods service-oriented
culture and management may potentially be strained as the
company continues its rapid expansion and as the competition in
natural and organic sections intensifies.  The ratings are
constrained by high leverage metrics, moderate scale in terms of
revenues, and possible integration risks over the next two
years.

The stable rating outlook assumes that returns on new stores
will not diminish, that demand for natural and organic foods
will grow faster then grocery in general, and that shareholder
enhancement will not require external funding

Founded in 1980 in Austin, Texas, Whole Foods Market is the
world's leading natural and organic foods supermarket and
America's first national certified organic grocer.  In fiscal
year 2007, the Company had sales of US$6.6 billion and currently
has 270 stores in the United States, Canada, and the United
Kingdom.


WORKS RETAIL: Taps Joint Administrators from Kroll
--------------------------------------------------
Peter Mark Saville, Joanne Marie Wright and Stuart Charles
Edward Mackellar of Kroll Ltd. were appointed joint
administrators of The Work Retail Ltd. (Company Number 01791325)
on Jan. 31, 2008.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

          The Works Retail Ltd.
          Flat 7
          Commercial Street
          Hereford
          Herefordshire
          HR1 2DJ
          England
          Tel: 01432 271 347
          Web site: http://www.theworks-art-books-music.com/


                            *********

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
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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
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                 * * * End of Transmission * * *