TCREUR_Public/080214.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

           Thursday, February 14, 2008, Vol. 9, No. 32

                            Headlines




A U S T R I A

ALFRED PISTRACHER: Claims Registration Period Ends March 5
ARRION LLC: Claims Registration Period Ends March 18
AUTOHAUS LUGER: Claims Registration Period Ends March 3
EOS TORE: Claims Registration Period Ends April 8
GAK MARKETING: Claims Registration Period Ends March 5

GAK-STADION: Claims Registration Period Ends March 5
HERMANN FEND: Claims Registration Period Ends February 25
PETER HANDEL: Claims Registration Period Ends March 27
XERIUM TECH: Appoints Three Officers to Executive Roles


B E L G I U M

FERRO CORP: Expects US$500-Mln Net Revenues in 2007 Fourth Qtr.
SENSIENT TECH: Earns US$77.8 Million in Year Ended Dec. 31


F I N L A N D

BRIGHTPOINT INC: To Deliver Google Services on Mobile Devices


F R A N C E

ARROW ELECTRONICS: Inks Pact to Acquire ACI Electronics Assets
DELPHI CORP: Lenders Have Problems Syndicating US$6.1 Bln Loan


G E R M A N Y

DITTRICHBAU GMBH: Claims Registration Period Ends March 7
ELP-MEDIEN: Claims Registration Period Ends March 5
ERLEBNISGARTEN LUDWIGSHOEHE: Claims Registration Ends March 6
HANSE TREUHAND: Claims Registration Ends March 4
IKB DEUTSCHE: KfW May Sell Deutche Post Stake for Rescue Funds

IPSER GMBH: Claims Registration Period Ends February 25
J. JULIUS: Claims Registration Ends March 1
JEREBITZ GMBH: Claims Registration Ends March 4
JUERGEN WOLFF: Claims Registration Period Ends March 7
KLUTH LOGISTIC: Claims Registration Period Ends March 7

NUTHE BAU: Claims Registration Ends March 4
OBJEKTBAU HOESS: Claims Registration Period Ends February 29
PI-GA GMBH: Claims Registration Period Ends February 29
PLUS.TV: Claims Registration Period Ends February 28
POWER-MAN GMBH: Claims Registration Ends March 4

PROPEC GMBH: Claims Registration Ends March 4
SHOW IT NEUSS: Claims Registration Period Ends February 29
WILHELM ROEGELS: Claims Registration Period Ends February 29
WILZE GMBH: Claims Registration Period Ends March 4


I R E L A N D

VISAGE CDO I: Moody's Junks Three Deferrable Note Classes


I T A L Y

ALITALIA SPA: AirOne Woos Lombardy Investors to Join Bid
ARTIGIANFIDI VARESE: Fitch Affirms IDR at BB with Stable Outlook
BERRY PLASTICS: Loan Refinancing Cues Moody's to Junk Notes
NEAFIDI - SOCIETA: Fitch Holds BB IDR on Operating Profitability
UNIONFIDI PIEMONTE: Fitch Affirms BB+ IDR on Low Capitalization


K A Z A K H S T A N

DAULET-SERVICE LTD: Proof of Claim Deadline Slated for March 11
EKIBASTUZ ELECTRO: Creditors Must File Claims by March 11
LD & K: Claims Filing Period Ends March 7
MALAISARY LLP: Creditors' Claims Due on March 7
PARITET CORPUS: Claims Registration Ends March 7

PROM AGRO: Proof of Claim Deadline Slated for March 11
RIO ASTANA: Creditors Must File Claims by March 11
STROYOPTSERVICE-LTD: Claims Filing Period Ends March 11
TEPLOCOMMUNENERGO: Creditors Must File Claims by March 7


K Y R G Y Z S T A N

AL-MIR LLC: Creditors Must File Claims by February 22
TAGAI LLC: Claims Filing Period Ends February 22


P O L A N D

LEAR CORP: Forms Global Operating Structure; Names 2 Executives


R U S S I A

106 SEL-KHOZ-VOD-STROY: Creditors Must File Claims by March 28
BIORANTA CJSC: Creditors Must File Claims by February 28
MECHETLINSKIY BUILDER: Creditors Must File Claims by March 28
POGRAN-AGRO-PROM-ENERGO: Creditors Must File Claims by March 28
RK NEPTUNE: Sakhalin Bankruptcy Hearing Slated for June 3

SIBERIAN GRAIN: Creditors Must File Claims by March 28
SISTEMA JSFC: Opens New Office in India
STELLER COMPUTERS: Creditors Must File Claims by March 28
STROY-SVYAZ LLC: Creditors Must File Claims by February 28
TRUST 1 CJSC: Creditors Must File Claims by March 28

VYMPEL LLC: Creditors Must File Claims by March 28


S P A I N

SOL MELIA: S&P Withdraws BB+ Ratings at Company's Request


S W I T Z E R L A N D

BASILEIA MUSICAL: Creditors' Liquidation Claims Due by Feb. 21
BRANDWIZARD JSC: Creditors' Liquidation Claims Due by Feb. 20
C-DUE JSC: Creditors' Liquidation Claims Due by Feb. 21
C-TRE LLC: Creditors' Liquidation Claims Due by Feb. 21
J & S TRANSPORT: Basel Court Starts Bankruptcy Proceedings

NATIONALE GESELLSCHAFT: Creditors Must File Claims by Feb. 20
NITREX JSC: Creditors' Liquidation Claims Due by Feb. 20
ZANGGER BACKEREI: Basel Court Starts Bankruptcy Proceedings


U K R A I N E

AGRICULTURAL BUILDING: Creditors Must File Claims by February 23
BANK FORUM: Fitch Rates IDR at B on Vulnerable Liquidity
COMPACT-UKRAINE COMPANY: Creditors Must File Claims by Feb. 23
DWELLING BUILDING-6: Creditors Must File Claims by February 23
NIKOPOL SPINNING-THREAD: Creditors Must File Claims by Feb. 23

SPECIAL SERVICE: Proofs of Claim Deadline Set February 23
TOKMAK MACHINE-TRACTOR: Proofs of Claim Deadline Set February 23


U N I T E D   K I N G D O M

ARAMARK CORP: Improved Credit Prompts S&P to Affirm B+ Rating
BRITISH ENERGY: Earns GBP383 Mln in Nine Months Ended Dec. 30
CAMBRIDGE CAPACITORS: Taps Administrators from Ernst & Young
CHATTEM INC: Recalls Icy Hot Seat Products After Burn Reports
FORD MOTOR: Plans to Offer Buyout Packages to 9,000 Workers

FORD MOTOR: Awards Hot-End Emission Control Business to Tenneco
GENERAL MOTORS: May Have to Fund Delphi's Exit, Investors Say
GENERAL MOTORS: Posts Net Loss of US$38.7 Billion in 2007
GENERAL MOTORS: Reaches Agreement with UAW on Attrition Program
HEALEY CONSTRUCTION: Claims Filing Period Ends April 14

INTERMEC INC: Earns US$16.4 Million in Fourth Quarter 2007
INVENSYS PLC: Posts Net Cash of GBP55 Mln for Third Quarter 2007
KRONOS INC: Inks Human Resource Services Pact With Winn-Dixie
LEISURE DIRECTION: Brings In Administrators from Menzies
M J SHERMAN: Brings In Liquidators from Vantis

NORTHERN ROCK: Virgin Gets Ahead of Bidding Race, Treasury Says
NUANCE COMM: Incurs US$15.4 Million Net Loss in First Quarter
POWERPIKE LTD: Appoints Ernst & Young as Administrators
REFCO INC: Court Moves Claim Objection Deadline to April 30
REFCO INC: Consummates Sale of 35% Equity Stake in FXCM

REFCO INC: SPhinX Liquidators Want Protective Order Eased
REPLICA ORIGINATION: Claims Filing Period Ends June 30
SLIPCATCH LTD: Brings In Administrators from Moore Stephens
SPARTAN EUROPE: Appoints Begbies Traynor to Administer Assets
SPECIALIST HEATING: Names Administrators from KPMG

TENNECO INC: Bags Ford Motor's Hot-End Emission Control Business
UK INTERMARK: Names Alistair Steven Wood Liquidator
W.F. HILL: Calls In Liquidators from Tenon Recovery
WHISTLEJACKET CAPITAL: NAV Breach Triggers Receivership
WHISTLEJACKET CAPITAL: Moody's Cuts Rating on Senior Debt to Ba2

WHISTLEJACKET CAPITAL: S&P Junks Notes on NAV Test Failure
WORK 4: Joint Liquidators Take Over Operations

* Upcoming Meetings, Conferences and Seminars




                            *********


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


ALFRED PISTRACHER: Claims Registration Period Ends March 5
----------------------------------------------------------
Creditors owed money by LLC Alfred Pistracher (FN 160434h) have
until March 5, 2008, to file written proofs of claim to court-
appointed estate administrator Gerald Streibel at:

          Mag. Gerald Streibel
          LLC TPA Insolvenztreuhand  
          Schwedengasse 2
          3500 Krems an der Donau
          Austria
          Tel: 02732/70280-80
          Fax: 02732/70280-9
          E-mail: insolvenz.krems@tpawt.com  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on March 19, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Gfoehl, Austria, the Debtor declared bankruptcy
on Jan. 25, 2008 (Bankr. Case No. 9 S 4/08y).  


ARRION LLC: Claims Registration Period Ends March 18
----------------------------------------------------
Creditors owed money by LLC Arrion (FN 271407d) have until
March 18, 2008, to file written proofs of claim to court-
appointed estate administrator Eberhard Wallentin at:

          Dr. Eberhard Wallentin
          Porzellangasse 4-6
          1090 Vienna
          Austria
          Tel: 313 74-0
          Fax: 313 74-80
          E-mail: office@ksw.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 1, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 25, 2008, (Bankr. Case No. 4 S 10/08k).  


AUTOHAUS LUGER: Claims Registration Period Ends March 3
-------------------------------------------------------
Creditors owed money by LLC AUTOHAUS LUGER (FN 179193w) have
until March 3, 2008, to file written proofs of claim to court-
appointed estate administrator Robert Levovnik at:

          Mag. Robert Levovnik  
          Getreidegasse 13/I
          9020 Klagenfurt
          Austria
          Tel: 0463/50 43 43
          Fax: 0463/50 45 82
          E-mail: levovnik@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on March 11, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Klagenfurt
          Meeting Room 225
          Second Floor
          Klagenfurt
          Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Jan. 25, 2008 (Bankr. Case No. 40 S 5/08p).  


EOS TORE: Claims Registration Period Ends April 8
-------------------------------------------------
Creditors owed money by LLC EOS Tore Produktion (FN 207317d)
have until April 8, 2008, to file written proofs of claim to
court-appointed estate administrator Georg Rupprecht at:

          Mag. Georg Rupprecht
          c/o Dr. Michael Troethandl
          Hauptplatz 9-13
          2500 Baden
          Austria
          Tel: 02252/86 580
          Fax: 02252/865803  
          E-Mail: rupprecht@lexacta.com  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 22, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Guntramsdorf, Austria, the Debtor declared
bankruptcy on Jan. 25, 2008 (Bankr. Case No. 11 S 12/08p).   
Michael Troethandl represents Mag. Rupprecht in the bankruptcy
proceedings.


GAK MARKETING: Claims Registration Period Ends March 5
------------------------------------------------------
Creditors owed money by LLC GAK Marketing (FN 226550m) have
until March 5, 2008, to file written proofs of claim to court-
appointed estate administrator Norbert Scherbaum at:

          Dr. Norbert Scherbaum
          Advocacy LLC Scherbaum/Seebacher Rechtsanwalte  
          Einspinnergasse 3/II
          8010 Graz
          Austria
          Tel: 0316/832460
          Fax: 0316/832460-20
          E-mail: office@scherbaum-seebacher.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 Graz, Austria, the Debtor declared bankruptcy
on Jan. 25, 2008 (Bankr. Case No. 26 S 12/08x).  


GAK-STADION: Claims Registration Period Ends March 5
----------------------------------------------------
Creditors owed money by LLC GAK-Stadion (FN 49592f) have until
March 5, 2008, to file written proofs of claim to court-
appointed estate administrator Norbert Scherbaum at:

          Dr. Norbert Scherbaum
          LLC Scherbaum/Seebacher Rechtsanwalte
          Einspinnergasse 3/II
          8010 Graz
          Austria
          Tel: 0316/832460
          Fax: 0316/832460-20
          E-mail: office@scherbaum-seebacher.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 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 Graz, Austria, the Debtor declared bankruptcy
on Jan. 25, 2008 (Bankr. Case No. 26 S 13/08v).  


HERMANN FEND: Claims Registration Period Ends February 25
---------------------------------------------------------
Creditors owed money by LLC Hermann Fend & Co KG (FN 11586p)
have until Feb. 25, 2008, to file written proofs of claim to
court-appointed estate administrator Michael Kaufmann at:

          Dr. Michael Kaufmann
          c/o Mag. Lukas Pfefferkorn
          Schulgasse 7
          6850 Dornbirn
          Austria
          Tel: 05572/20210
          Fax: 05572/34414
          E-mail: office@ktg.at     

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

The meeting of creditors will be held at:

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

Headquartered in Altach, Austria, the Debtor declared bankruptcy
on Jan. 25, 2008 (Bankr. Case No. 13 S 8/08v).  Lukas
Pfefferkorn represents Dr. Kaufmann in the bankruptcy
proceedings.


PETER HANDEL: Claims Registration Period Ends March 27
------------------------------------------------------
Creditors owed money by  LLC Peter Handel (FN 285462y) have
until March 27, 2008, to file written proofs of claim to court-
appointed estate administrator Wolfgang Winkler at:

          Mag. Wolfgang Winkler
          c/o Dr. Maximilian Schludermann
          Reisnerstrasse 32/12
          1030 Vienna
          Austria
          Tel: 715 50 45
          Fax: 715 50 47 4
          E-mail: office@anwalt-viennat.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on April 10, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1701
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 25, 2008 (Bankr. Case No. 6 S 10/08z).  Maximilian
Schludermann represents Mag. Winkler in the bankruptcy
proceedings.


XERIUM TECH: Appoints Three Officers to Executive Roles
-------------------------------------------------------
Xerium Technologies Inc. has appointed David Pretty as
President - Xerium North America, Peter Williamson as President
- Xerium Europe and Joan "John" Badrinas Ardevol as Chief
Technology Officer.

Mr. Pretty has served as President - Weavexx, the company's
North American clothing operation, since December 2005, and
prior to that held various sales, marketing and technical
service positions with the company and its predecessors since
1987.  As President - Xerium North America, he assumes
responsibility for the Company's North American roll covers
operations, in addition to the clothing operations in that
region.

Mr. Williamson has served as the company's Managing Director -
Stowe Woodward Europe, with responsibility for Xerium's European
roll covers business since joining the company in March 2006.  
Mr. Williamson had previously served as President of the product
area engine group at Trelleborg AB and earlier as President -
Metzler Automotive Hose Systems.  As President - Xerium Europe,
he will be responsible for the Company's European clothing
operations, in addition to the roll covers operations in Europe.

John Badrinas, who had been the company's President - Clothing
Europe since joining Xerium in July 2006, will now be
responsible for the company's research and development
activities in the new role of Chief Technology Officer.  Prior
to joining Xerium, Mr. Badrinas held various technology
leadership positions at Trelleborg AB and Pendelastica SA.

Doug Milner, who had been President - Stowe Woodward Rolls
Worldwide since joining the company in February 2004, has left
Xerium to pursue other opportunities.  The company expresses its
thanks to Doug Milner for his service to Xerium over the last
four years.

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.

                         *     *     *

To date, Xerium Technologies Inc. carries Moody's Investors
Service ratings on corporate family rating at B2; bank loan debt
and probability of default at B2 rating.  The outlook is stable.


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


FERRO CORP: Expects US$500-Mln Net Revenues in 2007 Fourth Qtr.
---------------------------------------------------------------
Ferro Corporation has revised its 2007 fourth quarter earnings
estimates and a likely non-cash charge for goodwill impairment.

              Revised 2007 Fourth Quarter Estimates

Ferro announced that earnings per share for the 2007 fourth
quarter are now expected to be approximately 3 cents below the
low end of analysts' current earnings estimates.  As reported by
Thomson First Call, analysts expect earnings between 15 and 23
cents per share, excluding special charges.  The company's lower
earnings expectations are primarily a result of a manufacturing
interruption in December at its Bridgeport, New Jersey, organic
chemical manufacturing plant and increased raw material costs
across the company's businesses.  The company expected net sales
for the fourth quarter to be approximately US$570 million,
exceeding its previous estimates, primarily due to surcharges
and other product pricing actions and favorable changes in
foreign exchange rates.

Manufacturing operations were interrupted at the Bridgeport site
in mid-December when an excess quantity of product was
accidentally discharged into the plant's on-site wastewater
treatment facility.  As a result, the company incurred costs
from scrapped product and additional wastewater treatment
resulting in pre-tax charges of approximately US$2 million in
the 2007 fourth quarter, or approximately 3 cents per diluted
share.

Also during the fourth quarter, Ferro continued to experience
rising raw material costs, including sharply rising costs for
cobalt and chrome oxide used in the company's Inorganic
Specialties business.  Since September, market prices for
cobalt have increased over 50 percent and chrome oxide has
increased over 35 percent.  Through changes in product pricing
the company was largely able to cover the actual raw material
cost increases, however the company was unable to increase
prices sufficiently to maintain gross margins.  In addition, the
higher product prices resulting from increasing raw materials
costs has caused some customers to reduce purchases or choose
other lower cost materials.

"While I am disappointed with the fourth quarter results, we
remain focused on continuing to improve the profitability of the
Company," said Ferro Chairman, President and Chief Executive
Officer James F. Kirsch.  "Despite the difficult 2007 U.S.
markets in housing, automobiles and appliances, we generated net
cash from operating activities and reduced debt."

Looking forward, Mr. Kirsch noted, "We are on track with the
restructuring programs we have initiated over the past 18
months, and we remain committed to delivering our goal of ten
percent operating margins as we enter 2010.  We will accomplish
this through organic growth of higher-value products such as our
conductive metal pastes for solar applications, coupled with
incremental savings generated from our ongoing restructuring
programs, aggressive pursuit of manufacturing productivity
improvements, improved pricing for value, and expense
reductions."

Ferro will provide details of the 2007 fourth quarter and full
year financial results in a press release and conference call on
Friday, Feb. 29.  Detailed instructions for accessing the
conference call will be announced shortly.

                  Goodwill Impairment Evaluation

Ferro annually assesses existing goodwill for impairment, as
required by Statement of Financial Accounting Standards (SFAS)
No. 142.  The assessment consists of two tests. In the first
step, Ferro tests goodwill for impairment by comparing the
fair value of the businesses associated with the goodwill
against the book value.  If the net book value of a business
exceeds its fair value, the Company must perform a second step
to measure potential impairment.

Ferro has completed the first step of its annual goodwill
assessment which indicated that the book value of the polymer
additives and pharmaceutical businesses exceeds their fair
values.  Consequently, Ferro is now performing step two of the
goodwill impairment assessment.

The anticipated impairment in the polymer additives business is
triggered by the cumulative negative effect on earnings of a
cyclical downturn in certain of the business' primary U.S.-based
end markets, including housing and automobiles; anticipated
additional product costs due to recent hazardous material
legislation and regulations, such as the newly enacted European
Union "REACH" registration system that requires chemical
suppliers to perform toxicity studies of the components of their
products and to register certain information; and higher
forecasted capital expenditures related to the business.  The
anticipated impairment of goodwill in Ferro's pharmaceutical
business is primarily the result of a longer time to transition
the business from a supplier of food supplements and additives
to a supplier of high-value pharmaceutical products and
services.

While Ferro has not concluded its accounting analysis, the
Company now anticipates that it is likely that a material, pre-
tax, non-cash impairment charge will be recorded that may
represent a substantial portion, and potentially all, of the
approximately US$114 million of goodwill recorded on its balance
sheet for the polymer additives and pharmaceutical businesses.  
The company had goodwill of US$74 million associated with the
polymer additives business and $40 million associated with the
pharmaceutical business recorded as of Dec. 31, 2006.  As
required, the company will also be assessing the value of other
long-term assets in these businesses.

All impairment charges deemed necessary as a result of the
current evaluations will be included in Ferro's fourth quarter
2007 financial results.  The charge will not impact Ferro's cash
balance or future cash flows, or result in a violation of any
covenant of any of Ferro's debt instruments.  Additionally, the
charge will not affect the payment of the 14.5 cents per share
dividend on Ferro's common stock that was previously approved by
the company's board of directors.  The dividend is payable on
March 10 for shareholders of record on Feb. 15.

                         About Ferro Corp.

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were US$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                          *     *     *

In May 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's US$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


SENSIENT TECH: Earns US$77.8 Million in Year Ended Dec. 31
----------------------------------------------------------
Sensient Technologies Corporation reported US$18.2 million of
net income for the three months ended Dec. 31, 2007, compared to
net income of US$15.3 million for the same period in 2006.  For
the full year of 2007, the company earned US$77.8 million
compared to net income of US$66.4 million in 2006.

Revenue reached a record level of US$300.9 million for the
fourth quarter, up 10.3% from the comparable period in 2006.  
Revenue for the twelve months ended Dec. 31, 2007, was US$1.2
billion, an increase of 7.8% over the prior year.  Foreign
currency translation had a favorable impact on revenue of 5% and
4%, respectively, for the fourth quarter and year.

Cash provided by operating activities increased 33.7% in the
fourth quarter to US$24.5 million, compared to US$18.4 million
in the prior year's comparable period.  For the year, cash
provided by operating activities was US$105.2 million, an
increase of 6.0% in comparison to US$99.2 million in the prior
year.

"This quarter marks our eighth consecutive quarter of strong
earnings growth," said Kenneth P. Manning, Chairman and Chief
Executive Officer of Sensient Technologies Corporation.  "We had
an outstanding year.  Each of our operating groups contributed
to the excellent results, and we expect our businesses to
perform well in 2008."

                         Business Review

The Flavors & Fragrances Group reported record fourth quarter
revenue and operating income.  Revenue for the quarter increased
7.7% to US$199.4 million, compared to US$185.0 million in last
year's comparable period.  Fourth quarter operating income was
up 11.3% to US$30.1 million, compared to US$27.0 million in the
fourth quarter of 2006.  Revenue for the twelve months ended
Dec. 31, 2007, increased 6.9% to US$783.7 million, and operating
income was up 12.3% to US$117.3 million.  Group revenue for the
quarter and twelve month period benefited from favorable foreign
currency translation and from improved pricing and higher
volumes.  Operating income for both periods rose on the higher
sales.  Group operating margins in 2007 improved 80 basis points
to 15.0%.

The Color Group's fourth quarter revenue increased 14.7% to
US$95.6 million, compared to US$83.4 million in last year's
comparable period.  Operating income for the quarter was up
20.3% to US$16.6 million, compared to US$13.8 million reported
in the fourth quarter of 2006.  Revenue for the twelve months
ended Dec. 31, 2007, increased 7.9% to US$377.9 million and
operating income was up 12.7% to US$67.0 million.  Color Group
revenue for the quarter and year reflects favorable foreign
currency translation and solid volume growth in food and
beverage colors.  Volume growth in cosmetic colors was also
strong. Group operating margins in 2007 improved 70 basis points
to 17.7%.

                   About Sensient Technologies

Headquartered in Milwaukee, Wisconsin, Sensient Technologies
Corp. -- http://www.sensient-tech.com/-- manufactures and
markets colors, flavors and fragrances.  Sensient also employs
technologies to develop specialty chemicals for inkjet inks,
display imaging systems and other applications.  The company's
principal products include flavors, flavor enhancers and
bionutrients; fragrances and aroma chemicals; dehydrated
vegetables and other food ingredients; natural and synthetic
food colors; cosmetic and pharmaceutical additives; inkjet inks,
technical colors, and specialty dyes and pigments, and chemicals
for laser printing and flat screen displays.  In Europe,
Sensient maintains operations facilities and/or sales offices in
Belgium, Bosnia, Croatia, Cyprus, Czech Republic, Germany,
United Kingdom, France, Estonia, United Kingdom, Macedonia,
Poland, Romania, Serbia and Montenegro, Turkey, Ukraine, and
Wales.  In Latin America, it has operations in Argentina,
Bolivia, Brazil, Colombia, Costa Rica, Chile, Mexico, Peru,
Uruguay and Venezuela.

                          *     *     *

In July 2007, Standard & Poor's Ratings Services has revised
its outlook on Milwaukee, Wis.-based Sensient Technologies Corp.
to stable from negative.  At the same time, Standard & Poor's
affirmed its 'BB+' corporate credit and senior unsecured debt
ratings on the company.  Approximately USUS$508 million of debt
was outstanding as of June 30, 2007.


=============
F I N L A N D
=============


BRIGHTPOINT INC: To Deliver Google Services on Mobile Devices
-------------------------------------------------------------
Brightpoint Inc. has entered into a distribution agreement with
Google Inc. to distribute Google(tm) services.  Pursuant to the
agreement, Brightpoint will pre-install a wide range of
smartphones, including those running on Windows Mobile,
Blackberry, Palm, Symbian, and other OS-powered device, with
Google Search and Google Maps(tm) for mobile.  These
applications will be distributed through Brightpoint's 25,000
B2B customers around the world.

"We're excited to work with Google to bring more services to our
customers.  I believe Google's innovative mobile applications
and services will further accelerate the replacement cycle and
create a 'pull' demand in the global wireless marketplace.  
Through our leadership position in the global wireless
distribution and customized logistic services value chain, we
offer a compelling value proposition to all OS-powered device
manufacturers.  I believe that this new relationship with Google
is a testament to Brightpoint's ability to provide strategic
value to the increasing penetration of converged devices on a
global basis," stated Robert J. Laikin, Brightpoint's Chief
Executive Officer and Chairman of the Board.

                        About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/ -- distributes wireless devices and
accessories, as well as provision of customized logistic
services to the wireless industry.  The company primarily
operates in Australia, Colombia, Finland, Germany, India, New
Zealand, Norway, the Philippines, the Slovak Republic, Sweden,
United Arab Emirates and the United States.  The company's
customers include mobile operators, mobile virtual network
operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                         *     *     *

Brightpoint, Inc., continues to carry Standard and Poor's BB-
long-term local and foreign issuer credit ratings with a stable
outlook.  These ratings were assigned on April 2006.


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


ARROW ELECTRONICS: Inks Pact to Acquire ACI Electronics Assets
--------------------------------------------------------------
Arrow Electronics Inc. has entered into an agreement to acquire
all of the assets and operations of ACI Electronics LLC.  ACI is
one of the largest independent distributors of electronic
components used in defense and aerospace applications.

"With the acquisition of ACI, we continue to execute on our
strategic priority to pursue opportunities in the more rapidly
growing areas of the market.  In the last five years, ACI has
grown sales organically at a compound annual growth rate of
approximately 20 percent.  ACI will further bolster our number
one position in the North American defense and aerospace
marketplace, and when combined with our existing Arrow/Zeus
business, we will have leading market share in many technology
segments including military discretes.  This strategic
transaction will add to the breadth of our customer base and
increase our staff of highly experienced sales professionals,
while strengthening our relationships with key suppliers," said
Michael J. Long, president of Arrow Global Components.

ACI is headquartered in Denver, Colorado and distributes
products in the United States, Israel, Spain and Italy.  With
approximately 60 employees, ACI provides value-added
distribution services to over 2,000 customers who manufacture
military and commercial aircraft systems, and other military
applications.  ACI is recognized by its customers as the
distributor of choice for its product knowledge, value-added
services, superior customer service, and strong supplier
relationships.  Many of ACI's customers and suppliers have been
with the company for more than 20 years.  Total sales in 2007
were approximately US$60 million and the acquisition will be
immediately accretive to earnings by US$0.03 to US$0.04 in 2008.

                     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.


DELPHI CORP: Lenders Have Problems Syndicating US$6.1 Bln Loan
--------------------------------------------------------------
Delphi Corp.'s plan to secure $6.1 billion in financing for its
exit from Chapter 11 bankruptcy protection is in jeopardy as
bank lenders tried to cope with credit markets that remain
virtually shut, The Wall Street Journal says, citing people
familiar with the matter.

J.P. Morgan Chase & Co. and Citigroup Global Markets, which
agreed to arrange funding for Delphi, are having difficulties
syndicating the loan to other lenders, the Journal's source
said.

The Journal's Jeffrey McCracken and John D. Stoll relate that
hedge funds and other investors dislike the borrowing terms,
saying that they aren't priced appropriately for the risk
involved.

Investors and others involved in the matter say Delphi's former
parent, General Motors Corp., may have to step in and provide
financing to fill the gap, the Journal relates.  Yet too much GM
involvement might spook stock investors, who don't want Delphi
too beholden to GM and its price-cutting demands, the Journal
says.

Fritz Henderson, GM's chief financial officer, has said GM is
exploring alternatives in the event Delphi cannot obtain the
Chapter 11 exit financing it planned, Dow Jones Newswires say.  
Mr. Henderson, however, didn't give any details on what kind of
alternatives GM was exploring with Delphi and its investor
group, Dow Jones notes.

"Our objective is to have Delphi exit," Mr. Henderson said in an
interview, WSJ notes.  "What we've tried to do is be
constructive with Delphi and the plan-investors as to how we
play a role."

KeyBanc analyst Brett Hoselton said in a note to investors
Tuesday that GM may have to provide financing itself, Dow Jones
reports.

Delphi could consider trying to get a smaller exit-financing
package, but falling U.S. auto sales and lowered forecasts for
GM sales in 2008 "probably mean Delphi needs more money, not
less," WSJ quotes a person familiar with Delphi's talks with
their lenders.  "Any logical person would look at the situation
in the U.S. economy and say Delphi needs more," that source told
WSJ.

As reported in the Troubled Company Reporter-Europe on Feb. 5,
2008, Delphi and its debtor-affiliates expect to consummate
their First Amended Joint Plan of Reorganization on or before
March 31, 2008, Delphi Corp. Vice President and Chief
Restructuring Officer John D. Sheehan said in a regulatory
filing with the U.S. Securities and Exchange Commission.

As reported in the Troubled Company Reporter-Europe on Jan. 10,
2008, the Debtors reduced their Exit Financing from the Court-
approved US$6.8 billion to US$6.1 billion.  The reduced
facilities include:

   (a) US$1.6 billion in an asset-backed revolving credit
       facility;

   (b) US$3.7 billion in a first-lien term loan facility; and

   (c) US$825 million in a second lien term loan facility.

The TCR-Europe reported Jan. 31, 2008, that the Honorable Robert
Drain of the U.S. Bankruptcy Court for the Southern District of
New York permits members of the Official Committee of Unsecured
Creditors and the Official Committee of Equity Security Holders
appointed in Delphi's bankruptcy cases to participate in any
syndicate of lenders assembled to provide exit financing
facilities for the Debtors' emergence from Chapter 11.

                     About Delphi Corp.

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

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

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

(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

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

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

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


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


DITTRICHBAU GMBH: Claims Registration Period Ends March 7
---------------------------------------------------------
Creditors of DITTRICHBAU GmbH have until March 7, 2008, to
register their claims with court-appointed insolvency manager
Dirk Herzig.

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

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Dirk Herzig
          Promenadenstrasse 3
          09111 Chemnitz
          Germany
          Tel: (0371) 382370
          Fax: (0371) 3823710
          E-mail: DHerzig@schubra.de   

The District Court of Chemnitz opened bankruptcy proceedings
against DITTRICHBAU GmbH on Jan. 30, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          DITTRICHBAU GmbH
          Attn: Markus Dittrich, Manager
          Falkensteiner Strasse 5
          08239 Trieb
          Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse
         63065 Offenbach am Main
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

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


ERLEBNISGARTEN LUDWIGSHOEHE: Claims Registration Ends March 6
-------------------------------------------------------------
Creditors of Erlebnisgarten Ludwigshoehe GmbH have until
March 6, 2008, to register their claims with court-appointed
insolvency manager Joachim Exner.

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

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         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:

          Joachim Exner
          Stahlstr. 17,
          90411 Nuremberg
          Germany
          Tel: 0911/951285-0
          Fax: 0911/951285-10

The District Court of Nuremberg opened bankruptcy proceedings
against Erlebnisgarten Ludwigshoehe GmbH on Jan. 31, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Erlebnisgarten Ludwigshoehe GmbH
          Ludwigshoehe 1
          90607 Rueckersdorf
          Germany


HANSE TREUHAND: Claims Registration Ends March 4
------------------------------------------------
Creditors of Hanse Treuhand GmbH have until March 4, 2008, to
register their claims with court-appointed insolvency manager
Dr. jur. Stefan N. Frielinghaus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         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. jur. Stefan N. Frielinghaus
         Alexandrinenstr. 17
         19055 Schwerin
         Germany

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

The Debtor can be reached at:

         Hanse Treuhand GmbH
         Attn: Reinhard Hasse, Manager
         Grevesmuehlener Strasse 8
         23936 Mallentin
         Germany


IKB DEUTSCHE: KfW May Sell Deutche Post Stake for Rescue Funds
--------------------------------------------------------------
State-owned KfW Bankengruppe may issue a convertible bond on its
31% stake in Deutsche Post World Net AG to raise EUR1 billion in
fresh funds for capital-depleted IKB Deutsche Industriebank AG,
Reuters reports citing sources privy with the matter.

IKB, in which KfW holds a 37.8% stake, is reportedly needing up
to EUR2 billion in fresh capital, EUR500 million of which is
needed in the short term, Financial Times Deutscheland relates.

KfW may have to bail out IKB for the third time after the bank's
other shareholders refused to finance the company's
restructuring, FT reports.  

According to news agency dpa, the German government may also
grant KfW a loan as an alternative means of raising capital.

"The government will have to bail out IKB, if no other solution
is found, because an insolvency would be very bad for the German
financial system," Philipp Haesller at Equinet Institutional
Services told FT.  "The question is not whether there will be a
bail-out but who will pay and how much."

KfW had agreed in July 2007 to take over all of IKB's
obligations related to Rhineland Funding when the vehicle's
commercial paper couldn't be sold to investors following the
U.S. subprime crisis.

In December 2007, a KfW-led banking pool agreed to cover US$520
million in risks for IKB, which brought the cost of the rescue
to EUR6.1 billion.

IKB had notified Bundesbank and BaFin that it could face more
liquidity problems if it fails to secure necessary financing.

                        About IKB Deutsche

Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- pioneered the long-term industrial
loan and provides medium-sized companies with long-term
financing.  The bank operates in several German locations, as
well as branches in the United Kingdom, Luxembourg, Spain and
France.

IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.

                          *     *     *

As reported in the TCR-Europe on Jan. 25, 2008, Moody's
Investors Service downgraded the bank financial strength
rating of IKB Deutsche Industriebank to E+ from D-.  The
outlook on the BFSR is now developing.

As reported in the TCR-Europe on Jan. 9, 2008, Fitch Ratings has
upgraded IKB Deutsche Industriebank AG's Individual rating to
'E' from 'F'.  

The TCR-Europe also reported on Dec. 13, 2007, that Fitch
Ratings downgraded the loan facilities provided by IKB Deutsche
Industriebank AG and IKB International S.A. to Havenrock II
Limited as:

   -- US$165,000,000 loan provided by IKB International:
      downgraded to 'CC/DR2' from 'BBB+' Outlook Negative;

   -- US$404,875,000 Facility C loan provided by IKB: downgraded
      to 'CC/DR2' from 'BBB+'; Outlook Negative;

   -- US$43,750,000 Facility B loan provided by IKB: downgraded
      to 'CC/DR2' from 'B+'; Outlook Negative; and

   -- US$11,375,000 Facility A loan provided by IKB: downgraded
      to 'CC/DR2' from 'CCC'; Outlook Negative.


IPSER GMBH: Claims Registration Period Ends February 25
-------------------------------------------------------
Creditors of Ipser GmbH have until Feb. 25, 2008, to register
their claims with court-appointed insolvency manager Andreas
Wolff.

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

The meeting of creditors will be held at:

         The District Court of Freiburg
         Hall 1
         Holzmarkt 2
         79098 Freiburg i.Br.
         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 Wolff
         Zasiusstr. 35
         79102 Freiburg i. Br.
         Germany
         Tel: 0761/75323

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

The Debtor can be reached at:

         Ipser GmbH
         Ihringer Landstr. 16
         79206 Breisach
         Germany

         Attn: Armin Ipser, Manager
         Kreuzkopfstr. 25
         79100 Freiburg
         Germany  


J. JULIUS: Claims Registration Ends March 1
-------------------------------------------
Creditors of J. Julius Stumpf r+e+g GmbH have until March 1,
2008, to register their claims with court-appointed insolvency
manager Dr. Stefan Oppermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         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. Stefan Oppermann
         Aussere Sulzbacher Strasse 118
         90491 Nuremberg
         Germany
         Tel: 0911/59890-0
         Fax: 0911/59890-11

The District Court of Nuremberg opened bankruptcy proceedings
against J. Julius Stumpf r+e+g GmbH on Jan. 28, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         J. Julius Stumpf r+e+g GmbH
         Attn: Elisabeth Stumpf, Manager
         Ansbacher Strasse 125
         90449 Nuremberg
         Germany


JEREBITZ GMBH: Claims Registration Ends March 4
-----------------------------------------------
Creditors of Jerebitz GmbH & Co. KG have until March 4, 2008, to
register their claims with court-appointed insolvency manager
Peter Theiss.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on March 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 March 25, 2008, while creditors
may constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Jerebitz GmbH & Co. KG
         Attn: Franz Jerebitz, Manager
         Metzer Str. 105
         66802 Ueberherrn-Felsberg
         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 W 1.26
          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


KLUTH LOGISTIC: Claims Registration Period Ends March 7
-------------------------------------------------------
Creditors of Kluth Logistic und Transport GmbH & Co. KG have
until March 7, 2008, to register their claims with court-
appointed insolvency manager Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dirk Decker
          Obotritenring 98
          19053 Schwerin
          Germany

The District Court of Schwerin opened bankruptcy proceedings
against Kluth Logistic und Transport GmbH & Co. KG on Jan. 29,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Kluth Logistic und Transport GmbH & Co. KG
          Waldweg 4
          19288 Ludwigslust
          Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.m. on April 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Nuthe Bau GmbH
         Kirschallee 3
         39261 Zerbst
         Germany

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


OBJEKTBAU HOESS: Claims Registration Period Ends February 29
------------------------------------------------------------
Creditors of Objektbau Hoess GmbH have until Feb. 29, 2008, to
register their claims with court-appointed insolvency manager
Hans-Joerg Derra.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ravensburg
         Hall 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:

         Hans-Joerg Derra
         Frauenstr. 14
         89073 Ulm
         Germany

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

The Debtor can be reached at:

         Objektbau Hoess GmbH
         Attn: Sybille Hoess, Manager
         Am Schwarzenbach 20
         88239 Wangen
         Germany


PI-GA GMBH: Claims Registration Period Ends February 29
-------------------------------------------------------
Creditors of Pi-Ga GmbH have until Feb. 29, 2008, to register
their claims with court-appointed insolvency manager Matthias
Landwehr.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         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:

         Matthias Landwehr
         Gerichtsstr. 12
         32791 Lage
         Germany

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

The Debtor can be reached at:

         Pi-Ga GmbH
         Leopoldstr. 8a
         32657 Lemgo
         Germany

         Attn: Guenther Weyers, Manager
         Clara-Immerwahr-Str. 17
         32657 Lemgo
         Germany


PLUS.TV: Claims Registration Period Ends February 28
----------------------------------------------------
Creditors of plus.tv Thueringen GmbH have until Feb. 28, 2008,
to register their claims with court-appointed insolvency manager
Rechtsanwalt Nolte.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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:

          Rechtsanwalt Nolte
          Peterstr. 5
          99084 Erfurt
          Germany

The District Court of Erfurt opened bankruptcy proceedings
against plus.tv Thueringen GmbH on Jan. 30, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          plus.tv Thueringen GmbH
          Attn: Klaus Rehm, Manager
          Schmidtstedter Strasse 34
          99084 Erfurt
          Germany


POWER-MAN GMBH: Claims Registration Ends March 4
------------------------------------------------
Creditors of Power-Man GmbH have until March 4, 2008, to
register their claims with court-appointed insolvency manager
Dr. Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on April 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Steffen Koch
         Sophienstr. 1
         30159 Hannover
         Germany
         Tel: 0511 353991-0
         Fax: 0511 353991-10

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

The Debtor can be reached at:

         Power-Man GmbH
         Iltisweg 41
         31515 Wunstorf
         Germany

         Attn: Slawomir Kopczyk, Manager
         z. Zt. in U-Haft
         JVA Uelzen
         Abt. Lueneburg I
         Markt 7 C
         21335 Lueneburg
         Germany


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

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

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Christoph Mathern
         Kanzlerstr. 32-34
         09112 Chemnitz
         Germany
         Tel:(0371) 4909167
         Fax:(0371) 4909444
         E-mail: mail@poessl.com  

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

The Debtor can be reached at:

         propec GmbH
         Attn: Telsche Carstens-Brauser-Jung, Manager
         Rand 8
         09526 Heidersdorf
         Germany


SHOW IT NEUSS: Claims Registration Period Ends February 29
----------------------------------------------------------
Creditors of Show It Neuss GmbH have until Feb. 29, 2008, to
register their claims with court-appointed insolvency manager
Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Duesseldorf
         Meeting Hall A 357
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Georg Kreplin
         Breite Strasse 27
         40213 Duesseldorf
         Germany

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

The Debtor can be reached at:

         Show It Neuss GmbH
         Liedmannstrasse 22
         41460 Neuss
         Germany

         AttnL Lars Olaf Hans Niewoehner, Manager
         Reuschenberger Strasse 90
         41472 Neuss
         Germany


WILHELM ROEGELS: Claims Registration Period Ends February 29
------------------------------------------------------------
Creditors of Spedition Wilhelm Roegels GmbH & Co KG have until
Feb. 29, 2008, to register their claims with court-appointed
insolvency manager Dr. Joerg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Joerg Bornheimer
         Turmhof 15
         42103 Wuppertal
         Germany
         Tel: 0202/49 37 00
         Fax: 0202/4937099

The District Court of Wuppertal opened bankruptcy proceedings
against Spedition Wilhelm Roegels GmbH & Co KG on Feb. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:

         Spedition Wilhelm Roegels GmbH & Co KG
         Walter-Freitag-Str. 1
         42899 Remscheid
         Germany


WILZE GMBH: Claims Registration Period Ends March 4
---------------------------------------------------
Creditors of Wilze GmbH have until March 4, 2008, to register
their claims with court-appointed insolvency manager Klaus-
Christof Ehrlicher.

Creditors and other interested parties are encouraged to attend
the meeting 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 Bamberg
         Synagogenplatz 1
         96047 Bamberg
         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:

          Klaus-Christof Ehrlicher
          Rosenauer Str. 22
          96450 Coburg
          Germany
          Tel: 09561/8034-0
          Fax: 09561/8034-34

The District Court of Bamberg opened bankruptcy proceedings
against Wilze GmbH on Jan. 28, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          Wilze GmbH
          Attn: Manuela Wilze, Manager
          Sauerstr. 31
          96173 Oberhaid
          Germany


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


VISAGE CDO I: Moody's Junks Three Deferrable Note Classes
---------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade five classes of notes issued by Visage CDO I
plc.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  The transaction is a
cash and synthetic hybrid CDO, with the underlying portfolio
containing 90% ABS CDOs and 10% Commercial Real Estate CDOs from
the 2003, 2004, 2005 and 2006 vintages.  Of the entire
portfolio, 50% of the assets by volume have been downgraded,
placed on review for downgrade, or both since October 2007.  In
addition, 2.55% of the portfolio by volume is currently rated
Ca.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.

These rating actions are:

   * Visage CDO I PLC:

   (1) US$56,000,000 Class A Senior Floating Rate Notes due 2051

       -- Current Rating: Ba3, on review for downgrade
       -- Prior Rating: Aaa, on review for downgrade

   (2) US$40,000,000 Class B Senior Floating Rate Notes due 2051

       -- Current Rating: B1, on review for downgrade
       -- Prior Rating: Aa1, on review for downgrade

   (3) US$20,000,000 Class C Deferrable Floating Rate Notes due
       2051

       -- Current Rating: Caa1, on review for downgrade
       -- Prior Rating: Aa3, on review for downgrade

   (4) US$10,000,000 Class D Deferrable Floating Rate Notes due
       2051

       -- Current Rating: Caa2, on review for downgrade
       -- Prior Rating: A1, on review for downgrade

   (5) US$18,000,000 Class E Deferrable Floating Rate Notes due
       2051

       -- Current Rating: Caa3, on review for downgrade
       -- Prior Rating: A3, on review for downgrade


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


ALITALIA SPA: AirOne Woos Lombardy Investors to Join Bid
--------------------------------------------------------
AirOne S.p.A. chairman Carlo Toto is inviting businessmen from
the Lombardy region to join the airline's bid to acquire the
Italian government's 49.9% stake in Alitalia S.p.A., Reuters
reports.

According to the report, Mr. Toto held a meeting with Gaetano
Micciche, head of Intesa Sanpaolo S.p.A.'s corporate division,
and other business leaders in the region, where Milan Malpensa
airport is located.

Around 20 businessmen expressed interest in joining the bid,
Reuters relates, citing local reports.

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

TPG Inc. and Pirelli & S.p.A. chairman Marco Tronchetti Provera
may join AirOne in its Alitalia bid.  Reuters said MyChef may
also participate in the offer.

Politicians and businessmen in the region have expressed concern
on the impact of the possible sale of the stake to Air France-
KLM SA, which business plan for Alitalia entails downscaling
operations at Malpensa.  An official at Italian slot coordinator
Assoclearance has said that Alitalia will release around 180 of
its 357 slots at Malpensa as part of its downscale strategy.  
Alitalia said the slots are unused ones during the summer
season, which starts March 30, 2008, and ends Oct. 25, 2008.

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

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

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

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

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

   -- acquire 100% of Alitalia convertible bonds; and

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

                          About Alitalia

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

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

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


ARTIGIANFIDI VARESE: Fitch Affirms IDR at BB with Stable Outlook
----------------------------------------------------------------
Fitch Ratings has affirmed the Long- and Short-term Issuer
Default ratings of Artigianfidi Varese.  The Outlook for the
Long-term IDR remain Stable.  At the same time, the agency has
downgraded the Insurer Financial Strength ratings by one notch
to equalize with respective Long-term IDR.  The Outlook for the
IFS ratings is Stable.

Artigianfidi Varese:

   -- Long-term IDR: affirmed at 'BB+'; Outlook Stable
   -- Short-term IDR: affirmed at 'B'
   -- IFS lowered to 'BB+' from 'BBB-'; Outlook Stable

Italy's confidi are specialist credit guarantors.  The IFS
ratings assigned reflect both their ability to meet these
obligations according to the terms of the guarantee contracts
and expected recoveries received by claimants.  

The lowering of the IFS ratings to equalize with respective
Long-term IDR reflects Fitch's view that there is no clear
differentiation between the prospective recovery by claimants
under guarantees and recovery under other potential obligations.  
This partly reflects recent changes in the sector, including a
legislative change that allows the confidi to classify as equity
certain categories of subsidies and contributions received in
the past from public and private entities.  These contributions
have to date been earmarked to cover specific types of
guarantees and have been considered by Fitch to be effective
collateral specifically covering the guarantees.  

In addition, most confidi have included credit risk mitigation
in their guarantee agreements with partner banks, whereby the
amounts banks can receive from the confidi for credit losses are
capped.

Fitch considers the overall changes in the confidi sector
positive, particularly the planned regulatory transformation of
the confidi rated by Fitch into financial institutions under
Art. 107 of the Italian Banking Act regulated by Banca d'Italia.

The ratings of Artigianfidi Varese reflect its small size,
modest profitability and higher problem guarantees relative to
total outstanding guarantees compared with rated peers. The
ratings also take into account stronger capital ratios than for
its peers despite weak internal capital generation and more
conservative business expansion, as well as a track record in
carrying out operations unadventurously and progress in
improving risk management tools and procedures. AV's small size
gives it only a limited possibility of an upgrade. Stronger
profitability, better asset quality and substantially higher
capitalisation might assist. Negative pressure on the ratings
would derive from any substantial deterioration in asset quality
or capitalisation. AV is a cooperative set up in Varese in
northern Italy in 1996. Its members are small, local artisan
companies, to which it provides credit guarantees.


BERRY PLASTICS: Loan Refinancing Cues Moody's to Junk Notes
-----------------------------------------------------------
Moody's Investors Service affirmed the Corporate Family Rating
of B3 of Berry Plastics Corporation (fka Berry Plastics Holdings
Corporation) and downgraded certain instrument ratings.  The
outlook is stable.

This rating action is in response to the company's announcement
on Feb. 11, 2008, that it had entered into a US$520 million
senior secured bridge loan facility (not rated by Moody's) to
finance its US$500 million acquisition of Captive Holdings, Inc.  
Additional instrument rating actions are detailed below.

The affirmation of Berry's Corporate Family Rating reflects the
company's success to date integrating previous acquisitions, the
current acquisition's neutral impact on credit metrics, the
potential for significant synergies, and Captive's strategic fit
with Berry's core rigid plastic business.  Captive's emphasis on
the food, beverage and healthcare segments (approximately 80% of
sales for the twelve months ended Sept. 30, 2007) helps balance
and offset Berry's more cyclical flexible films, adhesives and
coated products segment.  Additionally, the company's broad line
of bottling products complements Berry's broad line of closures
products and there is little overlap between the top ten
customers for each company.  The geographic footprint of
Captive's manufacturing facilities also fills some important
gaps in Berry's footprint.

Offsetting these positives, are the increased operating and
integration risk of another material acquisition before Berry
has finished integrating its largest acquisition to date (the
recent acquisition of Covalence Specialty Materials
Corporation).  The increase in risk leaves little room in
Berry's profile for further material acquisitions or negative
variance in operating performance in the intermediate term.

The downgrade of certain instrument ratings of Berry reflects
the increase in first lien secured debt and the deterioration in
asset coverage that results for the second lien instruments in
accordance with Moody's loss-given-default methodology.

Moody's took these rating actions for Berry Plastics
Corporation:

   -- Affirmed Corporate Family Rating of B3

   -- Affirmed Probability of Default Rating of B3

   -- Downgraded US$1,200 million senior secured term loan due
      2015 to B1 (LGD2, 27%) from Ba3 (LGD2, 23%)

   -- Downgraded US$225 million senior secured second lien FRN's
      due 2014 to Caa1 (LGD4, 63%) from B3 (LGD4, 56%)

   -- Downgraded US$525 million senior secured second lien notes
      due 2014 to Caa1 (LGD4, 63%) from B3 (LGD4, 56%)

   -- Affirmed US$265 million senior subordinated notes due 2016
      Caa2 (LGD5, to 85% from 93%)

Moody's took these rating actions for Berry Plastics Group,
Inc.:

   -- Affirmed US$500 million senior unsecured term loan due
      2014, Caa2 (LGD6, to 94% from 93%)

   -- Affirmed Speculative Grade Liquidity Rating of SGL-2

The rating outlook for Berry is stable.

The ratings and outlook are subject to receipt of final
documentation.

Based in Evansville, Indiana, Berry Plastics Corporation is one
of the world's leading suppliers of rigid plastic packaging
products, serving customers in the food and beverage,
healthcare, household chemicals, personal care, home
improvement, and other industries.  Net sales for the twelve
months ended Sept. 30, 2007 amounted to approximately
US$3 billion.

Berry has 25 manufacturing facilities worldwide, including in
Italy, England, and Hong Kong and more than 6,800 employees.

Captive is headquartered in Piscataway, New Jersey, manufactures
blow-molded bottles and injection-molded closures for the food,
healthcare, spirits and personal care end markets.  The company
operates 13 plants across the United States.  Net sales for the
twelve months ended Sept. 30, 2007 amounted to approximately
US$289 million.


NEAFIDI - SOCIETA: Fitch Holds BB IDR on Operating Profitability
----------------------------------------------------------------
Fitch Ratings has affirmed the Long- and Short-term Issuer
Default ratings of NeaFidi - Societa Cooperativa di Garanzia
Colletiva Fidi.  The Outlook for the Long-term IDR remain
Stable.  At the same time, the agency has downgraded the Insurer
Financial Strength ratings by one notch to equalize with
respective Long-term IDR.  The Outlook for the IFS ratings is
Stable.

NeaFidi - Societa Cooperativa di Garanzia Colletiva Fidi (Nea):

   -- Long-term IDR: affirmed at 'BB+'; Outlook Stable
   -- Short-term IDR: affirmed at 'B'
   -- IFS lowered to 'BB+' from 'BBB-'; Outlook Stable

Italy's confidi are specialist credit guarantors.  The IFS
ratings assigned reflect both their ability to meet these
obligations according to the terms of the guarantee contracts
and expected recoveries received by claimants.  

The lowering of the IFS ratings to equalize with respective
Long-term IDR reflects Fitch's view that there is no clear
differentiation between the prospective recovery by claimants
under guarantees and recovery under other potential obligations.  
This partly reflects recent changes in the sector, including a
legislative change that allows the confidi to classify as equity
certain categories of subsidies and contributions received in
the past from public and private entities.  These contributions
have to date been earmarked to cover specific types of
guarantees and have been considered by Fitch to be effective
collateral specifically covering the guarantees.  

In addition, most confidi have included credit risk mitigation
in their guarantee agreements with partner banks, whereby the
amounts banks can receive from the confidi for credit losses are
capped.

Fitch considers the overall changes in the confidi sector
positive, particularly the planned regulatory transformation of
the confidi rated by Fitch into financial institutions under
Art. 107 of the Italian Banking Act regulated by Banca d'Italia.

The ratings for Nea reflect its mediocre operating profitability
and its small size.  They also take into account the secure
mechanism it has in place to protect its equity from loan
losses, as well as its conservative credit risk management and
good capitalization.  While Fitch considers that any rating
uplift is currently limited, in the longer term, ratings might
benefit from a sound record of substantially improved operating
profitability and increased capital.  A downgrade would derive
from Nea's persistent inability to improve operating
profitability over the medium-term or a marked deterioration of
asset quality.  Nea is a cooperative company based in Vicenza
providing credit guarantees to SMEs.


UNIONFIDI PIEMONTE: Fitch Affirms BB+ IDR on Low Capitalization
---------------------------------------------------------------
Fitch Ratings has affirmed the Long- and Short-term Issuer
Default ratings of Unionfidi Piemonte.  The Outlook for the
Long-term IDR remain Stable.  At the same time, the agency has
downgraded the Insurer Financial Strength ratings by one notch
to equalize with respective Long-term IDR.  The Outlook for the
IFS ratings is Stable.

Unionfidi Piemonte:

   -- Long-term IDR: affirmed at 'BB+'; Outlook Stable
   -- Short-term IDR: affirmed at 'B'
   -- IFS lowered to 'BB+' from 'BBB-'; Outlook Stable

Italy's confidi are specialist credit guarantors.  The IFS
ratings assigned reflect both their ability to meet these
obligations according to the terms of the guarantee contracts
and expected recoveries received by claimants.  

The lowering of the IFS ratings to equalize with respective
Long-term IDR reflects Fitch's view that there is no clear
differentiation between the prospective recovery by claimants
under guarantees and recovery under other potential obligations.  
This partly reflects recent changes in the sector, including a
legislative change that allows the confidi to classify as equity
certain categories of subsidies and contributions received in
the past from public and private entities.  These contributions
have to date been earmarked to cover specific types of
guarantees and have been considered by Fitch to be effective
collateral specifically covering the guarantees.  

In addition, most confidi have included credit risk mitigation
in their guarantee agreements with partner banks, whereby the
amounts banks can receive from the confidi for credit losses are
capped.

Fitch considers the overall changes in the confidi sector
positive, particularly the planned regulatory transformation of
the confidi rated by Fitch into financial institutions under
Art. 107 of the Italian Banking Act regulated by Banca d'Italia.

The ratings of UPI reflect its scarce capitalization, weaker
asset quality than some of its peers and frail profitability.  
They also take into account the improving internal organization,
low market risk and the announced merger project with other two
confidi, Confidi Provincie Lombarde (previously know as Confidi
Milano) and Confidi Sardegna.  UPI's management expects to
complete the merger by end-2008.  Fitch expects the resulting
confidi to be well capitalized.  The new confidi would be based
in Turin and operate using UPI's IT system.  

Improvement in the ratings would first require a strengthening
of UPI's capital and more satisfactory asset quality.
Deterioration in asset quality or failure to raise new capital
along with increasing volumes and risks could adversely affect
them.  UPI is a regional confidi that provides credit guarantees
to SMEs.  It was set up in 1975 and is based in Turin, in the
region of Piedmont.


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


DAULET-SERVICE LTD: Proof of Claim Deadline Slated for March 11
---------------------------------------------------------------  
LLP Daulet-Service Ltd. has declared insolvency.  Creditors have
until March 11, 2008, to submit written proofs of claims to:

         LLP Daulet-Service Ltd
         Micro District Taraz
         Ryskulov Str.
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 701 732 53-36


EKIBASTUZ ELECTRO: Creditors Must File Claims by March 11
---------------------------------------------------------
LLP Manufacturing Firm Ekibastuz Electro Motor has declared
insolvency.  Creditors have until March 11, 2008, to submit
written proofs of claims to:

         LLP Manufacturing Firm
         Ekibastuz Electro Motor
         Pshembayev Str. 2
         Ekibastuz
         Pavlodar
         Kazakhstan


LD & K: Claims Filing Period Ends March 7
-----------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP LD & K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


MALAISARY LLP: Creditors' Claims Due on March 7
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Afro Firm Malaisary insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Samal, 15-29
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 25-43-90
              8 777 382 33-86


PARITET CORPUS: Claims Registration Ends March 7
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Paritet Corpus insolvent on Dec. 12, 2007.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 427
         Maulenov Str. 92
         Almaty
         Tel: 8 (7272) 67-63-55
              8 701733 36-24


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

         LLP Prom Agro Tech Service
         Kalinin Str. 1
         Pavlodar
         Kazakhstan


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

         LLP Rio Astana
         Beibitshilik Str. 16
         Saryarka
         Astana
         Kazakhstan


STROYOPTSERVICE-LTD: Claims Filing Period Ends March 11
-------------------------------------------------------
LLP Construction Company Stroyoptservice-Ltd. has declared
insolvency.  Creditors have until March 11, 2008, to submit
written proofs of claims to:


         LLP Construction Company Stroyoptservice-Ltd.
         Pushkin Str. 134-21
         Astana
         Kazakhstan


TEPLOCOMMUNENERGO: Creditors Must File Claims by March 7
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared State Utility Enterprise Teplocommunenergo
insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Auezov Str. 111
         Semei
         071409, East Kazakhstan
         Kazakhstan
         Tel: 8 (7222) 34-38-29
              8 (7222) 34-05-07


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


AL-MIR LLC: Creditors Must File Claims by February 22
-----------------------------------------------------
LLC Al-Mir has declared insolvency.  Creditors have until
Feb. 22, 2008, to submit written proofs of claim to:

         LLC Al-Mir
         Micro District Kugart, 16
         Djalal-Abad
         Kyrgyzstan


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

         LLC Tagai
         Toktonaliyev Str. 40
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 54-56-48


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


LEAR CORP: Forms Global Operating Structure; Names 2 Executives
---------------------------------------------------------------
Lear Corporation is establishing a global operating structure
for its two business groups.  Accordingly, Louis R. Salvatore
has been appointed president, Global Seating Systems, and
Raymond E. Scott has been named president, Global Electrical and
Electronic Systems.

In their new roles, Mr. Salvatore and Mr. Scott will continue to
report to Lear Chairperson, Chief Executive Officer and
President, Bob Rossiter.  The appointments are effective
immediately.

"Over the past two years, we have made significant progress in
streamlining our organization, restructuring our operations and
increasing our focus on our seating and electrical and
electronic businesses to improve our long-term competitiveness,"
said Mr. Rossiter.  "The next step to further strengthen and
grow our Company is to establish global organizations for these
core businesses.  This new structure will best support the
global strategies of our customers and allow us to take full
advantage of our global scale, leverage our worldwide
engineering and product development resources and access the
lowest possible manufacturing and sourcing available."

Mr. Rossiter continued: "Ray and Lou each have the global
operating experience, proven-track records of accomplishment and
the outstanding leadership qualities I believe are necessary to
execute our strategy and take our company to the next level. I
look forward to working with them as we continue to implement
initiatives to further grow and diversify our sales, continue to
improve our financial results and deliver the best possible
value to our customers and our shareholders."

Prior to his current position, Mr. Scott, was senior vice
president and president of Lear's North American Seating
Systems, a position he has held since August of 2006.  Since
joining Lear in 1988, he has held a series of increasingly
responsible positions at Lear, both in Europe and in the United
States, including president of Lear's North American Customer
Group; president of Lear's European Customer Focused Division;
president of the General Motors and Fiat Customer Focused
Divisions; vice president and general manager of Lear GM-Europe;
and vice president of Operations for Lear-Saab.

Mr. Scott earned a Bachelor of Science degree in economics from
the University of Michigan.  He has also earned a master of
business administration degree from Michigan State University's
Advanced Management Program.

Most recently, Mr. Salvatore was senior vice president and
president of Lear's Asian Operations and Asian Customer
Group, a position he has held since August 2005.  He began his
career with Lear in 1996 as vice president of Global Purchasing
and has held various positions of increasing responsibility
including president of both Lear's DaimlerChrysler and Ford
business units as well as president of Lear's North American
Electrical/Electronic and Interior Divisions.

Before joining Lear, Mr. Salvatore, held a number of
manufacturing, finance, engineering and purchasing roles during
a 14-year career with Ford Motor Company.  Mr. Salvatore
received a Bachelor of Arts degree from Baldwin-Wallace College
in Berea, Ohio and a master of business administration degree
from Michigan State University in East Lansing, Michigan.  He
also completed one year of post graduate work in international
business at Michigan State University.

                     About Lear Corporation

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and  
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations
are located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in Singapore, China, India,
Japan, Philippines, South Korea, and Thailand.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
Sept. 4, 2007, Moody's Investors Service affirmed Lear
Corporation's Corporate Family Rating of B2 with a stable
outlook.  Ratings on the company's term loan of B2 and on
its unsecured notes of B3 were similarly affirmed but with
slight revisions to their respective LGD point estimates.
The company's liquidity rating of SGL-2, designating good
liquidity was also affirmed.


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


106 SEL-KHOZ-VOD-STROY: Creditors Must File Claims by March 28
--------------------------------------------------------------
Creditors of OJSC Movable Mechanized Column-106 Sel-Khoz-Vod-
Stroy (TIN 5514000520) have until March 28, 2008, to submit
proofs of claim to:

         S. Leposhonkov
         Insolvency Manager
         Room 27
         Internatsionalnaya Str. 14
         644099 Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-6446/2007.

The Debtor can be reached at:

         OJSC Movable Mechanized Column-106 Sel-Khoz-Vod-Stroy
         3rd Sovetskaya Str. 36
         Isilkul
         646020 Omsk
         Russia


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

         N. Prilepin
         Temporary Insolvency Manager
         Post User Box 30
         123308 Moscow
         Russia

The Arbitration Court of Moscow will convene at 10:30 a.m. on
June 26, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A40-63976/
07-101-127B.

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         CJSC Bioranta
         Michurinskiy Pr. 36
         117192 Moscow
         Russia


MECHETLINSKIY BUILDER: Creditors Must File Claims by March 28
-------------------------------------------------------------
Creditors of OJSC Mechetlinskiy Builder have until March 28,
2008, to submit proofs of claim to:

         Z. Kamaev
         Insolvency Manager
         Post User Box 95
         Ufa
         450081 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-25773/2006-G-GRA.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Mechetlinskiy Builder
         Mechetlinskiy
         Bashkortostan
         Russia


POGRAN-AGRO-PROM-ENERGO: Creditors Must File Claims by March 28
---------------------------------------------------------------
Creditors of OJSC Pogran-Agro-Prom-Energo have until March 28,
2008, to submit proofs of claim to:

         A. Lozebnoy
         Insolvency Manager
         Post User Box 78
         690005 Vladivostok
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51-7851/2007-15-122B.

The Court is located at:

         Arbitration Court of Primorye
         Room 313
         Svetlanovskaya Str. 54
         Vladivostok
         Russia

The Debtor can be reached at:

         OJSC Pogran-Agro-Prom-Energo
         Pogranichny
         Primorye
         Russia


RK NEPTUNE: Sakhalin Bankruptcy Hearing Slated for June 3
---------------------------------------------------------
The Arbitration Court of Sakhalin will convene at 10:20 a.m. on
June 3, 2008, to hear the bankruptcy supervision procedure on
LLC RK Neptune (TIN 6507010293).  The case is docketed under
Case No. A59-4078/07-S9.

The Temporary Insolvency Manager is:

         G. Kulakov
         Apt. 75
         Amurskaya Str. 4
         693000 Yuzhno-Sakhalinsk
         Russia

The Debtor can be reached at:

         LLC RK Neptune
         Lermontovka 30
         Poronayskiy
         Sakhalin
         Russia


SIBERIAN GRAIN: Creditors Must File Claims by March 28
------------------------------------------------------
Creditors of CJSC Siberian Grain Alliance have until March 28,
2008, to submit proofs of claim to:

         V. Vinogradov
         Insolvency Manager
         50 Let Profsoyuzov Str. 61
         644065 Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A-46-1044/2007.

The Debtor can be reached at:

         CJSC Siberian Grain Alliance
         2nd Kazakhstanskaya Str. 23
         644036 Omsk
         Russia


SISTEMA JSFC: Opens New Office in India
---------------------------------------
Sistema JSFC opened its Indian office in New Delhi on Feb. 12,
2008.

Sistema is the first private Russian business to operate in
India since the break up of the Soviet Union.  The office is a
contact point representing the whole range of Sistema's diverse
portfolio of businesses.  

"India is one of the fastest growing economies in the world and
has a population of over one billion people.  It is a key market
for us and offers immense business opportunities.  We intend to
develop a number of our businesses into India, in line with our
strategy to expand our operations internationally," Vladimir
Evtushenkov, Sistema's Chairman of the Board, commented.

"India is one of the most attractive markets in the world, with
accelerating productivity and consumption levels, as well as
rapidly developing infrastructure.  We are a strategic investor,
and will initially focus on building out an integrated national
telecommunications network and providing our Indian customers
with enhanced telecommunications services, depending on the
spectrum allocation provided by the Department of
Telecommunications.  We also see considerable potential to build
businesses in other sectors, and to bring our extensive
experience in areas such as research and development,
technology, infrastructural projects, healthcare and tourism,"
Alexander Goncharuk, Sistema president and CEO added.

In September 2007, Sistema acquired a 10% stake in Shyam
Telelink Ltd., the telecommunications company which provides
fixed-line and mobile telecommunication services in Rajasthan.
This was followed by the signing of a share purchase agreement
in October 2007 for the acquisition of an additional 41% stake.
The deal was closed in January 2008, resulting in Sistema
raising its stake to 51% in Shyam Telelink.

In January 2008, Shyam Telelink was awarded unified
telecommunication licenses for provision of fixed-line and
cellular services in 21 Indian circles.  The company now holds
licenses, including those already held in Rajasthan, to provide
pan-India services.  The signing of license agreements and
obtaining relevant frequencies from the Indian Department of
Telecommunications will be finalized in accordance with Indian
regulations.  The timing of frequency allocation has not been
determined and it is not defined when the frequencies will be
assigned.

                          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.


STELLER COMPUTERS: Creditors Must File Claims by March 28
---------------------------------------------------------
Creditors of LLC Steller Computers have until March 28, 2008, to
submit proofs of claim to:

         V. Shishkin
         Insolvency Manager
         Office 317
         Serafimovicha Str. 58
         344002 Rostov-na-Donu
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-31255 /07-124-113B.

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         LLC Steller Computers
         Apartment 44
         Building 3
         Yunykh Lenintsev Str. 57
         Moscow
         Russia


STROY-SVYAZ LLC: Creditors Must File Claims by February 28
----------------------------------------------------------
Creditors of LLC Stroy-Svyaz have until Feb. 28, 2008, to submit
proofs of claim to:

         A. Vaysberg
         Temporary Insolvency Manager
         Sibirskaya Str. 47
         644082 Omsk
         Russia

The Arbitration Court of Omsk will convene on May 6, 2008, to
hear the company's bankruptcy supervision procedure.  The case
is docketed under Case No. NA46-15219/2007.

The Debtor can be reached at:

         LLC Stroy-Svyaz
         1st Zheleznodorozhnaya Str. 3
         Omsk
         Russia


TRUST 1 CJSC: Creditors Must File Claims by March 28
----------------------------------------------------
Creditors of CJSC Building Assembly Trust 1 (TIN 5528013938)
have until March 28, 2008, to submit proofs of claim to:

         E. Vitkovskiy
         Insolvency Manager
         Office 1
         5th Armii Str.
         644122 Omsk
         Russia

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

The Debtor can be reached at:

         CJSC Building Assembly Trust 1
         Tyumenskaya Str. 14B
         Tara
         646530 Omsk
         Russia


VYMPEL LLC: Creditors Must File Claims by March 28
--------------------------------------------------
Creditors of LLC Vympel have until March 28, 2008, to submit
proofs of claim to:

         V. Shishkin
         Insolvency Manager
         To be called for Mr. V. Shishkin
         125315 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-30966 /07-44-98b.

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         LLC Vympel
         Frezer Shosse 13
         Moscow
         Russia


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


SOL MELIA: S&P Withdraws BB+ Ratings at Company's Request
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB+' corporate
credit rating on Spain-based lodging company Sol Melia S.A. at
the company's request.

At the same time, the 'BB+' senior unsecured debt rating on Sol
Melia Europe B.V.'s EUR150 million 4.3% convertible bonds due
Nov. 14, 2008, and the 'BB-' issue rating on Sol Melia Finance
Ltd.'s EUR106.9 million 7.8% preference stock due
April 29, 2012, both of which are guaranteed by Sol Melia, were
also withdrawn.

The group has recently put in place some additional bank
financing which, together with existing cash resources, should
enable it to refinance the Sol Melia Europe issue due in
November.


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


BASILEIA MUSICAL: Creditors' Liquidation Claims Due by Feb. 21
--------------------------------------------------------------
Creditors of LLC Basileia Musical have until Feb. 21, 2008, to
submit their claims to:

         Bruno Waldvogel
         Gellertstrasse 86
         4052 Basel
         Switzerland

The Debtor can be reached at:

         LLC Basileia Musical
         Basel
         Switzerland


BRANDWIZARD JSC: Creditors' Liquidation Claims Due by Feb. 20
-------------------------------------------------------------
Creditors of JSC BrandWizard have until Feb. 20, 2008, to submit
their claims to:

         Jurg Meier
         Liquidator
         JSC Interbrand Zintzmeyer & Lux
         Kirchenweg 5
         8008 Zurich
         Switzerland

The Debtor can be reached at:

         JSC BrandWizard
         Zurich
         Switzerland


C-DUE JSC: Creditors' Liquidation Claims Due by Feb. 21
-------------------------------------------------------
Creditors of JSC C-Due have until Feb. 21, 2008, to submit their
claims to:

         Clavadetscher + Partner
         Marktgasse 14
         4900 Langenthal
         Aarwangen BE
         Switzerland

The Debtor can be reached at:

         JSC C-Due
         Bern
         Switzerland


C-TRE LLC: Creditors' Liquidation Claims Due by Feb. 21
-------------------------------------------------------
Creditors of LLC C-Tre have until Feb. 21, 2008, to submit their
claims to:

         Clavadetscher + Partner
         Marktgasse 14
         4900 Langenthal
         Aarwangen BE
         Switzerland

The Debtor can be reached at:

         LLC C-Tre
         Bern
         Switzerland


J & S TRANSPORT: Basel Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Basel-Stadt commenced bankruptcy
proceedings against LLC J & S Transport on Nov. 27, 2007.

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

         Bankruptcy Service of Basel-Stadt
         4051 Basel
         Switzerland

The Debtor can be reached at:

         LLC J & S Transport
         Aeussere Baselstrasse 308
         4125 Riehen BS
         Switzerland


NATIONALE GESELLSCHAFT: Creditors Must File Claims by Feb. 20
-------------------------------------------------------------
Creditors of JSC Nationale Gesellschaft zur Forderung der
industriellen Atomtechnik (NGA)have until Feb. 20, 2008, to
submit their claims to:

         JSC Zwilag Zwischenlager Wurenlingen
         ZWILAG-Areal
         5303 Wurenlingen AG
         Switzerland

The Debtor can be reached at:

         JSC Nationale Gesellschaft zur Forderung der
         industriellen Atomtechnik (NGA)
         Bern
         Switzerland


NITREX JSC: Creditors' Liquidation Claims Due by Feb. 20
--------------------------------------------------------
Creditors of JSC Nitrex have until Feb. 20, 2008, to submit
their claims to:

         JSC Nitrex
         Bleicherweg 33
         8002 Zurich
         Switzerland


ZANGGER BACKEREI: Basel Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Basel-Stadt commenced bankruptcy
proceedings against JSC Zangger Backerei on Dec. 18, 2007.

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

         Bankruptcy Service of Basel-Stadt
         4051 Basel
         Switzerland

The Debtor can be reached at:

         JSC Zangger Backerei
         112, 4054 Basel
         Switzerland


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


AGRICULTURAL BUILDING: Creditors Must File Claims by February 23
----------------------------------------------------------------
Creditors of Common Enterprise on Constructional Agricultural
Building (code EDRPOU 03587632) have until Feb. 23, 2008, to
submit written proofs of claim to:

         Gregory Kovalenko
         Liquidator
         Sumgaitskaya Str. 17/1
         18029 Cherkassy
         Ukraine
         Tel/Fax: (0472)65-11-28

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 01/2887.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         Common Enterprise on Constructional
         Agricultural Building
         Katerinopol
         Cherkassy
         Ukraine


BANK FORUM: Fitch Rates IDR at B on Vulnerable Liquidity
--------------------------------------------------------
Fitch Ratings has affirmed Bank Forum's ratings at Short-term
Issuer Default 'B', Individual 'D/E' and Support Rating Floor
'No Floor'.  The Long-term IDR of 'B-' and Support rating of '5'
remain on Rating Watch Positive pending the purchase of a 60%+1
share in Forum by Commerzbank ('A'/'F1'/'B/C'/'1').

The ratings of Forum reflect its small size by international
standards, modest profitability, relatively high borrower risk
concentration in the loan book, risks stemming from rapid loan
growth, and potentially vulnerable liquidity.  The ratings also
acknowledge the bank's growing franchise, adequate asset quality
to date and limited market risks.

The RWP reflects the benefits from the expected change in
ownership and will be resolved if and when the transaction is
completed.  Upon the completion of the transaction Forum's Long-
term IDR will be upgraded to Ukraine's Country Ceiling of 'BB-',
based on the potential support available from Commerzbank.

The individual rating may be upgraded if the bank can
demonstrate successful franchise expansion and sustained asset
quality, and a major improvement in its liquidity position and
profitability.  Downward pressure might arise, mainly from
weakened asset quality.

Forum is a medium-sized bank ranked 11th by assets in Ukraine at
end-2007.  Some 85% of its shares are controlled by a local
businessman, Leonid Yurushev, and members of his family.  
Commerzbank has offered US$600 million for a 60%+1 share stake
and also secured the options to purchase a further stake of up
to 25% of Forum during the next 36 months.  In both cases the
bank will be purchasing shares from Mr. Yurushev and his family.
This transaction is subject to regulatory approval.


COMPACT-UKRAINE COMPANY: Creditors Must File Claims by Feb. 23
--------------------------------------------------------------
Creditors of LLC Compact Ukraine Company (code EDRPOU 32799415)
have until Feb. 23, 2008, to submit written proofs of claim to:

         Alexander Borodiy
         Liquidator
         P.O. Box 28
         02068 Kiev
         Ukraine
         Tel: 8(044)223-86-37
         
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 9, 2008.
The case is docketed under Case No. 49/236-b.

The court is located at:

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

The Debtor can be reached at:

         LLC Compact Ukraine Company
         Apartment 4
         Bliukher Str. 11
         04128 Kiev
         Ukraine


DWELLING BUILDING-6: Creditors Must File Claims by February 23
--------------------------------------------------------------
Creditors of CJSC Dwelling Building-6 (code EDRPOU 01273409)
have until Feb. 23, 2008, to submit written proofs of claim to:

         Gennady German
         Liquidator
         Venskaya Str. 33/24
         Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 20, 2007.  
The case is docketed under Case No. 9/49.  

The Court is located at:

         The Economic Court of Rivne
         Yavornitskiy Str. 59
         33001 Rivne
         Ukraine

The Debtor can be reached at:

         CJSC Dwelling Building-6
         Venskaya Str. 10
         Rivne
         Ukraine


NIKOPOL SPINNING-THREAD: Creditors Must File Claims by Feb. 23
--------------------------------------------------------------
Creditors of OJSC Nikopol Spinning-Thread Enterprise (code
EDRPOU 00310752) have until Feb. 23, 2008, to submit written
proofs of claim to:

         Vitaly Levchenko
         Liquidator
         a/b 1819
         49027 Dnipropetrovsk
         Ukraine
         Tel: (056)744-21-37
                   770-22-92         

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Jan. 14, 2008.  The case is docketed under Case No. B
15/26/84/00.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Nikopol Spinning-Thread Enterprise
         Electrometallurgov Str. 244
         Nikopol
         53221 Dnipropetrovsk
         Ukraine


SPECIAL SERVICE: Proofs of Claim Deadline Set February 23
---------------------------------------------------------
Creditors of State Enterprise Agricultural Special Service (code
EDRPOU 34532280) have until Feb. 22, 2008, to submit written
proofs of claim to:

         Igor Golovachev
         Temporary Insolvency Manager
         P.O. Box 87
         04210 Kiev
         Ukraine
         
The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
15/917-b.

The Court is located at:

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

The Debtor can be reached at:

         State Enterprise Agricultural Special Service
         Khreschatik Str. 24
         01001 Kiev
         Ukraine


TOKMAK MACHINE-TRACTOR: Proofs of Claim Deadline Set February 23
----------------------------------------------------------------
Creditors of LLC Tokmak Machine-Tractor Station (code EDRPOU
32506919) have until Feb. 23, 2008, to submit written proofs of
claim to:

         Alexander Baranov
         Temporary Insolvency Manager
         P.O. Box 4976
         69104 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company on Dec. 20, 2007.  The case
is docketed under Case No. 25/8/08.

The Court is located at:

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

The Debtor can be reached at:

         LLC Tokmak Machine-Tractor Station
         Mir Str. 77
         71772 Zaporozhje
         Ukraine


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


ARAMARK CORP: Improved Credit Prompts S&P to Affirm B+ Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B+'
corporate credit rating on Aramark Corp.  At the same time,
S&P's raised its rating on the company's senior secured debt to
'BB' from 'BB-'.  The recovery rating was changed to a '1',
indicating the expectation for very high (90%-100%) recovery in
the event of a payment default, from '2'.  The outlook is
stable.  The company had approximately US$5.9 billion of debt
outstanding as of Dec. 28, 2007.
     
"The rating actions reflect improved recovery prospects on
the credit facilities following Aramark's approximately
US$400 million in voluntary prepayments during fiscal 2007,"
said S&P's credit analyst Jean C. Stout.
     
The ratings on Aramark Corp. continue to reflect its highly
leveraged financial profile and significant cash flow
requirements to fund interest and capital expenditures.  These
factors are somewhat mitigated by the company's good position in
the competitive, fragmented markets for food and support
services and uniform and career apparel.  These positions
translate into a sizable stream of recurring revenues and
healthy cash flow generation.
     
Headquartered in Philadelphia, Pennsylvania, Aramark Corp.
(NYSE: RMK) -- http://www.aramark.com/-- is a professional  
services organization, providing food services, facilities
management, hospitality services, and uniforms and career
apparel to health care institutions, universities and school
districts, stadiums and arenas, businesses, prisons, senior
living facilities, parks and resorts, correctional institutions,
conference centers, convention centers, and public safety
professionals around the world.  Aramark has operations in
Belgium, Czech Republic, Germany, Ireland, UK, Mexico, and
Chile, among others.


BRITISH ENERGY: Earns GBP383 Mln in Nine Months Ended Dec. 30
-------------------------------------------------------------
British Energy Group plc released unaudited financial results
for the nine months ended Dec. 30, 2007.

BE reported a net profit of GBP383 million on revenue of GBP2.2
billion for the nine months ended Dec. 30, 2007, compared with a
net profit of GBP360 million on revenue of GBP2.1 billion for
the nine months ended Dec. 31, 2006.

At Dec. 30, 2007, the company's consolidated balance sheet
showed GBP12.5 billion in total assets, GBP7.2 billion in total
liabilities and GBP5.3 in total shareholders' equity.

"The level of large losses has had a significant impact on
nuclear output.  However, we have made good progress in
addressing the BCU issue, having developed a clear path to
return the units to service and work is ongoing to deliver
further improvements in output from Hinkley Point B and
Hunterston B.  I am also pleased with the ongoing improvement in
the level of small losses across the fleet compared to prior
years," Bill Coley, CEO of British Energy, said.  "Last month,
the Government published its White Paper on Nuclear Power,
confirming that nuclear has a role to play in the country's
future energy mix.  Ensuring the safe operation of the existing
fleet underpins British Energy's role in delivering the future
of nuclear power in the United Kingdom.  The investment we have
made in our people and in the fleet stands us in good stead to
be among the leaders in new build."

                Plant Output and Performance

Total output for the period was 45.7TWh (nuclear 39.5TWh, coal
6.2TWh), up from 44.0TWh for the comparable period (nuclear
38.9TWh, coal 5.1TWh).  This reflects continued improvement in
the level of small unplanned losses and a less extensive
statutory outage program than last year, partially offset by the
BCU issue at Hartlepool and Heysham 1 and load limits at Hinkley
Point B and Hunterston B.  Nuclear unplanned capability loss
factor for the period was 20%, unchanged from the comparable
period.

Output is stated after total non-routine nuclear losses of
15.4TWh compared to 13.9TWh losses in the comparable period.  
Losses in the period comprise 9.0TWh of losses attributable to
operations at Hinkley Point B and Hunterston B (of which 5.0TWh
were planned at the start of the year), 3.6TWh attributable to
the BCU issue at Hartlepool and Heysham 1 and 2.8TWh
attributable to other stations.

Notwithstanding the BCU and boiler issues, there has been
significant operational progress during the period.  Dungeness B
Reactor 22 has achieved its longest recorded run without an
unplanned automatic trip, being over 660 days; both units at
Hinkley Point B have operated continuously for over 240 days
since returning to service in the first quarter of this
financial year; Heysham 2 Reactor 8 achieved a continuous period
of operation in excess of 230 days; and Sizewell B has been
continuously online for over 470 days since its last statutory
outage.  In addition, the intermittent fault on the Heysham 2
fuelling machine have been resolved.

Output from Eggborough, the company's coal-fired power station,
was 6.2TWh for the period, up from 5.1TWh in the comparable
period.

Total output to Feb. 3, 2008, for the current financial year
ending March 31, 2008, was 50.7TWh (nuclear 43.8TWh, coal
6.9TWh).  This is stated after total non-routine nuclear losses
for the period to Feb. 3, 2008, of 18.7TWh.  Non-routine nuclear
losses comprise 9.8TWh of losses attributable to operations at
Hinkley Point B and Hunterston B (of which 5.7TWh were planned
at the start of the year), 5.5TWh attributable to the BCU issue
at Hartlepool and Heysham 1 and 3.4TWh attributable to other
stations.

                   Boiler Closure Unit Status

The four units at Hartlepool and Heysham 1 remain out of service
following identification of a legacy wire winding issue during
inspection of the BCUs.  The BCUs are unique to Hartlepool and
Heysham 1 power stations.

The remedial work required to enable the return to service of
all four reactors is underway.  A number of engineering
modifications will be needed.  These include:

   -- a mechanism to lock in the existing pre-stress in the
      BCUs;

   -- improvements to the structure of the BCUs;

   -- upgrade to the BCU cooling systems; and

   -- enhancements to the instrumentation to monitor the BCUs
      while in operation.

Return to service of all four units requires regulatory approval
of the appropriate safety case for each reactor.  The regulator
continues to be closely involved in the process.

As reported on Jan. 18, 2008, the company currently expects that
the return to service of the four units will be achieved in a
phased process over the second and third quarters of financial
year 2008/09, with the effect of reducing output by
approximately 11TWh.  It has a dedicated restart team in place,
to deliver the smooth return to service of the units.

The cost of the engineering modifications is not expected to
exceed GBP50 million, and will be incurred in financial year
2008/09.  This is in addition to the cost of inspection and
assessment of the units incurred in financial year 2007/08 of
around GBP20 million.  Action to manage the trading book
position in line with the estimated phasing of return to service
continues.

                        Boiler Issues Status

A planned outage at Hunterston B Reactor 3 has commenced to
inspect and balance the boilers and perform any necessary repair
work.  The units at Hunterston B and Hinkley Point B have been
operating on average at 62% load.  Further boiler balancing work
on these units will be directed at delivering approximately 70%
load, during planned outages over the next financial year.  In
December 2007, the decision was taken to extend the accounting
lives of both stations by five years to 2016.

We will consider the technical and economic case to increase
load above 70%, taking account of the associated investment
requirements, in due course.

                      Hot Box Dome Status

The temperature restrictions for Heysham 1 Reactor 2 (as
disclosed in the financial year 2006/07 Preliminary Results)
remain.  These restrict output to approximately 87% of full
load.  The company is preparing a safety case to permit an
increase in the operating temperature limit on the Hot Box Domes
by a small margin.  Subject to NII approval, this would enable
the company to marginally increase power at Heysham 1 Reactor 2
when this unit returns to service.  Resolution of the BCU issue
at Hartlepool and Heysham 1 has been prioritised over the Hot
Box Dome project.  The company therefore expects to submit the
Hot Box Dome safety case in financial year 2008/09.

                   Heysham 2 Fuelling Machine Status

The intermittent problem with the fuelling machine during
operations at Heysham 2 was determined to be related to the
turret top bearing and has been corrected.  This has resulted in
consistent performance of the refuelling machine.  The company
will continue to monitor its performance to confirm that no
further remedial maintenance is required.

                     Dungeness Fuel Plug Status

The length of refuelling outages at Dungeness B has been
temporarily extended since September 2006 to address the issue
with certain welds within the fuel plug units.  Work is
progressing on the installation of a machine which will
mechanically lock any movement in the fuel plug unit.  A safety
case has been prepared which, subject to regulatory approval,
will allow the station to return to normal refuelling patterns.

The station has generated consistently throughout the financial
year to date, and Reactor 22 has achieved over 660 days without
an unplanned automatic trip, its longest recorded period.


The regulator approved the Periodic Safety Review for Dungeness
B power station on January 31, 2008, for the period up to 2018,
subject to the satisfactory completion of an agreed program of
work.


             Safety and Environmental Performance

The company's overriding priority is to ensure that the nuclear,
industrial, radiological and environmental safety of its
operations is effectively managed and assured.

During this period, the company has had the lowest recorded
number of nuclear reportable events in its history -- 2 events
compared with 17 over the same period last year.  British Energy
and contractor employees had 12 lost time accidents for the
nuclear fleet, compared to 15 over the comparative period last
year.  It should be noted that the safety performance of the
British Energy employees is the best in the company's history
and it continues to work with its contractor partners towards
continuously improving safety performance.  British Energy has
chosen to measure environmental performance on a scale far more
stringent than that used by the Environment Agency.  There were
13 environmental events in the period, up from 12 in the same
period last year, all of which fell into the lowest reporting
level category (i.e. minor or no environmental impact).

                    Investment

Investment in Plant for the period was GBP175 million in total
for the company, compared to GBP195 million in the same period
last year (excluding in both cases PiP staff costs, which were
previously included within the definition of Investment in
Plant).

Investment in Plant in the period includes:

   -- regulatory and essential works, including preparation of
      Periodic Safety Review documentation;

   -- works to enhance the prospects of lifetime extensions,
      including investment in underground cast iron pipework and
      in boiler safety cases for Hartlepool and Heysham 1; and

   -- works to maintain reliability, including the fleet fuel
      route investment program and investment in sea water     
      pipework replacement at Heysham 2 and Torness.

The company continues to focus on human performance across the
business and recently opened its Nuclear Power Academy at
Barnwood, a facility specifically designed to support
operational safety and excellence and reinforce the key
principles of nuclear professionalism.

Investment also continues at Hinkley Point B and Hunterston B
for boiler inspections and balancing and at Hartlepool and
Heysham 1 in connection with the BCU recovery project.

Statutory outages have been completed at Heysham 2, Heysham 1,
Torness and Hartlepool.  Later this financial year, a statutory
outage is planned to commence for Sizewell B and a boiler
inspection outage is underway at Hunterston B Reactor 3.

The decision was taken in December 2007 to extend the accounting
lives of Hinkley Point B and Hunterston B power stations by five
years to 2016.  To enable the stations to operate over their
extended lives, the company expects to spend an additional GBP90
million in excess of the current investment program for these
stations, over the three years commencing April 1, 2008.

In financial year 2007/08, Investment in Plant is expected to be
in the range GBP190 million to GBP210 million.  This excludes
investment at Hinkley Point B and Hunterston B of GBP60 million
to GBP70 million and incremental expenditure on inspection and
assessment of the BCUs at Hartlepool and Heysham 1 of around
GBP20 million.

In financial year 2008/09, Investment in Plant is expected to be
in the range GBP200 million to GBP215 million.  This excludes
investment at Hinkley Point B and Hunterston B of GBP80 million
to GBP90 million and BCU engineering modification costs of up to
GBP50 million at Hartlepool and Heysham 1.

Staff costs associated with its performance improvement program
(PiP) are now included as normal operating costs, and therefore
are excluded from its definition of Investment in Plant.

                        Lifetime Extensions

As announced on Dec. 11, 2007, having completed the necessary
technical and economic evaluation and received the relevant
external consents, it was decided to extend the accounting lives
of Hinkley Point B and Hunterston B by five years to 2016.  The
decision extends the life of these stations for accounting
purposes to 40 years.  Further studies will be conducted by 2013
regarding the potential for additional life extension beyond
2016.

Lifetime extensions of other stations will be considered,
subject to technical and economic evaluations to be completed a
minimum of three years before the scheduled closure date of each
station.

Trading

                       Market Conditions

The forward price of annual baseload electricity commencing
April 2008 rose from around GBP39/MWh at the start of April 2007
to around GBP53/MWh as at Feb. 3, 2008.

Coal prices have risen to record highs during the period.  The
price of annual coal delivered to European ports commencing
January 2009 rose from around US$71/ ton at the start of
April 2007 to US$118/ton as at Feb. 3, 2008.  Prices of Phase II
carbon allowances for delivery in December 2008 averaged
EUR21/tCO2 in the period.

Clean dark spread prices (being the electricity price, less
costs of coal and carbon allowances) for the Summer 08 and
Winter 08 seasons narrowed during the first six months of the
period as coal prices rose.  The spreads then widened as power
prices increased and coal prices remained relatively stable.  
The clean dark spread prices for Summer 08 and Winter 08 as at
Feb. 3, 2008 were GBP10.3/MWh and GBP15.5/MWh respectively.

The Large Combustion Plant Directive became effective on 1
January 2008 and introduced new requirements relating to
emissions by Eggborough.  Eggborough is now operating within the
National Emission Reduction Plan regime under the LCPD.  The
plant continues to operate at levels broadly consistent with
generation achieved during the last five years.  As previously
indicated, the company keeps under review the option of
mothballing one of the non-FGD units.

The market price of Uranium has increased significantly from the
level at which the company entered its existing fuel agreements.  
The long-term market price of Uranium was US$95 per pound as at
Jan. 28, 2008, up from US$85 per pound as at March 31, 2007.  If
the costs of Uranium and Uranium related services increased to
January 2008 long-term market prices, this could eventually
increase the company's total nuclear fuel costs by GBP146
million per annum, based on current nuclear output.  It is
anticipated that this increase would start within the financial
year ending March 31, 2011 and be fully recognized in the income
statement by March 31, 2016.  The company currently has stocks
and contracts in place which provide nearly 100% coverage of its
anticipated requirements until March 31, 2012.

                      Trading Performance

Realized price for the period was GBP40.2/MWh, a decrease of
GBP0.6/MWh compared with a realized price of GBP40.8/MWh for the
comparable period.  The company's contracted price position
continues to include the impact of capped price contracts
entered into at a time when significantly lower market prices
prevailed.  A contract for 5TWh per annum at a price below
GBP20/MWh ended on April 1, 2007.  The contract portfolio also
includes profiled contracts (both wholesale and direct sales)
and therefore the contracted price is not directly comparable to
a baseload market price.

As at Feb. 3, 2008, the company had fixed price contracts in
place for approximately 58.3TWh for the financial year 2007/08
at an average contract price of GBP41/MWh (including the impact
of capped contracts).  This takes into account the difference
between the purchase price of power in connection with buybacks
(for delivery in financial year 2007/08) and the average
contract price of fixed price contracts in place prior to
unplanned losses associated with Hartlepool and Heysham 1, being
approximately GBP70 million.  The capped contracts are for
delivery of approximately 5TWh per annum up to March 2011, at
prices currently capped at around GBP31/MWh.

In addition, as at Feb. 3, 2008, the company had fixed price
contracts in place for approximately 35.5TWh for the financial
year 2008/09 at an average contract price of GBP41/MWh
(excluding the impact of approximately 5TWh of capped contracts
at around GBP32/MWh).  This takes into account the difference
between the purchase price of power in connection with buybacks
(for delivery in financial year 2008/ 09) and the average
contract price of fixed price contracts in place prior to
unplanned losses associated with Hartlepool and Heysham 1, being
approximately GBP50 million.

As at Feb. 3, 2008, the company had approximately 100TWh of
zero/capped collateral sales that will deliver over the period
to March 2013 at fixed prices (excluding power already delivered
under these contracts), up from 71TWh at Feb. 4, 2007 for
delivery over the period to April 2012.  One of these sales
defers cash receipts by a total of approximately GBP300 million,
excluding interest, during the two years ending March 31, 2008.  
This cash will be received over the period up to April 2011 or
sooner to the extent substituted by letters of credit.

                          New Nuclear Build

On Jan. 10, 2008, the Government published a White Paper on
Nuclear Power, announcing that new nuclear power stations should
have a role in this country's future energy mix, and that it is
in the public interest to allow energy companies to invest in
new nuclear power stations.

The Government has committed to facilitate new construction
through improvements to the planning system, strategic
assessment of siting options, co-ordinated regulatory reviews
and strengthening the emissions trading scheme.

The company welcomes this clear statement of support for new
nuclear within a balanced energy policy.  It is making prudent
investments to have a central role in a new build program to
maximize the value of its sites and, especially, the
contribution from its experienced and dedicated team of
employees.

The company owns eight sites next to existing licensed nuclear
facilities that rank among the best potential candidates for the
construction of new nuclear power stations.   It is continuing
an active dialog with local stakeholders around its sites and it
is carrying out detailed assessment work, including
environmental, geological and marine studies.  In November 2007,
it also secured transmission connection and construction
agreements with National Grid from 2016 for a total of
approximately 10.8GW gross capacity at four sites in the South
of England -- Sizewell, Hinkley Point, Dungeness and Bradwell.  
In line with standard industry terms, it has provided security
of GBP1/kW of transmission capacity to National Grid.  This will
increase by a further GBP1/kW in each of the next two years.  
The agreements are assignable and can be varied, but the
security is not refunded in the event that the applicant decides
to withdraw.

The company is reviewing four candidate reactor designs to
assess construction and operational requirements, performance
and suitability for use in the United Kingdom.

The statement of Government policy and intent also allows the
company to move forward with partnerships to develop new nuclear
power stations in a way that delivers value to its shareholders.   
It expects to give a further update on progress around the end
of the financial year.


                    Lewis Wind Power

Lewis Wind Power Limited, a 50:50 joint venture between British
Energy and AMEC, is seeking to build a 650MW windfarm, the
largest onshore windfarm in the United Kingdom.  This project
can make a significant contribution to the country's renewable
power commitments.  The company has been seeking to permit this
project for some time and permission to proceed is dependent on
approval of the Scottish Ministers.  There can be no guarantee
that approval will be granted.

                      About British Energy

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

                        *     *     *

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

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

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


CAMBRIDGE CAPACITORS: Taps Administrators from Ernst & Young
------------------------------------------------------------
Angela Swarbrick and Tom Burton of Ernst & Young LLP were
appointed joint administrators of Cambridge Capacitors Ltd.
(Company Number 00409260) on Feb. 1, 2008.

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

Headquartered in Romsey, England, Cambridge Capacitors Ltd. --
http://www.camcap.co.uk/-- manufactures and markets metalized  
polypropylene and polyester capacitors and RFI filters.


CHATTEM INC: Recalls Icy Hot Seat Products After Burn Reports
-------------------------------------------------------------
Chattem Inc. has initiated a voluntary recall to the consumer
level of its Icy Hot Heat Therapy product.

Chattem is recalling these products because it has received some
consumer reports of first, second and third degree burns as well
as skin irritation resulting from consumer use or possible
misuse of these products.

Icy Hot Heat Therapy, launched in December 2006, is an air-
activated, self-heating disposable device for the temporary
relief of muscular and joint pain.  Since its introduction, the
company has received some consumer reports of first, second and
third degree burns and skin irritation resulting from the use or
possible misuse of the product.  Based upon the company's review
of these reports in consultation with a medical expert, Chattem
believes the reported injuries are temporary or medically
reversible.  The number of adverse events reported to date
represents less than 1/10th of one percent of the approximately
1.8 million units of product sold at retail.

In September 2007, Chattem began shipping product that included
more information on the product's label in order to clarify the
directions for use and added expanded warnings and precautionary
statements to further guide the consumer as to proper product
usage and to prevent product misuse.  After recent consultation
with the FDA, in which the FDA suggested that further action was
needed, the company decided to initiate the voluntary recall of
all Icy Hot Heat Therapy products.  The recall is intended to
eliminate the potential risk of the reported claims occurring to
other consumers.

The recall does not affect Chattem's other topical pain care
products, including other Icy Hot products.  The mechanism and
purpose of the company's other Icy Hot products are
fundamentally different from Icy Hot Heat Therapy.  Because of
these differences, the company does not expect this recall to
have a material effect on sales of its other topical pain care
products. After further study, the company may introduce a new
Icy Hot Heat Therapy product, but it is not now known when or
whether such product will be introduced.

Sales of Icy Hot Heat Therapy in fiscal 2007 represented 2.3% of
the company's total revenues of $423 million and less than 1% of
its total EBITDA.  For fiscal 2008, Icy Hot Heat Therapy was
forecasted to represent less than 2% of total revenues and less
than 1% of EBITDA. In the first quarter of fiscal 2008, the
Company expects to record a charge for the Icy Hot Heat Therapy
recall related costs and expenses of approximately US$6 million
to US$9 million, or US$0.20 to US$0.30 per share.  The charge
encompasses the return of products from the company's
distributors, retail customers and end-user consumers,
impairment of the affected in-house inventory and other recall-
related costs.

As disclosed in the company's fourth quarter and fiscal year
2007 earnings conference call, Chattem's portfolio of brands is
performing well at retail and has continued its 2007 momentum
with increases in A.C. Nielsen plus mass merchandiser point-of-
sale data of 7% for the four-week period ending Jan. 26,
2008 as compared to the same prior year period, excluding Icy
Hot Heat Therapy and Icy Hot Pro-Therapy.  Specifically, this
retail sales data was highlighted by strong results from
Chattem's key brands, led by ACT(R), up 37%, and Cortizone-
10(R), up 19%, driven by strong media support, Gold Bond(R)
continuing its strong performance, up 25%, and Unisom, up 5%,
all compared to the prior year four-week period.  During this
same period, Selsun Blue(R) A. C. Nielsen plus mass merchandiser
point-of-sale data showed a decrease of 11% in advance of media
support for Selsun Blue Naturals that started airing the last
week of January.

Chattem believes that this retail sales momentum and strong
year-to-date factory shipments to customers, combined with the
strength of its broad portfolio of products, will enable it to
achieve its previously forecasted earnings per share for fiscal
2008 of US$4.00 to US$4.20 and trend toward the upper end of
this range, excluding the impact of the Icy Hot Heat Therapy
recall charge, stock option expense under FAS 123R and any loss
on debt extinguishment.  In striving to achieve these results,
we will maintain strong advertising and promotional support for
its brands and remain focused on the growth and profitability of
the brands in fiscal 2008.

Chattanooga, Tenn.-based Chattem Inc. manufactures and markets
branded consumer products, including over-the-counter healthcare
products and toiletries and skin care products. Its products
include Gold Bond medicated powder, Icy Hot topical analgesic,
Dexatrim appetite suppressant, and Bullfrog sunblock. Chattem
has operations in the U.K., Australia, and Puerto Rico.

                         *     *     *

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


FORD MOTOR: Plans to Offer Buyout Packages to 9,000 Workers
-----------------------------------------------------------
Ford Motor Co. intends to offer another round of buyout packages
to 14% of its entire plant work force in North America to
restore profitability, Bloomberg News reports citing a source
familiar with the matter.  Roughly 9,000 workers will be
displaced in addition to 33,000 employees who availed the
compensation packages in 2006 and 2007.

Last month, United Auto Workers union representatives and the
automaker agreed to compensation offers higher than those
offered in 2006, including an education package, health benefits
and a lump sum payment, according to Bryce G. Hoffman of the
Detroit News.  Pursuant to the agreement, an additional
US$35,000 will be given to qualified retirees as they leave, the
payout totaling US$70,000.

As reported in the Troubled Company Reporter on Feb. 5, 2008,
total Ford sales in January, including Jaguar, Land Rover, and
Volvo, were 159,914, down 4%.

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

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 20,
2007, Moody's Investors Service affirmed the long-term ratings
of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured, and B3 probability of default),
but changed the rating outlook to Stable from Negative and
raised the company's Speculative Grade Liquidity rating to SGL-1
from SGL-3.  Moody's also affirmed Ford Motor Credit Company's
B1 senior unsecured rating, and changed the outlook to Stable
from Negative.  These rating actions follow Ford's announcement
of the details of the newly ratified four-year labor agreement
with the UAW.


FORD MOTOR: Awards Hot-End Emission Control Business to Tenneco
---------------------------------------------------------------
Ford Motor Company awarded Tenneco Inc. with a new hot-end
emission control business on vehicles launching in model-year
2009 and 2010.

"We are extremely pleased to be selected by Ford for this
significant new emissions control business," said Tenneco
Chairperson and Chief Executive Officer, Gregg Sherrill.  "We
continue to generate growth by investing in technology and
enhancing our engineering capabilities to provide just what our
customers need to meet current and future emissions
requirements."

Tenneco will supply components, including catalytic converters,
that make up the "hot end" of the exhaust system for the Ford F-
150 light-duty truck, Ford Expedition, Lincoln Navigator and the
Ford Econoline vehicles.  Tenneco currently supplies the "cold
end" (mufflers and tailpipes) of the exhaust system for the Ford
F-150, Ford Expedition and Lincoln Navigator, now making it a
full-system supplier for those platforms.  Tenneco was also
awarded additional emission control content on the gasoline
version of the F250/F350 Super-Duty in addition to what it
already supplies on both the gasoline and diesel versions of the
vehicles that launched in 2006.

For 2010 model-year, Tenneco will supply emission control
components for some of Ford's mid and upper mid-size passenger
vehicle lines.  This represents growth in the car segment with
Ford Motor Company and supports Tenneco's global strategy to
increase passenger car business.

Tenneco referenced this new business in its third quarter 2007
earnings release last October, but was unable to name the
customer at that time.

Tenneco's Elkhart, Indiana, Seward Nebraska, Cambridge, Ontario,
Ligonier, Indiana, Marshall, Michigan, and Kansas City, Missouri
facilities will be involved in manufacturing components or final
assembly. When fully launched, Tenneco estimates all these
programs together will represent approximately a 2.5% increase
in its value-added revenues compared to its 2007 value-added
sales.

Tenneco is a strategic supplier to Ford as a member of the
company's Aligned Business Framework supplier group.

Tenneco's global emissions operations include 48 emission
control manufacturing facilities and four global engineering
centers devoted to emission control engineering and advanced
technology.  The company's engineering capabilities and broad
range of emission control products and systems help vehicle
manufacturers address increasingly stringent emissions and noise
regulations, the drive for better fuel efficiency and the
emission control demands of diesel and other alternative fuel
and hybrid vehicles.

                          About Tenneco

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride  
and emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.  The company has
approximately 21,000 employees worldwide.

                        About Ford Motor

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

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

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 20,
2007, Moody's Investors Service affirmed the long-term ratings
of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured, and B3 probability of default),
but changed the rating outlook to Stable from Negative and
raised the company's Speculative Grade Liquidity rating to SGL-1
from SGL-3.  Moody's also affirmed Ford Motor Credit Company's
B1 senior unsecured rating, and changed the outlook to Stable
from Negative.  These rating actions follow Ford's announcement
of the details of the newly ratified four-year labor agreement
with the UAW.


GENERAL MOTORS: May Have to Fund Delphi's Exit, Investors Say
-------------------------------------------------------------
Delphi Corp.'s plan to secure US$6.1 billion in financing for
its exit from Chapter 11 bankruptcy protection is in jeopardy as
bank lenders tried to cope with credit markets that remain
virtually shut, The Wall Street Journal says, citing people
familiar with the matter.

J.P. Morgan Chase & Co. and Citigroup Global Markets, which
agreed to arrange funding for Delphi, are having difficulties
syndicating the loan to other lenders, the Journal's source
said.

The Journal's Jeffrey McCracken and John D. Stoll relate that
hedge funds and other investors dislike the borrowing terms,
saying that they aren't priced appropriately for the risk
involved.

Investors and others involved in the matter say Delphi's former
parent, General Motors Corp., may have to step in and provide
financing to fill the gap, the Journal relates.  Yet too much GM
involvement might spook stock investors, who don't want Delphi
too beholden to GM and its price-cutting demands, the Journal
says.

Fritz Henderson, GM's chief financial officer, has said GM is
exploring alternatives in the event Delphi cannot obtain the
Chapter 11 exit financing it planned, Dow Jones Newswires say.  
Mr. Henderson, however, didn't give any details on what kind of
alternatives GM was exploring with Delphi and its investor
group, Dow Jones notes.

"Our objective is to have Delphi exit," Mr. Henderson said in an
interview, WSJ notes.  "What we've tried to do is be
constructive with Delphi and the plan-investors as to how we
play a role."

GM yesterday reported a US$722 million fourth-quarter loss, to
end the year a staggering US$38.7 billion in the red -- believed
to be the largest annual loss ever by an auto maker, the
Journal's John Stoll reports.

GM recorded a US$622 million charge associated with its support
of Delphi's restructuring efforts as well as US$552 million
charge for pension benefits provided to Delphi employees and
retirees.

KeyBanc analyst Brett Hoselton said in a note to investors
Tuesday that GM may have to provide financing itself, Dow Jones
reports.

Delphi could consider trying to get a smaller exit-financing
package, but falling U.S. auto sales and lowered forecasts for
GM sales in 2008 "probably mean Delphi needs more money, not
less," WSJ quotes a person familiar with Delphi's talks with
their lenders.  "Any logical person would look at the situation
in the U.S. economy and say Delphi needs more," that source told
WSJ.

As reported in the Troubled Company Reporter on Feb. 4, 2008,
Delphi and its debtor-affiliates expect to consummate their
First Amended Joint Plan of Reorganization on or before
March 31, 2008, Delphi Corp. Vice President and Chief
Restructuring Officer John D. Sheehan said in a regulatory
filing with the U.S. Securities and Exchange Commission.

As reported in the Troubled Company Reporter on Jan. 9, 2008,
the Debtors reduced their Exit Financing from the Court-approved
US$6.8 billion to US$6.1 billion.  The reduced facilities
include:

   (a) US$1.6 billion in an asset-backed revolving credit
       facility;

   (b) US$3.7 billion in a first-lien term loan facility; and

   (c) US$825 million in a second lien term loan facility.

The TCR reported Jan. 30, 2008, that the Honorable Robert Drain
of the U.S. Bankruptcy Court for the Southern District of New
York permits members of the Official Committee of Unsecured
Creditors and the Official Committee of Equity Security Holders
appointed in Delphi's bankruptcy cases to participate in any
syndicate of lenders assembled to provide exit financing
facilities for the Debtors' emergence from Chapter 11.

                        About Delphi Corp.

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

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

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

(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

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

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

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

                       About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  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: Posts Net Loss of US$38.7 Billion in 2007
---------------------------------------------------------
General Motors Corp. reported a 2007 calendar-year adjusted net
loss, excluding special items, of US$23.0 million.  This
compares to adjusted net income of US$2.2 billion in 2006, as
significantly improved automotive performance was offset by
large losses at GMAC.

Including special items, the company reported a loss of US$38.7
billion for the year, compared to a reported loss of US$2.0
billion in 2006.  The loss is almost entirely attributable to
the non-cash US$38.3 billion special charge in the third quarter
related to the valuation allowance against deferred tax assets.

The loss is believed to be the largest annual loss ever by an
auto maker, The Wall Street Journal's John D. Stoll says.

In the fourth quarter 2007, GM posted adjusted net income of
US$46.0 million, compared to adjusted net income of US$180.0
million in the year-ago period.  Including special items, the
company reported a net loss of US$722.0 million in the fourth
quarter 2007, compared to net income of US$950.0 million in the
year-ago period.

GM's core automotive business generated record revenue of
US$178.0 billion in 2007, a US$7.0 billion improvement over
2006, aided by explosive growth in emerging markets and
favorable foreign exchange against a weaker U.S. dollar.  In
total, GM generated US$181.0 billion in revenue in 2007,
compared with US$206.0 billion in 2006.  The decrease versus
last year is due to the non-consolidation of GMAC revenue,
following GM's sale of 51.0% of GMAC in November of 2006.

"2007 was another year of important progress for GM, as we
implemented further significant structural cost reductions in
North America, grew aggressively in emerging markets, negotiated
an historic labor contract with our UAW partners in the U.S.,
advanced development of a broad range of advanced propulsion
technologies and most importantly, introduced a series of
breakthrough cars and trucks around the world," GM chairman and
chief executive officer Rick Wagoner said.  "We're pleased with
the positive improvement trend in our automotive results,
especially given the challenging conditions in important markets
like the U.S. and Germany, but we have more work to do to
achieve acceptable profitability and positive cash flow,"
Wagoner added.

The fourth quarter results reflect a US$1.6 billion tax benefit
in continuing operations related to SFAS No. 109 guidelines for
intra-period tax allocations between continuing operations,
other comprehensive income and discontinued operations.

Special charges recorded in the fourth quarter totaled
US$768.0 million, including an US$805.0 million adjustment
principally related to a favorable tax item related to the gain
on the sale of Allison Transmission, which was offset by
US$622.0 million in charges associated with GM's support of
Delphi's restructuring efforts, US$552.0 million for pension
benefits provided to Delphi employees and retirees and US$290.0
million in other restructuring-related charges.

GM reported revenue of US$47.1 billion in the fourth quarter
versus US$50.8 billion in the year ago period, with the decline
more than accounted for by the exclusion of GMAC revenue
starting Dec. 1, 2006.  Revenue from automotive operations
totaled US$46.7 billion in the quarter, a US$3.0 billion
increase over the prior year and a new quarterly revenue record,
reflecting strong growth in Latin America, Asia Pacific and
Eastern Europe.

                    GM Automotive Operations

GM's global automotive operations posted adjusted earnings
before tax of US$553.0 million in 2007, compared to an adjusted
loss before tax of US$339.0 million in 2006.  In the fourth
quarter 2007, GM's automotive operations had an adjusted loss
before tax of US$803.0 million, compared to adjusted earnings
before tax of US$8.0 million in the year-ago quarter.

GM's worldwide vehicle sales increased 3.0%, or 277,000 units,
to 9.4 million vehicles in 2007, marking the second best year in
units sold in the company's 100-year history.  For the third
consecutive year, a majority of the company's sales -- almost
60.0% -- were outside of the U.S.  Record sales performance was
achieved in key growth markets throughout Eastern Europe, Latin
America and the Asia Pacific.

GM North America posted an adjusted loss before tax of US$1.5
billion for 2007, compared to a loss before tax of US$1.6
billion in the year-ago period, excluding special items.  GM
North America had an adjusted loss before tax of US$1.1 billion
in the fourth quarter, compared to an adjusted loss before tax
of US$129.0 million in the fourth quarter 2006.

Losses for the year in GM North America were largely
attributable to a softer U.S. market, and the strategic actions
to reduce dealer inventory by approximately 150,000 units and
lower sales of daily rental vehicles by about 110,000 vehicles
in the U.S.  High commodity prices, unfavorable foreign exchange
and lower unit sales exerted pressure on profitability, but were
more than offset by better product mix, stronger pricing, and
significantly reduced manufacturing and legacy costs.  GM North
America also incurred higher engineering costs to support
continuing product and technology development activities.

"Our North America turnaround remains on track despite the weak
U.S. economy and continued high commodity prices," Wagoner said.
"The actions we've taken to further reduce structural costs and
strengthen our product lineup with great new vehicles like the
award-winning Chevrolet Malibu and Cadillac CTS are
fundamentally improving our ability to compete in the U.S. and
around the world.  We're building a solid foundation for
continued growth and improved operating results," Wagoner added.

GM reached its structural cost reduction target of US$9.0
billion in North America in 2007 versus 2005, a key part of
reducing global automotive structural cost as a percent of
revenue from 34.0% in 2005 to 29.7% in 2007.  GM expects to
derive additional structural cost savings of US$4.0 billion to
US$5.0 billion by 2010 in the U.S. as it fully implements the
2007 GM-UAW contract, including the independent healthcare
trust.  These savings will help GM reach its goal to reduce
structural cost as a percent of revenue to 25.0% of revenue by
2010, and further to 23.0% of revenue by 2012.

GM Europe posted its second consecutive year of adjusted
profitability in 2007 with earnings before tax of US$55.0
million, down from earnings before tax of US$357.0 million in
2006, excluding special items.  For the fourth quarter GM Europe
posted an adjusted loss before tax of US$215.0 million versus an
adjusted loss before tax of US$12.0 million in the year ago
period.  The decline in calendar year and fourth quarter
earnings were attributable primarily to a markedly softer German
market as well as unfavorable foreign exchange rates.  Other key
areas of GM Europe's business performed relatively well,
including strong sales outside Germany, increases in net
pricing, and improvements in structural and material cost
performance.

GM Europe sales were up 8.9% in 2007 to a record 2.2 million
units, led by Chevrolet, up 34.0%, Opel/Vauxhall, up 4.3% nd
Cadillac up 31.0%.  Strong demand for GM vehicles in the United
Kingdom, Ukraine, Italy, Greece and Russia -- where sales
doubled to 260,000 units -- made the company the fastest growing
major automobile manufacturer in Europe in 2007.  Financial
results generated from the rapidly growing sales of GM Daewoo-
built Chevrolet vehicles in Europe are consolidated in Korea and
reflected in GM Asia Pacific results.

With a 19.0% increase in sales to a record 1.2 million units in
2007, GM Latin America, Africa, Middle East (GMLAAM) achieved a
record US$1.3 billion in adjusted earnings before tax for the
year, up 140.0% over 2006 adjusted earnings of US$561.0 million.  
GMLAAM also set a sales record in the fourth quarter with
341,000 units, up 18.0% year over year, generating US$424.0
million in adjusted earnings before tax, up from US$76.0 million
in the fourth quarter of 2006.  Robust sales in the GMLAAM
region resulted in record revenue of US$18.9 billion for the
calendar year and US$6.0 billion in the fourth quarter.

The year-over-year gain in GMLAAM pre-tax earnings was largely
driven by strong volume growth, which outpaced industry growth,
as well as favorable price and mix.  Robust sales contributed to
record GM sales in Argentina, Brazil, Chile, Colombia, Egypt and
Venezuela in 2007.  Continued strong sales of the Chevrolet
Corsa, Aveo and Celta throughout the region were complemented by
the successful launch of several new entries, including the
Chevrolet Captiva in Latin America and Chevrolet Suburban and
Cadillac Escalade in the Middle East.  Chevrolet sales in the
region were up 23.0% for the calendar year, and accounted for
90.0% of units sold in GMLAAM in 2007.

GMAP posted adjusted earnings before tax of US$744.0 million in
2007 compared to US$403 million for 2006.  GMAP adjusted
earnings before tax for the fourth quarter were US$72.0 million,
compared to US$105.0 million in fourth quarter of 2006.  The
calendar year earnings gain was driven by favorable volume and
mix, increased equity income from GM's China joint ventures and
improved operating performance at Holden.  The results were
partially offset by increased structural cost increases
associated with continued investment in high growth markets and
lower Suzuki equity income resulting from the sale of a majority
of GM's equity in 2006.

GMAP had continued strong performance in China, where domestic
sales grew 18.5% in 2007 and GM, with its local partners, became
the first global automotive manufacturer to sell more than
1 million vehicles.  In addition, GM sales in India rose 74.0%,
and export sales of the GM Daewoo products built in Korea
increased by 30.0% to 870,000 vehicles.

              GMAC Posts US$2.3BB Net Loss in 2007

On a standalone basis, GMAC Financial Services reported a net
loss of US$2.3 billion in 2007, compared with net income of
US$2.1 billion in 2006.  Profitable results in the global
automotive and insurance businesses were more than offset by the
significant loss at Residential Capital LLC.  In the fourth
quarter, GMAC reported a net loss of US$724.0 million, compared
to net income of US$1.0 billion in the fourth quarter of 2006.  
The effect on ResCap of the continued disruption in the
mortgage, housing and capital markets was the primary driver of
adverse performance.

GM reported a US$1.1 billion net loss attributable to GMAC, as a
result of its 49.0% equity interest and preferred dividends
received for the full year 2007, and a US$394.0 million reported
net loss for the fourth quarter.

While market conditions remain uncertain, GMAC has taken
aggressive actions in 2007 across all its businesses in an
effort to mitigate future risk, rationalize the cost structure
and position the company for growth.  As a result, GMAC
currently expects to be profitable in 2008.  GMAC's liquidity
position is at relatively high historical levels and GM believes
that GMAC remains adequately capitalized.

                       Cash and Liquidity

Cash, marketable securities and readily available assets of the
Voluntary Employees Beneficiary Association trust totaled
US$27.3 billion as of Dec. 31, 2007, up from US$26.4 billion as
of Dec. 31, 2006.  GM ended the 2007 calendar year with negative
adjusted automotive operating cash flow of US$2.4 billion, a
significant US$2.0 billion improvement compared to 2006.  It
marks the second consecutive year-over-year improvement in
operating cash flow for all four of GM's operating regions.

Consistent with past years, GM withdrew US$2.7 billion from the
VEBA in December, leaving a balance of US$16.3 billion at 2007
year-end, of which the UAW related portion is estimated at
US$14.5 billion.  In negotiations with the UAW and UAW retiree
class counsel on a Settlement Agreement involving the healthcare
MOU that will shortly be filed with the court, the parties have
agreed in principle that of the US$18.5 billion that was agreed
to be set aside upfront for future retiree healthcare claims,
the difference of approximately US$4.0 billion will be funded
with a short term note maturing January 2010 with interest at
9.0%.  This will enhance interim liquidity for GM and provide
the UAW and plan participants a 9.0% return.

The parties have also agreed in principle, as part of the
overall Settlement Agreement, to execute a series of derivatives
that would effectively reduce the conversion price of the
convertible note from US$40 to US$36, and would entitle GM to
recover the additional economic value provided if the GM stock
price appreciates to between US$63.48 and US$70.53 per share.

                         Future Outlook

Despite the uncertainty in the U.S. market, the company
disclosed that it expects improved pre-tax automotive earnings
in 2008 versus 2007, largely driven by continued strong
performance in emerging markets.  GM expects improvements in
automotive revenue, favorable pricing, favorable material cost
performance and continued reductions in structural cost as a
percentage of revenue in the 2008 calendar year.  Operating cash
flow is expected to be relatively flat in 2008 versus 2007,
despite planned increases in capital spending to about US$8.0
billion, up from US$7.5 billion in 2007.

GM remains confident in the 2010-2011 opportunities to further
improve earnings and cash flow.  Most notable is the potential
to realize the full impact of the GM-UAW labor agreement which
is expected to provide significantly greater flexibility and
yield additional savings of US$4.0 billion to US$5.0 billion.

In addition, GM estimates that if the U.S. market volume returns
to trend levels in 2009 and beyond, which would be an increase
of 1 million units, the change would generate additional pre-tax
income to GM in the range of approximately US$1.0 billion to
US$1.5 billion annually.

GM also expects to reduce a substantial portion of the cost
premiums it has historically paid to Delphi for systems and
components over the next three to five years.  The savings will
be offset by various labor and transitional subsidies of
US$300-400 million per year under Delphi's plan of
reorganization, however GM expects to achieve annual net savings
over the mid-term of approximately US$500.0 million.

In addition, significant additional opportunities to further
improve GM earnings and cash flow by 2010-2011 include improved
pricing driven by a host of new products, continued strong
growth in revenue and profitability in emerging markets, and
improved performance at GMAC.

                         Balance Sheet

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$148.9 billion in total assets, US$184.4 billion in
total liabilities, and US$1.6 billion in commitments and
contingencies Minority interests, resulting in a US$37.1 billion
total stockholders' deficit.

The company's consolidated balance sheet at Dec. 31, 2007, also
showed strained liquidity with US$59.2 billion in total assets
available to pay US$70.8 billion in total current liabilities.

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  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: Reaches Agreement with UAW on Attrition Program
---------------------------------------------------------------
General Motors Corporation disclosed in a regulatory filing with
the U.S. Securities and Exchange Commission dated Feb. 12, 2008,
that the company and the United Auto Workers union have reached
an agreement on a comprehensive special attrition program that
will be offered to all of GM's 74,000 UAW-represented employees.

The special attrition program offers employees a choice of
several pension and buyout incentives.  GM is offering
retirement pension incentives of US$45,000 for production
employees or US$62,500 for skilled trades.  Eligible employees
can select from a variety of ways to receive their incentive:

-- One time, lump-sum cash payment

-- Direct rollover into their GM 401(k) or into an Individual
    Retirement Account (IRA)

-- Monthly annuity

-- Combination of partial lump-sum payment and direct rollover
    into their GM 401(k) or an IRA

The other retirement and buyout options available are similar to
those offered to employees in 2006. These options include:

-- Mutually Satisfactory Retirement (MSR) for employees who are
    at least 50 years old with 10 or more years of service.
    This option provides a pension payment with full benefits.

-- Pre-Retirement Program in which employees with 26, 27, 28 or
    29 years of service can grow into a full "30 and out"
    retirement. Until they reach 30 years of credited service,
    participating employees would receive fixed monthly payment
    with full benefits.

-- Cash Buyout for employees who agree to voluntarily quit and
    sever all ties with GM.  A US$140,000 buyout incentive is
    offered to employees with 10 or more years of credited
    service or seniority, while a US$70,000 buyout incentive is
    offered to employees with less than 10 years of credited
    service or seniority.

In December 2007, GM and the UAW reached an agreement on what
the company was calling the first phase of a comprehensive
special attrition program.  Details of this program were rolled
out to employees at select locations last month.  Those
employees are now eligible for the enhanced provisions of this
new agreement.

"We've worked with our UAW partners to ensure our employees have
a variety of options to consider," said Rick Wagoner, GM
chairman and chief executive officer.  "The special attrition
program is an important tool that will help us transform the
workforce."

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  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.


HEALEY CONSTRUCTION: Claims Filing Period Ends April 14
-------------------------------------------------------
Creditors of Healey Construction Ltd. (formerly Currentquest
Ltd.) have until April 14, 2008, to send in their names and
addresses, with particulars of their debts or claims, to:

         Lindsey Cooper and Adrian Allen
         Joint Liquidators
         Baker Tilly Restructuring and Recovery LLP
         Brazennose House
         Lincoln Square
         Manchester
         M2 5BL
         England

Lindsey J. Cooper and Adrian Allen of Baker Tilly Restructuring
and Recovery LLP were appointed joint liquidators of the company
on Jan. 29 for the creditors' voluntary winding-up procedure.


INTERMEC INC: Earns US$16.4 Million in Fourth Quarter 2007
----------------------------------------------------------
Intermec Inc. reported its financial results for its fourth
quarter and fiscal year ended Dec. 31, 2007.

For the three months ended Dec. 31, 2007, the company earned
US$16.4 million on net revenues of US$253 million compared to
net income of US$2.8 million on net revenues of US$219 million
for the same period in 2006.

"Intermec delivered a record revenue quarter with growth across
all geographic regions," said Patrick J. Byrne, President and
Chief Executive Officer.  "We demonstrated progress towards our
target business model of double digit growth and operating
profit by delivering improved gross margins and operating
leverage from Q4 of last year."

Fiscal year 2007 revenues were US$849 million and net earnings
were US$23 million compared to 2006 revenues of US$850 million
and earnings from continuing operations of US$32 million.

The company's 2007 results included senior management transition
costs and severance charges effecting SG&A expense of
US$1.8 million and US$4.9 million, in the fourth quarter and
full year 2007, respectively.

Fiscal year 2006 included a gain on Intellectual Property
settlements regarding its smart battery patents in the amounts
of US$16.5 million and a pre-tax gain of US$2.3 million from the
sale of an investment.  The company's 2006 results also included
restructuring charges of US$11.6 million.

Fourth quarter 2007 revenues increased 16 percent compared to
the fourth quarter of 2006.  Geographically during the fourth
quarter, North American revenues increased 7 percent over the
comparable prior-year period.  Revenues in Europe, Mid-East and
Africa increased 26 percent over the prior year period; while
Latin America and Asia Pacific increased 33 percent and 17
percent, respectively.

During the fourth quarter, Systems and Solutions revenue
increased 28 percent and Printer and Media revenues increased 1
percent over the comparable prior-year period.  Service revenue
was flat compared to the prior-year period.

The company's 2007 effective tax rate from continuing operations
was 37.9 percent.  The comparative effective tax rate of 23.2
percent for 2006 was impacted primarily due to settlement of
foreign tax audits.  The effective tax rate for the fourth
quarter of 2007 was 37.2 percent compared to a net tax benefit
realized in the fourth quarter of 2006.

The company's cash equivalents and short-term investments
increased US$51 million in the quarter, primarily as a result of
cash flows from operations and approximately US$20 million from
note receivable maturities.  The cash equivalents and short-term
investments position at the end of the fourth quarter totaled
US$265.5 million.

                       About Intermec Inc.

Intermec Inc. -- http://www.intermec.com/-- develops,
manufactures and integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.

The company has locations in Australia, Bolivia, Brazil, China,
France, Hong Kong, Singapore and the United Kingdom.

                         *     *     *

To date, Intermec Inc. continues to carry Standard & Poor's 'BB-
' ratings.  The outlook is stable.


INVENSYS PLC: Posts Net Cash of GBP55 Mln for Third Quarter 2007
----------------------------------------------------------------
Invensys Plc posted third quarter results ending Dec. 31, 2007.

The company reported net cash of GBP55 million for the quarter
ended Dec. 31, 2008, following the receipt of GBP275 million for
the disposal of APV, Safety and Reversing Valve businesses and
payments totaling GBP70 million out of the APV proceeds to the
U.K. main pension scheme.  On Sept. 30, 2007, the company had
net debts of GBP187 million.

The company's free cash flow for the quarter was GBP21 million
compared with GBP41 million for the same period in 2006.  This
is after accelerated legacy pension payments of GBP28 million
relating to the APV disposal.

Invensys said that the redemption of the remaining GBP343
million of high yield bonds on March 17, 2008, using existing
cash resources will result in a significant reduction in future
finance charges.

The highlights of the company's third quarter financial results
were:

   -- orders were up 6% at constant exchange rates at GBP540
      million compared with GBP508 million for the same period
      in 2006, with improvements at process systems and rail
      group reflecting the increased emphasis upon sales and
      marketing;

   -- revenue was up 5% at constant exchange rates at GBP545
      million compared with GBP521 million for the third quarter
      ended Dec. 31, 2006, with good performance at process
      systems and rail group, which partly offset by the
      anticipated reduction at controls;

   -- operating profit was up 26% at GBP67 million with strong
      performance at process systems and rail group together
      with maintained profitability at controls;

   -- operating cash flow was up 36% at GBP72 million compared
      to GBP54 million for the third quarter in 2006, due mainly
      to anticipated improvements at process systems; and
  
   -- earnings per share before exceptional finance costs and
      foreign exchange gains and losses were 4.2 pence, compared
      with 3.8 pence for the same period in 2006.

"I am pleased to report another good operational and financial
performance in the quarter.  Each of our three major business
groups reported double digit margins and, as expected, we
achieved a much improved operating cash conversion.  We are
continuing to invest in our businesses to enhance profitability
as we work to become a high performing, sustainable and cohesive
company," Ulf Henriksson, Invensys Plc's CEO commented.


Mr. Henriksson added, "Process Systems' order intake improved
following its increased emphasis upon sales and marketing, with
a double digit increase in North America.  Rail Group produced a
strong quarter and Controls maintained profitability despite the
anticipated revenue decline."

"We completed the disposals of three lower margin businesses,
APV, Safety and Reversing Valves which, together with our good
cash performance in the quarter, placed the Group into a net
cash position.  We have therefore today called the remaining
GBP343 million of High Yield Bonds, which will result in a
significant reduction on our future finance charges.  We are
reviewing our other debt financing with a view to further
optimizing our capital structure.  We have also started a
project to put the Group into a position where the Board can, in
future years and in suitable circumstances, recommend the
payment of a dividend," Mr. Henriksson continued.

"Following the recent disposals, around 70% of our revenue comes
from Process Systems and Rail Group.  These businesses operate
in markets such as global energy and infrastructure which are
expected to continue to exhibit growth, despite some uncertainty
about the future direction of the world's economies.  Revenue
growth is supported by the large order books in these businesses
which total GBP1.8 billion.  The combination of these strong end
markets and the actions we are taking to maintain profitability
at Controls gives us confidence that we will make further
progress in the final quarter of the financial year and they
also provide a sound platform for growth next year," Mr.
Henriksson concluded.

                        About Invensys Plc

Based in London, United Kingdom, Invensys Plc --
http://www.invensys.com/-- is a global automation, controls and
process solutions Group operating in more than 60 countries
worldwide.  The company operates through six units: Controls,
Process Systems, Rail Systems, APV, Wonderware, and Eurotherm.

As reported in the TCR-Europe on May 28, 2007, at March 31,
2007, the Company's balance sheet GBP2 billion in
total assets and GBP2.1 billion in total liabilities, resulting
in a GBP140 million stockholders' deficit.

                         *    *    *

As of Feb. 13, 2008, Invensys Plc carries Moody's long-term
corporate family rating at Ba3, senior unsecured debt rating at
B2 and probability of default of Ba3.

Standard and Poor's rates the company at long-term foreign
issuer credit BB and long-term local issuer credit of BB with
stable outlook.

Fitch Ratings gives long-term issuer default rating at BB,
senior unsecured debt rating at BB and short-term rating at B
with stable outlook.


KRONOS INC: Inks Human Resource Services Pact With Winn-Dixie
-------------------------------------------------------------
Winn-Dixie Stores Inc. will expand its use of Kronos(R)
Incorporated's selection and hiring solution to meet the hiring
needs of its six distribution centers throughout the southeast.

Retailers such as Winn-Dixie are turning to vendors such as
Kronos to successfully outsource the talent acquisition function
of their human resources departments.  The Kronos for Retail
solution enables Winn-Dixie to broaden its applicant pool,
automate, manage, pre-screen, and accurately assess its
candidates.

"After implementing Kronos as a hiring tool for our retail
locations, we had access to a larger talent pool which allowed
us to interview and hire the most qualified associates," said
Richard White, director of human resources support and services
for Winn-Dixie.  "After seeing the positive results in our
stores, we made the decision to expand the Kronos solution to
our distribution centers."

Hiring talented staff is a top concern for warehouse managers,
according to the 2007 Looking Ahead report compiled by the
Distribution Group, a publishing company focused on the
distribution center industry.

"Screening for safety-mindedness and dependability is critical
at distribution centers to ensure a higher quality workforce and
to enhance overall productivity," said Steve Earl, director of
marketing, Kronos Talent Management Division.  "Increasingly,
progressive organizations such as Winn-Dixie are optimizing
their workforce by hiring effectively for all environments that
support retail operations, including distribution centers."

                     About Winn-Dixie Stores

Winn-Dixie Stores Inc. -- http://www.winn-dixie.com/-- is one  
of the nation's largest food retailers, with 521 stores. Founded
in 1925, the company is headquartered in Jacksonville, Florida.

                        About Kronos

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

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

                       *     *     *

Kronos Inc. continues to carry Moody's Investors Service B2
corporate family rating and a stable rating outlook.


LEISURE DIRECTION: Brings In Administrators from Menzies
--------------------------------------------------------
Paul John Clark and Geoffrey Wayne Bouchier and Philip Francis
Duffy of Menzies Corporate Restructuring were appointed, on
Feb. 6, 2008, joint administrators of:

   -- Leisure Direction Ltd. (Company Number 02113863);
   -- Intostuff Ltd. (Company Number 03965955); and
   -- Intofrance Ltd. (Company Number 03965952).

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--  
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The companies can be reached at:

          Leisure Direction Ltd.
          Image House
          Station Road
          London
          N17 9LR
          England
          Tel: 020 8324 4044
          Fax: 020 8324 4030
          E-mail: http://www.seeyoumonday3.com/


M J SHERMAN: Brings In Liquidators from Vantis
----------------------------------------------
D. Wilson and P. Atkinson of Vantis Business Recovery Services
were appointed joint liquidators of M J Sherman Ltd. on Feb. 4
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


NORTHERN ROCK: Virgin Gets Ahead of Bidding Race, Treasury Says
---------------------------------------------------------------
The British Treasury has informed Richard Branson's Virgin Group
that it is leading the bidding race for Northern Rock plc, the
Daily Telegraph reports.

Northern Rock's management, on the other hand, has been told
that its rescue plan is inferior to that of Virgin's proposal.
However, no preferred bidder had been announced yet, the Daily
Telegraph relates, citing a Treasury spokesman.

According to the report, the Treasury, which is still in
negotiations with Virgin and the bank's management, may opt for
nationalization if the two remaining parties fail to come up
with better terms for the taxpayers.

The Treasury, the Daily Telegraph says, is asking a larger share
in any upside, via some form of warranty over the bank's shares
as well as an improved fee for the government-backed GBP30
billion deposit guarantee.

A TCR-Europe report on Feb. 12, 2008, disclosed that the bank's
investors, SRM Global and RAB Capital, are opposing Virgin's bid
as they are worried its proposed deeply discounted rights issue
at about 25 pence per share would dilute existing shareholders
and give the Virgin Group consortium around 54% of the shares.

Meanwhile, BBC News reveals British Prime Minister Gordon Brown
is still open to a partial nationalization deal with both
parties, although he declared he is no longer seeking to avoid
nationalization at any prize.

             Virgin-Led Consortium's Formal Proposal

As previously 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.

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

                          *     *     *

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

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

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


NUANCE COMM: Incurs US$15.4 Million Net Loss in First Quarter
-------------------------------------------------------------
Nuance Communications Inc. posted net loss of US$15.4 million
for the first quarter ended Dec. 31, 2007, compared with a net
loss of US$1.2 million for the same quarter in 2006.

For the three months ended Dec. 31, 2007, Nuance reported
revenues of US$195.0 million, a 46% increase over revenues of
US$133.4 million in the same period of 2006.

"Nuance delivered a strong start to fiscal 2008, carrying
forward the momentum and favorable trends of 2007 into our first
quarter performance," said Paul Ricci, chairman and Chief
Executive Officer of Nuance.  "In particular, we experienced
strong demand for our solutions, across markets, especially
within the mobile industry and in healthcare organizations. The
successful integration and performance of recently acquired
businesses contributed handsomely to our results and reinforced
our ability to extend Nuance's leadership and to achieve our
strategic and operational objectives."

Consistent with the company's strategy and recent trends,
highlights from the quarter include:

   * Enterprise Speech - The company's enterprise speech
     revenues were up sequentially and year-over-year owing to
     expanded customer engagements and contributions from the
     recent acquisitions of BeVocal and Viecore.  In particular,
     the Nuance On-Demand unit contributed robust revenues with
     its hosted, transaction-oriented solutions that were fueled
     by increased traffic during the holiday season.  In
     addition, the team also secured important design wins for
     new offerings within the quarter and customer satisfaction
     remains strong as evidenced by the record bookings from the
     installed base of customers.  Important agreements, across
     the Enterprise division, with new and existing customers
     include AT&T, Deutsche Bank, Deutsche Telecom, Sprint, the
     U.S. Census Bureau and XM Radio.

   * Mobile and Embedded Speech - Nuance revenues for its mobile
     and embedded solutions were a record for the company,
     surpassing US$43 million, owing to strong organic growth
     and contributions from its VoiceSignal and Tegic
     acquisitions.  The company continues to benefit from active
     product cycles and consumer demand for devices and
     applications from manufacturers, including Ford, LG,
     Motorola, Nokia, RIM, Samsung and TomTom.  In the quarter,
     Nuance expanded its mobile presence through a partnership
     with Google and the Open Handset Alliance and through
     engagements with carriers and mobile operators for new,
     integrated services to be announced later this year.  In
     addition, Nuance speech solutions continue to gain
     mainstream visibility through product launches and
     broadcast advertising for applications such as voice
     control in Ford Sync and voice-based mobile search with
     the Palm Centro.

   * Healthcare Dictation and Transcription - Nuance's
     healthcare dictation revenues were robust in the quarter as
     interest and demand for Nuance's dictation and
     transcription solutions continued to grow. In particular,
     the company experienced strong performance with its iChart
     on-demand transcription solution.  Important contracts in
     the quarter with new and existing customers include
     Adventist, New England Medical Center, St. Joseph's Health
     and Spectrum Health.

   * PDF and Document Imaging - Nuance's PDF and imaging
     solutions recorded revenues in line with expectations as
     the company experienced solid performance from its OEM
     partners, including Brother, Canon, HP and Xerox.  In
     addition, the company continued to expand its site license
     program, securing agreements with State Farm, Total France
     and the U.S. Army.

   * SaaS and Subscription-based Revenues - The company
     continued to experience an acceleration in its revenues
     delivered as software-as-a-service and through subscription
     or transaction-based models.  Across its enterprise, mobile
     and healthcare businesses, Nuance saw approximately
     19 percent of its revenue delivered in this form, compared
     to 9 percent in the same period last year.

   * Operational Achievement - Nuance sustained a focus on
     disciplined acquisition integration, cost synergies and
     expense controls, which resulted in improvements and
     leverage in its non-GAAP operating margins.  Cash flow from
     operations was approximately US$41 million in the first
     quarter 2008, up 57 percent over the same period last year.

                       About Nuance Comms.

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN), fka ScanSoft Inc., -- http://www.nuance.com/
-- provides speech and imaging solutions for businesses and
consumers around the world.  Its technologies, applications and
services that help users interact with information, and create,
share and use documents.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico, and the United Kingdom, among others.

                         *     *     *

Nuance Communications still carries Standard & Poor's Ratings
Services 'B+' long term foreign issuer credit and 'B+' long term
local issuer credit ratings, which were placed on
March 22, 2007.  Outlook is positive.


POWERPIKE LTD: Appoints Ernst & Young as Administrators
-------------------------------------------------------
Angela Swarbrick and Tom Burton of Ernst & Young LLP were
appointed joint administrators of Powerpike Ltd. (Company Number
02490209) on Feb. 1, 2008.

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

The company can be reached at:

          Powerpike Ltd.
          Budds Lane
          Romsey
          Hampshire
          SO51 0ZQ
          England
          Tel: 01794 513 481
          Fax: 01794 523 940


REFCO INC: Court Moves Claim Objection Deadline to April 30
-----------------------------------------------------------
RJM, LLC, the plan administrator to reorganized Refco, Inc. and
its affiliates, and Marc S. Kirschner, the plan administrator to
Refco Capital Markets, Ltd., obtained an April 30, 2008
extension of their deadline to object to requests for payment of
administrative expense claims and prepetition claims.

Steven Wilamowsky, Esq., at Bingham McCutchen, LLP, in New York,
relates that, since Refco's bankruptcy filing in October 2005,
14,400 filed claims and 8,300 unfiled claims have been addressed
by the U.S. Bankruptcy Court for the Southern District of New
York.  The Plan Administrators currently have 200 claims subject
to objections, and 100 claims for additional claims resolution.

Mr. Wilamowsky says roughly 225 claims were asserted as
administrative claims against either RCM or the Reorganized
Debtors.  The Plan Administrators have fully administered and
resolved 215 of the 225 claims.

According to Mr. Wilamowsky, the extension is appropriate to
complete the claims reconciliation process and will ensure that
all non-meritorious claims are properly challenged.

                     About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


REFCO INC: Consummates Sale of 35% Equity Stake in FXCM
-------------------------------------------------------
RJM, LLC, the plan administrator to reorganized Refco, Inc. and
its affiliates, and Marc S. Kirschner, the plan administrator to
Refco Capital Markets, Ltd., notified the U.S. Bankruptcy Court
for the Southern District of New York that the sale of Refco
Group Ltd.'s 35% equity interest in Forex Capital Markets, LLC,
has been consummated.

The names of the purchasers had been withheld for
confidentiality purposes, according to Steven Wilamowsky, Esq.,
at Bingham McCutchen LLP, in New York.

As reported in the Troubled Company Reporter on Nov. 29, 2007,
the Plan Administrators asked the Court to approve their
settlement agreement with Forex Capital Markets, LLC, Forex
Trading LLC, FXCM Canada Ltd., FXCM LLC, David Sakhai, William
Ahdout, Kenneth Grossman, Michael Romersa, and Edward Yusupov.

Reorganized Refco Group Ltd. holds a 35% equity interest in
Forex Capital Markets, LLC.  Pursuant to Refco's confirmed
Chapter 11 Plan, RJM has authority to exercise Refco's rights in
respect of RGL's 35% interest in FXCM, including all rights
related to its liquidation or disposition.

The sale of RGL's interest is subject to the requirement that
certain claims against the Refco parties and RCM be resolved.

The Settlement Agreement provides that:

   a. The Plan Administrators will seek Court approval allowing
      the claims filed by the FXCM Parties:

      1. Claim No. 9140, to be allowed as a Class 6 FXA
         Convenience Class Claim for $3,290.87 under the Plan;

      2. Claim No. 9870, to be allowed as a Class 5(a) FXA
         General Unsecured Claim for $8,281,529.63;

      3. Claim No. 9871, to be allowed as a Contributing Debtor
         Class 5(a) General Unsecured Claim for $8,281,529.63.

   b. The Plan Administrators ask Court to expunge FXCM Parties'
      31 other claims -- Claim Nos. 6629, 6630, 6631, 6632,
      6633, 6634, 6635, 6636, 6637, 7564, 7566, 7568, 7569,
      7570, 7571, 7572, 14268, 14269, 14270, 14271, 14272,
      14273, 14274, 14275, 14276, 14427, 14428, 14429, 14430,
      14431, 14432.

Jeffrey M. Olinsky, Esq., at Bingham McCutchen LLP, in New York,
told the Court the Plan Administrators have carefully reviewed
the claims filed by the FXCM Parties, as well as the books and
records of the Reorganized Debtors and RCM as they relate to the
claims.  The Plan Administrators believe that Claim Nos. 9140,
9870 and 9871 are properly allowable at the amounts set, and the
rest of the FXCM Parties' claims should be expunged.  Mr.
Olinsky said the FXCM Parties agree that the 31 other claims
should be expunged.  "Expunging these other claims will
eliminate 31 claims against the Reorganized Debtors' and RCM's
estates that seek damages based on alleged fraudulent conduct of
the Debtors," he said.

Mr. Olinsky noted the Agreement would result in proceeds from
the sale of RGL's 35% equity interest in FXCM becoming
available for distribution to creditors of the Contributing
Debtors.

The Court approved the Settlement Agreement in December.

A full-text copy of the FXCM Settlement Agreement is available
for free at http://bankrupt.com/misc/FXCMsettlementAgreement.pdf

                     About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 76
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


REFCO INC: SPhinX Liquidators Want Protective Order Eased
---------------------------------------------------------
Kenneth M. Krys and Christopher Stride, in their capacity as the
Joint Official Liquidators of SPhinX, Ltd., SPhinX Macro Fund,
SPhinX Managed Futures Fund SPC, et al., ask the U.S. Bankruptcy
Court for the Southern District of New York to modify a
protective order dated April 26, 2006, and amended on March 19,
2007, governing the use of certain confidential material.

SPhinX seeks to allow Marc S. Kirschner, as Plan Administrator
for Refco Capital Markets, Ltd., and at the same time, as Refco
Litigation Trustee, to produce certain documents.

On behalf of the SPhinX Liquidators, David J. Molton, Esq., at
Brown Rudnick Berlack Israels LLP, in New York, relates that the
Protective Order was issued with respect to the documents
gathered at the Refco examiner's investigation of the Debtors'
Chapter 11 cases.  The Protective Order allows disclosure of
confidential documents if the producing party consents, or if
the Court issues an order.

According to Mr. Molton, certain parties transferred hundreds of
millions of dollars in SPhinX assets from Refco, LLC, to RCM,
where it comingled with the assets RCM and its other customers.

A discovery is being held at the Grand Court of the Cayman
Islands investigating the facts, circumstances, and events that
led to the collapse of SPhinX, Mr. Molton says.  Under a Court-
approved settlement agreement between the parties, Mr. Kirschner
will "not oppose any attempt by the Joint Official Liquidators
to obtain relief from any confidentiality restrictions."

Mr. Molton maintains that the information sought by SPhinX is
critical to the Cayman Court investigation of the assets,
liabilities and financial affairs of the SPhinX Funds.

                 Ernst & Young, et al., Object

Seven objecting parties separately ask U.S. Bankruptcy Judge
Robert D. Drain to refrain from amending the protective order
governing the use of certain confidential materials.

The parties are:

  -- Ernst & Young LLP;

  -- Credit Suisse Securities (USA) LLC, formerly known as
     Credit Suisse First Boston LLC), Banc of America
     Securities LLC, Deutsche Bank Securities Inc., Goldman,
     Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith
     Incorporated, J.P. Morgan Securities Inc., Sandler O'Neill
     & Partners, L.P. and HSBC Securities (USA) Inc.;

  -- Thomas H. Lee Partners, L.P.;

  -- Grant Thornton LLP;

  -- PricewaterhouseCoopers;

  -- Arthur Andersen LLP; and

  -- Bank fur Arbeit und Wirtschaft und Osterreichische
     Postparkasse Aktiengesellschaf.

According to the Objecting Parties, the SPhinX Liquidators are
seeking to obtain pre-litigation discovery that Bankruptcy
Judge James M. Peck has already denied other Sphinx Funds
representatives in In re PlusFunds Group, Inc.

The Objecting Parties assert that the SPhinX Liquidators are
pursuing effectively the same request, for the same stated
reasons, and through the same counsel, which the Sphinx Trust
asserted and lost in the PlusFunds bankruptcy case.

Ernst & Young tells Judge Drain that it has no direct connection
to SPhinX or their estates, except for the tax work Ernst &
Young performed for certain Debtors in the tax year 2002.  Ernst
& Young adds that the SPhinX Liquidators did not explain how its
preparation of the Debtors' tax returns could have affected
SPhinX Funds.

The SPhinX Liquidators seek pre-litigation access to
confidential documents in which they are fundamentally
disinterested, Ernst & Young contends.  He also notes that that
the extensive existing record of Refco Inc. examiner's
investigation are publicly available, enabling the SPhinX
Liquidators to evaluate their potential claims.

Furthermore, the Underwriters, Credit Suisse et al., argue that
the Motion exceeds the scope of Rule 2004 of the Federal Rules
of Bankruptcy Procedure and Section 1521 of the Bankruptcy Code.

Rule 2004 limits any examination only to the acts, conduct, or
property or to the liabilities and financial condition of the
debtor, or to any matter which may affect the administration of
the debtor's estate, or to the debtor's right to a discharge.

Section 1521(a)(4) provides for discovery concerning the
debtor's assets, affairs, rights, obligations or liabilities.

The Underwriters, together with TH Lee, Grant Thornton, Arthur
Andersen, and PwC, argue that the Foreign Representatives seek
information that has nothing to do with the Sphinx Funds'
assets, affairs, rights, obligations or liabilities.  They
further stated that Judge Peck had found, in the PlusFunds
proceeding, that the Sphinx Trustee did not need any further
document production to determine any causes of action against
third parties, and that any additional document discovery should
occur pursuant to the Federal Rules.

Grant Thornton also states that it opposes the Motion, but if
the Court permits Marc S. Kirschner, as Refco Capital Markets,
Ltd.  Plan Administrator and Refco Litigation Trustee, to
produce any documents, the SPhinX Liquidators should be subject
to the same confidentiality restrictions as applied to Mr.
Kirschner and the Refco Examiner.

Meanwhile, Arthur Andersen LLP tells Judge Drain that its work
for Refco predates SPhinX Funds' existence.

BAWAG argues that it is inappropriate to lift the protections
afforded to the producing parties to SPhinX Funds, a non-estate,
non-fiduciary party, simply because it alleges possible claims
against parties in Refco's bankruptcy case.

Additionally, BAWAG maintains that the relief requested has no
direct connection to the proceedings in the Grand Court of the
Cayman Islands.

                   SPhinX Liquidators Talk Back

The SPhinX Liquidators tell Judge Drain that the information
they seek regarding SphinX's funds at RCM, and the redemptions
of investments in SPhinX Funds through Refco's related entities
during 2005 and 2006, is "absolutely critical" to the
investigation of the SPhinX Funds assets, liabilities and
financial affairs, and the determination of the rights and
remedies that they may pursue on behalf of the SPhinX Funds.

The SPhinX Liquidators state that the Objections contain two
common threads:

  -- the discovery exceeds the proper scope of discovery under
     Rule 2004 and Section 1521; and

  -- the discovery was previously determined to be improper by
     Judge Peck in PlusFunds' bankruptcy case.

With regard to scope, the SPhinX Liquidators insist that they
are acting in accordance with a Settlement Agreement with Mr.
Kirschner, allowing them to seek the proposed discovery.

Moreover, the SPhinX Liquidators assert that the proposed
discovery is closely related to SPhinX Funds' affairs, as
impacted by the unlawful transfer of SPhinX assets to non-
segregated accounts with RCM.

The SPhinX Liquidators maintain that close relationship between
SPhinX Funds claims, the Objecting Parties, and other Refco-
related entities, demonstrates that Judge Peck's holding in the
PlusFunds case are inapplicable to the SphinX Funds case, since
the PlusFunds claims are distinct from the SphinX Funds claims.

                     About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


REPLICA ORIGINATION: Claims Filing Period Ends June 30
------------------------------------------------------
Creditors of Replica Origination Ltd. have until June 30, 2008,
to send in their full names, their addresses and descriptions,
full particulars of their debts or claims and the names and
addresses of their solicitors (if any), to:

         Robert Leonard Harry Knight
         Joint Liquidator
         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         Kent
         TN9 1HG
         England

Robert Leonard Harry Knight and Mark Newman of Vantis Business
Recovery Services were appointed joint liquidators of the
company on Feb. 7 by the members and creditors.


SLIPCATCH LTD: Brings In Administrators from Moore Stephens
-----------------------------------------------------------
Nigel Price and Colin Andrew Prescott of Moore Stephens LLP were
appointed joint administrators of Slipcatch Ltd. (Company Number
03615614) on Jan. 30, 2008.

Moore Stephens -- http://www.moorestephens.co.uk-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

The company can be reached at:

          Slipcatch Ltd.
          Derby Carriage Works
          Litchurch Lane
          Derby
          Derbyshire
          DE24 8AD
          England
          Tel: 01332 257 500
          Fax: 01332 371 950


SPARTAN EUROPE: Appoints Begbies Traynor to Administer Assets
-------------------------------------------------------------
Julie Anne Palmer and Ian Sykes of Begbies Traynor were
appointed joint administrators of Spartan Europe Ltd. (Company
Number 01357178) on Feb. 5, 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:

          Spartan Europe Ltd.
          1 Grove Road
          Cosham
          Portsmouth
          PO6 1PR
          England
          Tel: 023 9221 0053
          Fax: 023 9221 0057


SPECIALIST HEATING: Names Administrators from KPMG
--------------------------------------------------
David James Costley-Wood and Brian Green of KPMG LLP were
appointed joint administrators of Specialist Heating Components
Ltd. (Company Number 03460201) on Jan. 30, 2008.

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

The company can be reached at:

          Specialist Heating Components Ltd.
          Deepdale Mill Street
          Preston
          Lancashire
          PR1 5BY
          England
          Fax: 01772 883 763


TENNECO INC: Bags Ford Motor's Hot-End Emission Control Business
----------------------------------------------------------------
Ford Motor Company awarded Tenneco Inc. with a new hot-end
emission control business on vehicles launching in model-year
2009 and 2010.

"We are extremely pleased to be selected by Ford for this
significant new emissions control business," said Tenneco
Chairperson and Chief Executive Officer, Gregg Sherrill.  "We
continue to generate growth by investing in technology and
enhancing our engineering capabilities to provide just what our
customers need to meet current and future emissions
requirements."

Tenneco will supply components, including catalytic converters,
that make up the "hot end" of the exhaust system for the Ford F-
150 light-duty truck, Ford Expedition, Lincoln Navigator and the
Ford Econoline vehicles.  Tenneco currently supplies the "cold
end" (mufflers and tailpipes) of the exhaust system for the Ford
F-150, Ford Expedition and Lincoln Navigator, now making it a
full-system supplier for those platforms.  The company was also
awarded additional emission control content on the gasoline
version of the F250/F350 Super-Duty in addition to what it
already supplies on both the gasoline and diesel versions of the
vehicles that launched in 2006.

For 2010 model-year, Tenneco will supply emission control
components for some of Ford's mid and upper mid-size passenger
vehicle lines.  This represents growth in the car segment with
Ford Motor Company and supports Tenneco's global strategy to
increase passenger car business.

Tenneco referenced this new business in its third quarter 2007
earnings release last October, but was unable to name the
customer at that time.

Tenneco's Elkhart, Indiana, Seward Nebraska, Cambridge, Ontario,
Ligonier, Indiana, Marshall, Michigan, and Kansas City, Missouri
facilities will be involved in manufacturing components or final
assembly.  When fully launched, the company estimates all these
programs together will represent approximately a 2.5% increase
in its value-added revenues compared to its 2007 value-added
sales.

Tenneco is a strategic supplier to Ford Motor as a member of the
company's Aligned Business Framework supplier group.

Tenneco's global emissions operations include 48 emission
control manufacturing facilities and four global engineering
centers devoted to emission control engineering and advanced
technology.  The company's engineering capabilities and broad
range of emission control products and systems help vehicle
manufacturers address increasingly stringent emissions and noise
regulations, the drive for better fuel efficiency and the
emission control demands of diesel and other alternative fuel
and hybrid vehicles.

                         About Ford Motor

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

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

                         About Tenneco

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and  
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.  The company has
approximately 21,000 employees worldwide.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on
Nov. 6, 2007, Fitch Ratings assigned a rating of 'BB-' to
Tenneco Inc.'s new senior unsecured notes due 2015.  The new
notes replace a portion of the company's existing US$475 million
in 10.25% senior secured second-lien notes for which the company
is tendering.  Fitch said the rating outlook is positive.


UK INTERMARK: Names Alistair Steven Wood Liquidator
---------------------------------------------------
Alistair Steven Wood of Mazars LLP was appointed liquidator of
UK Intermark Ltd. on Feb. 5 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Mazars LLP
         Lancaster House
         67 Newhall Street
         Birmingham
         B3 1NG
         England


W.F. HILL: Calls In Liquidators from Tenon Recovery
---------------------------------------------------
Jeremy Woodside and Christopher Ratten of Tenon Recovery were
appointed joint liquidators of W.F. Hill Ltd. on Feb. 1 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England


WHISTLEJACKET CAPITAL: NAV Breach Triggers Receivership
-------------------------------------------------------
BNY Corporate Trustee Services Ltd. appointed Deloitte & Touche
LLP as receiver of Whistlejacket Capital Limited, Standard
Chartered's structured investment vehicle, on Feb 12, 2008,
Richard Barley reports for Reuters.

Standard Chartered stated that Whistlejacket advised on
Feb. 11, 2008, that it has breached its capital note Net Asset
Value (NAV) trigger of 50% as a result of a recent fall in the
market value of its assets.  

The breach of the NAV trigger is an enforcement event, which
requires the security trustee, BNY Corporate, to appoint a
receiver to manage Whistlejacket.  Standard Chartered Bank is
the investment manager and sponsor of Whistlejacket.

On Jan. 31, 2008, Standard Chartered announced that it intends
to provide liquidity to Whistlejacket.  As the sponsor of the
vehicle and as the appointed investment manager, Standard
Chartered's proposed funding is intended to provide operating
flexibility to Whistlejacket in the management of its high
quality asset portfolio.

Under the proposal, Standard Chartered will commit to purchase
commercial paper issued by Whistlejacket to meet Whistlejacket's
senior obligations.  Standard Chartered's commitment will not
exceed the outstanding amount of Whistlejacket's commercial
paper, medium term note and other senior obligations, currently
USD7.15 billion.  

There are various preconditions to Standard Chartered's funding.  
These include a requirement that enforcement proceedings have
not commenced and that certain key enforcement triggers,
including the capital note Net Asset Value trigger of 50%, have
been amended or removed.

According to Standard Chartered, precondition relating to
enforcement proceedings had not commenced.  The proposal on
Jan. 31, 2008, has now lapsed as a result of the enforcement
event.

Standard Chartered will discuss with the receiver, alternative
arrangements to provide liquidity.  Neither the enforcement
event itself, nor any such future arrangements, if executed,
would be expected to have a material impact on Standard
Chartered's 2008 earnings or capital resources.

"We continue to have confidence in the quality of
Whistlejacket's assets.  We remain willing to have discussions
with the receiver, and hope to find a viable solution to ensure
flexibility for Whistlejacket," Richard Meddings, Standard
Chartered group finance director, commented.

Headquartered in London, England, Standard Chartered PLC, --  
http://investors.standardchartered.com/-- is listed on both the  
London Stock Exchange and the Hong Kong Stock Exchange, ranks
among the top 25 companies in the FTSE-100 by market
capitalization. The group has operated for over 150 years in
some of the world's most dynamic markets, leading the way in
Asia, Africa and the Middle East.  Its income and the number of
employees have more than doubled over the last five years
primarily as a result of organic growth and supplemented by
acquisitions.

Whistlejacket Capital Limited is Standard Chartered Plc's
structured investment vehicle.


WHISTLEJACKET CAPITAL: Moody's Cuts Rating on Senior Debt to Ba2
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings assigned to the
Medium Term Note and Commercial Paper programs of Whistlejacket
Capital Limited and Whistlejacket Capital LLC as:

   * Euro MTN and US MTN programs

     -- Current Rating: Ba2 on review with direction uncertain
     -- Prior rating: Aaa on review for possible downgrade

   * Euro Commercial Paper, US Commercial Paper, Euro MTN, and
     US MTN programs

     -- Current Rating: Not Prime
     -- Prior Rating: Prime-1 on review for possible downgrade

On Nov. 30, 2007 Moody's placed the ratings of the above program
on review for possible downgrade.  Standard Chartered,
Whistlejacket's manager and sponsor, announced on Jan. 31, 2008
that it would provide liquidity support to the vehicle for the
repayment of its senior debt.  After that announcement, Moody's
received proposals from Standard Chartered addressing the
implementation of the necessary facility.  Moody's had expected
the facility to be in place by the end of March 2008.

Due to the deterioration in market value of Whistlejacket's
asset portfolio, the vehicle breached its Capital Value trigger
on Feb. 11, 2008, causing an enforcement event.  The Capital
Value declined from 55% to 41% between Feb. 6, 2008, and
Feb. 11, 2008.  This corresponds to a decline from 95.13% to
93.96% in the average portfolio market value. Capital Value is a
measure of the over-collateralization available to senior debt
investors.

Following the occurrence of the enforcement event, control of
the vehicle has moved to the Security Trustee, The Bank of New
York Trust Company.  Moody's understands that the Security
Trustee has appointed Deloitte & Touche LLP as receiver.
Deloitte's mandate is to advise the Trustee on the course of
action that is in the best interest of secured parties.

The Security Trustee has a number of options.  These include
acceleration of senior debt, continuation of the repayment of
senior debt as it falls due, and completion of the plan
initiated by Standard Chartered to provide liquidity support.

The long-term rating assigned to the medium term note programs
reflects the uncertainty surrounding the course of action that
the Security Trustee will pursue.  Moody's review will therefore
focus on both the intentions of the Security Trustee and the
evolution of the market value of Whistlejacket's asset
portfolio.

Moody's notes that this rating action takes into account the
current stressful market conditions.  While the underlying
assets of Whistlejacket have not suffered credit losses, the
unprecedented illiquidity in the market for asset backed
securities has created a high level of uncertainty around the
valuation of the assets.

Whistlejacket's asset portfolio includes exposure to Commercial
Banks (30%), RMBS (12.7%), CDOs (14.4%, 4% of which includes
exposure to US Subprime RMBS), CMBS (9.5%), Student loans (12%),
Credit cards (4.5%), Monoline-wrapped ABS (8.1%), Investment
Banks (4.4%), and Other ABS 4.4%. Aaa-rated assets represent
64.4% of the portfolio; Aa, 32.8%; and A, 2.8%.


WHISTLEJACKET CAPITAL: S&P Junks Notes on NAV Test Failure
----------------------------------------------------------
Standard & Poor's Ratings Services placed the issuer credit, CP,
and MTN ratings on CreditWatch with negative implications.  At
the same time, Standard & Poor's lowered its ratings on the
capital notes issued by Whistlejacket and White Pine.  The
ratings on the capital notes remain on CreditWatch with negative
implications, where they were placed Dec. 7, 2007.

In addition, S&P lowered its issuer credit rating on
Whistlejacket Capital Ltd., the structured investment vehicle
that was created as a result of the merger of Whistlejacket
Capital Ltd. and Whistlejacket Capital LLC with White Pine Corp.
Ltd. and White Pine Finance LLC.  Standard & Poor's also lowered
its ratings on Whistlejacket's commercial paper and medium-term
notes.  

On Feb. 11, 2008, S&P received notification that Whistlejacket
breached the 50% net asset value test.  NAV is typically
calculated as the market value of the assets and cash minus the
senior liabilities, and the NAV test is calculated as the NAV as
a percentage of capital.  This breach means that a mandatory
acceleration event has occurred and the vehicle has entered
enforcement mode.  Therefore, the security trustee will now
manage the vehicle.

Standard & Poor's will wait for the security trustee to contact
us regarding its next steps.  Other vehicles that have already
entered enforcement mode have appointed a receiver that, when
faced with the prospect of selling assets to repay the
liabilities, has either stopped liability payments or declared
the vehicle insolvent.

The rating actions on Whistlejacket reflect the uncertainty
regarding the pending security trustee decisions and, if a
receiver is appointed, the receiver's actions.  As with other
SIVs that have entered enforcement mode, there are several
possible outcomes:

   -- The senior creditors elect on a formal standstill
      agreement, which would suspend the payment maturity dates
      until a certain date;

   -- The senior creditors and the security trustee, in
      consultation with an enforcement manager, decide on the
      next actions to take (in this scenario, payment dates
      could arrive and this would result in a payment default);

   -- The senior creditors and the security trustee, in
      consultation with an enforcement manager, decide to
      liquidate the portfolio and are able to repay the senior
      creditors in full; or

   -- The senior creditors and the security trustee, in  
      consultation with an enforcement manager, decide to
      liquidate the portfolio and are unable to repay the senior
      creditors in full due to further erosion in the asset
      portfolio's value.

Whistlejacket is the first bank-sponsored SIV to enter
enforcement mode.  Most other bank-sponsored SIVs have either
arranged for full liquidity support to the SIV or proposed
capital injections to support the SIV.  Standard Chartered Bank
(A+/Stable/A-1) and HSBC Holdings PLC (AA-/Stable/A-1+) are the
two banks that have proposed setting up new structures to
replace the old ones.  This rating actions reflect the
uncertainty associated with those efforts closing quickly.

The vehicle is managed by Standard Chartered Bank, which is
responsible for purchasing assets, managing the portfolio, and
overseeing the issuance of the CP and MTNs.  As of Feb. 11,
2008, Whistlejacket's outstanding senior liabilities are
approximately US$6.953 billion.  The portfolio composition is
approximately:

   -- Financial debt: 43%;

   -- RMBS: 12%;

   -- CDOs/CLOs: 17%;

   -- CMBS: 9%; and

   -- Other structured finance: 19%.

The portfolio valuation and NAV tests are based on mark-to-
market prices that the manager updated and reported to Standard
& Poor's.

                             Ratings

Whistlejacket Capital Ltd.
                                   Rating

                       To                  From
                       --                  ----
Issuer credit          BB/Watch Neg/B      AAA/Negative/A-1+
CP                     B/Watch Neg         A-1+
MTNs                   BB/Watch Neg        AAA
Capital notes          CCC-/Watch Neg      BB-/Watch Neg
Capital notes          CCC-/Watch Neg      B-/Watch Neg


WORK 4: Joint Liquidators Take Over Operations
----------------------------------------------
Ian J. Gould and Edward T. Kerr of PKF (UK) LLP were appointed
joint liquidators of Work 4 Ltd. on Jan. 31 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PKF (UK) LLP
         New Guild House
         45 Great Charles Street
         Queensway
         Birmingham
         B3 2LX
         England


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Feb. 20, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     13 Week Cash Flow
        Courtyard Marriott, Dania Beach, Florida
           Contact: http://www.turnaround.org/

Feb. 20, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Member Appreciation FREE Happy Hour
        Islamorada Fish Company, Dania, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Feb. 22, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Fairmont Miramar, Santa Monica, California
           Contact: http://www.abiworld.org/

Feb. 23-26, 2008
  NORTON INSTITUTES ON BANKRUPTCY LAW
     Bankruptcy Litigation Seminar I
        Park City, Utah
           Contact: http://www.nortoninstitutes.org/

Feb. 25, 2008
  FINANCIAL RESEARCH ASSOCIATES LLC
     Financial Services Mergers & Acquisitions Deals Forum
        Harvard Club, New York, New York
           Contact: http://www.frallc.com/

Feb. 26, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Member Appreciation FREE Happy Hour
        One Eyed Jacks, Orlando, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Feb. 26, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Retail Panel
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Feb. 27, 2008
  BEARD AUDIO CONFERENCES
     Examining the Examiners: Pros and Cons of Using
        Examiners in Chapter 11 Proceedings  
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

Feb. 28, 2008
  BEARD AUDIO CONFERENCES
     New 'Red Flag' Identity Theft Rules
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

Mar. 6-8, 2008
  ALI-ABA
     Fundamentals of Bankruptcy Law
        Mandalay Bay Resort, Las Vegas, Nevada
           Contact: http://www.ali-aba.org/

Mar. 8-10, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Conrad Duberstein Moot Court Competition
        St. John's University School of Law, New York
           Contact: http://www.abiworld.org/

Mar. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Rick Cieri of Kirkland & Ellis
        Jamie Sprayregan of Goldman Sachs
           Bankers Club of Miami, Florida
              Contact: 561-882-1331 or
                 http://www.turnaround.org/

Mar. 25, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Dearfoam Slipper Turnaround
        Centre Club, Tampa, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Mar. 25-29, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Ritz Carlton Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Mar. 27-30, 2008
  NORTON INSTITUTES ON BANKRUPTCY LAW
     Bankruptcy Litigation Seminar II
        Las Vegas, Nevada
           Contact: http://www.nortoninstitutes.org/

Apr. 3, 2008
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Annual Spring Luncheon
        Renaissance Hotel, Washington, District of Columbia
           Contact: 703-449-1316 or www.iwirc.org

Apr. 3, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts for Young Practitioners - East
        The Renaissance, Washington, District of Columbia
           Contact: http://www.abiworld.org/

Apr. 3-6, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     26th Annual Spring Meeting
        The Renaissance, Washington, District of Columbia
           Contact: http://www.abiworld.org/

Apr. 7-8, 2008
  PRACTISING LAW INSTITUTE
     30th Annual Current Developments in
        Bankruptcy & Reorganization
           PLI Center New York, New York
              Contact: http://www.pli.edu/

Apr. 10-11, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Ninth Annual Conference on Healthcare -24-24Transactions
        Successful Strategies for Mergers, Acquisitions,
           Divestitures and Restructurings
              The Millennium Knickerbocker Hotel, Chicago
                 Contact: 800-726-2524; 903-595-3800;
                    http://www.renaissanceamerican.com/

Apr. 25-27, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Spring Seminar
        Eldorado Hotel & Spa, Santa Fe, New Mexico
           Contact: http://www.nabt.com/

Apr. 29, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Why Prospects Become Clients
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

May 1-2, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     2nd Annual Credit & Bankruptcy Symposium
        Foxwoods Resort Casino, Ledyard, Connecticut
           Contact: http://www.turnaround.org/

May 1-2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Debt Symposium
        Hilton Garden Inn, Champagne/Urbana, Illinois
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 9, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts for Young Practitioners - NYC
        Alexander Hamilton U.S. Custom House, New York
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 12, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Millennium Broadway Hotel & Conference Center, New York
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 12-13, 2008
  PRACTISING LAW INSTITUTE
     30th Annual Current Developments in
        Bankruptcy & Reorganization
           PLI Center San Francisco, California
              Contact: http://www.pli.edu/

May 13-16, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Litigation Skills Symposium
        Tulane University, New Orleans, Louisiana
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 15-16, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Fifth Annual Conference on Distressed Investing Europe
        Maximizing Profits in the European
           Distressed Debt Market
              Le Meridien Piccadilly Hotel - London
                 Contact: 800-726-2524; 903-595-3800;
                    http://www.renaissanceamerican.com/

May 18-20, 2008
  INTERNATIONAL BAR ASSOCIATION
     14th Annual Global Insolvency & Restructuring Conference
        Stockholm, Sweden
           Contact: http://www.ibanet.org/

May 21, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     What Happened to My Money - The Restructuring of a Loan
        Servicer
        Marriott North, Fort Lauderdale, Florida
           Contact: http://www.turnaround.org/

June 4-7, 2008
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     24th Annual Bankruptcy & Restructuring Conference
        J.W. Marriott Spa and Resort, Las Vegas, Nevada
           Contact: http://www.airacira.org/

June 12-14, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     15th Annual Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Michigan
           Contact: http://www.abiworld.org/

June 19 & 20, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Corporate Reorganizations
           Contact: 800-726-2524; 903-595-3800;
              http://www.renaissanceamerican.com/

June 24, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Fraud Panel
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

June 26-29, 2008
  NORTON INSTITUTES ON BANKRUPTCY LAW
     Western Mountains Bankruptcy Law Seminar
        Jackson Hole, Wyoming
           Contact: http://www.nortoninstitutes.org/

July 10, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Cynthia Jackson of Smith Hulsey & Busey
        University Club, Jacksonville, Florida
           Contact: http://www.turnaround.org/

July 10-13, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     16th Annual Northeast Bankruptcy Conference
        Ocean Edge Resort
           Brewster, Massachussets
              Contact: http://www.abiworld.org/events

July 29, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Employment Issues Following Hurricanes & Disasters
        Centre Club, Tampa, Florida
           Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     4th Annual Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay
           Cambridge, Maryland
              Contact: http://www.abiworld.org/

Aug. 16-19, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     13th Annual Southeast Bankruptcy Workshop
        Ritz-Carlton, Amelia Island, Florida
           Contact: http://www.abiworld.org/

Aug. 20-24, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Convention
        Captain Cook, Anchorage, Alaska
           Contact: http://www.nabt.com/

Aug. 26, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Do's and Don'ts of Investing in a Turnaround
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Sept. 4-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Complex Financial Restructuring Program
        Four Seasons, Las Vegas, Nevada
           Contact: http://www.abiworld.org/

Sept. 4-6, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Southwest Bankruptcy Conference
        Four Seasons, Las Vegas, Nevada
           Contact: http://www.abiworld.org/

Sept. 17, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Real Estate / Condo Restructuring Panel
        Marriott North, Fort Lauderdale, Florida
           Contact: http://www.turnaround.org/

Sept. 24-26, 2008
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     IWIRC 15th Annual Fall Conference
        Scottsdale, Arizona
           Contact: http://www.ncbj.org/

Sept. 24-27, 2008
  NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
     National Conference of Bankruptcy Judges
        Desert Ridge Marriott, Scottsdale, Arizona
           Contact: http://www.iwirc.org/

Sept. 30, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Private Equity Panel
        Centre Club, Tampa, Florida
           Contact: http://www.turnaround.org/

Oct. 9, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Luncheon - Chapter 11
        University Club, Jacksonville, Florida
           Contact: http://www.turnaround.org/

Oct. 28, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     State of the Capital Markets
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Oct. 28-31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott New Orleans, Louisiana
           Contact: 312-578-6900; http://www.turnaround.org/

Oct. 30 & 31, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Physicians Agreements and Ventures
           Contact: 800-726-2524; 903-595-3800;
              http://www.renaissanceamerican.com/

Nov. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Interaction Between Professionals in a
Restructuring/Bankruptcy
        Bankers Club, Miami, Florida
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     20th Annual Winter Leadership Conference
        Westin La Paloma Resort & Spa
           Tucson, Arizona
              Contact: http://www.abiworld.org/

May 7-10, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     27th Annual Spring Meeting
        Gaylord National Resort & Convention Center
           National Harbor, Maryland
              Contact: http://www.abiworld.org/

June 11-13, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa
           Traverse City, Michigan
              Contact: http://www.abiworld.org/

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

July 16-19, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Mt. Washington Inn
           Bretton Woods, New Hampshire
              Contact: http://www.abiworld.org/

Sept. 10-12, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     17th Annual Southwest Bankruptcy Conference
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

Oct. 5-9, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Desert Ridge, Phoenix, Arizona
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     21st Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
  2006 BACPA Library  
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  BAPCPA One Year On: Lessons Learned and Outlook
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Calpine's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Carve-Out Agreements for Unsecured Creditors
     Contact: 240-629-3300;      
        http://www.beardaudioconferences.com/  

BEARD AUDIO CONFERENCES
  Changes to Cross-Border Insolvencies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changing Roles & Responsibilities of Creditors' Committees
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Chinas New Enterprise Bankruptcy Law
     Contact: 240-629-3300;
        http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Clash of the Titans -- Bankruptcy vs. IP Rights
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Coming Changes in Small Business Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
     for Navigating the Restructuring Process
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Dana's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Deepening Insolvency  Widening Controversy: Current Risks,
     Latest Decisions
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Diagnosing Problems in Troubled Companies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Claims Trading
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Market Opportunities
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Real Estate under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Employee Benefits and Executive Compensation under the New
     Code
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Equitable Subordination and Recharacterization
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Examining the Examiners: Pros and Cons of Using
     Examiners in Chapter 11 Proceedings  
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Fundamentals of Corporate Bankruptcy and Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Handling Complex Chapter 11
     Restructuring Issues
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Healthcare Bankruptcy Reforms
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  High-Yield Opportunities in Distressed Investing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Homestead Exemptions under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Hospitals in Crisis: The Insolvency Crisis Plaguing
     Hospitals Across the U.S.
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  IP Rights In Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  KERPs and Bonuses under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  New 'Red Flag' Identity Theft Rules
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Non-Traditional Lenders and the Impact of Loan-to-Own
     Strategies on the Restructuring Process
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Partnerships in Bankruptcy: Unwinding The Deal
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Privacy Rights, Protections & Pitfalls in Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Real Estate Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Reverse Mergersthe New IPO?
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Second Lien Financings and Intercreditor Agreements
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Surviving the Digital Deluge: Best Practices in E-Discovery
     and Records Management for Bankruptcy Practitioners
        and Litigators
           Audio Conference Recording
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Technology as a Competitive Advantage For Todays Legal
     Processes
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Battle of Green & Red: Effect of Bankruptcy
     on Obligations to Clean Up Contaminated Property
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Subprime Sector Meltdown:
     Legal Developments and Latest Opportunities
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Twenty-Day Claims
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite Corporate Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite M&A and Insolvency
     Proceedings
     Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Validating Distressed Security Portfolios: Year-End Price
     Validation and Risk Assessment
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  When Tenants File -- A Landlord's BAPCPA Survival Guide
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

                    *      *      *

                  Featured Conferences

Beard Conferences presents:

April 10-11, 2008
  Ninth Annual Conference on Healthcare Transactions
     Successful Strategies for Mergers, Acquisitions,    
        Divestitures and Restructurings
           The Millennium Knickerbocker Hotel, Chicago, Illinois
              Brochure available soon!

May 15-16, 2008
   Fifth Annual Conference on Distressed Investing Europe
      Maximizing Profits in the European Distressed Debt Market
         Le Meridien Piccadilly Hotel - London
            Brochure available soon!

                    *      *      *

Beard Audio Conferences presents:

Feb. 27, 2008
   Examining the Examiners: Pros and Cons of Using Examiners
      in Chapter 11 Proceedings
         Speaker: Thomas J. Salerno

For more information, visit:
http://www.beardaudioconferences.com/bin/conference_details?code=BR-046


                            *********

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.

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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.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo-Sala, Pius Xerxes
Tovilla, Patrick Abing and Marites Claro, Editors.

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

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

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

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


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