TCREUR_Public/080215.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, February 15, 2008, Vol. 9, No. 33

                            Headlines


A U S T R I A

AB-YZ LLC: Claims Registration Period Ends March 19
ALFRED GATTRINGER: Claims Registration Period Ends March 18
ALPHA INSPECT: Claims Registration Period Ends March 19
BAUMEISTER ING. MULLY: Claims Registration Period Ends March 11
IMMO-MARKETING: Claims Registration Period Ends March 11

LOG-TRANS: Claims Registration Period Ends March 17


B E L G I U M

CHIQUITA BRANDS: Completes US$200MM Offering of 4.25% Sr. Notes
LEVI STRAUSS: Nov. 25 Balance Sheet Upside-Down by US$398 Mln
POPE & TALBOT: Trout Lake Property Put to InterFor APA
POPE & TALBOT: Asks Court to Set April 3 as Claims Bar Date
POPE & TALBOT: Can Sell Pulp Business Assets to PT Pindo Deli

POPE & TALBOT: Can Sell Remaining Wood Products to Fox Lumber
SOLUTIA INC: Lenders Seek Clarification of Funding Commitment
SOLUTIA INC: Resolves EPA Environmental Claim for US$3,600,000


F R A N C E

ALCATEL-LUCENT: Forms Long-Term Evolution Joint Venture with NEC
BOSTON SCIENTIFIC: Will Pay US$431 Mln in Stent Patent Dispute
GENERAL CABLE: Earns US$208.6 Million in Full Year 2007
INTELSAT LTD: Appoints Messrs. Spengler & Guillemin as EVP & SVP


G E O R G I A

BANK OF GEORGIA: Share Offering Raises US$100 Million


G E R M A N Y

DELME BAU: Claims Registration Period Ends March 5
DIE BRILLE: Claims Registration Period Ends March 5
DIELER & TREPPKE: Claims Registration Period Ends March 11
FEIL WARENHANDEL: Claims Registration Period Ends March 5
HM FACHMARKTE: Claims Registration Period Ends March 10

HOLZBISCHOFF GMBH: Claims Registration Period Ends March 11
IKB DEUSTCHE: German Government Pioneers EUR1.5 Billion Bail-Out
INTER OBJEKT: Claims Registration Period Ends March 11
IPAK GMBH: Claims Registration Ends March 11
LICH VERWALTUNGS: Claims Registration Period Ends March 3

MICAS GMBH: Claims Registration Period Ends March 11
MOEBEL-THATE AUGUST: Creditors' Meeting Slated for February 28
MULTITEC SYSTEM: Claims Registration Period Ends March 11
MUSICSELLER 24: Claims Registration Ends March 10
REDA IMPORT: Claims Registration Ends March 10

REHN & BUSCH: Claims Registration Period Ends March 3
SPECTRUM BRANDS: Dec. 30 Bal. Sheet Upside-Down by US$141.2 Mln
SUPREME ITALY: Claims Registration Ends March 10
WAT-AUTOTEILE GMBH: Claims Registration Ends March 10


H U N G A R Y

PROPEX INC: Gets Access to Additional US$40 Mln of DIP Financing
PROPEX INC: IRS Demands Filing of Form 941 for Third Qtr. 2007
PROPEX INC: Shaw and IRS Balk at BNP Paribas DIP Fund Agreement


I R E L A N D

HALYARD CDO I: Credit Deterioration Cues Moody's to Cut Ratings


I T A L Y

ALITALIA SPA: Trims Pretax Losses to EUR362.92 Million in 2007
BERRY PLASTICS: Completes Acquisition of Captive Plastics Inc.
CARROZZERIA BERTONE: Turin Court Declares Firm Insolvent
FIAT SPA: Joint Venture with Credit Agricole Earns EUR119 Mln


K A Z A K H S T A N

AGRO KONA-INVEST: Proof of Claim Deadline Slated for March 14
AKBAZJAN LLP: Creditors Must File Claims by March 14
ANA-INSHAAT LLP: Claims Filing Period Ends March 14
INTIS AGRO: Creditors' Claims Due on March 14
LEX BUSINESS: Claims Registration Ends March 14

MFS GLOBENET: Proof of Claim Deadline Slated for March 14
RETRO STROY: Creditors Must File Claims by March 14


K Y R G Y Z S T A N

BISHFU LLC: Claims Filing Period Ends February 22
SKAP VOSTOK: Creditors Must File Claims by February 28


L U X E M B O U R G

MILLICOM INTERNATIONAL: Earns US$697.1 Million in Full Year 2007


N O R W A Y

NORTEL NETWORKS: Plans Joint Venture with Motorola


R U S S I A

CHULMAN LLC: Tatarstan Bankruptcy Hearing Slated for April 15
ENTERPRISE ECOLOGICAL: Creditors Must File Claims by February 28
KHAKASSKIY DIARY: Creditors Must File Claims by March 28
METALLURG-STROY: Creditors Must File Claims by February 28
ROSNEFT OIL: BP Joint Venture Lulls Sakhalin Drilling Operations

STAVROSS-AGRO: Stavropol Bankruptcy Hearing Slated for March 20
TIMASHEVSKIY OJSC: Asset Sale Slated for February 26
VELIZH-FLAX OJSC: Court Starts Bankruptcy Supervision Procedure


S W I T Z E R L A N D

AAR BAUMONTAGEN: Thurgau Court Closes Bankruptcy Proceedings
C-UNO JSC: Creditors' Liquidation Claims Due by Feb. 21
RS GASTRO: Creditors' Liquidation Claims Due by Feb. 28
SHOE SHINE: Creditors' Liquidation Claims Due by Feb. 21
SOURCING CENTRE: Creditors' Liquidation Claims Due by Feb. 25

TOP SPECIAL: Thurgau Court Closes Bankruptcy Proceedings
TWIN FALLS: Creditors' Liquidation Claims Due by Feb. 22
TWINLOGIC LLC: Creditors' Liquidation Claims Due by Feb. 20


U K R A I N E

IZIUMAL AGRICULTURAL: Creditors Must File Claims by February 27
KOZHANKA SUGAR: Creditors Must File Claims by February 27
LAN-AGRIKO LLC: Proofs of Claim Deadline Set February 24
PERVOMAYSKY AGRICULTURAL: Creditors Must File Claims by Feb. 27
RINGO-TRADE LLC: Creditors Must File Claims by February 27

SVITANOK LLC: Creditors Must File Claims by February 27
TRADING HOUSE: Creditors Must File Claims by February 24


U N I T E D   K I N G D O M

AFC BOURNEMOUTH: Enters Into Administration
BLUE ROOM: Names Neil Francis Hickling Liquidator
CHRYSLER LLC: U.S. Bankruptcy Court Evaluates Tooling Request
COLLINS & AIKMAN: Bayer Unit Buys IP Rights on Thermoplastics
CONCORDIA BUS: S&P Raise Ratings to B- in Line with Parent

COTT CORP: Net Loss Rises to US$76.8MM in Quarter Ended Dec. 29
CUMMINS INC: Board Declares 12.5 Cents Per Share Dividend
ELECTRONIC DATA: Bob Hershey to Lead SAP Consulting Practice
FARROW INVESTMENTS: HSBC Bank Brings In PwC as Receivers
FORD MOTOR: Backs Up Chrysler's Tooling Request from Plastech

GAMEKEEPA FEEDS: Taps Milner Boardman as Administrators
GENERAL MOTORS: Backs Up Chrysler's Request to Recover Equipment
INVENSYS PLC: Will Redeem Outstanding Bonds on March 17
LDA INTERIOR: Claims Filing Period Ends March 14
MANCHESTER MARBLE: Names Administrators from Milner Boardman

MARTIN EVANS: Brings In Liquidators from Mazars
MAXJET AIRWAYS: Taps M. Beyer as Expert Valuation Consultants
MIDLAND SHEETMETAL: Taps Liquidators from PricewaterhouseCoopers
MTB EQUIPMENT: NatWest Bank Taps Menzies as Receivers
OAKLEY HOTELS: Calls In Liquidators from Tenon Recovery

PACKAGING ROLLER: Appoints Joint Administrators from Menzies
SCO GROUP: Eyes 26% Job Cuts to Reduce Expenses
SUN MICROSYSTEMS: Signs Stock Purchase Deal with innotek
SUN MICROSYSTEMS: To Launch Sun Vietnam With Frontline Tech
TATA MOTORS: Plans to Bring Hybrid Nano to Europe in Four Years

TATA MOTORS: Awards Speed Sensor Supply Deal to TT Electronics
WR GRACE: Seeks Court OK to Extend DIP Facility Until April 2010
WR GRACE: Asbestos Claims Estimation Trial to Resume March 24
WR GRACE: Wants to Contribute US$17 Million to Pension Plan

* BOOK REVIEW: A Legal History of Money in the United States


                           *********


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


AB-YZ LLC: Claims Registration Period Ends March 19
---------------------------------------------------
Creditors owed money by LLC AB-YZ (FN 151497s) have until
March 19, 2008, to file written proofs of claim to court-
appointed estate administrator Arno Maschke at:

          Dr. Arno Maschke
          c/o Dr. Peter Schulyok
          Mariahilfer Strasse 50
          1070 Vienna
          Austria
          Tel: 523 62 00
          Fax: 526 72 74
          E-mail: maschke@sup.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on April 2, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 24, 2008 (Bankr. Case No. 2 S 9/08y).  Peter Schulyok
represents Dr. Maschke in the bankruptcy proceedings.


ALFRED GATTRINGER: Claims Registration Period Ends March 18
-----------------------------------------------------------
Creditors owed money by LLC Alfred Gattringer Moebel-
Fachwerkstatte (FN 82374p) have until March 18, 2008, to file
written proofs of claim to court-appointed estate administrator
Gerhard Nathschlager at:

          Mag. Gerhard Nathschlager
          Eisenhandstrasse 15
          4020 Linz
          Austria
          Tel: 0732/775544-13
          Fax: 0732/775544-10
          E-mail: insolvenz@bzp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 1, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Hall 522
          Fifth Floor
          Linz
          Austria

Headquartered in Steyregg, Austria, the Debtor declared
bankruptcy on Jan. 23, 2008 (Bankr. Case No. 17 S 6/08v).


ALPHA INSPECT: Claims Registration Period Ends March 19
-------------------------------------------------------
Creditors owed money by LLC ALPHA INSPECT Warenpruefung (FN
152206h) have until March 19, 2008, to file written proofs of
claim to court-appointed estate administrator Klemens Dallinger
at:

          Dr. Klemens Dallinger
          c/o Dr. Guenther Hoedl
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 513 28 33
          E-mail: dallinger@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on April 2, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 23, 2008 (Bankr. Case No. 2 S 8/08a).  Guenther Hoedl
represents Dr. Dallinger in the bankruptcy proceedings.


BAUMEISTER ING. MULLY: Claims Registration Period Ends March 11
---------------------------------------------------------------
Creditors owed money by LLC Baumeister Ing. MULLY & Partner Bau
(FN 81817w) have until March 11, 2008, to file written proofs of
claim to court-appointed estate administrator Katharina Twaroch-
Nowak at:

          Mag. Katharina Twaroch-Nowak
          Gusshausstrasse 23
          1040 Vienna
          Austria
          Tel: 505 88 31
          Fax: 505 94 64
          E-mail: kanzlei.twaroch@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on March 25, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 23, 2008 (Bankr. Case No. 28 S 12/08f).


IMMO-MARKETING: Claims Registration Period Ends March 11
--------------------------------------------------------
Creditors owed money by KEG IMMO-MARKETING Boigner (FN 127105w)
have until March 11, 2008, to file written proofs of claim to
court-appointed estate administrator Guenther Hoedl at:

          Dr. Guenther Hoedl
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 513 16 55
          Fax: 513 16 55 33
          E-mail: Hoedl@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 25, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 23, 2008 (Bankr. Case No. 28 S 155/07h).


LOG-TRANS: Claims Registration Period Ends March 17
---------------------------------------------------
Creditors owed money by LLC LOG-TRANS Transport (FN 103131p)
have until March 17, 2008, to file written proofs of claim to
court-appointed estate administrator Gerhard Wagner at:

          Dr. Gerhard Wagner
          Spittelwiese 6
          4020 Linz
          Austria
          Tel: 77 58 00
          Fax: 77 58 00 - 15

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 31, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Haid bei Ansfelden, Austria, the Debtor
declared bankruptcy on Jan. 23, 2008 (Bankr. Case No. 12 S
3/08s).


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


CHIQUITA BRANDS: Completes US$200MM Offering of 4.25% Sr. Notes
---------------------------------------------------------------
Chiquita Brands International, Inc., closed its offering of
US$200 million aggregate principal amount of 4.25% Convertible
Senior Notes, including the full exercise by the underwriters of
the US$25 million overallotment option granted by the company.
Net proceeds of approximately US$194 million will be used to
repay a portion of the outstanding amounts under the company's
Term Loan C of its senior secured credit facility.

The convertible senior notes mature in 2016 and will bear
interest at a rate of 4.25% per annum, payable semi-annually in
arrears, beginning Aug. 15, 2008.  The Notes are convertible,
under certain circumstances described in the prospectus, at an
initial conversion rate of 44.5524 shares of common stock per
US$1,000 original principal amount of Notes, equivalent to an
initial conversion price of approximately US$22.45 per share of
Chiquita common stock, subject to adjustment.  This represents
an initial premium of approximately 32.5% to the last reported
sale price of Chiquita's common stock on Feb. 6, 2008, of
US$16.94.

The Notes are unsecured unsubordinated obligations of Chiquita
Brands International, Inc., and rank equally with any unsecured
unsubordinated indebtedness Chiquita may incur.  Beginning
Feb. 19, 2014, Chiquita may call the Notes for redemption if the
common stock trades above 130% of the conversion price, or
initially approximately US$29.19 per share, for at least 20 of
the 30 trading days preceding the redemption notice.  The offer
and sale of the convertible senior notes were made pursuant to
an effective shelf registration statement filed with the U.S.
Securities and Exchange Commission.

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

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

A prospectus may also be obtained from:

    Morgan Stanley & Co. Inc.
    Prospectus Department
    180 Varick Street
    New York, New York 10014
    Tel: 1-866-718-1649
    E-mail: prospectus@morganstanley.com

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

                          *     *     *

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


LEVI STRAUSS: Nov. 25 Balance Sheet Upside-Down by US$398 Mln
-------------------------------------------------------------
Levi Strauss & Co.'s balance sheet, as of Nov. 25, 2007, showed
total assets of US$2.85 billion and total liabilities of US$3.24
billion, resulting in a US$398 million stockholders' deficit.

For the full year of 2007, the company reported US$460.3 million
of net income on US$4.1 billion of net sales compared to
US$239 million of net income on US$4.2 billion of net sales in
2006.

Net revenues for the fourth quarter improved 2 percent to
US$1.3 billion compared to the same period last year, and
increased 4 percent to US$4.4 billion for fiscal 2007 compared
with the previous year on a reported basis.  Excluding currency
effects, net revenues decreased by 2 percent in the quarter
compared with the same period in 2006, reflecting declining
sales in North America. For the fiscal year, net revenues
increased 1 percent excluding currency effects compared to 2006,
driven by sales growth in Asia-Pacific emerging markets, Europe
and the U.S. Levi's(R) brand.

Income before income tax increased 9 percent to US$376 million
for fiscal 2007 compared with US$345 million in fiscal 2006.
Net income increased in the fourth quarter by 179 percent or
US$171 million to US$267 million compared to the same period
last year.

"In 2007 we continued to make good progress on growing the
Levi's(R) brand around the world, upgrading our Levi's(R) and
Dockers(R) products, and expanding our retail network, said John
Anderson, president and chief executive officer.  "I'm
particularly pleased with the solid performance of our European
business.  Although the company had a challenging fourth
quarter, we improved our financial strength in 2007."

"Looking ahead, we anticipate a difficult retail environment in
several markets around the world. We will focus on product
innovation, retail expansion and optimizing our global presence
in more than 110 countries," said Mr. Anderson.

"We continued to improve our financial strength in 2007,
delivering solid operating margins while investing in our brands
and systems.  We also reduced debt by more than US$250 million
and secured lower interest rates in our debt restructuring
actions taken during the year, helping us further reduce
interest expense, said Hans Ploos van Amstel, Chief Financial
Officer.  "In 2008, we are continuing to focus on cash flow and
building our brands.  Our improved financial strength will help
us as we face the economic uncertainty ahead.

                   About Levi Strauss & Co.

Headquartered in San Francisco, California, Levi Strauss & Co. -
- http://www.levistrauss.com/-- is a branded apparel company.
The company designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's, Dockers and Levi
Strauss Signature brands in markets around the world.  Levi
Strauss & Co. distributes its Levi's and Dockers products
primarily through chain retailers and department stores in the
United States, and through department stores, specialty
retailers and franchised stores abroad.  The company distributes
its Levi Strauss Signature products through mass channel
retailers in the United States and abroad.

The company employs a staff of approximately 10,000 worldwide,
including approximately 1,010 at the company's San Francisco,
California headquarters.  Levi Strauss Europe is headquartered
in Brussels, Belgium, while Levi's Asia Pacific division is
based in Singapore.  Levi's has operations in Brazil, Mexico,
Chile and Peru.

                         *     *     *

In October 2007, Fitch Ratings assigned a 'BB+' rating to Levi
Strauss & Co.'ssecond amended and restated US$750 million 5-year
Asset-Based Revolving Credit Facility.  The rating outlook is
stable.

Levi Strauss carries Fitch's BB- Issuer Default Rating; BB+ Bank
Credit Facility rating; and BB- Senior Unsecured Notes rating.


POPE & TALBOT: Trout Lake Property Put to InterFor APA
------------------------------------------------------
PricewaterhouseCoopers Inc., as monitor of the proceedings
commenced by Pope & Talbot Ltd. and its subsidiaries under the
Companies' Creditors Arrangement Act, reports that through
negotiations with the British Columbian Government with respect
to required approvals for the sale of the Applicants' wood
business assets to International Forest Products Limited, the
Applicants' Trout Lake property was added to the InterFor Asset
Purchase Agreement to maintain it as part of a tree farm
license.

The Trout Lake property was originally part of the Applicants'
surplus lands sales process, and had an asking price of
CDN$595,000.  The Applicants and the Monitor believe this in an
equitable transaction.

The Monitor notes that based on discussions it had with the
British Columbian Government and the Applicants, the various
B.C. Government approvals for the transfer of certain licenses,
permits, leases and freehold lands appears to be progressing
towards an early April 2008 date.

As reported in the Troubled Company Reporter on Jan. 14, 2008,
the U.S. Bankruptcy Court for the District of Delaware
approved the sale, pursuant to an amended purchase agreement,
of the Debtors' wood products business to InterFor for
US$69,000,000.

Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other
OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood
products business.  Pope & Talbot was founded in 1849 and
produces market pulp and softwood lumber at mills in the US and
Canada.  Markets for the company's products include the US,
Europe, Canada, South America and the Pacific Rim.

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007.  The Debtors' CCAA Stay expired
on Jan. 16, 2008.

The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738).  Shearman & Sterling LLP is the Debtor's
bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski,
Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy
co-counsel.  The Official Committee of Unsecured Creditors
selected Fried, Frank, Harris, Shriver & Jacobson LLP as its
bankruptcy counsel.  When the Debtors filed for bankruptcy, they
listed total assets of US$681,960,000 and total debts of
US$601,090,000.

The Debtors' exclusive period to file a plan expires on
March 18, 2008.

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.

(Pope & Talbot Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


POPE & TALBOT: Asks Court to Set April 3 as Claims Bar Date
-----------------------------------------------------------
To address the potential inconsistency between the treatment of
claims incurred but not paid by Pope & Talbot Inc. and its
debtor-affiliates between the October 28 Canadian Filing Date
and the November 19 Chapter 11 Petition Date, the Debtors
obtained permission of the U.S. Bankruptcy Court for the
District of Delaware to pay Gap Claims in the same manner as if
the Claims had arisen after the Petition Date.

The Debtors do not believe that any Gap Claims remain unpaid,
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
in Wilmington, Delaware, states.  "The Debtors expect to sell
all of their operating assets by the end of the first quarter of
2008.  Although it is not yet clear how much the Debtors will
realize from the sale of their assets, the Debtors anticipate
that the proposed sales will enable them to provide a
distribution to their unsecured creditors pursuant to a plan of
liquidation."

Rule 3003(c)(2) of the Federal Rules of Bankruptcy Procedure
provides that any creditor whose claim is not scheduled or whose
claim is scheduled as disputed, contingent or unliquidated must
file a proof of claim.

Accordingly, the Debtors ask the Court to establish:

   -- April 3, 2008, as the deadline for creditors to assert
      claims arising on or before the Petition Date against the
      Debtors to file original, written proofs of claim; and

   -- May 19, 2008, as the last day by which governmental units
      must file claims against any of the Debtors.

Ms. Jones relates that creditors should be required to submit
proofs of claim only with respect to claims that arose prior to
the Oct. 28, 2008 Canadian Filing Date, and not the Chapter 11
Petition Date.  "Utilization of the Canadian Filing Date is
appropriate to facilitate coordination of the Insolvency
Proceedings," she maintains.

The Debtors propose that the Bar Dates should not apply to the
certain categories of claims or interests, including:

   (a) Administrative expenses,
   (b) GAP Claims,
   (c) Properly Scheduled Claims,
   (d) Previously filed claims,
   (e) Interests,
   (f) Previously Allowed Claims,
   (g) Intercompany Claims,
   (h) Claims arising on account of Notes,
   (i) Paid Claims,
   (j) Claims Against Non-Debtor Affiliates,
   (k) Claims relating to rejected executory contracts, and
   (l) Prepetition Agents' claims on non-default interest.

                        Claims Protocol

Coordination of the claims process is essential and should,
among other things, maximize the efficiency of the claims
process, reduce the associated costs, and avoid duplication of
effort on the part of the British Columbia Supreme Court and the
Bankruptcy Court, the Debtors, and the Debtors' creditors, Ms.
Jones points out.

The Debtors propose that any of their creditor or equity
security holder may file a proof of claim or interest with
either Kurtzman Carson Consultants LLC, the Debtors' claims
agent, or the Monitor in the Canadian Proceedings.  If a
creditor files a claim with both KCC and the Monitor, the last
timely filed claim will govern.

The Bankruptcy Court will be the forum to determine all claims
asserted against the Debtors arising principally out of their
operations in the United States, and the Canadian Court will be
the forum to determine all claims asserted against the
Applicants, arising principally out of their operations in
Canada.

KCC and the Monitor will seek to establish a common list of
creditor claims in respect of each of the Debtors as far as
reasonably practicable.

In resolving disputes relating to the terms, intent or
application of the Claims Protocol, the Bankruptcy and Canadian
Courts will hold a joint hearing to resolve any dispute, unless
all parties involved consent to the resolution of the dispute by
a single Court.

As reported in the Troubled Company Reporter-Europe on Dec. 6,
2007, the Debtors asked the U.S. Bankruptcy Court for authority
to implement a proposed cross-border insolvency protocol to
govern the administration of the Debtors' dual proceedings
between the Bankruptcy Court and the Canadian Court.

Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
in Wilmington, Delaware, said that a cross-border protocol is
needed to ensure that:

   -- the Debtors' Chapter 11 cases and the CCAA insolvency
      proceedings are coordinated to avoid inconsistent,
      conflicting or duplicative activities;

   -- all parties are informed adequately of key issues in the
      Chapter 11 cases and the CCAA proceedings;

   -- the substantive rights of all parties are protected; and

   -- the jurisdictional integrity of the Bankruptcy Court and
      the Canadian Court is preserved.

As reported in the The Troubled Company Reporter-Europe on
Dec. 28, 2007, the Debtors' proposed cross-border insolvency
protocol was approved by both the U.S. Bankruptcy Court and the
Canadian Court.

Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other
OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood
products business.  Pope & Talbot was founded in 1849 and
produces market pulp and softwood lumber at mills in the US and
Canada.  Markets for the company's products include the US,
Europe, Canada, South America and the Pacific Rim.

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007.  The Debtors' CCAA Stay expired
on Jan. 16, 2008.

The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738).  Shearman & Sterling LLP is the Debtor's
bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski,
Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy
co-counsel.  The Official Committee of Unsecured Creditors
selected Fried, Frank, Harris, Shriver & Jacobson LLP as its
bankruptcy counsel.  When the Debtors filed for bankruptcy, they
listed total assets of US$681,960,000 and total debts of
US$601,090,000.

The Debtors' exclusive period to file a plan expires on
March 18, 2008.

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.

(Pope & Talbot Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


POPE & TALBOT: Can Sell Pulp Business Assets to PT Pindo Deli
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
authorized Pope & Talbot Inc. and its debtor-affiliates to sell
their pulp business assets to PT Pindo Deli Pulp and Paper Mills
for US$105,290,000, subject to certain adjustments, pursuant to
an asset purchase agreement dated Jan. 8, 2008.

The Hon. Christopher S. Sontchi approved in its entirety the
terms and conditions of the Pindo Deli APA, and the transactions
contemplated by the APA, including:

   -- the sale of the Debtors' Pulp Business Assets to Pindo
      Deli, free and clear of all liens or any other interest of
      any entity attaching to the proceeds of the Sale, except
      for certain permitted encumbrances other than mechanics
      liens;

   -- the Debtors' assumption and assignment to Pindo Deli of
      certain assigned contracts;

   -- Pindo Deli's assumption of certain liabilities; and

   -- the parties' performance under a transition services
      agreement which will be entered into before the closing
      date of the Sale, in a form reasonably satisfactory to
      Pindo Deli, the Official Committee of Unsecured Creditors
      and the Debtors' DIP Agents.

The Court held that the liens and security interests of the
lenders under the Debtors' DIP Loan Agreement and Prepetition
Credit Agreement will attach to the proceeds of the Sale, with
the same priority, validity, force and effect as the interests
existed immediately prior to the closing of the Sale.

In accordance with the APA, Pindo Deli has elected to exclude
certain transactions from the Assigned Contracts.

Judge Sontchi authorized and directed Pindo Deli to pay the
Debtors, at the Closing Date, certain cure costs with respect to
each Assigned Contracts, which will be deducted from the
Purchase
Price.

                       Other Provisions

Prior to the Court's approval of the Pindo Deli APA, 10 parties
objected to the Debtors' then proposed cure amounts, in
connection with the assumption and assignment of certain leases
to Pindo Deli.

In disputing the Debtors' Cure Amount Schedule, the Objecting
Parties submitted their individual computations of the "correct
amounts", most of which, provides for the additional amount of
arrears that have accrued or may accrue during the Debtor's
Chapter 11 proceedings.  The Objecting Parties are:

   (1) Western Forest Products Inc.,
   (2) Automotive Rentals, Inc.,
   (3) ARI Financial Services Inc.,
   (4) Georgia Pacific LLC,
   (5) Georgia Pacific Corporation,
   (6) Georgia Pacific West Inc.,
   (7) James River Paper Company Inc.,
   (8) James River Paper Corporation of Virginia,
   (9) Winthrop Resources Corporation, and
  (10) Canadian Forest Products Ltd.

The Debtors will attempt to resolve timely objections to any
cure costs.

IGI Resources Inc., and BP Energy Company objected to the
proposed assumption and assignment of an IGI gas management
services contract, without the assumption and assignment of a
related IGI gas supply contract.  "To avoid confusion, the
Debtors should clarify their intent by identifying properly both
contracts to be assumed and assigned," Craig A. Wolfe, Esq., at
Kelley Drye & Warren LLP, in New York asserted, on IGI's behalf.

Linn County, Oregon and Multnomah County, Oregon are holders of
secured tax claims in the Debtors' Chapter 11 proceedings.  At
the request of Linn County and Multnomah County, the Court held
that the liens that secure the Tax Claims will attach to the
sale proceeds with the same priority, validity, force and effect
as existed on the Petition Date.

According to Judge Sontchi, the alleged amount of Linn County's
Tax Claims for the year 2007 - 2008 for US$353,440, and the
alleged amount of Multnomah County's Tax Claims for the year
2007 - 2008 for US$7,998, will be escrowed, or otherwise
deposited in trust or segregated by the Debtors pending release,
until further order of the Court or the individual consent of
Linn County and Multnomah.

Judge Sontchi will decide on the objections asserted by Winthrop
Resources Corporation at a hearing to be held on Feb. 26, 2008.

Winthrop Resources does not object to the Debtors' decision to
sell the Pulp Business Assets to Pindo Deli.  Winthrop, however,
does not consent to the assumption and assignment of its
equipment lease with the Debtors to Pindo Deli, because the
Debtors are seeking to assume and assign only a portion of the
Equipment Lease which is applicable to the Debtors' Pulp
Business.  The Equipment Lease also applies to the Debtors'
other assets and business operations, Mary F. Caloway, Esq., at
Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, stated,
on Winthrop's behalf.    Moreover, she noted, the Debtors have
not provided Winthrop with adequate assurance that Pindo Deli
will be able to perform the lessee's obligations under the
Lease.

Lawson Software Inc., disputed the "assignability" of a software
product license agreement and services agreement it entered into
with the Debtors.  The firm maintained that copyright licenses
cannot be assigned without the permission of the copyright
owner.

No consent from any third party is required to effectuate the
assumption and assignment of the Assigned Contracts, Judge
Sontchi ruled.

The Court also authorized the Debtors to file under seal certain
exhibits that relate to:

     -- Key Employees,
     -- Unqualified Retirement Benefit Liabilities,
     -- Customers and Suppliers,
     -- Labor Matters,
     -- Conduct of Business Prior to the Closing,
     -- Salaried Employees,
     -- Key Contracts, and
     -- Fiber Presentation.

A full-text copy of the Pulp Business Sale Order is available
for free at http://researcharchives.com/t/s?27ff

                      Monitor's Comments

PricewaterhouseCoopers Inc., as monitor of the proceedings
commenced by Pope & Talbot Ltd. and its subsidiaries under the
Companies' Creditors Arrangement Act, reports that the net
purchase price and other asset net realizations for the Debtors'
Pulp Business Assets Sale total US$211,000,000.

The Monitor believes that the Debtors' estimate should be
US$3,000,000 lower as a result of certain Cure Amounts not fully
provided for by the Debtors.  Thus, the Monitor's revised
estimate is US$208,000,000.

As part of estimating the net purchase price, the Debtors have
provided for a potential purchase price reduction related to the
Cure Amounts.  The Debtors are not yet certain which contracts
Pindo Deli will assume and, therefore, the amount cannot be
determined yet.

The Debtors have estimated the maximum Cure Amounts to total
US$7,000,000.  The Monitor has reviewed this estimate, and
believes that the total Cure Costs are likely understated by
US$3,000,000, as a result of disputed arrears as between the
Debtors and certain creditors that have not been included.
Accordingly, the Monitor has estimated the Cure Amounts to
aggregate US$10,000,000.

Through the Chapter 11 proceedings, the Debtors sent a notice of
cure amounts to all contract holders.  The amounts currently
claimed by creditors total US$10,000,000 -- US$7,000,000 for
Canadian creditors and approximately US$3,000,000 for U.S.
creditors.

As noted in the Monitor's Sixth Report to the Canadian Court,
there are differences in U.S. and Canadian law in relation to
contracts to be assigned and the treatment of those contracts.

The ultimate effect of the Pindo Deli APA may see some creditors
paid prepetition debt by reason of the selection by Pindo Deli
to continue their contract, the Monitor notes.  The effect of
the payments may be inconsistent with Canadian insolvency Law,
the Monitor adds.

The Debtors initially targeted to complete the Pindo Deli
transaction by Feb. 15, 2008, as required by the DIP loan
agreement.  Certain government approvals for transferring
licenses and freehold land remain to be accomplished though,
according to the Monitor.  It is clear that the transaction will
not be completed by February 15, based on the government
approvals, the Monitor points out.  "The end of March appears to
be the earliest that the transaction could reasonably be
completed."

The Pindo Deli APA provides an exclusion of any environmental
liabilities that exist at the time of closing.  It may not be
possible to exclude this liability contractually, the Monitor
points out.

The Monitor maintains that had any further time been provided to
the bidding process, it would not have created a financially
superior transaction than the Pindo Deli transaction.
Accordingly, the Monitor supports the Pindo Deli APA.

As reported in the Troubled Company Reporter on Jan. 28, 2008,
the Debtors sought and obtained the Court's approval of amended
bidding procedures for the sale of their pulp business assets
located in Halsey, Oregon; Nanaimo, British Columbia; and
Mackenzie, British Columbia.

The Amendment included provisions for an asset purchase
agreement the Debtors entered into on Jan. 8, 2008, with PT
Pindo Deli Pulp & Paper Mills, as the stalking horse bidder,
with respect to the Pulp Business Assets.

Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other
OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood
products business.  Pope & Talbot was founded in 1849 and
produces market pulp and softwood lumber at mills in the US and
Canada.  Markets for the company's products include the US,
Europe, Canada, South America and the Pacific Rim.

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007.  The Debtors' CCAA Stay expired
on Jan. 16, 2008.

The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738).  Shearman & Sterling LLP is the Debtor's
bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski,
Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy
co-counsel.  The Official Committee of Unsecured Creditors
selected Fried, Frank, Harris, Shriver & Jacobson LLP as its
bankruptcy counsel.  When the Debtors filed for bankruptcy, they
listed total assets of US$681,960,000 and total debts of
US$601,090,000.

The Debtors' exclusive period to file a plan expires on
March 18, 2008.

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.

(Pope & Talbot Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


POPE & TALBOT: Can Sell Remaining Wood Products to Fox Lumber
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
authorized Pope & Talbot Inc. and its debtor-affiliates to sell
their remaining wood products business to Fox Lumber Sales Inc.
for US$750,000.  Fox Lumber was highest and best bidder at an
auction held on Feb. 5, 2008.

The Hon. Christopher S. Sontchi approved in its entirety the
asset purchase agreement between the Debtors and Fox Lumber, and
the
transactions contemplated by the APA, including:

   -- the sale of the the Debtors' Remaining Wood Products
      Business to Fox Lumber, free and clear of all liens and
      encumbrances, with any other interest of any entity
      attaching to the proceeds of the Sale;

   -- the Debtors' assumption and assignment of certain assigned
      contracts to Fox Lumber; and

   -- Fox Lumber's assumption of certain liabilities.

The liens and security interests of the lenders under the
Debtors' DIP Loan Agreement and Prepetition Credit Agreement
will attach to the proceeds of the Sale, with the same priority,
validity, force and effect as the interests existed immediately
prior to the closing of the Sale, the Court ruled.

So long as any amounts remain outstanding under the DIP Loan
Agreement and Prepetition Credit Agreement, the proceeds from
the Sale will not be used by the Debtors absent the consent of
the DIP Agents and Lenders, Judge Sontchi clarified.

The Court also authorized and directed the Debtors to pay, by
the Closing Date, any cure costs with respect to the Assigned
Contracts.  No consent from any third party is required to
effectuate assumption and assignment of the Assigned Contracts.

All objections to the Court's Sale Order that have not been
withdrawn, waived, adjourned, resolved or settled, and all
reservations of rights, are overruled.

                      Canadian Proceedings

The Applicants sought the authority of the British Columbia
Supreme Court to sell their Remaining Wood Products Business to
Fox Lumber.

Kathy L. Mah, Esq., at Stikeman Elliott LLP, in Toronto, Canada,
told the Court that the Sale would provide the Applicants with
the best opportunity to realize value from their Remaining Wood
Products Business, and would provide immediate cash recovery to
the Applicants' creditors.

A full-text copy of the Remaining Wood Products Sale Bankruptcy
Order is available for free at:

               http://researcharchives.com/t/s?2800

As reported in the Troubled Company Reporter on Jan. 28, 2008,
Pope & Talbot Inc. asked the Court's authority to sell their
remaining wood products business to the highest and best bidder
at an auction on Feb. 5, 2008.

Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other
OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood
products business.  Pope & Talbot was founded in 1849 and
produces market pulp and softwood lumber at mills in the US and
Canada.  Markets for the company's products include the US,
Europe, Canada, South America and the Pacific Rim.

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007.  The Debtors' CCAA Stay expired
on Jan. 16, 2008.

The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738).  Shearman & Sterling LLP is the Debtor's
bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski,
Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy
co-counsel.  The Official Committee of Unsecured Creditors
selected Fried, Frank, Harris, Shriver & Jacobson LLP as its
bankruptcy counsel.  When the Debtors filed for bankruptcy, they
listed total assets of US$681,960,000 and total debts of
US$601,090,000.

The Debtors' exclusive period to file a plan expires on
March 18, 2008.

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.

(Pope & Talbot Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SOLUTIA INC: Lenders Seek Clarification of Funding Commitment
-------------------------------------------------------------
Citigroup Global Markets Inc., Goldman Sachs Credit Partners
LP, Deutsche Bank Trust Company Americas and Deutsche Bank
Securities Inc., are seeking a declaratory judgment that:

   (a) their funding obligations are conditioned upon
       satisfaction of the "Adverse Market Change Provision";

   (b) they are not in breach of the Commitment Letter because
       all conditions precedent to the commitment of each
       Commitment Party for closing of the "Facilities" have not
       been met; and

   (c) Solutia Inc., remains obligated under the Commitment
       Letter to indemnify the Commitment Parties in connection
       with any investigation, litigation or proceeding related
       to the Commitment Letter or the documentation and
       transaction contemplated, including the cost of the
       Adversary Proceeding, as well as for transaction costs.

D. J. Baker, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in New York, counsel for the Commitment Parties, contends that
Solutia "goes to great lengths to create a smokescreen of
alleged extraneous and irrelevant matters in order to distract
from the fact that the Commitment Letter is a simple contract
with unambiguously clear, concise and enforceable terms and
conditions which have not been satisfied."

These terms and conditions were heavily negotiated and agreed to
in writing by the parties, Mr. Baker argues, saying that the
Commitment Letter is "explicit and unequivocal."

Mr. Baker also notes that one important condition to each
Commitment Party's obligation to assume the risk of completing
syndication and fund the loan was that there not be "any adverse
change since the date of this Commitment Letter, Oct. 25, 2007,
in the loan syndication, financial or capital markets generally
that, in the reasonable judgment of such Commitment Party,
materially impairs syndication of the Facilities."

According to Mr. Baker, when the market disruptions developed in
July and August, Solutia temporarily suspended its exit
financing search.  Solutia resumed its efforts when the markets
showed signs of improvement in September.  At that time, he
notes, Solutia recommenced its exit financing solicitation, and
each of the Commitment Parties submitted separate and
independent proposals, which included an adverse market change
provision.

Indeed, Citigroup explicitly advised Solutia that the inclusion
of an adverse market change provision was a condition for
approval of the financing by its credit committee, Mr. Baker
tells the U.S. Bankruptcy Court for the Southern District of New
York.  The precise wording of the Adverse Market Change
Provision was specifically negotiated over a period of days, and
several proposals and counter-proposals were exchanged, as
Solutia and its advisors tried to narrow and limit the Adverse
Market Change Provision, before the parties agreed to the
version that appears in the executed contract, he relates.

Mr. Baker further states that "there can be no doubt that the
markets have changed adversely since Oct. 25, 2007" -- a fact
recognized by the Federal Reserve Board, and "virtually every
financial regulator, newspaper, commentator and practitioner in
the world."

Under the Commitment Letter, Solutia agreed to provide certain
information necessary for the Commitment Parties to offer the
Facilities to the market.  Mr. Baker alleges that Solutia did
not provide the required information until early January.  Due
to the adverse changes in the markets that had occurred since
October 25, and despite the Commitment Parties' diligent
efforts, few potential buyers have shown interest in the
syndication, he avers.

Mr. Baker maintains that the Commitment Parties have not
breached the Commitment Letter and related agreements, and are
entitled to have those agreements enforced according to their
express terms.

The Commitment Parties' judgment that the adverse market changes
have materially impaired the syndication is "eminently
reasonable" and is supported not only by their inability to
syndicate the deal, but by objective evidence and views of
market experts, insists Mr. Baker.

                Solutia Wants Counterclaims Barred

Solutia tells the Court that the Counterclaims of the Commitment
Parties should be barred, in whole or it part:

   (i) because the Commitment Parties have failed to state a
       claim upon which relief can be granted;

  (ii) by the equitable doctrine of unclean hands; and

(iii) by the doctrines of estoppel, and waiver or ratification.

Any recovery by the Commitment Parties would constitute unjust
enrichment, Richard I. Werder, Jr., Esq., at Quinn Emanuel
Urquhart Oliver & Hedges LLP, in New York, asserts, on Solutia's
behalf.  Solutia, at all relevant times, acted in good faith and
with reasonable diligence, he says.

Mr. Werder argues that the Commitment Parties' counterclaim for
indemnity fails because the Commitment Letter provides, in part,
that parties may not seek indemnification "to the extent such
actual claim, damage, loss, liability or expense (x) is caused
by
the bad faith, gross negligence or willful misconduct of such
Indemnified Party, as determined by a final judgment of a court
of competent jurisdiction . . ."

Solutia reserves the right to assert defenses, whether
affirmative or otherwise, about which it presently lacks
knowledge or information, but which may become available to it
during the course of the Adversary Proceeding.  Solutia also
reserves the right to amend its answer.

              Retirees Committee Seeks to Intervene

The Official Committee of Retirees in the Debtors' Chapter 11
cases relates that Solutia has consented to the panel's
intervention as a plaintiff in the Adversary Proceeding.

Representing the Retirees Committee, Daniel D. Doyle, Esq., at
Spencer Fane Britt & Browne LLP, in St. Louis, Missouri, states
that, as the representative of approximately 20,000 retirees who
are claimholders under the Debtors' confirmed Fifth Amened Joint
Plan of Reorganization, the Retirees Committee has an
unconditional right to intervene in the  Adversary Proceeding.

The Retirees Committee also has a right to permissive
intervention under Federal Rule of Civil Procedure 24 (a) or
(b), Mr. Doyle adds.

The outcome of the Adversary Proceeding will directly affect the
Plan and will, therefore, affect future benefits to be provided
to the retirees, says Mr. Doyle.

Pursuant to Bankruptcy Rule 7024(c), the Retirees Committee
adopts the same claims asserted in the Complaint, and adopts the
Complaint as its pleading setting forth the claims for which the
Retirees Committee seeks intervention as a plaintiff.

                     Solutia Wants Testimonies

Solutia seeks to compel the deposition of corporate
representatives of the Commitment Parties and Citigroup Chief
Executive Officer Vikram Pandit.

Mr. Werder tells the Court that the Commitment Parties have
refused to produce corporate representatives in response to Rule
30(b)(6) of the Federal Rules of Civil Procedure deposition
notices to produce a person most knowledgeable on certain
limited topics.

According to Mr. Werder, the Commitment Parties have stated
that, at this point, they will not designate 30(b)(6) witnesses
at all.  After all percipient depositions are completed, the
Commitment Parties "will" consider the request to designate
these witnesses.

Mr. Werder argues that the Commitment Parties' actions are
improper because:

    -- the Commitment Parties are required to produce the
       witness that have properly been noticed;

    -- the Rules do not afford a party discretion to choose who
       they want to testify; and

    -- percipient witnesses are not the same as corporate
       representatives.

Mr. Werder notes that percipient witnesses might be third
parties or employees who just happened to be in the right place
at the right time to have relevant information.  A 30(b)(6)
witness, on the other hand, must testify about information not
only known to himself, but also information known or reasonably
available to the organization, he explains.

The Commitment Parties' refusal to comply with Rule 30(b)(6) is
"a stall tactic" to delay discovery with the hope that the clock
will expire in this expedited proceeding before the deposition
of their corporate representatives can be taken, Mr. Werder
contends.  The Court has ordered that fact witness depositions
will be completed no later than Feb. 18, 2008.

The 30(b)(6) notices called for the designation of witnesses to
testify about:

   (a) the history and extent of each Commitment Party's use of
       Adverse Change Provisions or Market MAC Provisions in
       commitment letters, agreements, and other documents
       relating to the provision of financing;

   (b) all instances in which each Commitment Party has
       declined, refused or failed to fund a loan facility or
       loan facilities by invoking, citing, or otherwise relying
       on an Adverse Change Provision or Market MAC Provision,
       and all instances in which each Commitment Party has
       threatened to call a MAC; and

   (c) the reason that each Commitment Party decided not to fund
       Solutia's Exit Financing package.

With respect to Mr. Pandit, Solutia has noticed the need to
depose the CEO on Feb. 7, 2008.  However, counsel to Citigroup
said in a conference call to Solutia's counsel that Citigroup
would not produce Mr. Pandit because Solutia had no good faith
basis to assert the CEO was involved in any issue relevant to
the case.

According to Susheel Kirpalani, Esq., at Quinn Emanuel Urquhart
Oliver & Hedges, LLP, in New York, the decision not to fund
Solutia's Exit Financing was made by none other than Mr. Pandit
himself.  Only Mr. Pandit possesses unique knowledge as to the
decision he himself made to withdraw from fund the Exit
Financing in reliance upon market conditions -- a first ever for
Citigroup, Mr. Kirpalani tells the Court.

The Exit Financing is crucial to Solutia's hope to emerge from
Chapter 11 as planned, and to financially support its confirmed
Plan, Mr. Kirpalani asserts.

The possibility that Citigroup may not believe Mr. Pandit has
sufficiently relevant information to justify his disposition is
simply not a basis to withhold him, Mr. Kirpalani maintains.

                          *     *     *

To accommodate Solutia's financing needs, the Court agreed to
commence the trial with respect to the Complaint on Feb. 21,
2008, and conclude it on February 26, Rosemary L. Klein,
Solutia's senior vice president, general counsel and secretary,
disclosed in a filing with the Securities and Exchange
Commission.

As previously reported, funding of the obligations under the
Commitment Letter by the Commitment Parties is a condition to
consummation of Solutia's confirmed Plan.  The equity commitment
letter with respect to the creditor rights offering contains
closing conditions including that the effective date of
Solutia's Plan will have occurred by Feb. 28, 2008, according to
Ms. Klein.

No assurance can be given that Solutia will prevail in its
dispute with the Commitment Parties or that the Court will enter
an order in time to force closing by Feb. 28, 2008, Ms. Klein
states.  Even if a timely order is entered, no assurance can be
given that the Commitment Parties would not be able to obtain a
stay pending appeal.  Any of these factors could cause Solutia
to fail to meet a closing condition under the creditor rights
offering commitment, she adds.

                        About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) --
http://www.solutia.com/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 118;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or
215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 11,
2007, Standard & Poor's Ratings Services assigned its 'B+' loan
rating to Solutia Inc.'s (D/--/--) proposed $1.2 billion senior
secured term loan and a '3' recovery rating, indicating the
likelihood of a meaningful (50%-70%) recovery of principal in
the event of a payment default.  The ratings are based on
preliminary terms and conditions.  S&P also assigned its 'B-'
rating to the company's proposed $400 million unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.
S&P expect the outlook to be stable.


SOLUTIA INC: Resolves EPA Environmental Claim for US$3,600,000
--------------------------------------------------------------
Judge Prudence Carter Beatty of the U.S. Bankruptcy Court for
the Southern District of New York approved a settlement
agreement between Solutia Inc. and the Environmental Protection
Agency, giving the government a US$3,600,000 unsecured claim to
compensate for costs incurred to clean a toxic industrial site
on Ferry Street in St. Louis, Missouri.

The original environmental claim -- Claim No. 11276 -- asserted
contamination charges for US$9,800,000.

The Allowed EPA Claim and its remaining portions will be treated
in accordance with Solutia's Consensual Plan of Reorganization,
as confirmed on Nov. 29, 2007.

                        About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) --
http://www.solutia.com/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice.  The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 118;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 11,
2007, Standard & Poor's Ratings Services assigned its 'B+' loan
rating to Solutia Inc.'s (D/--/--) proposed US$1.2 billion
senior secured term loan and a '3' recovery rating, indicating
the likelihood of a meaningful (50%-70%) recovery of principal
in the event of a payment default.  The ratings are based on
preliminary terms and conditions.  S&P also assigned its 'B-'
rating to the company's proposed US$400 million unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.
S&P expect the outlook to be stable.


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


ALCATEL-LUCENT: Forms Long-Term Evolution Joint Venture with NEC
----------------------------------------------------------------
Alcatel-Lucent SA and NEC Corporation have decided to form a
joint venture that will focus on the development of Long Term
Evolution (LTE) wireless broadband access solutions.

These solutions will support the network evolution of leading
customers around the world, such as NTT DoCoMo, who has already
selected NEC as a vendor for commercial service deployment of
its Super 3G (LTE) project, and Verizon, with whom Alcatel-
Lucent has already initiated a LTE trial program.  Through this
joint development effort, the two companies intend to accelerate
the availability of next-generation wireless solutions.

Leveraging the common LTE product strategy and platform of the
joint venture, Alcatel-Lucent and NEC will each manage delivery,
project execution and dedicated support to their respective
customers.

Under this joint venture, the two companies will pool their
existing research & development resources and leverage market-
proven expertise in key technologies on which next-generation
wireless access is based, such as IP, multiple input/multiple
output and orthogonal frequency division multiple access.
Through this joint development effort, Alcatel-Lucent and NEC
are affirming their R&D investment commitments and combining
them to accelerate product innovation, differentiation and
performance.  The goal of the two companies is to achieve faster
commercial availability of LTE solutions, serve an expanded,
global customer base, and establish a leading position in the
early development phase of the LTE market.  The two companies
will make first commercial releases available in 2009, and will
leverage their field-proven wireless expertise to ensure smooth
integration of LTE technology with the existing W-CDMA/HSPA and
CDMA/EV-DO networks of their respective customers.

"By leveraging complementary portfolios, robust research and
innovation capabilities, and strong market positions in Japan
and around the globe, the partnership is well positioned to
hasten the evolution towards the next-generation of mobile
services," said Philip Marshall, who heads up technology
research at Yankee Group.  "This is a smart pairing that will
help accelerate the availability of LTE by capitalizing on early
market implementations that we expect to occur in Japan and
North America."

"This strategic collaboration with NEC is driven by scale, time-
to-market, and product excellence objectives, and it will put us
in a strong position to ride the next wave of transformation in
the wireless industry," said Patricia Russo, CEO of Alcatel-
Lucent.  "By drawing upon our combined innovation capabilities,
we will be able to effectively accompany leading operators as
they migrate their network to next-generation wireless broadband
technology, hence sustaining the value of their networks well
into the future," she added.

"This collaboration gives us the potential to open up new market
opportunities for advanced wireless services globally," said
Kaoru Yano, President of NEC Corporation.  "Moreover, NEC's core
competence lies in integrated IT/network solutions business.
Through this alliance, we intend to explore the potential for
collaboration with Alcatel-Lucent to best leverage both
companies' market-leading capabilities in a wide range of
fields.  We expect this partnership to contribute to the
execution of our next-generation network business strategy by
expanding our reach into global markets."

In the future, the collaboration is expected to expand into end-
to-end third-generation CDMA-based solutions, as well as a wide
range of advanced IP-based solutions, such as optical
transmission, IP service routing, and IMS-based communications
services.  Alcatel-Lucent and NEC will also investigate
collaborating in developing IT solutions for service providers -
such as service application solutions (e.g. streaming, e-
commerce, etc.) -- together with the servers and storage
products on which those solutions depend.

                           About NEC

NEC Corporation provides Internet, broadband network and
enterprise business solutions dedicated to meeting the
specialized needs of its diverse and global base of customers.
NEC delivers tailored solutions in the key fields of computer,
networking and electron devices, by integrating its technical
strengths in IT and Networks, and by providing advanced
semiconductor solutions through NEC Electronics Corporation.
The NEC Group employs more than 150,000 people worldwide.

                       About Alcatel-Lucent

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

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

                          *     *     *

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

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


BOSTON SCIENTIFIC: Will Pay US$431 Mln in Stent Patent Dispute
--------------------------------------------------------------
The U.S. District Court jury in Marshall, Tex., found that
Boston Scientific Corporation's TAXUS Express, and TAXUS Liberte
drug-eluting stent products infringe Dr. Bruce Saffran's patent
and that the patent is valid.  No injunction was requested, but
the jury awarded damages of US$431 million.

The company says that the jury verdict is unsupported by both
the evidence and the law.  On these grounds, the company plans
to seek to overturn the verdict in post-trial motions before the
District Court and, if unsuccessful, to appeal to the U.S. Court
of Appeals for the Federal Circuit.  The company relates it will
prevail on appeal.

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 14,
2008, Standard & Poor's Ratings Services said that the
announcement by Boston Scientific Corp. that the Court of
Appeals for the Federal Circuit affirmed a District Court ruling
that found the NIR stent infringed one claim of a patent owned
by Johnson & Johnson, does not affect its ratings or outlook for
Boston Scientific.

Boston Scientific's corporate credit rating is rated 'BB+' by
S&P with a negative outlook.


GENERAL CABLE: Earns US$208.6 Million in Full Year 2007
-------------------------------------------------------
General Cable Corporation has reported US$46.7 million of net
income for the three months ended Dec. 31, 2007, compared to
US$35.4 million of net income for the same period in 2006.  For
the full year of 2007, the company earned US$208.6 million
compared to 2006 net earnings of US$135.3 million.

Gregory B. Kenny, President and Chief Executive Officer of
General Cable, said, "I am extremely pleased with the strong
financial results that the Company continues to deliver for our
shareholders.  The Company has succeeded in substantially
expanding its global manufacturing platform, improved its
financial flexibility and liquidity, and is reporting today
record revenues and earnings.  Over the last twelve months the
Company has completed several strategically important
acquisitions.  These have given the Company a significant
presence in the developing economies of the world, access
to important undersea power and communication technologies, and
exceptional management experience.  While we are proud of our
roots in the United States, today approximately 65% to 70% of
our revenues are generated outside the country.

                     Fourth Quarter Results

Net sales for the fourth quarter of 2007 were US$1,297.8
million, an increase of US$377.1 million or 41.0% compared to
the fourth quarter of 2006 on a metal-adjusted basis.  This
growth was principally due to the company's exposure to global
electrical infrastructure markets, the acquisition of PDIC, as
well as favorable foreign exchange translation.  Revenues from
acquired businesses contributed US$271.5 million in the fourth
quarter.  Without the benefit of revenues from acquired
businesses, revenues would have increased 11.5% on a metal-
adjusted basis.

Fourth quarter 2007 operating income before charges was US$93.0
million compared to operating income of US$57.5 million in the
fourth quarter of 2006, an increase of US$35.5 million or 61.7%.
Operating margin before charges was 7.2% in the fourth quarter
of 2007, an increase of approximately 100 basis points from the
operating margin percentage of 6.2% in the fourth quarter of
2006 on a metal-adjusted basis.  This improvement was
principally due to better price realization in many of the
company's product lines, cost improvements from LEAN
initiatives, and the continued profitable expansion of the
Silec, ECN, and NSW businesses.

"We have also seen strong recovery in our LAN cable products
with new product designs and strong business leadership.  I am
also pleased to see significant progress at our Silec facility
with respect to product throughput as well as their LEAN
manufacturing skills.  The integrations of ECN and NSW have been
absolutely seamless and performance ahead of our investment
case," Mr. Kenny said.

                     Preferred Stock Dividend

In accordance with the terms of the company's 5.75% Series A
Convertible Redeemable Preferred Stock, the Board of Directors
has declared a regular quarterly preferred stock dividend of
approximately US$0.72 per share.  The dividend is payable on
Feb. 22, 2008, to preferred stockholders of record as of the
close of business on Jan. 31, 2008.  The Company expects the
quarterly dividend payment to approximate US$0.1 million.

                    First Quarter 2008 Outlook

"The Company continues to benefit from its strategic investments
in new products and geographies more than offsetting the ongoing
weakness in certain product lines in the developed economies.
For the first quarter, the Company expects to report earnings
per share of US$1.05 or more compared to an adjusted earnings
per share of US$1.01 in the first quarter of 2007, on revenues
of approximately US$1.5 billion, Mr. Kenny concluded.

                       About General Cable

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

                         *     *     *

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


INTELSAT LTD: Appoints Messrs. Spengler & Guillemin as EVP & SVP
----------------------------------------------------------------
Intelsat Ltd. announced a number of executive appointments,
effective immediately.

Intelsat Chief Executive Officer Dave McGlade has appointed
Stephen Spengler to the position of Executive Vice President,
Sales & Marketing, and Thierry Guillemin to the position of
Senior Vice President & Chief Technical Officer, both new roles.
These roles replace the Chief Operating Officer position vacated
by James Frownfelter, who submitted his resignation from
Intelsat on Feb. 8 2008.

Mr. Spengler most recently served as Intelsat's Senior Vice
President, Europe, Middle East, Africa & Asia Pacific Sales, and
has over 25 years experience in the telecommunications industry.
Since joining Intelsat in 2003, Mr. Spengler has served in a
number of sales leadership positions, and led Intelsat's Global
Marketing and Sales organizations immediately prior to
Intelsat's acquisition of PanAmSat in 2006.  As Executive Vice
President, Sales & Marketing, Mr. Spengler will have
responsibility for Intelsat's global marketing and sales
efforts, which include providing services to media and network
services customers in approximately 200 countries and
territories.

Mr. Guillemin most recently served as Intelsat's Vice President
of Satellite Operations & Engineering, where he was responsible
for the service availability of Intelsat's in-orbit fleet of 54
satellites.  Mr. Guillemin has over 25 years experience in the
satellite industry, in disciplines including spacecraft
development, launch and operations.  As Senior Vice President &
Chief Technical Officer, Mr. Guillemin will be responsible for
customer operations, space systems management and planning, and
satellite operations.

In announcing the appointments, Mr. McGlade said, "Over the past
several years, Intelsat has built a highly skilled management
team, one that understands the needs of our global customer base
and that is fully capable of profitably growing the business.  I
am proud of the bench strength we enjoy throughout the
organization, and today's appointments reflect Intelsat's
leadership in this respect.  We thank Jim Frownfelter for his
years of service to PanAmSat, and for his contributions to our
successful merger integration progress.

                         About Intelsat

Headquartered in Bermuda, Intelsat, is the largest fixed
satellite service operator in the world and is owned by Apollo
Management, Apax Partners, Madison Dearborn, and Permira.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on
Jan. 31, 2008, Moody's Investors Service downgraded Intelsat
Ltd.'s corporate family rating by two notches to Caa1.



=============
G E O R G I A
=============


BANK OF GEORGIA: Share Offering Raises US$100 Million
-----------------------------------------------------
JSC Bank of Georgia disclosed the results of the offering of its
four million new ordinary shares in the form of global
depositary receipts, each GDR representing one ordinary share of
the bank.

The bank has sold four million new ordinary shares in the form
of GDRs at a price of US$25 per GDR.  The offering raised gross
proceeds of US$100 million.  The proceeds (after fees and
expenses) will provide required capital for the bank's planned
domestic growth and for international expansion.  The bank has
agreed to a lock-up of three months with respect to the issuance
of new equity, subject to standard exceptions.

The offering represents approximately 14.7% of the issued share
capital before the offering.  The offer price is equal to a
1.6% discount to the prevailing closing market price on the date
of the offering.

ING Bank acted as sole bookrunner for the offering.  Unicredit
Group was joint lead manager and Galt and Taggart Securities,
the bank's brokerage subsidiary, acted as selling agent.

"We are pleased to announce the successful offering of our
shares," Nicholas Enukidze, acting chairman of the Supervisory
Board of the Bank of Georgia, said.  "The funds raised enable us
to work for the consolidation of our position in the Georgian
market and provides funding for international expansion.  On
behalf of the Bank, we thank our existing shareholders for their
continued support and take this opportunity to welcome our new
investors."

                       About Bank of Georgia

Bank of Georgia, a leading universal Georgian bank with
operations in Georgia and Ukraine, is the largest bank by
assets, loans and equity in Georgia.  The major component of the
Galt & Taggart Index, the bank has 117 branches and over
705,000 retail and approximately 64,000 corporate current
accounts.  The bank offers a full range of retail banking and
corporate and investment banking services to its customers
across Georgia.  It also provides a wide range of corporate and
retail insurance products through its wholly owned subsidiary,
BCI, as well as asset & wealth management services.

                          *     *     *

As of Feb. 11, 2008, Bank of Georgia carries 'B+/B' rating with
a stable outlook from Standard & Poor's; 'B3/NP' (FC) and
'Ba1/NP (LC) ratings with a stable outlook from Moody's
Investors Service; and a 'B+/B' credit rating with a stable
outlook from Fitch Ratings.


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


DELME BAU: Claims Registration Period Ends March 5
--------------------------------------------------
Creditors of Delme Bau Beteiligungs-GmbH have until March 5,
2008, to register their claims with court-appointed insolvency
manager Hermann Berding.

Creditors and other interested parties are encouraged to attend
the meeting at 2:50 p.m. on April 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Delmenhorst
         Hall 2
         Branch 1
         Cramerstrasse 183
         27749 Delmenhorst
         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:

         Hermann Berding
         Jammertal 1
         D 49661 Cloppenburg
         Germany
         Tel: 04471/91260
         Fax: 04471/82997

The District Court of Delmenhorst opened bankruptcy proceedings
against Delme Bau Beteiligungs-GmbH on Jan. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Delme Bau Beteiligungs-GmbH
         Hansastrasse 86
         27751 Delmenhorst
         Germany

         Attn: Peter Garbade, Manager
         Wildeshauser Str. 12
         27243 Harpstedt
         Germany


DIE BRILLE: Claims Registration Period Ends March 5
---------------------------------------------------
Creditors of Die Brille 21 Burkhard Dietz GmbH have until
March 5, 2008, to register their claims with court-appointed
insolvency manager Norbert Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on March 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Norbert Weber
         Friedrich-Ebert-Strasse 146
         42117 Wuppertal
         Germany
         Tel: 0202/30 20 71
         Fax: 0202/31 47 08

The District Court of Wuppertal opened bankruptcy proceedings
against Die Brille 21 Burkhard Dietz GmbH on Feb. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Die Brille 21 Burkhard Dietz GmbH
         Schuchardstr. 21
         42275 Wuppertal
         Germany

         Attn: Burkhard Dietz, Manager
         Wittelsbacher Str. 31 a
         42287 Wuppertal
         Germany


DIELER & TREPPKE: Claims Registration Period Ends March 11
----------------------------------------------------------
Creditors of Dieler & Treppke Heizung-Sanitar GmbH have until
March 11, 2008, to register their claims with court-appointed
insolvency manager Mechthild Greve.

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

The meeting of creditors will be held at:

          The District Court of Koblenz
          Hall 123
          Main Court
          Karmeliterstrasse 14
          56068 Koblenz
          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:

          Mechthild Greve
          Josef-Goerres-Platz 5
          56068 Koblenz
          Germany
          Tel: 0261/30479-0
          Fax: 0261/9114729
          E-mail: info@lieser-rechtsanwaelte.de
          Web: http://www.lieser-rechtsanwaelte.de/

The District Court of Koblenz opened bankruptcy proceedings
against Dieler & Treppke Heizung-Sanitar GmbH on Jan. 15, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Dieler & Treppke Heizung-Sanitar GmbH
          Ohlenfeldstrasse 7
          56154 Boppard-Buchholz
          Germany


FEIL WARENHANDEL: Claims Registration Period Ends March 5
---------------------------------------------------------
Creditors of Feil Warenhandel GmbH have until March 5, 2008, to
register their claims with court-appointed insolvency manager
Gerhard Fichter.

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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

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

The insolvency manager can be reached at:

         Gerhard Fichter
         Uhlandstrasse 4
         74072 Heilbronn
         Germany
         Tel: 07131/888666
         Fax: 07131/888667

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

The Debtor can be reached at:

         Feil Warenhandel GmbH
         Attn: Hans Feil, Manager
         Untere Halde 10
         74257 Untereiesesheim
         Germany


HM FACHMARKTE: Claims Registration Period Ends March 10
-------------------------------------------------------
Creditors of HM Fachmarkte GmbH i.L. have until March 10, 2008,
to register their claims with court-appointed insolvency manager
Alexander Kaesebier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on March 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Hildesheim
          Hall 124
          Main Building
          Kaiserstrasse 60
          31134 Hildesheim
          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:

          Alexander Kaesebier
          Grothstr. 2
          31787 Hameln
          Germany
          Tel: 05151-821252
          Fax: 05151-821253

The District Court of Hildesheim opened bankruptcy proceedings
against HM Fachmarkte GmbH i.L. on Jan. 10, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          HM Fachmarkte GmbH i.L.
          Attn:  Dr. Susanne Rauth, Manager
          Herbert-Quandt-Str. 8
          31135 Hildesheim
          Germany


HOLZBISCHOFF GMBH: Claims Registration Period Ends March 11
-----------------------------------------------------------
Creditors of holzbischoff gmbh have until March 11, 2008, to
register their claims with court-appointed insolvency manager
Thomas Linse.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Coburg
         Meeting Hall K
         First Floor
         Coburg
         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 Linse
          Rosenauer Str. 22
          96450 Coburg
          Germany
          Tel: 09561/80340
          Fax: 09561/803434

The District Court of Coburg opened bankruptcy proceedings
against holzbischoff gmbh on Jan. 31, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          holzbischoff gmbh
          Industriestr. 7
          96484 Meeder
          Germany


IKB DEUSTCHE: German Government Pioneers EUR1.5 Billion Bail-Out
----------------------------------------------------------------
The German government has decided to infuse EUR1.5 billion in
fresh capital into IKB Deutsche Industriebank AG, various
reports say, citing government officials.

According to Thomson Financial, Finance Minister Peer
Steinbrueck said the government pledged to provide EUR1 billion
of the rescue fund, while the local banking industry will
furnish EUR500 million.

"An insolvency of IKB would have had unforeseeable consequences
on the German financial market," Mr. Steinbrueck was quoted by
the Financial Times as saying.  Mr. Steinbrueck, however, said
Germany will not provide "unlimited support" to IKB.

"We have agreed to do everything to ensure that IKB can stay in
business," Economy Minister Michael Glos was quoted by Bloomberg
News as saying.  "Part of the agreement is an appeal to banks to
make their own contribution to help create the preconditions
which would enable us to keep IKB alive."

"There have been talks with third parties," Thomas Steg,
spokesman for Chancellor Angela Merkel, was quoted by Bloomberg
as saying.

As reported in the TCR-Europe on Feb. 14, 2008, 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, in which KfW holds a 37.8% stake.

IKB is reportedly needing up to EUR2 billion in fresh capital,
EUR500 million of which is needed in the short term.  KfW may
have to bail out IKB for the third time after the bank's
other shareholders refused to finance the company's
restructuring.

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 EUR6.15 billion.

IKB had notified Bundesbank and BaFin that it could face more
liquidity problems if it fails to secure necessary financing.
IKB warned in September 2007 that it may post EUR700 million in
losses for fiscal year ending March 31, 2008.

                       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.


INTER OBJEKT: Claims Registration Period Ends March 11
------------------------------------------------------
Creditors of Inter OBJEKT GmbH i.L. have until March 11, 2008,
to register their claims with court-appointed insolvency manager
Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 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 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:

          Rolf Rombach
          Magdeburger Allee 159
          99086 Erfurt
          Germany

The District Court of Erfurt opened bankruptcy proceedings
against Inter OBJEKT GmbH i.L. on Jan. 22, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Inter OBJEKT GmbH i.L.
          Ziegelei 18
          99091 Erfurt
          Germany


IPAK GMBH: Claims Registration Ends March 11
--------------------------------------------
Creditors of ipak GmbH & Co. KG have until March 11, 2008, to
register their claims with court-appointed insolvency manager
Frank-Michael Rhode.

Claims will be verified at 9:30 a.m. on April 24, 2008, at:

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

Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Frank-Michael Rhode
         Graf-Moltke-Str. 62
         28211 Bremen
         Germany
         Tel: 0421/3485212/213
         Fax: 0421/341078
         E-mail: info@rhode.de
         Web site: http://www.rhode.de/

The District Court of Bremen opened bankruptcy proceedings
against ipak GmbH & Co. KG on Dec. 1, 2007.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ipak GmbH & Co. KG
         Karl-Buecher Str. 5
         28307 Bremen
         Germany

         Attn: Andreas Karl-Heinz Kriese, Manager
         Mahndorfer Deich 10
         28307 Bremen
         Germany


LICH VERWALTUNGS: Claims Registration Period Ends March 3
---------------------------------------------------------
Creditors of Lich Verwaltungs- und Beteiligungs GmbH have until
March 3, 2008, to register their claims with court-appointed
insolvency manager Tim Schneider.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Giessen
         Hall 406
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         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:

         Tim Schneider
         Marktlaubenstrasse 9
         35390 Giessen
         Germany
         Tel: 0641/93243-0
         Fax: 0641/932-4350

The District Court of Giessen opened bankruptcy proceedings
against Lich Verwaltungs- und Beteiligungs GmbH on Feb. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Lich Verwaltungs- und Beteiligungs GmbH
         Attn: Michael Lich, Manager
         Giessener Strasse 15
         35466 Rabenau
         Germany


MICAS GMBH: Claims Registration Period Ends March 11
----------------------------------------------------
Creditors of MICAS GmbH have until March 11, 2008, to register
their claims with court-appointed insolvency manager Oliver
Reichelt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on March 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Weilheim i.OB
          Meeting Hall E 007
          Waisenhausstr. 5
          Weilheim
          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:

          Oliver Reichelt
          Ohmstr. 13/III
          80802 Munich
          Germany
          Tel: 089/3838710
          Fax: 089/338308

The District Court of Weilheim i.OB opened bankruptcy
proceedings against MICAS GmbH on Jan. 22, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          MICAS GmbH
          Puetrichstr. 30-32
          82362 Weilheim
          Germany


MOEBEL-THATE AUGUST: Creditors' Meeting Slated for February 28
--------------------------------------------------------------
The court-appointed insolvency manager for Moebel-Thate August
Thate GmbH & Co., Axel Gerbers will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
11:15 a.m. on Feb. 28, 2008.

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

         The District Court of Bremen
         Old Building
         Hall 50
         Domsheide 16
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:15 a.m. on April 24, 2008, at:

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

Creditors have until March 11, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Axel Gerbers
         Soegestr. 70
         28195 Bremen
         Germany
         Tel: 0421-178 998-0
         Fax: 0421-178 998-11
         E-mail: bremen@jnp.de
         Web site: http://www.jnp.de/

The District Court of Bremen opened bankruptcy proceedings
against Moebel-Thate August Thate GmbH & Co. on Dec. 14, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Moebel-Thate August Thate GmbH & Co.
         Attn: Eckhard Radeke, Manager
         Schragestrasse 4
         28239 Bremen
         Germany


MULTITEC SYSTEM: Claims Registration Period Ends March 11
---------------------------------------------------------
Creditors of Multitec System Service GmbH have until
March 11, 2008, to register their claims with court-appointed
insolvency manager Paul Fink.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

          Dr. Paul Fink
          Koenigsallee 33
          40212 Duesseldorf
          Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Multitec System Service GmbH on Jan. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Multitec System Service GmbH
          Attn: Hilde Hallen, Manager
          Mergelsberg 52
          40629 Duesseldorf
          Germany


MUSICSELLER 24: Claims Registration Ends March 10
-------------------------------------------------
Creditors of musicseller 24 GmbH have until March 10, 2008, to
register their claims with court-appointed insolvency manager
Dr. Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Neuenahr-Ahrweiler
         Hall 4
         Wilhelmstrasse 55-57
         53474 Bad Neuenahr-Ahrweiler
         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 Nerlich
         Aachener Str. 563-565
         50933 Cologne
         Germany
         Tel: 0221/9408030
         Fax: 0221/9408039

The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against musicseller 24 GmbH on Jan. 10, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         musicseller 24 GmbH
         Kranzweiherweg 22
         53489 Sinzig
         Germany

         Attn: Thomas Keiper, Manager
         Landhofer Str. 2 a
         53501 Grafschaft
         Germany


REDA IMPORT: Claims Registration Ends March 10
----------------------------------------------
Creditors of REDA Import und Export GmbH have until
March 10, 2008, to register their claims with court-appointed
insolvency manager Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against REDA Import und Export GmbH on Jan. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         REDA Import und Export GmbH
         Kreuzstrasse 20
         42277 Wuppertal
         Germany

         Attn: Ljuba Boos, Manager
         Anne-Frank-Strasse 2
         41466 Neuss
         Germany


REHN & BUSCH: Claims Registration Period Ends March 3
-----------------------------------------------------
Creditors of Rehn & Busch GmbH & Co KG have until March 3, 2008,
to register their claims with court-appointed insolvency manager
Dr. Peter Neu.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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. Peter Neu
         Elberfelder Strasse 39
         42853 Remscheid
         Germany
         Tel: 02191/499 18-10
         Fax: 02191/499 18-50
         Web: http://www.teublerneu.de/

The District Court of Wuppertal opened bankruptcy proceedings
against Rehn & Busch GmbH & Co KG on Feb. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Rehn & Busch GmbH & Co KG
         Nordstr. 8
         42853 Remscheid
         Germany


SPECTRUM BRANDS: Dec. 30 Bal. Sheet Upside-Down by US$141.2 Mln
---------------------------------------------------------------
Spectrum Brands Inc.'s consolidated balance sheet at Dec. 30,
2007, showed US$3.27 billion in total assets and US$3.41 billion
in total liabilities, resulting in a US$141.2 million total
stockholders' deficit.

The company reported a net loss of US$43.4 million on net sales
of US$560.5 million for the first quarter of fiscal 2008 ended
Dec. 30, 2007, compared with a net loss of US$18.8 million on
net sales of US$564.6 million in the first quarter of fiscal
2007.

Spectrum Brands' net sales of US$560.5 million represented a
slight decline of one percent from the prior year.  Sales in the
quarter were negatively impacted by customer requests for
earlier than normal shipments of holiday related merchandise,
resulting in a timing shift of approximately US$15.0 million in
battery and personal care sales from the fiscal first quarter of
2008 to the fiscal fourth quarter of 2007.  In addition, the
company's continued deliberate exiting of unprofitable or
marginally profitable private label battery sales in Europe was
a contributor to the year over year decline.  Foreign currency
exchange had a favorable impact of US$31.0 million.

Ooperating income for the fiscal 2008 quarter increased to
US$51.8 million, or 9.3% of net sales from US$37.6 million, or
6.7% of net sales in the fiscal 2007 quarter, primarily due to
the savings associated with the decrease in advertising and
marketing expenses coupled with the impact of the company's
global realignment savings in the fiscal 2008 quarter.

Interest expense in the fiscal 2008 quarter increased to
US$45.7 million from US$31.7 million in the fiscal 2007 quarter
due to higher interest rates and higher average debt balances.

The company's effective tax rate on income from continuing
operations is approximately 260% for the fiscal 2008 quarter.
The effective tax rate on income from continuing operations was
approximately 30% for the fiscal 2007 quarter.  The increase in
effective income tax rate for the fiscal 2008 quarter is a
result of the company's decision to no longer benefit its net
operating losses generated in the U.S., while at the same time
being subject to tax on its income generated outside of the U.S.

The fiscal 2008 quarter reflects a loss from the discontinued
operations of its home and garden business of US$33.3 million,
net of tax, which includes a loss on disposal of Nu-Gro of
US$1.0 million, net of tax benefit.  The fiscal 2007 quarter
reflects a loss from discontinued operations of approximately
US$22.2 million, net of tax.  The increase in the loss from
discontinued operations is primarily due to the impact of income
taxes.

                    Senior Credit Facilities

At Dec. 30, 2007, the aggregate amount outstanding under the
company's Senior Credit Facilities totaled a U.S. Dollar
equivalent of US$1.52 billion, including principal amounts of
US$986.0 million under the U.S. Dollar Term B Loan,
EUR258 million under the Euro Facility (US$378.0 million at
Dec. 30, 2007), US$105.0 million under the ABL Facility as well
as US$47.0 million outstanding in letters of credit under the
L/C Facility.

                   Senior Subordinated Notes

At Dec. 30, 2007, the company had outstanding principal of
US$700 million under its 7 3/8% Senior Subordinated Notes due
2015, outstanding principal of US$3.0 million under its 8 1/2%
Senior Subordinated Notes due 2013, and outstanding principal of
US$347 million under its Variable Rate Toggle Senior
Subordinated Notes due 2013.

Full-text copies of the company's consolidated financial
statements for the quarter ended Dec. 30, 2007, are available
for free at http://researcharchives.com/t/s?27f1

                   About Spectrum Brands Inc.

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a supplier of
batteries, portable lighting, lawn and garden products,
household insect control, shaving and grooming products,
personal care products and specialty pet supplies.  The company
has manufacturing and distribution facilities in China,
Australia and New Zealand, and sales offices in Melbourne,
Shanghai, and Singapore.  The company's European headquarters is
located in Sulzbach, Germany.  The company has approximately
8,400 employees worldwide.


SUPREME ITALY: Claims Registration Ends March 10
------------------------------------------------
Creditors of Supreme Italy Cars GmbH have until March 10, 2008,
to register their claims with court-appointed insolvency manager
Dr. Christine Berg-Gruenenwald.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 8, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Christine Berg-Gruenenwald
         Leopoldstr. 139
         80804 Munich
         Germany
         Tel: 361930-0
         Fax: 361930-499

The District Court of Munich opened bankruptcy proceedings
against Supreme Italy Cars GmbH on Jan. 18, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Supreme Italy Cars GmbH
         Attn: Karl-Heinz Keller, Manager
         Wolfratshauser Str. 64
         82065 Baierbrunn
         Germany


WAT-AUTOTEILE GMBH: Claims Registration Ends March 10
-----------------------------------------------------
Creditors of WAT-Autoteile GmbH have until March 10, 2008, to
register their claims with court-appointed insolvency manager
Dr. Sabine Feuerborn.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on April 15, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Siegen
         Meeting Hall 009
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         Germany

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

The insolvency manager can be reached at:

         Dr. Sabine Feuerborn
         Else-Lang-Str. 1
         50858 Cologne
         Germany
         Tel: (0221) 2855470
         Fax: (0221) 28554729

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

The Debtor can be reached at:

         WAT-Autoteile GmbH
         Ederstr. 60
         57319 Bad Berleburg
         Germany

         Attn: Antonius Hilmers, Manager
         Otto-Moebius-Str. 8
         57392 Schmallenberg
         Germany


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


PROPEX INC: Gets Access to Additional US$40 Mln of DIP Financing
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Tennessee
has authorized Propex Inc. and its debtor affiliates to access
an additional US$40 million of a US$60 million DIP credit
facility on February 13, 2008.  The Court originally approved
immediate access to US$20 million of the DIP financing on
January 23, 2008.  The Court's ruling will provide Propex with
immediate and sufficient liquidity to continue to operate its
business on an ongoing basis.

"We are once again pleased to have received Court approval for
access to the additional US$40 million of our US$60 million
credit facility," Joe Dana, President of Propex Inc., said in a
press release.  "This is further proof that our plan to
restructure our balance sheet and emerge from Chapter 11 a
stronger and more nimble Propex better able to serve our
customers continues to progress on schedule and as anticipated."

                           About Propex

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in
Brazil, Mexico, Germany, Hungary, and the United Kingdom.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  (Propex Bankruptcy News, Issue
No. 4; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: IRS Demands Filing of Form 941 for Third Qtr. 2007
--------------------------------------------------------------
M. Kent Anderson, Esq., assistant U.S. attorney, relates that
as of the bankruptcy filing, Propex Inc. was indebted to the
United States for taxes owed to the Internal Revenue Service
aggregating US$1,485,986 for federal employment tax liabilities,
all of which is an unsecured priority claim under Section
507(a)(8) of the Bankruptcy Code.

Moreover, a portion of the IRS' claim will be estimated due to
the fact that Propex Inc. has not filed its Form 941 for the
third quarter of 2007 as required by law.  Propex Inc. should be
required to file its Form 941 for the third quarter of 2007 on
or before Feb. 14, 2008, Mr. Anderson notes.

Similarly, as of the Petition Date, Propex Concrete Systems
Corporation also owed the IRS taxes aggregating US$130,216 for
federal employment tax liabilities, of which US$38,152 is a
secured claim pursuant to Section 506 of the Bankruptcy Code,
and US$92,064 is an unsecured priority claim under Section 507
(a)(8).

Mr. Anderson points out that the Forms 941 for the fourth
quarter of 2007 for both Debtors are due on or before Jan. 31,
2008.  "Th[o]se returns should be timely filed and copies
provided to the IRS . . . on or before Feb. 14, 2008," he adds.
"The debtor should be required to timely file all postpetition
tax returns and remit any payment due thereon with the timely
filed return with a copy of the return sent to the IRS."

Accordingly, the IRS asks the Court to deny the Debtors' request
to pay any prepetition amount in relation to their programs and
policies.

                        About Propex Inc.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in
Brazil, Mexico, Germany, Hungary, and the United Kingdom.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  (Propex Bankruptcy News, Issue
No. 4; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Shaw and IRS Balk at BNP Paribas DIP Fund Agreement
---------------------------------------------------------------
As previously reported, Propex Inc. and its debtor-affiliates
submitted a draft of their DIP Credit Agreement with BNP Paribas
and certain lenders to the U.S. Bankruptcy Court for the Eastern
District of Tennessee on Jan. 18, 2008.

The Debtors have delivered to the Court the finalized DIP Credit
Agreement dated Jan. 23, 2008, a full-text copy of which is
available for free at:

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

                           Responses

A. Shaw Industries

Shaw Industries Group Inc., filed a complaint against the
Debtors in the Superior Court of the State of Delaware on Sept.
7, 2007, asserting claims for misappropriation of trade secrets,
fraud, and breach of contract and seeks a declaratory judgment
as to its ownership of Cobra Technology, Cobra Technology
Patents, and General Know-How related to Cobra Technology.

Thus, Shaw opposes the proposed postpetition financing to the
extent that a Final DIP order or the DIP Credit Agreement
prejudices its rights or its intellectual property rights.

B. Internal Revenue Service

As of the bankruptcy filing, Propex Inc. owed approximately
US$1,485,986 to the Internal Revenue Service for federal
employment tax liabilities, all of which is an unsecured
priority claim under Section 507(a)(8) of the Bankruptcy Code,
M. Kent Anderson, Esq., assistant U.S. attorney, relates.

Furthermore, since Propex Inc., has not filed its Form 941 for
the third quarter of 2007 as required by law, a portion of the
IRS's claim will be estimated, Mr. Anderson notes.

Similarly, Mr. Anderson continues, as of the bankruptcy filing,
Propex Concrete Systems Corporation also owed the IRS taxes
aggregating US$130,216 for federal employment tax liabilities,
of which US$38,152 is a secured claim pursuant to Section 506 of
the Bankruptcy Code, and US$92,064 is an unsecured priority
claim under Section 507 (a)(8).

Mr. Anderson points out that the Debtors' interim order states
that "the DIP agent and the DIP lenders will not be deemed to be
in control of the operations of any of the Debtors or to be
acting as a 'responsible person' or 'owner or operator' with
respect to the operation or management of any of the Debtors".
Mr. Anderson notes that this portion of the Interim Order could
be interpreted to apply to the IRS' and the DIP Lenders'
liability under the Sections 3505 and 6673 of the Internal
Revenue Code.

Accordingly, the IRS asks the Court to deny the Interim DIP
Order.

                        About Propex Inc.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in
Brazil, Mexico, Germany, Hungary, and the United Kingdom.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  (Propex Bankruptcy News, Issue
No. 4; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


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


HALYARD CDO I: Credit Deterioration Cues Moody's to Cut Ratings
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of five classes
of notes issued by Halyard CDO I p.l.c. and has left four
classes on review for downgrade.

Halyard CDO I p.l.c. is a partially-funded managed CDO of asset
backed securities.  Halyard may either buy cash obligations or
enter into pay-as-you-go credit default swaps referencing
mezzanine asset backed securities.  Currently the transaction
has 71% exposure (69 assets) to US subprime RMBS and 29% (18
assets) to CDO of ABS.  About 4% of assets are classified as
defaulted.

The rating actions reflect deterioration in the credit quality
of the underlying portfolio, as well as the occurrence on
Feb. 8, 2008, as reported by the Trustee, of an event of default
caused by a failure of the Class A Over-collateralization Ratio
to be greater than or equal to 100%.

Recent ratings downgrades on the underlying portfolio caused
ratings-based haircuts to affect the calculation of over-
collateralization.  Thus, the Class A Over-collateralization
Ratio failed to meet the required level.

During the occurrence and continuance of an Event of Default,
controlling creditors of the issuer may be entitled to direct
the Trustee to take particular actions with respect to the
underlying collateral securities and the Notes.

The rating downgrades taken reflect the increased expected loss
associated with each tranche.  Losses are attributed to
diminished credit quality on the underlying portfolio.  The
severity of losses of certain tranches may be different,
however, depending on the timing and choice of remedy to be
pursued.  Because of this uncertainty, the ratings assigned to
Class A, Class B, Class C and the Class D Notes remain on review
for further possible action.

These rating actions are:

   (1) US$101,250,000 Class A Senior Floating Rate Notes due
       2051

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

   (2) US$41,250,000 Class B Senior Floating Rate Notes due 2051

   -- Current Rating: B1, on review for downgrade
   -- Prior Rating: Aa2, on review for downgrade

   (3) US$15,000,000 Class C Mezzanine Floating Rate Deferrable
       Notes due 2051

   -- Current Rating: B3, on review for downgrade
   -- Prior Rating: A1, on review for downgrade

   (4) US$30,000,000 Class D Mezzanine Floating Rate Deferrable
       Notes due 2051

   -- Current Rating: Caa1, on review for downgrade
   -- Prior Rating: Baa2, on review for downgrade

   (5) US$13,125,000 Class E Mezzanine Floating Rate Deferrable
       Notes due 2051

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


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


ALITALIA SPA: Trims Pretax Losses to EUR362.92 Million in 2007
--------------------------------------------------------------
The Board of Directors of Alitalia S.p.A. has approved its
consolidated report for full year and fourth quarter ended
Dec. 31, 2007.

Alitalia posted EUR362.92 million in pretax losses on
EUR4.86 billion in net revenues for full year 2007, compared
with EUR605.19 million in pretax losses on EUR4.72 billion in
net revenues for full year 2006.

The company posted EUR108.95 million in pretax losses on
EUR1.28 billion in net revenues for fourth quarter 2007,
compared with EUR330.39 million in pretax losses on EUR1.23
billion in net revenues for the same period in 2006.

According to Alitalia, its performance in 2007 was marked by a
number of critical factors mainly due to:

    * sharp rise in fuel costs;

    * the effects of trade union actions, causing revenue losses
      estimated at about EUR150 million, together with damage to
      Alitalia's image); and

    * strong growth in competitive pressure from low-cost
      carriers on the domestic and international markets.

The company's average workforce in 2007 was 10,243 people, up by
133 (+1.3%) compared to 2006, mainly due to the absence of
solidarity contracts for flight staff and the Cassa Integrazione
Guadagni Straordinaria for ground staff, as well as changes in
the Group’s structure (consolidation of Volare).  Alitalia's
workforce as of Dec. 31, 2007, was 11,172 people.

Alitalia's operating fleet as of Dec. 31, 2007, was made up of
186 aircraft of which:

    * 157 for short/medium-haul flights; and
    * 29 for long-haul flights.

Regarding the evolution of traffic and the network in the 2007
passenger sector, in overall terms, without considering the
activities of the subsidiary Volar), the capacity offered was
practically in line with 2006 (5.171 billion ton kilometers
compared to 5.166 million in 2006), with traffic up by 1.1%
(3.846 billion ton kilometers carried, compared to 3.804 billion
in 2006).  In overall terms, the load factor reached 74.4%, up
by 0.7 percentage points compared to 2006.

During 2007, the level of unit revenue (yield) was down by 3.4%
compared to 2006, due to increasing pressure from low-cost
carriers and unfavorable exchange rates for the intercontinental
sector.

Regarding the verification of the correct accounting value of
tangible and intangible assets, in particular for the fleet, it
should be noted that Alitalia has called in an experienced and
fully qualified independent expert to gather all the elements
required in order to make an estimate of the recovery value
(fair value less sales costs) of the Company’s aircraft,
updating the estimates already carried out, referring to
Dec. 31, 2006, and June 30, 2007.

                             Outlook

Regarding the forecast evolution of business performance, the
Board of Directors approved the 2008 Budget on Jan. 30, 2008.

The 2008 Budget, developed on an industrial stand-alone basis,
reconfirms strategic actions marked by strong discontinuity for
the implementation of the Plan for survival/transition.

To account for the lower positive returns pointed out when the
2008 Budget was approved, the Budget considers an additional
reduction in activity and further network rationalization
compared to the Plan for survival/transition in 2008.

Therefore the expected industrial operating 2008 margin,
although slightly improved compared to expected 2007, shows a
material worsening compared to the 2008 Plan.

Expected EBITDAR is about three percentage points of revenues.
From the financial point of view, it was already pointed out
when the 2008 Budget was approved, and bearing in mind pre-
existing and subsequent critical factors, that maintaining
liquidity at levels of operative sustainability is increasingly
linked to the recapitalizing operation envisaged in the budget
for mid-2008, of the order of EUR750 million as things stand, as
well as effective realization of the disposal of assets set
out in the 2008-2010 Business Plan and in the 2008 budget.

It should be noted that budget assumptions and objectives,
assuming they are fully achieved, make it possible to envisage
-– for the year in question -– that liquidity can be maintained
at a positive level, though considerably reduced, even without
considering the indispensable capital increase.

However, the situation is difficult to sustain from the
operational point of view, bearing in mind that the above
extraordinary operations, while waiting for the full start-up of
the Summer season, will only partly offset the structural time
lag between receipts and payments.

Against this background, any delay in the definition of projects
about to be implemented could imply considerable issues, which
could lead to conditions where increasing the capital of the
Company has to be speed up.

                          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.


BERRY PLASTICS: Completes Acquisition of Captive Plastics Inc.
--------------------------------------------------------------
Berry Plastics Corporation, an Apollo Management, L.P. and
Graham Partners portfolio company, completed the previously
disclosed acquisition of 100% of the outstanding common stock of
Captive Holdings Inc., the parent company of Captive Plastics
Inc., a First Atlantic Capital, Ltd. portfolio company.

                      About the Transaction

The Troubled Company Reporter on Jan. 7, 2008 reported that the
company has entered into an agreement to acquire 100% of the
outstanding common stock of Captive Holdings Inc.

Pursuant to the acquisition agreement, Berry will pay US$500
million for Captive, subject to certain customary adjustments.
Berry has obtained financing commitments to finance the
transaction.  The transaction will close in the first quarter of
2008 and is subject to customary closing conditions.

                       About Berry Plastics

Headquartered in Evansville, Nebraska, Berry Plastics
Corporation -- http://www.berryplastics.com/-- is a
manufacturer and supplier of a diverse mix of rigid plastics
packaging products focusing on the open top container, closure,
aerosol overcap, drink cup and housewares markets.  The company
sells a broad product line to over 12,000 customers.  Berry
Plastics concentrates on manufacturing high quality, value-added
products sold to marketers of institutional and consumer
products.  In 2004, the company created its international
division as a separate operating and reporting division to
increase sales and improve service to international customers
utilizing existing resources.  The international segment
includes the company's foreign facilities and business from
domestic facilities that is shipped or billed to foreign
locations.

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

                      About Captive Plastics

Based in Piscataway, New Jersey, Captive Plastics --
http://www.captiveplastics.com/ -- makes plastic containers for
the health care, personal care, and food and beverage
industries.  Captive Plastics operates over a dozen
manufacturing facilities across the US and provides over 550
varieties of rigid plastic packaging products, including wide
mouth, cylinder, round, and square containers.  Its services
include engineering, computer aided design, mold construction,
production, decorating, and filling.  First Atlantic Capital, a
private investment firm, owns a majority interest in Captive
Plastics.


CARROZZERIA BERTONE: Turin Court Declares Firm Insolvent
--------------------------------------------------------
The bankruptcy court in Turin, Italy, declared Carrozzeria
Bertone S.p.A. insolvent on Feb. 11, 2008, the Financial Times
reports, citing Il Sole 24 Ore as its source.

The court gave Carrozzeria Bertone's government-appointed
administrators 30 days to decide whether to continue the
company's administration or send it into bankruptcy.

As reported in the TCR-Europe on Feb. 6, 2008, Carrozzeria
Bertone's unions were hoping that the court will place the
company into administration to reactivate the temporary layoff
fund for workers.

Potential buyers Gianmario Rossignolo and Domenico Reviglio have
canceled plans to acquire the company, FT relates.

Meanwhile, the Italian industry ministry has committed to
maintaining employment levels and protecting the Bertone brand,
which preserves the company's factory in Turin.

Carrozzeria Bertone's 1,300 strong-workforce is currently paid
under a state funded scheme, which expired on Dec. 31, 2007.

Headquartered in Turin, Italy, Carrozzeria Bertone S.p.A. --
http://www.bertone.it/-- manufactures car for the Bertone
Group.  The company does the product and process engineering for
all of its products and handles the entire manufacturing cycle.

As previously reported in the Troubled Company Reporter-Europe,
Bertone filed for bankruptcy protection in November 2007 after
accumulating EUR37.3 million in losses for the past three years.

Bertone filed for concordato preventivo -- similar to a
Chapter 11 bankruptcy petition in the U.S. -- which prevents
creditors to collect payments while the company reorganizes.
The filing foresees Bertone's management overseeing the
reorganization.

The company, however, excluded its design, engineering and glass
businesses from the filing.


FIAT SPA: Joint Venture with Credit Agricole Earns EUR119 Mln
-------------------------------------------------------------
Fiat Group Automobiles Financial Services, a 50-50 joint venture
of Fiat SpA and Credit Agricole, earned EUR119 million in its
first year of operations ending in Dec. 31. 2007

The prospects for 2008 confirm further growth, thanks to the
growth in sales of autos by Fiat, improvement of financial
activities, and cross-selling with Credit Agricole, the Forbes
reports, citing Thompson Financial.

Overall, financial activities grow 8% to EUR17 billion on a year
to year basis from 2006.

This joint venture provides finances to dealear and car
financing to Fiat customers.

                        About Fiat S.p.A.

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

                          *     *     *

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

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

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


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


AGRO KONA-INVEST: Proof of Claim Deadline Slated for March 14
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Agro Kona-Invest insolvent.

Creditors have until March 14, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 102-25
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


AKBAZJAN LLP: Creditors Must File Claims by March 14
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Akbazjan insolvent.

Creditors have until March 14, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


ANA-INSHAAT LLP: Claims Filing Period Ends March 14
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Ana-Inshaat insolvent.

Creditors have until March 14, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


INTIS AGRO: Creditors' Claims Due on March 14
---------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Intis Agro Invest insolvent.

Creditors have until March 14, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 102-25
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


LEX BUSINESS: Claims Registration Ends March 14
-----------------------------------------------
LLP Lex Business Solutions has declared insolvency.  Creditors
have until March 14, 2008, to submit written proofs of claims
to:

         LLP Lex Business Solutions
         Abylaihan ave. 3-17
         Almaty
         Astana
         Kazakhstan


MFS GLOBENET: Proof of Claim Deadline Slated for March 14
---------------------------------------------------------
Representation of Company MFS Globenet Inc. has declared
closure.  Creditors have until March 14, 2008, to submit written
proofs of claims to:

         Representation of Company
         MFS Globenet Inc.
         Room 43
         Abai Str. 157
         Almaty
         Kazakhstan


RETRO STROY: Creditors Must File Claims by March 14
---------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Construction Company Retro Stroy
insolvent on Dec. 21, 2007.

Creditors have until March 14, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Aptechnaya Str. 4/1
         Myrzakent
         Mahtaaralsky
         South Kazakhstan
         Kazakhstan


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


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

         LLC Bishfu
         Leo Tolstoy Str. 210
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 64-81-79


SKAP VOSTOK: Creditors Must File Claims by February 28
------------------------------------------------------
LLC Skap Vostok has declared insolvency.  Creditors have until
Feb. 28, 2008, to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 65-02-33, 24-05-45.


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


MILLICOM INTERNATIONAL: Earns US$697.1 Million in Full Year 2007
----------------------------------------------------------------
Millicom International Cellular S.A. reported net income of
US$697.1 million on net sales of US$2.63 billion for the year
ended Dec. 31, 2007, compared to net income of US$168.9 million
on net sales of US$1.57 billion in 2006.

For the three months ended Dec. 31, 2007, the company earned
US$112.7 million on net sales of US$768.2 million compared to
net income of US$49.8 million on net sales of US$543.7 million
for the same period in 2006.

Marc Beuls, Chief Executive Officer of Millicom commented; "The
strong growth recorded in the fourth quarter of 2007
demonstrates the gathering momentum within the businesses, with
Millicom reporting a record intake of 3.4m new subscribers in
the seasonally strong fourth quarter.  For the full year, there
was a total of 8.4m subscribers added in 2007, up by 56% year on
year.  We saw the opportunity in 2007 to increase our rate of
investment, as the markets in which we operate continue to grow
at a fast pace.  Total capex was over US$1 billion for the full
year compared to US$616 million in 2006.  We expect to maintain
this high level of capex with investment targeted in excess of
US$1 billion in 2008."

"The strongest cluster in terms of subscriber acquisition was
Central America which was up 71% in the year with 1.4 million
new subscribers added in fourth quarter, which was a quarterly
record for a cluster.  The African cluster was not far behind
with subscriber growth of 66% during 2007 and over one million
new subscribers were added in fourth quarter, the first time
that this has happened.  This is extremely encouraging for the
future as the African markets have the lowest levels of
penetration and so the greatest opportunity for growth.  Our
financial performance continues to be strong with revenues up by
67% year on year and EBITDA up by 55%. Excluding the Colombian
acquisition, the respective increases in revenue and EBITDA were
47% and 45% for the year.  There was impressive revenue growth
of 57% in South America excluding Colombia, 53% in Africa, 44%
in Central America and 33% in Asia."

"The African results are particularly exciting as strong growth
was experienced across all the major markets.  Today we have
over 2 million customers in Ghana and saw a 34% sequential
growth in subscribers from the third to the fourth quarter.  We
have over 1m customers in both Tanzania and Senegal and saw
sequential growth during the fourth quarter of 20% and 13%
respectively in these two markets.  In all three operations,
Tigo benefited from several affordability initiatives made
earlier in the year.  Our investments to improve the
availability, reliability and reach of the networks in these
countries are now enabling us to attract the higher quality
customers in these markets which should help drive future
growth.  The newer African markets are also now gaining
traction: Congo DRC grew by 38% from the third to the fourth
quarter to 547k subscribers and the smaller market of Chad grew
by 14% sequentially to 323,000 subscribers.  Sadly, we were
asked to shut down our network by the government in Chad on
January 31, 2008, because of a rebel attack on the capital city,
N'Djamena.  Our people are safe and the network is undamaged.
The situation has improved considerably and our people are in
the process of returning to our offices.  We will be resuming
operations imminently.  Although revenue in Africa grew by 53%
during the full year 2007, the very strong intake of subscribers
and the development of the new businesses in Chad and DRC
impacted the EBITDA margin, which was down to 31% for the year
from 39% in 2006.  We believe that we have seen a low in terms
of EBITDA margins in Africa in third quarter and by fourth
quarter there was a slight improvement.  From a bigger base that
will enable us to drive economies of scale, we expect to be able
to continue gradually to improve the overall EBITDA margin in
Africa despite continued aggressive expansion."

"The results from Central America continue to be strong and
again reflect the high level of investment in 2007.  Tigo
continues to build or hold market share.  EBITDA margins in
Central America increased slightly to 53% for the year, but in
fourth quarter margins were down slightly to 51% reflecting the
record intake in fourth quarter and the related cost of handset
subsidies which were needed to attract additional high value
subscribers ahead of the launch of 3G services in 2008.  In
Honduras a new fourth license was awarded during the quarter.
Launches by the third and fourth operators are likely to
accelerate penetration growth but also bring about a decline in
our very high market share in Honduras, although we expect to
maintain our strong number one position."

"In South America all three businesses continue to grow strongly
with revenue growth of 152% year on year and, excluding
Colombia, this region had an underlying growth rate of 57% in
2007.  As has already been announced, the Colombian regulator
cut interconnect rates from 12 UScents to 6 UScents on
Dec. 7, 2007.  There has been a short term impact to revenues as
Tigo has historically had more incoming than outgoing calls.
Revenues and EBITDA in December were impacted by some US$7
million and US$5 million, respectively.  We used this reduction
in interconnect costs to reduce our outgoing tariffs, and at the
same time, took the opportunity to reduce most other tariffs as
well.  Due to the price elasticity that we believe exists in
this market, we expect to offset the impact of the interconnect
change gradually as we progress throughout 2008.  Long term, we
believe that the cut in interconnect rates will be beneficial,
especially for Tigo as the third operator.  Tigo added 267k
subscribers in fourth quarter in Colombia, an increase of 11%,
and continues to see a steady growth in subscriber intake
quarter on quarter.  We are on track to reach our market share
target of 20% in a few years."

"Asian revenues grew by 33% and EBITDA by 30% in 2007 with a 41%
EBITDA margin. The EBITDA margin in fourth quarter was impacted
by the settlement of a revenue share dispute in Cambodia
relating to the international gateway, which had an adverse
impact of US$2.1m.  The full year and fourth quarter EBITDA
margins would have been 42% and 41% respectively, without this
settlement cost.  Sri Lanka continues to grow strongly with
EBITDA margins in excess of 50%."

"During the year, Millicom repurchased US$90 million face value
of the 10% Senior Notes as part of an on-going program to
improve balance sheet efficiency by retiring debt at the
corporate level and replacing it with debt at the operating
companies which helps to reduce the overall effective tax rate.
We have the right to redeem the remaining Notes in December 2008
and have decided to exercise this option at that time.  Due to
the planned early redemption, we accrued the bulk of the 5%
redemption premium in the fourth quarter, increasing interest
expense by US$31 million."

"After the year end, Millicom forced the conversion of its
US$200 million convertible bond, again removing corporate debt
that will be replaced with local operating company debt.
Millicom will save approximately US$16 million of interest at
the corporate level over the next two years by redeeming this
debt early."

"Due to the better than expected results of our Colombian
operation during the year, and the anticipated strength of this
operation going forward, we have been able to record a deferred
tax asset in the fourth quarter for the net operating losses
assumed as part of this acquisition and the losses incurred
since the acquisition date.  The total tax benefit recorded by
Colombia Movil in the fourth quarter was US$86 million.  This
has resulted in an effective tax rate for the Group of 16% for
the full year in 2007."

"As a result of the one time net cash flow benefit attributable
to the Paktel sale, the Board of Directors is recommending a
special dividend of US$2.40 a share to be paid following
ratification at the Annual General Meeting in May 2008.  The
Board will consider establishing a recurring dividend in future
on the basis of the expected free cash flows, which is EBITDA
less interest, taxes and Capex."

"Today Millicom has a very strong balance sheet which will
enable the Company to continue to exploit its strong market
position in sixteen of the best growth markets in the world.
This financial strength with very low leverage enables us to
look at a wide variety of options to generate shareholder value
in an uncertain economic climate which may bring opportunities.

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 16,
2007, Moody's Investors Service has upgraded ratings of
Millicom International Cellular S.A.  The corporate family
rating was upgraded to Ba2 from Ba3 and the rating on the
existing senior notes was upgraded to B1 from B2.  Moody's said
the outlook on the ratings is stable.


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


NORTEL NETWORKS: Plans Joint Venture with Motorola
--------------------------------------------------
Motorola Inc. and Nortel Networks are in talks to form a joint
venture that would merge their wireless network infrastructure,
the China Post reports, citing the Associated Press.

Matt Hartley, at the Globe and Mail, says that a deal between
the two companies would remove excess capacity in the telecom
industry.  But, according to analysts, the deal faces major
hurdles.

"I certainly question this," Allen Nogee, an analyst with In-
Stat, was quoted by the Mail as saying.  "They've both had
problems, so I'm not sure that putting two wrongs together
necessarily make a right."

The deal, according to reports, is expected to have revenue in
excess of US$10 billion.

                   About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications.   Nortel's technologies are designed to help
eliminate today's barriers to efficiency, speed and performance

By simplifying networks and connecting people to the information
they need, when they need it.  Nortel Networks Limited is the
principal direct operating subsidiary of Nortel Networks
Corporation.

Nortel does business in more than 150 countries including
Indonesia, the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.

                        *     *     *

Nortel Networks Corp. still carries Moody's Investors Service
'B3' Senior Unsecured Debt rating which was placed on
March 22, 2007.


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


CHULMAN LLC: Tatarstan Bankruptcy Hearing Slated for April 15
-------------------------------------------------------------
The Arbitration Court of Tatarstan will convene on
April 15, 2008, to hear the bankruptcy supervision procedure on
LLC Agricultural Company Chulman.  The case is docketed under
Case No. A65-27537/2007-SG4-27.

The Temporary Insolvency Manager is:

         I. Nurutdinov
         Post User Box 18092
         Naberezhnye Chelny
         423818 Tatarstan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Company Chulman
         Urusovo
         Menzelinskiy
         Tatarstan
         Russia


ENTERPRISE ECOLOGICAL: Creditors Must File Claims by February 28
----------------------------------------------------------------
Creditors of OJSC Enterprise Ecological Equipment of
Experimental Engineering (TIN 5031007100) have until
Feb. 28, 2008, to submit proofs of claim to:

         O. Denisova
         Temporary Insolvency Manager
         Post User Box of NP SRO NAU Delo
         127562 Moscow
         Russia

The Arbitration Court of Moscow will convene at 2:40 p.m. on
April 4, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A41-K2-18780/07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Enterprise Ecological Equipment of Experimental
         Engineering
         Volodarskogo 22
         Noginsk
         Moscow
         Russia


KHAKASSKIY DIARY: Creditors Must File Claims by March 28
--------------------------------------------------------
Creditors of OJSC Khakasskiy Diary have until March 28, 2008, to
submit proofs of claim to:

         S. Makletsov
         Insolvency Manager
         Pushkina Str. 211
         Abakan
         655004 Khakasiya
         Russia
         Tel: (3902) 25-22-48

The Arbitration Court of Khakasiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. NA74-1461/2007.

The Debtor can be reached at:

         OJSC Khakasskiy Diary
         Abakan
         Khakasiya
         Russia


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

         L. Peshkov
         Temporary Insolvency Manager
         Post User Box 30
         Moskovskiy Pr. 118
         Naberezhnye Chelny
         423834 Tatarstan
         Russia

The Arbitration Court of Tatarstan will convene at 9:15 a.m. on
May 3, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A65-28369/
2007-SG4-49.

The Court is located at:

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

The Debtor can be reached at:

         LLC Metallurg-Stroy Plus
         Moskovskiy Pr. 118
         Naberezhnye Chelny
         423834 Tatarstan
         Russia


ROSNEFT OIL: BP Joint Venture Lulls Sakhalin Drilling Operations
----------------------------------------------------------------
OAO Rosneft Oil Co. and BP Plc have put off drilling operations
at Russia's Sakhalin island, citing heavy costs and low success,
Ed Crooks writes for the Financial Times.

BP told FT that the exploration program in the region "hasn't
been the huge success that some thought it might be," adding
that there are no plans to drill wells this year.

"Sakhalin is frontier exploration," Andy Inglis, BP Plc, was
quoted by FT as saying.  "We had early success in the Kaigansky-
Vasuykansky license.  In 2007, we did not have continuing
success as we moved into the Shmidt area."

CJSC Elvary Neftegaz, a joint venture between Rosneft (51%) and
BP (49%), will now focus the exploration program on gathering
and evaluating seismic and other data.  Elvary have drilled six
wells in the area, three of which led to discoveries.

As reported in the TCR-Europe in Nov. 26, 2006, Rosneft and BP
signed operating agreements for joint activity on the East-
Schmidt (Sakhalin-5) and the West-Schmidt (Sakhalin-4) license
blocks.  It was planned that exploration activities on both
blocks including drilling of six wells will be financed by BP
until commerciality is confirmed; following commercial discovery
the expenses will be reimbursed from Rosneft's share of
production.  The companies agreed to US$700 million in the area.

BP said the cost of exploration was around US$50 million per
well in 2006, but costs in the industry have since continued to
rise sharply, FT relates.

Steven Dashevsky, a managing director of Unicredit Aton in
Moscow, told FT the Sakhalin 4 and 5 areas remained interesting
for the long term.

"[Sakhalin 4 and 5 areas are] not assets for the next four or
five years, but maybe in 10 years' time," Mr. Dashevsky told FT.

                         About Rosneft

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

                         *     *     *

As of Feb. 7, 2008, OAO Rosneft Oil Co. carries a BB+ long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is positive.


STAVROSS-AGRO: Stavropol Bankruptcy Hearing Slated for March 20
---------------------------------------------------------------
The Arbitration Court of Stavropol will convene on March 20,
2008, to hear the bankruptcy supervision procedure on CJSC
Stavross-Agro.  The case is docketed under Case No. A63-10665/
2007-S5-11.

The Temporary Insolvency Manager is:

         V. Ivanov
         Kavkazskiy Per. 1a
         Novoselitskoe
         Novoselitskiy
         356350 Stavropol
         Russia

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         CJSC Stavross-Agro
         Stavropol
         Russia


TIMASHEVSKIY OJSC: Asset Sale Slated for February 26
----------------------------------------------------
The Insolvency Manager and Bidding Organizer of OJSC Breeding
Factory Timashevski, will open a public auction for the
company's properties at 2:00 p.m. on Feb. 26, 2008, at:

         OJSC Breeding Factory Timashevski
         Parkovaya Str. 1
         Industrialnyj Location
         Timashevsk
         Krasnodar
         Russia

The company has set a RUR12,931,508 starting price for the
assets on auction.

Interested participants have until Feb. 20, 2008, to deposit an
amount equivalent to 10% of the starting price to:

         OJSC Breeding Factory Timashevskiy
         Settlement Account 40702810600040000283
         Correspondent Account 30101810200000000722
         BIK 040349722
         CB Kuban Credit LLC
         Krasnodar
         Russia

Bidding documents must be submitted to:

         The Insolvency Manager and Bidding Organizer
         Armavirskaya Str. 45
         Eysk
         Krasnodar
         Russia
         Tel: (86132) 2-04-71
         Web: http://www.yeisk.ru/torgi.zip/

The Debtor can be reached at:

         OJSC Breeding Factory Timashevski
         Parkovaya Str. 1
         Industrialnyj Location
         Timashevsk
         Krasnodar
         Russia


VELIZH-FLAX OJSC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Smolensk commenced bankruptcy
supervision procedure on OJSC Velizh-Flax (TIN 6701000472, OGRN
1026700648611).  The case is docketed under Case No. A40-63976/
07-101-127B.

The Temporary Insolvency Manager is:

         A. Ikhlov
         Room 50
         Dzerzhinskogo Str. 5
         214000 Smolensk
         Russia

The Court is located at:

         The Arbitration Court of Smolensk
         Pr. Gagarina 46
         214001 Smolensk
         Russia

The Debtor can be reached at:

         OJSC Velizh-Flax
         Ivanovskaya Str. 25
         Velizh
         Velizhskiy
         216290 Smolensk
         Russia

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


AAR BAUMONTAGEN: Thurgau Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Thurgau entered Dec. 11, 2007 an order
closing the bankruptcy proceedings of LLC AAR Baumontagen.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC AAR Baumontagen
         Sonnenhugel 11
         9554 Tagerschen TG
         Switzerland


C-UNO JSC: Creditors' Liquidation Claims Due by Feb. 21
-------------------------------------------------------
Creditors of JSC C-Uno 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-Uno
         Bern
         Switzerland


RS GASTRO: Creditors' Liquidation Claims Due by Feb. 28
-------------------------------------------------------
Creditors of LLC RS Gastro have until Feb. 28, 2008, to submit
their claims to:

         Treuhandburo Lukas Kaiser
         Morgartenstrasse 5
         6003 Lucerne
         Switzerland

The Debtor can be reached at:

         LLC RS Gastro
         Zug
         Switzerland


SHOE SHINE: Creditors' Liquidation Claims Due by Feb. 21
--------------------------------------------------------
Creditors of LLC Shoe Shine Kinderschuhe have until
Feb. 21, 2008, to submit their claims to:

         Milva Hoogstraal
         Liquidator
         Heuelstrasse 26
         8032 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Shoe Shine Kinderschuhe
         Zurich
         Switzerland


SOURCING CENTRE: Creditors' Liquidation Claims Due by Feb. 25
-------------------------------------------------------------
Creditors of LLC SOURCING CENTRE have until Feb. 25, 2008, to
submit their claims to:

         LLC SOURCING CENTRE
         Flurhofstrasse 158b
         9000 St. Gallen
         Switzerland


TOP SPECIAL: Thurgau Court Closes Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Thurgau entered Dec. 12, 2007, an
order closing the bankruptcy proceedings of JSC Top Special
Verlag.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         JSC Top Special Verlag
         Alte Landstrasse 19
         Mail box: 123
         8596 Scherzingen
         Kreuzlingen TG
         Switzerland


TWIN FALLS: Creditors' Liquidation Claims Due by Feb. 22
--------------------------------------------------------
Creditors of JSC Twin Falls have until Feb. 22, 2008, to submit
their claims to:

         JSC Virtue Trustees (Switzerland)
         Liquidator
         Muhlemattstrasse 56
         5001 Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC Twin Falls
         Zug
         Switzerland


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

         Dr. C. Frutiger
         Zelglistrasse 19
         8122 Binz ZH
         Switzerland

The Debtor can be reached at:

         LLC Twinlogic
         Maur
         Uster ZH
         Switzerland


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


IZIUMAL AGRICULTURAL: Creditors Must File Claims by February 27
---------------------------------------------------------------
Creditors of OJSC Iziumal Agricultural Chemistry (code EDRPOU
05491103) have until Feb. 27, 2008, to submit written proofs of
claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 14, 2008.
The case is docketed under Case No. B-48/167-07.

The Debtor can be reached at:

         OJSC Iziumal Agricultural Chemistry
         Ivanchukovka
         Izium District
         Kharkov
         Ukraine


KOZHANKA SUGAR: Creditors Must File Claims by February 27
---------------------------------------------------------
Creditors of OJSC Kozhanka Sugar Plant (code EDRPOU 00372471)
have until Feb. 27, 2008, to submit written proofs of claim to:

         Vladimir Zavalniuk
         Liquidator
         Kozitsky Str. 46
         21050 Vinnica
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 10, 2008.
The case is docketed under Case No. B 13/287-07.

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         OJSC Kozhanka Sugar Plant
         Kozhanka
         Fastov District
         Kiev
         Ukraine


LAN-AGRIKO LLC: Proofs of Claim Deadline Set February 24
--------------------------------------------------------
Creditors of Agricultural LLC Lan-Agriko (code EDRPOU 33220405)
have until Feb. 24, 2008, to submit written proofs of claim to:

         Svetlana Riazanova
         Temporary Insolvency Manager
         Belov Str. 18/77
         14000 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
16/50b.

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Lan-Agriko
         Frunze Str. 14
         Krasniye Partizany
         Noseyevsky District
         Chernigov
         Ukraine


PERVOMAYSKY AGRICULTURAL: Creditors Must File Claims by Feb. 27
---------------------------------------------------------------
Creditors of OJSC Pervomaysky Agricultural Chemistry (code
EDRPOU 05491178) have until Feb. 27, 2008, to submit written
proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-31/56-07.

The Debtor can be reached at:

         OJSC Pervomaysky Agricultural Chemistry
         Pervomaysky
         Kharkov
         Ukraine


RINGO-TRADE LLC: Creditors Must File Claims by February 27
----------------------------------------------------------
The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
Jan. 15, 2008. The case is docketed under Case No. 21/3/08.

Creditors of LLC Ringo-Trade (code EDRPOU 33869619) have until
Feb. 27, 2008, to submit written proofs of claim to:

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

The Debtor can be reached at:

         LLC Ringo-Trade
         Pobeda Avenue 63
         69035 Zaporozhje
         Ukraine


SVITANOK LLC: Creditors Must File Claims by February 27
-------------------------------------------------------
Creditors of LLC Svitanok (code EDRPOU 03730035) have until
Feb. 27, 2008, to submit written proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 15, 2008.
The case is docketed under Case No. 5/24-08.

The Debtor can be reached at:

         LLC Ssvitanok
         Kovalevka Str. 1
         Sopin
         Pogrebischensky District
         22211 Vinnica
         Ukraine


TRADING HOUSE: Creditors Must File Claims by February 24
--------------------------------------------------------
Creditors of LLC Trading House (code EDRPOU 31642277) have until
Feb. 24, 2008, to submit written proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 8, 2008.
The case is docketed under Case No. B-39/220-07.

The Debtor can be reached at:

         LLC Trading House
         Kirgizskaya Str. 94/1
         61105 Kharkov
         Ukraine


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


AFC BOURNEMOUTH: Enters Into Administration
-------------------------------------------
AFC Bournemouth, also known as the Cherries, has gone into
administration with debts of around GBP4 million, PA Sport
reports.

According to AFC Bournemouth chairman Jeff Mostyn, the club,
which will automatically receive a 10-point deduction by the
Football League, "has been in steady decline over the last 10
years," adding "without any off-the-pitch income there was no
way anybody could have helped it survive."

Gerald Krasner, PA Sport relates, has been appointed
administrator.  He will be assisted by Julie Palmer of Begbies
Traynor in running the club, whose standing is expected to drop
from 22 to the foot of the table, 11 points adrift of safety.

Mr. Krasner told PA Sport, "I will be spending the next few
weeks looking for investment, for people to make offers to come
and see us with a view to buying out the club in a normal way
and maximizing a return for the creditors of this club."

The administrator, who has only eights weeks to draw up a series
of proposals for creditors, revealed there was more than one
consortium eyeing to take over the Cherries, although he
admitted the club is likely to face a points deduction next
season if they fail to carry out a "a successful administration
coupled with a successful Company Voluntary Arrangement,"
Brendan McLoughlin writes for the paper.

AFC Bournemouth -- http://www.afcb.premiumtv.co.uk/-- is an
English football team currently playing in Football League One.
The side plays at the Fitness First Stadium (Dean Court) in
Kings Park, Bournemouth, Dorset.  The club has existed since
1899.


BLUE ROOM: Names Neil Francis Hickling Liquidator
-------------------------------------------------
Neil Francis Hickling of Smith & Williamson Ltd. was appointed
liquidator of The Blue Room (Gift Company) Ltd. on Feb. 1, 2008,
for the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Smith & Williamson Ltd.
         No. 1 St. Swithin Street
         Worcester
         WR1 2PY
         England


CHRYSLER LLC: U.S. Bankruptcy Court Evaluates Tooling Request
-------------------------------------------------------------
Honorable Phillip J. Shefferly of the U.S. Bankruptcy Court for
the Eastern District of Michigan began yesterday a two-day trial
to consider the merits of Chrysler LLC's request to pull out its
tooling equipment from Plastech Engineered Products Inc. and its
debtor-affiliates' plants.

The Court will also consider Chrysler's motion for a temporary
restraining order that would allow Chrysler or its agents to
enter Plastech's plants and obtain possession of the equipment.

The parties had temporarily resolved their dispute by entry of
an interim agreement which provides that:

   i) Plastech will continue delivering component parts to
      Chrysler until Feb. 15, 2008; and

  ii) Plastech will allow Chrysler supervised access to Plastech
      facilities for purposes of inventory and inspection.

                     Revenues Could Plummet
                    Absent Tooling Equipment

The Debtors, however, oppose Chrysler's request for lifting of
the automatic stay under Section 362(d)(1) that would allow it
to take possession of the Tooling.

Chrysler wants possession of the Tooling so that it could
transfer manufacturing of component parts to other parties.
Plastech notes that Chrysler accounts for about US$200,000,000
of its annual revenues.  Thus, if Chrysler's proposal is
granted, the Debtors would immediately lose approximately 15% of
their annual revenues.  This would occur when the Debtors'
business is most vulnerable, the first two weeks of their
Chapter 11 cases, avers Peter Smidt, executive vice president
for Finance and chief financial officer of the Debtors.

Deborah L. Fish, Esq., at Allard & Fish, P.C., in Detroit,
Michigan, says that Chrysler is stayed by the Bankruptcy Code
from taking possession of the Tooling.  Ms. Fish contends that
pursuant to Section 362(a)(3) of the Bankruptcy Code:

    -- Chysler is prohibited from taking unpaid tooling, which
       pursuant to their Financial Accommodation Agreements, are
       property of the estate.  Section 362(a)(3) prohibits
       taking any action against estate property.  The Debtors
       are also under no obligation to sell the unpaid tooling
       to Chrysler under the FFAs.

    -- Chrysler is prohibited from taking possession of any
       Tooling it owns but in the possession, custody and
       control of the Debtors.  Regardless of who legally owns
       the Tooling, any Tooling in the possession of the Debtors
       may only be removed upon a modification of the automatic
       stay.

Sufficient cause does not exist to modify the automatic stay
under Section 362(d), Ms. Fish asserts.  She argues that:

   -- The Debtors' and creditors' interests in prohibiting
      Chrysler from seizing any owned tooling substantially
      outweigh any harm that Chrysler might suffer if the stay
      is not lifted.  Plastech will lose business if equipment
      are removed from their plants.  On the other hand,
      Chrysler will suffer, "at most, financial damages, which
      damages were self-inflicted and not legally cognizable."

   -- Chrysler is not likely to prevail on the merits of
      its underlying claims.

Ms. Fish notes that to grant a temporary restraining order or
modify the automatic stay, the Court must also conclude that
Chrysler has a substantial likelihood of prevailing on its
underlying claims, all of which are premised on two contentions:

    i. that Chrysler properly terminated the Supply Agreements
       on Feb. 1, 2008; and

   ii. that Chrysler owns the Tooling.

The Debtors say that they will demonstrate at the hearing that
Chrysler is not likely to prevail on either contention.  Ms.
Fish argues that:

   (a) Chrysler's notices were ineffective.  Notices or letters
       sent by Chrysler on Jan. 15 and 16, and Feb. 1, which
       purportedly terminated the supply agreements, were not
       sent to the proper notice parties, which include the
       Debtors' other customers.  In addition, the notices were
       "simply impermissibly vague" and, thus, did not trigger
       Plastech's 10-day obligation to cure defaults under the
       agreements.

   (b) Plastech timely cured certain of the alleged defaults and
       Chrysler is estopped from asserting others.  Within two
       weeks following the January Notices, Plastech had cured
       or was on the verge of curing the alleged defaults
       regarding its financial condition and accommodation
       requests.

   (c) Chrysler is not likely to prevail on the merits of its
       contention that it could terminate the supply agreements
       for breach.  Among other things:

         -- Plastech is not in breach of any quality obligation,

         -- Plastech is not in breach of any obligation to pay
            tooling suppliers and provide verification,

         -- Plastech has not breached any quality issues
            requiring third-party inspection,

         -- Plastech's request to advance payables did not
            constitute a breach, and

         -- Plastech's planned closures of certain facilities
            did not constitute any breach.

Ms. Fish adds that Chrysler is not likely to show that the
tooling is owned by Chrysler and held by the Debtors under
Article 7 Of The Michigan Uniform Commercial Code.  She avers
that Chrysler did not and, indeed, cannot establish that a
bailment relationship exists between itself and the Debtors.

Previously, the Debtors refuted Chrysler's assertions that it
will suffer significant harm absent a lifting of the stay.  "Any
harm to Chrysler was self-inflicted," the Debtors' proposed
counsel, Gregg M. Galardi, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, in Wilmington, Delaware, asserted.  "Any
harm to Chrysler is not irreparable," he added.

Plastech also asserted that even if the stay is lifted, it could
take weeks, even months, for the equipment to be removed from
the Debtors' facilities and be set up in another facility.

Granting Chrysler's request, Mr. Galardi argued, would reward
Chrysler for acting precipitously at a time when the Debtors
efforts need to be, and indeed were, focused elsewhere
in an effort to maximize the value of their estates for the
benefit of all creditors.

                        Other Objections

Tri-Way Mfg., Inc., doing business as Tri-Way Mold &
Engineering, which holds a lien on the molds Chrysler seeks to
recover, wants Chrysler's lift stay request denied, absent the
satisfaction of Tri-Way's statutory liens.

In addition, H.S. Die & Engineering, Inc. and H.S. Die Rantoul
Mold Services, LLC, which manufacture and supply Plastech with
tools, dies and molds, including the Molds Chrysler seeks to
recover, also objected to Chrysler's request.

H.S. Die asserted that granting the lift stay request would
entitle Chrysler to take possession or exercise any rights as to
the Tools, which is subject to certain liens held by H.S. Die.

H.S. Die is the Debtors' largest general unsecured creditor with
a US$6,360,328 claim according to papers filed at the time of
their bankruptcy filing.

                         One of Their Own

Rival carmakers General Motors Corp. and Ford Motor Co. appeared
before the Court Wednesday to show support to Chrysler LLC, The
Associated Press says.

AP's Dee-Ann Durbin reports that spokesperson for GM and Ford as
well as for auto supplier Johnson Controls Inc. told the Court
they believe they have the right to reclaim their own equipment
under their contracts with Plastech.

"GM is not taking a position regarding whether the court should
grant Chrysler the relief it is seeking," GM spokesman Frank
Sopata said, according to AP.  "But GM does strongly support
Chrysler's position regarding the tooling since we have entered
into the same agreement as Chrysler and the other major
customers of Plastech to reclaim our tooling should it be
necessary."

Ford and GM haven't experienced any disruption in their supply
from Plastech or reported any quality problems, AP says.

"We've continued to work with them all along," Ford spokesman
Todd Nissen told the Court, AP relates.

AP notes that GM Chief Financial Officer Fritz Henderson said
Tuesday that GM hasn't made any decisions about whether to keep
doing business with Plastech but is trying to help the supplier.
"We're working constructively with them to help them with their
current financial difficulties," he said.

                     About Plastech Engineered

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

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

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

An Official Committee of Unsecured Creditors has been appointed
in the Debtors' cases.

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.

                       About 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.

                        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 Chrysler LLC

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

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 13,
2007, Standard & Poor's Ratings Services affirmed its 'B'
corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.
S&P said the outlook is negative.


COLLINS & AIKMAN: Bayer Unit Buys IP Rights on Thermoplastics
-------------------------------------------------------------
Bayer MaterialScience AG has purchased the thermoplastic
polyurethanes related intellectual property rights from Collins
& Aikman Corporation.  In this way, Bayer MaterialScience is
extending its portfolio for TPU molded skins used in instrument
panels in the vehicle interior.

Financial details of the transaction were not being disclosed.

The intellectual property rights acquired comprise different TPU
formulations and patents and the expertise that goes with it.
The thermoplastic "size-reduction technologies" developed by C&A
were a critical factor in the decision to buy.  These "micro-"
and "mini-beading" methods lend powder particles a specific
shape and a size distribution that enables superior flow in the
mold during the melting process.  TPU grades produced in this
way are ideal for slush molding (sintering), for which Bayer
MaterialScience already holds a wide range of patents.  This
method is used to mass-produce molded skins for instrument
panels.  The uniform size of the powder particles enables
components to be produced in the quality required by the
automotive industry when the design includes deep undercuts,
sharp radii, surface logos or a deep grain.

The formulations are aliphatic TPU grades which are lightfast
and therefore do not discolor over time when exposed to UV
light.  Aliphatics of this kind do not have to be post-painted
or in-mold coated, thus saving OEMs and part manufacturers the
outlay and expense of applying a coating to the finished
instrument panels and interior parts.  In the future, Bayer
MaterialScience is looking to offer the relevant TPU product in
the form of a colored powder that exactly matches the interior
colors specified by the OEM.

By acquiring C&A's know-how, Bayer MaterialScience said it can
now provide a material technology that is deployed in a series
of OEM applications for molded skins in car instrument panels.
For example, General Motors, Ford, Chrysler and various Asian
transplants use TPU in current and future vehicle models fitted
with invisible passenger airbags.  In this design, the molded
skin must retain its properties over the entire life cycle of
the vehicle.

"The surface material for instrument panels must remain ductile
even at temperatures of below -30 °C.  This is one of the OEMs'
main performance requirements, in order to prevent splintering
when the airbag is deployed," explained Mike Zierden, who heads
the TPU Resins Business Unit at Bayer MaterialScience LLC in the
U.S. "The new TPU formulation in our portfolio offers superior
mechanical properties, including excellent scratch resistance.
At the same time it is providing a nice leather-like feel."

The long-term heat resistance of TPU is also superior to most
alternative materials.

                   About Bayer MaterialScience

Bayer MaterialScience AG -- http://www.bayermaterialscience.com/
-- had 2006 sales of EUR10.2 billion (continuing operations),
making it among the world's largest polymer companies.  It
manufactures polymer materials and develops solutions for every
day customer products.  The main segments served are the
automotive, electrical and electronics, construction and sports
and leisure industries. Bayer MaterialScience has 30 production
sites around the globe and employed approximately 14,900 people
at the end of 2006.  Bayer MaterialScience is a Bayer Group
company.

                      About Collins & Aikman

Headquartered in Troy, Mich., Collins & Aikman Corporation --
http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a
leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtors
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.

On Aug. 30, 2006, the Debtors filed a Joint Chapter 11 Plan and
a Disclosure Statement explaining that plan.  On Dec. 22, 2006,
they filed an Amended Plan and on Jan. 22, 2007, filed a
modified Amended Plan.  On Jan. 25, 2007, the Court approved the
adequacy of the Disclosure Statement.  On July 18, 2007, the
Court confirmed the Debtors' Liquidation Plan which became
effective on Oct. 12, 2007.  The Debtors' cases are set to be
closed on Feb. 28, 2008.


CONCORDIA BUS: S&P Raise Ratings to B- in Line with Parent
----------------------------------------------------------
Standard & Poor's Ratings Services assigned a recovery rating of
'4' to Concordia Bus Nordic AB's existing EUR130 million senior
secured notes, indicating the expectation of average (30%-50%)
recovery in the event of a payment default.   The issue rating
has been raised to 'B-' from 'CCC+', in line with the corporate
credit rating on Concordia Bus Nordic's parent, Sweden-based
bus services provider Concordia Bus Nordic Holding AB (B-
Stable/--).  The change in the issue rating reflects the
application of the recovery scale and criteria to this debt
instrument.

"Recovery expectations are underpinned by the relatively
comprehensive security package and favorable insolvency regimes,
but are also offset by the diminished value of the owned bus
fleet by the time of default under our hypothetical default
scenario," said Standard & Poor's recovery analyst Marc
Lewis.  "Given that new buses are being financed on hire
purchase terms this will lead to depreciating owned bus asset
values."

Recovery prospects for secured noteholders are therefore likely
to diminish over time. Our rating assumes the most likely point
of default to be at the refinancing of the notes in 2009, but if
default were to occur beyond this time period, the recovery
potential is likely to be lower.


COTT CORP: Net Loss Rises to US$76.8MM in Quarter Ended Dec. 29
---------------------------------------------------------------
Cott Corporation reported results for the fourth quarter and
fiscal year ended Dec. 29, 2007.

Net loss in the fourth quarter was US$76.8 million compared to a
net loss of US$29.6 million in the fourth quarter of 2006.

Asset impairment charges for the quarter amounted to US$65.5
million pre-tax, which comprised of US$55.8 million goodwill
impairment, and US$9.7 million of asset impairments in North
America.

The comparable prior year quarter included US$23.5 million of
restructuring and asset impairment charges, plus US$23.3 million
of unusual costs.  Absent these charges, Cott would have
generated a US$8.8 million operating loss for the current
quarter as compared to US$6.5 million of income in the
comparable prior year period.

"In 2007, we were impacted by an extreme commodity environment,
CSD decline in North America, higher competitive promotional
activities, and various internal challenges that prevented us
from achieving our objectives," Brent Willis, Cott's chief
executive officer, said.  "This very difficult year is now
behind us, and most importantly, in 2007, we took essential
steps to remake the company in various areas, such as people,
structure, process changes, product manufacturing capability,
pricing and cost management.  We expect these initiatives to
significantly improve our performance in 2008."

"In the fourth quarter, we sharpened our focus on a few key
initiatives with our most important customers," Rick Dobry,
Cott's president for North America, said.  "These include the
roll out of our new water program, continued distribution
expansion and brand development of our new products, and
merchandising of our core business.  Late in the quarter, we
secured the final round of pricing for the year."

"As a result of this year's performance in our U.S. operations,
our annual asset impairment analysis resulted in a non-cash
goodwill impairment of US$55.8 million," Juan Figuereo, Cott's
chief financial officer, said.

"With experienced leaders in the U.K., Mexico, and RC
International, we are confident about the future success and
continued growth of our international operations," Mr. Willis
said.  "We expect our International business unit to continue
delivering strong gains in 2008, and I am working closely with
each of these business unit leaders to accelerate our profitable
growth."

                        Full Year Results

For the full year ended Dec. 29, 2007, net loss in 2007 was
US$73.1 million compared to US$17.5 million in 2006.

Restructuring, asset impairments, and other charges for the year
were US$90.8 million compared to US$38.5 million in the prior
year. The full-year operating loss was US$57.1 million, as
compared to income of US$2.3 million in the prior year.

At Dec. 29, 2007, the company's balance sheet showed total
assets of US$1.14 billion, total liabilities of US$0.71 billion
and total shareholders' equity of US$0.43 billion.

                    About Cott Corporation

Headquartered in Toronto, Ontario, Cott Corporation --
http://www.cott.com/--is a provider of retailer brand soft
drinks.  The company commercializes its business in over 60
countries worldwide, with its principal markets being the United
States, Canada, the United Kingdom and Mexico.  Cott markets or
supplies over 200 retailer and licensed brands, and company-
owned brands including Cott, RC, Vintage, Vess and So Clear.
Its products include carbonated soft drinks, sparkling and
flavored waters, energy drinks, sports drinks, juices, juice
drinks and smoothies, ready-to-drink teas, and other non-
carbonated beverages.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 21,
2007, Moody's Investors Service downgraded the Corporate Family
Rating of Cott Corporation to B1 from Ba3.  The outlook is
negative.  This concludes the review for downgrade initiated on
Sept. 21, 2007.


CUMMINS INC: Board Declares 12.5 Cents Per Share Dividend
---------------------------------------------------------
Cummins Inc.'s Board of Directors has declared a quarterly
common stock cash dividend of 12.5 cents per share, payable
March 3, 2008, to shareholders of record on Feb. 22, 2008.  The
dividend amount reflects the Company's 2-for-1 stock split,
which took effect Jan. 2, 2008.

                         About Cummins

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina.  Its
operations in the Asia-Pacific are found in China, Japan and
Korea.  Its also has facilities in Europe, particularly in the
United Kingdom.

                         *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


ELECTRONIC DATA: Bob Hershey to Lead SAP Consulting Practice
------------------------------------------------------------
Electronic Data Systems Corp. has appointed Bob Hershey as vice
president and SAP Consulting Practice Leader for the Americas
and Asia Pacific regions.  He will report directly to senior
executive vice president of Applications Services, Charlie Feld.

Mr. Hershey's appointment is a key ingredient in the company's
strategic initiative to expand its global SAP application-based
consulting practice.  The Global SAP Consulting Practice is an
integral component of the company's 2008 Applications Services
growth plan for high-end, industry-focused applications
development and consulting.

Mr. Hershey will be responsible for building out and growing the
SAP Consulting Practice in the Americas and Asia Pacific
regions.  His responsibilities include managing the regional
partnership, the SAP sales process, subject-matter expertise,
and solutioning and delivering SAP implementations.

"I'm pleased and excited to have Bob on the EDS team to help
build our expanded SAP Consulting Practice," said Mr. Feld.
"His in-depth experience and knowledge will help us kick-start
and aggressively drive our higher value-chain proposition for
Applications Services."

Mr. Hershey's appointment follows an expanded agreement
announced between Electronic Data and SAP last October.  By
collaborating with SAP on client engagement training and
techniques designed to drive the long-term growth of its
consulting practice, Electronic Data will further enhance its
existing SAP capabilities and bring end-to-end consulting and
systems integration to the market by early 2008.

Prior to joining the company, Mr. Hershey was senior vice
president and global enterprise solutions practice leader at
BearingPoint, Inc. and led more than 30 managing directors for
their North American Technology Solutions organization including
sales, delivery and operations.  He was also instrumental in
developing strategy for BearingPoint's US$1.3 billion SAP and
Oracle practices globally, spearheading its offshore delivery
strategy and helping position its practice toward higher growth
solutions and services.  While at BearingPoint, he was also the
Global Oracle Practice leader and Global PeopleSoft Practice
leader.

Previously, Mr. Hershey served as a principal in charge for
BearingPoint's (then KPMG Consulting) North America Consumer and
Industrial Markets eBusiness Practice, and Consumer Markets
Segment leader and principal for its North America Finance
Practice.

Mr. Hershey holds a Bachelor of Arts degree from Williams
College in Williamstown, Mass., and a master of business
administration degree from New York University School of
Business.

                  About Electronic Data System

Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS)
-- http://www.eds.com/-- is a global technology services
company delivering business solutions to its clients.  The
company founded the information technology outsourcing industry
more than 40 years ago.  The company delivers a broad portfolio
of information technology and business process outsourcing
services to clients in the manufacturing, financial services,
healthcare,  communications, energy, transportation, and
consumer and retail industries and to governments around the
world.

The company has locations in Argentina, Australia, Austria,
Brazil, China, Chile, Greece, Hong Kong, India, Japan, Malaysia,
Mexico, Puerto Rico, Singapore, Taiwan, Thailand, South Korea,
United Kingdom, among others.

                         *     *     *

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


FARROW INVESTMENTS: HSBC Bank Brings In PwC as Receivers
--------------------------------------------------------
HSBC Bank Plc appointed Stephen Mark Oldfield and Robert
Jonathan Hunt of PricewaterhouseCoopers LLP joint administrative
receivers of Farrow Investments Ltd. (Company Number 3602029) on
Jan. 23, 2008.

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

The company can be reached at:

          Farrow Investments Ltd.
          Browston Lane
          Browston
          Great Yarmouth
          Norfolk
          NR31 9DP
          England
          Tel: 01502 732 431


FORD MOTOR: Backs Up Chrysler's Tooling Request from Plastech
-------------------------------------------------------------
Rival carmakers General Motors Corp. and Ford Motor Co. appeared
before the U.S. Bankruptcy Court for the Eastern District of
Michigan Wednesday to support Chrysler LLC'S request to recover
its tooling equipment from Plastech Engineered Products Inc. and
its debtor-affiliates' plants, The Associated Press says.

AP's Dee-Ann Durbin reports that spokesperson for GM and Ford as
well as for auto supplier Johnson Controls Inc. told the Court
they believe they have the right to reclaim their own equipment
under their contracts with Plastech.

"GM is not taking a position regarding whether the court should
grant Chrysler the relief it is seeking," GM spokesman Frank
Sopata said, according to AP.  "But GM does strongly support
Chrysler's position regarding the tooling since we have entered
into the same agreement as Chrysler and the other major
customers of Plastech to reclaim our tooling should it be
necessary."

Ford and GM haven't experienced any disruption in their supply
from Plastech or reported any quality problems, AP says.

"We've continued to work with them all along," Ford spokesman
Todd Nissen told the Court, AP relates.

AP notes that GM Chief Financial Officer Fritz Henderson said
Tuesday that GM hasn't made any decisions about whether to keep
doing business with Plastech but is trying to help the supplier.
"We're working constructively with them to help them with their
current financial difficulties," he said.

                    Chrysler-Plastech Dispute

Honorable Phillip J. Shefferly began yesterday a two-day trial
to consider the merits of Chrysler's request.  The Court was
also set to consider Chrysler's motion for a temporary
restraining order that would allow Chrysler or its agents to
enter Plastech's plants and obtain possession of the equipment.

Chrysler and Plastech have temporarily resolved their dispute by
entry of an interim agreement which provides that:

   i) Plastech will continue delivering component parts to
      Chrysler until Feb. 15, 2008; and

  ii) Plastech will allow Chrysler supervised access to Plastech
      facilities for purposes of inventory and inspection.

                     Revenues Could Plummet
                    Absent Tooling Equipment

The Debtors, however, oppose Chrysler's request for lifting of
the automatic stay under Section 362(d)(1) that would allow it
to take possession of the Tooling.

Chrysler wants possession of the Tooling so that it could
transfer manufacturing of component parts to other parties.
Plastech notes that Chrysler accounts for about US$200,000,000
of its annual revenues.  Thus, if Chrysler's proposal is
granted, the Debtors would immediately lose approximately 15% of
their annual revenues.  This would occur when the Debtors'
business is most vulnerable, the first two weeks of their
Chapter 11 cases, avers Peter Smidt, executive vice president
for Finance and chief financial officer of the Debtors.

Deborah L. Fish, Esq., at Allard & Fish, P.C., in Detroit,
Michigan, says that Chrysler is stayed by the Bankruptcy Code
from taking possession of the Tooling.  Ms. Fish contends that
pursuant to Section 362(a)(3) of the Bankruptcy Code:

    -- Chysler is prohibited from taking unpaid tooling, which
       pursuant to their Financial Accommodation Agreements, are
       property of the estate.  Section 362(a)(3) prohibits
       taking any action against estate property.  The Debtors
       are also under no obligation to sell the unpaid tooling
       to Chrysler under the FFAs.

    -- Chrysler is prohibited from taking possession of any
       Tooling it owns but in the possession, custody and
       control of the Debtors.  Regardless of who legally owns
       the Tooling, any Tooling in the possession of the Debtors
       may only be removed upon a modification of the automatic
       stay.

Sufficient cause does not exist to modify the automatic stay
under Section 362(d), Ms. Fish asserts.  She argues that:

   -- The Debtors' and creditors' interests in prohibiting
      Chrysler from seizing any owned tooling substantially
      outweigh any harm that Chrysler might suffer if the stay
      is not lifted.  Plastech will lose business if equipment
      are removed from their plants.  On the other hand,
      Chrysler will suffer, "at most, financial damages, which
      damages were self-inflicted and not legally cognizable."

   -- Chrysler is not likely to prevail on the merits of
      its underlying claims.

Ms. Fish notes that to grant a temporary restraining order or
modify the automatic stay, the Court must also conclude that
Chrysler has a substantial likelihood of prevailing on its
underlying claims, all of which are premised on two contentions:

    i. that Chrysler properly terminated the Supply Agreements
       on February 1, 2008; and

   ii. that Chrysler owns the Tooling.

The Debtors say that they will demonstrate at the hearing that
Chrysler is not likely to prevail on either contention.  Ms.
Fish argues that:

   (a) Chrysler's notices were ineffective.  Notices or letters
       sent by Chrysler on Jan. 15 and 16, and Feb. 1, which
       purportedly terminated the supply agreements, were not
       sent to the proper notice parties, which include the
       Debtors' other customers.  In addition, the notices were
       "simply impermissibly vague" and, thus, did not trigger
       Plastech's 10-day obligation to cure defaults under the
       agreements.

   (b) Plastech timely cured certain of the alleged defaults and
       Chrysler is estopped from asserting others.  Within two
       weeks following the January Notices, Plastech had cured
       or was on the verge of curing the alleged defaults
       regarding its financial condition and accommodation
       requests.

   (c) Chrysler is not likely to prevail on the merits of its
       contention that it could terminate the supply agreements
       for breach.  Among other things:

         -- Plastech is not in breach of any quality obligation,

         -- Plastech is not in breach of any obligation to pay
            tooling suppliers and provide verification,

         -- Plastech has not breached any quality issues
            requiring third-party inspection,

         -- Plastech's request to advance payables did not
            constitute a breach, and

         -- Plastech's planned closures of certain facilities
            did not constitute any breach.

Ms. Fish adds that Chrysler is not likely to show that the
tooling is owned by Chrysler and held by the Debtors under
Article 7 Of The Michigan Uniform Commercial Code.  She avers
that Chrysler did not and, indeed, cannot establish that a
bailment relationship exists between itself and the Debtors.

Previously, the Debtors refuted Chrysler's assertions that it
will suffer significant harm absent a lifting of the stay.  "Any
harm to Chrysler was self-inflicted," the Debtors' proposed
counsel, Gregg M. Galardi, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, in Wilmington, Delaware, asserted.  "Any
harm to Chrysler is not irreparable," he added.

Plastech also asserted that even if the stay is lifted, it could
take weeks, even months, for the equipment to be removed from
the Debtors' facilities and be set up in another facility.

Granting Chrysler's request, Mr. Galardi argued, would reward
Chrysler for acting precipitously at a time when the Debtors
efforts need to be, and indeed were, focused elsewhere
in an effort to maximize the value of their estates for the
benefit of all creditors.

                        Other Objections

Tri-Way Mfg., Inc., doing business as Tri-Way Mold &
Engineering, which holds a lien on the molds Chrysler seeks to
recover, wants Chrysler's lift stay request denied, absent the
satisfaction of Tri-Way's statutory liens.

In addition, H.S. Die & Engineering, Inc. and H.S. Die Rantoul
Mold Services, LLC, which manufacture and supply Plastech with
tools, dies and molds, including the Molds Chrysler seeks to
recover, also objected to Chrysler's request.

H.S. Die asserted that granting the lift stay request would
entitle Chrysler to take possession or exercise any rights as to
the Tools, which is subject to certain liens held by H.S. Die.

H.S. Die is the Debtors' largest general unsecured creditor with
a US$6,360,328 claim according to papers filed at the time of
their bankruptcy filing.

                        About Chrysler LLC

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

                     About Plastech Engineered

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

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

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

An Official Committee of Unsecured Creditors has been appointed
in the Debtors' cases.

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

                       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.

                        About Ford Motor

Headquartered 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.


GAMEKEEPA FEEDS: Taps Milner Boardman as Administrators
-------------------------------------------------------
Darren Brookes and Gary J. Corbett of Milner Boardman & Partners
were appointed joint administrators of Gamekeepa Feeds Ltd.
(Company Number 01160585) on Feb. 4, 2008.

Milner Boardman -- http://www.milnerboardman.co.uk/-- provides
financial accounting and business advisory services.

The company can be reached at:

          Gamekeepa Feeds Ltd.
          Southerley Park
          Binton
          Stratford-upon-Avon
          Warwickshire
          CV37 9TU
          England
          Tel: 01789 772 429
          Fax: 01789 490 536


GENERAL MOTORS: Backs Up Chrysler's Request to Recover Equipment
----------------------------------------------------------------
Rival carmakers General Motors Corp. and Ford Motor Co. appeared
before the U.S. Bankruptcy Court for the Eastern District of
Michigan Wednesday to support Chrysler LLC'S request to recover
its tooling equipment from Plastech Engineered Products Inc. and
its debtor-affiliates' plants, The Associated Press says.

AP's Dee-Ann Durbin reports that spokesperson for GM and Ford as
well as for auto supplier Johnson Controls Inc. told the Court
they believe they have the right to reclaim their own equipment
under their contracts with Plastech.

"GM is not taking a position regarding whether the court should
grant Chrysler the relief it is seeking," GM spokesman Frank
Sopata said, according to AP.  "But GM does strongly support
Chrysler's position regarding the tooling since we have entered
into the same agreement as Chrysler and the other major
customers of Plastech to reclaim our tooling should it be
necessary."

Ford and GM haven't experienced any disruption in their supply
from Plastech or reported any quality problems, AP says.

"We've continued to work with them all along," Ford spokesman
Todd Nissen told the Court, AP relates.

AP notes that GM Chief Financial Officer Fritz Henderson said
Tuesday that GM hasn't made any decisions about whether to keep
doing business with Plastech but is trying to help the supplier.
"We're working constructively with them to help them with their
current financial difficulties," he said.

                    Chrysler-Plastech Dispute

Honorable Phillip J. Shefferly began yesterday a two-day trial
to consider the merits of Chrysler's request.  The Court was
also set to consider Chrysler's motion for a temporary
restraining order that would allow Chrysler or its agents to
enter Plastech's plants and obtain possession of the equipment.

Chrysler and Plastech have temporarily resolved their dispute by
entry of an interim agreement which provides that:

   i) Plastech will continue delivering component parts to
      Chrysler until Feb. 15, 2008; and

  ii) Plastech will allow Chrysler supervised access to Plastech
      facilities for purposes of inventory and inspection.

                     Revenues Could Plummet
                    Absent Tooling Equipment

The Debtors, however, oppose Chrysler's request for lifting of
the automatic stay under Section 362(d)(1) that would allow it
to take possession of the Tooling.

Chrysler wants possession of the Tooling so that it could
transfer manufacturing of component parts to other parties.
Plastech notes that Chrysler accounts for about US$200,000,000
of its annual revenues.  Thus, if Chrysler's proposal is
granted, the Debtors would immediately lose approximately 15% of
their annual revenues.  This would occur when the Debtors'
business is most vulnerable, the first two weeks of their
Chapter 11 cases, avers Peter Smidt, executive vice president
for Finance and chief financial officer of the Debtors.

Deborah L. Fish, Esq., at Allard & Fish, P.C., in Detroit,
Michigan, says that Chrysler is stayed by the Bankruptcy Code
from taking possession of the Tooling.  Ms. Fish contends that
pursuant to Section 362(a)(3) of the Bankruptcy Code:

    -- Chysler is prohibited from taking unpaid tooling, which
       pursuant to their Financial Accommodation Agreements, are
       property of the estate.  Section 362(a)(3) prohibits
       taking any action against estate property.  The Debtors
       are also under no obligation to sell the unpaid tooling
       to Chrysler under the FFAs.

    -- Chrysler is prohibited from taking possession of any
       Tooling it owns but in the possession, custody and
       control of the Debtors.  Regardless of who legally owns
       the Tooling, any Tooling in the possession of the Debtors
       may only be removed upon a modification of the automatic
       stay.

Sufficient cause does not exist to modify the automatic stay
under Section 362(d), Ms. Fish asserts.  She argues that:

   -- The Debtors' and creditors' interests in prohibiting
      Chrysler from seizing any owned tooling substantially
      outweigh any harm that Chrysler might suffer if the stay
      is not lifted.  Plastech will lose business if equipment
      are removed from their plants.  On the other hand,
      Chrysler will suffer, "at most, financial damages, which
      damages were self-inflicted and not legally cognizable."

   -- Chrysler is not likely to prevail on the merits of
      its underlying claims.

Ms. Fish notes that to grant a temporary restraining order or
modify the automatic stay, the Court must also conclude that
Chrysler has a substantial likelihood of prevailing on its
underlying claims, all of which are premised on two contentions:

    i. that Chrysler properly terminated the Supply Agreements
       on February 1, 2008; and

   ii. that Chrysler owns the Tooling.

The Debtors say that they will demonstrate at the hearing that
Chrysler is not likely to prevail on either contention.  Ms.
Fish argues that:

   (a) Chrysler's notices were ineffective.  Notices or letters
       sent by Chrysler on Jan. 15 and 16, and Feb. 1, which
       purportedly terminated the supply agreements, were not
       sent to the proper notice parties, which include the
       Debtors' other customers.  In addition, the notices were
       "simply impermissibly vague" and, thus, did not trigger
       Plastech's 10-day obligation to cure defaults under the
       agreements.

   (b) Plastech timely cured certain of the alleged defaults and
       Chrysler is estopped from asserting others.  Within two
       weeks following the January Notices, Plastech had cured
       or was on the verge of curing the alleged defaults
       regarding its financial condition and accommodation
       requests.

   (c) Chrysler is not likely to prevail on the merits of its
       contention that it could terminate the supply agreements
       for breach.  Among other things:

         -- Plastech is not in breach of any quality obligation,

         -- Plastech is not in breach of any obligation to pay
            tooling suppliers and provide verification,

         -- Plastech has not breached any quality issues
            requiring third-party inspection,

         -- Plastech's request to advance payables did not
            constitute a breach, and

         -- Plastech's planned closures of certain facilities
            did not constitute any breach.

Ms. Fish adds that Chrysler is not likely to show that the
tooling is owned by Chrysler and held by the Debtors under
Article 7 Of The Michigan Uniform Commercial Code.  She avers
that Chrysler did not and, indeed, cannot establish that a
bailment relationship exists between itself and the Debtors.

Previously, the Debtors refuted Chrysler's assertions that it
will suffer significant harm absent a lifting of the stay.  "Any
harm to Chrysler was self-inflicted," the Debtors' proposed
counsel, Gregg M. Galardi, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, in Wilmington, Delaware, asserted.  "Any
harm to Chrysler is not irreparable," he added.

Plastech also asserted that even if the stay is lifted, it could
take weeks, even months, for the equipment to be removed from
the Debtors' facilities and be set up in another facility.

Granting Chrysler's request, Mr. Galardi argued, would reward
Chrysler for acting precipitously at a time when the Debtors
efforts need to be, and indeed were, focused elsewhere
in an effort to maximize the value of their estates for the
benefit of all creditors.

                        Other Objections

Tri-Way Mfg., Inc., doing business as Tri-Way Mold &
Engineering, which holds a lien on the molds Chrysler seeks to
recover, wants Chrysler's lift stay request denied, absent the
satisfaction of Tri-Way's statutory liens.

In addition, H.S. Die & Engineering, Inc. and H.S. Die Rantoul
Mold Services, LLC, which manufacture and supply Plastech with
tools, dies and molds, including the Molds Chrysler seeks to
recover, also objected to Chrysler's request.

H.S. Die asserted that granting the lift stay request would
entitle Chrysler to take possession or exercise any rights as to
the Tools, which is subject to certain liens held by H.S. Die.

H.S. Die is the Debtors' largest general unsecured creditor with
a US$6,360,328 claim according to papers filed at the time of
their bankruptcy filing.

                        About Ford Motor

Headquartered 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 Chrysler LLC

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

                     About Plastech Engineered

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

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

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

An Official Committee of Unsecured Creditors has been appointed
in the Debtors' cases.

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.

                       About 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 US 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 on Oct. 23, 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.


INVENSYS PLC: Will Redeem Outstanding Bonds on March 17
-------------------------------------------------------
Invensys plc gave notice on Feb. 8, 2008, to the holders of its
remaining high yield bonds that it is exercising its optional
redemption right and will redeem all of the outstanding bonds on
March 17, 2008.

The remaining high yield bonds comprise US$177,092,000 aggregate
principal amount of 9.875% senior notes due March 2011 and
EUR345,150,000 aggregate principal amount of 9.875% senior notes
due March 2011.  The redemption price amounts to 104.938% of
principal amount, totaling around GBP360 million at
Dec. 31, 2007 exchange rates, and will be paid out of existing
cash balances.

The optional redemption will give rise to a premium of around
GBP17 million which will be charged as an exceptional finance
cost in the Group's 2007/08 fourth quarter results.  In
addition, existing capitalized fees and costs of GBP6 million
will be written off as an exceptional finance cost in that
period.

                       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.


LDA INTERIOR: Claims Filing Period Ends March 14
------------------------------------------------
Creditors of LDA Interior Solutions Ltd. have until March 14,
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:

         Vincent John Green
         Joint Liquidator
         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         TN9 1HG
         England

Vincent John Green and Mark Newman of Vantis Business Recovery
Services were appointed joint liquidators of the company on
Feb. 7 by the members and creditors.


MANCHESTER MARBLE: Names Administrators from Milner Boardman
------------------------------------------------------------
Colin Burke and Gary J. Corbett of Milner Boardman & Partners
were appointed joint administrators of Manchester Marble Ltd.
(Company Number 03793211) on Feb. 7, 2008.

Milner Boardman -- http://www.milnerboardman.co.uk/-- provides
financial accounting and business advisory services.

The company can be reached at:

          Manchester Marble Ltd.
          12 Arundel Street
          Manchester
          Lancashire
          M15 4JP
          England
          Tel: 0161 831 7761
          Fax: 0161 831 7767


MARTIN EVANS: Brings In Liquidators from Mazars
-----------------------------------------------
Tim Alan Askham and Robert David Adamson of Mazars LLP were
appointed joint liquidators of Martin Evans Interiors Ltd. on
Feb. 5 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England


MAXJET AIRWAYS: Taps M. Beyer as Expert Valuation Consultants
-------------------------------------------------------------
MAXjet Airways Inc. asks the U.S. Bankruptcy Court for the
District of Delaware for authority to employ Morten Beyer &
Agnew as its expert valuation consultants nunc pro tunc Jan. 11,
2008.

Morten Beyer will work closely with the Debtor and its
professionals in providing advise with regard to a valuation of
the Debtor's aviation assets.  The firm is also expected to
provide:

    a) maintenance adjusted appraisal of aircraft and engines at
       varying values with market commentary by aircraft type;

    b) line-by-line appraisal of rotable, repairable, and
       expendable parts with value type;

    c) industry analysis on a project-by-project basis, and

    d) expert witness and advisory support.

Morten Beyer will bill the Debtor according to these fixed rates
on a per item or per report basis:

    Project                    Rate
    -------                    ----
    Aircraft Appraisal         US$1,353 for the first aircraft
                               of each type and US$270 for each
                               additional aircraft of the same
                               type in the same report

    Engine Appraisal           US$541 for the first engine of
                               each type and US$270 for each
                               additional engine of the same
                               type in the same report

    Spare Part Appraisal       US$4,000 minimum, total cost
                               depending on the number of items
                               and detail of data provided

    Industry Analysis          Quoted by specific assignment

    General Consulting
          Principals           US$400/hour
          EVP/SVP/Chief        US$350/hour
          MD/VP/Sr. Associate  US$275/hour
          Director/Associate   US$200/hour
          Manager/Associate    US$160/hour
          Analyst              US$115/hour
          Administrative       US$88/hour

    Expert Witness Consulting
          Principals/EVP/Chief US$450/hour
          SVP/VP/MD            US$400/hour
          Other Staff          US$325/hour

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

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

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


MIDLAND SHEETMETAL: Taps Liquidators from PricewaterhouseCoopers
----------------------------------------------------------------
Stuart David Maddison and David Matthew Hammond of
PricewaterhouseCoopers LLP were appointed joint liquidators of
Midland Sheetmetal Ltd. on Feb. 6 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         PricewaterhouseCoopers LLP
         Donington Court
         Pegasus Business Park
         Castle Donington
         Derbyshire
         DE7 2UZ
         England


MTB EQUIPMENT: NatWest Bank Taps Menzies as Receivers
-----------------------------------------------------
National Westminster Bank Plc appointed David John Whitehouse
and Philip Francis Duffy of Menzies Corporate Restructuring
joint administrative receivers of MTB Equipment Ltd. (Company
Number 01621157) on Feb. 4, 2008.

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 company can be reached at:

          MTB Equipment Ltd.
          7-9 Barton Road
          Bletchley
          Milton Keynes
          MK2 3HX
          England
          Tel: 0870 870 1282
          Fax: 0190 827 0604


OAKLEY HOTELS: Calls In Liquidators from Tenon Recovery
-------------------------------------------------------
A. J. Pear and I. Cadlock of Tenon Recovery were appointed joint
liquidators of Oakley Hotels & Restaurants Ltd. on Feb. 5, 2008,
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


PACKAGING ROLLER: Appoints Joint Administrators from Menzies
------------------------------------------------------------
David John Whitehouse and Philip Francis Duffy of Menzies
Corporate Restructuring were appointed joint administrators of
The Packaging Roller Co. Ltd. (Company Number 03120479) on
Feb. 4, 2008.

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 company can be reached at:

          The Packaging Roller Co Ltd.
          Unit 8
          Red Rose Court
          Sunnyhurst Road
          Blackburn
          Lancashire
          BB2 1PS
          England
          Tel: 01254 681 691
          Fax: 01254 691 556


SCO GROUP: Eyes 26% Job Cuts to Reduce Expenses
-----------------------------------------------
The SCO Group Inc. disclosed Friday that the company has
implemented a reduction of its workforce, in an effort to reduce
ongoing operating expenses.  The company anticipates that it
will reduce its workforce by approximately 30 positions, a
reduction of approximately 26% of its total workforce.  The
Company instituted this reduction in force to continue to focus
on and serve its UNIX customer base and to deliver on key
opportunities with its mobile products and services.

                     About SCO Group

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

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

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


SUN MICROSYSTEMS: Signs Stock Purchase Deal with innotek
--------------------------------------------------------
Sun Microsystems Inc. has entered into a stock purchase
agreement to acquire innotek, the provider of the leading edge,
open source virtualization software called VirtualBox.  By
enabling developers to more efficiently build, test and run
applications on multiple platforms, VirtualBox will extend the
Sun xVM platform onto the desktop and strengthen Sun's
leadership in the virtualization market.

With over four million downloads since January 2007, innotek's
open source VirtualBox product has been quickly established as
one of the leading developer desktop virtualization platforms.
Now, as part of the Sun xVM portfolio, VirtualBox will have the
support of Sun's global development community, field resources
and partners to make VirtualBox even more compelling to
developers and end users, driving greater adoption across a
broad set of communities.  VirtualBox enables desktop or laptop
PCs running the Windows, Linux, Mac or Solaris operating systems
to run multiple, different operating systems side-by-side,
switching between them with just a click of the mouse.  This
allows software developers to more easily build multi-tier or
cross-platform applications, or power-users to take advantage of
applications that may not be available for their base operating
system of choice.

"VirtualBox provides Sun with the perfect complement to our
recently announced Sun xVM Server product," said Rich Green,
executive vice president, Sun Software.  "Where Sun xVM Server
is designed to enable dynamic IT at the heart of the datacenter,
VirtualBox is ideal for any laptop or desktop environment and
will align perfectly with Sun's other developer focused assets
such as GlassFish, OpenSolaris, OpenJDK and soon MySQL as well
as a wide range of community open source projects, enabling
developers to quickly develop, test and deploy the next
generation of applications."

VirtualBox is open source, and can be freely downloaded without
the hassle of payment or frustrating license keys at
virtualbox.org or openxvm.org.  The download is less than 20
megabytes and the software is easily installed on any modern,
x86 architecture laptop or desktop system running Windows,
Linux, Mac and Solaris operating systems, in just minutes.
Supported guest operating systems include all versions of
Windows from 3.1 to Vista, Linux 2.2, 2.4 and 2.6 kernels,
Solaris x86, OS/2, Netware and DOS.

The Sun xVM family of products uniquely integrates
virtualization and management to help customers better manage
both physical and virtualized assets across heterogeneous
environments.  Previously announced products in the Sun xVM line
include Sun xVM Server and Sun xVM OpsCenter.  Sun xVM Server is
a datacenter grade, bare-metal virtualization engine with
advanced features such as live VM migration and dynamic self-
healing, and can consolidate Windows, Linux and Solaris
operating system instances.  Sun xVM Ops Center is a unified
management infrastructure for both physical and virtual assets
in the datacenter.  Sun has announced partnerships and
endorsements for xVM with Microsoft, RedHat, Intel, AMD,
Symantec and Quest Software.

The agreement to acquire innotek follows Sun's announcement on
Jan. 16 of a definitive agreement to acquire MySQL, the world's
most popular open source database.  These acquisitions reaffirm
Sun as the largest commercial open source contributor.

The stock purchase agreement to acquire innotek is subject to
customary closing conditions and is expected to be completed
during the third quarter of Sun's 2008 fiscal year.  The terms
of the deal were not disclosed as the transaction is not
material to Sun's earnings per share.

                          About innotek

innotek is an internally funded software company located in
Stuttgart, Germany with offices in Dresden, Berlin and the
Russian Federation.  Its team of international specialists has
focused entirely on the development of high-tech system
software.  innotek has been at the forefront of PC
virtualization technology since 2001 and now staffs Europe's
largest and most experienced team of PC software virtualization
experts with numerous Fortune 500 and government customers.

                      About Sun Microsystems

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, Singapore, among others.

                          *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


SUN MICROSYSTEMS: To Launch Sun Vietnam With Frontline Tech
-----------------------------------------------------------
Sun Microsystems Inc. and Frontline Technologies Corporation Ltd
have entered into an agreement to establish Sun Vietnam, Sun
Microsystems' first joint venture created as part of its new
worldwide Sun Equity Partner program, designed to improve access
to Sun's products and services in emerging markets.  Sun Vietnam
extends Sun's current presence in Vietnam and supports the
country's rapidly growing interests and demands for enterprise-
class IT services and solutions.

"With a commitment to better serve our customers' needs and
build stronger communities, the Sun Equity Partner Program
represents a new route to market for Sun to fortify its presence
in key markets around the world in partnership with leading
regional experts," said Don Grantham, Executive Vice President,
Global Sales and Services, Sun Microsystems, Inc.  "The global
approach of this program will allow us to expand our presence in
emerging markets that adopt and adapt new technology at a rapid
pace. Our stronger presence in Vietnam enables us to better
support local entrepreneurs, regional businesses and our global
clients."

Sun Vietnam is the first entity to be formed under the SEP
program, a global push designed to drive growth for Sun by
increasing market coverage quickly and cost efficiently.  Sales
offices are expected to open in both Hanoi and Ho Chi Minh City
in 2008. Sun Vietnam's presence in the market is expected to
serve as a catalyst to hasten the development of Vietnam's
information and communications technology industry.

Sun has maintained a presence in Vietnam for years.  The
formation of Sun Vietnam extends its position as a driving force
behind the growing wave of Internet and e-commerce companies in
Vietnam and will continue to drive Sun's comprehensive range
of software and systems solutions, including the Solaris(tm)
Operating System, Java(tm) technologies, Sun Fire(tm) systems
and Sun StorageTek(tm) offerings, as well as professional
training and services.  Sun Vietnam was modeled after the highly
successful formation of similar partnerships in Indonesia and
the Philippines in the past several years.  Both regions now
support hundreds of Sun-focused sales and services
professionals.

"Establishing this joint venture in Vietnam brings together the
best of both worlds: Sun's world-class products, services and
technology along with the local expertise and reach of our top
partners.  It's a win-win for Sun, our partners and, most of
all, our customers, said Lionel Lim, Chief of Operations, Asia
Pacific, and President, Asia South, Sun Microsystems, Inc.  "Sun
Vietnam enhances our presence in Vietnam, which is, today,
largely supported with partners, and enables greater
growth potential for the country's information and
communications technology industry.  Sun's investment will help
drive growth in Vietnam in terms of skills and technology
enablement through community cultivation and sharing, in
addition to access to cutting-edge technology and expertise from
Sun."

"As one of the fastest-growing economies in this region, Vietnam
is a natural choice to expand Frontline's presence in Asia.  Our
suite of IT Services will enable local and global businesses in
the country to harness the power of technology to enhance
their business operations and processes," said Steve Ting,
Executive Chairman of Frontline Technologies Corporation Ltd.

                   About Frontline Technologies

Frontline Technologies Corporation Ltd (SGX: FRLT.SI) --
http://www.frontline.com.sg/-- is a leading provider of
end-to-end IT Services.  Frontline offers IT consulting, IT
infrastructure, IT security solutions, enterprise application
solutions, system integration as well as outsourcing to help
companies harness IT so as to drive operational and cost
efficiency as well as business growth.  Established in 1993 and
headquartered in Singapore, the Frontline Group has more than
5,500 professionals in nine key markets in Asia - China, Hong
Kong, India, Indonesia, Malaysia, Singapore, Philippines,
Taiwan and Thailand - to meet the specific needs of corporate
organizations across a continuum of industries.  Frontline is
listed on the Main board of the Singapore Exchange since March
2001 and has been ranked in the top 15% of the Corporate
Transparency Index (CTI) in Singapore.

                    About Sun Equity Partner

The Sun Equity Partner program, part of Sun Microsystems'
ongoing investment in worldwide partners, is a global joint
venture program designed to drive growth for Sun by increasing
coverage quickly and cost efficiently by working with and
investing in select partners.  Through SEP, regional partners
and the IT community stand to benefit as the program increases
local access to cutting-edge technologies from Sun.

                      About Sun Microsystems

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, Singapore, among others.

                          *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


TATA MOTORS: Plans to Bring Hybrid Nano to Europe in Four Years
---------------------------------------------------------------
Tata Motors Ltd plans to bring to Europe, in four years, a new
version of its INR1-lakh car Tata Nano, currently the world's
cheapest car.

Girish Wagh, head of Tata Motors' compact car projects,
reportedly told the Focus magazine that the company will develop
a successor model in four years time, which will meet the Euro 5
emission regulations and the crash standards in Europe.  Reports
did not say how much the European version will cost.

On Jan. 10, Tata Group Chairman Ratan N. Tata unveiled in New
Delhi the four-door Tata Nano, which seats four persons and
measures 3.1 meters in length, 1.5 meters in width and stands
1.6 meters.  The standard version, however, has no radio, no
passenger-side mirror, no air conditioning and only one
windshield wiper.

Tata NANO will be sold in India later this year and will be
available in standard and deluxe versions.   Tata previously
said that it will focus on India for two to three years before
considering exports of the Nano.

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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


TATA MOTORS: Awards Speed Sensor Supply Deal to TT Electronics
--------------------------------------------------------------
Tata Motors Ltd. has awarded U.K. firm TT electronics plc a
contract to supply speed sensors for the INR1-lakh car, Tata
Nano.

On Jan. 10, Tata Motors unveiled in New Delhi the much-hyped
world's cheapest car, which Tata Group Chairman Ratan N. Tata
hopes will get India's masses off motorbikes and into cars.

The Nano is a small saloon vehicle with rear-wheel drive powered
by an all-aluminium, two cylinder, multi-point fuel injection
petrol engine and has been designed specifically to reduce
weight and to keep costs to a minimum, TT electronics notes.
This also helps maximize performance whilst delivering greater
fuel efficiency; as a result, the car has a low carbon
footprint.

TT electronics disclosed that the sensors that they'll supply
for Nano will be manufactured by Padmini TT electronics Private
Ltd., the joint venture formed in 2006 between TT electronics
and Padmini VNA Private Ltd, in Gurgaon, near Delhi, India.
Prototypes of the Tata Nano speed sensor have already been
supplied; Padmini TT is now preparing to increase output, in
preparation for high-volume vehicle production scheduled for
September 2008.

Tata Motors plan to sell the Nano in India later this year and
will be available in standard and deluxe versions.  Tata plans
to focus on India for two to three years before considering
exports of the Nano.

As reported by the Troubled Company Reporter-Asia Pacific
yesterday, Tata Motors plans to bring to Europe, in four years,
a new version of the Nano, which will meet the Euro 5
emission regulations and the crash standards in Europe.

                     About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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


WR GRACE: Seeks Court OK to Extend DIP Facility Until April 2010
----------------------------------------------------------------
W.R. Grace Co. and its debtor-affiliates' US$250,000,000 DIP
Financing Facility with Bank of America, as administrative agent
for a syndicate of bank lenders, will expire on April 1, 2008.

Against this backdrop, the Debtors seek the United States
Bankruptcy Court District of Delaware's authority to:

   (1) extend the DIP Facility's termination date until the
       earlier of (i) the Debtors' emergence from Chapter 11, or
       (ii) April 1, 2010;

   (2) modify certain of the DIP Facility's covenants and other
       provisions to provide, among other things, that they need
       to maintain, at all times, cash and cash equivalents of
       not less than US$50,000,000 in the aggregate; and

   (3) pay US$2,012,500 to BofA for administrative agent fees,
       which amount will change depending on market conditions
       at the time of the final commitments by the DIP Lenders.

A full-text copy of the DIP Amendments is available for free
at: http://ResearchArchives.com/t/s?27fe

James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones, LLP,
in Wilmington, Delaware, relates that the Debtors and BofA have
agreed to extend the DIP Facility until May 31, 2008, if the
Court is unable to approve the DIP Amendments before April 1.
The Debtors will pay BofA a fee of not more than US$100,000 for
the Interim Extension.

As of Jan. 31, 2008, approximately US$58,500,000 in letters of
credit issued pursuant to the DIP Facility remain outstanding,
Mr. O'Neill says.

Mr. O'Neill tells the Court that, after analyzing their options
for continuing their postpetition financing and reviewing recent
comparable transactions in the capital markets, the Debtors have
determined that the most cost-effective approach would be to
seek a further extension of the DIP Facility instead of seeking
a replacement postpetition financing facility.

The Debtors expect that ongoing fees and interest rates will be
at or below comparable market rates, Mr. O'Neill says.  He adds
that by extending the DIP Facility, the Debtors will avoid the
substantial expenses attendant with negotiating a new credit
agreement with a new agent and lenders.

The DIP Amendments, according to Mr. O'Neill, are intended to
ensure the Debtors' continued financial flexibility and a stable
environment while the Debtors work to conclude their Chapter 11
cases.  Specifically, the DIP Facility will:

   (a) continue to support general trade initiatives, as well as
       risk management and capital investment initiatives;

   (b) provide liquidity protection in the face of significant
       economic uncertainty;

   (c) support strategic business initiatives that are in the
       best interest of the Debtors and their shareholders; and

   (d) manage significant contingencies related to the Debtors'
       past and present operations.

Specific liquidity contingencies, according to Mr. O'Neill,
include:

   -- the likelihood of significant contributions to U.S.
      qualified pension plans to satisfy the funding
      requirements of the Employee Retirement Income Security
      Act;

   -- possible settlements of environmental, tax and other
      disputes as may be proposed by the Debtors and approved
      for funding by the Court and creditors in advance of a
      confirmed plan of reorganization; and

   -- attorneys' fees and expenses in connection with disputes,
      including civil and criminal litigation in Montana and New
      Jersey.

                       About W.R. Grace

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

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

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

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

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

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
As of November 30, 2007, W.R. Grace's balance sheet showed total
assets of US$3,335,000,000, and total debts of US$3,712,000,000.
(W.R. Grace Bankruptcy News, Issue No. 151; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


WR GRACE: Asbestos Claims Estimation Trial to Resume March 24
-------------------------------------------------------------
The Honorable Judith Fitzgerald of United States Bankruptcy
Court District of Delaware will resume the asbestos personal
injury claims estimation trial on March 24, 2008.  The trial is
expected to conclude in May.

W.R. Grace & Co. and its debtor-affiliates, and the Official
Committee of Asbestos Personal Injury Claimants filed separate
and opposing briefs regarding the admissibility of personal
injury questionnaires and proofs of claim as evidence at the
estimation trial.

The Debtors' counsel, David M. Bernick, P.C., Esq., at Kirkland
& Ellis, LLP, in Chicago, Illinois, maintains that the PI
Questionnaires and the proofs of claim should be admitted into
evidence during the estimation trial for three reasons:

   (1) Claims estimation is a "contested matter" under Rule 9014
       of the Federal Rules of Bankruptcy Procedure.  As a
       contested matter, the PI Claims estimation is not a
       separate proceeding, but part of the Debtors' Chapter 11
       cases.

   (2) Every party who has filed a proof of claim against the
       Debtors is a party to the Debtors' bankruptcy cases.
       Because the PI Claimants have filed claims against the
       Debtors, they are parties to the Debtors' bankruptcy
       cases.  And because they are parties to the Debtors'
       bankruptcy cases, the PI Claimants are parties to the PI
       estimation.

   (3) The PI Questionnaires were served on the claimants as
       discovery in connection with the estimation proceedings.
       The Questionnaires are a hybrid form of discovery: part
       fact interrogatory, part contention interrogatory, part
       document request, and part deposition by written
       question.

The PI Committee, on the other hand, insists that the Court
should not accept as evidence the PI Questionnaires and the
proof of claim responses.

The PI Committee's counsel, Elihu Inselbuch, Esq., at Caplin &
Drysdale, Chartered, in New York, asserts that the estimation
proceedings is a contested matter within the Debtors' Chapter 11
cases, which is being conducted solely for confirmation of a
plan of reorganization, involving only the parties who have
filed one of the two competing reorganization plans filed in the
Debtors' bankruptcy cases.

Because the Debtors' reorganization plan purports to "cap" their
total asbestos liability, an estimate of their aggregate
liability for pending and future asbestos claims may be relevant
to determine whether any non-consensual reorganization plan
meets the requirements of Sections 524(g)(4)(B)(ii) and 1129(b)
of the Bankruptcy Code, Mr. Inselbuch contends.

Mr. Inselbuch adds that the only parties to the estimation
proceeding are the Debtors, the PI Committee, the Future Claims
Representative and the other official committees, pursuant to
(i) the procedural route the Debtors have undertaken in seeking
an estimate of their aggregate asbestos liability rather than an
individual claims allowance process, and (ii) the terms of the
case management order, which govern the estimation hearing.

The sole purpose of the estimation proceeding is to determine
the Debtors' aggregate liability for pending and future asbestos
PI claims, and not to estimate those claims for purposes of
individual allowance or disallowance, Mr. Inselbuch maintains.

Mr. Inselbuch asserts that the mere filing of a proof of claim
of a creditor does not make that creditor a party to each and
every contested matter in the Debtors' bankruptcy case.

               Futures Rep Says Stallard Doc Valid

David T. Austern, the Court-appointed Future Claims
Representative, tells the Court that the issues raised in the
declarations of P.J. Eric Stallard have been presented in open
court during the January 2008 estimation hearings.  The Futures
Representative wants the Debtors' request to strike the
declaration denied.

The FCR relates that Prof. Stallard's declarations establish
that, as a matter of science, it is not appropriate to assign to
individual workers a cumulative lifetime asbestos exposure that
is equal to the average lifetime asbestos exposure for all
workers within the Debtors' defined occupational categories.

The FCR asserts that Prof. Stallard's Declarations does not
violate any case management order regarding the estimation
proceedings.

                       About W.R. Grace

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

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

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

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

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

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
As of November 30, 2007, W.R. Grace's balance sheet showed total
assets of US$3,335,000,000, and total debts of US$3,712,000,000.
(W.R. Grace Bankruptcy News, Issue No. 151; Bankruptcy
Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


WR GRACE: Wants to Contribute US$17 Million to Pension Plan
-----------------------------------------------------------
W.R. Grace Co. and its debtor-affiliates seek the United States
Bankruptcy Court District of Delaware's authority to contribute
US$17,823,645 to their defined benefit retirement plans covering
their employees in the United States.

The contributions are due April 15, 2008, and are necessary to
assure compliance with the minimum funding requirements under
applicable federal law, James E. O'Neill, Esq., at Pachulski
Stang Ziehl & Jones, LLP, in Wilmington, Delaware, says.

The Court has previously authorized the Debtors to contribute
approximately US$284,800,000 to the Retirement Plans:

         Date                  Contribution
         ----                  ------------
         2003                   US$48,500,000
         2004                    20,000,000
         2005                    24,100,000
         2006                   101,400,000
         2007                    76,000,000
         Jan. 2008               14,800,000
                               ------------
         Total                 US$284,800,000
                               ============

Mr. O'Neill relates that under applicable law, the total of the
required quarterly minimum contributions for the 2008 plan year
due on April 15, 2008, must be the lesser of (a) 25% of the
total 2007 minimum contributions, or (b) the quarterly minimum
amount calculated specifically for the 2008 plan year, which
will be included in the Debtors' actuarial report for 2008.

The actuarial report, however, is not yet complete as of
Feb. 11, 2008, according to Mr. O'Neill.  The Debtors and their
actuaries anticipate the 2008 actuarial report to be finalized
in April 2008.  If the report is not finalized within a
reasonable time before April 15, the April 2008 Contribution
will be approximately US$17,823,645.

Any portion of the US$17,823,645 Contribution that is greater
than the actual 2008 Retirement Plan year quarterly minimum
contributions, as eventually specified in the final 2008
actuarial report, will be used to offset subsequent required
minimum contributions, Mr. O'Neill tells the Court.

After the 2008 actuarial report is finalized, the Debtors tell
the Court that they intend to submit another request for
permission to make required contributions for the remainder of
2008 and early 2009.

The Debtors contend that continuing to make at least the legally
required minimum contributions to each of the Grace Retirement
Plans is essential to maintaining the morale of their workforce
and the workforce' confidence in management.

                       About W.R. Grace

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

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

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

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

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

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
As of November 30, 2007, W.R. Grace's balance sheet showed total
assets of US$3,335,000,000, and total debts of US$3,712,000,000.
(W.R. Grace Bankruptcy News, Issue No. 151; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


* BOOK REVIEW: A Legal History of Money in the United States
------------------------------------------------------------
Author: James Willard Hurst
Publisher: Beard Books
Paperback: US$34.95
Review by Gail Owens Hoelscher

Order your personal copy today and one for a colleague at:
http://amazon.com/exec/obidos/ASIN/1587980983/internetbankrupt

This book chronicles the legal elements of the history of the
system of money in the United States from 1774 to 1970.  It
originated as a series of lectures given by James Hurst at the
University of Nebraska in 1973.  Mr. Hurst is quick to say that
he , as a historian of the law, took care in this book not to
make his own judgments on matters outside the law.  Rather, he
conducted an exhaustive literature review of economics, economic
history, and banking to recount the development of law over the
operations of money.  He attempted to "borrow the opinions of
qualified specialists outside the law in order to provide a
meaningful context in which to appraise what the law has done or
failed to do."

Mr. Hurst define money, for the purposes of this books, as "a
distinct institutional instrument employed primarily in
allocating scarce economic resources, mainly through government
and market processes," and not shorthand for economic, social,
or political power held through command of economic assets."

From the beginning, public and legal policy in the U.S. centered
on the definition of legitimate uses of both law affecting
money, and allocation of power over money among official
agencies, both federal and state.  The foundations of monetary
policy were laid between 1774 and 1788.  Initially, individual
state legislatures and the Continental Congress issued paper
currency in the form of bills of credit.  The Constitutional
Convention later determined that ultimate control of the money
supply should be at the federal level.  Other issues were not
clearly defined and were left to be determined by events.

The author describes how law was used to create and maintain a
system of money capable of servicing the flow of resource
allocations in an economy of broadly dispersed public and
private decision making.  Law defined standard money units and
made those units acceptable for use in conducting transactions.
Over time, adjustment of the money supply was recognized as a
legitimate concern of law.  Private banks were delegated
expansive monetary action powers throughout the 1900s and
private markets for gold and silver were allowed to affect the
money supply until 1933-34.  Although the Federal Reserve Act
was not aimed clearly at managing money for goals of major
economic adjustment, it set precedents by devaluing the dollar
and restricting the use of gold.

Mr. Hurst devotes a large part of his book to key issues of
monetary policy involving the distribution of power over money
between the nation and the states, between legal and market
processes, and among major agencies of the government.  Until
about 1860, all major branches of government shared in making
monetary policy, with states playing a large role.  Between 1908
and 1970, monetary policy became firmly centralized at the
national level, and separation or powers questions arose between
the Federal Reserve Board, the White House (The Council of
Economic Advisors), and the Treasury.

The book was an enormous undertaking and its research
exhaustive.  It includes 18 pages of sources cited and 90 pages
of footnotes.  Each era of American legal history is treated
comprehensively.  The book makes fascinating reading for those
interested in the cause and effect relationship between legal
processes and economic processes and t hose concerned with
public administration and the separation of powers.

James Willard Hurst (1910-1997) is widely regarded as the
grandfather of American legal history.  He graduated from
Harvard Law School in 1935 and taught at the University of
Wisconsin-Madison for 44 years.

                            *********


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

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