TCREUR_Public/080218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, February 18, 2008, Vol. 9, No. 34

                            Headlines


A U S T R I A

BAKAJLIC PARKETTVERLEGUNG: Claims Registration Ends March 19
CESU MONTAGE: Claims Registration Period Ends March 19
FARBEN UND LACKE: Claims Registration Period Ends March 17
GEISSLER - AIR: Claims Registration Period Ends March 18
HK VERPACKUNGSSYSTEME: Claims Registration Period Ends March 25

PLUSPOINT LLC: Claims Registration Period Ends March 27


B E L G I U M

POPE & TALBOT: Asks CCAA Court to Extend Stay Period to April 4
POPE & TALBOT: Obtains Waivers to DIP Credit & Security Pact
SOLUTIA INC: Challenges DuPont's US$1.3 Mln Administrative Claim
SOLUTIA INC: Settles Dispute on Bayer/Lanxess Claims' Treatment


C Z E C H   R E P U B L I C

FREESCALE SEMICON: Appoints Rich Beyer as Chairman and CEO
FREESCALE SEMICONDUCTOR: Fitch Shifts Rating Outlook to Negative


D E N M A R K

KNOLL INC: Lynn Utter Named Knoll North America's President/COO


F I N L A N D

NOVELL INC: Extends Open Collaboration Biz with SiteScape Buy


F R A N C E

WARNER MUSIC: Moody's Downgrades Corporate Family Rating to B1


G E R M A N Y

AGRO-FRUCHTIMPORT: Claims Registration Period Ends March 12
AH TREPPENTECHNIK: Claims Registration Period Ends March 12
AMETA GESELLSCHAFT: Claims Registration Ends March 14
BAUUNTERNEHMUNG K.E.: Claims Registration Period Ends March 13
BETOMONT GMBH: Claims Registration Period Ends March 7

BIO BAU: Claims Registration Ends March 14
DASTRO DANKESREITER: Creditors' Meeting Slated for March 3
DOMINIUM HOLDING: Claims Registration Period Ends March 7
E.M. MEDICAL: Claims Registration Period Ends March 13
EDG DIENSTLEISTUNGSGESELLSCHAFT: Claims Filing Ends March 12

FARBSPEKTRUM ZWICKAU: Claims Registration Period Ends March 12
FRISOERTEAM SPANGENBERG: Claims Registration Period Ends March 7
HNF HANDELSGESELLSCHAFT: Claims Registration Ends March 12
INCASA. NATUR: Claims Registration Period Ends March 7
NOVEMBER AG: Insolvency Filing Rejected; Dirk Zurek Named CEO

NOWACKI TRANSPORTE: Claims Registration Ends March 14
PROVEHO FOERDERTECHNIK: Claims Registration Period Ends March 7
RICKERT PUTZ: Claims Registration Period Ends March 12
SIEGFRIED KOHM: Claims Registration Period Ends March 12
STOLZ & CO: Claims Registration Period Ends March 12

VISUELLE BILDTECHNIK: Claims Registration Ends March 13
WASA MASSIVHOLZMOEBEL: Creditors' Meeting Slated for February 25


H U N G A R Y

PROPEX INC: Committee Selects Baker Donelson as Counsel
PROPEX INC: Requests Court to Set July 7 as Claims Bar Date


I R E L A N D

CLOVERIE PLC: Moody's Junks Rating on US$20 Mln Class C Notes


I T A L Y

ALITALIA SPA: Air France-KLM to Seek Sale's OK from New Govt
DANA HOLDING: Moody's Affirms Low-B Ratings


K A Z A K H S T A N

ACCESS OIL: Proofs of Claim Deadline Slated for March 11
AES CORP: Restarts Redondo Beach Unit
AKTOBE STROY: Creditors Must File Claims by March 11
ALUPSTOY-AKTOBE LLP: Claims Filing Period Ends March 14
ATAKENT-NUR LLP: Creditors' Claims Due on March 14

ATLAH-INVEST LLP: Claims Registration Ends March 14
BAIKALLES LLP: Proof of Claim Deadline Slated for March 14
FIS LLP: Creditors Must File Claims by March 14
ISLAM & K: Claims Filing Period Ends March 14
KAZYBEK-S LLP: Creditors' Claims Due on March 14


K Y R G Y Z S T A N

AJIKE LLC: Creditors Must File Claims by February 22
BORDO LLC: Claims Filing Period Ends February 22


L I T H U A N I A

MEDICINOS BANKAS: Fitch Rates IDR at B with Stable Outlook


L U X E M B O U R G

AGILENT TECH: Earns US$120 Million Quarter Ended January 31
AGILENT TECHNOLOGIES: Adds WiMAX Protocol Testing in Runcom Deal


N E T H E R L A N D S

CARMEUSE HOLDING: Moody's Keeps Corporate Family Rating at Ba2


P O L A N D

AFFILIATED COMPUTER: No Default Under Indenture, Court Says


R U S S I A

AGRODAG OJSC: Creditors Must File Claims by March 28
FAR EASTERN: Moody's Assigns Corporate Family Rating at B1
GIAGINSKAYA LLC: Creditors Must File Claims by March 28
GLOMUS LLC: Creditors Must File Claims by March 28
KUBOVO LLC: Court Names A. Kokotov as Insolvency Manager

NATUKHAY LLC: Creditors Must File Claims by February 28
OJSC VOLGATELECOM: Fitch Puts IDR at B on Profitability
ORBIS + OJSC: Creditors Must File Claims by March 28
RED & BLACK: Moody's Rates US$18.6 Million Class C Notes at Ba2
RUS-GAS LLC: Creditors Must File Claims by March 28

VELSKAYA MTS: Creditors Must File Claims by February 28


S P A I N

NOVAIN EMPRESA: Commercial Court Orders Voluntary Administration


S W I T Z E R L A N D

BASELLINE LLC: Creditors' Liquidation Claims Due by Feb. 28
CHEMICAL CONSTRUCTION: Creditors Must File Claims by Feb. 22
DECO GLAS: Creditors' Liquidation Claims Due by Feb. 29
ENIGMA SOLUTIONS: Creditors' Liquidation Claims Due by Feb. 25
ERNST NATER: Creditors' Liquidation Claims Due by March 7

H.R. MULLER: Creditors' Liquidation Claims Due by Feb. 28
INTERBASILEA JSC: Creditors' Liquidation Claims Due by Feb. 29
KABD JSC: Creditors' Liquidation Claims Due by Feb. 27


U K R A I N E

AGRICULTURAL INDUSTRIAL: Creditors Must File Claims by Feb. 28
BETONIKS LLC: Creditors Must File Claims by February 28
BIELOZEROVKA CJSC: Creditors Must File Claims by February 28
DOBRIYE USLUGI: Creditors Must File Claims by February 27
GOGOL LLC: Creditors Must File Claims by February 27

IMPRESS LLC: Creditors Must File Claims by February 27
LIUBOV-1977: Creditors Must File Claims by February 27
UNIVERSALNA: Moody's Puts Insurance Fin'l Strength Rating at B3


U N I T E D   K I N G D O M

ACXIOM CORP: Paying Six Cents Per Share Dividend on March 17
ACXIOM CORP: Increases Stock Repurchase Program by US$25 Mil
BALLY TECH: Earns US$24.4 Million in Quarter Ended Dec. 31, 2007
BALLY TECH: To Provide Casino Management Systems for Harrah's
BRITISH AIRWAYS: BALPA Opposes Job Outsourcing Under Open Skies

CHRYSLER LLC: Court to Decide Fate of Tooling Dispute on Feb. 19
CHRYSLER LLC: Insists Ownership of Tooling Equipment
CHRYSLER LLC: Extends Exclusive Deal w/ SIRIUS Until Sept. 2017
CONNECTOR & TERMINAL: Brings In Liquidators from Tenon Recovery
DOLCIS LTD: Joint Administrators Complete Sale to Stylo Barratt

DOURIS UK: Rohauer Collection Inks License Deal with BAC Films
FORD MOTOR: Fitch Affirms B Issuer Default Rating; Outlook Neg.
FUNKY MONKEYS: Calls In Liquidators from Moore Stephens
INVENSYS PLC: Answers Speculations on Ongoing Debt
MOLLEAH TRATTORIA: Joint Liquidators Take Over Operations

R.J. EVANS: Hires Liquidators from Smith & Williamson
REMEDIAL SYSTEMS: Appoints Liquidators from BDO Stoy Hayward
SCO GROUP: Secures US$100 Mln to Finance Plan of Reorganization
SHAW GROUP: E&I Unit Bags Two Task Order Contracts from US Navy
SRADA DEVELOPMENTS: Taps Liquidators from BDO Stoy Hayward

TALBOT GROUP: Brings In Joint Administrators from PwC
ZALPORUE LTD: Appoints Liquidators from Vantis

* BOND PRICING: For the Week Feb. 11 to Feb. 15, 2008


                            *********


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


BAKAJLIC PARKETTVERLEGUNG: Claims Registration Ends March 19
------------------------------------------------------------
Creditors owed money by KG Bakajlic Parkettverlegung (FN
168737v) have until March 19, 2008, to file written proofs of
claim to court-appointed estate administrator Charlotte Boehm
at:

          Dr. Charlotte Boehm
          Taborstrasse 10/2
          1020 Vienna
          Austria
          Tel: 214 77 10/20
          Fax: 214 77 10-16
          E-mail: boehm@EUnet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 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 11/08t).


CESU MONTAGE: Claims Registration Period Ends March 19
------------------------------------------------------
Creditors owed money by LLC CESU Montage (FN 284764x)have until
March 19, 2008, to file written proofs of claim to court-
appointed estate administrator Katharina Widhalm-Budak at:

          Dr. Katharina Widhalm-Budak
          c/o Andrea Simma
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 513 10 37
          E-mail: widhalm-budak@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 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 10/08w).  Andrea Simma
represents Dr. Widhalm-Budak in the bankruptcy proceedings.


FARBEN UND LACKE: Claims Registration Period Ends March 17
----------------------------------------------------------
Creditors owed money by LLC Farben und Lacke Ludwig Christ & Co
(FN 81159b) have until March 17, 2008, to file written proofs of
claim to court-appointed estate administrator Christian
Atzwanger at:

          Mag. Christian Atzwanger
          Luefteneggerstrasse 12
          4020 Linz
          Austria
          Tel: 7788670
          Fax: 7832644
          E-mail: office@schuh-atzwanger.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on March 31, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 522
          Fifth Floor
          Vienna
          Austria

Headquartered in Linz - Ebelsberg, Austria, the Debtor declared
bankruptcy on Jan. 24, 2008 (Bankr. Case No. 12 S 5/08k).


GEISSLER - AIR: Claims Registration Period Ends March 18
--------------------------------------------------------
Creditors owed money by LLC GEISSLER - Air Design Handel (FN
267461a) have until March 18, 2008, to file written proofs of
claim to court-appointed estate administrator Peter Schulyok at:

          Dr. Peter Schulyok
          c/o Dr. Georg Unger
          Mariahilfer Strasse 50
          1070 Vienna
          Austria
          Tel: 523 62 00
          Fax: 526 72 74
          E-mail: schulyok-unger@csg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on April 1, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 24, 2008 (Bankr. Case No. 4 S 9/08p).  Georg Unger
represents Dr. Schulyok in the bankruptcy proceedings.


HK VERPACKUNGSSYSTEME: Claims Registration Period Ends March 25
---------------------------------------------------------------
Creditors owed money by LLC HK Verpackungssysteme (FN 261625v)
have until March 25, 2008, to file written proofs of claim to
court-appointed estate administrator Johannes Muehllechner at:

          Mag. Johannes Muehllechner
          Graben 21/3
          4020 Linz
          Austria
          Tel: 0732/772200
          Fax: 0732/7722004
          E-mail: muehllechner@eurojuris.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on April 8, 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 Linz, Austria, the Debtor declared bankruptcy
on Jan. 24, 2008 (Bankr. Case No. 17 S 7/08s).


PLUSPOINT LLC: Claims Registration Period Ends March 27
-------------------------------------------------------
Creditors owed money by LLC PLUSPOINT (FN 296109f)have until
March 27, 2008, to file written proofs of claim to court-
appointed estate administrator Clemens Richter at:

          Mag. Clemens Richter
          c/o Mag. Daniel Lampersberger
          Esteplatz 4
          1030 Vienna
          Austria
          Tel: 712 33 30-0
          Fax: 712 33 30-30
          E-mail: kanzlei@engelhart.at

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1701
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 25, 2008 (Bankr. Case No. 6 S 9/08b).  Daniel
Lampersberger represents Mag. Richter in the bankruptcy
proceedings.


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


POPE & TALBOT: Asks CCAA Court to Extend Stay Period to April 4
---------------------------------------------------------------
The British Columbia Supreme Court has ruled that until and
including Feb. 15, 2008, no proceeding or enforcement process
in any court or tribunal will be commenced or continued against
or in respect of the Pope & Talbot Inc. and its debtor-
affiliates, the Partnerships or PricewaterhouseCoopers Inc., the
Court-appointed Monitor, or affecting the Applicants' business
or property except with the written consent of the Applicants,
the Partnerships and the Monitor, or with leave of the CCAA
Court.  All proceedings currently under way against or in
respect of the Applicants or the Partnerships are stayed and
suspended pending further Court order.

Kathy L. Mah, Esq., at Stikeman Elliott LLP, in Toronto, Canada,
tells the CCAA Court that the Applicants are insolvent, and are
not expected to be able to reorganize pursuant to the CCAA.

Rather, Ms. Mah clarifies, the object of the Applicants' CCAA
filing is to attempt to sell as much of their operations as
going concerns as possible; to maximize recoveries for their
creditors; and to minimize the impact on their stakeholders,
including their employees.

Ms. Mah also informs the Court that once the sale process of the
Applicants' operating assets is completed, the Applicants and
the Monitor will require additional time to conduct a claims
process.

The Applicants are working diligently and in good faith to
pursue the sales of their business and assets in accordance with
the requirements of the DIP Credit Agreement and Court-approved
sales processes, Ms. Mah states.

Accordingly, the Applicants ask the CCAA Court to extend the
Stay Period to April 4, 2008.

As reported in the Troubled Company Reporter-Europe on Jan. 29,
2008, PricewaterhouseCoopers Inc. recommended to the CCAA Court
that the Applicants' request for an extension of the Stay Period
to Feb.  15, 2008, be granted.

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: Obtains Waivers to DIP Credit & Security Pact
------------------------------------------------------------
In a regulatory filing with the United States Securities and
Exchange Commission, Pope & Talbot Inc. disclosed that on
Jan. 22, 2008, they entered into a fifth waiver to their DIP
Credit and Security Agreement with Ableco Finance LLC, Wells
Fargo Financial Corporation Canada and certain other lenders.
The Debtors entered into a sixth waiver to the DIP Credit
Agreement on January 25.

R. Neil Stuart, vice president and chief financial officer of
Pope & Talbot Inc., stated that under the Waivers, the Lenders
waived any default or event of default under the DIP Agreement,
resulting from the occurrence of a material adverse deviation
from the budget during certain prior periods with respect to
payroll taxes and benefits, chemical payments, tax payments,
lease payments, utilities payments and management incentive
payments, pension contributions and insurance payments as set
forth in a budget.

A full-text copy of the Fifth Waiver to the DIP Credit and
Security Agreement is available for free at the SEC:

               http://researcharchives.com/t/s?2801

A full-text copy of the Sixth Waiver to the DIP Credit and
Security Agreement is available for free at the SEC:

               http://researcharchives.com/t/s?276f

Mr. Stuart reported in a separate regulatory SEC filing dated
Feb. 11, 2008, that the same parties entered into a seventh
waiver to the DIP Credit Agreement on February 1.

Under the Seventh Waiver, the Lenders waived any default or
event of default under the DIP Agreement, resulting from:

   -- the occurrence of a material adverse deviation from the
      budget during certain prior periods with respect to
      payroll taxes and benefits, chemical payments, tax
      payments, utility payments and cash receipts set forth in
      the budget; and

   -- the failure to consummate the sale of the Debtors' wood
      products business prior to January 31, 2008, in accordance
      with the DIP Agreement.

A full-text copy of the Seventh Waiver to the DIP Credit and
Security Agreement is available for free at the SEC:

              http://researcharchives.com/t/s?2803

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: Challenges DuPont's US$1.3 Mln Administrative Claim
----------------------------------------------------------------
E.I. DuPont de Nemours and Company, Inc., sought payment of a
US$1,394,718 administrative claim, based on a contract pursuant
to which DuPont sold certain product on an exclusive basis to
Solutia Inc.

Representing the Debtors, Thomas L. Kent, Esq., at Paul,
Hastings, Janofsky & Walker LLP, in New York, stated that
DuPont's Claim is invalid because DuPont's basis for the Claim
is without merit.  He insisted that Solutia complied with the
requirements of the parties' contract and the second amendment
to that contract is not "null and void."

Although the Second Amendment was subject to the satisfactory
conclusion of a third party auditor that the terms of the "Meet
or Release" clause of the Contract were met, neither the Second
Amendment nor any other agreement entered into between the
parties provided that BDO Seidman, LLP's -- the third party
auditor -- report was final and binding and not subject to court
review, Mr. Kent argued.

Until the Debtors have an opportunity to conduct discovery and
have an opportunity to challenge Dupont's Claim, the U.S.
Bankruptcy Court for the Southern District of New York should
not allow it, Mr. Kent asserted.

In the alternative, the Debtors asked the Court to set a
discovery schedule to allow the Debtors to collect the necessary
information to challenge BDO Seidman's finding.

                        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: Settles Dispute on Bayer/Lanxess Claims' Treatment
---------------------------------------------------------------
Bayer Corporation acquired Monsanto Company's styrenics business
pursuant to an Asset Purchase Agreement dated Dec. 31, 1995.
Monsanto later assigned the APA to Solutia Inc. in September
1997, as part of Solutia's spin off from Monsanto.

Solutia and Bayer were parties to a Resimene Lease and Operating
Agreement dated July 29, 1999.  Solutia terminated the Resimene
Agreement on June 28, 2000, with a termination fee of
US$2,922,300, payable to Bayer in 18 monthly installments.  As
of the bankruptcy filing, Solutia owed US$432,761 to Bayer for
the two remaining installment payments.

Bayer and Monsanto were also parties to an Indian Orchard Lease
and Services Agreement dated Oct. 31, 1995.  The agreement was
assigned to Solutia as part of the Spin Off.  Bayer terminated
the Indian Orchard Agreement, and Solutia agreed to a
termination fee of US$1,191,101, payable by Bayer in 18 monthly
installments.  As of the bankruptcy filing, Bayer owed
US$397,034 for the six remaining installment payments.

As of the bankruptcy filing, Bayer also owed Solutia US$295,771
for certain purchases of adipic acid.

Since the bankruptcy filing, LANXESS Corporation, Bayer AG,
Bayer MaterialScience LLC, and Bayer, have undergone corporate
reorganizations, and as a result, Lanxess currently holds
certain claims of Bayer and MaterialScience.

Solutia objected to these Bayer/Lanxess Parties Claims:

   (a) Claim No. 14473 for US$432,751 for damages arising out of
       Solutia's termination of the Resimene Agreement;

   (b) Claim No. 14483 in an unliquidated amount for any and all
       damages arising under the APA;

   (c) Claim No. 14480 in an unliquidated amount for any and all
       damages arising under the APA;

   (d) Claim No. 14479 in an unliquidated amount for any and all
       damages arising under the APA; and

   (e) Claim No. 14475 in an unliquidated amount for any and all
       damages arising under the APA.

Solutia also filed Schedule No. 10115234 for US$339,771, for
amounts owed by Solutia to Bayer Polymers LLC, now known as
MaterialScience.

Following arm's-length negotiations regarding the resolution and
treatment of the Claims, the parties have agreed, among other
things, that:

   * Bayer and Lanxess will be entitled to recoup or offset
     US$372,034 against the US$397,034 owed to Solutia for the
     Indian Orchard Termination Fee;

   * the Bayer/Lanxess parties will pay Solutia US$320,771,
     representing the US$25,000 balance of the Indian Orchard
     Termination Fee after giving effect to the Set-Off, plus
     the US$295,771 owed for adipic acid purchases;

   * upon approval of the Stipulation, Claim No. 14473 will be
     treated as an Allowed General Unsecured Claim in Class 13
     in the reduced amount of US$60,727;

   * upon approval of the Stipulation, the Bayer/Lanxess Parties
     will waive and release the remainder of the Claims, without
     impact to (i) the treatment of Claim Nos. 14474, 14476,
     14477 and 14478, all of which have been classified as
     Legacy Site and Retained Site Environment Liability Claims
     under the Debtors' confirmed Fifth Amended Plan of
     Reorganization, and (ii) Claim No. 7075 filed by Lanxess
     subsequently sold and assigned to a third party;

   * pursuant to a separate agreement between Solutia and the
     claim buyer, Claim No. 7075 will be allowed as a general
     unsecured non-priority claim of US$322,656; and

   * Solutia's Objection will be deemed withdrawn with respect
     to the Claims; and

   * upon approval of the Stipulation, Solutia will be required
     to reserve the amount of the Allowed Claim in the Disputed
     Claims Reserve on account of the Claims.

                        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.


===========================
C Z E C H   R E P U B L I C
===========================


FREESCALE SEMICON: Appoints Rich Beyer as Chairman and CEO
----------------------------------------------------------
Freescale Semiconductor Inc. has named Rich Beyer as its
chairman and Chief Executive Officer, effective March 2008.
Mr. Beyer comes to Freescale from Intersil Corporation, a world
leader in the design and manufacture of high performance analog
semiconductors, where he was CEO and a member of its board of
directors.  He will be based in Austin, TX.

Mr. Beyer succeeds Michel Mayer, who will continue to serve as
chairman of the board and CEO until the transition is effective
in March 2008.

"On behalf of the Board of Directors, I am pleased to welcome
Rich to Freescale," said Daniel F. Akerson, director of
Freescale Semiconductor and managing director of The Carlyle
Group.  "He is uniquely qualified to build upon Freescale’s
success and drive the long-term execution of our strategic plan.
He is a strong leader with a proven track record in delivering
above-market revenue growth and profitability, and Intersil’s
track record with Rich at the helm has been remarkable.  With
Freescale’s unparalleled technology base, superb management
team, strong customer relationships and substantial financial
resources, Rich is well equipped to drive significant organic
and acquisitive growth while continuing to improve profitability
at Freescale."

"This is a tremendous opportunity to lead a world-class company
and its talented team of professionals through the next stage of
growth," said Mr. Beyer.  "The breadth and depth of Freescale’s
technology, its market leadership positions and the strength of
its global customer base provide an exceptional foundation for
the company’s future success.  I look forward to working with
the entire Freescale team to build on the long-standing culture
of innovation and to solidify our position as a pre-eminent
designer and manufacturer of semiconductor solutions."

Mr. Beyer joined Intersil in 2002 when it acquired Elantec
Semiconductor, Inc., where Mr. Beyer was President, Chief
Executive Officer and Director.  Since Mr. Beyer was named CEO
of Intersil in 2002 the company has outgrown its peer group by a
wide margin and has substantially increased profitability.

Prior to joining Elantec, Mr. Beyer served as President, Chief
Operating Officer and Director of VLSI Technology, Inc. from
1996 to 1998.  Prior to his term at VLSI, he was Executive Vice
President and Chief Operating Officer of National Semiconductor
Corporation from 1995 to 1996 and President of National
Semiconductor's Communications and Computing Group from 1993 to
1995.  Before joining National, Beyer served in a number of
senior management positions in the telecommunications and
computer industries.

Mr. Beyer serves as Director of Credence Systems Corporation and
Xceive Corporation, and is also on the Board of Directors of the
Semiconductor Industry Association.

Mr. Beyer served three years as an officer in the United States
Marine Corps.  He earned a BS degree and an MS degree in Russian
from Georgetown University, and an MBA degree in marketing and
international business from Columbia University.

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the transportation,
networking and wireless markets.  The company was separated from
Motorola via IPO in July 2004 and taken private in a leveraged
buyout in December 2006. The company has design, research and
development, manufacturing or sales operations in more than 30
countries.

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


FREESCALE SEMICONDUCTOR: Fitch Shifts Rating Outlook to Negative
----------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook on Freescale
Semiconductor Inc. to Negative from Stable and affirmed these
ratings:

  -- Issuer Default Rating at 'B+';
  -- Senior secured bank revolving credit facility at 'BB+/RR1';
  -- Senior secured term loan at 'BB+/RR1';
  -- Senior unsecured notes at 'B/RR5';
  -- Senior subordinated notes at 'CCC+/RR6'.

Fitch's actions affect approximately US$9.5 billion of total
debt.

The revision of the Rating Outlook to Negative reflects:

  -- Fitch's expectations that revenue growth and profitability
     from the company's automotive unit will be challenged
     throughout 2008 due to the anticipated collective ongoing
     market share erosion of the Big 3 United States-based car
     makers, as well as production level cuts, although some of
     these pressures should be offset by the company's design
     wins in Asia-Pacific and the trend of increasing
     electronics content per vehicle;

  -- Fitch's belief that the delayed turnaround of Motorola
     Inc.'s ('Motorola', currently rated 'BBB'/F2 on Negative
     Rating Watch by Fitch) mobile devices business until 2009,
     from the first half of 2008, will be accompanied by a
     limited number of new product introductions over the near-
     term, which is likely to lead to lower average selling
     prices and/or further market share erosion for Motorola,
     both of which are expected to pressure profitability for
     Freescale's cellular business; some event risk exists as
     well as Motorola has announced that it is exploring
     strategic alternatives for its mobile devices business;

  -- A meaningfully more cautious view on the wireless
     infrastructure market for 2008, driven by recent weaker
     than anticipated outlooks and reduced capital spending
     budgets across a number of key customers, as well as less
     enthusiastic demand prospects for WiMax; and

  -- Uncertainty related to the company's strategic direction
     following the recent resignation of Freescale's Chief
     Executive Officer, Michel Mayer, since the company was
     spun-off from Motorola at the end of 2004.

While Fitch believes Freescale's product, customer, and end
market diversification will continue to limit significant
volatility in the company's operating performance, the
meaningfully weaker than previously anticipated operating
environment in 2008 will thwart profitability expansion in each
of its key businesses and further pressure the company's
relatively weak credit protection measures over the near-term.
For 2007, Fitch estimates leverage (total debt/operating EBITDA)
was at nearly 7.0 times (2.4 secured debt/operating EBITDA),
interest coverage (operating EBITDA/gross interest expense) was
less than 2.0, and free cash flow/total debt was just over 1%.
However, despite minimal debt amortization requirements over the
intermediate-term, Freescale is expected to have more than
US$500 million of proceeds from the Motorola settlement and
equipment sales available for debt reduction.

Fitch may downgrade Freescale if:

  -- Credit protection measures deteriorate due to meaningful
     erosion in the company's profitability or free cash flow;

  -- Management does not execute on its restructuring efforts,
     including successful site consolidation, asset sales, and
     meaningful improvement in the company's cash conversion
     cycle.

Conversely, Fitch may stabilize the ratings if the company:

  -- Improves its operating margin profile and free cash flow
     characteristics via successful expansion of higher-margin
     products along with a successful design win at another
     significant wireless handset manufacturer;

  -- Utilizes the aforementioned anticipated proceeds from
     equipment sales and its settlement with Motorola to
     materially reduce debt.

Fitch believes Freescale's liquidity was adequate as of Dec. 31,
2007 and supported by approximately US$751 million of cash and
cash equivalents, approximately half of which is located in the
U.S., and an undrawn US$750 million revolving bank credit
facility expiring Dec. 1, 2012; Fitch anticipates annual free
cash flow will be break even to US$200 million annually over the
next few years, modestly supporting liquidity.  With no
borrowings outstanding under the revolving bank credit facility,
the company's only debt amortization until 2013 is 1% per annum
under the term loan facility, or approximately US$35 million per
year.

At Dec. 31, 2007, total debt was approximately US$9.5 billion
and Fitch believes consisted primarily of:

   i) US$3.5 billion of senior secured term loan expiring Dec.
      1, 2013;

  ii) US$500 million of floating rate senior notes due 2014;

iii) US$1.5 billion of 9.125% PIK-election senior notes due
      2014;

  iv) US$2.35 billion of 8.875% senior notes due 2014; and

   v) US$1.6 billion of 10.125% senior subordinated notes due
      2016.

The Recovery Ratings for Freescale reflect Fitch's recovery
expectations under a distressed scenario, as well as Fitch's
expectation that the enterprise value of the company, and hence
recovery rates for its creditors, will be maximized in a
restructuring scenario as a going concern, rather than a
liquidation scenario.  In deriving a distressed enterprise
value, Fitch applies a 35% discount to Fitch's estimate of the
company's 2007 operating EBITDA of approximately US$1.4 billion.
The discount is equivalent to Fitch's estimate of maintenance
capital spending, rent expense, and total interest expense,
assuming the company exercises its option to pay in kind
interest expense on the above referenced US$1.5 billion PIK-
election senior notes.  Fitch then applies a 6 times distressed
EBITDA multiple, which considers that a stress event would
likely result in a contraction to the company's current
multiple.  As is standard with Fitch's recovery analysis, the
revolver is assumed to be fully drawn and cash balances fully
depleted to reflect a stress event.  The 'RR1' for Freescale's
secured bank facility and term loan reflects Fitch's belief that
91%-100% recovery is likely.  The 'RR5' for Freescale's senior
notes reflects Fitch's belief that 11%-30% recovery is
realistic.  The 'RR6' for the company's senior subordinated debt
reflects Fitch's belief that 0%-10% recovery is realistic.

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the transportation,
networking and wireless markets.  The company was separated from
Motorola via IPO in July 2004 and taken private in a leveraged
buyout in December 2006. The company has design, research and
development, manufacturing or sales operations in more than 30
countries.

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


=============
D E N M A R K
=============


KNOLL INC: Lynn Utter Named Knoll North America's President/COO
---------------------------------------------------------------
Knoll Inc. appointed Lynn M. Utter as Knoll North America's new
president and chief operating officer.  Ms. Utter will
officially join the company on or about March 3, 2008, and will
report to the company's chief executive officer, Andrew B.
Cogan.

Preceding her appointment, Ms. Utter, age 45, served as the
chief strategy officer at Coors Brewing Company, a business unit
of Molson Coors Brewing Company.  Ms. Utter also is currently a
Director of WESCO International Inc.

Resignation of Kathleen G. Bradley:

Ms. Utter replaces Kathleen G. Bradley, who will retire from her
position, effective May 23, 2008.

                           About Knoll

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

                          *     *     *

Standard & Poor's placed Knoll Inc.'s long-term foreign and
local issuer credit ratings at 'BB' in July 2006.  The ratings
still hold to date with a stable outlook.


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


NOVELL INC: Extends Open Collaboration Biz with SiteScape Buy
-------------------------------------------------------------
Novell has acquired SiteScape, extending Novell's leadership and
commitment to innovative and open collaboration solutions.

SiteScape, the founder of the ICEcore open source collaboration
project, brings impressive team workspace and real-time
collaboration capabilities to Novell -- key components of a
broad unified communications and collaboration strategy.  The
melding of the two firms creates the industry's clear leader in
open, enterprise-strength collaboration and social networking
offerings, giving customers powerful, flexible ways to integrate
new communications technologies into their environment and drive
employee productivity and business innovation.

"Advances in Web 2.0 technologies are driving new opportunities
for unified communications (UC) and team collaboration," said
IDC program vice president for Collaborative Computing and the
Enterprise Workplace, Mark Levitt.  "Enterprise and SMB
customers are looking for solutions that combine real-time
messaging, conferencing and IP voice calling along with online
workspaces, social networking, blogs, and wikis to improve team
and enterprise productivity and innovation.  Solutions that
combine team collaboration and UC like those offered by the
combined Novell-SiteScape, which are based around open source
for rapid innovation and open standards for interoperability
and platform flexibility, represent the next major step forward
for business collaboration."

Long a leader in enterprise e-mail with GroupWise(R), Novell
partnered with SiteScape to add to its collaboration portfolio
with Novell(R) Teaming + Conferencing, a team workspace and
real-time conferencing solution centered on the ICEcore open
source technology.  Consistent with Novell's commitment to
interoperabilty, Novell Teaming + Conferencing runs on both
Linux and Windows, and works with Lotus Notes and Microsoft
Exchange, in addition to GroupWise.  These team workspaces,
accessible securely by team members both inside and outside the
company, incorporate multiple integrated collaboration tools,
including blogs, wikis, instant message, chat, voice over IP
and web conferencing, providing the powerful core of a unified
communications and collaboration solution.  By acquiring
SiteScape, Novell strengthens its commitment to the technology,
gains the flexibility to create the solutions customers and
partners need, and increases its capacity to deliver even more
innovation and interoperability around open collaboration.

"As SiteScape's largest European partner, we see exciting
benefits coming out of this merger -- to our business and
to our customers," said Axel Amelung, managing director of
comm.world collaboration, a solution provider serving mid-sized
to enterprise-level customers in the chemical, telecom and
construction industries.  "Our major SiteScape customers are
serious about leveraging Web 2.0 and enterprise social
networking technologies to the fullest to boost productivity and
innovation coming out of their teams.  Combining SiteScape's
leading technology with Novell's commitment and long- time focus
on collaboration will yield even more business-focused
innovations.  The merger will also lend Novell's enterprise-
class reputation and partner programs to help support our sales
and service operations."

"The acquisition of SiteScape fits squarely into the corporate
strategy we have laid out," said Novell president and Chief
Executive Officer, Ron Hovsepian.  "It extends our leadership in
promoting open source in the enterprise market and is a key
technology addition in an area where we see great growth
potential.  Most importantly, it allows us to move aggressively
to give customers a new, open option for collaboration, helping
them escape vendor lock-in and offering easy integration across
platforms, whether Linux or Windows."

"Joining Novell helps us expand our technology much more broadly
than we've been able to do to date," said SiteScape chief
technology officer, Andy Fox.  "Novell and SiteScape have
already been strong partners, both in the ICEcore project and in
taking products to market.  With the merger, SiteScape customers
gain a strong new partner supporting their deployments,
enhancing the technology, and helping them meet their rapidly
evolving collaboration needs."

Financial terms of the deal are not being disclosed.

                         About SiteScape

Founded in 1995, SiteScape provides open source team
collaborative solutions for communication and management for
distributed teams across a wide range of business and government
customers.  SiteScape's integrated Web-based solutions support
knowledge management, project management, communities of
practice, telework, business and government continuity, and many
other workflow-driven functions.

                           About Novell

Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq:
NOVL) -- http://www.novell.com/-- delivers infrastructure
software for the Open Enterprise.  Novell provides desktop to
data center operating systems based on Linux and the software
required to secure and manage mixed IT environments.

The company has offices in Australia, Argentina, Austria,
Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong
Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia,
Netherlands, New Zealand, Norway, Philippines, Poland,
Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan,
Thailand and United Kingdom.

                          *     *     *

Novell Inc.'s subordinated debt carries Moody's Investors
Service's B1 rating.


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


WARNER MUSIC: Moody's Downgrades Corporate Family Rating to B1
--------------------------------------------------------------
Moody's Investor Services has lowered Warner Music Group Corp.'s
corporate family rating and probability of default rating to B1
from Ba3 and changed the rating outlook to stable from
developing.  In addition, Moody's lowered WMG Holdings Corp.'s
senior discount notes rating to B3 (LGD6, 95%) from B2 (LGD6,
95%) as well as the ratings of WMG Acquisition Corp.'s senior
secured loan to Ba3 (LGD3, 30%) from Ba2 (LGD2, 29% ) and WMG
Acquisition Corp.'s senior subordinated notes to B3 (LGD5, 84%)
from B2 (LGD5, 84%).  Moody's also lowered Warner Music's
speculative grade liquidity rating to SGL-3 from SGL-2.

The rating actions reflect the ongoing challenges within the
recorded music industry, most-notably, the rapid decline in
physical sales which is outpacing digital growth.  "While the
music industry has shown weakness for some time, the decline in
physical sales exceeds Moody's prior expectations and, as a
consequence, has led to weaker credit protection measures for
WMG than we had previously anticipated (including higher
leverage and less free cash flow)", noted Senior Vice President,
Christina Padgett.

The B1 rating incorporates Moody's view that the group will
continue to experience deterioration in its recorded music
business but will modestly benefit from growth in digital music
sales as well as from the greater stability and profitability it
continues to derive from its music publishing assets.  Further,
the rating action reflects the acquisitive nature of the company
in light of the ongoing consolidation in the music industry and
its potential impact on financial flexibility.

The group's SGL-3 speculative grade liquidity rating reflects a
significant decline in balance sheet cash in First Quarter 2008,
which reflects in part an increase in accounts receivable due to
holiday sales that occurred toward the end of First Quarter
2008, and the prospect of reduced flexibility under the group's
financial covenants.  The SGL-3 rating also reflects Moody's
belief that Warner Music will remain in compliance with its
financial covenants throughout the fiscal year, although the
leverage covenant in particular may be tight.  However, Moody's
notes that future step downs will likely require an amendment,
potentially as early as 2009.

The stable outlook reflects Moody's expectation that the group
will generate sufficient EBITDA and cash flows to maintain
credit metrics at current levels and remain in compliance with
its Credit Agreement.  Moody's outlook also assumes a continued
challenging climate as the recorded-music industry is further
negatively impacted by steady declines in CD sales, piracy, lack
of compelling new artists and artist migration.  Moody's
believes that there is sufficient room in the current rating for
Warner Music to continue pursuing modest acquisitions without
negative pressure.

Headquartered in New York, Warner Music Group Corp. (NYSE: WMG)
-- http://www.wmg.com/-- provides, promotes and distributes
recorded music and music publishing services across a network of
affiliates and licensees in more than 50 countries in the United
States, United Kingdom, Germany, Japan, France, Italy and
others.  It has Latin American operations in Argentina, Brazil
and Chile.


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


AGRO-FRUCHTIMPORT: Claims Registration Period Ends March 12
-----------------------------------------------------------
Creditors of AGRO-Fruchtimport GmbH have until March 12, 2008,
to register their claims with court-appointed insolvency manager
Klaus W. Gerling.

Creditors and other interested parties are encouraged to attend
the meeting at 11:25 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Klaus W. Gerling
         Im Mediapark 6B
         50670 Cologne
         Germany
         Tel: 5743-7140
         Fax: +4922157437149

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

The Debtor can be reached at:

          AGRO-Fruchtimport GmbH
          Falkenweg 9
          50171 Kerpen
          Germany


AH TREPPENTECHNIK: Claims Registration Period Ends March 12
-----------------------------------------------------------
Creditors of AH Treppentechnik GmbH have until March 12, 2008,
to register their claims with court-appointed insolvency manager
Oliver Junghanel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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 Junghanel
         Lessingstr. 25
         08058 Zwickau
         Germany

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

The Debtor can be reached at:

         AH Treppentechnik GmbH
         Altenburger Str. 72
         04626 Schmoelln
         Germany


AMETA GESELLSCHAFT: Claims Registration Ends March 14
-----------------------------------------------------
Creditors of AMETA Gesellschaft fuer Metallverarbeitung mbH have
until March 14, 2008 to register their claims with court-
appointed insolvency manager Dr. Wolfgang Bilgery.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Hall 1.01
         Ground Floor
         Schulberg 14
         72074 Tuebingen
         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. Wolfgang Bilgery
         Humboldtstrasse 16
         70178 Stuttgart
         Germany
         Tel: 0711/96689-0
         Fax: 0711/9668919

The District Court of Tuebingen opened bankruptcy proceedings
against AMETA Gesellschaft fuer Metallverarbeitung mbH on
Jan. 30, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         AMETA Gesellschaft fuer Metallverarbeitung mbH
         Attn: Carl-Hans Raff, Manager
         Gueltlinger Str. 1
         75391 Gechingen
         Germany


BAUUNTERNEHMUNG K.E.: Claims Registration Period Ends March 13
--------------------------------------------------------------
Creditors of Bauunternehmung K.E. Mueller GmbH have until
March 13, 2008, to register their claims with court-appointed
insolvency manager Harry Kressl.

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

The meeting of creditors will be held at:

          The District Court 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:

          Harry Kressl
          Uhlandstrasse 57-61
          74072 Heilbronn
          Germany
          Tel: 07131/96540
          Fax: 07131/965432

The District Court of Heilbronn opened bankruptcy proceedings
against Bauunternehmung K.E. Mueller GmbH on Jan. 17, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Bauunternehmung K.E. Mueller GmbH
          Reisbergstrasse 26
          74199 Untergruppenbach
          Germany


BETOMONT GMBH: Claims Registration Period Ends March 7
------------------------------------------------------
Creditors of BETOMONT GmbH mit Sitz in Warin have until
March 7, 2008, to register their claims with court-appointed
insolvency manager Andreas Buss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         Germany

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

The insolvency manager can be reached at:

         Andreas Buss
         Beethovenstrasse 2 a
         18209 Bad Doberan
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against BETOMONT GmbH mit Sitz in Warin on Jan. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BETOMONT GmbH mit Sitz in Warin
         Attn: Frank Michel, Manager
         Buetzower Strasse 18
         19417 Warin


BIO BAU: Claims Registration Ends March 14
------------------------------------------
Creditors of Bio Bau M+S Bautrager GmbH i.L. have until
March 14, 2008 to register their claims with court-appointed
insolvency manager Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ingolstadt
         Meeting Hall 28 I
         Schrannenstr. 3
         85049 Ingolstadt
         Germany

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

The insolvency manager can be reached at:

         Joachim Exner
         Stahlstrasse 17
         90411 Nuremberg
         Germany
         Tel: 0911/95 12 850
         Fax: 0911/95 12 8510

The District Court of Ingolstadt opened bankruptcy proceedings
against Bio Bau M+S Bautrager GmbH i.L. on Jan. 21, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bio Bau M+S Bautrager GmbH i.L.
         Bonhoefferstrasse 11
         85051 Ingolstadt
         Germany

         Attn: Klaus Bauer, Manager
         Biber 2 A
         93336 Altmannstein
         Germany


DASTRO DANKESREITER: Creditors' Meeting Slated for March 3
----------------------------------------------------------
The court-appointed insolvency manager for DASTRO Dankesreiter
u. Strohmeier GmbH, Karl Kasser will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on March 3, 2008.

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

         The District Court of Passau
         Meeting Hall 6
         Ground Floor
         Schustergasse 4
         Passau
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on April 21, 2008 at the same
venue.

Creditors have until March 14, 2008 to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Karl Kasser
         Rathausgasse 5
         94481 Grafenau
         Germany
         Tel: 08552/1066-7

The District Court of Passau opened bankruptcy proceedings
against DASTRO Dankesreiter u. Strohmeier GmbH on Jan. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DASTRO Dankesreiter u. Strohmeier GmbH
         Elsenthaler Str. 10
         94481 Grafenau
         Germany


DOMINIUM HOLDING: Claims Registration Period Ends March 7
---------------------------------------------------------
Creditors of Dominium Holding GmbH have until March 7, 2008, to
register their claims with court-appointed insolvency manager
Dr. Wolfgang Koehler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         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. Wolfgang Koehler
         Marktstrasse 22
         59555 Lippstadt
         Germany
         Tel: 02941 / 979850
         Fax: 02941 / 979870

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

The Debtor can be reached at:

         Dominium Holding GmbH
         Auf der Frankenburg 11-15
         32839 Steinheim
         Germany

         Attn: Heino von Rantzau, Manager
         Kremerbergredder 35
         22926 Ahrensburg
         Germany


E.M. MEDICAL: Claims Registration Period Ends March 13
------------------------------------------------------
Creditors of E.M. Medical GmbH have until March 13, 2008, to
register their claims with court-appointed insolvency manager
Philipp Hacklander.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Dr. Philipp Hacklander
          Genthiner Str. 48
          10785 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against E.M. Medical GmbH on Dec. 14, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          E.M. Medical GmbH
          Schlueterstr. 37
          10629 Berlin
          Germany


EDG DIENSTLEISTUNGSGESELLSCHAFT: Claims Filing Ends March 12
------------------------------------------------------------
Creditors of EDG Dienstleistungsgesellschaft mbH have until
March 12, 2008, to register their claims with court-appointed
insolvency manager Michael Woelte.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on March 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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:

          Michael Woelte
          Pferdemarkt 6
          45127 Essen
          Germany

The District Court of Essen opened bankruptcy proceedings
against EDG Dienstleistungsgesellschaft mbH on Jan. 28, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         EDG Dienstleistungsgesellschaft mbH
         Am Zehnthof 191b
         45307 Essen
         Germany

         Attn: Reinhard Blinne, Manager
         Krayer Str. 235
         45307 Essen
         Germany


FARBSPEKTRUM ZWICKAU: Claims Registration Period Ends March 12
--------------------------------------------------------------
Creditors of Farbspektrum Zwickau GmbH have until March 12,
2008, to register their claims with court-appointed insolvency
manager Dr. Dirk Herzig.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Farbspektrum Zwickau GmbH
         Attn: Heinz Noltenhans, Manager
         Johann-Jacob-Schramm-Str. 16
         08132 Muelsen
         Germany


FRISOERTEAM SPANGENBERG: Claims Registration Period Ends March 7
----------------------------------------------------------------
Creditors of Frisoerteam Spangenberg GmbH have until
March 7, 2008 to register their claims with court-appointed
insolvency manager Anna Kuleba.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on April 1, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         Branch N 302
         Kollegienwall 10
         49074 Osnabrueck
         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:

         Anna Kuleba
         Niedersachsenstr. 14
         49074 Osnabrueck
         Germany
         Tel: 0541/3245499
         Fax: 0541/3245496
         E-mail: a.kuleba@kuhmann.eu
         Website: www.kuhmann.eu

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

The Debtor can be reached at:

         Frisoerteam Spangenberg GmbH
         Attn: Renate Spangenberg-Hagedorn, Manager
         Osterkamp 1
         49324 Melle
         Germany


HNF HANDELSGESELLSCHAFT: Claims Registration Ends March 12
----------------------------------------------------------
Creditors of HNF Handelsgesellschaft mbH have until March 12,
2008, to register their claims with court-appointed insolvency
manager Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Andreas Sontopski
         Gnoiener Platz 10
         48493 Wettringen
         Germany
         Tel: 02557/9384-0
         Fax: +492557938450

The District Court of Muenster opened bankruptcy proceedings
against HNF Handelsgesellschaft mbH on Jan. 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HNF Handelsgesellschaft mbH
         Roentgenstrasse 12
         48599 Gronau
         Germany


INCASA. NATUR: Claims Registration Period Ends March 7
------------------------------------------------------
Creditors of incasa. Natur. Holz. Moebel GmbH have until
March 7, 2008 to register their claims with court-appointed
insolvency manager Dr. Wolfgang Koehler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         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. Wolfgang Koehler
         Marktstrasse 22
         59555 Lippstadt
         Germany
         Teln: 02941 / 979850
         Fax: 02941 / 979870

The District Court of Paderborn opened bankruptcy proceedings
against incasa. Natur. Holz. Moebel GmbH on Feb. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         incasa. Natur. Holz. Moebel GmbH
         Auf der Frankenburg 11 - 13
         32839 Steinheim
         Germany

         Attn: Heino v. Rantzau, Manager
         Kremerbergredder 35
         22926 Ahrensburg
         Germany


NOVEMBER AG: Insolvency Filing Rejected; Dirk Zurek Named CEO
-------------------------------------------------------------
November AG's filing for insolvency has been rejected by the
competent local court.  Meanwhile Dr. Dirk Zurek has been
appointed as the company's new sole CEO.

As previously reported in the TCR-Europe, the company filed for
insolvency on Dec. 21, 2007, with the local court of Fuerth
because of illiquidity and accounting insolvency.

Headquartered in Erlangen, Germany, november AG --
http://www.november.de/-- specializes in bio- and
nanotechnology.  It is engaged in the market and customer-
orientated transfer of product developments, as well as an
expansion of existing product and technology portfolios, through
cooperation agreements and financial stakes in other companies,
which return a high yield.


NOWACKI TRANSPORTE: Claims Registration Ends March 14
-----------------------------------------------------
Creditors of Nowacki Transporte GmbH have until March 14, 2008
to register their claims with court-appointed insolvency manager
Dr. Franz-Ludwig Danko.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 Hanau
         Area E03
         Engelhardstrasse 21
         63450 Hanau
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:40 a.m. on the same date at the same
venue, while creditors may constitute a creditors' committee or
opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Franz-Ludwig Danko
         Adickesallee 63
         60322 Frankfurt/Main
         Germany
         Tel: 069-71379830
         Fax: 069-71379833
         E-mail: frankfurt@kuebler-gbr.de
         Web site: http://www.kuebler-gbr.de/

The District Court of Hanau opened bankruptcy proceedings
against  Nowacki Transporte GmbH on Jan. 9, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Nowacki Transporte GmbH
         Nordstr. 63
         63450 Hanau
         Germany


PROVEHO FOERDERTECHNIK: Claims Registration Period Ends March 7
---------------------------------------------------------------
Creditors of proveho Foerdertechnik GmbH have until
March 7, 2008 to register their claims with court-appointed
insolvency manager Hans Peter Runkel.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Hans Peter Runkel
         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 proveho Foerdertechnik GmbH on Feb. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         proveho Foerdertechnik GmbH
         Toenisheider Strasse 12 - 16
         42489 Wuelfrath
         Germany

         Attn: Michael Langener, Manager
         An de Kohdrank 29
         48249 Duelmen
         Germany


RICKERT PUTZ: Claims Registration Period Ends March 12
------------------------------------------------------
Creditors of Rickert Putz GmbH have until March 12, 2008, to
register their claims with court-appointed insolvency manager
Klaus Pannen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 23, 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 Pinneberg
         Hall 3
         First Floor
         Bahnhofstrasse 17
         25421 Pinneberg
         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. Klaus Pannen
          Neuer Wall 25
          Schleusenbruecke 1
          20354 Hamburg
          Germany

The District Court of Pinneberg opened bankruptcy proceedings
against Rickert Putz GmbH on Jan. 23, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Rickert Putz GmbH
          Moor 63
          25436 Tornesch
          Germany


SIEGFRIED KOHM: Claims Registration Period Ends March 12
--------------------------------------------------------
Creditors of Siegfried Kohm GmbH have until March 12, 2008, to
register their claims with court-appointed insolvency manager
Juergen Roth.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Idar-Oberstein
          Hall 201
          55743 Idar-Oberstein
          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:

          Juergen Roth
          Fritz-Wunderlich-Str. 49 d
          66869 Kusel
          Germany

The District Court of Idar-Oberstein opened bankruptcy
proceedings against Siegfried Kohm GmbH on Jan. 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Siegfried Kohm GmbH
          Hauptstrasse 10
          55767 Niederbrombach
          Germany


STOLZ & CO: Claims Registration Period Ends March 12
----------------------------------------------------
Creditors of Stolz & Co. GmbH have until March 12, 2008, to
register their claims with court-appointed insolvency manager
Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         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:

          Tobias Hoefer
          Soldnerstr. 2
          68219 Mannheim
          Germany
          Tel: (0621) 87 70 80

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

The Debtor can be reached at:

          Stolz & Co. GmbH
          Attn: Rainer Kloessner, Manager
          Siemensstr. 13
          76344 Eggenstein
          Germany


VISUELLE BILDTECHNIK: Claims Registration Ends March 13
-------------------------------------------------------
Creditors of Visuelle Bildtechnik Schmid GmbH have until
March 13, 2008 to register their claims with court-appointed
insolvency manager Winfried Wahner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Meeting Hall 157/I
         Residenzplatz 4-6
         87435 Kempten
         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:

         Winfried Wahner
         Stegmuehlenweg 1
         88131 Lindau
         Germany
         Tel: 08382/22805
         Fax: 08382/21703

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

The Debtor can be reached at:

         Visuelle Bildtechnik Schmid GmbH
         Von-Behring-Strasse 1
         88131 Lindau
         Germany


WASA MASSIVHOLZMOEBEL: Creditors' Meeting Slated for February 25
----------------------------------------------------------------
The court-appointed insolvency manager for WASA Massivholzmoebel
GmbH, Paul Wieschemann will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 2:00
p.m. on Feb. 25, 2008.

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

         The District Court of Pirmasens
         Hall 235
         Second Floor
         Pirmasens
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:00 p.m. on March 31, 2008 at the same
venue.

Creditors have until March 14, 2008 to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Paul Wieschemann
         Mainzer Strasse/Im Flickerstal
         67657 Kaiserslautern
         Germany
         Tel: 0631/34195-0
         Fax: 0631/470269

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

The Debtor can be reached at:

         WASA Massivholzmoebel GmbH
         Schorbach 1
         67714 Waldfischbach-Burgalben
         Germany

         Attn: Heino von Rantzau, Manager
         Kremerbergredder 35
         22926 Ahrensburg
         Germany


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


PROPEX INC: Committee Selects Baker Donelson as Counsel
-------------------------------------------------------
The Official Committee of Unsecured Creditors seek the Court's
authority to retain Baker, Donelson, Bearman, Caldwell &
Berkowitz, as its counsel in connection with the Debtors'
Chapter 11 cases, effective Jan. 31, 2008.

Stephen Cooke, chairperson of the Committee, relates that the
Committee selected Baker Donelson as its counsel because of the
firm's experience and knowledge in the field of bankruptcy and
business reorganizations under the U.S. Bankruptcy Code, as well
as in other areas of law related to the Debtors' bankruptcy
cases.

As the Committee's counsel, Baker Donelson will:

   * provide legal advice with respect to the Committee's powers
     and duties in these cases;

   * prepare, on behalf of the Committee, all necessary
     applications, answers, orders, reports and other legal
     papers;

   * represent the Committee in any and all matters involving
     contests with the Debtors, alleged secured creditors, and
     other third parties;

   * negotiate consensual plans of liquidation or
     reorganization;

   * assist the Committee in analyzing the claims of the
     Debtors' creditors and the Debtors' capital structure and
     in negotiating with holders of claims and equity interests;

   * assist the Committee's investigation of the acts, conduct,
     assets, liabilities and financial condition of the Debtors
     and of the operations of the Debtors' businesses;

   * assist and advise the Committee as to its communications to
     the general creditor body regarding significant matters in
     the Debtors' cases;

   * review and analyze all applications, orders statements of
     operations and schedules filed with the Court and advise
     the Committee as to their propriety; and

   * perform all other legal services for the Committee which
     may be necessary and proper in these cases and related
     proceedings.

Seven Baker Donelson professionals are presently expected to
have primary responsibility for providing services to the
Committee:

          Professional                 Hourly Rates
          ------------                 ------------
          Richard B. Gossett               US$375
          John H. Rowland                  US$340
          Nelwyn W. Inman                  US$335
          Justin M. Sveadas                US$240
          William M. B. Carter, Jr.        US$195
          Sharon L. Simmons                US$140
          Charity J. Martin                US$120

Baker Donelson intends to apply for compensation for
professional services it will render and reimbursement of
expenses it will incur in connection with the Debtors' Chapter
11 cases.

Richard B. Gossett, Esq., a partner at Baker Donelson, in
Chattanooga, Tennessee, assures the Court that his firm is a
"disinterested person," as the term is defined in Section
101(14) of the Bankruptcy Code.

                        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: Requests Court to Set July 7 as Claims Bar Date
-----------------------------------------------------------
Pursuant to Rule 3003(c)(3) of the Federal Rules of Bankruptcy
Procedure, the bankruptcy court must fix the time within which
claims must be filed in Chapter 11 cases.  Rule 3003(c)(2)
provides that any creditor whose claim is not scheduled or whose
claim is scheduled as disputed, contingent, or unliquidated must
file a claim.

Accordingly, Propex Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Eastern District of Tennessee to
establish July 7, 2008, at 5:00 p.m. prevailing Eastern Time, as
the bar date for the submission of claims in their bankruptcy
cases.

The Debtors seek that each person or entity that asserts a claim
against them that arose prior to the Petition Date be required
to file an original, written proof of claim that substantially
conforms to Form B10 so as to be received by Epiq Bankruptcy
Solutions LLC, the Debtors' claims agent on or before the Bar
Date.

"The fixing of the date as the Bar Date will enable the Debtors
to receive, process, and begin their analysis of creditors'
claim in a timely and efficient manner," Mark W. Wege, Esq., at
King & Spalding, LLP, in Houston, Texas, points out.

The Debtors propose that these individuals or entities will not
be required to file a claim on or before the Bar Date:

   * Any person or entity that has already properly filed, with
     Epiq, or the Clerk of the Court, a claim using a claim form
     that substantially conforms to Form B10.

   * Any person or entity (i) whose claim is listed on the
     Statements of Financial Affairs, Schedules of Assets and
     Liabilities, and other related papers, (ii) whose claim is
     not described as disputed, contingent, or unliquidated, and
     (iii) who does not dispute the amount or nature of the
     claim.

   * Any person asserting a claim under Section 507(a)(2) of the
     Bankruptcy Code as an administrative expense of the
     Debtors' Chapter 11 cases, except as otherwise provided by
     separate order of the Court.

   * Any director, officer, or employee of the Debtors as of the
     Petition Date that has or may have claims against the
     Debtors for indemnification, contribution, subrogation, or
     reimbursement.

   * Any person or entity that holds claims that has been
     allowed by an order of the Court entered on or before the
     Bar Date.

The Debtors also propose that for any person or entity that
holds a claim that arises from the rejection of an executory
contract or unexpired lease, that person or entity must file a
claim based on the rejection on or before the Bar Date, unless
otherwise stated in the order authorizing the rejection.

If a person or entity failed to file a timely claim on or before
the Bar Date, that person or entity will not be treated as a
creditor of the Debtors for the purpose of voting upon any plan
or Plans of Reorganization of the Debtors.  Moreover, that
person or entity will not be entitled to receive any payment or
distribution of property from the Debtors and will be barred
from asserting claims against the Debtors, their estates, or
their successors or assigns.

Additionally, the Debtors ask the Court to allow Epiq to
distribute a combined, single notice of both the Section 341
Creditors Meeting and the Bar Date to:

   a. the office of the United States Trustee;

   b. those persons on the master service list;

   c. each member of the Official Committee of Unsecured
      Creditors and its attorneys;

   d. all state and local government authorities where the
      Debtors maintain assets or conducted business operations
      on the Petition Date or within three years prior to the
      Petition Date;

   e. all known potential holders of claims at the addresses
      stated on the creditors' matrix; and

   f. the district director of Internal Revenue for the Eastern
      District of Tennessee.

The first meeting of creditors required under Section 341(a) of
the Bankruptcy Code is set for March 4, 2008, at 10:00 a.m., in
Chattanooga, Tennessee.

The proposed Bar Date Notice contains information regarding who
must file a proof of claim, the procedure for filing a proof of
claim, and the consequences for failing to timely file a proof
of claim.

The Debtors inform the Court that they intend to complete the
mailing of the Bar Date Notice, together with proof of claim
forms, to the parties on the matrix listing no later than
Feb. 15, 2008.

                        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
=============


CLOVERIE PLC: Moody's Junks Rating on US$20 Mln Class C Notes
-------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
downgrade two classes of notes issued by Cloverie PLC.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  The transaction is a
fully-funded static CDO referencing ABS and CDOs of ABS (ABS
CDOs), containing 78% subprime assets and 9% ABS CDOs of the
2005, 2006, and 2007 vintages.  Of the entire portfolio, 57% of
the assets by volume have been downgraded, placed on review for
downgrade, or both since June 2007.  In addition, 3% of the
portfolio by volume are currently in default.

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

These rating actions are:

Cloverie PLC:

   * The US$80,000,000 Series 2007-32 Class B Credit Linked
     Notes:

   -- Current Rating: B2, on review for downgrade
   -- Prior Rating: Baa1 on review for downgrade

   * The US$20,000,000 Series 2007-33 Class C Credit Linked
     Notes:

   -- Current Rating: Caa2, on review for downgrade
   -- Prior Rating: Ba1 on review for downgrade


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


ALITALIA SPA: Air France-KLM to Seek Sale's OK from New Govt
------------------------------------------------------------
Air France-KLM SA will seek approval from the new Italian
government chosen following the April 13-14, 2008, snap
elections, for any agreement to acquire Italy's 49.9% stake in
Alitalia S.p.A., Thomson Financial relates citing Radiocor as
its source.

Air France managing director Pierre Henri Gourgeon that the
exclusive talks may go beyond the April elections due to various
procedural steps, Radiocor relates.

"If the position of the next government is favorable for an
agreement with Air France-KLM we will go ahead," Mr. Gourgeon
was quoted by Radiocor as saying.  "In the case it is not
favourable, we will stop there."

The Forza Italia opposition party, headed by former Prime
Minister Silvio Berlusconi and seen to win the upcoming
election, said it will respect the possible sale of stake in
Alitalia to Air France if it emerges as the victor.

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

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

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

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

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

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

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

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

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

   -- acquire 100% of Alitalia convertible bonds; and

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

                          About Alitalia

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

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

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


DANA HOLDING: Moody's Affirms Low-B Ratings
-------------------------------------------
Moody's Investors Service affirmed the ratings of the
reorganized Dana Holding Corporation -- Corporate Family Rating,
B1; Probability of Default Rating, B1.

In a related action, Moody's affirmed the Ba3 rating on the
senior secured term loan and raised the rating on the senior
secured asset based revolving credit facility to Ba2 from Ba3.
The outlook is stable.  The financing for the company's
emergence from Chapter 11 bankruptcy protection has been funded
in line with the structure originally rated by Moody's.

In a January 2008 Special Comment, Moody's outlined the changes
to its Loss-Given-Default methodology to differentiate the
favorable recovery experience of asset-based loans relative to
other types of senior secured first-lien loans.  The terms of
Dana's ABL meet the eligibility requirements outlined in the
Special Comment and, therefore, its rating is Ba2, which is one
notch higher than it otherwise would have been.

These ratings were affirmed:

   -- B1, Corporate Family Rating;

   -- B1, Probability of Default Rating;

   -- Ba3 (LGD3, 35%) rating for the US$1.430 billion senior
      secured term loan;

   -- Speculative Grade Liquidity Rating, SGL-2

This rating was raised:

   -- US$650 million senior secured asset based revolving credit
      facility to Ba2 (LGD2, 29%) from Ba3 (LGD3, 35%)

The last rating action for Dana Holding Corporation was on
Jan. 7, 2008, when the prospective ratings were assigned.

Dana is a world leader in the supply of axles; driveshafts; and
structural, sealing, and thermal management products; as well as
replacement parts.  The company's customer base includes
virtually every major vehicle manufacturer in the global
automotive, commercial vehicle, and off-highway markets, which
collectively produce more than 65 million vehicles annually.
The company employs approximately 35,000 people in 26 countries.
Dana filed for Chapter 11 in March 2006 as a result of a
combination of factors, including the market share decline of
the company's largest customers, pricing pressures, high
unrecovered commodity and energy cost, and tightening trade
credit.

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


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


ACCESS OIL: Proofs of Claim Deadline Slated for March 11
--------------------------------------------------------
LLP Access Oil and Gas Kazkhstan has declared insolvency.
Creditors have until March 11, 2008, to submit written proofs of
claims to:

         LLP Access Oil and Gas Kazkhstan
         Office 205
         Auezov Str. 119
         Astana
         Kazakhstan


AES CORP: Restarts Redondo Beach Unit
-------------------------------------
AES Corp. has restarted the 480-megawatt Unit 7 at its natural
gas-fired power station in Redondo Beach, Reuters reports,
citing the California Independent System Operator.

Reuters relates that Unit 7 was closed down on Feb. 11, 2008,
due to planned work.

According to Reuters, the Redondo station has four units:

          -- 175-megawatt Unit 5,
          -- 175-megawatt Unit 6,
          -- 480-megawatt Unit 7, and
          -- 480-megawatt Units 8.

Unit 8 was also shut down on Jan. 6, 2007, due to planned work,
Reuters states.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it has operations
in India and Kazakhstan.  Generating 44,000 megawatts of
electricity through 124 power facilities, the company delivers
electricity through 15 distribution companies.

                          *     *     *

The AES Corporation still carries Moody's Investors Service's
Corporate Family Rating and the senior unsecured rating assigned
at B1.

As of Feb. 6, 2008, the company still carries Fitch's 'BB/RR1'
rating on US$500 million issue of senior unsecured notes due
2017.


AKTOBE STROY: Creditors Must File Claims by March 11
----------------------------------------------------
LLP Aktobe Stroy Market has declared insolvency.  Creditors have
until March 11, 2008, to submit written proofs of claims to:

         LLP Aktobe Stroy Market
         Ospanov Str. 26a
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 55-10-61


ALUPSTOY-AKTOBE LLP: Claims Filing Period Ends March 14
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Construction Company Alupstoy-Aktobe 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


ATAKENT-NUR LLP: Creditors' Claims Due on March 14
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Atakent-Nur insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda
         Kazakhstan


ATLAH-INVEST LLP: Claims Registration Ends March 14
---------------------------------------------------
LLP Atlah-Invest has declared insolvency.  Creditors have until
March 14, 2008, to submit written proofs of claims to:

         LLP Atlah-Invest
         Tole bi Str. 22
         Taraz
         Jambyl
         Kazakhstan


BAIKALLES LLP: Proof of Claim Deadline Slated for March 14
----------------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Baikalles (RNN 091300024085).

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

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


FIS LLP: Creditors Must File Claims by March 14
-----------------------------------------------
The Tax Committee of Almaty has ordere the compulsory
liquidation of LLP FIS (RNN 091600210122).

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

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


ISLAM & K: Claims Filing Period Ends March 14
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Islam & K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda
         Kazakhstan


KAZYBEK-S LLP: Creditors' Claims Due on March 14
------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Kazybek-S insolvent on
Dec. 11, 2007.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Lumumba Str. 6
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (3252) 53-92-56, 57-68-15


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


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

         LLC Ajike
         Osmonkulov Str. 324
         Bishkek
         Kyrgyzstan


BORDO LLC: Claims Filing Period Ends February 22
------------------------------------------------
LLC Bordo (INN 03011200610029) has declared insolvency.
Creditors have until Feb. 22, 2008 to submit written proofs of
claim to:

         LLC Bordo
         Petrov Str. 37/36
         Osh
         Kyrgyzstan


=================
L I T H U A N I A
=================


MEDICINOS BANKAS: Fitch Rates IDR at B with Stable Outlook
----------------------------------------------------------
Fitch Ratings has assigned Lithuania-based Medicinos Bankas a
Long-term Issuer Default rating of 'B' with Stable Outlook,
Short-term IDR of 'B', Individual rating of 'D' and Support
rating of '5'.  The Support Floor is 'No Floor'.

The ratings assigned to Medbank reflect the small size of the
bank and therefore the challenges it faces in a competitive
environment and the macro-economic conditions in Lithuania.  The
operational risk arising from the banks size is high and the
bank has increasing credit risk and a high cost base.  The
ratings also consider manageable market risk and improving risk
management systems in conjunction with the German development
bank KfW.

Medbank is focused on providing banking services to micro-,
small- and medium-sized companies, who are generally customers
of the bank, as they can receive small loans and be dealt with
on an individual basis, which is not possible in the case of
larger banks.  The Lithuanian economy is showing signs of
overheating, increasing the likelihood of a painful adjustment
to a more sustainable growth rate.  In this environment,
Medbank's loan growth has been rapid.  Its impaired lending is
fairly high at 4.3% of the total loan portfolio, but in line
with the risk profile of the bank's client base.  Concentration
by borrower is very high for the bank focused on servicing
predominantly small clients.

Revenues have been increasing following the growth in the loan
book as well as the increase in bank placements and loans. Net
interest income is the main source of revenues.  Due to the
small size of the bank, funding costs are high and likely to
remain so.  Non-interest expenses are also high and are expected
to increase with the planned growth in personnel and in IT
investment.

Medbank has fairly basic risk management systems that are in
line with a bank of this size. In relation to a EUR5 million
loan received from KfW, the bank's risk management systems are
being upgraded, especially in the area of credit risk
management. Market risk is manageable.  Interest rate repricing
mismatches are relatively small.  Liquidity is only satisfactory
due to the small size of the bank and the high level of customer
demand deposits.

Funding mainly consists of customer deposits and Medbank has a
fairly concentrated deposit base.  Its equity base has grown
with the share capital received from the main shareholder,
Saulius Karosas, in January 2008.  The unconsolidated total
capital adequacy ratio is expected to reach 21.64% with the new
capital.  However, Fitch views the internal minimum total
capital ratio of 12% as stretched, due to the size of the bank.


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


AGILENT TECH: Earns US$120 Million Quarter Ended January 31
-----------------------------------------------------------
Agilent Technologies Inc. earned US$120 million for the three
months ended Jan. 31, 2008, compared to US$150 million of net
income for the same period in 2007.

The company reported orders of US$1.40 billion for the first
fiscal quarter ended Jan. 31, 2008, 12 percent above one year
ago.  Revenues during the quarter were US$1.39 billion, 9
percent above last year.

Included in this quarter’s GAAP income is US$30 million of
share-based compensation expense.  Excluding this item and
US$10 million of other net adjustments, Agilent reported first
quarter adjusted net income of US$160 million.  On a comparable
basis, the company earned US$162 million one year ago.

"Agilent had a good fiscal first quarter, with performance that
was very much in line with our expectations," said Bill
Sullivan, Agilent president and chief executive officer.
"Revenues of US$1.39 billion were up 9 percent from last year,
near the high end of guidance."

"Bio-Analytical markets showed sustained momentum, with segment
orders up 20 percent and revenues up 15 percent, the seventh
consecutive quarter of double-digit segment growth.  Demand
remains robust in both life sciences and chemical analysis
markets, and across all geographies."

"While Electronic Measurement markets remain mixed, we did see
some overall improvement compared to prior quarters, with better
balance between general purpose and communications markets, and
across geographic regions.  Segment orders were up 8 percent
while revenues were 5 percent ahead of last year."

"First quarter adjusted net income per share, at US$0.42, was
also near the top of our US$0.38 - US$0.43 guidance range."

First quarter Return on Invested Capital was 23 percent, equal
to last year’s record first quarter, despite the addition of
nearly US$390 million of acquisitions. Inventory Days-On-Hand
was improved by 3 days from one year ago.  During the period,
the company repurchased US$237 million of its common stock.

Looking ahead to the remainder of fiscal 2008, Sullivan said the
company had anticipated some slowing, mainly in U.S. markets,
and had planned the year conservatively as a result.  Given
current trends, Sullivan said the company was still comfortable
with the range of analyst estimates for FY2008 revenues and
adjusted net income per share.  For the fiscal second quarter of
2008, revenues are expected to be in the range of
US$1.40 billion to US$1.45 billion, up 6 percent to 10 percent
from last year.  Second quarter adjusted net income per share is
expected to be in the range of US$0.46 to US$0.50 per share, 7
percent to 16 percent above last year’s comparable earnings.

                        About Agilent Tech

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 29,
2007, Moody's Investors Service assigned a Ba1 rating to Agilent
Technologies' proposed offering of USUS$500 million senior notes
due 2017 and affirmed its existing ratings and stable outlook.


AGILENT TECHNOLOGIES: Adds WiMAX Protocol Testing in Runcom Deal
----------------------------------------------------------------
Agilent Technologies Inc. and Runcom Technologies Ltd. will
extend their WiMAX(TM) collaboration to include Mobile WiMAX
Wave 2 Protocol Test.

All WiMAX(TM) devices must undergo protocol conformance test
(PCT) to become certified for use.  To realize the promise of
interoperability, the WiMAX industry relies on traceable and
effective protocol test solutions.  The assurance of
interoperability between WiMAX reference designs and protocol
test equipment creates customer confidence and enables industry
growth.

Agilent and Runcom will ensure that their customers can
confidently use Runcom Mobile WiMAX reference designs with
Agilent protocol test systems.  Both companies will verify that
their designs are faithful implementations of the relevant
standards, bringing robust solutions to the market.

The Agilent N6430A WiMAX Protocol Conformance Test and
Development Solution, based on Agilent's E6651A Mobile WiMAX
Test Set, is undergoing pre-validation testing at a WiMAX
Forum(R) testing laboratory using mobile terminals and base
stations that use Runcom Mobile WiMAX chips.

"We are very enthusiastic about the development of a PCT
partnership with Runcom," said European operations general
manager for Agilent's Mobile Broadband Division's WiMAX/WLAN
portfolio, C. J. Meurell.  "Our relationship will accelerate the
progress of both companies as we move ahead with Mobile WiMAX
Wave 2.  Runcom has been a pioneer of WiMAX and we feel
fortunate to be able to partner with them on the development of
PCT."

"Our customers need independent and robust PCT solutions to be
available, and we are keen to support this," said Runcom's
Marketing vice president, Israel Koffman.  "Working with the
wireless industry's test leader, Agilent, means that our
customers can count on solutions that work with our designs
wherever they are in the world.  Agilent's ability to test
terminals, base stations, protocol, RF and application
performance is a unique value proposition that we believe will
benefit our customers."

                    About Runcom Technologies

Runcom Technologies Ltd. -- http://www.runcom.com-- is a of
chipsets for the IEEE 802.16e-2005 standard on which WiMAX Forum
mobile profiles are based.  Runcom is a world pioneer in the
development of state-of-the-art OFDMA silicon solutions for
fixed and mobile WiMAX user-terminals and base-stations.  The
RNA200 ASIC was the first Mobile WiMAX compliant ASIC on the
market.

                       About Agilent Tech

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Brazil, Venezuela, Mexico, and Luxembourg, among others.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 29,
2007, Moody's Investors Service assigned a Ba1 rating to Agilent
Technologies' proposed offering of USUS$500 million senior notes
due 2017 and affirmed its existing ratings and stable outlook.


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


CARMEUSE HOLDING: Moody's Keeps Corporate Family Rating at Ba2
--------------------------------------------------------------
Moody's Investors Service confirmed the corporate family rating
of Carmeuse Holding SA at Ba2.  The outlook was changed to
negative.

Moody's has also confirmed the Ba2 rating assigned to the
EUR250 million Senior Floating Rate Guaranteed Notes issued by
Calcipar SA.

This rating action follows the completion of Carmeuse's
US$666 million acquisition of Oglebay Norton Company (including
US$135 million of outstanding debt at Oglebay Norton) after
Oglebay Norton shareholder's approval of the transaction on
Nov. 9, 2007, and the regulatory approval under the Hart-Scott-
Rodino Act on Feb. 11, 2008.  This concludes Moody's review for
possible downgrade that was initiated on Oct. 15, 2007.

The rating confirmation reflects Carmeuse's improved business
profile pursuant to the acquisition of Oglebay Norton, which is
underpinned by:

   (i) a higher level of vertical integration through the access
       to high value lime stone reserves,

  (ii) a re-balancing of the exposure of the group to different
       market segments and especially a lower exposure to the
       highly cyclical North American steel industry although
       the agency notes that the acquisition of Oglebay Norton
       will bring some level of exposure to the fragile North
       American construction market in the short term and also

(iii) by a strong platform for growth in the promising Flue Gas
       Desulphurization market in North America thanks to an
       improved access to lime stone reserves.

The agency also notes that they expect Carmeuse to be able to
extract revenue and cost synergies from the transaction mainly
as a result of the strong business and geographical fit of both
companies.  Synergies should be achieved mainly through
reduction of overhead costs, improved logistics, direct access
to limestone and increased purchasing power.  Finally the
confirmation of the rating is underpinned by Moody's expectation
that Carmeuse will dispose some non core activities of Oglebay
Norton within a short time frame in order to eliminate the
refinancing risk from the bridge financing maturing in December
2008 and in order to restore debt and cash flow metrics
commensurate with a Ba2 rating.  Moody's notes that the
refinancing risk of the bridge is higher than initially
anticipated given the maturity of the bridge at the bottom end
of our expectation and the delay in the closing of the
transaction imposed by the delayed regulatory approval in the
US. The agency will closely monitor the disposal process of the
non core assets over the next few months.

The negative outlook reflects Moody's concerns about the
integration risk from the acquisition.  This is partly mitigated
by the fact that both companies have a strong fit in terms of
geographical and customer industry exposure and that Carmeuse
has a strong management team in the US, which has already
successfully integrated businesses in the recent past.  The
increasing concentration on the North American market, which is
expected to contribute more than 60% of pro-forma group revenues
is also seen as a negative and could weigh on the rating going
forward.  Moody's also views the uncertainties about the
disposal price that could be achieved from the disposal of the
sand and aggregates activities and the timing of these disposals
as a further factor which could put the rating under pressure.

Structural considerations

Carmeuse Holding SA has raised a financing package of
approximately EUR850 million to finance the acquisition of
Oglebay Norton's equity (US$531 million) and to refinance
Oglebay Norton's existing indebtedness (approximately
US$135 million) as well as EUR400 million of debt at Carmeuse
group level.  The financing package comprises US$450 million
senior term loans with first installments in June 2010 and a
final maturity in January 2013, a EUR195 million senior
revolving credit facility maturing in November 2012 and a
EUR350 million bridge facility maturing in December 2008.  All
the facilities are cross-guaranteed by Carmeuse Holding SA and
by various operating and financial subsidiaries of the group.
In addition lenders benefit from a security package consisting
of pledges over the shares of several entities of the Carmeuse
group.

Existing note holders under the EUR250 million Senior Floating
Rate Notes issued by Calcipar and guaranteed by Carmeuse Holding
SA will rank pari passu with new lenders in right and priority
of payment and will share on a pari passu and pro rata basis the
security package put in place as part of the refinancing.

These ratings are affected by the press release:

   -- Carmeuse Holding SA -- Ba2 Corporate Family Rating/Ba2
      Probability of Default Rating;

   -- Calcipar SA -- Ba2/LGD4 Rating on Senior Floating Rate
      Guaranteed Notes.

Carmeuse Holding SA is the holding company for the Carmeuse
Group.  Carmeuse is one of the world's leading producers of lime
and lime-related products enjoying leading positions in a number
of European markets and a number one position in North America
which has been recently strengthened. The company operates in a
relatively concentrated industry with only a handful of large
players globally, while its operations are subject to licenses
and are difficult to replicate.  Carmeuse reported
EUR939 million in revenues in 2006.


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


AFFILIATED COMPUTER: No Default Under Indenture, Court Says
-----------------------------------------------------------
Affiliated Computer Services Inc. disclosed that on Feb. 12,
2008, the United States District Court for the Northern District
of Texas, Dallas Division, granted the company's Motion for
Summary Judgment in the declaratory relief action and entered a
judgment that no default has occurred under Section 4.03(a) of
the Indenture.

The company had filed this lawsuit because certain holders of
its 4.70% Senior Notes due June 1, 2010, and its 5.20% Senior
Notes due June 1, 2015, sent various notices alleging that the
company was in default of its covenants under the related
Indenture dated June 6, 2005, along with any Supplemental
Indentures, as the result of the company's failure to timely
file its Annual Report on Form 10-K for the period ending June
30, 2006, by Sept. 13, 2006.

Subsequently, those certain holders declared an acceleration of
the Senior Notes, as a result of the company's failure to remedy
the purported default set forth in their earlier notices and
demanded payment of all amounts owed in respect of the Senior
Notes.

                    About Affiliated Computer

Headquartered in Dallas, Texas, Affiliated Computer Services
Inc. (NYSE:ACS) -- http://www.acs-inc.com/-- provides business
process outsourcing and information technology services to
commercial and government clients.  The company has two segments
based on the clients it serves: commercial and government.  The
company provides services to a variety of clients including
healthcare providers and payers, manufacturers, retailers,
wholesale distributors, utilities, entertainment companies,
higher education institutions, financial institutions, insurance
and transportation companies.

                        *     *      *

As reported in the Troubled Company Reporter-Europe on Jan. 31,
2008, Moody's Investors Service confirmed Affiliated Computer
Services' Ba2 corporate family rating with a stable rating
outlook.  This rating confirmation concludes a review for
possible downgrade initiated on March 20, 2007.  The ratings of
ACS remained under review for possible downgrade.


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


AGRODAG OJSC: Creditors Must File Claims by March 28
----------------------------------------------------
Creditors of OJSC Agrodag have until March 28, 2008, to submit
proofs of claim to:

         Sh. Dzhabrailov
         Insolvency Manager
         Umakhanova Per. 12
         Makhachkala
         367008 Dagestan
         Russia

The Arbitration Court of Dagestan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A15-951/2007.

The Debtor can be reached at:

         OJSC Agrodag
         Askerkhanona Str., 5v
         Makhachkala
         Dagestan
         Russia


FAR EASTERN: Moody's Assigns Corporate Family Rating at B1
----------------------------------------------------------
Moody's Investors Service assigned a B1 Corporate Family Rating
to Far Eastern Shipping Company plc.  The rating outlook is
stable.

The B1 CFR reflects:

   (i) FESCO's strong position in the Far East Russian shipping
       market;

  (ii) its exposure to non-shipping-related activities, such as
       railways and container terminals, both of which benefit
       from a lower risk profile than shipping activities and
       good profitability; and

(iii) Moody's positive outlook on the Russian container market.

However, the rating is constrained by:

   (i) FESCO's weak credit metrics;
  (ii) its limited size; and
(iii) some residual integration risk.

"Since 2004, FESCO has been undergoing a transition from a pure
shipping company to an integrated logistics player, in order to
better exploit the business opportunities offered by the
expansion of container business in its domestic market.  This
process is now complete," says Marco Vetulli, a Vice
President/Senior Credit Analyst at Moody's and lead analyst for
FESCO.  "The past two years represented the peak years of the
program of capital expenditure required to pursue this strategy.
In 2008, the group is aiming to stabilize its financial profile
and start to reap the benefits in terms of higher and more
stable cash flow generation.  From 2009, free cash flow is
expected to turn positive, boosting the de-leveraging process,"
adds Mr. Vetulli.

The stable outlook incorporates Moody expectation that FESCO
will continue to enjoy a strong and stable operating profile and
that its shareholders, as indicated in FESCO's business plan,
will provide equity injections sufficient to maintain healthy
leverage and to prevent any liquidity problems in 2008.

According to Moody's, the rating could be positively affected if
the group's operating performance continued to improve from its
current level.  Specifically, the improvement would have to
involve a sustainable increase in internal cash flow generation
and the consequent progressive de-leveraging of the balance
sheet towards 3.0x on a total debt/EBITDA basis, with a ratio of
retained cash flow to net debt in the high teens and a total
coverage ratio of over 3.0x, all ratios being adjusted according
to Moody's methodologies.

Conversely, Moody's says that the outlook or rating could be
adjusted downwards in the event of a deviation from the targets
set by FESCO's business plan.  Quantitatively, the rating is
likely to be downgraded if FESCO were unable to make progress on
de-leveraging to below 4.0x on a debt/EBITDA basis or if the
ratio of RCF to net debt were to fall into the mid-teens.  At
the same time, maintenance of a total coverage ratio below 2.0x
would exert downward pressure on the rating.  Furthermore,
liquidity problems deriving from a delay of the expected equity
injection from FESCO's shareholders would immediately create
pressure on the rating that could lead to a multi-notch
downgrade.

Headquartered in Moscow, Russia, FESCO is an integrated
logistics group active in three business segments: shipping (66%
of H1 2007 revenues); container terminals (16%); and railway
transportation (18%).  FESCO's main shareholder is Industrial
Investors Group, which controls 62.0% of the Russian group.
Other important shareholders are East Capital and Genesis
Investment Management, two investment funds with stakes of 9.8%
and 3.0%, respectively, and former shareholders of Transgarant
(11.3%), which was acquired by FESCO in 2006.  The remaining
shares are in free float.  In fiscal year 2006, FESCO reported
revenues of US$571 million.


GIAGINSKAYA LLC: Creditors Must File Claims by March 28
-------------------------------------------------------
Creditors of LLC Agricultural Company Giaginskaya have until
March 28, 2008, to submit proofs of claim to:

         Y. Orlov
         Insolvency Manager
         Room 220
         Krestyanskaya Str. 213
         Maykop
         Adygeya
         Russia

The Arbitration Court of Adygeya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-01- B2315/2006-3.

The Court is located at:

         The Arbitration Court of Adygeya
         Krasnooktyabrskaya Str. 15
         Maykop
         Adygeya
         Russia

The Debtor can be reached at:

         LLC Agricultural Company Giaginskaya
         Zavodskaya Str. 2
         Giaginskaya St.
         Adygeya
         Russia


GLOMUS LLC: Creditors Must File Claims by March 28
--------------------------------------------------
Creditors of LLC Glomus (TIN 3665039980) have until March 28,
2008, to submit proofs of claim to:

         A. Sukochev
         Insolvency Manager
         Sredne-Moskovskaya Str. 6a
         Voronezh
         Russia

The Arbitration Court of Voronezh commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. NA14-4229-2007 26/33B.

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         LLC Glomus
         Bogacheva Str. 3a
         Voronezh
         Russia


KUBOVO LLC: Court Names A. Kokotov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Kareliya appointed A. Kokotov as
Insolvency Manager for LLC Kubovo.  He can be reached at:

         A. Kokotov
         Post User Box 21
         Petrozavodsk
         185011 Kareliya
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A26-4049/2007.

The Debtor can be reached at:

         LLC Kubovo
         Gagarina Str. 4
         Krivtsy
         Pudozhskiy
         186170 Kareliya
         Russia


NATUKHAY LLC: Creditors Must File Claims by February 28
-------------------------------------------------------
Creditors of LLC Agricultural Company Natukhay (TIN
010611387)have until Feb. 28, 2008, to submit proofs of claim
to:

         A. Sovmiz
         Insolvency Manager
         Office 34
         Kurgannaya Str. 227
         Maykop
         385000 Adygeya
         Russia

The Arbitration Court of Adygeya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A01-B3326-2007-1.

The Court is located at:

         The Arbitration Court of Adygeya
         Krasnooktyabrskaya Str. 15
         Maykop
         Adygeya
         Russia

The Debtor can be reached at:

         LLC Agricultural Company Natukhay
         Komsomolskaya Str. 14
         Eneem
         Takhtamukayskiy
         Adygeya
         Russia


OJSC VOLGATELECOM: Fitch Puts IDR at B on Profitability
-------------------------------------------------------
Fitch Ratings has assigned Russia-based OJSC Volgatelecom a
Long-term Issuer Default rating of 'BB-', National Long-term
rating of 'A+(rus)' and Short-term IDR of 'B'.  The Outlooks for
the Long-term IDR and National Long-term rating are Stable.  The
agency also assigned a National Long-term rating of 'A+(rus) to
three of Volga's outstanding domestic bonds, structured as
senior unsecured obligations:

   -- Series 2, RUB3 billion, due on Nov. 30, 2010: National
      Long-term rating 'A+(rus)'

   -- Series 3, RUB2.3 billion, due on Nov. 30, 2010: National
      Long-term rating 'A+(rus)'

   -- Series 4, RUB3 billion, due on Sept. 03, 2013: National
      Long-term rating 'A+(rus)'

"Volga has consistently been the most profitable and one of the
least leveraged Russian incumbent operators.  A positive short-
to-mid-term growth outlook for higher-margin mobile and
broadband segments, and management's focus on cost-cutting will
help maintain margins and ensure overall growth rates in the
high single-digit territory," says Nikolay Lukashevich, a Senior
Director with Fitch's TMT team.

The ratings take into account Volga's position of an established
fixed-line incumbent telecoms company in its operating
territory.  Volga controls most of the last-mile and backbone
infrastructure in its area of operations, which provides it with
significant competitive and cost advantages.  Volga's market
shares are strong in all key traditional segments, and as the
company is facing only limited competition from alternative
operators, these are unlikely to come under pressure at least in
the short-to-mid term.  Fitch sees the regulatory environment in
Russia as generally pro-incumbent, which protects Volga against
competition with alternative operators in the traditional fixed-
line segment; however, it is not immune to pressure from the
mobile segment.  With true unbundling regulation missing in
Russia, the only way for alternative providers to eat into
Volga's franchise is to build their own infrastructure, which is
expensive, time-consuming and economically viable in only
selected areas.

Although Volga is only a niche mobile operator, the segment's
margins are strong and the business is run as a cash cow with a
positive contribution to overall margins and cash flows.
Strategically, the future of this segment remains uncertain;
however, the company's narrow focus on its target customer base
of price-sensitive local subscribers should help it withstand
pressure from larger players.

In spite of healthy margins, Volga has been free cash flow
negative on the back of heavy investments into fixed-line
network modernization, and mobile and broadband roll-out.  The
company is facing high infrastructure modernization requirements
in the mid-term, which is likely to prevent it from turning free
cash flow positive.

Volga is one of the least leveraged Russian regional incumbent
operators.  At 1.5x of Net Debt/EBITDA at end-2006, its leverage
is modest in absolute terms, and strong for its rating level.
The agency does not expect leverage to significantly increase in
future.

Volga's strategy is largely shaped by its majority shareholder,
government-controlled Svyazinvest.  The ratings reflect
Svyazinvest's strong influence on the decision-making process at
Volga, but also its lobbying support.

At end of first half of 2007, the proportion of short-term debt
was reported at 18% of the total, an improvement from 23% at
end-2006; this is stronger than for most of the company's
domestic peers.  Although the company does not have significant
short-term debt maturities, its two RUB3 billion domestic bonds
are putable in December 2008 and September 2009, which increases
its refinancing exposure.


ORBIS + OJSC: Creditors Must File Claims by March 28
----------------------------------------------------
Creditors of OJSC Orbis + have until March 28, 2008, to submit
proofs of claim to:

         N. Adamov
         Insolvency Manager
         Post User Box 11
         121467 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-19015/07-78-74B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Orbis +
         Ordzhonikidze Str. 11
         117908 Moscow
         Russia


RED & BLACK: Moody's Rates US$18.6 Million Class C Notes at Ba2
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings of notes issued
by Red & Black Prime Russia MBS No.1 Limited:

   -- US$136,859,280 Class A Notes, A2 affirmed;
   -- US$14,500,000 Class B Notes, Baa2 affirmed;
   -- US$18,600,000 Class C Notes, Ba2 affirmed.

Moody's has reviewed the ratings of the notes issued by Red &
Black Prime Russia MBS No.1 Limited in respect of the downgrade
of DeltaCredit Bank's Local Currency Deposit rating to Baa1 from
A3 (which follows the downgrade of its parent company Societe
Generale to Aa2 from Aa1 on Jan. 24, 2008).

DeltaCredit is the seller and the servicer of the mortgage pool
backing the notes issued by Red & Black.  The review was
triggered by the potential impact of such one notch Local
Currency Deposit rating downgrade on true sale and commingling
risks in respect of collections from the mortgage pool in case
of default of the seller/servicer.

The affirmation of the notes' ratings are based on:

   (i) Moody's has received updated pool information which shows
       an improvement compared to the initial pool due to
       amortization and more seasoning.  The amortization has
       also led to increased credit enhancement for the notes.

  (ii) The downgrade of DeltaCredit by one notch has marginally
       increased DeltaCredit's default risk.  Therefore the
       incremental risk for the notes in respect of the true
       sale and commingling is currently limited.  The potential
       impact on the servicing quality in case of the servicer's
       default is further mitigated by the back-up serving
       arrangement that is in place since closing.

Red & Black was closed in April 2007.  The ratings address the
expected loss posed to investors by the legal final maturity.
In Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal with respect to the
notes by the legal final maturity.  Moody's provides individual
performance reports for all transactions it rates.


RUS-GAS LLC: Creditors Must File Claims by March 28
---------------------------------------------------
Creditors of LLC Rus-Gas have until March 28, 2008, to submit
proofs of claim to:

         A. Belyaev
         Insolvency Manager
         Chapaeva Str. 20a
         Anna
         396252 Voronezh
         Russia

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A64-3080/07-18.

The Debtor can be reached at:

         LLC Rus-Gas
         Prigorodnyj
         Morshanskiy
         Tambov
         Russia


VELSKAYA MTS: Creditors Must File Claims by February 28
-------------------------------------------------------
Creditors of OJSC Velskaya MTS have until Feb. 28, 2008, to
submit proofs of claim to:

         A. Fokin
         Insolvency Manager
         Gorkogo Str. 9
         160019 Vologda
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A05-11600/2007.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         OJSC Velskaya MTS
         Nekrasova Str. 13
         Velsk
         165150 Arkhangelsk
         Russia


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


NOVAIN EMPRESA: Commercial Court Orders Voluntary Administration
----------------------------------------------------------------
Novain Empresa Constructora has been placed under voluntary
administration by a commercial court in Valencia, Spain, The
Financial Times reports citing Expansion.

According to the report, for the financial year 2006, the
company's recorded turnover was EUR29.9 million, a 25% decrease
compared with its turnover for 2005.  Its debt was reduced by
62% to EUR9.78 million.

FT relates that Novain Empresa was focused on public and
industrial building construction but had shifted in recent years
to focus heavily on residential construction.

Headquartered in Valencia, Spain, Novain Empresa Constructora --
http://www.novain.net/-- is a local construction firm founded
more than 25 years ago.


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


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

         Ali Kocakol
         Paracelsusstrasse 15
         4058 Basel
         Switzerland

The Debtor can be reached at:

         LLC Baselline
         Basel
         Switzerland


CHEMICAL CONSTRUCTION: Creditors Must File Claims by Feb. 22
------------------------------------------------------------
Creditors of JSC Chemical Construction have until Feb. 22, 2008,
to submit their claims to:

         JSC Chemical Construction
         Industrie Neuhof 33
         3422 Kirchberg BE
         Switzerland


DECO GLAS: Creditors' Liquidation Claims Due by Feb. 29
-------------------------------------------------------
Creditors of LLC Deco Glas A. Lang have until Feb. 29, 2008, to
submit their claims to:

         LLC Deco Glas A. Lang
         Feldheimstrasse 33
         6055 Alpnach OW
         Switzerland


ENIGMA SOLUTIONS: Creditors' Liquidation Claims Due by Feb. 25
--------------------------------------------------------------
Creditors of JSC ENIGMA Solutions have until Feb. 25, 2008, to
submit their claims to:

         Alfred Martin
         Liquidator
         Bahnhofstrasse 17
         3375 Inkwil
         Wangen BE
         Switzerland

The Debtor can be reached at:

         JSC ENIGMA Solutions
         Solothurn
         Switzerland


ERNST NATER: Creditors' Liquidation Claims Due by March 7
---------------------------------------------------------
Creditors of JSC Ernst Nater have until March 7, 2008, to submit
their claims to:

         Rene Nater
         Kapellenweg 5
         9213 Hauptwil TG
         Switzerland

The Debtor can be reached at:

         JSC Ernst Nater
         Hauptwil-Gottshaus
         Bischofszell TG
         Switzerland


H.R. MULLER: Creditors' Liquidation Claims Due by Feb. 28
---------------------------------------------------------
Creditors of JSC H.R. Muller have until Feb. 28, 2008, to submit
their claims to:

         Hans Rudolf Muller
         K Muhlebachstasse 20
         6340 Baar ZG
         Switzerland

The Debtor can be reached at:

         JSC H.R. Muller
         Baar ZG
         Switzerland


INTERBASILEA JSC: Creditors' Liquidation Claims Due by Feb. 29
--------------------------------------------------------------
Creditors of JSC Interbasilea have until Feb. 29, 2008, to
submit their claims to:

         JSC Interbasilea
         Bolchenstrasse 19
         4411 Seltisberg
         Liestal BL
         Switzerland


KABD JSC: Creditors' Liquidation Claims Due by Feb. 27
------------------------------------------------------
Creditors of JSC KABD have until Feb. 27, 2008, to submit their
claims to:

         Dr. Peter R. Walti
         Liquidator
         Lindenstrasse 26
         8008 Zurich
         Switzerland

The Debtor can be reached at:

         JSC KABD
         Zurich
         Switzerland


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


AGRICULTURAL INDUSTRIAL: Creditors Must File Claims by Feb. 28
--------------------------------------------------------------
Creditors of OJSC Agricultural Industrial Service (code EDRPOU
00905333) have until Feb. 28, 2008, to submit written proofs of
claim to:

         The Economic Court of AR Krym
         Karl Marks Str. 18
         Simferopol
         95000 AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 18, 2007.
The case is docketed under Case No. 2-6/8845-2006.

The Debtor can be reached at:

         OJSC Agricultural Industrial Service
         Lenin Str. 44
         Dzhankoy
         AR Krym
         Ukraine


BETONIKS LLC: Creditors Must File Claims by February 28
-------------------------------------------------------
Creditors of LLC Building Company Betoniks (code EDRPOU
35107656) have until Feb. 28, 2008, to submit written proofs of
claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 23, 2008.
The case is docketed under Case No. B 11/470-07.

The Debtor can be reached at:

         LLC Building Company Betoniks
         74th Strelets Divisions Str. 4
         Irpen
         08200 Kiev
         Ukraine


BIELOZEROVKA CJSC: Creditors Must File Claims by February 28
------------------------------------------------------------
Creditors of Bielozerovka CJSC (code EDRPOU 30803769) have until
Feb. 28, 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 Dec. 20, 2007.
The case is docketed under Case No. 5/612-07.

The Debtor can be reached at:

         Bielozerovka CJSC
         Bielozerovka
         Lipovetsky District
         22500 Vinnica
         Ukraine


DOBRIYE USLUGI: Creditors Must File Claims by February 27
---------------------------------------------------------
Creditors of LLC Dobriye Uslugi (code EDRPOU 30961184) have
until Feb. 27, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 18, 2007.
The case is docketed under Case No. B 14/518-07.

The Debtor can be reached at:

         LLC Dobriye Uslugi
         Industrial Str. 5
         Vishnevoye
         08132 Kiev
         Ukraine


GOGOL LLC: Creditors Must File Claims by February 27
----------------------------------------------------
Creditors of Gogol LLC (code EDRPOU 30864157) have until
Feb. 27, 2008, to submit written proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/37.

The Debtor can be reached at:

         Gogol LLC
         Seleschina
         Mashovka District
         39400 Poltava
         Ukraine


IMPRESS LLC: Creditors Must File Claims by February 27
------------------------------------------------------
Creditors of LLC Entertaining-Edition Agency Impress (code
EDRPOU 33227892) have until Feb. 27, 2008, to submit written
proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 49/242-b.

The Debtor can be reached at:

         LLC Entertaining-Edition Agency Impress
         Apartment 209
         Highway 67-A
         Kharkov
         02091 Kiev
         Ukraine


LIUBOV-1977: Creditors Must File Claims by February 27
------------------------------------------------------
Creditors of LLC Liubov-1977 (code EDRPOU 30961179) have until
Feb. 27, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 18, 2007.
The case is docketed under Case No. B 14/517-07.

The Debtor can be reached at:

         LLC Liubov-1977
         Industrial Str. 5
         Vishnevoye
         08132 Kiev
         Ukraine


UNIVERSALNA: Moody's Puts Insurance Fin'l Strength Rating at B3
---------------------------------------------------------------
Moody's Investors Service assigned a first-time global scale
insurance financial strength rating of B3 to Insurance Company
Universalna, based in Kiev, Ukraine.  The rating outlook is
stable.

The company is 60% owned by Financial and Investment Energy
Holding, whose main asset is OJSC Concern Galnaftogaz, an oil
distribution company.  Universalna is a Top 10 player in the
Ukrainian insurance market, with a good position in the motor
market. Motor premiums accounted for 57% of the company's gross
premiums written in 2006.  Universalna's credit strengths
include one of the largest agent networks in Ukraine, a
diversified distribution strategy and a relatively high degree
of financial flexibility owing to its status as Ukraine's only
publicly-traded insurer.

However, Moody's notes that these strengths are offset by poor
technical profitability resulting from a high expense ratio and
a challenging operating environment, substantial asset risk with
high exposures to equities and real estate (18% and 51% of the
investment portfolio at year-end 2006, respectively), as well as
rapid growth by acquisition, both in Ukraine and, more recently,
internationally.  Moody's also notes that despite recent capital
increases, the indebtedness of the company is relatively high
following the issuance of bonds totaling UAH30 million
(EUR4.5 million) at the end of 2006.

"Universalna has been growing at a rapid pace in recent years,
partly by acting as consolidator of regional insurers, and
succeeded in building an extensive agent network in Ukraine,"
Timour Boudkeev, Vice President -- Senior Credit Officer and
lead analyst for Universalna at Moody's, said.  However, the
company has a high cost base, is facing increased pressure on
profitability in some of its core lines of business and has yet
to successfully integrate many of its recent acquisitions.  In
addition, the Ukrainian market is becoming increasingly
competitive following entry by sophisticated international
players in the last couple of years".

Commenting on what could result in upward pressure on
Universalna's insurance financial strength rating, Moody's
mentioned sustainable growth in the franchise, e.g. becoming a
Top 5 retail insurer in Ukraine, a lower business risk profile
with increased diversification and less reliance on the motor
liability business, a track record of profitability, enabling
the company to finance its growth internally, a decrease of high
risk and illiquid assets in the investment portfolio as well as
improved capitalization and lower financial leverage.

Conversely, negative rating pressure could develop in the event
of erosion of the company's current market position,
deterioration of operating profitability, lower levels of
capitalization and failure to integrate recent acquisitions.

This first-time rating was assigned:

   -- Insurance Company Universalna -- insurance financial
      strength rating at B3, stable outlook.

Based in Kiev, Ukraine, Universalna is one of the Top 10
Ukrainian insurance companies.  In 2006, Universalna reported
Gross Premiums Written of UAH173.5 million (EUR26.1 million) and
net income of UAH1.7 million (EUR0.3 million).  Shareholders'
equity including minority interests was UAH50.7 million (EUR7.6
million) as of Dec. 31, 2006.


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


ACXIOM CORP: Paying Six Cents Per Share Dividend on March 17
------------------------------------------------------------
Acxiom(R) Corporation's board of directors has declared a
quarterly cash dividend of six cents per share payable on
March 17 to shareholders of record as of the close of business
on Feb. 25.

While Acxiom intends to pay regular quarterly dividends for the
foreseeable future, all subsequent dividends will be reviewed
quarterly and declared by the board at its discretion.

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

                          *     *     *

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


ACXIOM CORP: Increases Stock Repurchase Program by US$25 Mil
------------------------------------------------------------
Acxiom(R) Corporation's board of directors has authorized a
US$25 million increase in its stock repurchase program.

On Oct. 26, 2007, the company announced a 12-month, US$75
million program whereby the company would repurchase its common
stock in open market or privately negotiated transactions,
depending on prevailing market conditions and other factors.
Since the inception of the program, the company has purchased
approximately 4.175 million shares for a total purchase price of
US$50.6 million.  At a meeting Feb. 13, 2008, the board voted to
increase the authorization to US$100 million.  The repurchase
program may be suspended or discontinued at any time.

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

                          *     *     *

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


BALLY TECH: Earns US$24.4 Million in Quarter Ended Dec. 31, 2007
----------------------------------------------------------------
Bally Technologies Inc. disclosed results for the three months
and six months ended Dec. 31, 2007.

"We are very pleased to report record quarterly results for our
second quarter," said Chief Executive Officer, Richard M.
Haddril.  "Our great game performance and continued system
success is reflected in record quarterly revenues in each of our
game sales, gaming operations and systems businesses."

           Second Quarter Fiscal 2008 Highlights

  Three Months Ended Dec. 31, 2007 Vs. Three Months Ended
  Dec. 31, 2006

   -- Total revenues increased 53% to US$230.7 million as
      compared with US$150.9 million in the same period last
      year.

   -- Operating income increased by US$41.1 million to
      US$46.8 million, as compared with US$5.7 million in the
      same period last year; operating margin was 20% in the
      three months ended Dec. 31, 2007.

   -- Net income increased by US$26.9 million to
      US$24.4 million, as compared with a loss of US$2.5 million
      in the same period last year, primarily as a result of
      improved margin and cost leverage.

   -- Adjusted EBITDA was US$63.9 million, a 172% increase as
      compared with the same period last year.

   -- Selling, general and administrative expenses declined to
      26% of total revenue from 33% as compared with the same
      period last year.

  Six Months Ended Dec. 2007, Vs. Six Months Ended Dec. 2006

   -- Total revenues increased 38% to US$419.7 million as
      compared with US$304.7 million in the same period last
      year.

   -- Operating income increased by US$74 million to US$88
      million, as compared with US$14 million in the same period
      last year; operating margin was 21% in the six months
      ended Dec. 31, 2007.

   -- Net income increased by US$48.4 million to US$45.7
      million, as compared with a loss of US$2.7 million in the
      same period last year, primarily as a result of improved
      margin and cost leverage.

   -- Adjusted EBITDA was US$122.4 million, a 146% increase as
      compared with the same period last year.

   -- Selling, general and administrative expenses declined to
      27% of total revenue from 33% as compared with the same
      period last year.

"We are again pleased with our operating leverage this quarter,"
said Chief Financial Officer, Robert C. Caller.  "Our SG&A in
the current quarter compared with the September 2007 quarter
increased by US$8.7 million primarily due to higher professional
and accounting fees, Global Gaming Expo trade-show expenses, and
commission and bad-debt expenses associated with higher revenue.
However, as a% of revenue, SG&A decreased to 26% from 28% in the
September 2007 quarter."

                  Certain Results Highlights for
               the Three Months Ended Dec. 31, 2007

Gaming Equipment

   -- Revenues increased to approximately US$108.4 million, a
      54% increase as compared with the same period last year.

   -- A 53% increase in new gaming device sales to 7,144 units
      as compared with 4,672 units in the same period last year.

   -- A 4% increase in the ASP of new gaming devices, excluding
      OEM sales, primarily due to product mix and the effect of
      foreign currency exchange rates on international pricing.

   -- Gross margin increased from 34% in the same period last
      year to 44%, a slight decline from 46% in the first
      quarter of fiscal 2008.  The improvement in margins over
      the same period last year was primarily related to the
      increase in ASP discussed above, the elimination of lower
      margin OEM sales, and improved purchasing and
      manufacturing efficiencies due to increased volumes and
      lower manufacturing costs.  Game equipment margins were
      negatively impacted by approximately US$2 million in one-
      time expenses related to the entrance into new
      international markets in the current quarter.

Gaming Operations

   -- Revenues increased 34% to approximately US$54.2 million as
      compared with the same period last year.

   -- Gross margin remained consistent at 58% in this year and
      in the same period last year.

   -- Revenue and gross margin in fiscal 2007 includes daily
      fees that relate to certain contracts that were deferred
      in the first and second quarter of fiscal 2008 due to new
      contractual commitments made to the customers.
      Approximately US$4.4 million in daily fees generated
      during the second quarter of fiscal 2008 were deferred
      pending delivery of the commitments.

   -- Revenue and gross margin was negatively impacted by US$1.1
      million due to the additional deferred revenue and normal
      seasonality and the softness in casino revenues in the
      domestic market compared with the September 2007 quarter.

   -- Gross margins were negatively impacted by the deferral of
      revenue discussed above and approximately US$2 million of
      jackpot expenses compared with the September 2007 quarter
      and the same period last year.

Systems

   -- Revenues increased 95% to approximately US$56.3 million as
      compared with the same period last year, primarily as a
      result of continued acceptance of the company's products
      and an increase in the number of go-lives.

   -- Gross margin increased slightly to 73% from 72% in the
      same period last year.

   -- Maintenance revenues increased to approximately US$9.9
      million from approximately US$8.3 million in the same
      period last year.

   -- As of Dec. 31, 2007, the company had sold approximately
      67,000 units of its iVIEW(TM) player-communication units.
      iVIEW units purchased and committed to be purchased now
       exceed 97,000.

                  Certain Results Highlights for
                the Six Months Ended Dec. 31, 2007

Gaming Equipment

   -- Revenues increased 45% to approximately US$192.7 million
      as compared with the same period last year.

   -- A 52% increase in new gaming device sales to 12,295 units
      as compared with 8,099 units in the same period last year.

   -- A 7% increase in the ASP of new gaming devices, excluding
      OEM sales, primarily due to product mix and the effect of
      foreign currency exchange rates on international pricing.
      ASP was negatively impacted in the prior year as a result
      of incentive pricing and discounts offered to customers
      related to the roll-out of Bally's Alpha OS(TM) platform
      products.

   -- Gross margin increased to 45% from 33% in the same period
      last year.  The improvement in margins was primarily
      related to the increase in ASP discussed above, the
      elimination of lower margin OEM sales, and improved
      purchasing and manufacturing efficiencies related to
      increased volumes and lower manufacturing costs.

Gaming Operations

   -- Revenues increased 34% to approximately US$108.3 million
      as compared with the same period last year.

   -- Revenue and gross margin in fiscal 2007 include daily fees
      that relate to certain contracts that were deferred in the
      first and second quarter of fiscal 2008 due to new
      contractual commitments made to customers.  Approximately
      US$7.6 million in daily fees generated during the six
      months ended Dec. 31, 2007 was deferred pending delivery
       of the commitments.

Systems

   -- Revenues increased 41% to approximately US$95.5 million as
      compared with the same period last year primarily as a
      result of continued acceptance of the company's products
      and an increase in the number of go-lives principally in
      the second quarter for fiscal 2008.

   -- Gross margin increased to 74% from 68% in the same period
      last year primarily as a result of an increase in the
      proportion of software and maintenance sales as compared
      with hardware sales.  Hardware sales have lower gross
      margins compared with software and maintenance revenue.

   -- Maintenance revenues increased to approximately US$19.3
      million from approximately US$15.9 million in the same
      period last year.

                   Fiscal 2008 Business Update

The company raised its fiscal 2008 guidance for Diluted EPS to
US$1.62 to US$1.87, from an earlier range of US$1.60 to US$1.90.
Adjusted EPS is now estimated between US$1.75 to US$2.05 from an
earlier range of US$1.70 to US$2.00.

The company expects revenues in fiscal 2008 to exceed
US$875 million, with continued year-over-year growth in each of
game sales, gaming operations and system revenues.  The company
continues to forecast an increase in the placement of premium
daily-fee games and an increase in the number of gaming devices
sold, and also expects margins on game sales and operations to
continue to improve in fiscal 2008 as compared with fiscal 2007.
The company also continues to expect its selling, general and
administrative expenses as a%age of revenue to be lower in
fiscal 2008 as compared with fiscal 2007.  The company expects
its effective tax rate for fiscal 2008 will be between 37% and
38%.

The company has provided this broad range of earnings guidance
to give investors general information on the overall direction
of its business. The guidance provided is subject to numerous
uncertainties, including, among others, overall economic
conditions, the market for gaming devices and systems,
competitive product introductions, complex revenue recognition
rules related to the company's business, and assumptions about
the company's new product introductions and regulatory
approvals.  The company may update this fiscal 2008 guidance
from time to time as the year progresses.

                About Bally Technologies Inc.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Mississippi.  The company's South
American operations are located in Argentina.  The company also
has operations in France, Germany, Macau, China, India, and the
United Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter-Europe on
Dec. 28, 2007, Fitch Ratings upgraded Bally Technologies' Issuer
Default Rating and senior secured bank debt ratings as: IDR to
'B' from 'B-' and Secured bank credit facilities to 'BB/RR1'
from 'B/RR3'.


BALLY TECH: To Provide Casino Management Systems for Harrah's
-------------------------------------------------------------
Bally Technologies Inc. has extended its domestic relationship
with Harrah's Entertainment, Inc. to provide key casino slot and
gaming management and marketing systems for Harrah's
international operations.

The transaction is subject to Harrah's corporate approvals,
execution of definitive agreements, and receipt of required
regulatory approvals.

Bally and Harrah's commitment to work together internationally
comes on the heels of Bally's recent announcement that it
continues to bolster its international product portfolio and
infrastructure.  Bally is developing more games and systems
technology specifically for international markets and has
recently opened new sales and support offices in Spain and South
Africa, with a Mexico City office slated to open this spring.

"We're pleased to be extending our relationship with Bally
Technologies as we pursue an aggressive global growth strategy,"
said Harrah's Entertainment Chief Information Officer and Senior
Vice President of Innovation & Gaming, Tim Stanley.  "Bally has
been a provider of choice in supplying the operational,
accounting and management systems that support our industry-
leading Total Rewards(TM) capabilities that enhance our guests'
experience through interactive entertainment offerings.  Under
this new agreement, Bally will also become a key software
supplier for our casino and gaming management systems at our
current and planned international operations."

Bally also announced that Harrah's has licensed Bally Power
Winners(TM) and Power Promotions(TM) technologies for use as
part of Harrah's new and proprietary PRISM interactive customer
relationship management initiative.  Under the licensing
agreement, which is also subject to Harrah's corporate
approvals, execution of definitive agreements, and receipt of
regulatory approvals,  Harrah's can implement Bally's new
promotional and downloadable credit features as an integral part
of Harrah's Total Rewards(TM) marketing programs worldwide.

Harrah's PRISM initiative, an acronym for Personalized Real-time
Interactive Slot Marketing, is designed to introduce unique CRM
features and capabilities to the millions of Harrah's Total
Rewards cardholders who play the company's 60,000-plus slots.

"We are very excited about extending our partnership with
Harrah's to supply these system products internationally and
cutting-edge promotional and downloadable credit features
worldwide," said Bally Technologies Chief Executive Officer,
Richard M. Haddrill.  "The flexibility and configuration options
built into our products will allow Harrah's to build on the
existing strength of its player-loyalty program and manage their
business both domestically and globally."

                   About Harrah's Entertainment

Headquartered in Las Vegas, Nevada, Harrah's Entertainment Inc.
(NYSE: HET) -- http://www.harrahs.com/-- through its wholly
owned subsidiary Harrah's Operating Company Inc., provides
branded casino entertainment.  Since its beginning in Reno,
Nevada 70 years ago, Harrah's has grown through development of
new properties, expansions and acquisitions, and now owns or
manages casinos on four continents.  The company's properties
operate primarily under the Harrah's(R), Caesars(R) and
Horseshoe(R) brand names; Harrah's also owns the London Clubs
International family of casinos.  In January 2007, it signed a
joint venture agreement with Baha Mar Resorts Ltd. to operate a
resort in Bahamas.

                  About Bally Technologies Inc.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Mississippi.  The company's South
American operations are located in Argentina.  The company also
has operations in France, Germany, Macau, China, India, and the
United Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter-Europe on
Dec. 28, 2007, Fitch Ratings upgraded Bally Technologies' Issuer
Default Rating and senior secured bank debt ratings as: IDR to
'B' from 'B-' and Secured bank credit facilities to 'BB/RR1'
from 'B/RR3'.


BRITISH AIRWAYS: BALPA Opposes Job Outsourcing Under Open Skies
---------------------------------------------------------------
British Airline Pilots' Association has opposed British Airways
plc's plan to use outsourced pilots for its Open Skies
subsidiary.

A packed meeting of British Airways pilots at Heathrow heard
that the real reason BA wants to pick a fight with its 3,000
pilots is that it wants to eventually massively outsource flying
duties to less highly trained and lower paid pilots.

"Then the company will use this poorer paid, pilot force as a
trojan horse to beat down the pay and conditions of its current
pilot employees," Jim McAuslan, general secretary of British
Airline Pilots' Association, said.

The trojan horse is BA's planned OpenSkies subsidiary which is
to fly passengers from mainland European capitals to the USA.

"We have seen the evidence and what BA proposes is an attack on
current pilots and their families.  That is why we are
vigorously opposing this outsourcing.  OpenSkies will be using
BA planes and they should be crewed by BA pilots," Mr. McAuslan
said.  "What is happening around the world is that major
airlines are setting up a subsidiary which starts with just a
few aircraft but which is rapidly expanded using outsourced
pilots.  The mainline pilots are then told they must cut back
their own pay and conditions to the levels of the subsidiary.
We have seen it happening around the world and we are fighting
to prevent it happening here in Britain.  We are saying to BA
that we are drawing a line in the sand."

BALPA is currently balloting BA pilots for industrial action.
The ballot closes on Wednesday, February 20, 2008.

At the mass meeting of pilots Rob Baker from the Allied Pilots
Association in the USA, said that American Airlines set up a
subsidiary, American Eagle, with just 16 aircraft.  Now it has
more than 300.  And as a result mainline pilots have been forced
to accept heavy pay cuts.

BA says it plans to start OpenSkies with just six aircraft yet
analysts say the venture cannot be profitable without many more
planes.

"Don't do what we did," Mr. Baker warned.  "We now desperately
wish we had opposed outsourcing at the outset."

Captain Ian Woods, president of the Australian International
Pilots' Association told the BA pilots that Qantas started its
subsidiary Jet Star with a handful of planes yet it received
almost all the investment and its services from Qantas.  Using
outsourced pilots, it is growing fast.  Qantas pilots have not
had to suffer pay cuts as yet but they are losing work with
routes being switched from Qantas to Jet Star.

"You are absolutely right to bite the bullet now while the
bullet is mouth size," he said.

Mr. McAuslan said that further proof of BA's real intentions
comes in the fact that BA has turned down BALPA's offer to
accept lower pay and conditions for OpenSkies pilots -- with a
view to improving them once the subsidiary is profitable.  BA is
resolved that the lower pay levels for OpenSkies pilots will
stay low.

"What is equally bad is that BA has told us that the pilots
recruited into OpenSkies will not be recruited to a BA standard
and if they want to switch to a job in BA they would have to go
through the BA selection procedure and may not be acceptable,"
Mr. McAuslan added.

"BA is determined to have not one pilot community but two.  That
immediately restricts promotion opportunities and BA could use
this device to set one pilot group against another.

We want all pilots in BA and this subsidiary to be part of one
BA pilot workforce.  BA planes must be flown by BA pilots.  We
are going to learn the lessons of other airlines and we are
determined to stop the outsourcing of our jobs."

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

As of Jan. 2, 2008, British Airways Plc carries a senior
unsecured debt rating of Ba1 from Moody's Investors' Service
with a stable outlook.


CHRYSLER LLC: Court to Decide Fate of Tooling Dispute on Feb. 19
----------------------------------------------------------------
The Honorable Phillip Shefferly of the U.S. Bankruptcy Court for
the Eastern District of Michigan will rule on the tooling
dispute between Plastech Engineered Products Inc. and its
debtor-affiliates, and Chrysler LLC, on Feb. 19, 2008, Reuters
reports.

For the meantime, Judge Shefferly urged the parties to reach an
interim agreement for the next few days, since the last interim
tooling agreement expires today.  He told the parties he would
be "very disappointed" if they do not reach a temporary accord
over the weekend, relates Reuters.

Chrysler said it was not sure when it could talk with Plastech
about extending the interim pact, Reuters says, citing Kevin
Frazier, a Chrysler representative.

As reported in the Troubled Company Reporter on Feb. 14, 2008,
the parties threw objection after objection against each other
in a two-day hearing before the Court, with Plastech challenging
Chrysler to prove its "ownership" of the tooling parts.

                     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 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.


CHRYSLER LLC: Insists Ownership of Tooling Equipment
----------------------------------------------------
Chrysler LLC reacted to Plastech Engineered Products Inc. and
its debtor-affiliates' argument that the tooling equipment the
carmaker is trying to recover is property of the Debtors'
estate.

Chrysler asks the U.S. Bankruptcy Court for the Eastern District
of Michigan to lift the automatic stay so it can immediately
possess the Tooling.

Chrysler argues that the objections of the Debtors and various
of the Debtors' lenders, which share a common theme -- that
Chrysler's entitlement to possession of the Tooling is somehow
conditioned on Chrysler proving "ownership" of the Tooling --
miss the mark.

"Possession of the Tooling, not ownership, is the issue before
the Court," Chrysler's counsel, Michael C. Hammer, Esq., at
Dickinson Wright PLLC, in Ann Arbor, Michigan, asserts.

Mr. Hammer points out that none of the objections to Chrysler's
lift stay request contest the fact that the accommodation
agreements entered between the Debtors and their customers,
including Chrysler, require the Debtors to deliver possession of
the Tooling to Chrysler.

The Financial Accommodation Agreement, Mr. Hammer further points
out, provides that "[Chrysler] . . . shall have the right to
take immediate possession of the [Tooling] at any time, without
payment of any kind from [Chrysler] to Plastech.  The rights and
obligations contained in this Section shall continue
notwithstanding the expiration or termination of this
Agreement."

Mr. Hammer also tells the Court that Chrysler has paid valuable
consideration for the right to immediate possession of the
Tooling under the FAAs.

If the Court does not enforce Chrysler's request for immediate
possession of the Tooling, the Debtors will have another
opportunity to hold Chrysler hostage for extraordinary financial
accommodations, Mr. Hammer says.  If Chrysler refuses to pay the
ransom that the Debtors said they will demand, Mr. Hammer adds
that Chrysler will again be forced to idle its plants and lay
off its workers.

Chrysler says that it does not object to preserving any lien
rights of the Debtors' prepetition lenders.  Chrysler says it
will pay approximately $13,726,389 into escrow for the remaining
unpaid contract price, if any, with respect to any Tooling.

Mr. Hammer says any lien in the Unpaid Tooling can be
transferred to the proceeds and the Court can decide how those
proceeds should be divided amount competing lien claimants.

Chrysler also agrees that removal of the Tooling should be done
in a manner most reasonably calculated to cause the least
interruption of the Debtors' businesses.

As reported in the Troubled Company Reporter on Feb. 14, 2008,
rival carmakers General Motors Corp. and Ford Motor Co. showed
support to Chrysler LLC and its pursuit in recovering the
tooling equipment held up at the Debtors' plants.

Representatives for GM and Ford as well as for auto supplier
Johnson Controls Inc. told the Court they believe Chrysler has
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 the Associated Press.  "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."

                    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 $729,000,000 and total liabilities of
$695,000,000.  (Plastech Bankruptcy News, Issue No. 5;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                       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.


CHRYSLER LLC: Extends Exclusive Deal w/ SIRIUS Until Sept. 2017
---------------------------------------------------------------
SIRIUS Satellite Radio extends exclusive relationship with
Chrysler LLC through September 2017.  All Chrysler LLC brands --
Chrysler, Jeep and Dodge -- are covered by the agreement.

SIRIUS is currently available in most Chrysler, Jeep and Dodge
models.  This agreement targets a penetration rate for SIRIUS
factory-installed radios in greater than 70% of vehicles built
for the United States by Chrysler.  Chrysler also installs
SIRIUS Backseat TV(TM) and SIRIUS Traffic in select vehicles.

"SIRIUS is proud to extend our exclusive relationship with
Chrysler, Jeep and Dodge," said SIRIUS Chief Executive Officer,
Mel Karmazin.  "Chrysler will be selling millions of vehicles
with SIRIUS and we look forward to a very significant number of
Chrysler customers becoming part of our already very satisfied
SIRIUS family of more than 8.3 million subscribers."

                          About SIRIUS

SIRIUS Satellite Radio -- http://www.sirius.com--  delivers
more than 130 channels of the best programming in all of radio.
SIRIUS also delivers 65 channels of sports, news, talk,
entertainment, traffic, weather and data.

SIRIUS products for the car, truck, home, RV and boat are
available in more than 20,000 retail locations, including
Best Buy, Circuit City, Crutchfield, Costco, Target, Wal-Mart,
Sam's Club, RadioShack and at shop.sirius.com.

SIRIUS radios are offered in vehicles from Audi, Bentley, BMW,
Chrysler, Dodge, Ford, Infiniti, Jaguar, Jeep(R), Land Rover,
Lexus, Lincoln, Mercury, Maybach, Mazda, Mercedes-Benz, MINI,
Mitsubishi, Nissan, Rolls Royce, Scion, Toyota, Volkswagen, and
Volvo. Hertz also offers SIRIUS in its rental cars at major
locations around the country.

                       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.


CONNECTOR & TERMINAL: Brings In Liquidators from Tenon Recovery
---------------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Connector &
Terminal Supplies Ltd. on Feb. 8 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Technopole
         Kingston Crescent
         Portsmouth
         Hampshire
         PO2 8FA
         England

The company can be reached at:

         Connector & Terminal Supplies Ltd.
         9 Stratfield Park
         Elettra Avenue
         Waterlooville
         Hampshire
         PO7 7XN
         England


DOLCIS LTD: Joint Administrators Complete Sale to Stylo Barratt
---------------------------------------------------------------
Dolcis Ltd.'s joint administrators have completed the sale of
the company's brand and its retail stock together with a number
of retail stores to Stylo Barratt Shoes Ltd. for an undisclosed
sum on Feb. 14, 2008.

Dolcis appointed Brian Green, Allan Graham and Howard Smith of
KPMG as joint administrators on Jan. 21, 2008.

"We are very pleased to have achieved this transfer of assets of
the Dolcis business and to have generated a return for
creditors," Mr. Green said.

"The sale to Stylo represents an excellent result, particularly
given the difficult market conditions in which we have been
negotiating a deal.  The retail sector is currently under
pressure but the Dolcis stores represent a good investment for
Stylo, offering opportunities to increase the High Street
presence of the Barratts and PriceLess brands," Mr. Green added.

Stylo Barratt Shoes Ltd. is owned by the AIM-listed, Yorkshire-
based company Stylo Plc, which own the Barratts and PriceLess
High Street shoe retail brands.  As a result of the sale and
other arrangements Stylo Barratt Shoes Ltd. has made with third
parties, around 300 Dolcis employees will become employees of
Stylo Barratt Shoes Ltd.

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

Headquartered in Coventry, England, Dolcis Ltd. --
http://www.dolcis.co.uk/-- retails shoes.  It has 65 high
street branches across the U.K., in addition to these there are
also over 150 Dolcis concessions primarily within Bay Trading
and Envy stores.


DOURIS UK: Rohauer Collection Inks License Deal with BAC Films
--------------------------------------------------------------
Douris UK Ltd.'s Rohauer Collection announced license deals with
BAC Films, covering 21 movie films from its extensive library of
700 silent and classic titles, for US$500,000.

The deals include:

   -- Harry Langdon and Roach/Sennett silent comedies;

   -- American and British classics such as Sudden Fear, Old
      Dark House, Fire Over England and Dinner at the Ritz;

   -- Pandora and the Flying Dutchman;

   -- DW Griffiths early classic features; and

   -- Man Ray avant-garde shorts.

The distribution agreement is for DVD and TV Rights, except for
Pandora and the Flying Dutchman, which is also for theatrical
release.

This deal illustrates the exceptional breadth, depth and range
of the Rohauer collection and boosts BAC’s classic movie market-
place offering.  The US$500,000 deal was negotiated through
Edward Noeltner of Cinema Management Group in Los Angeles.

"The Rohauer Collection was assembled through the 1960’s, 1970’s
and 1980’s by Raymond Rohauer, who came to prominence as the
custodian of Buster Keaton’s work.  This collection is made up
of films made by some of the founding fathers of the film
industry which, in addition to Buster Keaton, include
significant Harry Langdon titles; work by Douglas Fairbanks
Senior; 190 Paramount shorts and the Pendennis collection," Nick
Edwards, Douris UK's administrator, commented.

"The collection has the unchallenged rights to important
material which will hold immense appeal to the specialist film
industry," Mr. Edward added.

As previously reported in the TCR-Europe, Nicholas Guy Edwards
and Lee Antony Manning of Deloitte & Touche LLP were appointed
joint administrators of Douris U.K. on March 21, 2007.

The Rohauer Collection is owned by Douris U.K. and is available
for sale.

Headquartered in Paris, France, BAC Films --
http://www.bacfilms.com/-- is a leading independent film
distributor, with over 500 films release in the last 20 years.
BAC also distribute to television and DVD with more than 130
titles under the BAC VIDEO Label.

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

The company can be reached at:

         Douris U.K. Ltd.
         The Glassmill
         1 Battersea Bridge Road
         Wandsworth
         London
         SW11 3BZ
         England
         Tel: 00 44 (0) 207 936 3000
         Fax: 00 44 (0) 207 779 4001


FORD MOTOR: Fitch Affirms B Issuer Default Rating; Outlook Neg.
---------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings of Ford
Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.  Ford continues to
make steady progress on its restructuring actions, but continued
weakness in the North American auto market, combined with
industry cost, pricing and supplier pressures continue to limit
the impact of structural cost improvements on the bottom line.
International operations have shown steady improvement,
benefiting the company's consolidated credit profile.  Liquidity
remains healthy, and sufficient to weather a significant
downturn in 2008 U.S. industry sales, but will decline through
at least 2008.  Cash outflows in 2008 will be material as a
result of operating losses in North America, restructuring
costs, and higher net interest expense.  The funding of the
United Auto Workers VEBA will also impact liquidity in 2008,
although the benefits from healthcare savings will not be
realized until 2010.  The Negative Rating Outlook is expected to
remain in place until a firmer path to positive free cash flow
is established.

In North America, revenues will remain under pressure,
particularly in the first half, due to economic conditions,
the impact of the housing market on pickup sales, projected
lower fleet sales and the trend to lower-priced, fuel-efficient
vehicles.  The new UAW contract has provided the OEMs with
greater flexibility to cut production and manage inventories in
response to weaker market demand -- a factor that will also
result in increased production cyclicality going forward.

Ford has made material improvement in its cost structure,
although higher product and commodity costs have limited
the impact on the bottom line.  Ford's earlier buyout program
extended through the third quarter of 2007, indicating that the
full realization of these cost savings will continue to flow
through reported results over the next several quarters.
Together with Ford's new buyout program, for all North American
UAW workers, that is weighted to the first quarter of 2008 and
the gradual growth in Tier-2 wage employees, Ford is positioned
to show demonstrable fixed cost savings through 2008.  Although
commodity costs are not expected to wane, the rate of growth
should slow substantially, allowing structural cost savings to
become more evident.  Continued improvement in material,
engineering and other product costs should augment margin
improvement projected from labor savings.  North American hourly
workers could be reduced by more than 40% over the period from
yearend 2005-2009, with incremental wage and benefit savings
realized from the implementation of Tier-2 wages.  The reduction
in personnel at the former Visteon assets, the outsourcing of
certain non-production functions and the conversion of several
plants to 100% Tier 2 wage levels will also benefit Ford's cost
structure.  Tier 2 wage levels incorporate meaningful reductions
in long-term benefit accruals through the lack of retiree health
care and enrollment in defined contribution pension plans.

Ford also faces the expiration of the Canadian Auto Workers
contract in September 2008. Given the terms of the recent UAW
agreement, the Detroit Three will certainly be targeting
additional wage, benefit and other cost-saving opportunities in
Canada.  The Detroit Three may be seeking different goals under
a new contract, and talks may not be as smooth as the recent UAW
talks

Ford showed healthy revenue growth in the third and fourth
quarters of 2007, aided by easy comparisons with 2006 and
support from a number of vehicle models (Fusion, Edge and
Escape).  Ford's focus on managing production and inventory
levels has benefited results through progress on pricing and
residual values.  Overall results were severely impacted by a
13% reduction in high-margin pickup sales.

Although Ford has shown decent balance across segments, the
company's product portfolio remains misaligned with market
trends that favor smaller, more fuel-efficient vehicles.  The
transition to a more market-weighted product portfolio, along
with the efficiencies of fewer platforms and higher number of
products per platform, will not be achieved through 2010.
Although Ford's cost reduction programs are in line with
expectations, achievement of viable long-term operating margins
will require market share stability and eventual growth in
revenues.  Achievement of these margin levels is not expected
through 2010.  Ford has also made clear strides in quality,
which should benefit the company's market acceptance and pricing
if the trend is maintained.  The company's Sync dashboard
technology (developed with Microsoft), has also benefited the
company in terms of progressive technology.

Ford's international operations continue to show healthy
improvement.  European operations have shown modest share
gains, improved pricing and growing profitability, resulting
from structural cost improvements and well-received product
introductions.  Latin America has shown very strong
profitability, which is expected to continue although
perhaps not at the heights achieved in 2007.  Further growth is
also expected in developing markets including China and Russia.
In total, Ford's international operations have transitioned from
a key risk factor several years ago into a moderate positive for
the company's credit position.

While FMCC has been profitable, Fitch believes that operating
performance will remain under pressure due to lower contract
volume and asset quality deterioration which is affecting all
auto lenders. Slower portfolio growth will tend to inflate
credit metrics further.  Fitch also believes that FMCC access to
liquidity via the securitization markets will come at a higher
cost as the continual credit market dislocation widens.

A downgrade could result if Ford experiences:

  -- A material problem with the launch of the new F-150.

  -- A decline in U.S. industry sales below 14.5 million units
     (light vehicle sales) combined with lack of projected fixed
     cost reductions that result in a material deferral of the
     anticipated timeline to positive free cash flow.

  -- Ford Credit experiences restricted access to the
     securitization market.

  -- A significant decline in the U.S. market combined with a
     reversal of operating profits across Ford's international
     operations.

A return to a Stable Rating Outlook would be anticipated in the
event that a clear path to positive free cash flow is
established.  This scenario would include continued stability in
the company's retail market share, a solid F-150 launch,
realization of expected fixed cost reductions in North America,
stability or continued growth in the company's international
operations and maintenance of healthy liquidity.  A projected
return to positive cash flow will likely require stabilization
of the housing market, due to the impact of pickup sales on
Ford's operating results.

Ford will continue to face increased cost and potential supply
disruptions from its stressed supply chains.  Although most
Tier-1 suppliers have ample liquidity during 2008 due to timely
accessing of the leveraged loan market, lower-tier suppliers are
more exposed to projected production declines at the Detroit
Three, pricing and commodity cost pressures, and lack of access
to capital.  The higher risk of production disruptions or
supplier liquidations will cause the OEM's and Tier-1 suppliers
to incur additional costs in order to address particular
situations.

Ford's liquidity has been boosted by substantial debt issuance
over the past eighteen months.  Total automotive debt, including
US$6.3 billion of new debt associated with the UAW VEBA
agreement, is approximately US$33 billion (following a US$2.6
billion reduction in debt through two equity-for-debt
transactions).  Total debt is now roughly US$20 billion more
than at yearend 2002.  Net interest expense, augmented by the
expected decline in cash holdings and the associated decline in
interest income, will continue to represent a more material
claim on consolidated cash flows than in the past.  Fitch
expects that even in a relatively harsh downturn in 2008,
liquidity would remain well above the level needed to finance
Ford's operations and its restructuring requirements.

Ford has a light maturity schedule over the next three years,
and is unlikely to require external capital, although Ford may
seek opportunities to further boost liquidity if the markets
become receptive.  The company may also continue to seek
opportunities to exchange equity for debt.  The company retains
access to US$11.5 billion in credit lines, which contain no
financial tests.  Access is subject to a borrowing base, which
would be expected to reduce availability in the event of further
deterioration in operating results.  Recovery ratings remain in
the same range, as a decrease in healthcare liabilities has been
offset by an increase in debt.  Fixed cost reductions that were
anticipated to be realized in a bankruptcy scenario have been
partially achieved through the new UAW contract.  Recoveries
from international operations have also increased.

Ratings affirmed with a Negative Rating Outlook:

Ford Motor Co.

   -- Long-term IDR at 'B';
   -- Senior secured credit facility at 'BB/RR1';
   -- Senior secured term loan at 'BB/RR1';
   -- Senior unsecured at 'B-/RR5'.

Ford Motor Co. Capital Trust II

   -- Trust preferred stock at 'CCC+/RR6'.

Ford Holdings, Inc.

   -- Long-term IDR at 'B';
   -- Senior unsecured at 'B-/RR5'.

Ford Motor Co. of Australia

   -- Long-term IDR at 'B';
   -- Senior unsecured at 'B-/RR5'.

Ford Motor Credit Co.

   -- Long-term IDR at 'B';
   -- Short-term IDR at 'B';
   -- Senior unsecured at 'BB-/RR2';
   -- Commercial paper at 'B'.

FCE Bank Plc

   -- Long-term IDR at 'B';
   -- Senior unsecured at 'BB-/RR2';
   -- Short-term IDR at 'B';
   -- Commercial paper at 'B';
   -- Short-term deposits at 'B'.

Ford Capital B.V.

   -- Long-term IDR at 'B';
   -- Senior unsecured at 'BB-/RR2'.

Ford Credit Canada Ltd.

   -- Long-term IDR at 'B'.
   -- Short-term IDR at 'B';
   -- Commercial paper at 'B';
   -- Senior unsecured at 'BB-/RR2'.

Ford Credit Australia Ltd.

   -- Long-term IDR at 'B';
   -- Senior unsecured at 'BB-/RR2';
   -- Short-term IDR at 'B';
   -- Commercial paper at 'B'.

PRIMUS Financial Services (Japan)

   -- Long-term IDR at 'B';
   -- Short-term IDR at 'B'.

Ford Credit de Mexico, S.A. de C.V.

   -- Long-term IDR at 'B';
   -- Senior unsecured at 'BBB+'.

Ford Credit Co S.A. de CV

   -- Long-term IDR at 'B'.
   -- Senior unsecured at 'BB-/RR2'.

Ford Motor Credit Co. of New Zealand

   -- Long-term IDR at 'B';
   -- Senior unsecured at 'BB-/RR2';
   -- Short-term IDR at 'B';
   -- Commercial paper at 'B'.

Ford Motor Credit Co. of Puerto Rico, Inc.

   -- Short-term IDR at 'B'.

                        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, Brazil and
Mexico.


FUNKY MONKEYS: Calls In Liquidators from Moore Stephens
-------------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint liquidators of Funky Monkeys Soft Ltd. on
Feb. 7 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


INVENSYS PLC: Answers Speculations on Ongoing Debt
--------------------------------------------------
In relation to Invensys Plc's announcement that it has exercised
a call option on its 9.875% US dollar and Euro bonds due
March 15, 2011, that will lead to their cancellation on
March 17, 2008, the company has received questions about the
ongoing debt of, or guaranteed by, the group's parent company
Invensys Plc.

Based on the group's debt position at Dec. 31, 2007, excluding
the above bonds, the principal debt facilities available to the
group are the credit facilities due Dec. 15, 2010 and Jan. 15,
2011, in the name of Invensys International Holdings Limited and
Invensys USA Finance Inc.

The company wished to make it clear that these facilities are
not guaranteed by Invensys Plc.

A schedule of the group's debt position as at Dec. 31, 2007, is
available at: http://ResearchArchives.com/t/s?2812

                       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.


MOLLEAH TRATTORIA: Joint Liquidators Take Over Operations
---------------------------------------------------------
Paul Atkinson and Glyn Mummery of Vantis Business Recovery
Services were appointed joint liquidators of Molleah Trattoria
Ltd. (t/a The Cock Inn) on Feb. 8 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

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


R.J. EVANS: Hires Liquidators from Smith & Williamson
-----------------------------------------------------
Stephen John Tancock and Stephen John Adshead of Smith &
Williamson Limited were appointed joint liquidators of R.J.
Evans & Co. (Baker) Ltd. on Feb. 7 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Smith & Williamson Ltd.
         89 King Street
         Maidstone
         ME14 1BG
         England


REMEDIAL SYSTEMS: Appoints Liquidators from BDO Stoy Hayward
------------------------------------------------------------
Matthew Dunham and Dermot Justin Power of BDO Stoy Hayward LLP
were appointed joint liquidators of Remedial Systems Ltd. on
Feb. 7 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1BD
         England


SCO GROUP: Secures US$100 Mln to Finance Plan of Reorganization
---------------------------------------------------------------
Stephen Norris Capital Partners and its partners from the Middle
East have agreed to provide up to US$100 million to finance a
plan of reorganization for The SCO Group Inc.

As part of the financing, SNCP will take a controlling interest
in the company, while taking it private.  As a result, SCO is
poised to emerge from Chapter 11 of the United States Bankruptcy
Code in the coming year.  The board of directors of SCO has
unanimously determined that this financing and plan of
reorganization is in the best long-term interest of SCO and its
subsidiaries, well as its customers, shareholders, creditors and
employees.

"Not only will this deal position us to emerge from Chapter 11,
but it also marks an exciting future for our business," said
Jeff Hunsaker, president and chief operating officer of SCO
Operations. "This significant financial backing is positive news
for SCO's customers, partners and resellers who continue to
request upgrades and rely upon SCO's UNIX services to drive
their business forward."

SNCP has developed a business plan for SCO that includes
unveiling new product lines aimed at global customers.  This
reorganization plan will also enable the company to see SCO's
legal claims through to their full conclusion.

"We saw a tremendous investment opportunity in SCO and its vast
range of products and services, including many new innovations
ready or soon to be ready to be released into the marketplace,"
Stephen Norris, managing partner for SNCP, said.  "We expect to
quickly develop these opportunities, and to stand behind SCO's
existing base of customers and partners."

                         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.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 4,
2008, Tanner LC in Salt Lake City, Utah, expressed substantial
doubt about The SCO Group Inc.'s ability to continue as a going
concern after auditing the company's financial statements for
the year ended Oct. 31, 2007.  The auditing firm reported that
the company is a debtor-in-possession under Chapter 11 of the
U.S. Bankruptcy Code, has experienced significant and continuing
net losses, and is faced with substantial contingent liabilities
as a result of certain adverse legal rulings.


SHAW GROUP: E&I Unit Bags Two Task Order Contracts from US Navy
---------------------------------------------------------------
The Shaw Group Inc. disclosed that its Environmental &
Infrastructure Group has been awarded task orders by the Naval
Facilities Engineering Command (NAVFAC) Southwest Division and
the Naval Facilities Engineering Service Center (NFESC) in Port
Hueneme, Calif.

The first task order, awarded under Shaw’s NAVFAC Southwest
Environmental Multiple Award Construction Contract, is for
services at Marine Corps Air Station El Toro in Southern
California, which was decommissioned in 1999 under the Base
Realignment and Closure program.  As part of the site’s
Installation Restoration Program, Shaw will be responsible for
designing and constructing landfill caps at two major landfills
that were used to dispose of incinerator ash, solvents and oily
wastes.  The value of Shaw's three-year contract, which has been
included in the company’s previously announced backlog, was not
disclosed.

Shaw’s second task order, awarded under its worldwide NFESC Navy
Fuels prime contract, is for cleaning, inspecting and repairing
17 tanks located within fueling facilities at San Clemente
Island, North Island and the San Diego Fleet and Industrial
Supply Center, in California.  The value of Shaw’s one-year
contract, which has been included in the company’s previously
announced backlog, was not disclosed.

"As an environmental remediation contractor of choice with the
Navy for more than 14 years, Shaw brings extensive knowledge and
experience in site closure activities to ensure land is viable
for long-term, sustainable use," said Ronald W. Oakley,
president of Shaw’s Environmental & Infrastructure Group.
"Additionally, the contract with the Navy Engineering Service
Center provides the opportunity for Shaw to continue its
extensive environmental work at the three facilities, which
further strengthens our position in the fuels market."

                        About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


SRADA DEVELOPMENTS: Taps Liquidators from BDO Stoy Hayward
----------------------------------------------------------
Graham David Randall and Simon Edward Jex Girling of BDO Stoy
Hayward LLP were appointed joint liquidators of Srada
Developments Ltd. on Feb. 8 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

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


TALBOT GROUP: Brings In Joint Administrators from PwC
-----------------------------------------------------
Anthony Steven Barrell, Robert Jonathan Hunt and Colin Michael
Trevethyn Haig of PricewaterhouseCoopers LLP were appointed on
Feb. 5, 2008, joint administrators of:

   -- Talbot Group Ltd. (Company Number 05298561);
   -- Dowelhurst (Holdings) Ltd. (Company Number 04302567); and
   -- Dowelhurst Ltd. (Company Number 01680306).

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

Headquartered in Warwick, England, Talbot Group Ltd. wholesales
pharmaceutical goods.


ZALPORUE LTD: Appoints Liquidators from Vantis
----------------------------------------------
P. Atkinson and Glyn Mummery of Vantis Business Recovery
Services were appointed joint liquidators of Zalporue Ltd.
(Europlaz Technologies Ltd., EP Tooling and Design Ltd.,
Europlaz Tooling and Design Ltd., Europlaz Tooling Ltd.,
Europlaz UK Ltd.) on Jan. 29 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

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


* BOND PRICING: For the Week Feb. 11 to Feb. 15, 2008
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      63.67
                          0.250    10/14/26     CDN      39.78
Republic of Austria       4.000    06/22/22     EUR      75.56
                          1.740    08/04/25     EUR      65.21
                          0.000    10/10/25     EUR      66.53

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


FINLAND
-------
M-Real Serla              7.250    04/01/13     EUR      71.62
Muni Finance PLC          1.000    03/19/13     AUD      71.51
                          0.500    04/26/13     AUD      68.78
                          1.000    11/21/16     NZD      58.55
                          1.000    10/30/17     AUD      55.63
                          0.500    09/24/20     CDN      59.87
                          0.250    06/28/40     CDN      20.54

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.36
Altran Technologies S.A.  3.750    01/01/09     EUR      11.96
Calyon                    6.000    06/18/47     EUR      46.93
CAP Gemini S.A.           2.500    01/01/10     EUR      52.77
                          1.000    01/01/12     EUR      46.42
Club Mediterranee S.A.    3.000    11/01/08     EUR      65.96
                          4.375    11/01/10     EUR      47.09
Europcar Groupe SA        8.130    05/15/14     EUR      68.55
Groupe Vial S.A.          2.500    01/01/14     EUR      34.18
Havas S.A.                4.000    01/01/09     EUR      10.60
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR      00.50
Ingenico                  2.750    01/01/12     EUR      16.62
Maurel & Prom             3.500    01/01/10     EUR      20.31
Publicis Group            0.750    07/17/08     EUR      28.75
                          1.000    01/18/18     EUR      42.09
Rhodia S.A.               0.500    01/01/14     EUR      38.31
Scor S.A.                 4.125    01/01/10     EUR       2.05
Soc Air France            2.750    04/01/20     EUR      24.80
Soitec                    4.625    12/20/09     EUR       5.52
Tereos Europe S.A.        6.380    04/15/14     EUR      69.92
Theolia S.A.              2.000    01/01/14     EUR      21.63
Valeo                     2.375    01/01/11     EUR      44.11
Vivendi Universal S.A.    1.750    10/30/08     EUR      30.42
Wavecom S.A.              1.750    01/01/14     EUR      21.76
Wendel Invest S.A.        2.000    06/19/09     EUR      44.06
                          4.380    08/09/17     EUR      73.64

GERMANY
-------
KfW Bankengruppe          0.500    10/30/13     AUD      66.64
                          0.500    12/19/17     EUR      68.12
                          1.250    07/07/20     EUR      78.13
                          5.000    07/21/25     EUR      73.81
                          5.000    09/01/25     EUR      73.87
                          8.000    08/10/30     EUR      71.70
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      43.25
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      57.36


GREECE
------
Hellenic Republic         0.990    07/07/24     EUR      65.75
                          0.628    07/13/20     EUR      66.34

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

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

ITALY
-----
Risanamento S.p.A.        1.000    05/10/14     EUR      61.48
Telecom Italia S.p.A.     5.250    03/17/55     EUR      71.08
Unicredito
   Italiano S.p.A.        6.000    02/15/35     EUR      67.00

LUXEMBOURG
----------
Kloeckner Finance
   International S.A.     1.500    07/27/12     EUR      73.61
Nell AF S.A.              8.380    08/15/15     EUR      70.60
Sonata Securities S.A.    1.000    03/10/08     EUR      68.89


NETHERLANDS
-----------
ABN Amo Bank B.V.         6.250    06/29/35     EUR      65.88
Biopetrol Finance B.V.    4.000    02/21/12     EUR      72.85
BK Ned Gemeenten          0.500    06/27/18     CDN      65.42
                          0.500    02/24/25     CDN      47.46
EM.TV Finance B.V.        5.250    05/08/13     EUR       4.65
Gerling Global N.V.       6.630    08/16/21     EUR      66.54
Hypo Real ES Finance      5.500    08/20/08     EUR      42.79
IVG Finance B.V.          1.750    03/29/17     EUR      74.08
Lehman Bros TSY B.V.      1.000    06/06/17     EUR      73.62
                          6.000    02/15/35     EUR      66.35
                          8.250    03/16/35     EUR      55.50
                          7.000    05/17/35     EUR      61.69
                          7.250    10/05/35     EUR      55.83
                          6.000    11/02/35     EUR      61.63
Montell Finance B.V.      8.100    03/15/27     US$      69.98
Ned Waterschapbk          6.000    06/01/35     EUR      72.66
                          6.500    08/15/35     EUR      65.76
                          6.000    06/30/45     EUR      61.55
NXP B.V.                  8.630    10/15/15     EUR      71.45
                          8.630    10/15/15     EUR      71.42
Rabobank Groep N.V.       6.000    02/22/35     EUR      68.25
                          5.000    02/28/35     EUR      70.22
                          7.000    03/23/35     EUR      63.58
                          6.000    05/09/35     EUR      71.46

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      69.83
Norske Skogindustrier ASA 7.000    06/26/17     EUR      69.95

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.48

SWITZERLAND
-----------
UBS AG                    1.000     06/28/12    NZD      74.57
                          1.000     07/30/12    NZD      74.16

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      50.38
BAA Plc                   5.130     02/15/23    GBP      68.48
Ineos Group Holding       7.880     02/15/16    EUR      69.02
Jaztel Plc                5.000     04/29/10    EUR      75.10
Lloyds TSB Bank Plc       6.210     12/14/37    EUR      61.41
National Grid Gas Plc     1.754     10/17/36    GBP      40.80
                          1.771     03/30/37    GBP      40.71
Royal BK Scotland         7.000     06/09/25    EUR      64.26
                          3.310     06/29/30    EUR      58.82
                          7.000     02/15/45    EUR      73.61
Wessex Water Finance Plc  1.369     07/31/57    GBP      26.73

                            *********

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

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

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

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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                 * * * End of Transmission * * *