TCREUR_Public/080219.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, February 19, 2008, Vol. 9, No. 35

                            Headlines


A U S T R I A

ALPGARANT LLC: Claims Registration Period Ends March 20
BUDIN CONS: Claims Registration Period Ends March 18
CG BAUPROJEKTPLANUNG: Claims Registration Period Ends March 20
GORO LLC: Claims Registration Period Ends March 18
R. KARAVIN: Claims Registration Period Ends March 17


B E L G I U M

CHEMTURA CORP: Expects US$2 Million Net Income in 2007 4th Qtr.
POPE & TALBOT: Committee Taps Davies Ward as Canadian Counsel
POPE & TALBOT: Committee Taps N. Schachter as B.C. Counsel


F R A N C E

ASPEN TECH: To Be Delisted from Nasdaq Effective Today
BOSTON SCIENTIFIC: Closes Sale of Two Units to Avista Capital
QUIKSILVER INC: CEO Robert McKnight Resumes Role as President
QUIKSILVER INC: S&P's BB- Rating Unmoved by Planned Asset Sale


G E R M A N Y

AUTO KRAMER: Claims Registration Period Ends March 4
BAUMANNKUKUK GMBH: Claims Registration Period Ends March 4
CTI-COMMUNICATION: Claims Registration Period Ends March 15
D.G. DENTAL: Claims Registration Period Ends March 14
ECOMARES INC: Colville Services Wants Recognition Denied

ENERIS GMBH: Claims Registration Ends March 17
GARTENGESTALTUNG TIJDINK: Claims Period Ends March 5
GUENTER SCHIFFER: Claims Registration Period Ends March 14
HELPING HANDS: Claims Registration Period Ends March 5
HOLLYWOOD FUN: Claims Registration Period Ends March 13

IKB DEUTSCHE: Board Seeks EUR1.5 Billion Capital Increase
IKB DEUTSCHE: Sees EUR750 Mln Net Loss for Year Ending March 31
IKB DEUTSCHE: Cuts Profit by EUR142MM in Revised 2006-07 Results
KRITEX GMBH: Claims Registration Period Ends March 13
LIBRETTO DUE: Claims Registration Period Ends March 14

MDF.1 LOKALES: Claims Registration Period Ends March 14
MS ANLAGENTECHNIK: Claims Registration Period Ends March 14
OPEN CONCEPTS: Claims Registration Period Ends March 3
PALAST DER EITELKEITEN: Claims Registration Period Ends March 14
PARAMOUNT INTERNATIONAL: Claims Registration Ends March 17

PB-PROJECT-BAU: Claims Registration Period Ends March 13
PETER JORDAN: Files Insolvency Petition; Looking for Buyers
PROJEKT OBERHAUNSTADT: Claims Registration Ends March 17
PUN PUTZ: Claims Registration Ends March 17
REELL - SERVICE: Claims Registration Period Ends March 14

RITTER GASTRONOMIEBETRIEBE: Claims Registration Ends March 17
TROBASTO GMBH: Claims Registration Period Ends March 14
VISTEON CORP: Posts US$372 Million Net Loss in 2007


I R E L A N D

AFFILIATED COMPUTER: To Buy SDS Biz from Waterland for US$67MM
SMURFIT KAPPA: Earns EUR166.4 Million for Year 2007


I T A L Y

DANA CORP: Registers Post-Bankruptcy Common Stock
DANA CORP: US$1.35 Billion Term Loan Trades on Secondary Market
FIAT SPA: Talks on Parts Venture with Daimler AG Continue


K A Z A K H S T A N

ALARMAN-AKTOBE-XXI LLP: Claims Deadline Slated for March 14
ALFA-ESTATE LLP: Creditors Must File Claims by March 14
AURUM LLP: Claims Filing Period Ends March 14
DOSTAR-ALEM LLC: Creditors' Claims Due on March 14
EKREM DIESEL: Claims Registration Ends March 14

INS LLP: Creditors Must File Claims by March 11
KAINAR TRADE: Claims Filing Period Ends March 14
REAGENT LLP: Creditors' Claims Due on March 14
ZAVOD-STROY OSKEMEN: Claims Registration Ends March 14


K Y R G Y Z S T A N

BAK-NUR LLP: Creditors Must File Claims by February 22
BI-TRAY SERVICE: Claims Filing Period Ends March 7
SAPSAN LLC: Claims Registration Ends March 7


L U X E M B O U R G

EVRAZ GROUP: Claymont Steel Unit Commences Senior Notes Buyback


N E T H E R L A N D S

INDOVER BANK: Fitch Upgrades Ratings to BB- with Stable Outlook


R U S S I A

AGRO-WORLD LLC: Court Starts Bankruptcy Supervision Procedure
ALEKSEEVSKAYA OJSC: Creditors Must File Claims by February 28
DEMETRA OJSC: Creditors Must File Claims by February 28
DUBOVSK-AGRO-PROM-SNAB: Creditors Must File Claims by Feb. 28
EURO-PROJECT LLC: Creditors Must File Claims by February 28

EVRAZ GROUP: Claymont Steel Unit Commences Senior Notes Buyback
GAS-ECO-OIL: Volgograd Bankruptcy Hearing Slated for April 24
ROSNEFT OIL: Mulls Stake in ONGC's Indian LPG Plant
SEV-RYB -FLOT: Asset Sale Slated for February 25


S L O V A K   R E P U B L I C

SLOVENSKE AEROLINIE: Receiver's 2nd Attempt to Sell Assets Fail


S W I T Z E R L A N D

COMOD-COMPUTER JSC: Creditors' Liquidation Claims Due by Feb. 25
DE CAROLIS: Creditors' Liquidation Claims Due by Feb. 25
E-IT LLC: Creditors' Liquidation Claims Due by Feb. 22
EIC ENGINEERING: Creditors' Liquidation Claims Due by Feb. 22
G + K SCHNELLIMBISS: Creditors Must File Claims by Feb. 25

HELISYSTEM JSC: Aargau Court Starts Bankruptcy Proceedings
IBT ROHSTOFFHANDEL: Lucerne Court Starts Bankruptcy Proceedings
MONOMETAL JSC: Creditors Must File Claims by Feb. 25
SALI & TONI: Lucerne Court Starts Bankruptcy Proceedings
SENN & CO: Creditors' Liquidation Claims Due by Feb. 22

TRADEX SWISS: Evidentiary Hearing Continued to February 27


U K R A I N E

ASUCOALAUTOMATICS OJSC: Proofs of Claim Deadline Set February 28
CHERVONOGRAD SHAFT-SINKING: Claims Filing Deadline Set Feb. 28
KIROVOGRAD AGRICULTURAL: Creditors Must File Claims by Feb. 28
LIVARNIK OJSC: Creditors Must File Claims by February 29
MEDIAN LLC: Creditors Must File Claims by February 29

NAFTOGAZ UKRAINY: To Form Two Joint Ventures with OAO Gazprom
PETROLEUM COMPANY: Proofs of Claim Deadline Set February 29


U N I T E D   K I N G D O M

BRITISH AIRWAYS: Inks Agreement to Settle Class Action Suits
BUCYRUS INTERNATIONAL: Earns US$136.1 Million in 2007
BUCYRUS INT'L: Declares US$0.05 Per Share Quarterly Dividend
CHRYSLER LLC: Partners with Health Alliance & Henry Ford
CKS HOLDINGS: Claims Filing Period Ends March 31

DUFLEX LTD: Brings In Administrators from Begbies Traynor
ELECTRONIC DATA: Taps Palma as VP of Global Information Security
HIGH FREQUENCY: Names Joint Administrators from Vantis
HOME ELECTRIC: Claims Filing Period Ends March 31
ICKRINGILL AND NORTON: Appoints Tenon as Joint Administrators

INTELSAT LTD: Fitch Cuts & Withdraws Ratings
JWB FINISHERS: Renaultprint Taps Grant Thornton as Receivers
MUSTIQUE 2007-1: Fitch Assigns Distressed Recovery Ratings
NORTHERN ROCK: UK Government Opts for Temporary Public Ownership
RWP JOINERY: Claims Filing Period Ends May 13

SANDERDALE LTD: Appoints BDO Stoy to Administer Assets
SEA CONTAINERS: Wants to Extend Plan-Filing Period to April 15
SEA CONTAINERS: Posts US$227,425 Earnings in Month Ended Dec. 31
SHAW GROUP: Cash Flow Improvement Cues S&P's Positive Outlook
SYMMETRY MEDICAL: Preliminary 4th Qtr. Revenue is US$79.1 Mil.

TATA MOTORS: Launches Light Specialist Vehicle

* Beard Audio Bankruptcy Examiners & Identity Theft Conferences

* Large Companies with Insolvent Balance Sheet


                            *********


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


ALPGARANT LLC: Claims Registration Period Ends March 20
-------------------------------------------------------
Creditors owed money by LLC ALPGARANT (FN 291977d) have until
March 20, 2008, to file written proofs of claim to court-
appointed estate administrator Georg Unger at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on April 3, 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. 28, 2008 (Bankr. Case No. 2 S 13/08m).   Arno Maschke
represents Dr. Unger in the bankruptcy proceedings.


BUDIN CONS: Claims Registration Period Ends March 18
----------------------------------------------------
Creditors owed money by KEG Budin Cons. (FN 179738x) have until
March 18, 2008, to file written proofs of claim to court-
appointed estate administrator Daniel Lampersberger at:

          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 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 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 28, 2008 (Bankr. Case No. 28 S 13/08b).  


CG BAUPROJEKTPLANUNG: Claims Registration Period Ends March 20
--------------------------------------------------------------
Creditors owed money by LLC CG Bauprojektplanung (FN 95869i)
have until March 20, 2008, to file written proofs of claim to
court-appointed estate administrator Astrid A. Haider at:

          Mag. Astrid A. Haider
          c/o Dr. Ute Toifl
          Tuchlauben 12/20
          1010 Vienna
          Austria
          Tel: 535 46 11
          E-mail: haider@thr.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 3, 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. 28, 2008 (Bankr. Case No. 2 S 12/08i).   Ute Toifl
represents Mag. Haider in the bankruptcy proceedings.


GORO LLC: Claims Registration Period Ends March 18
--------------------------------------------------
Creditors owed money by LLC GORO (FN 290066v) have until
March 18, 2008, to file written proofs of claim to court-
appointed estate administrator Astrid Haider at:

          Mag. Astrid Haider
          Tuchlauben 12/20
          1010 Vienna
          Austria
          Tel: 535 46 11
          Fax: 535 46 11 11
          E-mail: haider@thr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 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. 28, 2008 (Bankr. Case No. 4 S 12/08d).  


R. KARAVIN: Claims Registration Period Ends March 17
----------------------------------------------------
Creditors owed money by KEG R. KARAVIN (FN 278005g) have until
March 17, 2008, to file written proofs of claim to court-
appointed estate administrator Andrea Prochaska at:

          Mag. Andrea Prochaska
          Wassergasse 33/12
          1030 Vienna
          Austria
          Tel: 718 77 50
          Fax: 718 77 50-15
          E-mail: anwalt@andrea.prochaska.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 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 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 28, 2008 (Bankr. Case No. 3 S 8/08h).  


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


CHEMTURA CORP: Expects US$2 Million Net Income in 2007 4th Qtr.
---------------------------------------------------------------
Chemtura Corporation pre-disclosed its earnings from continuing
operations before income taxes, earnings from continuing
operations before income taxes on a non-GAAP basis, and earnings
from discontinued operations before income taxes for the fourth
quarter ended Dec. 31, 2007.

Earnings from continuing operations before income taxes for the
fourth quarter of 2007 were US$2 million compared with a loss of
US$50 million for the fourth quarter of 2006.  The US$52 million
increase relates to the US$48 million increase in operating
profit discussed above, a US$12 million increase in foreign
exchange gains and US$2 million in other cost decreases.  

These earnings were partially offset by the absence of the
US$6 million gain in the fourth quarter of 2006 on sale of the
company's equity interest in the Davis Standard venture and an
increase of US$4 million in minority interest expense.

Non-GAAP earnings from continuing operations before income taxes
in 2007 and 2006 exclude charges of US$31 million and
US$39 million, related to the change in useful life of property,
plant and equipment, antitrust costs, facility closures,
severance and related costs, accelerated recognition of asset
retirement obligations, gain on sale of equity interest in joint
venture and impairment of long-lived assets.  

"Our fourth quarter results demonstrated much of the progress we
have made in 2007," Robert L. Wood, chairman and CEO, said.  "As
expected, we strongly outperformed the fourth quarter of 2006,
but we also improved over the first and third quarters of 2007.  
"Three of our four business units continued to show improvement
in operating profitability.  "Our performance specialties and
crop protection business generated particularly strong
performances, with revenue growth and expanded operating
margins.  Performance specialties showed the benefit of the
Kaufman acquisition and grew its petroleum additive products
business.  Consumer products delivered improved profitability
despite being in its winter season.

Non-GAAP earnings from discontinued operations before income
taxes include earnings from the EPDM, optical monomers and
fluorine businesses of US$6 million and US$8 million for the
quarters ended Dec. 31, 2007 and 2006.

"We continue to make progress in restructuring and repositioning
our Polymer Additives business as is evident by our pending sale
of the oleochemicals business and the growth in PVC revenues,"
Mr. Wood added. "However, this was a quarter when progress was
not readily visible.  Sales volume growth was muted by higher
revenues from applications such as PVC being offset by lower
revenues in products such as clear brine fluids.   Electronic
revenues recovered after the trough of the third quarter to
levels comparable to a year ago.  Year-over-year operating
income performance primarily reflects the increases in raw
material cost, particularly tin and natural oils and fats, which
have only been offset in part by increased selling prices.

"The quarter saw further progress in our cost reductions
actions. The US$1 million reduction in SGA&R compared to the
fourth quarter of 2006 understates our progress," Mr. Wood
related.  'Spending for the quarter was down about 10% from a
year ago before reflecting the increase in SGA&R from the
Kaufman acquisition, the net impact of non-recurring items and
foreign currency translation due to the weaker US dollar.  SGA&R
was 12% of sales in the quarter compared to 13% of sales in the
fourth quarter of 2006.

"As we now look forward to 2008, we expect a year of
improvement, although the normal seasonal weakness of the first
quarter will likely result in performance at levels comparable
to 2007," Mr. Wood continued.  "Our portfolio restructuring is
primarily focused on completing the transformation of our
Polymer Additives business.  We are making good progress in
recovering the cost of rising raw material through price
increases and our cost reduction actions are taking hold.  The
diversity of our business portfolio and our restructuring
programs will serve us well in mitigating the possible impacts
of a slowing economy.  2008 will be a year of transformation and
our focus on executing our improvement plans."

       Fourth Quarter 2007 Significant Transactions & Events

   * The company continued to incur charges related to the
     company-wide restructuring plan and other restructuring
     initiatives disclosed in the second quarter of 2007.  The
     company recorded a fourth quarter pre-tax charge for
     severance and related costs of US$2 million related to
     these actions.
    
   * During the quarter the company launched an initiative to
     consolidate its multiple ERP systems on a single SAP
     platform over the next eighteen months.  This action will
     permit the simplification and standardization of business
     processes.  As a result of this decision, the company
     impaired US$3 million of construction in progress costs
     related to software, which now will not be utilized and
     started to accelerate the depreciation of the capital cost
     of its legacy ERP systems to reflect their revised expected
     useful life.
    
   * On Oct. 31, 2007, the company has sold its optical monomers
     business.  Included in the transaction was the company's
     Ravenna, Italy manufacturing facility.  The optical
     monomers business is reported as a discontinued operation.
    
   * On Dec. 14, 2007, the company signed an asset purchase
     agreement to sell its fluorine chemical business.  The
     transaction closed on Jan. 31, 2008 and will be reported in
     the company's financial statements for the first quarter of
     2008.  The fluorine business is reported as a discontinued
     operation.
    
   * On Dec. 31, 2007, the company employed 5,144 people, a 5%
     reduction in the fourth quarter.  Additional reductions are
     expected as the company completes its divestiture actions.
    
   * On Jan. 25, 2008, the company has reached agreement to sell
     its oleochemicals business including its Memphis, Tennessee
     plant and expects the transaction to close in the first
     quarter of 2008, subject to financing and customary closing
     conditions.

                            Cash Flows

   * Cash and cash equivalents were US$77 million as of Dec. 31,
     2007 compared to US$95 million as of Dec. 31, 2006.
    
   * The company's total debt as of Dec. 31, 2007, was
     US$1.06 billion as compared with US$1.11 billion as of
     Dec. 31, 2006.
    
   * The company's sales of accounts receivable under its
     securitization programs were US$239 million as of Dec. 31,
     2007, US$303 million as of Sept. 30, 2007 and US$279
     million as of Dec. 31, 2006.

                   About Chemtura Corporation

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

                        *      *      *

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

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


POPE & TALBOT: Committee Taps Davies Ward as Canadian Counsel
-------------------------------------------------------------
The Official Committee of Unsecured Creditors in Pope & Talbot
Inc. and its debtor-affiliates bankruptcy cases seeks the
authority of the U.S. Bankruptcy Court for the District of
Delaware to retain Davies Ward Phillips & Vineberg LLP, as its
Canadian counsel, nunc pro tunc to Nov. 28, 2007.

The Committee expects Davies Ward to provide it with Canadian
legal services during the pendency of Pope & Talbot Inc.'s and
its affiliates' CCAA Proceedings and Chapter 11 bankruptcy
proceedings.

James Fellows, co-chairman of the Creditors Committee, relates
that they selected Davies Ward because the firm has extensive
experience and knowledge in the field of debtors' and creditors'
rights, and Canadian law.  

Moreover, through its representation of an ad hoc committee                  
                                                     
of the Debtors' outstanding 8-3/8 Senior Notes due 2013 and
8-3/8 Debentures due 2013, Davies Wards' bankruptcy and
restructuring attorneys have developed familiarity with the
Debtors' assets, affairs and businesses, Mr. Fellows points out.

It is necessary to retain Davies Ward as the Committee's
Canadian counsel to ensure that the interests of all of the
Debtors' unsecured creditors are adequately represented in an
efficient and effective manner in what is a full cross-border
insolvency proceeding, Mr. Fellows asserts.

As the Committee's Canadian counsel, Davies will:

   * provide Canadian legal advice with respect to the
     Committee's rights, powers and duties in the CCAA
     proceedings, in connection with the Chapter 11 cases;

   * assist the Creditors Committee in its analysis and
     negotiation of any plan of reorganization and related
     corporate documents;
              
   * review, analyze, and advise the Creditors Committee with
     respect to documents filed with the British Columbia
     Supreme Court;

   * respond on behalf of the Creditors Committee to any and all
     applications, motions, answers, orders, reports, and other
     pleadings in connection with the administration of the
     Debtors' estates in the CCAA proceedings; and

   * perform other Canadian legal services for the Creditors
     Committee as may be necessary and appropriate.

The Debtors will pay Davies Ward's services according to the
firm's applicable hourly rates in Canadian Dollars:
        
        Professional            Hourly Rate
        ------------            -----------
        Partners                CDN$385 to 900
        Associates              CDN$315 to 420
        Legal Assistants        CDN$110 to 350

Two professionals are presently expected to have primary
responsibility for providing services to the Committee:

       Professional               Hourly Rate
       ------------               -----------
       Jay A. Swartz                CDN$850
       Robin B. Schwill             CDN$650

The firm will be reimbursed for expenses it may incur, including
travel costs and temporary employment of additional staff,
relating to any work undertaken.

Robin B. Schwill, Esq., a partner of Davies, assures the Court
that his firm is a "disinterested person," as the term is
defined in Section 101(14) of the Bankruptcy Code.   

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: Committee Taps N. Schachter as B.C. Counsel
----------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in Pope
& Talbot Inc. and its debtor-affiliates seeks the U.S.
Bankruptcy Court for the District of Delaware's authority to
retain Nathanson, Schachter & Thompson LLP, as its local British
Columbia counsel in Canada, nunc pro tunc to Nov. 28, 2007.

David M. Roberts, co-chairman of the Creditors Committee,
relates that the Committee has selected Nathanson Schachter to
serve as its Canadian counsel because of the firm's extensive
experience in corporate commercial litigation matters as well as
experience in Canadian insolvency proceedings under the
Companies' Creditors Arrangement Act.

Mr. Roberts points out that upon the transfer of the Debtors'
CCAA proceedings from the Ontario Superior Court of Justice to
the British Columbia Supreme Court on Nov. 19, 2007, an ad hoc
committee of the Debtors' outstanding 8 3/8 Senior Notes due
2013 and 8 3/8 Debentures due 2013 engaged Nathanson Schachter
to assist Davies Ward Phillips & Vineberg LLP, for legal
representation in British Columbia.  

Hence, Mr. Roberts states, the firm's attorneys have developed
familiarity with Debtors' assets, affairs and businesses.

Nathanson Schachter is expected to provide legal services that
will be required to represent the Creditors Committee during the
pendency of the CCAA proceedings and Chapter 11 bankruptcy
proceedings of Pope & Talbot Inc., and its affiliates, Mr.
Roberts adds.

As the Creditors Committee's local British Columbia counsel,
Nathanson will:

   * provide local British Columbia legal advice and
     representation before the Canadian Court with respect to
     the Creditors Committee's rights, powers and duties in the
     Applicants' CCAA proceedings;

   * advise the Creditors Committee with respect to documents
     filed with the British Columbia Court;

   * assist Davies Ward in responding on behalf of the Creditors
     Committee to any and all applications, motions, answers,
     orders, reports, and other pleadings in connection with the
     administration of the Applicants' estates in their CCAA
     proceedings; and

   * perform other British Columbia legal services for the
     Creditors Committee, including the preparation and
     implementation of a plan reorganization, in connection with
     Pope & Talbot's CCAA proceedings and Chapter 11 cases.

Nathanson Schachter will be paid for the contemplated based on
the firm's applicable hourly rates:
        
         Professional               Hourly Rate
         ------------               -----------
         Partners                   CDN$285 to 600
         Associates                 CDN$325

Nathanson Schachton will be seeking reimbursement of expenses
incurred on behalf of the Creditors' Committee.

Stephen R. Schachter, Q.C., Esq., a partner at Nathanson
Schachter, assures the Court that his firm is a "disinterested
person," as the term is defined in Section 101(14) of the
Bankruptcy Code.     

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).


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


ASPEN TECH: To Be Delisted from Nasdaq Effective Today
------------------------------------------------------
Aspen Technology Inc. said that the Nasdaq Listing
Qualifications Panel has determined to delist the Company's
securities and will suspend trading of the company's securities
on the Nasdaq stock market effective at the opening of trading
today, Feb. 19, 2008.

The company may request that the Nasdaq Listing and Hearing
Review Council review the decision of the Panel.  If the Listing
Council determines to review this decision, it may affirm,
modify, reverse, dismiss, or remand the decision to the Panel.  
The company is considering whether to make such a request.
However, such a request would not delay the Panel's
determination to delist the company's securities.

The company anticipates that its common stock will be quoted on
the Pink Sheet Electronic Quotation Service automatically and
immediately after Nasdaq suspends trading.  The company expects
that the trading symbol of its common stock will remain the
same.

Mark Fusco, the company's Chief Executive Officer, said: "We are
disappointed that the time it has taken for the review we
initiated in connection with the restatement of our financial
statements has resulted in the delisting of our common stock.  
We believe AspenTech remains a financially strong company as
evidenced by our cash and cash equivalents of US$131 million as
of Dec. 31, 2007, and we are committed to regaining compliance
with our filing requirements and applying to list our common
stock on a national exchange as soon as possible thereafter."

The company has previously issued several press releases and
filed several reports with the SEC including reports on Form
8-K, and investors are encouraged to read these in their
entirety for discussion of the delay in the company's filings.

                    About Aspen Technology

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations.  The company has operations in
Brazil, Malaysia and France.

                        *     *     *

Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity-linked rating.  Moody's said the outlook
is stable.

The company carries Standard & Poor's B long-term foreign and
local issuer credit ratings, with negative outlook.


BOSTON SCIENTIFIC: Closes Sale of Two Units to Avista Capital
-------------------------------------------------------------
Boston Scientific Corporation has completed the sale of its
Fluid Management and Venous Access businesses to Avista Capital
Partners for US$425 million in cash.  The sale follows the
definitive agreement disclosed Dec. 13, 2007.

The company expects to record an after-tax gain of approximately
US$120 million during the first quarter of 2008 in connection
with the transaction.

"The sale of the Fluid Management and Venous Access businesses
completes our previously announced plans to divest five non-
strategic businesses," said Boston Scientific President and
Chief Executive Officer, Jim Tobin.  "These divestitures --
together with our expense and head count reductions and business
restructuring -- are helping to realign our cost structure and
simplify our operating model.  The positive impact of these
efforts will help us achieve our overall goals of restoring
profitable growth, increasing shareholder value and
strengthening Boston Scientific for the future."

"I am very excited to work with this exceptional management team
to build on the strong leadership positions that the Fluid
Management and Venous Access businesses currently hold in the
cardiology, radiology and oncology markets," said Chairperson
and Chief Executive Officer of the new company, Ron Sparks.  "We
look forward to leveraging these franchises' brands,
manufacturing facilities, sales forces, R&D capabilities and new
product pipelines to create a world-class, stand-alone medical
device company."

Avista Capital said financing for the transaction was arranged
by GE Capital Corporation and RBS Greenwich Capital. Ropes &
Gray LLP served as legal counsel and RBS Greenwich Capital
served as financial advisor to Avista Capital Partners.

                About Avista Capital Partners

Founded in 2005, Avista Capital Partners --
http://www.avistacap.com/-- is a private equity firm with  
offices in New York and Houston.  The company manages US$2.0
billion in private equity capital.  

                   About Boston Scientific

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

                          *     *     *

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

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


QUIKSILVER INC: CEO Robert McKnight Resumes Role as President
-------------------------------------------------------------
Quiksilver Inc. disclosed that Robert McKnight resumed his role
as president and remains both chairman of the board and chief
executive officer.  Mr. McKnight will again direct the company's
operational initiatives.

The company also said that Bernard Mariette has resigned from
his position as president and as a director of the company in
order to pursue other interests, which may include attempting to
acquire the Rossignol group.  As previously announced, J.P.
Morgan is conducting a process on behalf of the company to
reduce its exposure to the winter sports equipment business,
including a possible sale.

"Bernard Mariette has, for fifteen years, been invaluable to the
growth and success of this company," Robert B. McKnight, Jr.,
chairman of the board, president, and chief executive officer of
Quiksilver, Inc., commented.  "He took Quiksilver Europe from
its development stage in 1994 and grew it to a EUR250 million
business by 2001 when he became president of the entire
company."

"Since 2001 Quiksilver has almost quadrupled in size and, under
Bernard's leadership, has established an infrastructure to
globalize Quiksilver's historically regional businesses and
cemented its position as a leading global lifestyle company,"
Mr. Mcknight added.  "[Mr. Mariett] will be truly missed and we
wish him the best in the many accomplishments that lie ahead for
him."

"Our business objectives today are clear," Mr. McKnight
continued.  "We will focus our attention on our Quiksilver, Roxy
and DC businesses, both to continue their healthy growth and to
improve their operating results."

"At the same time, we will seek to further reduce our exposure
to the winter sports equipment businesses we acquired in 2005,
including pursuing a sale of the businesses and we will work to
improve our balance sheet," Mr. McKnight stated.  "As we move
forward, our entire organization is deeply committed to
executing this plan."

"We have many strengths, including tremendous untapped growth
opportunities in our core apparel and footwear brands," Mr.
McKnight further commented.  "Our great brands, our global
operating platform and our leadership position in this
fragmented market are all among them."

"The two most important sources of strength, however, are a
deeply ingrained and powerful corporate culture and a tremendous
management team," Mr. McKnight went on to say.  "I am confident
that each of these will serve us, as they always have, as a
deciding factor in our success."

The company noted that Mr. McKnight will have three corporate
officers and three regional presidents reporting directly to him
under the company's new management structure.  Charlie Exon, who
serves as a director and the company's general counsel will also
assume the title of chief administrative officer, recognizing
his broader role in the areas of global communications and human
resources.  David Morgan, chief operating officer, will continue
in his role, including overseeing the company's global sourcing
initiative and also serving as president of the company's
Rossignol subsidiary through a transition period.  Joe Scirocco,
the company's chief financial officer, will continue to oversee
global finance initiatives and also report directly to Mr.
McKnight.

Mr. McKnight's three remaining direct reports will be
responsible for overseeing the company's regional businesses,
which operate the core brands of Quiksilver, Roxy and DC.  Marty
Samuels will continue to lead Quiksilver Americas as its
president from headquarters in Huntington Beach, California.  
Pierre Agnes will continue to serve as president of Quiksilver
Europe, based in St. Jean de Luz, France.  Craig Stevenson, who
currently serves as global brand leader for the Quiksilver
brand, will assume additional responsibilities as president of
Quiksilver South Asia/Pacific, based in Torquay, Australia.  All
three executives are long term employees of the company.

Under the terms of his separation agreement, Mr. Mariette will
remain available for a period of one year to advise on
transitional issues involving all aspects of the company's
brands and operations other than those of the Rossignol Group.

"Over the last 15 years at Quiksilver, it has been my pleasure
and honor to work with great people and see amazing athletes
showcase their natural talents," Mr. Mariette commented.  "Under
Bob McKnight's leadership, we've been able to develop the best
outdoor brands in the world."

"I'm confident that Quiksilver is well positioned for future
success with its leadership, its lifestyle focus, and its
brands," Mr. Mariette continued.  "While I will miss Bob and my
colleagues, I know that they will enjoy fantastic success in the
future."

"I have great confidence in our team, in our plan, and in our
ability to fully capitalize on the many opportunities that exist
for us," Mr. McKnight concluded.  "I am proud and excited to
lead this effort on behalf of our many partners, most
particularly our shareholders, who I thank for their loyalty,
input, patience and understanding."

                       About Quicksilver                                     
           

Quiksilver, Inc. -- http://www.quiksilver.com/-- is a globally  
diversified company that designs, produces and distributes
branded apparel, wintersports equipment, footwear, accessories
and related products. Its products are sold in over 90 countries
in a range of distribution channels, including surf shops, ski
shops, skateboard shops, snowboard shops, its Boardriders Club
shops, other specialty stores and select department stores. The
Company has three operating segments, the Americas, Europe and
Asia/Pacific. The Americas segment includes revenues primarily
from the United States and Canada. The European segment includes
revenues primarily from Western Europe.  The Asia/Pacific
segment includes revenues primarily from Australia, Japan, New
Zealand and Indonesia. In October 2007, the company entered into
an agreement to sell its golf equipment business.  This
transaction was completed in December 2007.   

Standard & Poor's Ratings Services assigned a BB- rating on
Quiksilver Inc.


QUIKSILVER INC: S&P's BB- Rating Unmoved by Planned Asset Sale
--------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings and outlook
on apparel company Quiksilver Inc. (BB-/Negative/--) are
unaffected by the company's announcement that its president has
resigned and that it is exploring a potential sale of its ski
equipment business.  

Robert McKnight, chairman, CEO, and founder of the company, will
assume the role of president.  S&P expects the company's
operating strategies and financial policies to remain the same
following the change in management.  The company also said that
it has retained J.P. Morgan to assist with reducing its exposure
to the hard good equipment business, including selling its Skis
Rossignol S.A. operations, which it acquired in 2005 for about
US$303 million.  (This included a majority interest in Cleveland
Golf, which was sold in December 2007).  If a sale is
consummated, S&P expects most of the proceeds would be used to
repay debt; S&P estimates leverage would improve toward the
4.3x-4.5x area postdivestiture.  For the fiscal year ended
Oct. 31, 2007, leverage (as measured by total debt to EBITDA)
was high at 5.2x; yet adjusted for the December 2007 sale of
Cleveland Golf, this ratio declines to about 4.7x.
     
S&P believes that a sale of the ski equipment business will
allow management to focus on its legacy apparel brands
(Quiksilver, Roxy, and DC Shoes).  The Rossignol business is
capital intensive and provided a drag on operating results
because of an extremely poor winter season and weakening
economic trends.  While S&P views the potential sale and debt
reduction as positive factors, the impact of a softening retail
environment on the company's apparel business remains a concern.  
S&P will review the current negative outlook once a transaction
is announced.  A more favorable revision would be dependent on
the actual proceeds and debt reduction, as well as the operating
performance of Quiksilver's apparel business.

Quiksilver, Inc. -- http://www.quiksilver.com/-- is a globally  
diversified company that designs, produces and distributes
branded apparel, wintersports equipment, footwear, accessories
and related products. Its products are sold in over 90 countries
in a range of distribution channels, including surf shops, ski
shops, skateboard shops, snowboard shops, its Boardriders Club
shops, other specialty stores and select department stores. The
Company has three operating segments, the Americas, Europe and
Asia/Pacific. The Americas segment includes revenues primarily
from the United States and Canada. The European segment includes
revenues primarily from Western Europe.  The Asia/Pacific
segment includes revenues primarily from Australia, Japan, New
Zealand and Indonesia. In October 2007, the company entered into
an agreement to sell its golf equipment business.  This
transaction was completed in December 2007.


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


AUTO KRAMER: Claims Registration Period Ends March 4
----------------------------------------------------
Creditors of Auto Kramer GmbH have until March 4, 2008, to
register their claims with court-appointed insolvency manager
Andrew Seidl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         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:

         Andrew Seidl
         Heideparkstrasse 14
         01099 Dresden
         Germany
         Website: www.ra-andrew-seidl.de  

The District Court of Dresden opened bankruptcy proceedings
against Auto Kramer GmbH on Feb. 5, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Auto Kramer GmbH
         Wilsdruffer Strasse 54a
         01705 Freital
         Germany

         Attn: Juergen Fleischer, manager
         Geboren 1950
         Rudeltstrasse 56
         01705 Freital
         Germany


BAUMANNKUKUK GMBH: Claims Registration Period Ends March 4
----------------------------------------------------------
Creditors of BAUMANNKUKUK GmbH have until March 4, 2008 to
register their claims with court-appointed insolvency manager
Harald E. Manias.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 12, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Freiburg
         Hall 2
         Holzmarkt 2
         79098 Freiburg i.Br.
         Germany

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

The insolvency manager can be reached at:

         Harald E. Manias
         LG-Fach 70
         Zasiusstr. 35
         79102 Freiburg i. Br.
         Germany
         Tel: 0761/75323
         Fax: 0761/73791

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

The Debtor can be reached at:

         BAUMANNKUKUK GmbH
         Attn: Ruediger Baumann, Manager
         Am Flughafen 10
         79108 Freiburg
         Germany


CTI-COMMUNICATION: Claims Registration Period Ends March 15
-----------------------------------------------------------
Creditors of CTI-Communication Training GmbH have until
March 15, 2008, to register their claims with court-appointed
insolvency manager Wolfgang Delhaes.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

          Dr. Wolfgang Delhaes
          Media Park 6 A
          50670 Cologne
          Germany
          Tel: 0221/2920600
          Fax: +4922129206039

The District Court of Cologne opened bankruptcy proceedings
against  CTI-Communication Training GmbH on Jan. 22, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          CTI-Communication Training GmbH
          Attn: Karin Klingel, Manager
          Suerther Str. 101
          50996 Cologne
          Germany


D.G. DENTAL: Claims Registration Period Ends March 14
-----------------------------------------------------
Creditors of D.G. Dental GmbH have until March 14, 2008, to
register their claims with court-appointed insolvency manager
Christian Langhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on April 14, 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 Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         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:

          Christian Langhoff
          Carl-Heydemann-Ring 55
          18437 Stralsund
          Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against D.G. Dental GmbH on Jan. 25, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         D.G. Dental GmbH
         Dahlienweg 18
         17109 Demmin
         Germany


ECOMARES INC: Colville Services Wants Recognition Denied
--------------------------------------------------------
Colville Services, Ltd., filed with the U.S. Bankruptcy Court
for the District of Nevada its opposition to Ecomares Inc.'s
Petition for Recognition of Foreign Main Proceeding.

Colville says it is presently the single largest shareholder of
Ecomares, owning 75,000,000 shares of stock.

Colville contends that the request regarding German insolvency
proceedings commenced in 2007, and purportedly on behalf of the
Debtor is simply the latest in a long list of evasive and
improper efforts undertaken by Ecomares, and/or its management,
to avoid liability, and responsibility for its past wrongdoings.

Dieter Kloth, the foreign representative who filed the Petition
on behalf of the Debtor, appears to have asserted in the German
proceedings that Ecomares’ presence in Nevada is nothing more
than a mailing address, Colville adds.

This assertion, however, Colville says, directly contradicts the
position previously taken by Ecomares, Kloth, and others, in a
German proceeding.  In the German proceeding, the Debtor
declared that it has multiple contractual and business
relationships in Nevada, as well as operations in Nevada and in
other parts of the United States.  Furthermore, the Debtor's
Petition seems to be disingenuous in that it appears to have
concealed, or ignored the fact that Ecomares, the Nevada
corporation, has not filed for bankruptcy in Germany.  Rather,
Colville says, all indications are that merely one or more of
its German subsidiaries are involved in insolvency proceedings
in Germany.

A hearing is scheduled for tomorrow, Feb. 20, 2008, at 2:00 p.m.

Colville is represented in the matter by Douglas D. Gerrard,
Esq., and Michael J. Newman, Esq., at Gerrad Cox & Larsen.

Ecomares, Inc. - http://www.ecomares.de/-- is a holding company  
that was founded by a group of German scientists and developers
and incorporated in Nevada in 2003.  Its principal place of
business is, however, Kiel, Germany.   Its subsidiaries are
engaged in the design, building and operation of fish hatcheries
worldwide.

On December 1, 2007, an insolvency proceeding was commenced
against the Debtor under the German insolvency act.  In Nevada,
the Debtor is a named party in two civil actions that are
pending in separate courts, namely against Colville Services,
Ltd. and against Angelina Ovcharik.
               
Dieter Kloth filed a Chapter 15 petition on Jan. 18, 2008
(Bankr. D. Nev. Case No. 08-50074).  Jeffrey L. Hartman, Esq.,
in Reno, Nevada represent Mr. Kloth.


ENERIS GMBH: Claims Registration Ends March 17
----------------------------------------------
Creditors of ENERIS GmbH have until March 17, 2008 to register
their claims with court-appointed insolvency manager Dr. Gideon
Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Tostedt
         Meeting Hall I
         Linden 23
         21255 Tostedt
         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. Gideon Boehm
         Bachstr. 85 a
         22083 Hamburg
         Germany
         Tel: 040/320836-0
         Fax: 040/32083636

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

The Debtor can be reached at:

         ENERIS GmbH
         Attn: Per Thostrup, Manager
         Bahn 10
         21640 Nottensdorf
         Germany


GARTENGESTALTUNG TIJDINK: Claims Period Ends March 5
----------------------------------------------------
Creditors of Gartengestaltung Tijdink GmbH have until March 5,
2008, to register their claims with court-appointed insolvency
manager Matthias Dieckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 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 Regensburg
         Room 105
         Augustenstr. 5
         Regensburg
         Germany

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

The insolvency manager can be reached at:

         Matthias Dieckmann
         Gute Anger 11
         85356 Freising
         Germany
         Tel: 08161- 988110
         Fax: 08161-82472

The District Court of Regensburg opened bankruptcy proceedings
against Gartengestaltung Tijdink GmbH on Feb. 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gartengestaltung Tijdink GmbH
         Brehmstr. 8
         84048 Mainburg
         Germany


GUENTER SCHIFFER: Claims Registration Period Ends March 14
----------------------------------------------------------
Creditors of Guenter Schiffer GmbH have until March 14, 2008, to
register their claims with court-appointed insolvency manager
Jens Olinger.

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 Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany

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

The insolvency manager can be reached at:

          Jens Olinger
          Zuelpicher Str. 117
          52349 Dueren
          Germany
          Tel: 02421/957827
          Fax: 02421/502462

The District Court of Aachen opened bankruptcy proceedings
against Guenter Schiffer GmbH on Jan. 16, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Guenter Schiffer GmbH
          Gereonstrasse 25
          52441 Linnich
          Germany


HELPING HANDS: Claims Registration Period Ends March 5
------------------------------------------------------
Creditors of Helping Hands Verpackungen Verwaltungs GmbH have
until March 5, 2008, to register their claims with court-
appointed insolvency manager Dr. Yorck Tilman Streitboerger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 6
         33602 Bielefeld
         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. Yorck Tilman Streitboerger
         Adenauerplatz 4
         33602 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Helping Hands Verpackungen Verwaltungs GmbH on
Feb. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Helping Hands Verpackungen
         Verwaltungs GmbH
         Duisburger Str. 27
         33647 Bielefeld
         Germany

         Attn: Khalid Karim, Manager
         Friedrichstr. 48
         33615 Bielefeld
         Germany


HOLLYWOOD FUN: Claims Registration Period Ends March 13
-------------------------------------------------------
Creditors of Hollywood Fun Factory GmbH Multimediabetriebe 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 10:00 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 Hollywood Fun Factory GmbH Multimediabetriebe on
Jan. 28, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Hollywood Fun Factory GmbH Multimediabetriebe
          Talweg 2
          74906 Bad Rappenau
          Germany


IKB DEUTSCHE: Board Seeks EUR1.5 Billion Capital Increase
---------------------------------------------------------
The Management Board of IKB Deutsche Industriebank AG has
entered into extensive talks with the Management Board of KfW
and others to agree on a restructuring package for IKB.

The package aims to cover the additional valuation losses.  It
intends to provide a sufficient increase in the capital base of
the bank to cover valuation losses and restore the access to
capital markets.

The Supervisory Board of KfW has agreed to further restructuring
measures in order to avoid an insolvency of the bank.  KfW and
others will immediately resume negotiations to agree on the
details of the planned restructuring concept.

The new valuation of the portfolio investments is based upon a
mark-to-model valuation which has specifically been developed
for IKBs highly complex structured portfolio investments.  

The restructuring package to support IKB has been substantiated
following extensive negotiations.

A cash capital increase with subscription rights of up to       
EUR1,486,765,992.96 (subscription ratio 1 to 6) will be     
submitted for resolution to the Annual General Meeting of IKB on
March 27, 2008.  

KfW has confirmed to the German Federal Financial Supervisory
Authority (BaFin) that new shares arising from the capital
increase will be subscribed so that IKB will receive at least
EUR1.250 billion (before costs) from the capital increase.

KfW also agreed with BaFin to strengthen IKB's regulatory core
capital by EUR600 million by Feb. 19, 2008.  This will be
implemented through another payment in the capital reserve
(according to Sec. 272, section 2, number 4 German Commercial
Code/HGB).  The contractual details of this capital infusion
will be determined at short notice and may also include a
compensation with future profits (Besserungsabrede), which
might negatively affect future annual net profits.

As further part of the restructuring, IKB also plans to sell
substantial parts of its portfolio investments.

                        About IKB Deutsche

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

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

                          *     *     *

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

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

The TCR-Europe also reported on Dec. 13, 2007, that Fitch
Ratings downgraded the loan facilities provided by IKB Deutsche
Industriebank AG and IKB International S.A. to Havenrock II
Limited as: US$165,000,000 loan provided by IKB International:
downgraded to 'CC/DR2' from 'BBB+' Outlook Negative;
US$404,875,000 Facility C loan provided by IKB: downgraded to
'CC/DR2' from 'BBB+'; Outlook Negative; US$43,750,000 Facility B
loan provided by IKB: downgraded to 'CC/DR2' from 'B+'; Outlook
Negative; and US$11,375,000 Facility A loan provided by IKB:
downgraded to 'CC/DR2' from 'CCC'; Outlook Negative.


IKB DEUTSCHE: Sees EUR750 Mln Net Loss for Year Ending March 31
---------------------------------------------------------------
IKB Deutsche Industriebank AG's Board of Managing Directors
estimates that the net loss for the company for the current
financial year ending March 31, 2008, will amount to around
EUR750 million.

This reflects the increased losses resulting from the new
valuation of the portfolio investments that are compensated in
part by loss bookings from participation.

The Board of Managing Directors expects a net loss for the Group
in the region of approximately EUR550 million for the financial
year 2007/08.  The former estimate of a net loss of up to EUR700
million did neither include the additional charges resulting
from the new valuation of the portfolio investments nor the
contribution from the fair value valuation of the liabilities
side.

The current earnings estimate is still subject to major
uncertainties as the audit of the interim results as of Sept.
30, 2007 has not been completed yet.  Higher losses might also
result from a sale of parts of the portfolio investments.

The losses resulting from the new valuation of the portfolio
investments substantially affect IKB's profit and loss account
in the current financial year.

The restructuring measures are added to the equity capital and
not booked as proceeds, so that there is no compensating effect
on the profit and loss account.

However, on the basis of the current market situation, IKB's
Board of Managing Directors expects a reverse (positive)
valuation effect of approximately EUR770 million.

IKB has opted for a valuation at fair value under IFRS for a
large part of its liabilities.  These liabilities have lost
heavily in market value due to the crisis and are therefore
booked at that lower market value on the balance sheet.

Under IFRS, this valuation gain is reflected in the profit and
loss account for the group.  As long as it is not booked against
permanent interest and capital losses of hybrid liabilities,
such gain will dissolve until the liabilities are reimbursed and
lead to a corresponding expense.

                        About IKB Deutsche

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

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

                          *     *     *

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

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

The TCR-Europe also reported on Dec. 13, 2007, that Fitch
Ratings downgraded the loan facilities provided by IKB Deutsche
Industriebank AG and IKB International S.A. to Havenrock II
Limited as: US$165,000,000 loan provided by IKB International:
downgraded to 'CC/DR2' from 'BBB+' Outlook Negative;
US$404,875,000 Facility C loan provided by IKB: downgraded to
'CC/DR2' from 'BBB+'; Outlook Negative; US$43,750,000 Facility B
loan provided by IKB: downgraded to 'CC/DR2' from 'B+'; Outlook
Negative; and US$11,375,000 Facility A loan provided by IKB:
downgraded to 'CC/DR2' from 'CCC'; Outlook Negative.


IKB DEUTSCHE: Cuts Profit by EUR142MM in Revised 2006-07 Results
----------------------------------------------------------------
IKB Deutsche Industriebank AG's Supervisory Board has approved
the audited revised consolidated accounts for the Group and the
audited revised accounts for the company for the financial year
2006/2007.

Due to the implemented changes, the Group's profit for the year
was reduced by EUR141.8 million to EUR37.9 million and the
equity capital decreased by EUR206.2 million to EUR1.19 billion.

The Group's balance sheet total increased by EUR11.49 billion to
EUR63.54 billion, due to the consolidation of the Rhineland
Conduit.  

The annual net profit for the AG of EUR146.3 million before
changes is fully absorbed through the changes.  The revised
annual net profit amounts to EUR0.

As a consequence, no dividend will be distributed and the
retained earnings are reduced by EUR71.5 million.

                        About IKB Deutsche

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

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

                          *     *     *

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

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

The TCR-Europe also reported on Dec. 13, 2007, that Fitch
Ratings downgraded the loan facilities provided by IKB Deutsche
Industriebank AG and IKB International S.A. to Havenrock II
Limited as: US$165,000,000 loan provided by IKB International:
downgraded to 'CC/DR2' from 'BBB+' Outlook Negative;
US$404,875,000 Facility C loan provided by IKB: downgraded to
'CC/DR2' from 'BBB+'; Outlook Negative; US$43,750,000 Facility B
loan provided by IKB: downgraded to 'CC/DR2' from 'B+'; Outlook
Negative; and US$11,375,000 Facility A loan provided by IKB:
downgraded to 'CC/DR2' from 'CCC'; Outlook Negative.


KRITEX GMBH: Claims Registration Period Ends March 13
-----------------------------------------------------
Creditors of Kritex GmbH have until March 13, 2008, to register
their claims with court-appointed insolvency manager Christian
Hanken.

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

The meeting of creditors will be held at:

         The District Court of Aurich
         Hall 018
         Schlossplatz 2
         26603 Aurich
         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:

          Christian Hanken
          Wallstrasse 3
          D 26409 Wittmund
          Germany
          Tel: 04462/9191 14
          Fax: 04462/9191 91

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

The Debtor can be reached at:

          Kritex GmbH
          Osterstr. 31
          26409 Wittmund
          Germany


LIBRETTO DUE: Claims Registration Period Ends March 14
------------------------------------------------------
Creditors of Libretto Due Bistro-Betriebsgesellschaft mbH have
until March 14, 2008, to register their claims with court-
appointed insolvency manager Dr. Manuel Cadmus pp.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on April 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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. Manuel Cadmus pp.
         Stadthausbruecke 12
         20355 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Libretto Due Bistro-Betriebsgesellschaft mbH on Jan. 21,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Libretto Due Bistro-Betriebsgesellschaft mbH
          Schlueterstrasse 28
          20146 Hamburg
          Germany


MDF.1 LOKALES: Claims Registration Period Ends March 14
-------------------------------------------------------  
Creditors of MDF.1 Lokales Fernsehen Magdeburg GmbH have until
March 14, 2008, to register their claims with court-appointed
insolvency manager Cathleen Tetzel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 4, 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 Magdeburg
          Hall 14
          Breiter Weg 203 - 206
          39104 Magdeburg
          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:

          Cathleen Tetzel
          Halberstadter Strasse 115
          39112 Magdeburg
          Germany
          Tel: 0391-7276484
          Fax: 0391-7276486
          E-mail: t-s-insolvenzverwaltung@primacom.net  

The District Court of Magdeburg opened bankruptcy proceedings
against MDF.1 Lokales Fernsehen Magdeburg GmbH on Jan. 28, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          MDF.1 Lokales Fernsehen Magdeburg GmbH
          Georg-Kaiser-Str. 3
          39116 Magdeburg
          Germany


MS ANLAGENTECHNIK: Claims Registration Period Ends March 14
-----------------------------------------------------------
Creditors of MS Anlagentechnik GmbH have until March 14, 2008,
to register their claims with court-appointed insolvency manager
Stephan Laubereau.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 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 Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany    
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Stephan Laubereau
          Trakehner Strasse 7-9
          60487 Frankfurt (Main)
          Germany
          Tel: 069/8509693-0
          Fax: 069/8509693-29

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against MS Anlagentechnik GmbH on Jan. 29, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          MS Anlagentechnik GmbH
          Vilbeler Landstrasse 36
          60386 Frankfurt (Main)
          Germany


OPEN CONCEPTS: Claims Registration Period Ends March 3
------------------------------------------------------
Creditors of Open Concepts Product Mangement GmbH have until
March 3, 2008 to register their claims with court-appointed
insolvency manager Boris Reski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on March 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Pinneberg
         Hall 5
         Station Route 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:

         Boris Reski
         Moltkestrasse 3-5
         25421 Pinneberg
         Germany

The District Court of Pinneberg opened bankruptcy proceedings
against Open Concepts Product Mangement GmbH on Feb. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Open Concepts Product Mangement GmbH
         Attn: Wolfgang Bern, Manager
         Pinneberger Str. 239-241
         25488 Holm
         Germany


PALAST DER EITELKEITEN: Claims Registration Period Ends March 14
----------------------------------------------------------------
Creditors of Palast der Eitelkeiten GmbH have until March 14,
2008, to register their claims with court-appointed insolvency
manager F. Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Hamburg
          Hall B 405
          Fourth Floor Annex
          Civil Justice Bldg.
          Sievkingplatz 1
          20355 Hamburg
          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:

          F. Peters
          Deichstrasse 1
          20459 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against Palast der Eitelkeiten GmbH on Jan. 11, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Palast der Eitelkeiten GmbH
          Attn: Sabine Milde and Bjoern Bansemer, Managers
          Heinickestrasse 2
          20249 Hamburg
          Germany


PARAMOUNT INTERNATIONAL: Claims Registration Ends March 17
----------------------------------------------------------
Creditors of PARAMOUNT INTERNATIONAL REISEDIENST, HANDELS- UND
CONSULTING GMBH have until March 17, 2008 to register their
claims with court-appointed insolvency manager Soenke Hansen.

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 Hamburg
         Meeting Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         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:

         Soenke Hansen
         Moenckebergstrasse 17
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against PARAMOUNT INTERNATIONAL REISEDIENST, HANDELS- UND
CONSULTING GMBH on Jan. 22, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         PARAMOUNT INTERNATIONAL REISEDIENST, HANDELS- UND
         CONSULTING GMBH
         Attn: Vidyadhar Bahutule, Manager
         Holzdamm 53
         20099 Hamburg
         Germany


PB-PROJECT-BAU: Claims Registration Period Ends March 13
--------------------------------------------------------
Creditors of PB-project-bau GmbH have until March 13, 2008, to
register their claims with court-appointed insolvency manager
Mathias Dorn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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
         Zi.Nr. 144/I
         Residenzplatz 4-6
         87435 Kempten
         Russia

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:

         Mathias Dorn
         Allgauer Strasse 1
         87435 Kempten
         Germany
         Tel: (0831) 580 0434
         Fax: (0831) 580 0464

The District Court of Kempten opened bankruptcy proceedings
against PB-project-bau GmbH on Jan. 10, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         PB-project-bau GmbH
         Aybuehlweg 34
         87435 Kempten
         Germany


PETER JORDAN: Files Insolvency Petition; Looking for Buyers
-----------------------------------------------------------
Peter Jordan GmbH, on Jan. 30, 2008, filed a Petition for
Insolvency with the Lower Court at Offenbach am Main.  A
Provisional Liquidator has been appointed.

The company says that business in continuing as usual and that
supply to customers is guaranteed.  The company further said
that suppliers are continuing deliveries.

The company's management and the Provisional Liquidator hope to
find a solution to the problem at the soonest time possible.  
The company is currently looking for investors to buy shares in
the company.

According to Evertiq, the company and Provisional Liquidator
have until March 30, 2008, to find such buyers.

Based in Offenbach am Main, Germany, Peter Jordan GmbH is a  
distributor of material and machinery equipment for the
electronics manufacturing and PCB industry.


PROJEKT OBERHAUNSTADT: Claims Registration Ends March 17
--------------------------------------------------------
Creditors of Projekt Oberhaunstadt GmbH have until March 17,
2008 to register their claims with court-appointed insolvency
manager Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 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
         First Floor
         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: 0911/9512850
         Fax: 0911/95 12 8510

The District Court of Ingolstadt opened bankruptcy proceedings
against Projekt Oberhaunstadt GmbH on Jan. 22, 2008.

Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Projekt Oberhaunstadt GmbH
         Rankestrasse 11
         85051 Ingolstadt
         Germany

         Attn: Rainer Steger, Manager
         Rankestrasse 11
         85051 Ingolstadt
         Germany


PUN PUTZ: Claims Registration Ends March 17
-------------------------------------------
Creditors of PUN Putz Nutzfahrzeuge Handelsgesellschaft mbH have
until March 17, 2008 to register their claims with court-
appointed insolvency manager Jens-Soeren Schröder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Hamburg
         Meeting Hall B405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against PUN Putz Nutzfahrzeuge Handelsgesellschaft mbH on
Jan. 25, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         PUN Putz Nutzfahrzeuge Handelsgesellschaft mbH
         Attn: Wolf-Dieter Schelske, Manager
         Rolandufer 13
         10179 Berlin
         Germany


REELL - SERVICE: Claims Registration Period Ends March 14
---------------------------------------------------------
Creditors of REELL - SERVICE und Handelsgesellschaft mbH have
until March 14, 2008, to register their claims with court-
appointed insolvency manager Heiko Rautmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Magdeburg
          Hall 13
          Justizzentrum Magdeburg
          Breiter Weg 203 - 206
          39104 Magdeburg
          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:

          Heiko Rautmann
          Editharing 31
          39108 Magdeburg
          Germany
          Tel: 0391/5066030
          Fax: 0391/5066033
          E-mail: Heiko.Rautmann@gmx.de  

The District Court of Magdeburg opened bankruptcy proceedings
against REELL - SERVICE und Handelsgesellschaft mbH on Jan. 29,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          REELL - SERVICE und Handelsgesellschaft mbH
          Attn: Gerhard Thunemann, Manager
          Agnetenstr. 14
          39106 Magdeburg
          Germany


RITTER GASTRONOMIEBETRIEBE: Claims Registration Ends March 17
-------------------------------------------------------------
Creditors of Ritter Gastronomiebetriebe GmbH have until
March 17, 2008 to register their claims with court-appointed
insolvency manager Dr. Michael Krebs.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on April 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Michael Krebs
         Frohsinnstr. 15
         63739 Aschaffenburg
         Germany
         Tel: 06021/30880
         Fax: 06021/308899

The District Court of Aschaffenburg opened bankruptcy
proceedings against Ritter Gastronomiebetriebe GmbH on Oct. 4,
2007.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Ritter Gastronomiebetriebe GmbH
         Maiersacker 7
         63864 Glattbach
         Germany


TROBASTO GMBH: Claims Registration Period Ends March 14
-------------------------------------------------------
Creditors of TroBaSto GmbH have until March 14, 2008, to
register their claims with court-appointed insolvency manager
Boris Reski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 14, 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 5
         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:

          Boris Reski
          Moltkestrasse 3-5
          25421 Pinneberg
          Germany

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

The Debtor can be reached at:

          TroBaSto GmbH
          Attn:  Senol Ayten and Cornelia Ayten, Managers
          Flamweg 114
          25335 Elmshorn
          Germany


VISTEON CORP: Posts US$372 Million Net Loss in 2007
---------------------------------------------------
Visteon Corp. has released its fourth quarter and full-year 2007
results.  For fourth quarter 2007, the company reported a net
loss of US$43 million on sales from continuing operations of
US$2.9 billion.  The fourth quarter net loss includes
US$30 million of non-cash asset impairments and US$32 million of
restructuring expenses that were not eligible for reimbursement
from the escrow account.  For fourth quarter 2006, the company
reported a net loss of US$39 million on sales from continuing
operations of US$2.8 billion.

EBIT-R for fourth quarter 2007 was US$15 million, an improvement
of US$52 million over the same period of 2006.

The company generated US$331 million of cash from operating
activities during fourth quarter 2007, an increase of US$92
million or 38 percent compared to fourth quarter 2006.  Free
cash flow was US$187 million for fourth quarter 2007, an
increase of US$56 million over fourth quarter 2006.

"For the fourth quarter and full year 2007, Visteon delivered on
the financial guidance we provided," said chairperson and chief
executive officer, Michael F. Johnston.  "We continue to
progress with our restructuring activities as planned, and have
now completed 18 of the 30 items that are part of our three-year
plan.  By implementing our restructuring and continuing to
improve our operations and global capabilities, we are
positioning Visteon for long- term success."

            Restructuring and Business Improvements     

During the fourth quarter 2007, Visteon completed the closure of
its climate facility in Connersville, Indiana, and notified
workers at its interiors facility in Bellignat, France, of its
intention to exit the facility during the first quarter 2008.  
The company plans to address eight facilities during 2008,
including closing its Bellignat, France, and Bedford, Indiana,
facilities and selling its non-core chassis facility located in
Swansea, Wales -- the completion of which is subject to the
negotiation and execution of definitive agreements and customary
approvals.  Additionally, during January 2008, the company
announced plans to close the Concordia, Missouri, fuel tank
assembly plant, with closure expected to be completed during the
third quarter 2008.  Upon completion of these items, 22 of the
30 facility restructuring actions included in the company's
three-year improvement plan will have been addressed.

On Feb. 1, 2008, the company announced the sale of its non-core
North American-based aftermarket underhood and remanufacturing
operations, including a manufacturing plant in Sparta, Tennessee
and two facilities in Reynosa, Mexico.  The Sparta facility
manufactures starters and alternators for aftermarket customers
and the two Reynosa facilities manufacture aftermarket climate
products including radiators, compressors and condensers, and
also remanufacture steering pumps and gears.  These facilities
had revenues totalling about US$130 million in 2007.

                      New Business Wins       

Visteon continues to win new business from a diverse group of
customers across each of its core product lines.  For the full
year 2007, the company had wins of nearly US$1 billion; about 25
percent of these wins were in Asia and the balance in North
America and Europe.  In addition, the company's non-consolidated
affiliates won approximately US$370 million of business,
primarily in Asia.

"Winning nearly US$1 billion for the second consecutive year
demonstrates that our customers recognize the strength of
Visteon's product capability and our global engineering and
manufacturing footprints," said president and chief operating
officer, Donald J. Stebbins.

                  Fourth Quarter 2007 Results

Fourth quarter 2007 sales from continuing operations were US$2.9
billion, a slight increase over the US$2.8 billion recorded in
the fourth quarter 2006.  Fourth quarter 2007 product sales of
US$2.7 billion included US$168 million of favorable foreign
currency, which offset the impact of facility closures and
divestitures.  Product sales to Ford Motor Co. declined 10
percent, or US$108 million, to US$960 million, reflecting lower
North American production volumes, divestitures, sourcing
actions and product mix.  Product sales to other customers
increased 10 percent, or US$154 million, to US$1.76 billion and
represented 65 percent of total product sales.

The fourth quarter 2007 net loss of US$43 million compares to a
fourth quarter 2006 net loss of US$39 million.  Fourth quarter
2007 results include US$30 million of non-cash asset impairments
and US$32 million of restructuring expenses that were not
reimbursed from the escrow account, as the company is now in the
50 percent reimbursement phase of the Escrow Agreement.

EBIT-R of US$15 million for the fourth quarter 2007 was an
improvement of US$52 million over the negative US$37 million
EBIT-R reported in fourth quarter 2006.  These improvements were
driven by favorable cost performance resulting from the
company's ongoing restructuring and cost-reduction efforts.

Cash provided by operating activities totaled US$331 million for
fourth quarter 2007, increasing US$92 million from US$239
million a year ago.  Capital expenditures for fourth quarter
2007 were US$144 million compared with US$108 million for fourth
quarter 2006.  Free cash flow was US$187 million for fourth
quarter 2007 compared with US$131 million for the same period in
2006.

                    Full Year 2007 Results  

Sales from continuing operations were US$11.3 billion for both
full-year 2007 and 2006.

Product sales for the full year 2007 were US$10.7 billion,
including favorable foreign currency of approximately US$570
million, which offset the impact of facility closures and
divestitures.  During 2007, product sales to customers other
than Ford increased 11 percent, or US$674 million, to US$6.6
billion and represented 61 percent of total product sales.  

Product sales to Ford in 2007 declined 14 percent, or US$659
million, to US$4.1 billion, reflecting lower North American
production volumes, divestitures, sourcing actions and product
mix.

Visteon reported a net loss of US$372 million for the full year
2007.  The net loss for 2007 includes US$107 million of non-cash
asset impairments and US$32 million of restructuring expenses
that were not reimbursed from the escrow account.  For full year
2006, the company recorded a net loss of US$163 million which
included US$22 million of non-cash asset impairments.  EBIT-R
was negative US$49 million for full year 2007 compared with
positive US$27 million in the same period of 2006.  Lower 2007
EBIT-R primarily reflects lower customer volumes and unfavorable
product mix, principally in North America, and the non-
recurrence of certain 2006 benefits including relief of employee
retirement benefit obligations and favorable commercial
agreements, partially offset by improved cost performance.

For full year 2007, cash provided from operations totaled US$293
million, compared with US$281 million for full year 2006.  
Capital expenditures for full year 2007 were US$376 million,
resulting in free cash flow of negative US$83 million compared
with free cash flow for full year 2006 of negative US$92
million.

                       Cash and Liquidity

As of Dec. 31, 2007, the company had cash balances totaling
US$1.76 billion, of which approximately US$1.2 billion was
located in the United States.  Total company debt was US$2.84
billion as of Dec. 31, 2007.  Additionally, no amounts were
drawn on the company's US$350 million asset-based U.S. revolving
credit facility, and the company had availability of about
US$150 million under its US$325 million European receivables
securitization facility.

                    Full Year 2008 Outlook

The company expects EBIT-R for full year 2008 to be in the range
of negative US$25 million to positive US$25 million on product
sales of about US$9.7 billion.  Free cash flow is projected to
be in the range of negative US$350 million to negative US$250
million.

"The progress Visteon is making, combined with what we will
execute in 2008, lays the foundation for Visteon to be free cash
flow positive in 2009,"  Mr. Johnston concluded.  "With almost
US$1.8 billion of cash as of year-end 2007 and additional
available liquidity, Visteon has flexibility to execute its
plans."

                   About Visteon Corporation
    
Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC)
-- http://www.visteon.com/-- is a global automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company's other
corporate offices are in Shanghai, China; and Kerpen, Germany.
The company has facilities in 26 countries and employs
approximately 43,000 people.

                          *     *     *

Moody's Investor Service placed Visteon Corp.'s long term
corporate family and probability of default ratings at 'B3' in
November 2006.  The ratings still hold to date with a negative
outlook.


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I R E L A N D
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AFFILIATED COMPUTER: To Buy SDS Biz from Waterland for US$67MM
--------------------------------------------------------------
Affiliated Computer Services, Inc., has signed an agreement to
acquire sds business services GmbH, a Germany-based provider of
data center, infrastructure services, and application-related
solutions, from Waterland Private Equity Investments.  The
acquisition is expected to close in March 2008 following
regulatory approval.  Affiliated Computer will pay approximately
US$67 million (EUR46 million), including the assumption of
liabilities, to purchase sds.  The transaction will be funded
with a combination of existing cash on hand and borrowings under
the company' existing credit facility.
    
The addition of sds strengthens Affiliated Computer's global
information technology outsourcing presence by providing IT
operations and capabilities in Germany.  The acquisition
continues to strengthen the company's position as a leading
provider of responsive, reliable, and flexible IT Outsourcing
services and solutions to the world market.

"This acquisition demonstrates ACS' commitment to growing our
business in continental Europe while improving our ability to
compete where multi-national capabilities are essential for
success," said ACS senior managing director of IT Outsourcing,
Derrell James.  "With facilities and infrastructure in place in
Mulheim an der Ruhr and a reputable list of clients, sds
strengthens our global delivery model, enabling us to provide
our European and international clients with multi-scope IT
services on a global scale."

The European ITO market is approximately a EUR70 billion
industry with an estimated compound annual growth rate of
about 7 percent over the next two years.  Affiliated recently
completed the acquisition of Syan Holdings Limited, a U.K.-based
provider of IT Outsourcing services and one of the United
Kingdom's largest IBM Business Partners, for approximately US$60
million (GBP30.5 million).

Founded in 1969, sds specializes in fully outsourced data center
and infrastructure services, including application hosting and
maintenance, system design and integration, IT consulting, and
IT lifecycle management.  Additionally, it has broad expertise
in SAP consulting and integration services, as well as
customized software development.  Over time, Affiliated Computer
will integrate its full suite of IT Outsourcing service
offerings into the sds portfolio for delivery to its global
clientele.

Waterland acquired sds in 2005 from Stinnes AG and turned the
company into an independent provider of IT services.  "After the
successful transformation from a former Stinnes Group IT
provider to an independent player, proactively marketing its
services to new customers, the joining of forces between sds and
ACS will offer the company new opportunities," said Waterland
Private principal, Joerg Dreisow.

"The combination of sds and ACS strengthens our ability to
pursue global and European business and emphasizes our
commitment to developing efficient and innovative solutions that
meet our clients' unique needs," said sds managing director and
chief executive officer, Albrecht Held.  "Our Germany-based
global clients will be backed by a FORTUNE 500 company with
global delivery capabilities, and we will be able to deliver an
expanded suite of IT Outsourcing and BPO services to our global
customers."

For the twelve-month period ending Dec. 31, 2007, sds had
revenues of approximately US$40 million.  The business will
continue to be managed by sds' existing executive team, adding
approximately 160 employees to ACS Europe.

Waterland Private Equity Investments is an independent private
equity firm operating in The Netherlands, Belgium, and Germany,
with EUR620 million in funds under management.  Waterland
Private focuses on consolidation strategies, investing in
fragmented growth markets in the services sector that are
undergoing transformation as a consequence of one or more of the
following trends: outsourcing & efficiency, aging population,
and leisure and luxury.  The company's portfolio includes a.o.
Fa-Med (medical A/R management in The Netherlands), Senior
Living Group (private retirement and nursing homes in Belgium),
and Loewen Play (games arcade operator in Germany).  Waterland
operates from offices in Bussum (The Netherlands), Antwerp
(Belgium), and Dusseldorf (Germany).

           About Affiliated Computer Services Inc.

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.  The company has global operations
in Brazil, China, Dominican Republic, India, Guatemala, Ireland,
Philippines, Poland, and Singapore.

                        *     *      *

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.


SMURFIT KAPPA: Earns EUR166.4 Million for Year 2007
---------------------------------------------------
Smurfit Kappa Group Plc posted annual financial results for the
year ended Dec. 31, 2007.

SKG reported net profit of EUR166.4 million on revenues of  
EUR7.27 billion for the year ended Dec. 31, 2007, compared with
a net loss of EUR153.62 million on EUR6.97 billion on revenue
for the year ended Dec. 31, 2006.

At Dec. 31, 2007, the group's balance sheet showed EUR8.74
billion in total assets, EUR6.55 billion in total liabilities
and EUR2.19 billion in total shareholders' equity.

               Capital Structure & Debt Reduction

SKG successfully returned to public equity markets through the
completion of an all primary IPO in March 2007.  The group
raised gross proceeds of EUR1.495 billion through a global
institutional offering.  Proceeds were applied to reduce debt
and optimize SKG’s capital structure.

As a result of the IPO and the subsequent refinancing, SKG
achieved significant interest savings in terms of
both cash and PIK interest.  These savings amounted to around
EUR115 million in 2007 with a full year benefit of EUR150
million.

In July 2007, the Group successfully secured approval to amend
its senior credit facilities.  The amendment, together with a
successful cash tender offer for SKG’s US dollar denominated
9.625% Senior Notes due 2012 and euro denominated 10.125% Senior
Notes due 2012, resulted in a further reduction in the group's
overall cost of debt of about EUR10 million per annum and gives
SKG greater financial flexibility.

In the third and fourth quarter, SKG’s significant increase in
free cash flow further reduced net debt.  At Dec. 31, 2007,
SKG’s net debt was EUR3.40 billion which compares to
EUR3,61 million at June 30, 2007 and EUR4.88 billion at Dec. 31,
2006.

In November 2007, Smurfit Kappa Funding plc, a subsidiary of the
Group, filed with the US Securities and Exchange Commission to
terminate its duty under the Securities Exchange Act of 1934 to
file reports, thereby relieving it of the requirement to file
annual financial reports (Form 20-F) and other periodic
reports with the SEC.

The changes will have no impact on SKG’s quarterly and annual
financial reports and will not reduce the current level of
financial disclosure provided by SKG.

In line with the objectives set at IPO, the financial focus of
the Group in 2007 has been leverage reduction.  At the end of
December, SKG delivered a net debt to EBITDA ratio of just under
3.2x, below the bottom end
of the original target leverage range it set itself at IPO of
3.25x to 4.25x.

"We are pleased to report strong earnings growth for 2007.  This
is the Group's first full year financial performance since its
successful IPO in March 2007," Gary McGann, SKG CEO commented.

"SKG has delivered EBITDA growth within the range of
expectations set at IPO, industry leading margins and has
exceeded both its leverage and synergy objectives.  This strong
performance reflects a generally positive price environment in
Europe, the continuing drive to maximize the benefits of the
merger and a strong contribution from the Group's Latin American
businesses," Mr. McGann added.

"Despite the uncertain economic outlook, our operations have
performed well year to date in an operating environment where
supply and demand are reasonably balanced. Assuming current
market conditions prevail, SKG expects modest EBITDA growth for
2008 together with continuing strong free cash flow generation,"
Mr. McGann concluded.

A full-text copy of SKG's financial results is available at
no charge at http://ResearchArchives.com/t/s?2820

                    About Smurfit Kappa Group

Headquartered in Dublin, Ireland, Smurfit Kappa Group --
http://www.smurfit-group.com/-- manufactures containerboard
containerboard and converts it into corrugated cases, folding
cartons, paper sacks, tubes, and composite cans. Other products
include boxboard, sack kraft paper, and printing and writing
paper.  The company produces 6 million tons of paper annually
and has 300 facilities worldwide.  In Latin America, the company
operates in Argentina, Brazil, Chile, Colombia, Costa Rica,
Dominican Republic, Ecuador, Mexico and Venezuela.

                          *    *    *

As of Feb. 18, 2008, Smurfit Kappa Group plc carries Moody's
long-term corporate family rating of 'Ba3' with stable outlook.

Standard & Poor's gave SKG 'BB-' rating for long-term foreign
issuer credit and 'BB-' rating on long-term local issuer credit
with stable outlook.


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


DANA CORP: Registers Post-Bankruptcy Common Stock
-------------------------------------------------
After their Jan. 31, 2008, emergence from Chapter 11, Dana
Corporation, now named Dana Holding Corporation, registered a
new set of common and preferred stock with the U.S. Securities
and Exchange Commission.

Pursuant to Dana's Third Amended Joint Plan of Reorganization,
the reorganized company would issue 500,000,000 shares of
capital stock, consisting of 450,000,000 shares of common stock
and 50,000,000 shares of preferred stock.  

Of the Preferred Stock, 2,500,000 shares would be designated as  
Series A Preferred Stock, and 5,400,000 shares would be
designated as Series B Preferred Stock.

                       Common Stock

Holders of Common Stock would be entitled to dividends declared
from time to time by the board of directors out of legally
available funds.  Each holder of common stock is entitled to one
vote for each share except for the election of directors, which
is to be elected by the holders of Series A Preferred Stock.  
Holders of common stock are not entitled to cumulative voting
rights.

Marc Levin, acting general counsel and secretary for Dana
Holding, says that in the event of the company's liquidation,
dissolution or winding up, holders of common stock would be
entitled to share equally and ratably in any assets remaining
after the payment of all debt and liabilities, subject to the
prior rights of holders of any outstanding preferred stock.  

                        Preferred Stock

Dana Holding would issue $250,000,000 in aggregate liquidation
preference of the Series A Preferred Stock to a private equity
firm, in consideration for the equity firm's investment to Dana
Holding.  The company would also issue $540,000,000 in aggregate
liquidation preference of the Series B Preferred Stock to
certain qualified investors in consideration for their
investment to Dana Holding.

The price at which each share of Preferred Stock would be
convertible into Common Stock would be 83% of its distributable
market equity value per share.  If, as result of that
determination:

  (i) the holders of the Preferred Stock would own, on an as-
      converted, fully diluted basis, less than 32.0% of Dana
      Holdings' issued shares of Common Stock plus the number of
      shares of Common Stock that would be issued upon
      conversion of the Preferred Stock, necessary adjustments
      would be made so holders of Preferred Stock would own
      32.0% of the Fully Diluted Shares; or

(ii) the holders of the Preferred Stock would own, on an as-
      converted, fully diluted basis, more than 36.3% of the
      Fully Diluted Shares, necessary adjustments would be made
      so holders of Preferred Stock would own 36.3% of the Fully
      Diluted Shares.

Referred percentages are subject to adjustment to the extent
that Dana Holding's net debt plus the value of its minority
interests as of the Effective Date is an amount other than
US$525,000,000.

Shares of Series A Preferred Stock having an aggregate
liquidation preference of not more than $125,000,000 and the
Series B Preferred Stock would be convertible at any time at the
option of the applicable holder after the six-month anniversary
of the Effective Date.  

In the event that the per share closing sales price of the
Common Stock exceeds 140% of the distributable market equity
value per share for at least 20 consecutive trading days
beginning on or after Jan. 31, 2013, Dana Holding would be able
to cause the conversion of all of the Preferred Stock.  

The price at which the Preferred Stock is convertible would be
subject to adjustment as a result of stock splits and
combinations, dividends and distributions and certain issuances
of common stock or common stock derivatives.

The Preferred Stock would be entitled to dividends at an annual
rate of 4%, payable quarterly in cash.  The shares would have
equal voting rights and would vote together as a single class
with the Common Stock on an as-converted basis, except that the
Series A Preferred Stock would be entitled to vote as a separate
class to elect three directors.

At the first annual meeting of stockholders after the Effective
Date, and as the initial holder of the Series A Preferred Stock
owns at least US$125,000,000 of the Series A Preferred Stock,
Dana
Holding's board of directors would be composed of nine members,
as follows:

  (i) three directors designated by initial holder of the Series
      A Preferred Stock and elected by holders of the Series A
      Preferred Stock,

(ii) one independent director nominated by a special purpose
      nominating committee composed of two designees of the
      initial holder of the Series A Preferred Stock and one
      other board member, and

(iii) five directors nominated by Dana Holding's board.  With    
      the exception of the three directors elected by holders of
      the Series A Preferred Stock, the remaining directors
      would be elected by holders of Common Stock and any other
      class of capital stock.

Holders of Preferred Stock would also have the right to elect
two directors in the event that six quarterly dividends on the
Preferred Stock are accrued but unpaid.

                Additional Preferred Stock

Dana's Restated Certificate of Incorporation authorizes the
issuance of 50,000,000 shares of preferred stock.  The Board is
authorized to provide for the issuance of shares of preferred
stock, in one or more series, and to fix for each series voting
rights.

The Board is authorized to issue shares of preferred stock and
determine its rights and preferences for the purpose of
eliminating delays associated with a stockholder vote on
specific issuances.  "The issuance of preferred stock, while
providing flexibility in connection with possible acquisitions,
future financings and other corporate purposes, may discourages
or would make it more difficult for a third party to acquire a
majority of the outstanding voting stock of Dana Holding." he
concludes.

Mr. Levin, informs that the shares of preferred stock may also
be reissued by Dana Holding following redemption of their shares
or conversion of the holder's shares, as applicable.

                 Certain Anti-Takeover Effects

Certain provisions of the Restated Certificate of Incorporation
and Bylaws of Dana Holding, as well as the General Corporation
Law of the State of Delaware, may have the effect of delaying,
deferring or preventing a change in control of Dana Holding,
including those regulating the nomination of directors, limiting
who may call special stockholders' meetings and eliminating
stockholder action by written consent, together with the terms
of the Preferred Stock, may make it more difficult for other
persons, without the approval of Dana Holding's board of
directors to acquire substantial amounts of Common Stock or
other attempts for the stockholders' best interest.

                         About Dana

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

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

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Nov. 30, 2007, the Debtors listed US$7,131,000,000 in total
assets and US$7,665,000,000 in total debts resulting in a total
shareholders' deficit of US$534,000,000.

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.

The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of Jan. 31, 2008.  Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.

(Dana Corporation Bankruptcy News, Issue No. 70; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


DANA CORP: US$1.35 Billion Term Loan Trades on Secondary Market
---------------------------------------------------------------
The US$1.35 billion term loan portion of Dana Holding Corp.'s
US$2 billion exit financing facility began trading on the
secondary market Feb. 7, with the price quoted at 90/91, William
Rochelle at Bloomberg News reports, citing Standard & Poor's.

As reported in the Troubled Company Reporter on Feb. 12, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Dana Holding following the company's emergence
from Chapter 11 bankruptcy protection on Feb. 1, 2008.  The
outlook is negative.  "The ratings are based on the exit
financing, capital structure, and other terms and conditions
under Dana's plan of reorganization filed with the bankruptcy
court, which has now been consummated," said Standard & Poor's
credit analyst Nancy Messer.

At the same time, Standard & Poor's assigned Dana's $650 million
asset-based loan revolving credit facility due 2013 a 'BB+'
rating -- two notches higher than the corporate credit rating --
with a recovery rating of '1', indicating an expectation of very
high -- 90% to 100% -- recovery in the event of a payment
default.  The loan was priced at the London Interbank Offered
Rate plus 375 basis points, Mr. Rochelle notes.

S&P also assigned a 'BB' bank loan rating to Dana's $1.43
billion senior secured term loan -- one notch above the
corporate credit rating -- with a recovery rating of '2',
indicating an expectation of average -- 70% to 90% -- recovery.  
The bank loan ratings assume that any remaining conditions that
predate the bank facility are satisfied or waived.

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

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

                         About Dana

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

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

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Nov. 30, 2007, the Debtors listed US$7,131,000,000 in total
assets and US$7,665,000,000 in total debts resulting in a total
shareholders' deficit of US$534,000,000.

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York entered an order confirming the
Third Amended Joint Plan of Reorganization of the Debtors on
Dec. 26, 2007.

The Debtors' Third Amended Joint Plan of Reorganization was
deemed effective as of Jan. 31, 2008.  Dana Corp., starting on
the Plan Effective Date, operated as Dana Holding Corporation.

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


FIAT SPA: Talks on Parts Venture with Daimler AG Continue
---------------------------------------------------------
Fiat SpA CEO Sergio Marchionne said that the company is having
talks with Daimler AG on a probable car parts partnership.

A report by Rosario Murgida, of Marketwatch, quoted Mr.
Marchionne saying the two companies were holding discussions,
adding that they are talks that will go on for a long time and
are much more wide-ranging.

Citing Thompson Financial, Forbes reported that Daimler AG CEO
Dieter Zetsche said talks with Fiat SpA and Bayerische Motoren
Werke AG have led to the conclusion that a tie-up covering a
complete car model will not result into any advantages.

                       About Fiat S.p.A.

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

                          *     *     *

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

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

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


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


ALARMAN-AKTOBE-XXI LLP: Claims Deadline Slated for March 14
-----------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Alarman-Aktobe-XXI 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


ALFA-ESTATE LLP: Creditors Must File Claims by March 14
-------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Alfa-Estate insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


AURUM LLP: Claims Filing Period Ends March 14
---------------------------------------------  
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Aurum insolvent on Dec. 14, 2007.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Protozanov Str. 25
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 24-29-03


DOSTAR-ALEM LLC: Creditors' Claims Due on March 14
--------------------------------------------------  
LLP Dostar-Alem LLC has declared insolvency.  Creditors have
until March 14, 2008, to submit written proofs of claims to:

         LLP Dostar-Alem LLC
         Shosseinaya Str. 57-2
         Baiserke
         Ilyisky
         Almaty
         Kazakhstan


EKREM DIESEL: Claims Registration Ends March 14
-----------------------------------------------  
LLP Ekrem Diesel Service has declared insolvency.  Creditors
have until March 14, 2008, to submit written proofs of claims
to:

         LLP Ekrem Diesel Service
         Kunayev Str. 111
         Ekibastuz
         Pavlodar
         Kazakhstan


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

         LLP Micro Credit Organization - INS
         Vinogradov Str. 31
         Kaskelen
         Karasaisky
         Almaty
         Kazakhstan


KAINAR TRADE: Claims Filing Period Ends March 14
------------------------------------------------  
LLP Kainar Trade has declared insolvency.  Creditors have until
March 14, 2008, to submit written proofs of claims to:

         LLP Kainar Trade
         Proletarskaya Str. 33a
         Shymkent
         South Kazakhstan
         Kazakhstan


REAGENT LLP: Creditors' Claims Due on March 14
----------------------------------------------  
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Reagent insolvent on Dec. 19, 2007.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Utepov Str. 31/4-54
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 24-29-03


ZAVOD-STROY OSKEMEN: Claims Registration Ends March 14
------------------------------------------------------  
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Construction Company Zavod-Stroy Oskemen
insolvent on Oct. 23, 2007.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         P. O. Box 1572
         Ust-Kamenogorsk
         070002, East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 20-30-60


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


BAK-NUR LLP: Creditors Must File Claims by February 22
------------------------------------------------------
LLC Bak-Nur has declared insolvency.  Creditors have until
Feb. 22, 2008 to submit written proofs of claim to:

         LLC Bak-Nur
         Atabekov
         Suzaksky District
         Djalal-Abad
         Kyrgyzstan
         Tel: (0-555) 18-58-57


BI-TRAY SERVICE: Claims Filing Period Ends March 7
--------------------------------------------------
LLC Bi-Tray Service has declared insolvency.  Creditors have
until March 7, 2008 to submit written proofs of claim to:

         LLC Bi-Tray Service
         Gorky Str. 1
         Bishkek
         Kyrgyzstan
         Tel: (0-555) 75-31-07


SAPSAN LLC: Claims Registration Ends March 7
--------------------------------------------
LLC Security Agency Sapsan has declared insolvency.  Creditors
have until March 7, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 29-24-76.


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


EVRAZ GROUP: Claymont Steel Unit Commences Senior Notes Buyback
---------------------------------------------------------------
Claymont Steel Inc., a wholly owned subsidiary of Evraz Group
S.A., is offering to purchase for cash any and all of its
outstanding 8.875% senior notes due 2015 at a purchase price of
101% of the principal amount of the notes.

Claymont Steel is required by the terms of the notes and the
indenture governing the notes to make this offer as result of
the acquisition of Claymont Steel Holdings, Inc., Claymont
Steel’s sole stockholder, by Evraz.

The acquisition constitutes a change of control under the
indenture governing the notes.  The terms of the offer are
described in the Change of Control Offer to Purchase, dated
Feb. 15, 2008, which will be distributed to holders of the
notes.

The purchase price in the offer is specified by the indenture
governing the notes and is lower than recent market quotations.
Holders are urged to seek current quotations from their brokers
or other advisors prior to deciding whether to participate in
the offer.

The offer will expire at 5:00 p.m., New York City time, on
March 17, 2008, and will have a settlement date of March 20,
2008, unless the offer is extended.  Holders whose notes are
accepted for payment pursuant to the offer will also receive
accrued and unpaid interest through the settlement date.

Global Bondholder Services Corporation will act as the
depositary and information agent for the offer.  Requests for
documents related to the offer may be directed to Global
Bondholder Services at (866) 924-2200 (toll-free) or (212) 430-
3774 (collect).

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family
and Probability-of-Default ratings and B2 Senior Unsecured Debt
rating from Moody's Investor Service.  Moody's said the Outlook
is Positive.

Evraz also carries BB- Local and Foreign Issuer Credit ratings
from Standard & Poor's.  S&P said the Outlook is Positive.

The company carries BB Issuer Default and Senior Unsecured
ratings and B Short-Term IDR.  Fitch said the Outlook is Stable.


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


INDOVER BANK: Fitch Upgrades Ratings to BB- with Stable Outlook
---------------------------------------------------------------
Fitch Ratings has upgraded Netherlands-based Indover Bank's
Long-term Issuer Default rating to 'BB-' from 'B+'.  At the same
time the agency upgraded the bank's Support rating to '3' from
'4'.  The Short-term IDR has been affirmed at 'B' and the
Individual rating has been affirmed at 'D/E'.  The Outlook for
the Long-term IDR is Stable.

These rating actions reflect the upgrade of the Republic of
Indonesia's Long-term IDR to 'BB' from 'BB-'.  Indover Bank's
Long- and Short-term IDRs and Support rating are driven by the
commitment of the bank's sole shareholder, Bank Indonesia, the
Indonesian central bank, to provide support to Indover Bank.  
Although Bank Indonesia is obliged to divest Indover Bank by
February 2009, it has explicitly stated its commitment to
"continue supporting the activities of Indover Bank" until
divestment takes place.  A possible scenario for Indover Bank's
future would be to become a subsidiary of the export credit
agency that the Indonesian government is planning to create to
promote export flows of domestic companies; this export credit
agency would be state-owned and under the supervision of the
Ministry of Finance.  Fitch will follow the ownership change and
monitor the impact on support Indover Bank could expect to
receive.

A specialized wholesale bank active in trade finance based in
Amsterdam, Indover Bank has a branch in Hamburg, wholly-owned
subsidiaries in Hong Kong and Singapore, and a representative
office in Jakarta.


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


AGRO-WORLD LLC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy supervision procedure on LLC Agro-World.  The case is
docketed under Case No. A56-39417/2007.

The Temporary Insolvency Manager is:

         V. Sadriev
         Premise 10-N
         Letter A
         Bolshoj Pr. 79
         197022 St. Petersburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Agro-World
         Naberezhnaya Str. 9A
         Kirovsk
         Kirovskiy
         187340 Leningrad
         Russia


ALEKSEEVSKAYA OJSC: Creditors Must File Claims by February 28
-------------------------------------------------------------
Creditors of OJSC Poultry Farm Alekseevskaya have until Feb. 28,
2008, to submit proofs of claim to:

         G. Shirkin
         Temporary Insolvency Manager
         Office 317
         Serafimovicha 58
         344002 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A53-193/08-S1-30.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         OJSC Poultry Farm Alekseevskaya
         Druzhby Str. 63
         Matveevo-Kurganskiy
         Rostov
         Russia


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

         A. Popov
         Insolvency Manager
         Post User Box 345
         115230 Moscow, 230
         Russia

The Arbitration Court of Kareliya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A17-1939/07-10-B.

The Debtor can be reached at:

         OJSC Demetra
         Okulovoj Str. 68A
         Ivanovo
         Russia


DUBOVSK-AGRO-PROM-SNAB: Creditors Must File Claims by Feb. 28
-------------------------------------------------------------
Creditors of OJSC Dubovsk-Agro-Prom-Snab (TIN 6106000060) have
until Feb. 28, 2008, to submit proofs of claim to:

         I. Melnikov
         Temporary Insolvency Manager
         Stanislavskogo Str. 8a
         Rostov-na-Donu
         Russia

The Arbitration Court of Rostov will convene at 11:00 a.m. on
May 21, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A53-21030/
07-S1-36.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         OJSC Dubovsk-Agro-Prom-Snab
         Office 802
         Sotsialisticheskaya Str. 74
         Rostov-na-Donu
         Russia


EURO-PROJECT LLC: Creditors Must File Claims by February 28
-----------------------------------------------------------
Creditors of LLC Euro-Project have until Feb. 28, 2008, to
submit proofs of claim to:

         A. Mochalov
         Insolvency Manager
         Transportnaya Str. 19-27
         614031 Perm
         Russia

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50-9026/2007-B5.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC Euro-Project
         Energetikov Str. 39
         614065 Perm
         Russia


EVRAZ GROUP: Claymont Steel Unit Commences Senior Notes Buyback
---------------------------------------------------------------
Claymont Steel Inc., a wholly owned subsidiary of Evraz Group
S.A., is offering to purchase for cash any and all of its
outstanding 8.875% senior notes due 2015 at a purchase price of
101% of the principal amount of the notes.

Claymont Steel is required by the terms of the notes and the
indenture governing the notes to make this offer as result of
the acquisition of Claymont Steel Holdings, Inc., Claymont
Steel’s sole stockholder, by Evraz.

The acquisition constitutes a change of control under the
indenture governing the notes.  The terms of the offer are
described in the Change of Control Offer to Purchase, dated
Feb. 15, 2008, which will be distributed to holders of the
notes.

The purchase price in the offer is specified by the indenture
governing the notes and is lower than recent market quotations.
Holders are urged to seek current quotations from their brokers
or other advisors prior to deciding whether to participate in
the offer.

The offer will expire at 5:00 p.m., New York City time, on
March 17, 2008, and will have a settlement date of
March 20, 2008, unless the offer is extended.  Holders whose
notes are accepted for payment pursuant to the offer will also
receive accrued and unpaid interest through the settlement date.

Global Bondholder Services Corporation will act as the
depositary and information agent for the offer.  Requests for
documents related to the offer may be directed to Global
Bondholder Services at (866) 924-2200 (toll-free) or (212) 430-
3774 (collect).

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family
and Probability-of-Default ratings and B2 Senior Unsecured Debt
rating from Moody's Investor Service.  Moody's said the Outlook
is Positive.

Evraz also carries BB- Local and Foreign Issuer Credit ratings
from Standard & Poor's.  S&P said the Outlook is Positive.

The company carries BB Issuer Default and Senior Unsecured
ratings and B Short-Term IDR.  Fitch said the Outlook is Stable.


GAS-ECO-OIL: Volgograd Bankruptcy Hearing Slated for April 24
-------------------------------------------------------------
The Arbitration Court of Volgograd will convene at 9:00 a.m. on
April 24, 2008, to hear the bankruptcy supervision procedure on
LLC Gas-Eco-Oil (TIN 3435072510).  The case is docketed under
Case No. A12-17868/07-s50.

The Temporary Insolvency Manager is:

         V. Ivanov
         Post User Box 12
         394038 Voronezh
         Russia

The Debtor can be reached at:

         LLC Gas-Eco-Oil
         Druzhby Str. 74
         Volzhskiy
         Volgograd
         Russia


ROSNEFT OIL: Mulls Stake in ONGC's Indian LPG Plant
---------------------------------------------------
OAO Rosneft Oil Co. may acquire a stake in a liquefied natural
gas processing plant planned by India's Oil and Natural Gas
Corp., Bloomberg News reports citing Sergei Mikhailov, head of
energy policy at Russia's Industry and Energy Ministry.

Mr. Mikhailov said India should also consider investing in oil
and gas projects in Siberia and Russia's far east to meet the
Asian country's rising demand.

"More opportunities to participate in oil exploration in Siberia
and the Far East are coming up," Mr. Mikhailov was quoted by
Bloomberg News as saying.

According to Bloombeg News, India eyes investments in oil
projects in Russia, Kazakhstan, Iran and Africa to secure its
oil requirements.  State-owned ONGC currently holds a 20% stake
in the Sakhalin-1 project in Russia.

                         About Rosneft

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

                         *     *     *

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


SEV-RYB -FLOT: Asset Sale Slated for February 25
-------------------------------------------------
The Insolvency Manager and Bidding Organizer of CJSC Sev-Ryb-
Flot, will open a public auction for the company's properties at
11:00 a.m. on Feb. 25, 2008.

The company has set a RUR50 million starting price for the
assets on auction.

Interested participants have until Feb. 21, 2008, to deposit an
amount of RUR5 million to:

         CJSC Sev-Ryb-Flot
         Settlement Account 40702810000000001451
         Correspondent Account 30101810600000000768
         BIK 044705768
         OJSC MSKB
         Murmansk
         Russia

Bidding documents must be submitted to:

         The Insolvency Manager and Bidding Organizer
         Office 3
         O. Koshevogo Str. 14/2
         183008 Murmansk
         Russia
         Tel: (8152) 24-53-60


=============================
S L O V A K   R E P U B L I C
=============================


SLOVENSKE AEROLINIE: Receiver's 2nd Attempt to Sell Assets Fail
---------------------------------------------------------------
Vladimir Neuschl, receiver of Slovenske Aerolinie a.s., said
that its attempt to sell the company's assets has again failed,
Thompson Financial reports citing news agency SITA.

According to the report, no bid was received as the deadline
passed.  The receiver intends to undertake a third attempt to
sell the assets.

Vladimir Neuschl was elected as receiver for the airline's
assets at a meeting of creditors on Oct. 5, 2007.  Among the
committee members are Austrian Airlines, the company's largest
creditor, as well as Erste Bank and Tyrolean Airways.  


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


COMOD-COMPUTER JSC: Creditors' Liquidation Claims Due by Feb. 25
----------------------------------------------------------------
Creditors of JSC Comod-computer have until Feb. 25, 2008, to
submit their claims to:

         Jean-Pierre Chardonnens
         Liquidator
         Huobraion 11
         Hunenberg
         6330 Cham ZG
         Switzerland

The Debtor can be reached at:

         JSC Comod-computer
         Hunenberg ZG
         Switzerland


DE CAROLIS: Creditors' Liquidation Claims Due by Feb. 25
--------------------------------------------------------
Creditors of LLC De Carolis und Partner have until Feb. 25,
2008, to submit their claims to:

         Mario Aldo De Carolis
         Liquidator
         Scheidgasse 27h
         5742 Kolliken
         Zofingen AG
         Switzerland

The Debtor can be reached at:

         LLC De Carolis und Partner
         Strengelbach
         Zofingen AG
         Switzerland


E-IT LLC: Creditors' Liquidation Claims Due by Feb. 22
------------------------------------------------------
Creditors of LLC E-it have until Feb. 22, 2008, to submit their
claims to:

         Rene Eggmann
         Liquidator
         Waidackerstrasse 14
         8592 Uttwil
         Arbon TG
         Switzerland

The Debtor can be reached at:

         LLC E-it
         Uttwil
         Arbon TG
         Switzerland


EIC ENGINEERING: Creditors' Liquidation Claims Due by Feb. 22
-------------------------------------------------------------
Creditors of JSC EIC Engineering-Inspection-Consulting have
until Feb. 22, 2008, to submit their claims to:

         Eugen Stalmasek
         Liquidator
         Am Pfisterholzli 11
         8606 Greifensee ZH
         Switzerland

The Debtor can be reached at:

         JSC EIC Engineering-Inspection-Consulting
         Greifensee ZH
         Switzerland


G + K SCHNELLIMBISS: Creditors Must File Claims by Feb. 25
----------------------------------------------------------
Creditors of JSC G + K Schnellimbiss have until Feb. 25, 2008,
to submit their claims to:

         Anton Kolb
         Liquidator
         Jagerstrasse 5
         9200 Gossau SG
         Switzerland

The Debtor can be reached at:

         JSC G + K Schnellimbiss
         Gossau SG
         Switzerland


HELISYSTEM JSC: Aargau Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against JSC Helisystem on Jan. 15, 2008.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Baden
         5402 Baden/WS
         Switzerland

The Debtor can be reached at:

         JSC Helisystem
         Muliwiesenweg 1
         5436 Wurenlos
         Baden AG
         Switzerland


IBT ROHSTOFFHANDEL: Lucerne Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Sursee in Lucerne commenced bankruptcy
proceedings against LLC IBT Rohstoffhandel on Jan. 18, 2008.

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Sursee LU
         Switzerland

The Debtor can be reached at:

         LLC IBT Rohstoffhandel
         Bahnhofplatz
         6210 Sursee LU
         Switzerland


MONOMETAL JSC: Creditors Must File Claims by Feb. 25
----------------------------------------------------
Creditors of JSC Monometal have until Feb. 25, 2008, to submit
their claims to:

         L. Becker
         Liquidator
         JSC Revion Treuhand
         Grossfeldstrasse 45
         7320 Sargans
         Wahlkreis Sarganserland SG
         Switzerland

The Debtor can be reached at:

         JSC Monometal
         Sargans
         Wahlkreis Sarganserland SG
         Switzerland


SALI & TONI: Lucerne Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Hochdorf in Lucerne commenced
bankruptcy proceedings against LLC Sali & Toni on Jan. 4, 2008.

The Bankruptcy Service of Hochdorf can be reached at:

         Bankruptcy Service of Hochdorf
         6020 Emmenbrucke
         Hochdorf LU
         Switzerland

The Debtor can be reached at:

         LLC Sali & Toni
         Kapfstrasse 1
         6020 Emmenbrucke
         Hochdorf LU
         Switzerland


SENN & CO: Creditors' Liquidation Claims Due by Feb. 22
-------------------------------------------------------
Creditors of JSC Senn & Co.have until Feb. 22, 2008, to submit
their claims to:

         Urs Frederic Senn
         Liquidator
         Spitalstrasse 12
         4056 Basel
         Switzerland

The Debtor can be reached at:

         JSC Senn & Co.
         Basel
         Switzerland


TRADEX SWISS: Evidentiary Hearing Continued to February 27
----------------------------------------------------------
The Hon. Robert Somma of the U.S. Bankruptcy Court for the
District of Massachusetts continued the evidentiary hearing for
Tradex Swiss AG's Petition for Recognition of a Foreign
Proceeding to Feb. 27, 2008, at 10:00 a.m.

Tradex Swiss AG -- http://www.tradexfx.com/-- is a Boston,  
Massachusetts-based foreign exchange trading shop whose
registered office is in Firststrasse 15, 8835 Feusisberg,
Zurich, Switzerland.

On Nov. 1, 2007, the Swiss Federal Banking Commission decreed
that the unauthorized acceptance of investment funds from the
public on a professional basis, the advertising of such
acceptance to the public and the unofficial and unauthorized use
of the term "bank" by the Debtor and also by Swiss Garant A.G.
was all established to be in violation of the Federal Law on
Banks and Savings Banks. The Commission also decreed that
bankruptcy proceedings be instituted against the Debtor and
Swiss Garant on Nov. 2, 2007.

On Nov. 26, 2007, petitioners Peter Lutz, Romeo Da Rugna, and
Norma Ceriani, filed a proceeding under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 07-17518).  Evan Fray-
Witzer, Esq., in Boston, Massachusetts, represents the
petitioners.  At the time of the filing, the petitioners
disclosed that the Debtor has estimated assets and debts between  
US$1 million to US$100 million.


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


ASUCOALAUTOMATICS OJSC: Proofs of Claim Deadline Set February 28
----------------------------------------------------------------
Creditors of State OJSC Asucoalautomatics (code EDRPOU 04674818)
have until Feb. 28, 2008, to submit written proofs of claim to:

         Liudmila Nesvit
         Temporary Insolvency Manager
         M. Mametova Str. 8/2
         83056 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on Jan. 16, 2008.  The case is docketed
under Case No. 27/301B.

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Debtor can be reached at:

         State OJSC Asucoalautomatics
         Chirurgical Str. 22
         83096 Donetsk
         Ukraine


CHERVONOGRAD SHAFT-SINKING: Claims Filing Deadline Set Feb. 28
--------------------------------------------------------------
Creditors of OJSC Chervonograd Shaft-Sinking Enterprise (code
EDRPOU 00178942) have until Feb. 28, 2008, to submit written
proofs of claim to:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy supervision
procedure on the company on Jan. 10, 2008.  The case is docketed
under Case No. 29/85.

The Debtor can be reached at:

         OJSC Chervonograd Shaft-Sinking Enterprise
         Industrial Str. 29
         Chervonograd
         80100 Lvov
         Ukraine


KIROVOGRAD AGRICULTURAL: Creditors Must File Claims by Feb. 28
--------------------------------------------------------------
Creditors of OJSC Kirovograd Agricultural Machine-Technological
Station (code EDRPOU 30330574) have until Feb. 28, 2008, to
submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 16, 2008.  
The case is docketed under Case No. 11/111.

The Debtor can be reached at:

         OJSC Kirovograd Agricultural
         Machine-Technological Station
         Murmanskaya Str. 15
         25050 Kirovograd
         Ukraine


LIVARNIK OJSC: Creditors Must File Claims by February 29
--------------------------------------------------------
Creditors of OJSC Livarnik (code EDRPOU 24443009) have until
Feb. 29, 2008, to submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Jan. 22, 2008.  The case is docketed under Case No. B 15/26/109-
07.

The Debtor can be reached at:

         OJSC Livarnik
         Apartment 8
         Lenin Str. 71
         Pavlograd
         51400 Dnipropetrovsk
         Ukraine


MEDIAN LLC: Creditors Must File Claims by February 29
-----------------------------------------------------
Creditors of LLC Median (code EDRPOU 24428062) have until
Feb. 29, 2008, to submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Jan. 18, 2008.  The case is docketed under Case No. B 40/5-08.

The Debtor can be reached at:

         LLC Median
         Apartment 64
         Pisarzhevsky Str. 11
         49000 Dnipropetrovsk
         Ukraine


NAFTOGAZ UKRAINY: To Form Two Joint Ventures with OAO Gazprom
-------------------------------------------------------------
NAK Naftogaz Ukrainy and OAO Gazprom entered into an agreement
to create two joint ventures to handle domestic gas trade in
Ukraine, RIA Novosti reports.

The agreement was a result of a gas supply/debt repayment deal
between the governments of Russia and Ukraine, RIA Novosti
relates.  

Russian government-owned Gazprom had threatened to a cut a
quarter of its gas supplies to its neighbor by 6:00 p.m. on
Feb. 12, 2008, unless Ukraine reaches a debt settlement
agreement with Russia, the Wall Street Journal relates.  Gazprom
claims Ukraine owes it US$1.5 billion for gas deliveries since
November 2007.

Under the agreement, Ukraine, via state-owned Naftogaz, will pay
off US$1 billion of its debts from Feb. 14 to March 14, 2008,
President Viktor Yushchenko said.  

Reuters says Naftogaz has paid off around US$100 million of its
debts on Feb. 14, 2008, to Ukrgazenergo, a local distributor
that acquires natural gas from Gazprom via another intermediary
RosUkrEnergo AG.

RosUkrEnergo, a 50-50 joint venture owned by Gazprom and ARosgas
Holding AG, currently holds a 50% stake in UkrGazEnergo, giving
Gazprom a 25% share in Ukraine's domestic gas business.

According to reports, the 50-50 joint ventures of Naftogaz and
Gazprom will replace RosUkrEnergo and UkrGazEnergo, effectively
increasing the Russian firm's presence in Ukraine's domestic gas
business to 50%.

"We have worked out a general short-term road map," Russian
president Vladimir Putin was quoted by RIA Novosti as saying.  
"We heard our partners say today that the debt will soon be paid
off, and we agreed on the principles for cooperation in 2008 and
consecutive years."

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NAK Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

                          *     *     *

As reported in the TCR-Europe on Oct. 17, 2007, Fitch has placed
the ratings of Naftogaz on Rating Watch Negative.  The ratings
include the company's Long-term foreign and local currency
Issuer Default Ratings of 'B+', senior unsecured rating of 'B+'
and Recovery Rating of 'RR4'.

Naftogaz Ukraine also carries a Ba3 Corporate Family Rating, a
Ba2 Senior Unsecured Debt rating, and a Ba3 Probability-of-
Default rating from Moody's with a stable outlook.


PETROLEUM COMPANY: Proofs of Claim Deadline Set February 29
-----------------------------------------------------------
Creditors of LLC Petroleum Company (code EDRPOU 31713117) have
until Feb. 29, 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 supervision
procedure on the company on Jan. 10, 2008.  The case is docketed
under Case No. B11/446.

The Debtor can be reached at:

         LLC Petroleum Company
         Vokzalnaya Str. 8-a
         Borodianka
         07800 Kiev
         Ukraine


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


BRITISH AIRWAYS: Inks Agreement to Settle Class Action Suits
------------------------------------------------------------
Cohen, Milstein, Hausfeld & Toll negotiated on Friday,
February 15, 2008, a ground breaking legal settlement that, for
the first time ever, resolves a class action lawsuit on a
collective basis under both U.S. and U.K. law.

The agreement, which affects over 8 million people in the U.S.
and U.K., provides US$59 million for American ticket purchasers
and GBP73.5 million for U.K. purchasers who bought tickets from
either British Airways plc or Virgin Atlantic Airways Ltd.
between August 11, 2004, and March 23, 2006, with no deductions
for attorneys' fees or other costs.  This settlement marks the
first collective settlement of its kind for British consumers.

Passengers or businesses who wish to receive their refund should
go to http://www.airpassengerrefund.com/ (U.S.) or  
http://www.airpassengerrefund.co.uk/(U.K.) to provide their  
contact information or they may call 1-877-625-9432 (U.S.) or
0800-043-0343 (U.K.).  The entire claims process is free.

The settlement is the result of a class action lawsuit filed by
Cohen Milstein against both Virgin and BA on behalf of U.S. and
U.K. air passengers who purchased tickets from those airlines
during the aforementioned period.  These passengers overpaid for
their airline tickets because the airlines illegally agreed to
increase the amount of the "fuel surcharge" they added to the
ticket price.  Passengers were told that the surcharge was
necessary to cover the rising cost of fuel, but in reality it
was used to increase the airlines' profits.

One unique aspect of the settlement is that individual
passengers and businesses that purchased BA and/or Virgin
tickets in the U.S. will be paid in dollars, while passengers
who purchased such tickets in the U.K. will be paid in pounds
sterling.  The amount refunded will, of course, depend on the
amount of the surcharge paid, but will be up GBP10 (about US$20)
for each flight segment.  Thus, a family of four could receive
up to GBP80 (about US$160) for a round-trip flight.  According
to economic experts, the refund provided for in the settlement
constitutes 100% of the illegal overcharge that passengers paid.

The settlement comes in the wake of fines that were issued
against BA in August 2007 by both the U.K.'s Office of Fair
Trading and the U.S. Department of Justice for BA's
participation in the conspiracy.  Virgin escaped fines because
it broke the cartel by whistle-blowing to the authorities, but
has admitted that it violated both U.S. and U.K. law.  In the
U.S., BA and Virgin have agreed to donate any portion of the
settlement fund that is unclaimed to Miracle Flights for Kids.  
In the U.K., no such agreement has yet been reached.

"We are delighted to have achieved such a terrific settlement
for consumers.  BA and Virgin overcharged their customers for
almost two years, and this settlement recovers 100% of that
unlawful overcharge –- with no deductions for attorneys' fees or
other costs.  Customers should demonstrate that such behavior is
unacceptable by making a claim to recover the amount they
overpaid," Michael Hausfeld, senior partner at Cohen Milstein,
commented.  "This is the first time non-U.S. citizens have been
rewarded on an equal footing to U.S. citizens in a case before
the U.S. courts, making this a legal precedent and a significant
milestone in both U.S. and U.K. legal history."

"This is a great victory for U.K. consumers that creates a
template for vindicating U.K. consumers' rights and deterring
violations of U.K .competition law.  Cohen Milstein will
continue in its efforts to redress violations of U.K. law, and
will also continue to seek reform of the current system to allow
consumers in the U.K. to seek redress on terms equal to those of
consumers in the United States," Anthony Maton, a partner at
Cohen Milstein's London office, added.

                   About British Airways

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.


BUCYRUS INTERNATIONAL: Earns US$136.1 Million in 2007
-----------------------------------------------------
Bucyrus International Inc. earned US$61.9 million for the fourth
quarter ended Dec. 31, 2007, compared with US$17.5 million for
the same period in 2006.  Net earnings for the year ended
Dec. 31, 2007, were US$136.1 million compared with
US$70.3 million in 2006.

The net assets acquired and results of operations of DBT GmbH
since the May 4, 2007 date of acquisition are included in
Bucyrus' financial information presented below which, as a
result of the shortened reporting period, among other things,
may not be indicative of future results.  The allocation of the
DBT purchase price is preliminary and is subject to final
adjustments.  Bucyrus now has two reportable segments: surface
mining and underground mining.  Prior to the acquisition of DBT,
all of Bucyrus' operations were in surface mining.

The overall increase in surface mining sales reflected the
ongoing global demand for Bucyrus' products and services, which
continues to be driven by the sustained strength in markets for
commodities mined by Bucyrus machines.  Capacity constraints
continue to have an impact on surface mining sales, and the
ongoing expansion of Bucyrus' South Milwaukee facilities is
expected to be completed by the end of the first quarter of
2008.  Underground mining sales were consistent with Bucyrus'
expectation for 2007 at the time of the DBT acquisition.

Gross profit for the fourth quarter of 2007 was
US$136.3 million, or 24.9% of sales, compared with
US$51.1 million, or 24.8% of sales, for the fourth quarter of
2006.  Gross profit for the year ended Dec. 31, 2007 was
US$408.3 million, or 25.3% of sales, compared with
US$186.8 million, or 25.3% of sales, for the year ended
Dec. 31, 2006.  Gross profit for the fourth quarter and year
ended Dec. 31, 2007 was reduced by US$7.1 million and US$22.2
million, respectively, of amortization of purchase accounting
adjustments as a result of the acquisition of DBT, which had the
effect of reducing the gross profit percentage for the fourth
quarter and year ended Dec. 31, 2007 by 1.3% and 1.4%,
respectively.  The increases in gross profit were primarily due
to the acquisition of DBT and increased surface mining sales, as
well as improved gross margins on both surface mining original
equipment and aftermarket parts and services.  Gross profit on
underground mining equipment was down slightly for the fourth
quarter of 2007 partially as a result of increased manufacturing
absorption losses.

Selling, general and administrative expenses for the fourth
quarter of 2007 were US$67.0 million, or 12.2% of sales,
compared with US$20.9 million, or 10.2% of sales, for the fourth
quarter of 2006.  Selling, general and administrative expenses
for the year ended Dec. 31, 2007 were US$185.6 million, or 11.5%
of sales, compared with US$73.0 million, or 9.9% of sales,
for the year ended December 31, 2006. The increase in selling,
general and administrative expenses was primarily due to the
acquisition of DBT.  Included in the fourth quarter of 2007 were
increased costs related to the SAP computer software upgrade in
our underground mining operations and one-time expenses related
to the continued integration of DBT.

Operating earnings for underground mining operations were
reduced by purchase accounting adjustments related to the
acquisition of DBT of US$18.3 million and US$49.1 million for
the fourth quarter and year ended Dec. 31, 2007, respectively.  
The increase in consolidated operating earnings for the
quarter and year ended Dec. 31, 2007 was primarily due to the
acquisition of DBT and increased gross profit resulting from
increased sales volume related to surface mining operations.

Interest expense for the fourth quarter of 2007 was
US$9.6 million compared with US$1.6 million for the fourth
quarter of 2006.  Interest expense for the year ended
Dec. 31, 2007 was US$27.7 million compared with US$3.7 million
for the year ended Dec. 31, 2006.  The increase in interest
expense in 2007 was due to increased debt levels related to the
financing of the acquisition of DBT.

Income tax benefit for the fourth quarter of 2007 was US$22.6
million compared with expense of US$7.0 million for the fourth
quarter of 2006.  Income tax expense for the year ended
Dec. 31, 2007 was US$10.4 million, or 7.1% of pre-tax earnings,
compared with US$26.9 million, or 27.7% of pre-tax earnings, for
the year ended Dec. 31, 2006.  The effective tax rate for the
fourth quarter was impacted by significant one-time benefits
related to the underground mining operations.  These include a
US$12.2 million deferred tax benefit resulting from a reduction
in the German statutory tax rate and a US$14.0 million foreign
tax credit benefit resulting from repatriation of German
earnings.  Earnings in lower taxed jurisdictions resulted in
US$4.7 million of benefits and various other items resulted in
an additional US$4.7 million of benefits.

                   About Bucyrus International

Bucyrus International -- http://www.bucyrus.com/-- is a leading   
manufacturer of electric mining shovels, walking draglines and
rotary blasthole drills and provides aftermarket replacement
parts and services for these machines.  For the 12 months ended
Sept. 30, 2006, Bucyrus had sales of US$705 million.  Bucyrus is
headquartered in South Milwaukee, Wisconsin.  DBT has eight
facilities around the world and approximately 3,200 employees.  
The company has operations in Brazil, Chile, China, and the
United Kingdom.

                        *     *     *

In June 2007, Standard & Poor's Ratings Services revised its
recovery rating on Bucyrus's credit facilities.  The bank loan
rating remains 'BB-', however the recovery rating was revised to
'3' from '4', indicating S&P's expectation that these lenders
would receive meaningful recovery (50%-80%) in a payment
default.  The paydown of more than US$300 million in the term
loan -- to US$500 million from US$825 million from proceeds of a
recent equity offering -- was the primary reason for the rating
change.  The corporate credit rating on Bucyrus is
BB-/Positive/--


BUCYRUS INT'L: Declares US$0.05 Per Share Quarterly Dividend
------------------------------------------------------------
Bucyrus International Inc.'s Board of Directors has declared a
quarterly dividend of US$0.05 per share on Bucyrus' Class A
common stock.

The dividend is payable March 17, 2008, to Bucyrus stockholders
of record on Feb. 29, 2008.  Bucyrus' Class A common stock is
quoted on the NASDAQ Global Select Market under the symbol
"BUCY."

                   About Bucyrus International

Bucyrus International -- http://www.bucyrus.com/-- is a leading
manufacturer of electric mining shovels, walking draglines and
rotary blasthole drills and provides aftermarket replacement
parts and services for these machines.  For the 12 months ended
Sept. 30, 2006, Bucyrus had sales of US$705 million.  Bucyrus is
headquartered in South Milwaukee, Wisconsin.  DBT has eight
facilities around the world and approximately 3,200 employees.
The company has operations in Brazil, Chile, China and the
United Kingdom.

                        *     *     *

In June 2007, Standard & Poor's Ratings Services revised its
recovery rating on Bucyrus's credit facilities.  The bank loan
rating remains 'BB-', however the recovery rating was revised to
'3' from '4', indicating S&P's expectation that these lenders
would receive meaningful recovery (50%-80%) in a payment
default.  The paydown of more than US$300 million in the term
loan -- to US$500 million from US$825 million from proceeds of a
recent equity offering -- was the primary reason for the rating
change.  The corporate credit rating on Bucyrus is
BB-/Positive/--


CHRYSLER LLC: Partners with Health Alliance & Henry Ford
--------------------------------------------------------
In 2007, Chrysler LLC partnered with Health Alliance Plan and
the Henry Ford Medical Group provider network to pilot the
"We've Got Your Back" program at Chrysler's Auburn Hills
headquarters.  This holistic approach utilizes complementary and
alternative medicine in a group model in the convenience of the
workplace.

Using modalities such as group feedback, guided relaxation and
somatic movement reduction (teaching the brain to maintain
control of the nerve and muscle system and release over-
contracted muscles), the program treats a large number of
individuals at one time while minimizing time missed from work.

Chrysler recruited more than 200 employees meeting eligibility
criteria to participate in the pilot program.  Employees were
randomized to intervention or untreated control groups and their
health status was measured at the start, middle and end of the
five-month project period.

Health Alliance and Henry Ford Medical officials believe this
innovative group model has great potential for growth throughout
Southeast Michigan workforces and beyond.  Health Alliance has
developed tools to allow for easy implementation, tailoring, and
adapting in any worksite setting.

As a result of the successful pilot, Chrysler will continue to
offer the program to its employees and will also pilot a
separate program using similar complementary and alternative
medical techniques to reduce stress.  Other southeast Michigan
companies have also jumped at the opportunity to bring the
program to their employees.  The 17,000-employee Henry Ford
Health System launched an expanded version of the program in
January 2008.

According to the authors of the JAMA study, the United States
spent nearly US$86 billion on treatment of back and neck
problems in 2005, an increase of 65 percent from 1997, after
adjusting for inflation.  Individuals with spine problems spent
over US$2,500 more on medical care in 2005 than those without
spine problems.

                 About Health Alliance Plan

Headquartered in Detroit, Health Alliance Plan is a nonprofit
health plan serving more than 540,000 members and 2,000 employer
groups.  The plan is a subsidiary of the Henry Ford Health
System and serves companies of all sizes through the flagship
HMO, PPOs, Medicare Advantage plans, experience-rated, fully
insured and self-funded products, and consumer-driven health
plans with compatible health savings accounts.  The National
Committee for Quality Assurance awarded the plan's commercial
HMO and Health Alliance Senior Plus, its Medicare Advantage HMO,
Excellent Accreditation.

               About Henry Ford Medical Group

The Henry Ford Medical Group is one of the nation's largest
group practices, with 1,000 physicians and researchers in 40
specialties who staff Henry Ford Hospital and 25 Henry Ford
medical centers.  Henry Ford's 25 medical centers are located in
Wayne, Oakland, Macomb and Washtenaw counties.  The Medical
Group is a national leader in using e-Prescribing, an innovative
electronic computer program that allows physicians to write
prescriptions from a personal computer or wireless device and
send them directly to a pharmacy.  It has improved patient
safety, increase generic medication rates, and reduce costs for
the patient and health system.  E-visits, another unique
program, allows patients to communicate with their physician via
e-mail.

                      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.


CKS HOLDINGS: Claims Filing Period Ends March 31
------------------------------------------------
Creditors of CKS Holdings Ltd. have until March 31, 2008 to
prove their debts by sending written statements of the amount
they claim to be due to them from the company to:

         Peter Hollis
         Liquidator
         Vantis Business Recovery Services
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         England

Peter Hollis of Vantis Business Recovery Services was appointed
liquidator of the company on Jan. 25 for the creditors'
voluntary winding-up procedure.


DUFLEX LTD: Brings In Administrators from Begbies Traynor
---------------------------------------------------------
Richard A.B. Saville and Peter A. Blair of Begbies Traynor were
appointed joint administrators of Duflex Ltd. (Company Number
02417720) on Feb. 6, 2008.

Begbies Traynor -- http://www.begbies.com/-- assists companies,  
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.  

The company can be reached at:

          Duflex Ltd.
          Unit B
          Newbold Drive
          Castle Donington
          Derby
          Derbyshire
          DE74 2QX
          England
          Tel: 01332 810 811
          Fax: 01332 810 657


ELECTRONIC DATA: Taps Palma as VP of Global Information Security
----------------------------------------------------------------
Electronic Data Systems has appointed Bryan Palma as vice
president, Global Information Security.  He is responsible for
driving growth, competitiveness and quality through end-to-end
product development and delivery across the company's Global
Information Security service line.

"With the explosive global growth of electronic commerce,
information security and regulatory compliance are fundamental
to any engagement with clients and prospects," said senior vice
president of Service Delivery Operations, Kevin Torgerson.  
"Bryan brings a rare combination of high-level government and
global corporate experience and expertise to this position.  We
look to Bryan and his team to keep EDS at the forefront in
providing innovative services in this critical area."

Mr. Palma will coordinate the company's information security
activities and lead in the design and deployment of information
security services and solutions to meet the ever-growing needs
of the company's global clients.

Mr. Palma joins the company from Ponic LLC, the Texas-based
global strategic consulting firm that he founded in early 2006,
which assists corporations with matters of security, compliance
and privacy . Prior to founding Ponic, Mr. Palma was chief
information security officer for PepsiCo.  In that role, he
created the company's information security organization.

Mr. Palma began his career as a special agent with the United
States Secret Service and led many of the agency's early efforts
to combat electronic crime.  As co-founder of the Washington
D.C. Electronic Crimes Taskforce, he also was influential in
developing similar organizations throughout the country.  Mr.
Palma worked on numerous high-profile electronic crime
investigations, coordinated protective intelligence advances for
the President and Vice President of the United States, and
supervised numerous cyber assessments.

Mr. Palma holds a master of business administration degree from
Duke University, a master of education, counseling and personnel
services degree from the University of Maryland and a bachelor
of arts degree from the University of Richmond.

                About Electronic Data System

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

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

                         *     *     *

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


HIGH FREQUENCY: Names Joint Administrators from Vantis
------------------------------------------------------
Michael Young and Nigel Hamilton-Smith of Vantis were appointed
joint administrators of High Frequency Solutions Ltd. (Company
Number 04119216) and High Frequency Solutions (Audio & Visual)  
Ltd. (Company Number 04976274) on Jan. 30, 2008.

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

The companies can be reached at:

          High Frequency Solutions Ltd.
          Red Rose Court
          Clayton Le Moors
          Accrington
          Lancashire
          BB5 5JR
          England
          Tel: 0845 458 1998
          Fax: 0845 458 1995


HOME ELECTRIC: Claims Filing Period Ends March 31
-------------------------------------------------
Creditors of Home Electric Services (Northern) Ltd. have until
March 31, 2008, to send their names and addresses with
particulars of their debts or claims, to:

         Thomas Dixon
         Liquidator
         Tenon
         West One
         114 Wellington Street
         Leeds
         LS1 1BA
         England

Thomas Dixon was appointed liquidator of the company on Feb. 6
for the creditors' voluntary winding-up procedure.


ICKRINGILL AND NORTON: Appoints Tenon as Joint Administrators
-------------------------------------------------------------
David Antony Willis and Matthew Colin Bowker of Tenon Recovery
were appointed joint administrators of Ickringill and Norton
Ltd. (Company Number 1268698) on Feb. 6, 2008.

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.

The company can be reached at:

          Ickringill and Norton Ltd.
          10 Rossett Avenue
          Harrogate
          North Yorkshire
          HG2 9NA
          England
          Tel: 01423 872 149
          Fax: 01423 560 249


INTELSAT LTD: Fitch Cuts & Withdraws Ratings
--------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of
Intelsat, Ltd. to 'CCC' from 'B'.  In addition, Fitch has
removed Intelsat from Rating Watch Negative, where the ratings
were placed on June 20, 2007.  Fitch is also withdrawing all
existing ratings of Intelsat and its subsidiaries.

These ratings are downgraded and withdrawn:

Intelsat, Ltd.

  -- Issuer Default Rating to 'CCC' from 'B';
  -- Senior unsecured notes to 'CC/RR6' from 'CCC/RR6'.

Intelsat (Bermuda), Ltd. (debt transferred to Intelsat Jackson
Holdings)  

  -- IDR to 'CCC' from 'B';

  -- Senior unsecured guaranteed notes to 'B-/RR2' from
     'BB-/RR2';

  -- Guaranteed Term Loan to 'B-/RR2' from 'BB-/RR2';

  -- Senior unsecured non-guaranteed notes to 'CCC-/RR5' from
     'CCC+/RR6'.

Intelsat Intermediate Holding Company, Ltd.

  -- IDR to 'CCC' from 'B';

  -- Senior unsecured discount notes to 'CCC-/RR5' from
     'B-/'RR5'.

Intelsat Subsidiary Holding Company, Ltd.

  -- IDR to 'CCC' from 'B';
  -- Senior secured credit facilities to 'B/RR1' from 'BB/RR1';
  -- Senior unsecured notes to 'B-/RR2' from 'BB-/RR2'.

Intelsat Corporation (fka PanAmSat Corporation)

  -- IDR to 'CCC' from 'B';
  -- Senior secured credit facilities to 'B/RR1' from 'BB/RR1';
  -- Senior secured notes to 'B/RR1' from 'BB/RR1';
  -- Senior unsecured notes to 'CCC+/RR3' from 'B/RR4'.

Fitch did not rate the US$4.96 billion acquisition debt,
represented by the senior bridge loan and PIK election
bridge loan, assigned to and assumed by Intelsat (Bermuda).

Fitch's action follows the acquisition by funds controlled by
private equity firm BC Partners and certain other investors in a
highly leveraged transaction.  The transaction increased debt by
approximately US$3.7 billion, resulting in pro forma debt-to-
EBITDA of approximately 9.4 times based on the last 12 months
EBITDA as of Sept. 30, 2007.

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


JWB FINISHERS: Renaultprint Taps Grant Thornton as Receivers
------------------------------------------------------------
Renaultprint Ltd. appointed Neil Tombs and Alistair Gareth
Wardell of Grant Thornton UK LLP joint administrative receivers
of JWB Finishers Ltd. (Company Number 04725564) on Feb. 4, 2008.

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

The company can be reached at:

          JWB Finishers Ltd.
          Pountney Street
          Wolverhampton
          West Midlands
          WV2 4HX
          England
          Tel: 01902 452 209
          Fax: 01902 352 918


MUSTIQUE 2007-1: Fitch Assigns Distressed Recovery Ratings
----------------------------------------------------------
Fitch Ratings has downgraded and assigned Distressed Recovery
ratings to the Securitized Product of Restructured Collateral
Limited SPC Mustique Series 2007-1 notes, due December 2051:

   -- EUR19.62 million Class A2A: downgraded to 'C' (DR6) from
      'B'

   -- EUR19.62 million Class A2B: downgraded to 'C' (DR6) from
      'CCC'

   -- EUR19.62 million Class B: downgraded to 'C' (DR6) from
      'CC'

   -- EUR13.08 million Class C: downgraded to 'C' (DR6) from
      'CC'

   -- EUR19.62 million Class D: downgraded to 'C' (DR6) from
      'CC'

   -- EUR8.175 million Class E: downgraded to 'C' (DR6) from
      'CC'

Following the occurrence of floating amount events on
Dec. 5, 2007, the tranche notional amount of all classes of
notes has reduced to EUR0.  The floating amount events were due
to a 100% implied writedown of seven reference obligations in
the portfolio.  This writedown totaled US$222.740 million and
represents 26% of the total portfolio notional amount.

The issuers are segregated SPVs incorporated in the Cayman
Islands and in the State of Delaware for the purposes of co-
issuing the notes. Mustique provides protection on 23 tranches
of cash and hybrid CDOs of mainly US prime and sub-prime RMBS
through a portfolio credit default swap. Credit events are based
on a pay as you go template and include implied writedown based
on the over-collateralisation of the reference CDO tranches.


NORTHERN ROCK: UK Government Opts for Temporary Public Ownership
----------------------------------------------------------------
The UK Government on Sunday, Feb. 17, 2008, decided to bring
forward legislation that will enable Northern Rock plc to be
taken into a period of temporary public ownership.  The
Government has taken this decision after full consultation with
the Bank of England and the Financial Services Authority.  The
Government's financial adviser, Goldman Sachs, has concluded
from a financial point of view that a temporary period of public
ownership better meets the Government's objective of protecting
taxpayers.

Northern Rock will be open for business as usual on Monday,
February 18, 2008 and thereafter.  Branches will be open;
Internet and call center services will operate as normal.  All
Northern Rock employees remain employed by the company.  
Depositors' money remains absolutely safe and secure.  The
Government's guarantee arrangements remain in place and will
continue to do so.  Borrowers will continue to make their
payments in the normal way.  The Financial Services Authority
have advised that Northern Rock remains solvent.

The Government set out its objectives last year that would guide
its actions in relation to Northern Rock:

   -- the protection of depositors' money;
   -- protection of the taxpayer; and
   -- maintaining wider financial stability.

The Government has consistently and successfully taken action to
meet these objectives.  Last year the Government agreed to
provide support to Northern Rock because, in the prevailing
market conditions, there was a serious risk that other parts of
the banking system in Britain could have been destabilized.  
That support was successful and prevented further contagion.  
The Government was also determined to safeguard depositors'
money and took action to put in place arrangements, which have
been successful in doing so.  None of the guarantees have been
called and therefore there has been no cost to the taxpayer.

While in September and October 2007 uncertainty in the market
place made it difficult to attract potential buyers for Northern
Rock, in November and December the board of Northern Rock
received a number of expressions of interest.  The Government
decided to test these proposals.  However, it became clear that
no institution was prepared to make an offer for Northern Rock
without some form of public support because of prevailing market
conditions.

The Government was, therefore, prepared to consider a backstop
guarantee arrangement to allow the Board and shareholders to
explore a private sector solution, provided the terms and
conditions were acceptable and met the principles set out by the
Government.  In the meantime, the Chancellor of the Exchequer,   
Alistair Darling, made clear that a temporary period of public
ownership remained an option, and that any solution would need
to represent good value for money for the taxpayer.

Two detailed private sector proposals were received: one from
the Virgin Consortium and the other, a Northern Rock led
restructuring plan.  These were considered alongside temporary
public ownership.

The Government is very grateful to the bidders for their work to
establish whether a private sector-led solution on acceptable
terms could be found.

Both proposals involve a degree of risk for taxpayers and very
significant implicit subsidy from the Treasury, involving a
payment below the market rate to the Government for continuation
of its guarantee arrangements and for the financing the
Government would be putting in place.

Each proposal has pros and cons.  The Virgin proposal would have
brought a new brand and management.  However, the taxpayer would
only have seen any share of the private sector's return if the
value of the business to its investors had reached at least
GBP2.7 billion.

The Board's proposal would have involved a similar level of
subsidy.  But it had other disadvantages, compared with Virgin,
including: it would bring in less new capital, providing less
"buffer" protecting the taxpayer from risk; and the business
would have been dependent on Government guarantees for new
retail deposits for longer.

A subsidy on the scale required would not, in the Government's
judgment, provide value for money for the taxpayer, in
circumstances where the private sector rather than the taxpayer
would secure the vast majority of the value created over the
period ahead.  This would be a poor reflection of the balance of
risk borne by the two sides.

By contrast, under public ownership the Government will secure
the entire proceeds from the future sale of the business in
return for bearing the risks in this period of market
uncertainty.

The Government has concluded that the private sector
alternatives do not meet the test of protecting the taxpayer's
interest, when compared with the alternative.  Accordingly, and
taking all the wider considerations into account, the Government
has concluded that the right approach is to take the company
into a period of temporary public ownership.

It is also the Government's clear assessment that, under the
approach the Government is taking, the taxpayer will see its
outstanding loans to Northern Rock repaid in full, with interest
-- and that the business can and will be returned to the private
sector as financial markets stabilize.

On Monday, February 18, 2008, before the markets open, it is
expected that the UK Listing Authority will announce that
Northern Rock's shares will be suspended from listing prior to
the opening of the London Stock Exchange.

                        Nationalization Bill

The Government will also introduce a Bill that will enable the
bank to be brought into temporary public ownership.  Full
details will be provided to Parliament.

The legislation will enable the Government to acquire the bank's
shares.  It will provide for compensation to be determined by an
independent valuer.  It will allow for the running of the bank
and for the eventual transfer back into the private sector as
soon as it is right to do so.

The Bill gives the Government a general power to acquire the
shares in, or assets and liabilities, of institutions.  But the
Government is clear that this legislation is only being
introduced now because there is a need to bring Northern Rock
into temporary public ownership.

The Bill has deliberately been drafted to ensure that a bank can
only be acquired in certain tightly defined circumstances.  And
that power will only last for twelve months.  The Chancellor has
previously announced a consultation, which will lead to
permanent legislation to deal with situations like this in the
future.

                         New Management

Northern Rock will be managed on arms' length terms, as a
commercial entity, by a newly appointed experienced and
professional management team.

The Government has appointed Ron Sandler CBE, former chief
operating officer of NatWest Group and chief executive of
Lloyd's of London, who will be Executive Chairman of the company
immediately upon the legislation coming into force.  Mr. Sandler
will in due course recruit a new chief executive, at which point
he will become non-executive chairman.

According to the Daily Telegraph, Mr. Sandler may have to shrink
Northern Rock's size.

"Achieving the objections we have set ourselves will require
returning the bank to a more sustainable size," Mr. Sandler was
quoted by the Telegraph as saying.

Ann Godbehere, former chief financial officer of Swiss Re, will
be appointed as chief financial officer of the company for the
initial phase of public ownership.

                        Virgin's Reaction

"All of us in the Virgin consortium are very disappointed that
the Government has chosen to opt for Nationalization.  We were
very clear the business plan we put forward was robust,
conservative but ultimately capable of rescuing the interests of
all stakeholders.  However we must accept the decision with good
grace and hope that the Rock will somehow find better
fortune in the future," Virgin Group head Sir Richard Branson
said.

We have tried our best to save the Northern Rock and the jobs of
the staff.  We put all the resources of Virgin's senior
management team on this for five months and we believe had a  
very strong proposal, an experienced team and one of Britain's
best brands.  Our team will now put all their efforts into
turning Virgin Money into a formidable force in the Financial
Services industry.   We wish the Rock and its staff the best of
luck with the future."

"I would like to put on record my admiration for the
professionalism of the team led by Jayne Anne Gadhia.  I was
enormously impressed by their intelligence and capacity for
sheer hard work in devising a business case to save the Rock,"
Mr. Branson added.

                   Shareholders' Action

Meanwhile, Northern Rock shareholders, including SRM Capital and
the UK Shareholders Association, are contemplating a legal
action over the Government's decision to nationalize the bank  
in an effort to protect their investment, the Daily Telegraph
reports.

A spokesman for UKSA told the paper "it seems the only reason
that the Government has chosen nationalization is because it
offers better value to the taxpayers," adding "this is
equivalent to a thief telling you it offers better value to him
to steal from you, than to enter into a commercial transaction
with you."

SRM, which holds an 11% stake in Northern Rock, may join forces
with RAB Capital and Legal & General, two of the bank's major  
shareholders, to challenge the Government's decision.

SRM earlier submitted to HM Treasury a paper explaining why the
European State Aid regime has been misapplied to Northern Rock.  

The paper contains these conclusions:

    * The measures afforded to Northern Rock by the Bank of
      England and the Treasury do not amount to state aid.  The
      Bank of England was carrying out one of the
      responsibilities of central banks -- provision of
      liquidity to solvent banks during a systemic crisis --
      just as the European Central Bank and the U.S. Federal
      Home Loan Banks have provided hundreds of billions of
      euros and dollars of liquidity secured against mortgage     
      assets over the last few months.  Northern Rock received
      no competitive advantage from the measures.

    * The Government incorrectly conceded that measures were
      state aid, did not argue forcefully enough (or at all)
      that the state aid regime did not apply, and has not made
      any appeal of the Commission's decision.

    * As a consequence, the criteria set out by the Treasury for
      continued liquidity support are flawed.

    * As a further consequence, the Government has made it more
      difficult for itself to argue that Northern Rock is not
      the beneficiary of state aid, once the current  interim
      approval expires on March 17, 2008.

    * Even if Northern Rock is deemed to be in receipt of state
      aid post March 17, 2008, any aid would fall within the
      exemption covering measures designed to remedy a serious
      disturbance in the economy of a member state.

    * Even if the Commission correctly deemed this to be a
      "rescue and restructuring aid" situation, this is an
      exceptional case which does not warrant the imposition of
      undue compensatory measures.  Northern Rock is and always
      has been solvent.  Any restrictions, which the Government
      already seems to have anticipated, can only delay Northern
      Rock's return to independent liquidity and may have a
      serious impact on the livelihood of thousands of
      employees.

    * If, however, the Government takes the decision to
      nationalize Northern Rock, then state aid issues will, in
      contrast, be a major constraint on its freedom to act,
      potentially putting jobs and taxpayers' money at risk.

Furthermore, SRM believes that any abuse of the power to
nationalize to impose an external bid upon Northern Rock would
be a violation of the stated responsibility of a central bank to
provide liquidity during systemic financial crises.  Against
this background, it would be a mistake for the Government to
take a decision on private sector bids and the future of
Northern Rock without revisiting the question of state aid and
the appropriateness of its criteria.

SRM argued Northern Rock is a solvent bank with best-in-class
operations and the full support of its employees, shareholders
and depositors.  Because neither depositors' nor taxpayers'
money is at risk, there is no need for any unduly hasty
decision.

                    About Northern Rock plc

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

                          *     *     *

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

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

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


RWP JOINERY: Claims Filing Period Ends May 13
---------------------------------------------
Creditors of RWP Joinery Ltd. have until May 13, 2008 to send
their full names, address and descriptions, full particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any), to:

         David Elliott
         Liquidator
         Moore Stephens LLP
         Victory House
         Admiralty Place
         Chatham Maritime
         Kent
         ME4 4QU
         England


David Elliott of Moore Stephens LLP was appointed liquidator of
the company on Feb. 12 for the creditors' voluntary winding-up
procedure.


SANDERDALE LTD: Appoints BDO Stoy to Administer Assets
------------------------------------------------------
Francis Graham Newton and Toby Scott Underwood of BDO Stoy
Hayward LLP were appointed joint administrators of Sanderdale
Ltd. (Company Number 01701400) on Feb. 4, 2008.

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

The company can be reached at:

          Sanderdale Ltd.
          Unit 2 Isis Court
          Rosetta Way
          York
          North Yorkshire
          Y26 5NA
          England
          Tel: 01904 788 791
          Fax: 01904 786 246


SEA CONTAINERS: Wants to Extend Plan-Filing Period to April 15
--------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to further extend,
until April 15, 2008, their exclusive period to file a plan of
reorganization.

In addition, the Debtors asked the Court to move to June 16,
2008, the deadline for them to solicit acceptances of that plan.

The Debtors note that in accordance with Section 1121(d)(2) of
the Bankruptcy Code, this will be their last request for an
extension of the Exclusive Periods.

Edmon L. Morton, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, relates that since filing their last
exclusivity request, the Debtors have made substantial progress
on the (i) change of control arbitration, and (ii) treatment of
claims arising on account of the Debtors' pension scheme
liabilities.  The Debtors also hope to engage in discussions
with GE to resolve open disputed issues between them with
respect to GE SeaCo.

Mr. Morton relates that the Debtors obtained a favorable result
in the change of control arbitration.  The arbitrator ruled in
favor of Sea Containers Ltd. by finding that a change of control
did not occur as a result of the resignation of Jim Sherwood,
its president, chief executive officer, and chairman of the
board.

The decision significantly reduces the uncertainty surrounding
one of the Debtors' most valuable assets, and provides more
clarity as to the appropriate Chapter 11 plan alternative to
pursue, Mr. Morton notes.  Moreover, the decision enables the
Debtors to seek reimbursement for the millions of dollars in
fees and expenses incurred in the arbitration.

The Debtors also relate that they have reached agreement on the
terms of a settlement with the Official Committee of Unsecured
Creditors for Sea Containers Services Ltd. and the Pension
Trustees with respect to the Debtors' pension scheme
liabilities.  The Debtors expect to file a request to approve
the settlement in the near term.

Mr. Morton asserts that maintaining exclusivity will allow the
Debtors to focus on obtaining approval of the Pension
Settlement, which the Debtors' view as a prerequisite to filing
a Chapter 11 plan.  Failure to obtain the extension can lead
only to unnecessary distraction and delay in resolving the
Debtors' pension scheme liabilities, a task that must be
completed before a viable Plan can be presented to the Court, he
says.

The extension requested will allow the Debtors time to finalize
development of their Plan, which is necessarily intertwined with
approval of the Pension Settlement, Mr. Morton points out.  He
discloses that the the Debtors, in consultation with the
Official Committees of Unsecured Creditors, continue to explore
Plan alternatives in the hope of filing a Plan soon after
approval of the Pension Settlement, if obtained.

The Debtors believe that the requested extension will also
facilitate the arrangement of exit financing.

Mr. Morton notes that the Debtors and the GE affiliates involved
in GE SeaCo are also working to resolve certain open issues
relating to GE SeaCo.  The resolution will factor in and foster
a consensual Plan.

                        About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court previously gave the Debtors until Feb. 20, 2008 to
file a plan of reorganization.


SEA CONTAINERS: Posts US$227,425 Earnings in Month Ended Dec. 31
----------------------------------------------------------------
                      Sea Containers, Ltd.
                     Unaudited Balance Sheet
                     As of December 31, 2007

                             Assets

Current Assets
   Cash and cash equivalents                       US$42,613,906
   Trade receivables, less allowances
      for doubtful accounts                              366,826
   Due from related parties                              678,431
   Prepaid expenses and other current assets           1,104,484
                                                    ------------
      Total current assets                            44,763,647

Fixed assets, net                                              -

Long-term equipment sales receivable, net                      -
Investments in group companies                       143,546,856
Intercompany receivables                                       -
Investment in equity ownership interests             219,264,558
Other assets                                           3,532,187
                                                    ------------
Total assets                                      US$411,107,248

              Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                                  
US$11,248,427
   Accrued expenses                                   66,036,441
   Current portion of long-term debt                 173,147,423
   Current portion of senior notes                   385,436,121
                                                    ------------
      Total current liabilities                      635,868,412

Total shareholders' equity                         (224,761,164)
                                                    ------------
Total liabilities and shareholders' equity        US$411,107,248


                      Sea Containers, Ltd.
                Unaudited Statement of Operations
              For the Month Ended December 31, 2007

Revenue                                             (US$576,334)

Costs and expenses:
   Operating costs                                       104,364
   Selling, general and admin. expenses              (2,529,631)
   Professional fees                                 (4,188,223)
   Charges against intercompany accounts               5,504,075
   Impairment of investment in subsidy Co.                     -
   Forgiveness of intercompany debt                            -
   Depreciation and amortization                               -
                                                    ------------
      Total costs and expenses                       (1,109,415)
                                                    ------------

Gain or (Loss) on sale of assets                               -
                                                    ------------
Operating income (loss)                              (1,685,749)

Other income (expense)
   Investment income                                   1,714,999
   Foreign exchange gains or (losses)                   (32,636)
   Interest expense, net                             (4,504,861)
                                                    ------------
Income (Loss) before taxes                           (4,508,247)
Income tax expense                                     (519,900)
                                                    ------------
Net (Loss)                                        (US$5,028,147)


                     Sea Containers Services
                     Unaudited Balance Sheet
                     As of December 31, 2007

                             Assets

Current Assets
   Cash and cash equivalents                           US$54,206
   Trade receivables                                      16,230
   Due from related parties                              670,771
   Prepaid expenses and other current assets           2,739,916
                                                    ------------
      Total current assets                             3,481,123

Fixed assets, net                                         27,645

Investments                                            2,677,370
Intercompany receivables                              53,743,237
Other assets                                                   -
                                                    ------------
Total assets                                       US$59,929,375

              Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                                 US$1,276,545
   Accrued expenses                                    1,065,629
   Current portion of long-term debt                   1,515,069
                                                    ------------
      Total current liabilities                        3,857,243

Total shareholders' equity                            56,072,132
                                                    ------------
Total liabilities and shareholders' equity         US$59,929,375


                     Sea Containers Services
                Unaudited Statement of Operations
              For the Month Ended December 31, 2007

Revenue                                             US$2,394,653

Costs and expenses:
   Operating costs                                             -
   Selling, general and admin. expenses                (277,060)
   Professional Fees                                   (454,102)
   Other charges                                               -
   Depreciation and amortization                     (1,352,681)
                                                    ------------
      Total costs and expenses                       (2,083,842)
                                                    ------------

Gains on sale of assets                                 (33,311)
                                                    ------------
Operating income (loss)                                  277,500

Other income (expense)
   Interest income                                            70
   Foreign exchange gains (losses)                         1,142
   Interest expense, net                                (51,286)
                                                    ------------
Income (Loss) before taxes                               227,425
Income tax credit                                              -
                                                    ------------
Net Income                                            US$227,425

Sea Containers Caribbean, Inc., reported zero assets and
accounts payable of US$3,530,094, as its sole liabilities in its
December 2007 balance sheet.

A full-text copy of the Debtors' schedules of cash receipts and
disbursements is available for free at:
http://bankrupt.com/misc/SeaCon_Dec2007_CashSchedule.pdf  

As of Feb. 8, 2008, Sea Containers Ltd. has not filed its
form 10-K report for fiscal year ended December 31, 2005, or
later, nor has it filed form 10-Q reports for the quarters ended
March 31, 2006, June 30, 2006, Sept. 30, 2006, Dec. 31, 2006,
March 31, 2007, June 30, 2007, Sept. 30, 2007, and Dec. 31,
2007.

                        About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  The Court gave the Debtors until Feb. 20,
2008 to file a plan of reorganization.  (Sea Containers
Bankruptcy News, Issue No. 36; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SHAW GROUP: Cash Flow Improvement Cues S&P's Positive Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
The Shaw Group Inc. to positive from stable.  At the same time,
S&P affirmed its 'BB' corporate credit rating on the company.
      
"The outlook revision reflects Shaw's improved cash flow and
favorable prospects in its end markets," said S&Ps credit
analyst Dan Picciotto.  The company has accumulated a sizable
US$14 billion backlog.
     
The ratings on Shaw Group continue to reflect the company's weak
business risk profile, marked by exposure to cyclical end
markets, although it has leading market positions in some
segments.  The company also has an aggressive financial risk
profile.
     
S&P could raise the ratings if the company continues to
demonstrate solid cash flow and a disciplined financial policy.

                       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.


SYMMETRY MEDICAL: Preliminary 4th Qtr. Revenue is US$79.1 Mil.
--------------------------------------------------------------
Symmetry Medical Inc. reported preliminary fourth quarter 2007
revenue of $79.1 million.

The company stated that additional financial results will not be
reported at this time.

                        Update on UK Unit

As previously disclosed on Oct. 4, 2007, the company’s Audit
Committee undertook a review of the accounting irregularities
uncovered at its Sheffield UK operating unit and that review is
continuing.  The review to date is substantially complete and
has not yielded evidence that persons outside the Sheffield, UK
operating unit were aware of the irregularities there, nor has
it identified misstatements at the company’s other business
units, although certain procedures are not yet complete.

Symmetry Medical plans to file its Form 10-K for fiscal year
2007, which will include restated financial statements for its
fiscal years ended 2005 and 2006, with the Securities and
Exchange Commission in March 2008.

Brian Moore, President and Chief Executive Officer, stated, “We
continue to be encouraged by the overall strength of the
orthopedic markets and the uptake in orders across our global
network.  We believe that we are well positioned to meet any
increased demand from our orthopedic customers, confirming our
decision to sustain capacity during periods of slower industry
growth.  We believe the continued demand for our Total Solutions
offering reflects our comprehensive offering and ability to
respond quickly to our customers’ needs.  Our recent acquisition
of DePuy’s orthopedic instrument facility further expands our
capacity and will benefit all of our customers by adding another
first class manufacturing facility to the group.  Progress at
our recently opened Malaysian Manufacturing facility is on
schedule with case production established.  We also have an
engineering and sales capability in place staffed by local
specialists trained in the U.S.  These are major steps towards
our goal of establishing a full service Symmetry facility in
Malaysia to serve the Asian market.”

For the full year 2008, the company expects revenue to be in the
range of $350 million to $360 million.

                     About Symmetry Medical

Based in Warsaw, Indiana, Symmetry Medical Inc. (NYSE: SMA) –
http://www.symmetrymedical.com/-- provides implants and related  
instruments and cases to the orthopedic device industry.  The
company also designs, develops and produces these products for
companies in other segments of the medical device market,
including arthroscopy, dental, laparoscopy, osteobiologic and
endoscopy sectors and provides limited specialized products and
services to non-healthcare markets, such as the aerospace
market.  The company has operations in the United Kingdom,
Ireland, France, Switzerland and Malaysia.

                        *     *     *

Following the Company’s notice to the Administrative Agent of
the Company’s discovery of accounting irregularities at its
Sheffield, UK operating unit, the Administrative Agent notified
the company that such irregularities constituted a default under
the Credit Agreement.  Based on the default, the Administrative
Agent had the right to accelerate the financial obligations of
the Company under the Credit Agreement.

On Oct. 10, 2007, the company entered into a forbearance
agreement with Wachovia Bank, National Association, as
Administrative Agent, Issuing Lender, Swingline Lender, and
Lender, General Electric Capital Corporation, as Syndication
Agent and Lender, RBS Citizens, N.A., as Documentation Agent and
Lender, Antares Capital Corporation, Navigator CDO 2004, LTD,
Fifth Third Bank, National City Bank, Wells Fargo HSBC Trade
Bank, N.A., The Northern Trust Company, and Comerica Bank, as
Lenders.

Pursuant to the Forbearance Agreement the Lenders have agreed to
forbear, until Jan. 7, 2008 (the “Forbearance Period”), from
exercising their rights and remedies available to them under the
Credit Agreement with respect to the events of default,
including their right to accelerate the financial obligations of
the Company under the Credit Agreement.  During the Forbearance
Period, revolving loans, swingline loans and letters of credit
will not be available to the Company.  Also, upon the expiration
of the applicable interest period for each of the Company’s
LIBOR loans, the LIBOR loans will convert to base rate loans.

On Dec. 14, 2007, the company, certain of the Company’s
subsidiaries, and Wachovia Bank, National Association, as
Administrative Agent, entered into a Waiver, Amendment and Term
A-2 Loan Incremental Term Loan Amendment to Amended and Restated
Credit Agreement. Pursuant to the terms of the Waiver, the
Administrative Agent waived specified events of default existing
under the Credit Agreement.  In addition, the Administrative
Agent, on behalf of itself and certain other lenders, (i)
consented to the acquisition of assets pursuant to an Asset
Purchase Agreement among DePuy Orthopaedics, Inc. and certain
subsidiaries of the company, and (ii) committed to extend
additional senior secured credit in the aggregate amount of
$60,000,000, and modify the terms of the Credit Agreement
accordingly.  Proceeds of the Incremental Term Loan are to be
used to fund the Acquisition; to pay, in part, the company’s
existing revolving credit facility; and to pay fees and expenses
in connection with the Waiver.

Credit under the Incremental Term Loan will not be extended
until the company and its subsidiaries have delivered to the
Administrative Agent (i) executed documents, including the
Waiver, documents granting security in collateral, legal
opinions, and certifications by organizational officers; (ii)
assurances with respect to the collateral to be pledged to the
Administrative Agent; (iii) financial statements and covenant
calculations; and (iv) the fees required to be paid in
connection with the Waiver.  In addition, the Incremental Term
Loan will not be consummated if a default exists under the
Credit Agreement either before or after giving effect to the
Incremental Term Loan.

The Incremental Term Loan will mature June 13, 2011. Quarterly
installments of principal are to be paid so as to reduce the
principal balance by five percent (5%) in 2008, ten percent
(10%) in 2009, fifteen percent (15%) in 2010 and seventy percent
(70%) in 2011.  The company retains the right to have borrowed
funds bear interest at the London Interbank Offered Rate (LIBOR)
plus an applicable margin or at a “Base Rate” plus an applicable
margin.  The applicable margins have been modified under the
Waiver, and until such time as the company is current in filing
its reports under Section 13 and 15(d) of the Securities
Exchange Act, as amended, all applicable margins are increased
by 0.50% and the margins are to be determined as though the
Company’s Total Leverage Ratio is greater than or equal to 2.0
to 1.0.  In addition, until such time as the company is current
in filing its reports under the Securities Exchange Act, the
company is limited in its ability to borrow under its current
revolving credit facility.

Other terms of the Credit Agreement remain substantially
unchanged by the Waiver.


TATA MOTORS: Launches Light Specialist Vehicle
----------------------------------------------
Tata Motors Ltd., on Saturday, displayed its new range of
tactical and armoured vehicles at the Defence Expo 2008.  This
range showcases the company's expertise in providing a wide
range of military mobility solutions.  The company launched its
Tata Light Specialist Vehicle at the Defence Expo.

Tata Motors has been providing defence solutions for over five
decades.  The company's range of products on display at the
Defence Expo showcases the company's expertise in developing
vehicles that meet the entire spectrum of needs of the military
and para military forces.  Tata Motors' products have been
designed and customised as per evolving needs of the modern
military forces.  The Tata LSV is one such platform, which is
adaptable to multiple roles, depending on the mission.

Tata Light Specialist Vehicle: The Tata LSV, with a 1.2 tonne
payload, built to latest military standards, is a single
platform to undertake diverse missions such as reconnaissance,
counter insurgency operations for special forces and even as an
ambulance.  The Tata LSV's versatility enables it to perform on
the major parameters of Mobility, Survivability, Stealth,
Lethality, Transportability and Maintainability as per the
demands of a modern military force.

The Tata LSV has an adaptive automatic transmission, 60%
gradeability, 300 mm vertical obstacle climbing ability, 45%
approach angle, 45% departure angle, 255 mm ground clearance.
The vehicle can operate in a temperature range of –20 degree to
+55 degree Celsius.  The maximum speed of the vehicle is 105
km/hr.

The Tata LSV can be adapted depending on the requirement, to
offer any or all of the following:

    * Light Multipurpose Reconnaissance Vehicle (LAM)

    * Armed Reconnaissance Vehicle

    * LSV with Protection for Counter Insurgency Operations

    * Observation Post (OP) Party Vehicle

    * Field Artillery Tractor (FAT) for Para Field Artillery
      Regiments

    * Recce Vehicle for Gun Position Officer (GPO) for Artillery
      Regiments

    * Recce, Surveillance & Ghatak Platoon Vehicle for Infantry

    * Engineering Reconnaissance Vehicle

    * Common Utility Communication Vehicle

    * Ambulance Vehicle

    * Field Repair Team Vehicle

    * Para (SF) and BC/OC Parties of Para Field Regiment

    * Low Level Lightweight Radar for Air Defence Artillery

    * IGLA Carrier for Air Defence Artillery

    * Coverer Vehicle for Air Defence Artillery

    * LSV-based Light Radio Vehicle/Communication Rover for
      Signals

    * LSV for Tactical Satellite Terminals for Signals

    * Shelter for Unit Entity Vehicle for Signals

    * Cable Utility Vehicle for Corps of Signals

    * Shelter for Unit Field Wireless System for Corps of
      Signals

Other vehicles on display include:

Light Armoured Troop Carrier with RCWS (Remote Controlled Weapon
Station): The LATC is designed for movement of troops of section
strength for counter insurgency operation.  The vehicle protects
the troops against small arm fire and is fitted with bulletproof
glasses.  The vehicle floor is protected against hand grenade
blasts.  The vehicle has a split air conditioning unit for crew
comfort.  The LATC is fitted with suspended seats and has seat
belts for additional safety.  The fuel tank is filled with
explosive suppression material.

Armoured Safari: This NIJ Level III protection vehicle for VVIPs
is equipped with features like hand grenade protection for under
belly, extra wide footsteps for escorts and RYG (Red Yellow
Green) indicator for escort vehicles.  It comes with comfortable
interiors, plush seating, fine-tuned suspension, HVAC. The
armoured Safari has run flat tyres, five exit doors, and
explosive suppressant material in the fuel tank.

Tata 8x8 platform, a versatile battlefield mobility solution:
The Tata 8x8 is a unique and versatile platform, capable of
being configured to a host of military applications for Missile/
Weapon Stations, Surveillance Equipment, Communications and
Electronics Warfare Platforms, Bridge Laying, Tank Transporters,
Recovery Vehicles, Mobile Specialist Workshops, Hook Loader
Applications and Load Carriers.

On offer is a wide range of specifications to suit individual
applications.  A powerful 380-420 HP Engine and a versatile 9-16
speed gearbox power the Tata 8x8, with heavy-duty transfer cases
driving the hub reduction tandem axles to address requirement of
high speeds and severe gradients.  An option of automatic
transmission is also available in this range.

The compensating bogey suspension, capable of operating under
severe terrain conditions with full air brakes having optional
ABS, takes on a heavy-duty frame.  The vehicle is fitted with a
tiltable military cabin with good all around visibility, and is
compatible to up-armouring.

Tata Motors has been closely associated with Indian Armed Forces
since 1958.  Over 1, 00,000 vehicles have been supplied to
Indian military and paramilitary forces so far.  Tata Motors
defence solutions cover the complete range of logistics and
tactical vehicles.  The company has the rare distinction of
providing the defence forces with customised solutions for
specific defence applications.

                     About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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


* Beard Audio Bankruptcy Examiners & Identity Theft Conferences
---------------------------------------------------------------
The Beard Group Law and Business Publishers and the Troubled
Company Reporter announce two live, 90-minute teleconferences,
each with unlimited enrollment per call-in site.

   Examining the Examiners:
   Pros and Cons of Using Examiners in Chapter 11 Proceedings
   Wednesday, February 27, 2008
   1:30 p.m. -- 3:00 p.m. Eastern Time

   Do examiners help or hinder a restructuring case? Are their
   costs justified? This live, interactive program will be led
   by nationally renowned restructuring attorney Tom Salerno,
   who will discuss the latest developments in the use of
   bankruptcy case examiners. He'll also review the basic roles
   and responsibilities of examiners and examine both sides of
   the question of their cost-benefit. Save US$50 if you
   register by Feb. 20. Learn more by visiting:

             http://ResearchArchives.com/t/s?2807

   New "Red Flag" Identify Theft Rules:

   Assessing Your Risks and Managing Your Liabilities
   Thursday, February 28, 2008
   1:30 p.m. -- 3:00 p.m. Eastern Time

   New federal rules -- called the "Red Flag Regulations" --
   require all financial institutions as well as providers of
   credit to adopt extensive identity theft policies and
   programs. These sweeping new rules impact all businesses
   that extend, renew or continue credit. Are you ready for
   these rules? Attend this live, interactive program and hear
   noted privacy expert Luis Salazar explain your new
   responsibilities and provide real-world compliance
   strategies for minimizing your latest risks and liabilities.
   Save $100 if you register by February 21.  For more
   information, visit:

             http://ResearchArchives.com/t/s?2808

Can't make the scheduled date and time?

Order the Audio CD recording of either conference. Or get the
CONFERENCE PLUS option that allows you to attend the audio
conference AND get the Audio CD recording at a discounted price.
For either option, visit http://www.beardaudioconferences.comor  
call (240) 629-3300.

HOW TO REGISTER:
   1. Call 240-629-3300 and charge your tuition investment to a     
      major credit card, or

   2. Visit http://www.beardaudioconferences.comfor fast and  
      convenient online registration.

   3. Mail your check payable to Beard Audio Conferences to:
      Beard Group, P.O. Box 4250, Frederick, MD 21705-4250
     (checks must be received 48 hours prior to conference).

Continuing Education Credit:

Training is accredited for 1.50 MCLEs in California, and
applications are pending in the states of Texas and Tennessee.
New York has reciprocity with California and Tennessee. For non-
attorneys and attorneys practicing in other states, Certificates
of Attendance are available upon request.

Press Release
Contact: Martin L. Heavner
martin@beard.com


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                            *********


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

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

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

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

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

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


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