TCREUR_Public/080220.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, February 20, 2008, Vol. 9, No. 36

                            Headlines




A U S T R I A

GRAF & MUELLER: Claims Registration Period Ends April 8
HEDOC AUTOMOBIL: Claims Registration Period Ends March 18
KFZ-SCHADEN: Claims Registration Period Ends March 17
PEWA HANDEL: Claims Registration Period Ends March 27
PSM GASTROEVENT: Claims Registration Period Ends March 12

UBT BAU: Claims Registration Period Ends March 27


B E L A R U S

BELAGROPROMBANK JSC: Moody's Places Bank FSR at E+


B E L G I U M

MEGA BRANDS: Works with Intertek to Develop Ingestion Gauge
SOLUTIA INC: Court Delays Ruling on Citigroup CEO's Depostion


F R A N C E

CHARLES JOURDAN: Receiver Inviting Bidders for Assets
DELPHI CORP: Wants Bankruptcy Court to Keep Stay of ERISA Case
RHODIA SA: Pascal Juery Appointed as President for Novecare
SORT ET CHASLE: Undergoes Compulsory Liquidation  
THOMSON SA: Posts EUR23 Million Net Loss for 2007

THOMSON SA: Inks Joint Venture Agreement with NXP Semiconductors
THOMSON SA: Moody's Puts Ratings Under Review & May Downgrade

G E R M A N Y

AMBRE GERMANYP: Claims Registration Period Ends March 15
AUTO KRUEGER: Claims Registration Period Ends March 4
BALZAT WERKZEUGMASCHINENFABRIK: Claims Filing Ends March 15
COLLECTION VIDEO: Claims Registration Ends March 20
DEMHARTER NATURSTEIN: Claims Registration Ends March 20

DHI GMBH: Claims Registration Period Ends March 18
FFH GMBH: Claims Registration Ends March 20
GRAND AZUR: Claims Registration Period Ends March 18
HS & S LOGISTIK: Claims Registration Period Ends March 3
RICH GERMANY: Claims Registration Period Ends February 27

RIEDIGER GMBH: Claims Registration Period Ends March 15
S & H GRAU: Creditors' Meeting Slated for March 6
TEN VERLAGS-UND: Creditors' Meeting Slated for February 29
UNITED FOODS: Claims Registration Period Ends March 3
* Fitch Says Interest Deduction Barrier Could Increase Defaults


I R E L A N D

SITEL WORLDWIDE: Moody's Gives Negative Outlook; Holds B2 Rating
TRIVIRIX INTERNATIONAL: Creditors Must File Claims by March 17


I T A L Y

ALITALIA SPA: Air France to Infuse EUR3 Billion in Three Years
BERRY PLASTICS: Inks US$520MM Sr. Secured Bridge Loan Agreement
BERRY PLASTICS: Posts US$31.3 Mln Net Loss in Qtr. Ended Dec. 29
GOODYEAR TIRE: Earns US$602 Million in 2007


K A Z A K H S T A N

AUTO SERVER-2004: Proof of Claim Deadline Slated for March 18
DSK LINE LLP: Creditors Must File Claims by March 21
HAMKI LLP: Claims Filing Period Ends March 18
INVEST-STROYPROGRESS LLP: Creditors' Claims Due on March 25
KAZINCOM CENTRE: Claims Registration Ends March 21

PAVLODAR-STROYPOLUS LLP: Claims Deadline Slated for March 25
ROSBELTEKS LLP: Creditors Must File Claims by March 18
ROSSISKO-KAZAKHSTANSKAYA COMPANIYA: Claims Period Ends March 25
TECHNOSTROY & K LLP: Creditors' Claims Due on March 25
TENGIZ & K LLP: Claims Registration Ends March 21


K Y R G Y Z S T A N

ATTANDR LLC: Creditors Must File Claims by March 7
CONTROL-LINE LLC: Claims Filing Period Ends March 7
STROYGRAD LLC: Claims Registration Ends March 7


L U X E M B O U R G

EVRAZ GROUP: To Buy 51% of Delong Holdings from Best Decade


R O M A N I A

TIMKEN CO: To Hike Carbon & Alloy Tubing Prices on April 1


R U S S I A

ATOLL OJSC: Creditors Must File Claims by March 28
BALASHOV-GRUZ-AVTO-TRANS: Creditors Must File Claims by March 28
CAUCASIA TOUR: Creditors Must File Claims by March 28
DON-XXI CJSC: Creditors Must File Claims by February 28
EVRAZ GROUP: To Buy 51% of Delong Holdings from Best Decade

VIMPEL-COMMUNICATIONS: Unit Closes Golden Telecom Tender Offer
KRASNOZNAMENSKOE OJSC: Creditors Must File Claims by March 28
MOBILE TELESYSTEMS: Buys Remaining 9% Stake in Mobilnye Sistemy
OGK-5 OAO: Enel SpA Sees 60% Stake Following Tender Offer
OGK-5 OAO: May Issue Bonds to Finance Operations

PETERSBURG FRUIT: Creditors Must File Claims by March 28
ROSNEFT OIL: Plans 12-Year RUR600-Bln Investment to Hike Output
SHELF AND CO: Creditors Must File Claims by February 28
SIBIRTELECOM OAO: Fitch Affirms Long-term IDR at 'B+
YUG-AGRO LLC: Creditors Must File Claims by February 28

* Fitch Says Liquidity Poses Constraint for Telecom Incumbents


S E R B I A   &   M O N T E N E G R O

* Fitch Says Kosovo Declaration Won't Affect Serbia's Ratings
* S&P Says Kosovo Declaration Won't Affect Serbia's Ratings


S W I T Z E R L A N D

HARTMANN PEOPLECARE: Creditors Must File Claims by Feb. 27
LADERACH CONSULTING: Creditors Must File Claims by Feb. 28
RAMEX LLC: Creditors' Liquidation Claims Due by Feb. 27
RESTAURANT HIRSCHEN: Creditors Must File Claims by Feb. 28
ROHA HARTMANN: Creditors' Liquidation Claims Due by Feb. 27

SEMURA HANDEL: Creditors' Liquidation Claims Due by Feb. 28
THEBLUEBOX.CH LLC: Zug Court Starts Bankruptcy Proceedings
T-CREATION BAU: Zurich Court Starts Bankruptcy Proceedings


T U R K E Y

TOPLU KONUT: Moody's Puts Local & Foreign Currency Rating at Ba3


U K R A I N E

ALIGATOR LLC: Claims Filing Deadline Set February 29
BALTAZAR-CLASS LLC: Creditors Must File Claims by February 29
BIAS CJSC: Creditors Must File Claims by February 29
CAPITAL-PLUS LLC: Creditors Must File Claims by February 29
CHEMER DISTILLERY: Claims Filing Deadline Set February 29

EKO-SERVICE LLC: Creditors Must File Claims by February 29
INDUSTRIAL ELECTROEQUIPMENT: Creditors' Claims Due Feb. 29
INTELVID LLC: Creditors Must File Claims by February 29
MARIAGVA BSM: Creditors Must File Claims by February 29
MONTI LLC: Creditors Must File Claims by February 29

ZARIA LLC: Creditors Must File Claims by February 29


U N I T E D   K I N G D O M

3CL REALISATIONS: Calls In Liquidators from Tenon Recovery
AXIUM INT'L: Entertainment Partners Completes Acquisition
CHALLENGER SYNDICATESHIPS: Appoints Begbies as Administrators
CHRYSLER LLC: Court Denies Plea to Pull Out Tooling Equipment
CLEAR CHANNEL: Expects CC Media Merger to Close by March 31

CLEAR CHANNEL: Sues to Compel Providence Equity to Close TV Deal
CLEAR CHANNEL: Required by DOJ to Shed Off Radio Stations
CLOCKWORX LTD: Taps PwC to Administer Assets
ELVI INVESTMENTS: Hires Joint Administrators from Baker Tilly
GLOBAL TRADER EUROPE: Opts for Administration Due to Deficit

GLOBAL TRADER EUROPE: Smith & Williamson Named as Administrators
INTELSAT LTD: S&P Chips Rating to B on Highly Leveraged Profile
KRISPY KREME: Standard Pacific Divests 6.1% Stake in Company
LIFEBACK CLINIC: Taps Liquidators from Tenon Recovery
MONEY PARTNERS: Moody's Cuts Rating on EUR15 Mln Notes to Ba2

NEWARK FINANCE: Appoints Administrators from Ernst & Young
NORTHERN ROCK: David Cameron Calls for Chancellor's Resignation  
NORTHERN ROCK: Temporary Public Ownership Right Move, PM Says
NORTHERN ROCK: Rescue Plans Carry Risks, Ron Sandler Says
NORTHERN ROCK: S&P Downgrades Preference Shares' Rating to C

OWL VISUAL: Brings In Administrators from Vantis
POWERHOUSE SAFETY: Hires Joint Administrators from KPMG
QUEBECOR WORLD: Wants to Pay Accrued Prepetition Commissions
QUEBECOR WORLD: U.S. Trustee Revises Creditors' Committee
QUEBECOR WORLD: Creditors' Panel Selects Akin Gump as Counsel

RAVEN HEALTHCARE: Brings In Liquidators from Moore Stephens
REED AUTOMOTIVE: Joint Liquidators Take Over Operations
REFCO INC: Ex-CEO Phillip Bennett Admits Fraud Charges
SMITH & FRANCIS: Taps Joint Administrators from Vantis
SPIRIT AEROSYSTEMS: Inks Service Contract with Cathay Pacific

TANNER KROLLE: Names Joint Administrators from Baker Tilly
UNIT HEATING: Appoints Liquidators from Baker Tilly
VANILLA SHOES: Hires Liquidators from Vantis
VOGUE ESTATES: Claims Filing Period Ends April 8
VOGUE MARINE: Claims Filing Period Ends April 8

WHISTLEJACKET CAPITAL: S&P Junks Issuer Credit Rating
WHITE PINE: S&P Downgrades Rating on Capital Notes to CC  
* Fitch Says European CMBS Performance Remained Stable in 2007




                            *********


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


GRAF & MUELLER: Claims Registration Period Ends April 8
-------------------------------------------------------
Creditors owed money by LLC Graf & Mueller Immobilienentwicklung
(FN 281690a) have until April 8, 2008, to file written proofs of
claim to court-appointed estate administrator Valentin Piskernik
at:

          Mag. Valentin Piskernik  
          Hochstrasse 31
          2380 Perchtoldsdorf
          Austria
          Tel: 01/86 93 888
          Fax: 01/869 16 60 33
          E-mail: anwalt@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 22, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Giesshuebl bei Wien, Austria, the Debtor
declared bankruptcy on Jan. 30, 2008 (Bankr. Case No. 11 S
14/08g).  


HEDOC AUTOMOBIL: Claims Registration Period Ends March 18
---------------------------------------------------------
Creditors owed money by LLC Hedoc Automobil Handel (fka LLC Auto
Docsek U.S.- Automobil Import) (FN 112924s) have until
March 18, 2008, to file written proofs of claim to court-
appointed estate administrator Eva-Maria Bachmann-Lang at:

          Dr. Eva-Maria Bachmann-Lang
          c/o Dr. Christian Bachmann  
          Opernring 8
          1010 Vienna
          Austria
          Tel: 512 87 01
          Fax: 513 82 50
          E-mail: bachmann.rae@aon.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on April 1, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 28, 2008 (Bankr. Case No. 4 S 13/08a).  Christian
Bachmann represents Dr. Bachmann-Lang in the bankruptcy
proceedings.


KFZ-SCHADEN: Claims Registration Period Ends March 17
-----------------------------------------------------
Creditors owed money by Kfz-schaden-verein have until
March 17, 2008, to file written proofs of claim to court-
appointed estate administrator Stefan Jahns at:

          Mag. Stefan Jahns
          c/o Mag. Beate Holper  
          Gonzagagasse 15
          1010 Vienna
          Austria
          Tel: 532 17 11
          Fax: 532 17 11 11
          E-mail: kanzlei@jahns.co.at     

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 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. 29, 2008 (Bankr. Case No. 3 S 9/08f).  Beate Holper
represents Mag. Jahns in the bankruptcy proceedings.


PEWA HANDEL: Claims Registration Period Ends March 27
-----------------------------------------------------
Creditors owed money by LLC Pewa Handel (FN 269796i) have until
March 27, 2008, to file written proofs of claim to court-
appointed estate administrator  Martina Simlinger-Haas at:

          Dr. Martina Simlinger-Haas  
          Reisnerstrasse 31
          1030 Vienna
          Austria
          Tel: 713 99 46
          Fax: 713 99 46 22
          E-mail: ra.reisnerstr31@aon.at     

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1701
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 29, 2008 (Bankr. Case No. 6 S 11/08x).


PSM GASTROEVENT: Claims Registration Period Ends March 12
---------------------------------------------------------
Creditors owed money by  LLC Psm Gastroevent (fka LLC W. M.
Nossal) (FN 72148a) have until March 12, 2008, to file written
proofs of claim to court-appointed estate administrator Erwin
Senoner at:

          Dr. Erwin Senoner  
          Alser Strasse 21
          1080 Vienna
          Austria
          Tel: 406 05 51
          Fax: 406 96 01
          E-mail: kanzlei@just.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on March 23, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 29, 2008 (Bankr. Case No. 38 S 6/08x).  


UBT BAU: Claims Registration Period Ends March 27
-------------------------------------------------
Creditors owed money by LLC Ubt Bau (FN 291282g) have until
March 27, 2008, to file written proofs of claim to court-
appointed estate administrator Stephan Riel at:

          Dr. Stephan Riel
          c/o Dr. Johannes Jaksch  
          Landstrasser Hauptstrasse 1/2
          1030 Vienna
          Austria
          Tel: 713 44 33
          Fax: 713 10 33
          E-mail: kanzlei@jsr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 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 1703
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 28, 2008 (Bankr. Case No. 5 S 10/08t).  Johannes Jaksch  
represents Dr. Riel in the bankruptcy proceedings.


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B E L A R U S
=============


BELAGROPROMBANK JSC: Moody's Places Bank FSR at E+
--------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
Belagroprombank:

   -- an E+ Bank Financial Strength Rating,

   -- Ba1 long-term and Not-Prime short-term local currency
      deposit ratings, and

   -- B2 long-term and Not Prime short-term foreign currency
      deposit ratings.

All of the bank's ratings carry a stable outlook.

Belagroprombank's E+ BFSR, which translates into a Baseline
Credit Assessment of B2, is underpinned by the bank's strong
market position as the country's second-largest bank by assets,
capital and retail deposits, as well as good capital adequacy, a
low level of delinquent loans and acceptable profitability.  The
rating is constrained by the bank's fairly weak corporate
governance due to the high level of government interference in
the bank's business, as well as a very large exposure to the
agricultural sector.

The bank's Ba1/Not-Prime long-term/short-term local currency
deposit ratings factor in a very high probability of systemic
support in the event of a stress situation given:

    (a) the bank's 90.8% direct ownership by the Belarus
        government,

    (b) its important role in realizing the government programs
        for financing agricultural sector, which is a priority
        industry for Belarus, as well as

    (c) the bank's strong position in the country's banking
        system, represented by its 19% share of total assets and
        11% share of retail deposits at the end of Q3 2007.

As a result, this rating receives a four-notch uplift from the
bank's B2 Baseline Credit Assessment.

Belagroprombank's B2 long-term foreign currency deposit rating
is constrained by the foreign currency country ceiling for
Belarus.

About 55% of Belagroprombank's loan portfolio is attributable to
Belarus' agricultural sector, which is a priority industry for
the country.  Most of the loans to this sector are provided as
part of government programmes and are partly funded by the
government via general capital contributions and deposits.  
Although the performance of agricultural loans has been quite
strong over the past several years, the underwriting standards
for such loans might not fully capture all key risks inherent in
the relevant borrowers' (collective farms) business model.

According to Moody's, Belagroprombank's BFSR could be upgraded
if the bank significantly diversifies its loan book outside the
agricultural sector and demonstrates good asset quality and
profitability.  Conversely, downward rating pressure on the
bank's BFSR could arise from a significant weakening in asset
quality and/or increasing borrower concentration.

Belagroprombank's local currency deposit rating is expected to
change in tandem with the bank's BFSR.  The bank's foreign
currency deposit rating could be upgraded in the event of an
upgrade of Belarus' foreign currency deposit ceiling.  However,
a downgrade is unlikely over the medium term as it is already
constrained by that ceiling.

Based in Minsk, Belarus, Belagroprombank reported total IFRS
consolidated assets, shareholders' equity and net income of
US$2.89 billion, US$514 million and US$53.8 million,
respectively, at the end of Q3 2007 (US$2.17 billion, US$408
million and US$43.5 million, respectively, at year-end 2006).


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


MEGA BRANDS: Works with Intertek to Develop Ingestion Gauge
-----------------------------------------------------------
MEGA Brands Inc. has teamed up with Intertek to develop a first
of its kind ingestion gauge, and that they will unveil a new
line of magnetic construction toys at New York Toy Fair.

The announcements are being made jointly since the partnership
between MEGA Brands and Intertek on the new ingestion gauge led
to the development of MEGA Brands' latest magnetic construction
system, MagNext.  This new safety gauge will ensure that MEGA
Brands' magnetic construction system exceeds all current
magnetic toy safety standards.

Intertek's Risk Analysis and Management team used 20 years worth
of research and data from 47 children's hospitals around the
world focusing on the size, shape, and consistency of ingested
objects along with the outcome, to recommend MEGA Brands'
sophisticated gauge criteria.

The result is MagNext, a product line that meets a strict safety
criteria based on size, shape, weight and design.  MagNext will
set a new standard in the toy industry, both in terms of safe
magnetic play and innovation in the magnetic construction
category.  This revolutionary system has been designed to have
no magnetic parts that can be swallowed.  MagNext will allow for
the safest possible magnetic play and will make it possible for
children to create bigger, stronger and faster builds.

"We are dedicated to the mission of developing a magnetic
construction system with no small parts that contain magnets,"
says MEGA Brands President and Chief Executive Officer, Marc
Bertrand.  "Magnets in toys provide children with magical play
possibilities and, as the leader in the category, we are
committed to making it the safest play experience possible."

The design of the core MagNext pieces has been tested and
analyzed by Intertek.  In addition to leading the way in safety
with the new ingestion test, the manufacturing process for these
parts has improved.  The magnets are now insert-molded into the
plastic parts.

"We're proud to say that we worked with MEGA Brands to help them
achieve their ambitious goal of developing a new zero design
defects program that will exceed the highest safety standard in
the toy industry," expressed Intertek Vice-President, Gene
Rider.

                         About Intertek

Intertek -- http://www.intertek.com/-- is an international  
provider of quality and safety services to a wide range of
global and local industries.  The company has the experience,
expertise, resources and global reach to support its customers
through its extensive network of laboratories and offices and
over 20,000 people in more than 100 countries around the world.

                        About MEGA Brands

MEGA Brands Inc. (TSE: MB) -- http://www.megabrands.com/--
designs, manufactures and markets high quality toys and
stationery products.  Headquartered in Montreal, the company has
approximately 4,500 employees with offices, manufacturing
facilities or distribution centers in Belgium, United Kingdom,
Germany, France, Spain, Mexico, Australia, among others.  The
Corporation's products are sold in over 100 countries.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 28, 2008,
Standard & Poor's Ratings Services lowered its corporate credit
and bank loan ratings on Mega Brands Inc. to 'B' from 'B+'.  The
ratings remain on CreditWatch with negative implications, where
they were placed Nov. 9, 2007.  The '3' recovery rating on the
bank loan is unchanged.


SOLUTIA INC: Court Delays Ruling on Citigroup CEO's Depostion
-------------------------------------------------------------
The Hon. Prudence Carter Beatty of the U.S. Bankruptcy Court in
the Southern District of New York has delayed a decision on the
deposition of Citigroup Inc. CEO Vikram Pandit over the bank's
decision to back out from its commitment to fund the company's
US$2 billion exit financing, The Associated Press reports.

Judge Beatty said Solutia's attorneys need to talk to executives
at Goldman Sachs Group Inc. and Deutsche Bank AG before she
rules on whether Mr. Pandit should be deposed.

"I'm still a little uncertain whether Pandit is the person who
has actual knowledge that would be useful in this case," Judge
Beatty was quoted by AP as saying.

On Oct. 31, 2007, Solutia received a fully underwritten
commitment for US$2 billion in exit financing from Citigroup
Global Markets Inc., Goldman Sachs Credit Partners L.P. and
Deutsche Bank Securities Inc., who would act as joint lead
arrangers and joint bookrunners for the exit facility.  Solutia
would use the loan to pay certain creditors upon its emergence
from Chapter 11 and for the ongoing operations of the company
after emergence.

The exit financing package includes a US$400 million senior
secured asset-based revolving credit facility, a US$1.2 billion
senior secured term loan facility, and a US$400 million senior
unsecured bridge facility.

                             Denial

"I did not make the decision personally and have no personal
knowledge of how that decision was reached," Mr. Pandit said in
an affidavit.

Solutia said in court documents that a Citigroup lawyer told the
company's financial adviser Todd Snyder of Rothschild Inc. that
the Mr. Pandit made the decision to back out from the deal, AP
relates.

J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York, denied naming Mr. Pandit as the decision-
maker, AP says.  

In an affidavit, Mr. Milmoe recalled telling Mr. Snyder that the
withdrawal "was not a casual or ad hoc decision by Citi."  

Mr. Milmoe added that though Mr. Pandit's name was mentioned
during the conversation, he doesn't know how high up the
Citigroup chain of command the decision was made.

Judge Beatty said it's "unclear" if the conversation has
occurred.

"Maybe he thought he heard something he didn't hear," Judge
Beatty was quoted by AP as saying.

                          *     *     *

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

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

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

                        About Solutia Inc.

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  

                         *     *     *

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

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


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


CHARLES JOURDAN: Receiver Inviting Bidders for Assets
-----------------------------------------------------
The official receiver for Charles Jourdan, in inviting investors
to bid on the company's assets, the Financial Times Ltd. reports
citing a report by Florentin Collomp of Le Figaro.

Included in the assets to be sold at an auction are:

    -- the brand,
    -- industrial equipment,
    -- some 20,000 pairs of footwear,
    -- the commercial leases of the company's shops, and
    -- foreign subsidiaries.

According to the report, bids for the all of the company's
assets have also been offered.  The receiver, the report adds,
will have until mid-March 2008 to study the offers.

Headquartered in Romans Sur Isere, France, Charles Jourdan --
http://www.charles-jourdan.fr/-- manufactures luxury footwear.

As reported in the TCR-Europe, the commercial court in Romans-
sur-Isere placed Charles Jourdan into liquidation on Dec. 17,
2007, after U.S. firm Omniscent withdrew its offer to acquire
the company's assets.

The court placed Charles Jourdan in compulsory administration on
Sept. 12, 2007, after it filed for redressment judiciaire, the
French equivalent of Chapter 11 bankruptcy protection, for the
second time.

The company first filed for bankruptcy on Aug. 22, 2005.
Avendis and Finaluxe bought the company on Nov. 2, 2005.


DELPHI CORP: Wants Bankruptcy Court to Keep Stay of ERISA Case
--------------------------------------------------------------
Delphi Corporation asks the U.S. Bankruptcy Court for the
Southern District of New York to deny a request by three former
employees to allow them to commence a lawsuit against Delphi
under the Employee Retirement Income Security Act.

Jimmy Mueller, David Gargis, and Keith Livingston want the
automatic stay under Section 362 of the Bankruptcy Code lifted
so that they could pursue claims against Delphi in the U.S.
District Court for the Northern District of Alabama.  Section
362 bars parties from filing lawsuits against companies
undergoing Chapter 11 reorganization.

Messrs. Mueller, Gargis, and Livingston said they agreed to be
transferred from being hourly employees to salaried employees
because certain high level managers made a promise that the
employees could retransfer to hourly employment at any any time.  
They were also assured that they would not lose years of service
as hourly employees, hence their pension benefits would not be
affected.  They sought to go back to being hourly employees, but
the Debtor refused to allow the transfers.

According to Delphi, Messrs. Mueller, Gargis and Livingston are
current or former non-degreed quality reliability engineers
employed at Delphi's production facility in Athens, Alabama.  
They sought to return to hourly-employee status so that they may
participate in one of the special hourly attrition programs
negotiated by the UAW, Delphi, and General Motors Corp.

"Delphi was decreasing, not increasing, the hourly workforce,
and was not willing to incur increased incentive attrition
program costs or to hire three replacements for the three
salaried positions," John Wm. Butler, Jr., Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, explains.

Delphi asserts that it has sole discretion to determine whether
regular, full-time salaried employees will be transferred to
hourly status.

"The lawsuit that the [Messrs. Mueller, Gargis, and Livingston]
are contemplating is precisely the kind of postpetition
litigation against a debtor that the automatic stay was intended
to preclude," Mr. Butler contends.  "As a threshold matter,
[Messrs. Mueller, Gargis, and Livingston] have failed to carry
their burden to provide an initial showing that cause exists
under [Section 362(d)(1) of the Bankruptcy Code] to lift the
automatic stay . . . [Messrs. Mueller, Gargis, and Livingston]
have offered only a series of unsupported conclusory
pronouncements," he argues.

In the complaint they propose to file in the Alabama District
Court, the three employees seek a court order that allows each
of them the same benefits to which hourly employees are allowed
and have been allowed since the date of their requests for
retransfer.  Messrs. Mueller, Gargis, and Livingston's sought
benefits include those provided under the 2006 UAW-GM-Delphi
Special Attrition Programs or the 2007 program provided in the
June 22, 2007, memorandum of understanding among the UAW,
Delphi, and GM, Mr. Butler notes.  The Bankruptcy Court,
however, has retained exclusive jurisdiction over the UAW
Settlement Agreement and matters related thereto.  Thus, the
Bankruptcy Court is the only forum in which the Messrs. Mueller,
Gargis, and Livingston may properly file their Draft Complaint,
Mr. Butler asserts.

Delphi asks the Bankruptcy Court to deny Messrs. Mueller,
Gargis, and Livingston's request.

                       About Delphi Corp.

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

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

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

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

                         *     *     *

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

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

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


RHODIA SA: Pascal Juery Appointed as President for Novecare
-----------------------------------------------------------
Rhodia S.A. appointed Pascal Juery as president of the company's
Novecare Enterprise.

Prior to his appointment Mr. Juery was the group purchasing vice
president, Jose Matias succeeded this function.

Mr. Juery and Mr. Matias are members of Rhodia's executive
committee.

Rhodia Novecare serves selected consumer care and industrial
market segments and holds leading positions in the surfactants,
phosphorus derivatives, natural polymers, synthetic polymers and
monomers technologies, and sovents.  Growth is driven by
innovation, customer intimacy and global reach.  Rhodia
Novecare's areas of expertise are protection, surface
modification, active delivery and improvement of formulations
and processes.  the enterprise has global sales of EUR945
million.

                       About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA)
-- http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil.

                         *     *     *

As of Feb. 19, 2008, Rhodia S.A. carries Moody's long-term
corporate family rating of Ba3 and senior unsecured debt rating
of B1 with positive outlook.

The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings, and B short-term foreign and
local issuer credit ratings.  The ratings outlook is stable.

Fitch Ratings assigned long-term issuer default rating at BB-
and senior unsecured debt rating at BB- with outlook positive.


SORT ET CHASLE: Undergoes Compulsory Liquidation  
------------------------------------------------
Sort et Chasle has entered compulsory liquidation, the Financial
Times Ltd. reports citing Les Echos.  The company will continue
to be operational for the next three months, the report adds.

Based in Nantes, France, Sort et Chasle is a plaster specialist.  
The company has a turnover of EUR7 million annually.


THOMSON SA: Posts EUR23 Million Net Loss for 2007
-------------------------------------------------
Thomson S.A. reported that for 2007, net revenues for the Group
was EUR5,630 million compared to EUR5,781 million in 2006.  Of
this total, Thomson's Core Business contributed EUR5,620 million
compared to EUR5,747 million in 2006.

Currency movements, principally the weaker US$, decreased Core
Business revenues for the year by EUR247 million.  Core Business
revenues for the year excluding currency movements increased
2.1% year-on-year.

Perimeter effects from 2007 acquisitions were immaterial.  A
3Q06 acquisition in Network Services contributed EUR53 million
to Services Division revenues in 2007, compared to EUR14 million
in 2006.

Core Business EBIT for 2007 was EUR346 million (2006, ?504
million), representing a Core Business EBIT margin of 6.2%.  
This reflected notably a higher level of restructuring costs in
the Services Division and sharply lower profitability in the
Systems Division: in particular the Broadcast & Networks
activities were loss-making in 2007.

Research and development expenditure charged in the Core
Business (net of external funding) rose slightly from
EUR279 million for 2006 to EUR288 million for 2007.  Cost and
liability reduction programs focused on restructuring,
particularly in DVD Services, and on post-retirement
obligations.  Restructuring charges in the Core Business totaled
negative EUR85 million for the year compared to negative
EUR36 million in 2006, of which negative EUR71 million was in
the Services Division.

During 2007 the Group continued to implement the realignment of
medical and healthcare plans begun in 2006.  The actuarial
liability for post-retirement obligations on the Group's balance
sheet reduced by EUR169 million to EUR403 million, and a gain of
EUR63 million was credited to EBIT from continuing operations,
of which EUR13 million was credited to Core Business EBIT
(mainly in the Systems Division) and EUR50 million to Other
continuing operations.

With the benefit of this credit, Other continuing operations
recorded a profit of EUR3 million before tax and financial
result in 2007 compared to EUR23 million in 2006.  Overall, the
Group's consolidated profit from continuing operations before
tax and financial result reached EUR349 million in 2007 as
compared to EUR527 million in 2006.

               Other Highlights

   -- A slow fourth quarter for revenues limited growth in 2007
      Core Business revenues to 2.1% at constant currency and
      impacted 2007 Core Business EBIT which came in at
      EUR346 million

   -- Core Business free cash flow for 2007 was robust at
      EUR387 million, leading to a significant improvement in
      net Group operating and investing cash flow to a net
      inflow of EUR142 million in 2007 from an outflow of
      EUR51 million in 2006

   -- Net debt reduced by EUR113 million and aggregate net
      financial liabilities by EUR282 million compared to end-
      2006

   -- A net loss of EUR23 million for the full year - following
      exit from AVA businesses

   -- Board proposes a dividend of EUR0.33

   -- Following the exit from the AVA businesses in December
      2007, the Group will revert to a split Chairman/Chief
      Executive Officer structure, with Frank E. Dangeard as
      Chairman.

   -- Group focus for 2008 is on cash generation and cost
      reduction, whilst pursuing opportunities for profitable
      organic growth.

                        About Thomson

Headquartered in Paris, France, Thomson S.A. Euronext Paris:
18453; NYSE: TMS) -- http://www.thomson.net/-- (provides  
technology, services, and systems to the Media, Entertainment &
Communications players - content creators, content distributors
and broadcasters - and supports them in order to help them to
improve their commercial offers and their performance in a
rapidly changing technology environment.


THOMSON SA: Inks Joint Venture Agreement with NXP Semiconductors
----------------------------------------------------------------
Thomson S.A. and NXP Semiconductors have signed a Memorandum of
Understanding to combine their can tuner modules operations in a
joint venture.  Thomson will appoint the CFO of this new
venture, while NXP will appoint the CEO.  NXP and Thomson expect
that the definitive joint venture agreements will be finalized
and the transaction will close in the second quarter of 2008,
subject to closing conditions, including social and regulatory
approvals.

"By combining their operations, NXP and Thomson create a
business that has the scale and focus to be a long-term winner
in the can tuner modules market," commented Christos Lagomichos,
executive vice president and general manager of NXP's Home
business unit.  "The combination of these two highly
complementary businesses will generate significant operational
synergies that will free up resources to address new market
opportunities for RF modules.  At the same time the deal will
enable NXP to focus the Home business unit on Digital TV, Set
Top Box and silicon tuner activities."

"Digital can tuners remain strategic components at a time when
broadcast and broadband distribution infrastructures look to
advanced delivery technologies such as DVB-S2, DVB-T, DVB-H and
new cable modulation technologies," said Thomson CTO Jean-
Charles Hourcade.  "This combination will benefit our customers
as the digital terrestrial roll-out accelerates in the US and in
Europe."

                          About NXP

NXP Semiconductors - http://www.nxp.com/-- is a top 10  
semiconductor company founded by Philips more than 50 years ago.  
Headquartered in Europe, the company has 37,000 employees
working in more than 20 countries and posted sales of EUR 5
billion in 2006.  NXP creates semiconductors, system solutions
and software that deliver better sensory experiences in mobile
phones, personal media players, TVs, set-top boxes,
identification applications, cars and a wide range of other
electronic devices.

                        About Thomson

Headquartered in Paris, France, Thomson S.A. Euronext Paris:
18453; NYSE: TMS) -- http://www.thomson.net/-- (provides  
technology, services, and systems to the Media, Entertainment &
Communications players - content creators, content distributors
and broadcasters - and supports them in order to help them to
improve their commercial offers and their performance in a
rapidly changing technology environment.


THOMSON SA: Moody's Puts Ratings Under Review & May Downgrade
-------------------------------------------------------------
Moody's Investor's Service placed the Baa3 long-term issuer
rating for Thomson S.A. and the Ba2 rating for Thomson's
perpetual junior subordinated bonds under review for possible
downgrade.

Oliver Giani, Senior Analyst at Moody's said: "In fiscal year
2007, Thomson has failed to meet Moody's financial criteria for
a Baa3 rating.  Whereas the company was able to reduce net debt
by approximately EUR200 million, the generation of retained cash
flow fell materially behind expectations.  The ratio of retained
cash flow over net debt as defined by Moody's, one key debt
protection metric, fell from mid year last-twelve-months level
of 16% further to an estimated level of 12% compared to a
minimum of 20% set for this metric.  Moody's had expected that
Thomson's fiscal year 2007 would set the stage for a substantial
turnaround of performance, towards financial metrics that would
better reflect Thomson's elevated business risk profile compared
to the average industrial company.  Such a positive trend is not
apparent in the recent results and the potential for a strong
upturn in 2008 will be the main focus of the rating review".

The review process will consider management's strategy for
stimulating growth in the business, for returning the loss
making Broadcast & Networks operations to profitability, and for
strengthening margins in the other operations through further
cost reductions.  Moody's will also focus on the sustainability
of Thomson's business model through the digital transformation
of media content and delivery and consequently on the company's
ability to deliver a sustained increase in cash-flow and debt
reduction to bring the core credit metrics more in line with
Moody's expectation for a Baa3 investment grade rating.

On Review for Possible Downgrade:

Issuer: Thomson S.A.

  * Issuer Rating, Placed on Review for Possible Downgrade,
    currently Baa3

  * Junior Subordinated Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently Ba2

Outlook Actions:

Issuer: Thomson S.A.

  * Outlook, Changed To Rating Under Review From Stable

The last rating action for Thomson has been on September 25,
2007, when Moody's downgraded the issuer rating to Baa3 from
Baa2 and the rating on Thomson's perpetual junior subordinated
bonds to Ba2 from Ba1.

Headquartered in Paris, France, Thomson is a leading provider of
technology, systems and service solutions for integrated media
and entertainment companies operating in three business
segments: Thomson's Services division offers end-to-end
management of services for the media and entertainment industry,
from finishing movie content (post-production) to content
replication of film and DVD and distribution.  The Systems
division provides professional broadcasting and network
equipment for TV stations and other network operators as well as
broadband access products.  The Technology division combines
Thomson's research and exploitation of its patent portfolio
through licensing programs.  In fiscal year 2007 the company
generated revenues from continuing operations of EUR5.6 billion.


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


AMBRE GERMANYP: Claims Registration Period Ends March 15
--------------------------------------------------------
Creditors of Ambre Germany GmbH have until March 15, 2008, to
register their claims with court-appointed insolvency manager
Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at 2:20 p.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 Pforzheim
         Mannheimer Str. 17
         75179 Pforzheim
         Germany

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

The insolvency manager can be reached at:

         Tobias Hoefer
         Soldnerstr. 2
         68219 Mannheim
         Germany

The District Court of Pforzheim opened bankruptcy proceedings
against Ambre Germany GmbH on Jan. 25, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Ambre Germany GmbH
          Tunnelstr. 23
          75172 Pforzheim
          Germany


AUTO KRUEGER: Claims Registration Period Ends March 4
-----------------------------------------------------
Creditors of Auto Krueger & Co. GmbH have until March 4, 2008,
to register their claims with court-appointed insolvency manager
Cathleen Tetzel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Magdeburg
          Hall 14
          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:

          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 Auto Krueger & Co. GmbH on Feb. 6, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Auto Krueger & Co. GmbH
          Seegrabenstr. 1 a
          39326 Wolmirstedt
          Germany


BALZAT WERKZEUGMASCHINENFABRIK: Claims Filing Ends March 15
-----------------------------------------------------------
Creditors of Balzat Werkzeugmaschinenfabrik GmbH have until
March 15, 2008, to register their claims with court-appointed
insolvency manager Hans-Gerd Jauch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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:

         Hans-Gerd Jauch
         Sachsenring 81
         50677 Cologne
         Germany
         Tel: 0221/33660130
         Fax: +492213366085

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

The Debtor can be reached at:

          Balzat Werkzeugmaschinenfabrik GmbH
          Zum Frenser Feld 1
          50127 Bergheim
          Germany


COLLECTION VIDEO: Claims Registration Ends March 20
---------------------------------------------------
Creditors of Collection Video und Mediastore Handels GmbH have
until March 20, 2008 to register their claims with court-
appointed insolvency manager Udo Feser.

Claims set out in the insolvency manager's report will be
verified at 11:35 a.m. on May 20, 2008 at:

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

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

The insolvency manager can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against  Collection Video und Mediastore Handels
GmbH on Dec. 21, 2007.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Collection Video und Mediastore Handels GmbH
         Berliner Strasse 3O/31
         10715 Berlin
         Germany


DEMHARTER NATURSTEIN: Claims Registration Ends March 20
-------------------------------------------------------
Creditors of Demharter Naturstein GmbH & Co. KG have until
March 20, 2008 to register their claims with court-appointed
insolvency manager Werner Schneider.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         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:

         Werner Schneider
         Eserwallstr. 1-3
         86150 Augsburg
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against Demharter Naturstein GmbH & Co. KG on Jan. 23, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Demharter Naturstein GmbH & Co. KG
         Attn: Ludwig Rif, Manager
         Humboldtstr. 13
         86316 Friedberg
         Germany


DHI GMBH: Claims Registration Period Ends March 18
--------------------------------------------------
Creditors of DHI GmbH have until March 18, 2008, to register
their claims with court-appointed insolvency manager Stephan
Schlegel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 29, 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 Darmstadt
         Hall 4.326
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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 Schlegel
          Hauptstrasse 336
          65760 Eschborn
          Germany
          Tel: 06173/9394-0
          Fax: 06173/9394-20

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

The Debtor can be reached at:

          DHI GmbH
          Egerlander Strasse 2 a
          64319 Pfungstadt
          Germany


FFH GMBH: Claims Registration Ends March 20
-------------------------------------------
Creditors of FFH GmbH Foelschnitzer Fussboden u. Estrichbau have
until March 20, 2008 to register their claims with court-
appointed insolvency manager Thomas Hofmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:05 p.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 Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof, Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Thomas Hofmann
         Schleizer Str. 1
         95111 Rehau
         Germany

The District Court of Hof opened bankruptcy proceedings against
FFH GmbH Foelschnitzer Fussboden u. Estrichbau on Jan. 25, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FFH GmbH Foelschnitzer Fussboden u. Estrichbau
         Attn: Matthias Wiskott, Manager
         Hauptstr. 30
         95182 Doehlau
         Germany


GRAND AZUR: Claims Registration Period Ends March 18
----------------------------------------------------
Creditors of Verwaltungsgesellschaft Grand Azur mbH have until
March 18, 2008, to register their claims with court-appointed
insolvency manager Peter-Alexander Borchardt.

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

The meeting of creditors will be held at:

         The District Court of 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:

          Peter-Alexander Borchardt
          Deichstrasse 1
          20459 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against Verwaltungsgesellschaft Grand Azur mbH on Jan. 16, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Verwaltungsgesellschaft Grand Azur mbH
          Attn: Dirk Leifert, Manager
          Grosse Elbstrasse 145c
          22767 Hamburg
          Germany


HS & S LOGISTIK: Claims Registration Period Ends March 3
--------------------------------------------------------
Creditors of HS & S Logistik GmbH Spedition have until
March 3, 2008, to register their claims with court-appointed
insolvency manager Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on March 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany     
         
The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on March 28, 2008, at the same
venue.

The insolvency manager can be reached at:

          Dr. Joerg Nerlich
          Louise-Dumont-Str. 25
          40211 Duesseldorf
          Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against HS & S Logistik GmbH Spedition on Feb. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          HS & S Logistik GmbH Spedition
          Attn: Frank Schunk, Manager
          Ottostrasse 9
          41540 Dormagen
          Germany


RICH GERMANY: Claims Registration Period Ends February 27
---------------------------------------------------------
Creditors of Rich Germany GmbH have until Feb. 27, 2008, to
register their claims with court-appointed insolvency manager
Ulrich Pfeifer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The District Court of Nuremberg

         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         Germany

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

The insolvency manager can be reached at:

         Ulrich Pfeifer
         Am Stadtpark 2
         90409 Nuremberg
         Germany
         Tel: 0911/999099-0
         Fax: 0911/999099-50

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

The Debtor can be reached at:

         Rich Germany GmbH
         Am Stadtpark 2
         90409 Nuremberg
         Germany


RIEDIGER GMBH: Claims Registration Period Ends March 15
-------------------------------------------------------
Creditors of Riediger GmbH have until March 15, 2008, to
register their claims with court-appointed insolvency manager
Dr. Martin Mildenberger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Offenburg
         Hall 0.005
         Hindenburgstr. 5
         77654 Offenburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Martin Mildenberger
         Bertha-von-Suttner-Str. 3
         77654 Offenburg
         Germany

The District Court of Offenburg opened bankruptcy proceedings
against Riediger GmbH on Jan. 17, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Riediger GmbH
          hauptstr. 104
          77652 Offenburg
          Germany


S & H GRAU: Creditors' Meeting Slated for March 6
-------------------------------------------------
The court-appointed insolvency manager for S & H Grau GmbH,
Boris A. Schmidt-Burbach will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:00
a.m. on March 6, 2008.

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

         The District Court of Marburg/Lahn
         Hall 159
         Universitatsstrasse 48
         35037 Marburg/Lahn
         Germany
       
The Court will also verify the claims set out in the insolvency
manager's report at 11:00 a.m. on April 16, 2008, at the same
venue.

Creditors have until March 18, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Dr. Boris A. Schmidt-Burbach
          Fach 25
          Wilhelmstrasse 17
          35037 Marburg
          Germany
          Tel: 06421/30499-0
          Fax: 06421/30499-20

The District Court of Marburg/Lahn opened bankruptcy proceedings
against S & H Grau GmbH on Jan. 18, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          S & H Grau GmbH
          Kirchberg 20
          35085 Ebsdorfergrund
          Germany


TEN VERLAGS-UND: Creditors' Meeting Slated for February 29
----------------------------------------------------------
The court-appointed insolvency manager for Ten Verlags- und
Vertriebsgesellschaft mbH,Joachim Voigt-Salus, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:25 a.m. on Feb. 29, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:25 a.m. on May 16, 2008, at the same
venue.

Creditors have until March 17, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Ten Verlags- und Vertriebsgesellschaft mbH
on Jan. 14, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Ten Verlags- und Vertriebsgesellschaft mbH
         Rankestrasse 33
         10789 Berlin
         Germany


UNITED FOODS: Claims Registration Period Ends March 3
-----------------------------------------------------
Creditors of United Foods Import & Export GmbH have until
March 3, 2008, to register their claims with court-appointed
insolvency manager Dietrich Hauser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 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:

          Dietrich Hauser
          Edisonstrasse 19
          74076 Heilbronn
          Germany
          Tel: 07131/64281-0
          Fax: 07131/64281-28

The District Court of Heilbronn opened bankruptcy proceedings
against United Foods Import & Export GmbH on Feb. 5, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          United Foods Import & Export GmbH
          Wilhelmstrasse 46
          74074 Heilbronn
          Germany


* Fitch Says Interest Deduction Barrier Could Increase Defaults
---------------------------------------------------------------
Fitch Ratings said in a special report published Monday that the
newly introduced interest deduction barrier on German commercial
mortgage loans could increase the likelihood of a borrower
defaulting.

Until December 2007, interest expenses of corporations were
fully deductible under the German corporate income tax regime.  
"The new rule could result in a lower post tax interest coverage
ratio, increasing the risk of a borrower default," says Stefan
Baatz, Director in Fitch's European Structured Finance Group.

"However, due to the individual characteristics of each borrower
structure the potential impact of the interest deduction barrier
will vary on a case-by-case basis," adds Dr. Gabriele Herbst,
Associate Director in Fitch's Structured Finance team in
Frankfurt.

The report focuses on how this tax change could affect borrowing
SPVs involved in German CMBS transactions and outlines how it
affects Fitch's analysis of CMBS transactions.

The report entitled "Interest Deductions Barrier - Negative
Impact on German Commercial Mortgage Loans?" is available on the
agency's website http://www.fitchratings.com/  


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


SITEL WORLDWIDE: Moody's Gives Negative Outlook; Holds B2 Rating
----------------------------------------------------------------
Moody's Investors Service changed the outlook of Sitel Worldwide
Corporation (B2 CFR) to negative from stable.  The negative
outlook underscores Sitel's weak liquidity position, which may
require the company to seek relief in an available equity cure
under its credit agreement from its shareholders.  The negative
outlook also reflects Moody's belief that despite the equity
cure, the company's EBITDA cushion under its financial covenants
(which are scheduled to step up/down quarterly over the next
twelve months) will remain very tight, and a shortfall in the
company's 2008 anticipated performance could require the company
to seek further equity cure or other relief.

These ratings are affirmed:

-- Corporate family rating: B2

-- Probability of default rating: B3

-- US$85 million first lien revolving credit facility: B2,
    LGD-3, 35%

-- US$675 million first lien term loan: B2, LGD-3, 35%

Sitel's B2 corporate family rating reflects some on-going
integration risk, liquidity constrained by financial covenants
under the company's credit facility, break even to negative free
cash flow, and moderate client concentration.  The ratings are
supported by the company's scale and position as one of the
largest provider within the highly competitive call center
outsourcing industry, and the favorable outlook for the call
center outsourcing industry.

Headquartered in Nashville, Tennessee, Sitel Worldwide Corp. --
http://www.sitel.com/-- is a customer care business process   
outsourcing vendor for voice services.  It competes with larger
multinational companies (i.e. EDS, Accenture, and IBM) and a
host of like size companies (including Convergys, West,
Teletech, and Sykes) in the customer care call center and
business process outsourcing industry.  The company has an
approximate 80:20 ratio of on/near shore to off shore operating
capacit and operates more than 155 locations in 27 countries,
including Belgium, Brazil, Mexico, Ireland, the Philippines,
among others.  Sitel has pro forma LTM December 2007 revenues of
approximately US$1.9 billion


TRIVIRIX INTERNATIONAL: Creditors Must File Claims by March 17
--------------------------------------------------------------
Through an order of the High Court of Justice in Northern
Ireland Chancery Division dated May 14, 2007, it is the
intention of Tom Keenan and John Reid, as Joint Administrators
of Trivirix International Limited, to declare and pay a dividend
to creditors.  The distribution will be made within four months
of March 17, 2008.

Creditors must submit their claims in writing by the March 17
deadline to:

     TRIVOL/TMK/JMWA
     Tom Keenan, Joint Administrator
     Deloitte & Touche LLP
     19 Bedford Street
     Belfast, BT2 7EJ


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


ALITALIA SPA: Air France to Infuse EUR3 Billion in Three Years
--------------------------------------------------------------
Air France-KLM S.A. will inject EUR3 billion into Alitalia
S.p.A. over six years should it acquire the Italian government's
49% stake in the financially troubled carrier, Costas Paris
writes for the Wall Street Journal, citing the French carrier's
vice-chairman Leo M. van Wijk.

Mr. van Wijk told WSJ that Alitalia "needs new capital and it
needs to be refleeted."

The vice-chairman added that if a sale agreement is reached, Air
France will also commence a buyout offer to acquire all shares
at Alitalia and afterwards delist the Italian carrier.

Mr. Van Wijk noted that any deal struck depends on the new
Italian government and on whether it will support Alitalia's
plan to downsize operations at Milan's Malpensa airport.

"If the Malpensa hub is not significantly downsized, we don't
see a reason for a deal," Mr. Van Wijk told WSJ.

As reported in the TCR-Europe on Feb. 18, 2008, Air France-KLM
will seek approval from the new Italian government chosen
following the April 13-14, 2008, snap elections, for any
agreement to acquire Italy's stake in Alitalia.

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

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

The Forza Italia opposition party, headed by former Prime
Minister Silvio Berlusconi and seen to win the upcoming
election, said it will respect the possible sale of stake in
Alitalia to Air France if it emerges as the victor.  Forza
Italia, however, would like the outgoing government, headed by
Prime Minister Romano Prodi, to avoid an agreement and leave the
decision to the next government.

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

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

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

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

   -- acquire 100% of Alitalia convertible bonds; and

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

                          About Alitalia

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

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

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


BERRY PLASTICS: Inks US$520MM Sr. Secured Bridge Loan Agreement
---------------------------------------------------------------
Berry Plastics Corporation disclosed that it obtained a
US$520.0 million bridge loan facility, pursuant to a Senior
Secured Bridge Loan Credit Agreement which it entered into on
Feb. 5, 2008, with Bank of America N.A., as administrative agent
and collateral agent, and various lenders, to finance its
purchase from Captive Holdings LLC of 100% of the outstanding
capital stock of Captive Holdings Inc., the parent company of
Captive Plastics Inc.

Berry Plastics' obligations under the bridge facility are
guaranteed by each of Berry Plastics' existing and future direct
or indirect domestic subsidiaries that is a restricted
subsidiary, subject to certain exceptions, and are secured by
pledges of certain of the assets of Berry Plastics and such
subsidiaries.  

The bridge facility contains negative covenants substantially
identical to those in the indenture relating to Berry Plastics'
existing second-priority notes, and contains affirmative
covenants,  representations and warranties and events of default
substantially identical to those in Berry Plastics' existing
term loan facility.

The bridge facility matures on the one-year anniversary of the
closing date thereof.  On that date, provided that an event of
default is not continuing with respect to Berry Plastics'
existing term loan facility, revolving facility or second
priority notes, and provided that no bankruptcy event of default
is continuing with respect to the bridge facility, any
outstanding bridge loans will convert into senior secured term
loans, and loans thereunder that mature on the seventh
anniversary of the closing date of the bridge facility.

A full-text copy of the Senior Secured Bridge Loan Credit
Agreement dated as of Feb. 5, 2008, is available for free at:

              http://researcharchives.com/t/s?2806

                      About Berry Plastics

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

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

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 14,
2008, Moody's Investors Service affirmed the B3 Corporate Family
Rating of Berry Plastics Corporation and downgraded certain
instrument ratings.  The outlook is stable.  


BERRY PLASTICS: Posts US$31.3 Mln Net Loss in Qtr. Ended Dec. 29
----------------------------------------------------------------
Berry Plastics Corp. reported a net loss of US$31.3 million for
the thirteen weeks ended Dec. 29, 2007, versus a net loss of
US$30.8 million in the comparable period of 2006.

Net sales increased 8.0% to US$762.7 million for the first
quarter of fiscal 2008 from US$703.6 million for the same
quarter in fiscal 2007.  This US$59.1 million increase is
primarily the result of strong base business organic volume
growth of 4.0% and 2.0% acquisition volume growth.  

Gross profit increased US$22.4 million to US$108.8 million for
the first quarter of fiscal 2008 from US$86.4 million for the
same quarter of fiscal 2007.  

Selling, general and administrative expenses increased
US$7.3 million to US$81.8 million primarily as a result of a
US$4.2 million increase in stock compensation expense, a US$4.1
million increase in amortization of intangible assets, and
increased expenses as a result of the organic and acquisition
volume growth partially offset by realization of synergies from
the Berry Covalence Merger.  

Restructuring and impairment charges were US$3.5 million in the
first quarter of fiscal 2008 primarily as a result of costs
incurred associated with the plant consolidations within the
flexible films segment.  Other expenses increased from
US$4.1 million in the first quarter of fiscal 2007 to US$13.0
million in the first quarter of fiscal 2008 primarily as a
result of expenses associated with the integration of Old
Covalence and the corresponding achievement of synergies.

Net interest expense increased US$1.6 million to US$61.5 million  
primarily as a result of increased borrowings to finance the
Rollpak acquisition.

The company recorded an income tax benefit of US$19.7 million or
an effective tax rate of 38.6%, which is a slight change from
the income tax benefit of US$19.5 million or an effective tax
rate of 37.1% in the prior quarter.

At Dec. 29, 2007, the company's cash balance was US$21.8
million, and the company had unused borrowing capacity of
US$297.2 million under its revolving line of credit.

                         Balance Sheet

At Dec. 29, 2007, the company's consolidated balance sheet
showed US$3.90 billion in total assets, US$3.48 billion in total
liabilities, and US$420.3 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the thirteen weeks ended Dec. 29, 2007, are
available for free at http://researcharchives.com/t/s?2809

                      About Berry Plastics

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

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

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 14,
2008, Moody's Investors Service affirmed the B3 Corporate Family
Rating of Berry Plastics Corporation and downgraded certain
instrument ratings.  The outlook is stable.  


GOODYEAR TIRE: Earns US$602 Million in 2007
-------------------------------------------
The Goodyear Tire & Rubber Company reported record sales for the
fourth quarter and the full year of 2007.

Goodyear's sales for 2007 were a record US$19.6 billion, a 5%
increase over 2006 despite a 6.2% decline in tire unit volume.  
All four of the company's tire businesses outside of North
America achieved all-time record annual sales during 2007.  
Segment operating income was US$1.2 billion, compared to US$712
million in 2006.

Goodyear's income from continuing operations of US$139 million
in 2007 compares to a 2006 loss of US$373 million.

Including discontinued operations, Goodyear had 2007 net income
of US$602 million, compared to a loss of US$330 million last
year.

Improvements in pricing and product mix of approximately
US$639 million offset higher raw material costs, which increased
3.5%, or approximately US$195 million, compared to 2006.  
Revenue per tire increased 8% compared to 2006.

                      Fourth Quarter 2007

Goodyear's fourth quarter 2007 sales were US$5.2 billion, an 11%
increase compared with the 2006 quarter, offsetting lower
volumes with higher prices and a richer product mix.  The
company estimates that a 12-week strike at its North American
facilities in 2006 reduced fourth quarter 2006 sales by US$318
million.

Improved pricing and product mix drove revenue per tire up 10%
over the 2006 quarter.  Lower volumes reflect weak winter tire
sale demand in Europe and the company's exit from certain
segments of the private label tire business in North America
along with weak conditions in several key markets.

Fourth quarter segment operating income was US$313 million in
2007.  This compares to a segment operating loss of US$86
million in the strike-impacted 2006 period.

Segment operating income benefited from improved pricing and
product mix of US$119 million in the fourth quarter of 2007,
which more than offset increased raw material costs of US$8
million.  Favorable foreign currency translation positively
impacted sales by US$315 million and segment operating income by
US$45 million in the quarter.

Gross margin was 19.4% for the 2007 quarter compared to 11.3% in
last year's strike-impacted quarter.

Fourth quarter 2007 income from continuing operations was US$61
million.  This compares to a loss of US$310 million in the
strike-impacted fourth quarter of 2006.

Including discontinued operations, Goodyear had fourth quarter
net income of US$52 million, compared to a net loss of US$358
million last year.

                       Financial Position

The company's balance sheet as of Dec. 31, 2007, showed total
assets of US$17.2 billion, total liabilities of US$14.3 billion,
and total shareholders' equity of US$2.9 billion.  The company
had total current assets of US$10.2 billion and total current
liabilities of US$4.6 billion as of Dec. 31, 2007.

At Dec. 31, 2007, it had US$3.4 billion in cash and cash
equivalents as well as US$2.2 billion of unused availability
under our various credit agreements, compared to US$3.9 billion
and US$533 million, respectively, at Dec. 31, 2006.  Cash and
cash equivalents decreased primarily due to US$2.3 billion of
repayments on its borrowings.

In aggregate, we had credit arrangements of US$7.4 billion
available at Dec. 31, 2007, of which US$2.2 billion were unused,
compared to US$8.2 billion available at Dec. 31, 2006, of which
US$533 million were unused.

A full-text copy of Goodyear's annual and fourth quarter
financial report for the period ended Dec. 31, 2007, is
available fro free at http://ResearchArchives.com/t/s?280c

                      Management's Comment

"Our fourth quarter results show significant gains as we drive
sales of our higher-margin premium product lines," said Robert
J. Keegan, chairman and chief executive officer.

"This is especially true in our emerging markets businesses in
Eastern Europe, Asia and Latin America.  In aggregate, these
three businesses grew sales 20% and segment operating income 41%
in the quarter," he said.

"Excluding the impact of the strike, North American Tire's focus
on innovative new products helped it achieve its highest full-
year segment operating income since 2000," he said.  "Our new
product engine will provide additional growth opportunities in
2008 and beyond."

Goodyear made further progress during the fourth quarter on its
plan to achieve US$1.8 billion to US$2 billion in gross cost
savings by the end of 2009.  "We have now achieved more than
US$1 billion in savings in 2006 and 2007 and clearly remain on
target to reach our four-year goal," Mr. Keegan said.

"During 2007, we also made substantial progress on improving our
balance sheet with net debt decreasing more than US$2 billion,"
he said.  "We remain on track to achieve our next stage
financial metrics, which include an 8 percent segment operating
income return on sales globally, a 5% segment operating income
return on sales in North America and a target of 2.5 times debt-
to-EBITDA."

                      About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear's operations are located in Argentina,
Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica,
Peru, Russia, among others.  Goodyear employs more than 80,000
people worldwide.

                         *     *     *

In June 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'.  The ratings still apply to
date.


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


AUTO SERVER-2004: Proof of Claim Deadline Slated for March 18
-------------------------------------------------------------  
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Auto Server-2004 insolvent.

Creditors have until March 18, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 109-415
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


DSK LINE LLP: Creditors Must File Claims by March 21
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP DSK Line insolvent.

Creditors have until March 21, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Tolstoy Str. 74
         Kostanai
         Kazakhstan


HAMKI LLP: Claims Filing Period Ends March 18
---------------------------------------------  
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Hamki insolvent.

Creditors have until March 18, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 109-415
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


INVEST-STROYPROGRESS LLP: Creditors' Claims Due on March 25
-----------------------------------------------------------  
LLP Construction Company Invest-Stroyprogress has declared
insolvency.  Creditors have until March 25, 2008, to submit
written proofs of claims to:

         LLP Construction Company Invest-Stroyprogress
         Suvorov Str. 13
         Pavlodar
         Kazakhstan


KAZINCOM CENTRE: Claims Registration Ends March 21
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kazincom Centre insolvent.

Creditors have until March 21, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


PAVLODAR-STROYPOLUS LLP: Claims Deadline Slated for March 25
------------------------------------------------------------  
LLP Pavlodar-Stroypolus has declared insolvency.  Creditors have
until March 25, 2008, to submit written proofs of claims to:

         LLP Pavlodar-Stroypolus
         Severnaya Promzona
         Pavlodar
         Kazakhstan


ROSBELTEKS LLP: Creditors Must File Claims by March 18
------------------------------------------------------  
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Rosbelteks insolvent.

Creditors have until March 18, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (3252) 52-02-36
              8 (3252) 52-19-32


ROSSISKO-KAZAKHSTANSKAYA COMPANIYA: Claims Period Ends March 25
---------------------------------------------------------------  
LLP Rossisko-Kazakhstanskaya Companiya has declared insolvency.  
Creditors have until March 25, 2008, to submit written proofs of
claims to:

         LLP Rossisko-Kazakhstanskaya Companiya
         Aimanov Str. 50-66
         140000, Pavlodar
         Kazakhstan


TECHNOSTROY & K LLP: Creditors' Claims Due on March 25
------------------------------------------------------  
LLP Technostroy & K has declared insolvency.  Creditors have
until March 25, 2008, to submit written proofs of claims to:

         LLP Technostroy & K
         Lenin Str. 96
         Stepnyak
         Enbekshildersky
         Akmola
         Kazakhstan


TENGIZ & K LLP: Claims Registration Ends March 21
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Tengiz & K insolvent.

Creditors have until March 21, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


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


ATTANDR LLC: Creditors Must File Claims by March 7
--------------------------------------------------
LLC Attandr (INN 00104199810338) has declared insolvency.  
Creditors have until March 7, 2008 to submit written proofs of
claim to:

         LLC Attandr
         Mamyrov Str. 86v
         Osh
         Kyrgyzstan
         Tel: (0-773) 42-20-16


CONTROL-LINE LLC: Claims Filing Period Ends March 7
---------------------------------------------------
LLC Control-Line has declared insolvency.  Creditors have until
March 7, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 28-29-79.


STROYGRAD LLC: Claims Registration Ends March 7
-----------------------------------------------
LLC Construction Company Stroygrad has declared insolvency.  
Creditors have until March 7, 2008 to submit written proofs of
claim.

Inquiries can be addressed to (0-543) 86-09-70.


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


EVRAZ GROUP: To Buy 51% of Delong Holdings from Best Decade
-----------------------------------------------------------
Evraz Group S.A. has entered into a Share Purchase Agreement
with Best Decade Holdings Limited and the shareholders of Best
Decade, to acquire from Best Decade up to approximately 51% of
the issued share capital of Delong Holdings Limited over an
agreed period of time.

This transaction is subject to anti-trust clearance by the
Ministry of Commerce and the State Administration of Industry
and Commerce of the People's Republic of China.

                          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.


=============
R O M A N I A
=============


TIMKEN CO: To Hike Carbon & Alloy Tubing Prices on April 1
----------------------------------------------------------
The Timken Company will increase prices on carbon and alloy
seamless mechanical tubing by up to 15 percent, depending on the
size and product specification.

This price increase is effective with shipments beginning on
April 1, 2008.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR)
-- http://www.timken.com/-- is a manufacturer of highly
engineered bearings and alloy steels.  It also provides related
components and services such as bearing refurbishment for the
aerospace, medical, industrial and railroad industries.  The
company has operations in Argentina, Australia, Belgium, Brazil,
Canada, China, Czech Republic, England, France, Germany,
Hungary, India, Italy, Japan, Korea, Mexico, Netherlands,
Poland, Romania, Russia, Singapore, South America, Spain,
Taiwan, Turkey, United States, and Venezuela and employs 27,000
employees.

                         *     *     *

The Timken Company still carries Moody's Investors Service's Ba1
senior unsecured deb rating on US$300 million Medium Term Notes,
Series A.


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


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

         E. Malykhin
         Insolvency Manager
         Post User Box 5
         GOS 6
         Griboedova 3
         390006 Ryazan
         Russia

The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A54-1875/2007-S20.

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan
         Russia

The Debtor can be reached at:

         OJSC Atoll
         Building 27
         Yuzhnyj Promuzel 6
         390011 Ryazan
         Russia


BALASHOV-GRUZ-AVTO-TRANS: Creditors Must File Claims by March 28
----------------------------------------------------------------
Creditors of OJSC Balashov-Gruz-Avto-Trans (TIN 6440000732)  
have until March 28, 2008, to submit proofs of claim to:

         R. Perepletov
         Insolvency Manager
         Post User Box 1531
         410000 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-9285B/07-8.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Balashov-Gruz-Avto-Trans
         Balashov
         Saratov
         Russia


CAUCASIA TOUR: Creditors Must File Claims by March 28
----------------------------------------------------
Creditors of OJSC Caucasia Tour (TIN 010446688) have until
March 28, 2008, to submit proofs of claim to:

         R. Khagundokov
         Insolvency Manager
         Post User Box 15
         Krasnooktyabrskaya Str. 20
         Maykop
         385000 Adygeya
         Russia

The Arbitration Court of Adygeya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A01-B-50-2007-11.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Caucasia Tour
         Abakan
         Adygeya
         Russia


DON-XXI CJSC: Creditors Must File Claims by February 28
-------------------------------------------------------
Creditors of CJSC Don-XXI 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.
A53-143/08-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:

         CJSC Don-XXI
         Druzhby Str. 63
         Matveevo-Kurganskiy
         Rostov
         Russia


EVRAZ GROUP: To Buy 51% of Delong Holdings from Best Decade
-----------------------------------------------------------
Evraz Group S.A. has entered into a Share Purchase Agreement
with Best Decade Holdings Limited and the shareholders of Best
Decade, to acquire from Best Decade up to approximately 51% of
the issued share capital of Delong Holdings Limited over an
agreed period of time.

This transaction is subject to anti-trust clearance by the
Ministry of Commerce and the State Administration of Industry
and Commerce of the People's Republic of China.

                          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.


VIMPEL-COMMUNICATIONS: Unit Closes Golden Telecom Tender Offer
--------------------------------------------------------------
OJSC Vimpel-Communications disclosed of the success of the
tender offer by its indirect wholly owned subsidiary, Lillian
Acquisition, Inc., for any and all of the outstanding shares of
common stock of Golden Telecom, Inc. at a purchase price of
US$105.00 per share in cash.

Based on preliminary information from the depositary for the
offer, as of the expiration of the offer at midnight on Feb. 15,
2008, stockholders had tendered and not withdrawn 36,533,255
shares of Golden Telecom common stock (including 1,239,567
shares delivered through notices of guaranteed delivery),
representing approximately 90.5% of the outstanding shares of
Golden Telecom's common stock.

"We are very pleased that the overwhelming majority of Golden
Telecom's stockholders have found this offer to be compelling,"
Mr. Alexander Izosimov, the Chief Executive of VimpelCom, said.
"The transaction truly transforms VimpelCom into a leading
integrated telecom operator in Russia and the CIS with
established positions in rapidly growing broadband, data and
mobile markets.  We are looking forward to growing the combined
business together with the management of Golden Telecom and to
benefiting from our respective expertise and strengths.  Indeed,
we have already started planning our integration activities and
are confident of realizing significant additional value for our
shareholders."

Lillian Acquisition has accepted for payment all shares of
Golden Telecom common stock that were validly tendered during
the initial offering period and will make payment to the
depositary for the accepted shares promptly.

Lillian Acquisition has elected to provide a subsequent offering
period for all remaining shares of Golden Telecom common stock
to permit stockholders who have not yet tendered their shares,
due to technical difficulties in the tendering process or
otherwise, the opportunity to do so.  

This subsequent offering period will commence immediately and
will expire at 5:00 p.m., New York City time, on Tuesday,
Feb. 26, 2008.  All shares of Golden Telecom common stock
properly tendered during the subsequent offering period will be
accepted, and tendering stockholders will receive the same price
of US$105.00 per share in cash.  No shares of Golden Telecom
common stock tendered during the initial offering period or the
subsequent offering period may be withdrawn.

Following the subsequent offering period, VimpelCom Finance
B.V., a direct wholly owned subsidiary of VimpelCom, and Lillian
Acquisition intend to effect a merger of Lillian Acquisition
into Golden Telecom.  In connection with the merger, all
remaining Golden Telecom stockholders who did not tender their
shares in the tender offer (other than those, if any, properly
perfecting dissenters' rights) will receive the same US$105.00
per share in cash paid in the tender offer.

                      About Golden Telecom

Headquartered in Moscow, Russia, Golden Telecom Inc. --
http://www.goldentelecom.com/-- provides integrated
telecommunications and Internet services in major population
centers throughout Russia and other countries of the
Commonwealth of Independent States.  The Company offers voice,
data and Internet services to corporations, operators and
consumers using its overlay network in major cities including
Moscow, Kiev, St. Petersburg, Nizhniy Novgorod, Samara,
Kaliningrad, Krasnoyarsk, Alma-Ata, and Tashkent, and via
intercity fiber optic and satellite-based networks, including
around 287 combined access points in Russia and other countries
of the CIS.  The Company offers cellular communication services
in Kiev and Odessa, Ukraine.

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications
(NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile
telecommunications services in Russia and Kazakhstan with newly
acquired operations in Ukraine, Tajikistan and Uzbekistan.  The
Company operates under the 'Beeline' brand in Russia and
Kazakhstan.  In addition, VimpelCom is continuing to use 'K-
mobile' and 'EXCESS' brands in Kazakhstan.  The group wholly
owns Mobitel in Georgia.

                          *     *     *

As of Oct. 8, 2007, OJSC Vimpel-Communication carries Ba2
Corporate Family, Probability-of-Default and Senior Unsecured
Debt Ratings from Moody's Investors Service.

The company also carries BB+ long-term corporate credit rating
from Standard & Poor's Ratings Services.


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

         A. Voroshilova
         Insolvency Manager
         Office 3
         Profinterna Str. 39
         Barnaul
         656002 Altay
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A03-5265/07-B.

The Debtor can be reached at:

         OJSC Krasnoznamenskoe
         Krasnoznamenka
         Kuryinskiy
         Altay
         Russia


MOBILE TELESYSTEMS: Buys Remaining 9% Stake in Mobilnye Sistemy
---------------------------------------------------------------
Mobile TeleSystems OJSC announced on Feb. 15, 2008, that it has
acquired the remaining 9% stake in Mobilnye Sistemy Svyazi
(MSS).

In line with the company's strategy of consolidating ownership
in its subsidiaries, MTS has purchased an additional 9% stake in
its Omsk subsidiary, Mobilnye Sistemy, from a private investor,
Fri-Consulting Limited, for US$16 million.  

As a result of this transaction, MTS' ownership in the
subsidiary increased to 100%.

Initially, the MTS purchased a 51.0% stake in 2000 followed by
acquisitions in 2001 and 2004 of additional 32.5% and 7.5%
stakes respectively.

The subsidiary provides GSM 900/1800 services under the MTS
brand and is one of the leading wireless service providers in
the Omsk region with a population of 2.1 million, located in
Central Siberia.

Headquartered in Moscow, Russia, OJSC Mobile TeleSystems
(NYSE:MBT) -- http://www.mtsgsm.com/-- is the largest wireless   
telecommunications operator in Russia and the CIS.  For the
first six months of 2007, MTS reported revenues of US$3.7
billion and an OIBDA margin of 51.8%.  MTS has 79.12 million
total subscribers as of August 2007.  The regions of Russia, as
well as Armenia, Belarus, Turkmenistan, Ukraine, and Uzbekistan,
in which MTS and its associates and subsidiaries are licensed to
provide GSM services, have a total population of more than 230
million. Since June 2000, MTS' Level 3 ADRs have been listed on
the New York Stock Exchange (ticker symbol MBT)

                         *    *    *

As reported in the TCR-Europe on Oct. 11, 2007, Moody's
Investors Service upgraded the corporate family and
existing bond ratings of Mobile TeleSystems to Ba2 from Ba3.  

The outlook on the ratings is positive.


OGK-5 OAO: Enel SpA Sees 60% Stake Following Tender Offer
---------------------------------------------------------
Enel S.p.A. expects its stake in OAO OGK-5 to reach around 60%
following the completion of its mandatory public tender offer,
Adam Freeman writes for Bloomberg News.

Carlo Tamburi, Enel's head of international operations, told
Bloomberg News that the Italian utility is still tallying the
results of the tender offer, which ended Feb. 4, 2008.

Mr. Tamburi added Enel will conduct review of OGK-5's financial
position and may infuse more capital if needed, Blomberg News
relates.  Mr. Tamburi, however, clarified Enel has no plans to
raise cash by selling its shares.

According to Mr. Tambuli, Enel has to wait OGK-5's current
procurement arrangement expires in 2012 before the Italin firm
can use the Siberian gas assets it acquired in 2007 to supply
the company's plants.

As reported in the TCR-Europe on Nov. 21, 2007, Enel Investment
Holding B.V., Enel's wholly owned Dutch unit, launched a
mandatory public tender offer for the entire share capital of
the generation company OGK-5 following the clearance received by
the Russian financial markets regulator.

The duty to launch the offer arises from overcoming the 30%
ownership threshold of OGK-5's share capital by EIH, after the
acquisition of about 7.15% stake completed on Oct. 26, 2007.

The tender offer affects about 22,231 million OGK-5 shares
(equal to 62.85% of the Russian company's share capital, net of
the 37.15% already owned by EIH) and has been launched at a
price of 4.4275 rubles per share, fully payable in cash.

Enel is a vertically integrated Group in Russia. In addition to
the stake in OGK-5, the Enel Group currently owns 40% of the
Severnaya Energia consortium (previously named Enineftegaz),
with Eni holding the remaining 60%.  The consortium has acquired
a number of promising natural gas assets (OAO Arcticgaz,
Urengoil and OAO Neftegaztechnologia).  Moreover, the Enel Group
also holds 49.5% of RusEnergoSbyt, the country's leading
independent electricity supplier.

                           About OGK-5

Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.

                          *     *     *

As of Nov. 20, 2007, OAO OGK-5 carries Ba3 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service.
Moody's said the Outlook is Stable.


OGK-5 OAO: May Issue Bonds to Finance Operations
------------------------------------------------
OAO OGK-5's Board of Directors has passed the resolution on the
possible issuance of non-convertible interest-bearing certified
exchange-traded bearer bonds in 2008 with mandatory centralized
custody on MICEX, to be placed through public subscription.

During the discussion of the given issue it was declared that
activities related to raising loan capital in the following
three years will be the core financial activity of OGK-5.  
Besides financing capital costs and costs related to the
implementation of the extensive investment program, it is
necessary to have tools for working capital financing.

The Board of Directors ordered the Director General of OGK-5 to
develop exchange bond issue parameters, hold necessary
procedures on selection of candidates to organize the security
issue and present said materials to the Board of Directors of
the Company for future consideration.

Mikhail Krupin, the CFO of JSC OGK-5, noted that exchange-traded
bonds is the new tool on the Russian financial market, while on
developed markets there has long been the analogue of this tool
-- commercial papers, which are very popular among market
participants.

"Considering the current credit history, credit rating and
financial performance, we believe that OGK-5's exchange-traded
bonds will be able to find its investor even on the developing
market, which will help the Company fairly quickly raise the
required capital if needed," Mr. Krupin said.

                           About OGK-5

Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.

                          *     *     *

As of Nov. 20, 2007, OAO OGK-5 carries Ba3 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service.
Moody's said the Outlook is Stable.


PETERSBURG FRUIT: Creditors Must File Claims by March 28
--------------------------------------------------------
Creditors of LLC Petersburg Fruit Terminal (TIN 7802163901) have
until March 28, 2008, to submit proofs of claim to:

         B. Egudkin
         Insolvency Manager
         Apt. 92
         Building 2
         Komendantskiy Pr. 43
         197373 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-44708/2007.

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 Petersburg Fruit Terminal
         Mezhevoj Kanal 5
         198035 St. Petersburg
         Russia


ROSNEFT OIL: Plans 12-Year RUR600-Bln Investment to Hike Output
---------------------------------------------------------------
OAO Rosneft Oil Co. will invest RUR600 billion in a 12-year
period to hike its annual oil output to 170 million tons in
2020, various reports say, citing CEO Sergei Bogdanchikov.

Mr. Bogdanchikov said bulk of the investment will be used to
develop its eastern Siberia oil fields, which will account for  
60% to 70% of the increase in production, Bloomberg News says.

The CEO said Rosneft plans to start production at its Vankor oil
field in eastern Siberia by August 2008.  Vankor crude will be
pumped via Eastern Siberia-Pacific Ocean pipeline.  The company
has invested RUR70 billion in the Vankor field.

"Vankor will play the paramount role in our strategy," Bloomberg
News quoted Mr. Bogdanchikov as saying.

Under Rosneft's planned development strategy until 2020, RIA
Novosti cites Mr. Bogdanchikov, the company foresees production
to reach:

    * 130 million tons by 2010,
    * 160 million tons by 2015, and
    * 170 million tons by 2020.

Rosneft produced 102 millions tons of oil in 2007.

Mr. Bogdanchikov told RIA Novosti that Rosneft plans to sell
less crude and double its refining capacity, adding that the
company expects to around 50 million tons of refined petroleum
products by 2020.  

                         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.


SHELF AND CO: Creditors Must File Claims by February 28
-------------------------------------------------------
Creditors of OJSC Shelf and Co have until Feb. 28, 2008, to
submit proofs of claim to:

         Y. Kotik
         Insolvency Manager
         Birzhevoj Spusk 8
         Taganrog
         Rostov
         Russia
         Tel/Fax: (8634) 38-34-00

The Arbitration Court of Rostov will convene at 12:30 p.m. on
April 4, 2008, to hear the company's bankruptcy proceedings
after finding it insolvent.  The case is docketed under Case No.
A53-8188/2007-S1-43.

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 Shelf and Co
         Dzerzhinskogo Str., 111/2
         Taganrog
         Rostov
         Russia


SIBIRTELECOM OAO: Fitch Affirms Long-term IDR at 'B+
----------------------------------------------------
Fitch Ratings has affirmed OAO Sibirtelecom's Long-term Issuer
Default Rating at 'B+' with Stable Outlook and Short-term IDR at
'B'.

The ratings reflect Sibir's dominant market position in its area
of operations in eastern and much of western Siberia.  Sibir
controls about 80% of fixed lines in its operating territory and
its market share by revenue is high.  As the company owns the
most developed last mile and backbone network in the area its
market share in the residential segment is likely to remain
unrivalled.  However, competition in the business segment is
likely to intensify in the medium- to long-term.

Sibir holds a fairly stable market share in the mobile segment;
it is the third leading mobile operator in the Siberian Federal
Region of Russia.  The company continues to demonstrate
subscriber growth, which, coupled with healthy profitability
margins in the mobile segment, contributes positively to Sibir's
overall profitability and cash generation.  The ratings also
take into consideration the company's high internet access
market share and the broadband segment's growing contribution to
profitability.

The Stable Outlook reflects Fitch's expectations that Sibir will
be able to largely sustain its shares in the local services and
mobile markets and to grow its broadband and other 'new
services' ahead of competition.

Despite increasing cash flow from operations, Sibir is likely to
remain free cash flow- negative in the next two years due to
investments in fixed-line digitisation, mobile network
maintenance and broadband network roll-out.  Its high investment
budget has led to an increase in net debt to RUB19bn at end
H107, while leverage (measured as net debt/EBITDA on LTM basis)
remained at 2.2x.  Fitch does not expect leverage to have
significantly declined in 2007; although gradual de-leveraging
after 2007 is possible as capex needs decline.  The agency notes
that capex for fixed-line digitisation is scalable without
significant loss of margins and profitability; capex may be
significantly cut with positive implications for cash flow
generation and liquidity.

At end-H107, short-term debt (less than one year) was reported
at 49% of Sibir's total, up from 33% at end-2006.  Though this
figure may fluctuate, it is, in Fitch's view, unlikely to have
gone below 30% at end-2007.  Representing a significant share of
the short-term debt is a RUB3bn domestic bond maturing in April
2008.  Though Fitch expects Sibir to rely on state-owned banks
for refinancing, such new debt is likely to be short term,
reflecting liquidity pressure in the Russian banking system.  As
a result, refinancing risks would remain.  Fitch notes there is
another RUB2bn domestic bond maturing in May 2009.

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


YUG-AGRO LLC: Creditors Must File Claims by February 28
-------------------------------------------------------
Creditors of LLC Yug-Agro (TIN 6143062493) have until Feb. 28,
2008, to submit proofs of claim to:

         O. Rayabokon
         Temporary Insolvency Manager
         Office 1
         Stachki Pr. 249
         Rostov-na-Donu
         423834 Rostov
         Russia

The Arbitration Court of Rostov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A53-9205/07-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:

         LLC Yug-Agro
         Gorkogo Str. 70, 77
         Volgodonsk
         347360 Rostov
         Russia


* Fitch Says Liquidity Poses Constraint for Telecom Incumbents
--------------------------------------------------------------
Fitch Ratings said Monday that weak liquidity management and a
high reliance on short-term financing are a key credit
constraint for Russian fixed-line telecom incumbents.

Fitch views this heavy reliance on short-term debt as a negative
rating factor as it exposes Russian telecoms incumbents to
significant refinancing risks, and in the current tight debt
market environment liquidity issues are a major concern.

"Although many of the incumbents achieved significant
operational improvements and face reasonably strong growth
prospects on the back of rapid broadband roll-out, suggesting a
potential upward rating momentum, material short-term
refinancing risks are not consistent with a higher rating
level," says Nikolay Lukashevich, Senior Director in Fitch's TMT
team.  Liquidity concerns are exacerbated by the industry's
negative free cash flow generation as a result of unsustainably
high infrastructure capex, which account for about 30% of
revenues.

Fitch notes, however, that telecom capex is highly scalable.
Exceptionally heavy investments in 2004-2007 mean operators have
the flexibility to make significant capex cuts if needed,
without materially affecting their competitiveness, market
shares and service quality.  Although high capex is partially
driven by the regulatory requirement to fully digitise local
exchange infrastructure by end-2009, Fitch understands that this
deadline is flexible and that penalties for breaching it are
highly unlikely.  The agency estimates that capex cuts may be
sufficient to return free cash flow generation to positive
territory and provide a modest liquidity cushion.

As Russian telecoms incumbents are ultimately controlled by the
government, they benefit from strong relationships with state-
controlled banks, such as Sberbank ('BBB+'/Stable) and VTB
('BBB+'/ Stable), their dominant providers of bank debt
financing.  Fitch expects these banks will continue to be key
lenders to the industry.  However, direct financial support from
the incumbents' parent holding, Svyazinvest, is unlikely. Fitch
also does not expect Svyazinvest will be willing, or able, to
tap the cash flows of strongly performing subsidiaries to
support their vulnerable counterparts.

In Fitch's view, incumbent operators' operating cash flows are
stable and visible while their leverage is moderate for their
ratings, making them quality domestic corporate borrowers.  
Fitch believes underlying operating strengths make these
companies attractive bank clients.  However, domestic longer-
term borrowing has become increasingly scarce, shortening these
operators' debt maturity profiles.  Fitch's ratings will
increasingly factor in the ability of regional incumbents to
maintain sufficient back-up bank credit lines on a rolling
basis.

Individual liquidity and refinancing risks differ significantly
across the industry.

North-West Telecom ('BB-' (BB minus)/Stable) benefits from
considerable cash inflow after it sold its 15% stake in
Telecominvest for USD410m in October 2007, while Volgatelecom's
('BB-' (BB minus/Stable) debt maturities are well-spread, with
only 18% of its debt being short-term (less than one year) at
end-H107 and a modest 1.5x net debt/EBITDA at end-2006.

Refinancing risks are much higher for Uralsvyazinform
('B+'/Stable) and Sibirtelecom ('B+'/Stable) with short-term
debt accounting for 42% and 49%, respectively, of total at end-
H107.

The share of short-term debt at Centertelecom ('B'/Positive) was
at an acceptable 16% at end-H107 although this is compromised by
its lower flexibility to cut capex given relative under-
investment in 2005-2006.  At end-September 2007, 27% of
Dalsvyaz's ('B+'/Stable) debt was short-term while its leverage
was moderate at 1.8x at end-2006, mitigating refinancing
concerns.


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


* Fitch Says Kosovo Declaration Won't Affect Serbia's Ratings
-------------------------------------------------------------
Fitch Ratings on Monday said Kosovo's unilateral declaration of
independence from the Republic of Serbia on Feb. 17, 2008, has
been well signposted and will not lead to an immediate change in
Serbia's ratings.  However, it risks setting off a messy and
unpredictable chain of events that could increase political and
economic instability in Serbia.  If a downside scenario were to
materialise then negative rating actions could follow.

Kosovo's declaration of independence from Serbia is expected to
be swiftly recognised by the US and leading European powers
including France, Germany and the UK, bringing about a
restricted and supervised form of de facto sovereignty.  
However, Serbia remains bitterly opposed, Russia is blocking an
agreement at the United Nations and some member states are
preventing formal EU recognition.  The EU will take over from
the UN in supervising the government, but the legal basis of
Kosovo's independence and the EU's mandate are unclear.  The
political and economic future of Kosovo looks challenging.

The destabilising influence of Kosovo has been one of the
reasons Fitch has factored in a high degree of political risk
into Serbia's Long-term foreign and local currency Issuer
Default ratings (IDRs) of 'BB-' (BB minus) with Stable Outlooks
assigned in May 2005.  Kosovo's independence and its disputed
recognition carry various risks.  It could further inflame
nationalist sentiment within Serbia; although the recent Serbian
presidential election was won by the reformist, pro-EU
candidate, Boris Tadic, the nationalist Tomislav Nikolic of the
Serbian Radical Party (SRS) won a disconcerting 48% of the vote.

The failure of the EU and Serbia to reach an agreement over the
future of Kosovo and on-going divisions could threaten Serbia's
path towards EU accession.  And differences within the Serbian
coalition government over the handling of Kosovo and EU
relations could precipitate early elections and potentially see
the SRS enter the government.

Serbia's credit strengths include its relatively high level of
human capital and GDP per capita, which Fitch estimates at
US$5,760 in 2007 (at market exchange rates), well above the 'BB'
range median of US$3,190.  Fitch estimates the economy grew by
7.3% in 2007.  Serbia has continued to recognise and service
US$1.25bn (around 3% of GDP) of public debt related to the
province of Kosovo accumulated prior to 1999.  The secession of
Kosovo could, therefore, see a reduction in Serbia's general
government debt, which Fitch estimates at around 31% of GDP at
end-2007.  However, Serbia's substantial current account
deficit, which Fitch estimates at around 16.8% of GDP in 2007,
is a significant rating weakness.  If Serbia were to turn its
back on EU integration that would likely adversely affect
foreign direct investment and other capital inflows,
exacerbating external financing risks.

The treatment of Kosovo will aggravate relations between Russia
and the West, and could be seen to set a precedent and have
unfavourable consequences for other countries.  It could risk
destabilising or thwart attempts to re-integrate breakaway
territories in Georgia (Long-term foreign currency IDR of 'BB-'
(BB minus)) and Moldova ('B-' (B minus)).  The Republika Srpska
entity could threaten to secede from Bosnia.  It could also
spark tensions in the Republic of Macedonia ('BB+') between
ethnic Albanians and Macedonians.


* S&P Says Kosovo Declaration Won't Affect Serbia's Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services said that the declaration of
independence by Kosovo's authorities on Feb. 17, 2008, would not
have any immediate impact on the sovereign credit ratings on the
Republic of Serbia (BB-/Stable/B).  However, Standard & Poor's
emphasized that the response of the Serbian government to the
political pressures created by the declaration, and to the
process of EU integration, will be of crucial importance for the
sovereign ratings.

"We don't anticipate the declaration of independence, which is
expected to be recognized by the U.S. and major EU countries
early this week, to cause large-scale violence or political
instability in Serbia," Standard & Poor's credit analyst Sladana
Tepic said.  "It does, however, heighten the possibility
of increased political tensions within Serbia's less-than-a-year
old ruling coalition.  This may bring early elections in 2008,
and cause uncertainty about future policy choices."

If Serbia's reaction to Kosovo's independence leads to an
antagonistic relationship towards the EU and a loss of EU
prospects, the sovereign ratings would quickly come under
pressure.


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


HARTMANN PEOPLECARE: Creditors Must File Claims by Feb. 27
----------------------------------------------------------
Creditors of LLC Hartmann PeopleCare have until Feb. 27, 2008,
to submit their claims to:

         LLC Meyer Lustenberger Rechtsanwalt
         Liquidator
         Forchstrrasse 452
         Mail box: 1432
         8032 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Hartmann PeopleCare
         Zurich
         Switzerland


LADERACH CONSULTING: Creditors Must File Claims by Feb. 28
----------------------------------------------------------
Creditors of JSC Laderach Consulting have until Feb. 28, 2008,
to submit their claims to:

         Andreas Byland
         Bundesgasse 26
         3001 Bern
         Switzerland

The Debtor can be reached at:

         JSC Laderach Consulting
         Frauenkappelen
         Laupen BE
         Switzerland


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

         Werner Benninger
         Liquidator
         Vissaulastrasse 2
         3280 Murten
         See FR
         Switzerland

The Debtor can be reached at:

         LLC Ramex
         Murten
         See FR
         Switzerland


RESTAURANT HIRSCHEN: Creditors Must File Claims by Feb. 28
----------------------------------------------------------
Creditors of LLC Restaurant Hirschen have until Feb. 28, 2008,
to submit their claims to:

         Walter Steiner
         Friloweg 502
         4950 Huttwil
         Trachselwald BE
         Switzerland

The Debtor can be reached at:

         LLC Restaurant Hirschen
         Krauchthal
         Burgdorf BE
         Switzerland


ROHA HARTMANN: Creditors' Liquidation Claims Due by Feb. 27
-----------------------------------------------------------
Creditors of LLC roha Hartmann Consulting have until Feb. 27,
2008, to submit their claims to:

         LLC Meyer Lustenberger Rechtsanwalt
         Liquidator
         Forchstrrasse 452
         Mail box: 1432
         8032 Zurich
         Switzerland

The Debtor can be reached at:

         LLC roha Hartmann Consulting
         Zurich
         Switzerland


SEMURA HANDEL: Creditors' Liquidation Claims Due by Feb. 28
-----------------------------------------------------------
Creditors of JSC Semura Handel und Verwaltung have until
Feb. 28, 2008, to submit their claims to:

         JSC Alleedo Treuhand
         8034 Zurich  
         Switzerland

The Debtor can be reached at:

         JSC Semura Handel und Verwaltung
         Zurich
         Switzerland


THEBLUEBOX.CH LLC: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC thebluebox.ch on Jan. 8, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC thebluebox.ch
         6340 Baar ZG
         Switzerland


T-CREATION BAU: Zurich Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Altstetten-Zurich commenced bankruptcy
proceedings against LLC T-Creation Bau on Nov. 20, 2007.

The Bankruptcy Service of Altstetten-Zurich can be reached at:

         Bankruptcy Service of Altstetten-Zurich
         8048 Zurich
         Switzerland

The Debtor can be reached at:

         LLC T-Creation Bau
         Badenerstrasse 698
         8048 Zurich
         Switzerland


===========
T U R K E Y
===========


TOPLU KONUT: Moody's Puts Local & Foreign Currency Rating at Ba3
----------------------------------------------------------------
Moody's Investors Service assigned issuer ratings of Ba3 (Global
Scale, local and foreign currency) and Baa1.tr (Turkey National
Scale), with stable outlook, to Toplu Konut Idaresi Baskanligi,
the housing development administration of Turkey.

"TOKI's ratings primarily reflect its strategic role in the
implementation of the Turkish government's housing policies and
its strong linkages to the government's institutions, as
reflected by the legislative framework regulating its duties and
powers", says Francesco Soldi, Moody's lead analyst for TOKI.

TOKI is a State Agency affiliated with the Turkish Prime
Ministry, with a broad range of powers and duties in the housing
sector.  It was established by Mass Housing Law n.2985 as a
public corporate entity outside Turkey's state budget; it has no
share capital, and it cannot be made bankrupt or liquidated.  
The agency, which does not pursue profit as a business
objective, operates under a mandate from the central government,
with its mission being to develop housing projects, grant
subsidised housing credits, and support renovation projects.  
The management structure and governance clearly point to a high
degree of operational integration with the government, as well
as its budgeting process and auditing procedures.

"As such, its rating is closely tied to that of the Turkish
Republic," explains Mr. Soldi.

The ratings also take into account TOKI's financial fundamentals
and improving financial performance.  Moreover, the ratings
incorporate TOKI's business model, which entails good
operational efficiency and management of risks associated with a
building-for-sale model.  Moody's also notes that TOKI has been
able to manage its rapidly increasing budget, although large
investments have led to a narrowing liquidity position.  Over
the past five years, increased housing sales have reduced
reliance on government grants as a source of revenue, reflecting
the government's attitude to support TOKI's operations through
land allocation rather than grants.  TOKI's improving operating
margins reflect its business model and increasing returns from
revenue-sharing projects with third parties.

"TOKI has managed its financial exposure to date, but its large
investment programme for social housing is expected to require
external sources of funding. Such new borrowings can be
supported by the agency's capacity for leverage," says Mr.
Soldi.

TOKI's Ba3/Baa1.tr issuer ratings and stable outlook also
incorporate a high likelihood of extraordinary support from the
central government should the agency approach a default
situation.


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


ALIGATOR LLC: Claims Filing Deadline Set February 29
----------------------------------------------------
Creditors of LLC Aligator (code EDRPOU 30474943) have until
Feb. 29, 2008, to submit written proofs of claim to:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B-21/261.

The Debtor can be reached at:

         LLC Aligator
         Gnat Hotkevich Str. 54/269
         Ivano-Frankovsk
         Ukraine


BALTAZAR-CLASS LLC: Creditors Must File Claims by February 29
-------------------------------------------------------------
Creditors of LLC Baltazar-Class (code EDRPOU 35066416) have
until Feb. 29, 2008, to submit written proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 22, 2008.   
The case is docketed under Case No. 14/792/07.

The Debtor can be reached at:

         LLC Baltazar-Class
         Office 507
         Heroes of Stalingrad Avenue 91
         Nikolaev
         Ukraine


BIAS CJSC: Creditors Must File Claims by February 29
----------------------------------------------------
Creditors of CJSC Science-Technological Association Bias (code
EDRPOU 23713323) have until Feb. 29, 2008, to submit written
proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/536-b.

The Debtor can be reached at:

         CJSC Science-Technological Association Bias
         Pobeda Avenue 19
         03055 Kiev
         Ukraine


CAPITAL-PLUS LLC: Creditors Must File Claims by February 29
-----------------------------------------------------------
Creditors of LLC Capital-Plus (code EDRPOU 35106186) have until
Feb. 29, 2008, to submit written proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 22, 2008.  
The case is docketed under Case No. 14/794/07.

The Debtor can be reached at:

         LLC Capital-Plus
         Pushkinskaya Str. 31
         Nikolaev
         Ukraine


CHEMER DISTILLERY: Claims Filing Deadline Set February 29
---------------------------------------------------------
Creditors of State Enterprise Chemer Distillery (code EDRPOU
00375355) have until Feb. 29, 2008, to submit written proofs of
claim to:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy supervision
procedure on the company on Jan. 3, 2008.  The case is docketed
under Case No. 4/85b.

The Debtor can be reached at:

         State Enterprise Chemer Distillery
         Industrial Str. 10
         Chemer
         Kozeletsky District
         17036 Chernigov
         Ukraine


EKO-SERVICE LLC: Creditors Must File Claims by February 29
----------------------------------------------------------
Creditors of LLC Eko-Service (code EDRPOU 30675783) have until
Feb. 29, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 21, 2008.  
The case is docketed under Case No. 49/244-b.

The Debtor can be reached at:

         LLC Eko-Service
         Kikvidze Str. 21
         01103 Kiev
         Ukraine


INDUSTRIAL ELECTROEQUIPMENT: Creditors' Claims Due Feb. 29
----------------------------------------------------------
Creditors of LLC Industrial Electroequipment (code EDRPOU
32202636) have until Feb. 29, 2008, to submit written proofs of
claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 12, 2007.  
The case is docketed under Case No. 15/547-b.

The Debtor can be reached at:

         LLC Industrial Electroequipment
         Borispol Str. 8
         02099 Kiev
         Ukraine


INTELVID LLC: Creditors Must File Claims by February 29
-------------------------------------------------------
Creditors of LLC Intelvid (code EDRPOU 21454797) have until
Feb. 29, 2008, to submit written proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/533-b.

The Debtor can be reached at:

         LLC Intelvid
         Artem Str. 46
         04053 Kiev
         Ukraine


MARIAGVA BSM: Creditors Must File Claims by February 29
-------------------------------------------------------
Creditors of LLC Norwegian-Ukrainian Company Mariagva BSM (code
EDRPOU 32819512) have until Feb. 29, 2008, to submit written
proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 22, 2008.  
The case is docketed under Case No. 14/800/07.

The Debtor can be reached at:

         LLC Norwegian-Ukrainian Company Mariagva BSM
         Apartment 80
         Sovetskaya Str. 9
         Nikolaev
         Ukraine


MONTI LLC: Creditors Must File Claims by February 29
----------------------------------------------------
Creditors of LLC Monti (code EDRPOU 21592430) have until
Feb. 29, 2008, to submit written proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 11, 2007.  
The case is docketed under Case No. 23/534-b.  

The Debtor can be reached at:

         LLC Monti
         Gogolevskaya Str. 39
         04053 Kiev
         Ukraine


ZARIA LLC: Creditors Must File Claims by February 29
----------------------------------------------------
Creditors of Agricultural LLC Zaria (code EDRPOU 05525167) have
until Feb. 29, 2008, to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 10, 2008.  
The case is docketed under Case No. 5/16-08.

The Debtor can be reached at:

         Agricultural LLC Zaria
         Gagarin Str. 22
         Gavrishovka
         Vinnica
         Ukraine


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


3CL REALISATIONS: Calls In Liquidators from Tenon Recovery
----------------------------------------------------------
J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of 3CL Realisations Ltd. (formerly Three Cooks
Ltd.) on Feb. 6 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


AXIUM INT'L: Entertainment Partners Completes Acquisition
---------------------------------------------------------
Entertainment Partners has completed its acquisitions of certain
assets of  Axium International, Carolyn Giardina of the
Hollywood Reporter discloses.  

As reported in the Troubled Company Reporter-Europe on Feb. 5,
2008,  Axium sold its remaining assets to Entertainment Partners
for $7.05 million.  Ensemble Chimes Global, the company's
wholly-owned subsidiary, had sold its assets to MPS Group Inc.

Axium International Inc. -- http://www.axium.com/-- provides
payroll solutions for production.  It offers various financial
services and technology for the entertainment industry through
Axium Global and Axium Global Workforce.  It serves companies
ranging from mid-market to Fortune 500.  Axium International has
offices in Los Angeles, New York, Burbank, Hollywood, Las Vegas,
Toronto, Vancouver and London.  The company filed for protection
under Chapter 7 of the Bankruptcy Code on Jan. 8, 2008 (Bankr.
C.D. Calif. Case No. 08-10277).  Howard M. Ehrenberg, a partner
at SulmeyerKupetz, has been appointed as Chapter 7 Trustee.


CHALLENGER SYNDICATESHIPS: Appoints Begbies as Administrators
-------------------------------------------------------------
D.F. Wilson and J.N.R. Pitts of Begbies Traynor were appointed
joint administrators of Challenger Syndicateships Ltd. (Company
Number 03444668) on Jan. 11, 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:

          Challenger Syndicateships Ltd.
          Hampton Park Farmhouse
          Red Lane
          Hampton
          Evesham
          Worcestershire
          WR11 2RF
          England
          Tel: 01386 424 386
          Web site: http://www.challengersyndicatecars.com/   


CHRYSLER LLC: Court Denies Plea to Pull Out Tooling Equipment
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan
denied Chrysler LLC's request to pull out the tooling equipment
from Plastech Engineered Products Inc. and its debtor-
affiliates' plants.

The decision came after a two-day hearing last week, with
Chrysler and Plastech presenting their cases about the tooling
dispute.

Chrysler spokesperson, Kevin Frazier, commented, "We are
obviously disappointed with this decision.  We cannot provide
further information at this time.  However, we will continue to
work with all parties to ensure that our plants continue to
receive deliveries of parts."

As reported in the Troubled Company Reporter on Feb. 14, 2008,
the Debtors opposed Chrysler's request for lifting of the
automatic stay that would allow it to take possession of the
tooling.  If Chrysler's proposal is granted, the Debtors
contended, they would immediately lose approximately 15% of
their annual revenues, considering that Chrysler accounts for
about $200,000,000 of Plastech's annual revenues.

In addition, the Debtors argued that Chrysler has no right to
take the tooling equipment away, since pursuant to their
financial accomodation agreements, the tooling is property of
the Debtors' estate.

As previously reported, Chrysler LLC reacted to Plastech's
argument that the tooling equipment is property of the estate.  
Chrysler argued that the objections of the Debtors and various
of the Debtors' lenders, which share a common theme -- that
Chrysler's entitlement to possession of the Tooling is somehow
conditioned on Chrysler proving "ownership" of the Tooling --
miss the mark.

"Possession of the Tooling, not ownership, is the issue before
the Court," Chrysler's counsel argued.

Representatives for General Motors Corp. and Ford Motor Co. as
well as for auto supplier Johnson Controls Inc. told the Court
that they believe Chrysler has the right to reclaim their own
equipment under their contracts with Plastech.

                    About Plastech Engineered

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

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

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

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

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

                       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.


CLEAR CHANNEL: Expects CC Media Merger to Close by March 31
-----------------------------------------------------------
Clear Channel Communications Inc. reported that there are no
remaining regulatory approvals needed to close merger agreement
it had with Thomas H. Lee Partners LP and Bain Capital Partners
on Sept. 25, 2007.  The company anticipates closing of the
merger on or before March 31, 2008.

The company's shareholders approved the adoption of the merger
agreement, as amended, in which Clear Channel would be acquired
by CC Media Holdings Inc., a corporation formed by private
equity funds co-sponsored by Lee Partners and Bain Capital.

As reported in the Troubled Company Reporter-Europe on Dec. 6,
2007 Clear Channel provided an update on the status of its
merger with an affiliate of a private equity group.  Both
parties continue to actively pursue the satisfaction of the
conditions to closing of the merger.  The remaining material
condition to be satisfied is obtaining the expiration or
termination of the waiting period under the Hart Scott Rodino
Act.

In connection with the proposed acquisition, the company agreed
with the United States Department of Justice to enter into a
Final Judgment and Hold Separate Agreement in accordance with
and subject to the Tunney Act.  The applicable waiting period
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976
expired on Wednesday, Feb. 13, 2008.

                       About Bain Capital

Boston, Massachussetts-based Bain Capital Partners LLC --
http://www.baincapital.com/-- is a private investment firm with
approximately US$40 billion in assets under management.  Its
family of funds includes private equity, venture capital, public
equity and leveraged debt assets.  Absolute Return Capital LLC
is the global macro affiliate of Bain Capital. Bain Capital
Private Equity has raised nine funds and invested in more than
200 companies.  Bain Capital (Europe) Limited, an affiliate, is
dedicated to investment opportunities in the European market.  
Bain Capital Venture Partners LLC is the venture capital arm of
Bain Capital.  Sankaty Advisors LLC, the credit affiliate of
Bain Capital LLC, is a private manager of high-yield debt
obligations.  In October 2006, Michaels Stores Inc. announced
the completion of its merger with affiliates of Bain Capital
Partners LLC and The Blackstone Group.  As a result, Bain
Capital Partners LLC and Blackstone own equal stakes in
Michaels, and funds affiliated with Highfields Capital
Management own a minority stake.

                    About Thomas Lee Partners

Boston, Massachussetts-based Thomas H. Lee Partners LP --
http://www.thlee.com/-- Thomas H. Lee Partners is the teddy  
bear at the gate.  Known as a "friendly" leveraged buyout (LBO)
firm, the company uses a mix of debt, funds from institutional
investors, and its own money to buy companies.  Unlike the
fearsome LBO outfits of the 1980s, Thomas H. Lee Partners
eschews the axe for the handshake; it builds up a stake and
courts management cooperation.  Lee then usually sells the
revamped acquisitions or takes them public.  Thomas H. Lee, who
founded Thomas H. Lee Partners in 1974, left his namesake firm
in 2006 to start a long-planned rival hedge fund and private
equity venture.

The company has teamed up with Bain Capital to buy media titan
Clear Channel for almost US$20 billion.  

               About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 31,
2008, Standard & Poor's Ratings Services said its ratings on
Clear Channel Communications Inc., including the 'B+' corporate
credit rating, remain on CreditWatch with negative implications.
S&P originally placed them on CreditWatch on Oct. 26, 2006,
following the company's announcement that it was exploring
strategic alternatives to enhance shareholder value.


CLEAR CHANNEL: Sues to Compel Providence Equity to Close TV Deal
----------------------------------------------------------------
Clear Channel Communications Inc. filed a lawsuit against
Providence Equity Partners Inc., to compel the private equity
firm to complete its acquisition of Clear Channel's 56
television stations, various sources say.

The Associated Press reports that Providence Equity was
"surprised and disappointed" by the lawsuit filed on Friday by
Clear Channel.  According to the contract terms, the litigation
has rendered the break-up fee void.

As reported in the Troubled Company Reporter-Europe on April 24,
2007, Clear Channel agreed to sell its Television Group to
Providence Equity for approximately US$1.2 billion.  The sale
includes 56 television stations, including 18 digital multicast
stations, located in 24 markets across the United States.  Also
included in the sale are the stations' associated Web sites, the
Television Operations Center, and Inergize Digital Media, which
manages the Television Group's online and wireless initiatives.

In November, the TCR-Europe reported that Providence had
reservations about the transaction because of its view of the
long-term prospects of Clear Channel's local TV stations.  
Providence may try to renegotiate the purchase price, and should
the deal fails, it would have to pay a US$45 million break-up
fee.

According a filing with the Securities and Exchange Commission,
Clear Channel disclosed that the definitive agreement is in full
force and effect, has not been terminated and contains customary
closing conditions.  There have been no allegations that Clear
Channel has breached any of the terms or conditions of the
definitive agreement or that there is a failure of a condition
to closing the acquisition.  

              About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 31,
2008, Standard & Poor's Ratings Services said its ratings on
Clear Channel Communications Inc., including the 'B+' corporate
credit rating, remain on CreditWatch with negative implications.
S&P originally placed them on CreditWatch on Oct. 26, 2006,
following the company's announcement that it was exploring
strategic alternatives to enhance shareholder value.


CLEAR CHANNEL: Required by DOJ to Shed Off Radio Stations
---------------------------------------------------------
The U.S. Department of Justice has required Clear Channel
Communications Inc. to divest radio stations in four cities in
order for a group of private equity investors led by Bain
Capital and Thomas H. Lee Partners to proceed with their
acquisition of a controlling interest in Clear Channel.

The DOJ said that the transaction, as originally proposed,
likely would have resulted in higher prices to purchasers of
radio advertising in Cincinnati, Houston, Las Vegas and San
Francisco because Bain and THL already have substantial
ownership interests in two firms that compete with Clear Channel
in those cities.

The DOJ's Antitrust Division recently filed a civil lawsuit in
the U.S. District Court in Washington, D.C., to block the
proposed acquisition.  At the same time, the Division filed a
proposed settlement that, if approved by the court, would
resolve the lawsuit and the DOJ's competitive concerns.

The divestitures are required to assure continued competition in
markets where the transaction would otherwise result in a
significant loss of competition.  According to the complaint,
radio stations owned by Clear Channel and Cumulus compete head-
to-head in Cincinnati and Houston.  In addition, Clear Channel
and Univision own competing Spanish-language radio stations in
Houston, Las Vegas and San Francisco.  THL and Bain's
acquisition of a controlling interest in Clear
Channel\u2014combined with their existing ownership interests in
Cumulus and THL's ownership interest in Univision\u2014gives
them the incentive and the ability to reduce competition between
Clear Channel and Cumulus and Univision, which would result in
increased prices and reduced levels of service in the sale of
radio advertising time.

Under the terms of the proposed settlement, Clear Channel must
divest stations in Cincinnati, Houston, Las Vegas and San
Francisco to buyers approved by the Department\u2019s Antitrust
Division.

"Without the divestitures obtained by the Department,
advertisers that rely on radio advertising in the affected
cities likely would have faced higher prices," said Thomas O.
Barnett, Assistant Attorney General in charge of the
Department\u2019s Antitrust Division. "The divestitures will
ensure that advertisers will continue to receive the benefits of
competition."

As reported in the Troubled Company Reporter-Europe on Feb. 1,
2008, the buyers remained undaunted in their plans to buy Clear
Channel for US$39.20 per share amid market's worries.

Clear Channel said that the pending deal will be completed by
March 2008, as previously planned.

               About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 31,
2008, Standard & Poor's Ratings Services said its ratings on
Clear Channel Communications Inc., including the 'B+' corporate
credit rating, remain on CreditWatch with negative implications.
S&P originally placed them on CreditWatch on Oct. 26, 2006,
following the company's announcement that it was exploring
strategic alternatives to enhance shareholder value.


CLOCKWORX LTD: Taps PwC to Administer Assets
--------------------------------------------
Robert William Birchall and Michael David Gercke of
PricewaterhouseCoopers LLP were appointed joint administrators
of Clockworx Ltd. (Company Number 5114698) on Jan. 31, 2008.

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

The company can be reached at:

          Clockworx Ltd.
          Unit 5-7
          Park Royal Road
          London
          W3 6XA
          England
          Tel: 0870 061 0000
          Fax: 0870 762 1426


ELVI INVESTMENTS: Hires Joint Administrators from Baker Tilly
-------------------------------------------------------------
Lynn Robert Bailey, Lindsey Jane Cooper and Simon Peter Bower of
Baker Tilly Restructuring and Recovery LLP were appointed on
Feb. 7, 2008, joint administrators of:

   -- Elvi Ltd. (Company Number 00489332);
   -- Elvi Investments Ltd. (Company Number 00416970); and
   -- Elvi Holdings Ltd. (Company Number 03338735).

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

The companies can be reached at:

          Elvi Investments Ltd.
          17 Oxleasow Road
          Redditch
          Worcestershire
          B98 0RE
          England
          Tel: 01527 506 300
          Fax: 01527 515 126


GLOBAL TRADER EUROPE: Opts for Administration Due to Deficit
------------------------------------------------------------
Global Trader Europe Limited disclosed that it experienced a
regulatory capital deficit as a result of a single client margin
call default.  Thus, under these circumstances GT Europe
applied, at the close of business on Wednesday, Feb. 13, 2008,
to the Financial Services Authority in the United Kingdom for a
Variation of Permission - the official method by which companies
change the terms of their authorization, limiting principal
activities to closing existing trades.

Purple Capital, together with the Board and management of GT
Europe, continues to evaluate alternatives for the re-
capitalisation of the company, including the possible
introduction of an international equity partner.

However, to ensure that the various alternatives can be
evaluated within an orderly operational structure and regulated
financial exposure, GT Europe, on Feb. 15, 2008, applied, with
the permission of the FSA, to be managed under Administration.

              No Effect on South African Operations

Global Trader's South African operations, being independently
held, is unaffected legally or economically by the circumstances
of GT Europe.  

GTSA is performing very well and has traded profitably
throughout the recent period of adverse market movements and
volatility.  In fact, GTSA's client base has grown at an annual
rate of 34% since the effective date of the acquisition, whilst
turnover has grown by 117% year-on-year for the same period.
GTSA generates in excess of 80% of group profitability and cash
flows and remains well positioned as the leading CFD and Spread
Trading derivatives operation in South Africa.  GTSA's expansion
plans into a full-service brokerage remain on track for 2008.

Shareholders are advised to exercise caution when dealing in the
company's shares until final details of GT Europe's
restructuring are certain, at which time a detailed announcement
will be made.

             Purple Capital's Shares Diversification

As a result of Global Trader Europe Limited's insolvency, Purple
Capital Ltd.'s shares last week fell by around 18%, Bloomberg
reports.

                     Global Trader Europe

Global Trader Europe Limited is held independently as the owner
of the international operations of the Global Trader group.

Global Trader -- http://www.gt247.co.za/-- is a pioneering  
international financial institution offering a Spread Trading
and a Contract for Difference execution and advisory service to
both institutional and private clients investing in
international and domestic markets.  Global Trader was founded
in Europe in 2000.  Since then it has grown its global reach
into South Africa, North America and Asia, with a physical
presence in the United Kingdom, South Africa, Thailand, Canada
and Russia.

Worldwide, Global Trader is authorized and regulated by the
Financial Services Authority in the United Kingdom. Global
Trader is an authorized Financial Services Provider by the
Financial Services Board of South Africa and registered as a
derivatives dealer with the Securities and Exchange Commission
of Thailand.  Global Trader is a Member of the London Stock
Exchange and is a derivative member of the JSE Limited.  Global
Trader is run by a group of market professionals who share a
common goal to redefine trading. Applying their extensive
financial backgrounds with leading Global Investment banks and
software houses, the management team have built Global Trader
into an international trading house.

Global Trader is 100% owned by Purple Capital Limited --
http://www.purplecapital.co.za/-- a financial services  
investment holding company.


GLOBAL TRADER EUROPE: Smith & Williamson Named as Administrators
----------------------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner of Smith and
Williamson Limited were appointed joint administrators of Global
Trader Europe Limited on Feb. 15, 2008 and the Affairs, Business
and Property of the company are being managed by them. The joint
administrators contract as agents of the company and without
personal liability.

For inquiries regarding th administration, contact:

     Smith and Williamson Limited
     25 Moorgate
     London, EC2R 6AY.
     Tel: 0207 131 4000

                     Global Trader Europe

Global Trader Europe Limited is held independently as the owner
of the international operations of the Global Trader group.

Global Trader -- http://www.gt247.co.za/-- is a pioneering  
international financial institution offering a Spread Trading
and a Contract for Difference execution and advisory service to
both institutional and private clients investing in
international and domestic markets.  Global Trader was founded
in Europe in 2000.  Since then it has grown its global reach
into South Africa, North America and Asia, with a physical
presence in the United Kingdom, South Africa, Thailand, Canada
and Russia.

Worldwide, Global Trader is authorized and regulated by the
Financial Services Authority in the United Kingdom. Global
Trader is an authorized Financial Services Provider by the
Financial Services Board of South Africa and registered as a
derivatives dealer with the Securities and Exchange Commission
of Thailand.  Global Trader is a Member of the London Stock
Exchange and is a derivative member of the JSE Limited.  Global
Trader is run by a group of market professionals who share a
common goal to redefine trading. Applying their extensive
financial backgrounds with leading Global Investment banks and
software houses, the management team have built Global Trader
into an international trading house.

Global Trader is 100% owned by Purple Capital Limited --
http://www.purplecapital.co.za/-- a financial services  
investment holding company.


INTELSAT LTD: S&P Chips Rating to B on Highly Leveraged Profile
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Bermuda-based Intelsat Ltd. to 'B' from 'B+' and
removed the ratings from CreditWatch.  The outlook is stable.
   
Concurrent with the new bridge financing utilized in the
acquisition of the company by an investor group led by BC
Partners, Intelsat used the accordion feature under its Intelsat
Corp. credit facility to issue a US$150 million incremental term
loan B-2.  In light of this fact, Standard & Poor's also lowered
the rating on the company's senior secured credit facility to
'BB-', while leaving the recovery rating unchanged at '1',
indicating expectations of very high (90%-100%) recovery in the
event of a payment default to this new term loan.
   
"The downgrade reflects the significant increase in leverage
resulting from the leveraged buyout," said Standard & Poor's
credit analyst Naveen Sarma.  "It is only the fundamentally
sound business profile that enables Intelsat to warrant the `B'
corporate credit rating in light of this excessive leverage."
   
The ratings on Intelsat Ltd. reflect a very highly leveraged
financial profile that allows for little financial flexibility
over the medium term and overwhelms very attractive business
characteristics.  A strong business risk profile reflects the
company's global scale, strong geographic diversification, and a
strong revenue backlog that provides for significant cash flow
visibility.  This enables the company to support such high
levels of leverage at this rating level.


KRISPY KREME: Standard Pacific Divests 6.1% Stake in Company
------------------------------------------------------------
Standard Pacific Capital, LLC, an investment adviser, disclosed
in regulatory filings with the Securities and Exchange
Commission that it has completely sold off its Krispy Kreme
Doughnuts, Inc. common shares.

Prior to that, Standard Pacific Capital beneficially owned
3,934,499, or 6.1%, of the outstanding shares of Krispy Kreme.

Standard Pacific Capital did not provide an explanation.  
Standard Pacific Capital also did not identify who acquired the
shares.

Tony Plath, a finance professor at UNC Charlotte, said that the
investment group "could have transferred the ownership stake to
the name of the party that really bought it, since there's no
transaction price listed in the filing," The Winston-Salem
Journal reports.

Meanwhile, Kuwait-based Mohamed Abdulmohsin Al Kharafi & Sons
W.L.L., disclosed in a separate filing that it has acquired
9,064,800 Krispy Kreme shares, representing a 13.8% equity stake
in the company.

Mohamed Abdulmohsin Al Kharafi & Sons W.L.L., is a limited
liability company organized under the laws of the state of
Kuwait.

Krispy Kreme has 65,532,322 shares of common stock issued and
outstanding, as reported in the company's Quarterly Report on
Form 10-Q for the quarterly period ended October 28, 2007.

                      About Krispy Kreme

Headquartered in Winston-Salem, North Carolina, Krispy Kreme
Doughnuts Inc. (NYSE: KKD) -- http://www.krispykreme.com/--
retails doughnuts.  There are about 411 Krispy Kreme stores
including satellites operating system-wide in 41 U.S. states,
Australia, Canada, Hong Kong, Indonesia, Japan, Kuwait, Mexico,
the Philippines, the Republic of South Korea, the United Arab
Emirates and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 18,
2007, Moody's Investors Service lowered Krispy Kreme Doughnut
Corporation's Speculative Grade Liquidity rating to SGL-4 from
SGL-3, indicating weak liquidity.  Concurrently Moody's revised
the rating outlook to negative while affirming Krispy Kreme's
Caa1 corporate family rating and B3 rating of its US$160 million
senior secured credit facilities.


LIFEBACK CLINIC: Taps Liquidators from Tenon Recovery
-----------------------------------------------------
Stanley Donald Burkett-Coltman and Nigel Ian Fox of Tenon
Recovery were appointed joint liquidators of The Lifeback Clinic
(U.K.) Ltd. (formerly The Sudell Lifeback Clinic (U.K.) Ltd.) on
Feb. 6 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


MONEY PARTNERS: Moody's Cuts Rating on EUR15 Mln Notes to Ba2
-------------------------------------------------------------
Moody's Investors Service placed on review for downgrade the
Class M2a and M2b Notes and downgrades the Class B1 Notes issued
by Money Partners Securities 2 PLC:

    - Class M2a GBP 16 Million, Current rating A2, on review for
      possible downgrade;

    - Class M2b, EUR 4 Million Current Rating A2, on review for
      possible downgrade;

    - Class B1, EUR 15 Million, Current Rating Baa2, downgraded
      to Ba2.

The rating actions have been prompted by worse-than-expected
collateral performance leading to above market average
delinquency, repossession and loss levels.  After twenty-four
months since issuance, the cumulative losses are equal to 1.11%
of the original pool balance, and the 90+ arrears correspond to
approximately 15.40% of the current pool balance.

Following an updated loan-by-loan analysis, and on the basis of
the performance experienced by the portfolio so far, Moody's has
increased the portfolio's expected loss assumption modeled at
closing by 1.5 -- 2.0 percent and further increased its credit
support expectations for the rating levels assigned.  In
particular in its revised assumptions, Moody's has also taken
into consideration the rising loss severity of repossessed
second lien mortgage loans which, in the last quarter, amounted
to approximately 80%.

Money Partners Securities 2 plc closed in November 2005.  In
this transaction, the Originator (Money Partners Limited for
first charge mortgages and Money Partners Loans Limited for
second charge mortgages) securitised a portfolio of 2830 first
ranking and 5581 second ranking mortgage loans secured on
residential properties located in England, Wales, Scotland and
Northern Ireland, for an overall amount of GBP 400.0 million.  
The second lien loans correspond to 15% of the current pool
balance (28.6% at closing) and the current pool factor is 51%.

This transaction benefits from interest rate swaps as well as
from a cash collateralization of fixed and discount rate loans.  
The current deposit amounts have been assessed for coverage of
the fixed rate shortfalls.  The incorporated detachable coupons
entitled to receive interest on the relevant Class A Notes have
been reviewed based on applicable outstanding Class A Notes
amount, interest rate and payment date.  As of the last interest
payment date, the Class B2 Notes have been fully redeemed
through available excess spread.

The resulting overcollateralisation has been considered in the
current rating review analysis by Moody's.  It is expected that
the transaction will switch from sequential to pro-rata
amortization in the next quarters.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

Moody's will continue to monitor closely the performance of this
transaction and will accordingly complete the review.


NEWARK FINANCE: Appoints Administrators from Ernst & Young
----------------------------------------------------------
Alan Michael Hudson and Margaret Elizabeth Mills of Ernst &
Young LLP were appointed joint administrators of Newark Finance
Ltd. (Company Number 5313439) on Feb. 8, 2008.

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

The company can be reached at:

          Newark Finance Ltd.
          Old North Road
          Sutton on Trent
          Newark
          Nottinghamshire
          NG23 6QN
          England


NORTHERN ROCK: David Cameron Calls for Chancellor's Resignation  
---------------------------------------------------------------
UK Conservative Party Leader David Cameron is demanding the
resignation of Chancellor Alistair Darling, who is putting
forward a legislation to nationalize Northern Rock plc, BBC News
reports.

                        Nationalization Bill

According to a TCR-Europe report, 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 also 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.

Mr. Cameron, BBC relates, alleged Mr. Darling did "not now have
any credibility as Chancellor," arguing "the nationalization of
Northern Rock is a disaster for the taxpayer, a disaster for
this government and a disaster for our country.

Mr. Cameron, however, wants the Chancellor to remain in his post
until the legislation passes parliament, BBC adds.

Mr. Cameron, who favors Bank of England-led administration for
Northern Rock, declared the Tories would vote against the
legislation as it is opposed to nationalization, although he
noted his party would not use every parliamentary device to
obstruct the bill, Breakingnews says.

Meanwhile, Treasury spokesman George Osborne, declared Mr.
Darling is politically a dead man walking, adding "this
Chancellor has given us weakness and indecision.  We can safely
say he will never recover his reputation for competence,"
Bloomberg News discloses.

Liberal Democrat Treasury spokesman Vince Cable, on the other
hand, expressed its support for the Northern Rock's
nationalization.

"It is clearly preferable to take this bank into temporary
public ownership rather than have a bad private sale to somebody
like Sir Richard Branson under which the taxpayer would continue
to have all the risks and the liabilities and a private owner
would take all the benefit," Mr Cable was quoted by BBC as
saying.

As reported in the TCR-Europe on February 19, 2008, the
Government decided to bring forward legislation that will enable
Northern Rock 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.

In the meantime, the Chancellor 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.

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.                       
                   
                   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.


NORTHERN ROCK: Temporary Public Ownership Right Move, PM Says
-------------------------------------------------------------
British Prime Minister Gordon Brown has stressed that the UK
Government "will and always has put the interests of the
taxpayer first" in dealing with the troubled Northern Rock bank.

Speaking at his monthly press conference in Downing Street,
Mr. Brown said that placing Northern Rock plc in temporary
public ownership was "the right decision" and that it would have
been wrong to accept a private bid whose conditions were not
appropriate.  The move to acquire the bank was announced on
Sunday, February 17, 2008, by the Chancellor, Alistair Darling.

The Prime Minister added that the Government was right to
intervene when Northern Rock ran into difficulties last summer,
ensuring that the bank did not fail and that instability did not
spread throughout the economy.

"We have steered a course of stability through difficult times
and so my message is: stability is our watchword and will remain
so; to protect savers and to secure the best interests of
taxpayers; we have the strength to take the long-term decisions
and the strength to see them through," the Prime Minister said.

Mr. Brown said that developments in the Government's handling of
the Northern Rock crisis should be seen in the wider context of
the impact of the credit crunch across the globe.  There had
been a sharp downturn in the US economy, some of the biggest
write-offs in the history of the financial sector, and state
intervention in the rescuing of three German banks.

The UK had been put in a strong position to deal with the
current global economic turbulence due to low inflation and low
interest rates, achieved in part through the disciplined staging
of public sector awards, he added.

Asked about the running of Northern Rock in public ownership,
the Chancellor said it would operate independently and "at arms
length from government," with newly appointed chairman Ron
Sandler free to make "normal commercial decisions".

The Prime Minister added that it was the Government's attention
to return the bank to private sector ownership "as quickly as
possible" but only when market conditions were right.

                Temporary Public Ownership

As reported in the TCR-Europe on February 19, 2008, the
Government decided to bring forward legislation that will enable
Northern Rock 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.

In the meantime, the Chancellor 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.

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.

                        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.
                   
                   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.


NORTHERN ROCK: Rescue Plans Carry Risks, Ron Sandler Says
---------------------------------------------------------
Northern Rock plc's new executive chairman Ron Sandler has
warned that all rescue plans drawn up for the bank carry risks,
claiming there is no guarantee they will succeed, BBC News
reports.

Mr. Sandler, whose comments came after the UK government
unveiled its decision to nationalize Northern Rock, declared
"nothing is guaranteed in this world," although he said there
was a good platform from which to stabilize the bank and repay
billions of pounds of loans, which would take years, BBC
relates.

"It is clearly unrealistic to talk about months," Mr. Sandler
was quoted by the BBC as saying.  "We are clearly talking about
a period of some years."

Mr. Sandler, however, refused to discuss on job cuts, BBC adds.

Meanwhile, Breakingnews reveals, Northern Rock is likely to
reduce its current market-leading savings rates as it would have
to operate under European Union rules on state aid, which
according to Mr. Sandler would put "restraints" on the bank.

Chris Gilchrist, director of Churchill Investments, told
Breakingnews "there are quite strong arguments from other banks
that there is an element of subsidy.  We suspect they will be
forced to offer slightly less attractive rates."

Concerns over Northern Rock's competitive advantage resulting
from the government guarantee and loan are also speculated to
arise, Breakingnews discloses.

According to James Invine, a research analyst at Dresdner
Kleinwort, "Northern Rock will gain from Government ownership.
No private bank can match the perception of deposit safety of a
Government-owned bank," adding "this means that Northern Rock's
battered deposit franchise has a competitive advantage,
particularly over the smaller banks, Alliance & Leicester and
Bradford & Bingley, where consumers may perceive slightly higher
risk," Breakingnews says.

Kevin Mountford, head of savings at moneysupermarket.com, on the
other hand, stated "the new management team, headed by financial
services stalwart Ron Sandler, will be keen to not only retain
retail funds but attract more, so savers should keep a watching
brief as we may well see some good rates offered in the coming
months," Breakingnews notes.

                  Temporary Public Ownership

As reported in the TCR-Europe on February 19, 2008, the
Government decided to bring forward legislation that will enable
Northern Rock 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.

In the meantime, the Chancellor 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.

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.                       
                   
                  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.


NORTHERN ROCK: S&P Downgrades Preference Shares' Rating to C
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on U.K. bank Northern Rock PLC to 'A'
from 'A-'.  At the same time, the 'A-1' short-term counterparty
credit rating was affirmed.  The outlook is positive.

Furthermore, the rating on Northern Rock's lower Tier 2 dated
subordinated debt was raised to 'BBB+' from 'BBB'.  At the same
time, the counterparty credit ratings and the rating on the
lower Tier 2 debt were removed from CreditWatch, where they had
been placed with developing implications on Sept. 26, 2007.

Additionally, the rating on Northern Rock's GBP400 million
preference shares, and the rating on the GBP400 million notes
issued by Saphir Finance PLC and secured over those preference
shares, were lowered to 'C' from 'B'.

At the same time, Standard & Poor's revised its CreditWatch
placement of these preference shares and the related Saphir
Finance notes to negative from developing, where they had
originally been placed on Sept. 26, 2007.  Furthermore, the 'BB'
ratings on Northern Rock's other Tier 1 instruments and all
upper Tier 2 issues remain on CreditWatch, where they had been
placed with developing implications on Sept. 26, 2007.

"These rating actions follow [Sun]day's announcement by the U.K.
government that Northern Rock will be nationalized through
legislation to be introduced [Mon]day.  The government concluded
that the takeover proposals from the Virgin-led consortium and
Northern Rock's management offered insufficient value to
taxpayers, and that a period of temporary public ownership was a
preferable outcome.  The government intends to sell the bank to
a private sector buyer once financial market conditions have
stabilized," said Standard & Poor's credit analyst Richard
Barnes.

A new senior management team has been appointed to run Northern
Rock as a commercial organization at arm's length from the
government.  Its future strategy has yet to be determined, and
will be subject to restrictions set by the European Commission
in connection with its expected approval of the government's
submission for state aid approval.  At the very least, it
appears likely that Northern Rock's residential mortgage book
will be managed down from the current level.  The existing
guarantee arrangement -- covering Northern Rock's deposits,
wholesale funding, and other specified obligations -- remains
in place.

The ratings on Northern Rock's covered bond and securitization
transactions are unaffected by the nationalization announcement.

"The positive outlook reflects the potential for the long-term
counterparty credit rating to be upgraded once further
information is available on the support that will be provided to
Northern Rock while it remains in public ownership.  The
availability of capital support is a key factor for a potential
upgrade, and we will seek to obtain further details on this from
the government and/or Northern Rock," added Mr. Barnes.  We will
also look for information on Northern Rock's future business
strategy.  A downgrade is not considered likely while the bank
remains in government ownership.

If/when the bank is returned to the private sector, the ratings
will depend on the financial strength of the buyer(s) as well as
Northern Rock's stand-alone credit profile at that time. S&P
does not exclude the possibility that a buyer cannot be found
and the government consequently has to place Northern Rock into
run-off.


OWL VISUAL: Brings In Administrators from Vantis
------------------------------------------------
Christopher David Stevens and Colin Ian Vickers of Vantis
Business Recovery Services were appointed joint administrators
of Owl Visual Systems Ltd. (Company Number 02513105) on
Feb. 5, 2008.

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

The company can be reached at:

          Owl Visual Systems Ltd.
          15-16 Horsted Square
          Bellbrook Industrial Estate
          Uckfield
          East Sussex
          TN22 1QG
          England
          Tel: 01825 766 123
          Fax: 01825 760 246


POWERHOUSE SAFETY: Hires Joint Administrators from KPMG
-------------------------------------------------------
Andrew Stephen McGill and Mark Jeremy Orton of KPMG LLP were
appointed joint administrators of Powerhouse Safety
International Ltd. (Company Number 03301587) on Feb. 6, 2008.

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

The company can be reached at:

          Powerhouse Safety International Ltd.
          2 The Street
          Old Basing
          Basingstoke
          Hampshire
          RG24 7BH
          England


QUEBECOR WORLD: Wants to Pay Accrued Prepetition Commissions
------------------------------------------------------------
Quebecor World Inc. and its affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's approval to pay
accrued prepetition commissions due and owing as of Feb. 1,
2008, to their sales representatives.

Michael J. Canning, Esq., at Arnold & Porter LLP, in New York,
relates that the Debtors' sales representatives are located in
plants or in regional offices throughout North America, Europe
and Latin America, and customers are able to coordinate
simultaneous printing throughout the Debtors' network through a
single sales representative.  The Debtors' sales representatives
are compensated primarily on a commission basis and are paid
from 30 to 90 days after a sale actually occurred.  Accordingly,
the sales representatives may go for long periods without
receiving commissions, at which point they may be entitled to
several months worth of commissions.  

According to Mr. Canning, the Debtors owe 59 sale
representatives, as of February 1, US$1,792,993.  Of this
amount, US$1,234,641 reflects amounts in excess of US$10,950 per
employee, with the proposed prepetition payments per employee
ranging from US$933 to US$117,868.  

Mr. Canning says that if the Debtors are unable to immediately
make the payments, these commissioned employees may seek
alternative employment, which would seriously hamper the
Debtors' reorganization efforts.

While these payments sought to be authorized exceed the
US$10,950 priority limitation per employee contained in Section
507(a)(4) of the Bankruptcy Code, Mr. Canning asserts that these
payments are authorized by Section 105 because they are critical
to the maintenance of a strong and dedicated work force.

The Debtors say they will make available to the Office of the
United States Trustee and counsel to the Official Committee of
Unsecured Creditors a schedule showing for each employee
scheduled to receive sales commissions on Feb. 1, 2008, the
amount of payment and the amount of additional compensation
previously received by the employee on account of 2007.

                     About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market     
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  They obtained creditor protection until Feb. 20,
2008.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of   
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.  The company has until May 20, 2008, to file a
plan of reorganization in the Chapter 11 case.  The Debtors'
CCAA stay expires on Feb. 20, 2008.  (Quebecor World Bankruptcy
News, Issue No. 5; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                       *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 13,
2008 Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


QUEBECOR WORLD: U.S. Trustee Revises Creditors' Committee
---------------------------------------------------------
Diana G. Adams, the United States Trustee for Region 2, changed
Abitibi-Consolidated Inc. to Abitibi Consolidated Sales Corp.

The Committee is now composed of:

  (1) Wilmington Trust Company
      Attn: Suzanne Macdonald
      520 Madison Avenue, 33rd floor
      New York, NY 10022
      Tel: (212) 415-0500

  (2) Pension Benefit Guaranty Corp.
      Attn: Suzanne Kelly
      1200 K Street, NW
      Washington, DC 20005
      Tel: (212) 326-4070 x6367

  (3) The Bank of New York Mellon
      Attn: David M. Kerr
      101 Barclay Street - 8 West
      New York, NY 10286
      Tel: (212) 815-5650

  (4) MEGTEC Systems Inc.
      Attn: Gregory R. Linn
      830 Prosper Rd.
      De Pere, WI 54115
      Tel: (920) 337-1568

  (5) Abitibi Consolidated Sales Corp.
      Attn: Madeleine Fequiere
      1155 Metcalfe Street, Suite 800
      Montreal, Quebec
      H3B 5H2 CANADA
      Tel: (514) 394-3638

  (6) International Paper Company
      Attn: Steve K. Dunn
      6285 Tri-Ridge Blvd.
      Loveland, OH 45140
      Tel: (513) 965-2943
     
  (7) Cellmark Paper, Inc.
      Attn: Dominick J. Merole
      300 Atlantic Street
      Stamford, CT 06901
      Tel: (203) 251-9026

Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtors' expense.  They may investigate the Debtors' business
and financial affairs.  Importantly, official committees serve
as fiduciaries to the general population of creditors they
represent.  Those committees will also attempt to negotiate the
terms of a consensual Chapter 11 plan -- almost always subject
to the terms of strict confidentiality agreements with the
Debtors and other core parties-in-interest.  If negotiations
break down, the Committee may ask the Bankruptcy Court to
replace management with an independent trustee.  If the
Committee concludes reorganization of the Debtor is impossible,
the Committee will urge the Bankruptcy Court to convert the
Chapter 11 cases to a liquidation proceeding.

                     About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market     
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  They obtained creditor protection until Feb. 20,
2008.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of   
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.  The company has until May 20, 2008, to file a
plan of reorganization in the Chapter 11 case.  The Debtors'
CCAA stay expires on Feb. 20, 2008.  (Quebecor World Bankruptcy
News, Issue No. 5; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                       *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 13,
2008 Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


QUEBECOR WORLD: Creditors' Panel Selects Akin Gump as Counsel
-------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in
Quebecor World Inc.'s Chapter 11 cases seeks permission from the
U.S. Bankruptcy Court for the Southern District of New York to
retain Akin Gump Strauss Hauer & Feld LLP as its counsel, nunc
pro tunc to Jan. 31, 2008.

The Committee believes that Akin Gump possesses extensive
knowledge and expertise in the areas of law relevant to
bankruptcy cases, and that Akin Gump is well qualified to
represent the Committee in the Debtors' chapter 11 cases.  

Akin Gump was founded by Robert S. Strauss and Richard A. Gump
in 1945 and is one of the world's largest firms, providing legal
services to their clients on a 24/7 basis.  Akin Gump has 1,050
lawyers and professionals, and has offices in 15 cities
worldwide.  

Akin Gump has been involved in various chapter 11 cases
including:

  (a) Allegiance Telecom, Inc.;
  (b) American Commercial Lines LLC;
  (c) ATA Holdings Corp.;
  (d) Collins & Aikman Corporation; and
  (e) Delta Air Lines.

As counsel to the Committee, Akin Gump will:

  (a) advise the Committee with respect to its rights, duties
      and powers in the Debtors' chapter 11 cases;

  (b) assist and advise the Committee in its consultations with
      the Debtors relative to the administration of the
      chapter 11 cases;

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

  (d) assist the Committee in its investigation of the acts,
      conduct, assets, liabilities and financial condition of
      the Debtors and of the operation of the Debtors'
      businesses;

  (e) assist the Committee in its analysis of, and negotiations
      with, the Debtors or any third party concerning matters
      related to the assumption or rejection of certain leases
      of non-residential real property and executory contracts,
      asset dispositions, financing of other transactions and
      the terms of one or more plans of reorganization for the
      Debtors and accompanying disclosure statements and related
      plan documents;

  (f) assist and advise the Committee as to its communications
      to the general creditor body regarding significant matters
      in the Debtors' chapter 11 cases;

  (g) represent the Committee at all hearings and other
      proceedings before the Court and other courts;

  (h) review and analyze applications, orders, statements of
      operations and schedules filed with the Court and advise
      the Committee for any course of action to be taken;

  (i) advise and assist the Committee with respect to any
      legislative, regulatory or governmental activities;

  (j) assist the Committee in preparing pleadings and
      applications as may be necessary in furtherance of the
      Committee's interests and objectives;

  (k) assist the Committee in its review and analysis of the
      Debtors' various commercial agreements;

  (l) assist the Committee in developing and implementing
      protocols for the coordination of the chapter 11 cases
      with the restructuring cases filed on behalf of the
      Debtors in Canada, and coordinating with counsel in those
      cases;

  (m) prepare, on behalf of the Committee, any pleadings,  
      including motions, memoranda, complaints, adversary
      complaints, objections and comments;

  (n) investigate and analyze any claims against the Debtors'
      non-debtor affiliates; and

  (o) perform other legal services as may be required by
      the Committee in accordance with the Committee's powers
      and duties as set forth in the Bankruptcy Code, Bankruptcy
      Rules or other applicable law.

Akin Gump will charge the Committee based on its hourly rates:

  Billing Category                    Range
  ----------------                    -----
  Partners                       US$460 - US$1,050
  Special Counsel and Counsel    US$250 - US$810
  Associates                     US$175 - US$580
  Paraprofessionals               US$75 - US$250

The current hourly rates of attorneys who will have primary
responsibility for providing services to the Committee are:

   Attorney                      Hourly Rate
   --------                      -----------
   Ira S. Dizengoff                 US$825    
   David H. Botter                  US$775
   Shuba Satyaprasad                US$580
   Alexis Freeman                   US$530    
   Ryan C. Jacobs                   US$500
   Joanna F. Newdeck                US$460
   Christina M. Moore               US$410    
   Brad M. Kahn                     US$325

Ira S. Dizengoff, Esq., a member of Akim Gump Strauss Hauer &
Feld LLP, assures the Court that his firm does not hold any
adverse interest and is not related to the Debtors, their
creditors, or any parties-in-interest; and that his firm is
capable of fulfilling its fiduciary duty to the Committee and
the unsecured creditors that the Committee represents.  "Based
upon information available to me, I believe that Akin Gump is a
'disinterested person' within the meaning of the Bankruptcy
Code," Mr. Dizengoff says.

                     About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market     
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.  In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.

The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom.  In March
2007, it sold its facility in Lille, France.  Quebecor World
(USA) Inc. is its wholly owned subsidiary.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case.  They obtained creditor protection until Feb. 20,
2008.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of   
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.  The company has until May 20, 2008, to file a
plan of reorganization in the Chapter 11 case.  The Debtors'
CCAA stay expires on Feb. 20, 2008.  (Quebecor World Bankruptcy
News, Issue No. 5; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                       *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 13,
2008 Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


RAVEN HEALTHCARE: Brings In Liquidators from Moore Stephens
-----------------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint liquidators of Raven Healthcare & Hygiene
Ltd. on Feb. 4 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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


REED AUTOMOTIVE: Joint Liquidators Take Over Operations
-------------------------------------------------------
Robert C. Keyes and Paul W. Ellison of Tenon Recovery were
appointed joint liquidators of Reed Automotive Ltd. on Jan. 25
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Dukesbridge House
         23 Duke Street
         Reading
         Berkshire
         RG1 4SA
         England


REFCO INC: Ex-CEO Phillip Bennett Admits Fraud Charges
------------------------------------------------------
Phillip Bennett, Refco Inc.'s former CEO and chairman, pleaded
guilty to 20 charges that includes conspiracy to commit
securities fraud, wire fraud, bank fraud, money laundering and
making false filings to the U.S. Securities and Exchange
Commission, various reports say.

"I know I was wrong, and I deeply regret it," Mr. Bennett was
quoted by Bloombeg News as saying before Judge Naomi Buchwald of
the U.S. District Court for the Southern District of New York.  
"I take full responsibility for my conduct.  I wish to publicly
apologize to my family and to all those I've harmed."

Under federal sentencing guidelines, Mr. Bennett faces a maximum
315 years in prison and as forfeiture of US$2.4 billion in
assets, Bloomberg News reports citing prosecutors.  

Mr. Bennett's sentencing is set for May 20, 2008, English
Business News says.  

Prosecutors had requested Judge Buchwald to take Mr. Bennett
into immediate custody, saying that US$50 million bail he had
posted was insufficient, English Business News relates.  

Judge Buchwald, however, rejected the request after raising the
bail amount, Bloomberg News reports.  

Mr. Bennett was set to face trial on March 17, 2008, along with
Robert Trosten, Refco's former chief financial officer, and Tone
Grant, Refco's former president, Bloomberg News reports.  
Messrs. Trosten and Grant have pleaded not guilty to helping
Mr. Bennett.

                        About Refco Inc.

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

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

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

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.


SMITH & FRANCIS: Taps Joint Administrators from Vantis
------------------------------------------------------
Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis
Business Recovery Services were appointed joint administrators
of Smith & Francis Ltd. (Company Number 02084343) on
Feb. 7, 2008.

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

The company can be reached at:

          Smith & Francis Ltd.
          13-15 New Road
          Porthcawl
          Mid Glamorgan
          CF36 5DL
          Wales
          Tel: 01656 784 171
          Fax: 01656 771 746


SPIRIT AEROSYSTEMS: Inks Service Contract with Cathay Pacific
-------------------------------------------------------------
Spirit AeroSystems Inc. has been awarded a contract to provide
overhaul, repair, and modification services for Cathay Pacific
Airways' fleet of 777 Trent 800 thrust reversers.  

Spirit, the Trent 800 nacelle and thrust reverser original
production manufacturer, will oversee the administration, supply
the rotable assets, and team with Hong Kong Aircraft Engineering
Company Limited to perform the actual service work.  Repairs and
overhauls for this Cathay Pacific program will be supported from
both Spirit's Wichita repair station and HAECO's component
workshop in Tseung Kwan O.

"Spirit AeroSystems is pleased to contract with Cathay Pacific
to overhaul their entire fleet of Trent 800 thrust reversers.
This relationship with HAECO will enable us to reduce logistics
and transportation for this program while providing optimal
support to our customer," Carolyn Harms, vice president --
general manager of Spirit's Aftermarket Customer Support
business unit, explained.  

For Spirit, the program is the latest example of its growing
maintenance, repair, and overhaul presence to complement its
established original production manufacturer position.

Headquartered in Wichita, Kansas, Spirit AeroSystems Inc.
-- http://www.spiritaero.com/-- with facilities in Wichita,
Tulsa and McAlester, Oklahoma, and Prestwick, Scotland, designs
and manufactures fuselages, struts, nacelles, thrust reversers
and other complex components for Boeing and Airbus.

                      *     *     *

As reported in the Troubled Company Reporter on Jan. 21, 2008,
Standard & Poor's Ratings Services revised its outlook on
the company's subsidiary, Spirit AeroSystems Inc., to negative
from positive.  At the same time, Standard & Poor's affirmed
Spirit AeroSystems Inc.'s BB corporate credit rating.


TANNER KROLLE: Names Joint Administrators from Baker Tilly
----------------------------------------------------------
Geoffrey Lambert Carton-Kelly and Michael David Rollings of
Baker Tilly Restructuring and Recovery LLP were appointed joint
administrators of Tanner Kroelle Ltd. (Company Number 04380938)
on Feb. 8, 2008.

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

The company can be reached at:

          Tanner Krolle Ltd.
          43 Berkeley Square
          London
          W1J 5AP
          England
          Tel: 020 7493 7853
          Fax: 020 7691 7898


UNIT HEATING: Appoints Liquidators from Baker Tilly
---------------------------------------------------
J. D. Ariel and A. White of Baker Tilly Restructuring and
Recovery LLP were appointed joint liquidators of Unit Heating
Systems Ltd. on Feb. 8 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Baker Tilly Restructuring and Recovery LLP
         12 Gleneagles Court
         Brighton Road
         Crawley
         West Sussex
         RH10 6AD
         England


VANILLA SHOES: Hires Liquidators from Vantis
--------------------------------------------
Christopher David Stevens and Colin Ian Vickers of Vantis
Business Recovery Services were appointed joint liquidators of
Vanilla Shoes Ltd. (t/a Vanilla) on Feb. 7 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England


VOGUE ESTATES: Claims Filing Period Ends April 8
------------------------------------------------
Creditors of Vogue Estates (U.K.) Ltd. have until April 8, 2008  
to detail their names and addresses (and solicitors if
applicable) together with particulars of their debts or claims,
in writing, or in person, to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on Feb. 8 for the creditors' voluntary winding-up
procedure.


VOGUE MARINE: Claims Filing Period Ends April 8
-----------------------------------------------
Creditors of Vogue Marine Ltd. have until April 8, 2008 to
detail their names and addresses (and solicitors if applicable)
together with particulars of their debts or claims, in writing,
or in person, to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on Feb. 8 for the creditors' voluntary winding-up
procedure.


WHISTLEJACKET CAPITAL: S&P Junks Issuer Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services on Feb. 15, 2008, lowered its
issuer credit rating on Whistlejacket Capital Ltd., the
structured investment vehicle that was created as a result of
the merger of Whistlejacket Capital Ltd. and Whistlejacket
Capital LLC with White Pine Corp. Ltd. and White Pine Finance
LLC.

Standard & Poor's also lowered its ratings on Whistlejacket's
commercial paper and medium-term notes.  The issuer credit, CP,
and MTN ratings remain on CreditWatch with negative
implications, where they were placed Feb. 12, 2008.

Standard & Poor's also lowered its ratings on the capital notes
issued by Whistlejacket and White Pine.  The ratings on the
capital notes also remain on CreditWatch with negative
implications, where they were placed Dec. 7, 2007.

On Feb. 15, 2008, S&P received notification that the receiver
had elected not to pay the MTNs maturing Feb. 15, 2008.  These
notes have a three-day grace period and, therefore, the payment
default will take effect on Thursday, Feb. 21, 2008.

The 'CCC-' rating on the MTNs reflects S&P's analysis of the
information that S&P received from the receiver stating that the
SIV sponsor, Standard Chartered Bank, has made a restructuring
proposal.  The rating reflects S&P's view that there is
uncertainty associated with how events will unfold next week as
the receiver interacts with the courts to address the insolvency
of Whistlejacket.

As reported in Feb. 12, 2008, Whistlejacket  breached the 50%
net asset value test.  As a result, Standard Chartered Bank's
efforts to establish a restructuring had to be referred through
the receiver.

       Ratings Lowered and Remaining on Creditwatch Negative


Whistlejacket Capital Ltd.

                                  Rating
                                  ------
                       To                   From
                       --                   ----
Issuer credit          CCC-/Watch Neg       BB/Watch Neg/B
CP                     C/Watch Neg          B/Watch Neg
MTNs                   CCC-/Watch Neg       BB/Watch Neg
Capital notes          CC/Watch Neg         CCC-/Watch Neg
   
White Pine Corp. Ltd.

                                  Rating
                                  ------
                       To                   From
                       --                   ----                             
     
Capital notes          CC/Watch Neg         CCC-/Watch Neg


WHITE PINE: S&P Downgrades Rating on Capital Notes to CC  
--------------------------------------------------------
Standard & Poor's Ratings Services on Feb. 15, 2008, lowered its
issuer credit rating on Whistlejacket Capital Ltd., the
structured investment vehicle that was created as a result of
the merger of Whistlejacket Capital Ltd. and Whistlejacket
Capital LLC with White Pine Corp. Ltd. and White Pine Finance
LLC.

Standard & Poor's also lowered its ratings on Whistlejacket's
commercial paper and medium-term notes.  The issuer credit, CP,
and MTN ratings remain on CreditWatch with negative
implications, where they were placed Feb. 12, 2008.

Standard & Poor's also lowered its ratings on the capital notes
issued by Whistlejacket and White Pine.  The ratings on the
capital notes also remain on CreditWatch with negative
implications, where they were placed Dec. 7, 2007.

On Feb. 15, 2008, S&P received notification that the receiver
had elected not to pay the MTNs maturing Feb. 15, 2008.  These
notes have a three-day grace period and, therefore, the payment
default will take effect on Thursday, Feb. 21, 2008.

The 'CCC-' rating on the MTNs reflects S&P's analysis of the
information that S&P received from the receiver stating that the
SIV sponsor, Standard Chartered Bank, has made a restructuring
proposal.  The rating reflects S&P's view that there is
uncertainty associated with how events will unfold next week as
the receiver interacts with the courts to address the insolvency
of Whistlejacket.

As reported in Feb. 12, 2008, Whistlejacket  breached the 50%
net asset value test.  As a result, Standard Chartered Bank's
efforts to establish a restructuring had to be referred through
the receiver.

       Ratings Lowered and Remaining on Creditwatch Negative


Whistlejacket Capital Ltd.

                                  Rating
                                  ------
                       To                   From
                       --                   ----
Issuer credit          CCC-/Watch Neg       BB/Watch Neg/B
CP                     C/Watch Neg          B/Watch Neg
MTNs                   CCC-/Watch Neg       BB/Watch Neg
Capital notes          CC/Watch Neg         CCC-/Watch Neg
   
White Pine Corp. Ltd.

                                  Rating
                                  ------
                       To                   From
                       --                   ----                             
     
Capital notes          CC/Watch Neg         CCC-/Watch Neg


* Fitch Says European CMBS Performance Remained Stable in 2007
--------------------------------------------------------------
Fitch Ratings disclosed in a report published Monday that the
overall performance of European CMBS transactions in 2007
remained relatively stable.  Throughout the year, 463 tranches
have been affirmed, 62 upgraded and only 10 downgraded.

Furthermore, 93% of all Outlooks assigned to European CMBS
tranches are currently Stable, 4% Positive and 2% Negative.  The
remaining 1% is on Rating Watch Negative (RWN), due to credit-
linkage to entities on RWN.

The reports also gives an update on the underperforming loans
and transactions introduced in last quarter's performance
update, as well as an overview of the latest interest deferrals,
available funds cap hits, liquidity facility drawings and the
circumstances which lead to such actions.  The involved
transactions (which only form a small fraction of all current
CMBS transactions) include issuances from the DECO, Taurus and
Titan Europe conduits, as well as one-off transactions, such as
Deutsche Hypothekenbank (Actiengesellschaft), Hannover.

Finally, the report describes the latest developments to
influence the CMBS market, such as the review of all UK
transactions originated in 2006 and 2007 with respect to the
ongoing downturn of the UK property market and the potential
effects of the German Business Tax Reform 2008 on German CMBS
transactions.  To date, 38 UK transactions have been reviewed to
assess the refinance risk related to the loans forming the
collateral.  Out of 230 tranches, only five tranches in four
transactions (equalling 2% by number) have had their Outlooks
revised to Negative from Stable.  This was due to the concerns
over the ability of certain borrowers in these transactions to
repay their debt at loan maturity via refinancing or property
sale, given the current state of the financial and property
markets.

Fitch intends to update this report quarterly, providing the
latest rating actions, CMBS trends and developments, especially
for watch-listed loans and distressed transactions.


                            *********

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.


                 * * * End of Transmission * * *