TCREUR_Public/080221.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, February 21, 2008, Vol. 9, No. 37

                            Headlines




A U S T R I A

DTP PISCHLOEGER: Claims Registration Period Ends March 17
ERSTE BANK: Moody's Ups Rating on Series 195 Credit Linked Notes
GLOBUS REISECENTER: Claims Registration Period Ends March 19
HELIX LIGHTING: Claims Registration Period Ends April 8
VASIC DUSAN: Claims Registration Period Ends March 21

VELIMIROVIC KEG: Claims Registration Period Ends March 18
VMC VERGABE: Claims Registration Period Ends March 18


F I N L A N D

M-REAL CORP: Closing Lielahati and Kangas Mills


G E R M A N Y

AKR LOGISTICS: Claims Registration Ends March 13
AMERICAN AXLE: Net Loss Drops to US$25MM in Qtr. Ended Dec. 31
COLOR & BLACK: Claims Registration Period Ends March 13
COMMERZBANK AG: Moody's Cuts Rating on EUR10 Million Note to Ba2
DACH CAFE: Claims Registration Period Ends March 10

DGE BETEILIGUNGEN: Claims Registration Period Ends March 7
FACTORY SHOES: Claims Registration Ends March 13
FERTIGBETON COLOGNE: Claims Registration Period Ends March 19
GCS VERWALTUNGS: Claims Registration Period Ends March 6
GEOHOCH2 GMBH: Claims Registration Period Ends March 19

HANDWERKER-MASSIVHAUS: Claims Registration Period Ends March 19
KOEHLER & KRENZER: Creditors' Meeting Slated for March 14
LBI LEASING: Claims Registration Ends March 11
MOTEL-CENTER KIRCHHEIM: Creditors' Meeting Slated for March 7
MTE MEERESTECHNIK: Claims Registration Ends March 12

NIBC BANK: Moody's Upgrades Rating on Series 285 Notes
PHOENIX KAPITALDIENST: EdW Members Snub Payment to Investors
POELER BAU: Claims Registration Period Ends March 7
SCHULTZ GMBH: Claims Registration Period Ends March 18
SIMA NATURSTEINVERARBEITUNG: Claims Registration Ends March 5

SLM VERMARKTUNGS: Claims Registration Ends March 20
SPIRIT - NEUE: Creditors' Meeting Slated for March 5
TTB-BAUTRAGER: Claims Registration Period Ends March 18
VISUART WERBEAGENTUR: Claims Registration Period Ends March 7
WESSELS & COLLEGEN: Claims Registration Period Ends March 11

WESTLB AG: Moody's Ups Ratings on Three Credit Linked Notes
WOHN- UND GEWERBEBAU: Claims Registration Period Ends March 7
YEZZ-TELE.COM GMBH: Creditors' Meeting Slated for March 18
ZAGA-RINGCENTER GMBH: Claims Registration Period Ends March 13


I R E L A N D

ADVANCED MEDICAL: To Reduce Workforce by 150 Positions
DALI CAPITAL: Moody's Ups Rating on RUR7 Billion Notes


I T A L Y

ALITALIA SPA: Milan Airport Workers Strike vs. Downscale Plan

* Fitch Updates Q-IFS Ratings for 22 Italian Insurers


K A Z A K H S T A N

AEROSERVICE LLP: Creditors Must File Claims by March 21
AGRO PROM: Claims Deadline Slated for March 21
AK BULAK: Claims Filing Period Ends March 21
ATRIUM LTD: Creditors' Claims Due on March 21
DUNHUA LLP: Claims Registration Ends March 21

GEM LLP: Creditors Must File Claims by March 21
JDANOVSKOYE HPP: Claims Deadline Slated for March 21
KAZKOMMERTSBANK: Dismisses Media Speculation Over Share Purchase


K Y R G Y Z S T A N

ALISED LLC: Creditors Must File Claims by March 11
ELECTRONICS SECURITY: Claims Filing Period Ends March 11
VOSTOCHNAYA GAVAN: Claims Registration Ends March 11


P O L A N D

AQUAKONRAD SA: Jelenia Gora Court Ends Bankruptcy Proceedings


R U S S I A

AGRO-TRADE LLC: Creditors Must File Claims by March 12
APO RASSVET: Kursk Bankruptcy Hearing Slated for April 23
BASKSTROM OJSC: Creditors Must File Claims by March 12
BUILDING LLC: Court Starts Bankruptcy Supervision Procedure
CHEBOKSARY-AIR OJSC: Creditors Must File Claims by March 12

FURMANOV-AGRO-PROM-TEKHNIKA: Claims Filing Period Ends March 12
IRKUTSKIY BUSINESS-PARK: Creditors Must File Claims by March 12
KONYSHEVSKIY HEMP: Creditors Must File Claims by March 12
LESNOY CJSC: Orenburg Bankruptcy Hearing Slated for April 15
MOBILE TELESYSTEMS: To Invest RUR73BB in 3G Network by 2020

NOVATEK OAO: Plans to Produce 40% of Russian Gas in Five Years
NPK EDIKT: Moscow Bankruptcy Hearing Slated for June 3
OREL-RYB-KHOZ: Creditors Must File Claims by March 12
ROSNEFT OIL: To Refinance US$15 Billion Maturing Debt in 2008
ROSNEFT OIL: Unit Questions Legality of TGK-11 Merger

TRUST SMOLENSK-PROM-STROY: Court Starts Bankruptcy Supervision
UMNOV LLC: Orenburg Bankruptcy Hearing Slated for March 26
ZARECHYE CJSC: Creditors Must File Claims by March 12


S L O V A K   R E P U B L I C

US STEEL: Senior VP John Connelly Will Retire at Month's End


S P A I N

CAIXA D'ESTALVIS: Fitch Cuts Individual Rating to 'C' from 'B/C'
CONTSA CORPORACION: Seeks Creditors' Protection


S W I T Z E R L A N D

INDUSTRIEBERATUNG: Lucerne Court Starts Bankruptcy Proceedings
ISKA LLC: Creditors' Liquidation Claims Due by Feb. 25
KREUZ HETTISWIL: Creditors' Liquidation Claims Due by Feb. 25
MITOAKTIV LLC: Creditors' Liquidation Claims Due by Feb. 27
MOMENT INVEST: Zug Court Starts Bankruptcy Proceedings

PILATUS GASTRO: Lucerne Court Starts Bankruptcy Proceedings
SANDOW LLC: Creditors' Liquidation Claims Due by Feb. 25
STT TELEFONBUCH-VERLAG: Creditors Must File Claims by Feb. 27
TECHNOWARE SWISS: St. Gallen Court Starts Bankruptcy Proceedings
ZULFI: Thurgau Court Starts Bankruptcy Proceedings


U K R A I N E

BEREG LLC: Creditors Must File Claims by March 2
ELECTROHOLDING LLC: Creditors Must File Claims by March 2
MEGANOM LLC: Creditors Must File Claims by March 2
PRESTIGE CENTER: Creditors Must File Claims by March 2
PROYM-INFORM LLC: Creditors Must File Claims by March 2

RONEKS LLC: Creditors Must File Claims by March 2
SANTAL LLC: Creditors Must File Claims by March 2
SOUTH SCIENCE-RESEARCH: Claims Filing Deadline Set February 29
SV-REGION LLC: Creditors Must File Claims by March 2
TECHNOSERVICE OJSC: Creditors Must File Claims by February 29

YUVENTA LLC: Creditors Must File Claims by March 2


U N I T E D   K I N G D O M

BELLA CUCINA: Michael Young Leads Liquidation Procedure
BRECKLAND GARAGES: Brings In Kroll to Administer Assets
CALDER CONSTRUCTION: Taps Joint Administrators from PKF
CLEAR CHANNEL: Earns US$938.5 Mln in Year Ended Dec. 31, 2007
CLEAR CHANNEL: Extends Key Dates of Senior Notes Tender Offer

CHRYSLER LLC: Beats Recovery Plan on Key Metrics, Cerberus Says
FARTHING & ROBERTS: Claims Filing Period Ends April 11
GROSVENOR HEALTHCARE: Names Deloitte as Joint Administrators
HIFLOW LTD: Brings In Liquidators from Tenon Recovery
LEHMAN BROTHERS: Moody's Ups Rating on Series 490 Notes

METRONET RAIL: S&P Retains Negative Watch on Bank Loan Ratings
NORTHERN ROCK: Unite Wants Job Security from UK Government
NORTHERN ROCK: House of Commons Passes Nationalization Bill
NORTHERN ROCK: Fitch Cuts Preference Shares' Rating to C
QUALITY HOMES: Taps Liquidators from Smith & Williamson

SCOTTISH RE: Eroding Credit Quality Spurs Moody's Ratings Review
SEA CONTAINERS: Formally Seeks Court Approval for Pensions Pact
TRAYCO LTD: Appoints PwC as Joint Administrators


* Upcoming Meetings, Conferences and Seminars




                            *********


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


DTP PISCHLOEGER: Claims Registration Period Ends March 17
---------------------------------------------------------
Creditors owed money by OEG DTP Pischloeger & Herz (FN 151712g)
have until March 17, 2008, to file written proofs of claim to
court-appointed estate administrator  Aldo Frischenschlager at:

          Dr. Aldo Frischenschlager
          Landstrasse 15
          4020 Linz
          Austria
          Tel: 0732/777238
          Fax: 0732/77723811
          E-mail: rae@frischenschlager-gallistl.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on March 31, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Jan. 31, 2008 (Bankr. Case No. 12 S 8/08a).


ERSTE BANK: Moody's Ups Rating on Series 195 Credit Linked Notes
----------------------------------------------------------------
Moody's Investors Service has taken rating action on the Series
195 credit linked notes issued by Erste Bank der oest Sparkassen
AG.

Moody's has upgraded the rating on this series of notes:

   -- Series 195 to Baa3 from Ba1, credit linked to the Republic
      of Croatia.

Moody's said the ratings are being updated to reflect the credit
risk of the reference entities to which the notes are linked.
The ratings also incorporate the credit risk of the issuer.


GLOBUS REISECENTER: Claims Registration Period Ends March 19
------------------------------------------------------------
Creditors owed money by LLC Globus Reisecenter Reisebuero (FN
152392g) have until March 19, 2008, to file written proofs of
claim to court-appointed estate administrator Andreas Alzinger
at:

          Dr. Andreas Alzinger
          Karntner Ring 12
          1010 Vienna
          Austria
          Tel: 515 50 333
          Fax: 515 50 50
          E-mail: a.alzinger@baierboehm.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 2, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 30, 2008 (Bankr. Case No. 4 S 14/08y).  


HELIX LIGHTING: Claims Registration Period Ends April 8
-------------------------------------------------------
Creditors owed money by  LLC HELIX lighting technology (FN
71162a) have until April 8, 2008, to file written proofs of
claim to court-appointed estate administrator Guenther Viehboeck
at:

          Dr. Guenther Viehboeck
          c/o Mag. Maria-Christina Nau
          Bahnhofsplatz 1a/Stg.1/Top 5
          2340 Moedling
          Austria
          Tel: 02236/22 050, 01/ 53 52 453
          Fax: 02236/49239, 01/ 53 52 810
          E-mail: office@viehboeck.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 22, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Guntramsdorf, Austria, the Debtor declared
bankruptcy on Jan. 30, 2008 (Bankr. Case No. 11 S 15/08d).   
Maria-Christina Nau represents Dr. Viehboeck in the bankruptcy
proceedings.


VASIC DUSAN: Claims Registration Period Ends March 21
-----------------------------------------------------
Creditors owed money by LLC Vasic Dusan Handel & Kleintransport
(FN 292358p) have until March 21, 2008, to file written proofs
of claim to court-appointed estate administrator Bernhard Eder
at:

          Dr. Bernhard Eder  
          Brucknerstrasse 4
          1040 Vienna
          Austria
          Tel: 505 78 61
          Fax: 505 78 61 9
          E-mail: eder@rechtsanwaelte.co.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 4, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 31, 2008 (Bankr. Case No. 28 S 18/08p).  


VELIMIROVIC KEG: Claims Registration Period Ends March 18
---------------------------------------------------------
Creditors owed money by KEG Velimirovic (FN 244041i) have until
March 18, 2008, to file written proofs of claim to court-
appointed estate administrator Georg Unger at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on April 1, 2008,  for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 30, 2008 (Bankr. Case No. 28 S 15/08x).  


VMC VERGABE: Claims Registration Period Ends March 18
-----------------------------------------------------
Creditors owed money by LLC VMC Vergabe-Management-Consulting
(FN 244852b) have until March 18, 2008, to file written proofs
of claim to court-appointed estate administrator Maximilian
Schludermann  at:

          Dr. Maximilian Schludermann  
          Reisnerstrasse 32/12
          1030 Vienna
          Austria
          Tel: 715 50 45
          Fax: 715 50 474
          E-mail: office@anwalt-vienna.at    

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 30, 2008 (Bankr. Case No. 28 S 14/08z).  


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


M-REAL CORP: Closing Lielahati and Kangas Mills
-----------------------------------------------
M-real Corp., part of the Metsaliitto Group, has unveiled a new
profit improvement and complexity reduction program in November
2007, including plans for closing down the BCTMP mill in
Lielahti and PM2 at the Kangas mill.  The statutory negotiations
with employees which started straightaway in November have now
been concluded and it has been decided that both the BCTMP mill
in Lielahti and PM2 at the Kangas mill, producing magazine
paper, will be shut down.  The closures will involve a reduction
in personnel totaling 124 man-years.

"We are streamlining our operating model and concentrating on
our strengths in our key businesses.  The new coated magazine
paper business concept streamlining our paper grades and
improving availability has made good progress and has been well
received by our customers. There has been good demand for the
new Galerie Silk coated magazine paper produced on PM4 at the
Kangas mill," M-real CEO Mikko Helander said.

The Kangas mill's PM2 was scheduled to be be shut down on
Wednesday, February 20, 2008 and the Lielahti mill during the
spring 2008.

                    About the M-real Oyj

Headquartered in Espoo, Finland, M-real Oyj --
http://www.M-Real.com/-- produces and distributes coated and  
uncoated fine papers for printing and packaging industries.  The
company has operations in Brazil and Mexico.

                        *     *     *

As of Feb. 8, M-real Oyj carries a B2 long-term corporate family
rating and a B2 senior unsecured debt rating from Moody's, which
said the outlook is negative.

Standard & Poor's rates the company's long-term foreign and
local issuer credit at B+ and  its short-term foreign and local
issuer credit at B.  The outlook is negative.


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


AKR LOGISTICS: Claims Registration Ends March 13
------------------------------------------------
Creditors of AKR Logistics GmbH have until March 13, 2008 to
register their claims with court-appointed insolvency manager
Dr. Wolf-Ruediger von der Fecht.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Meeting Hall C315
         Third Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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. Wolf-Ruediger von der Fecht
         Goldstr. 1
         47051 Duisburg
         Germany

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

The Debtor can be reached at:

         AKR Logistics GmbH
         Blumenkampshof 80
         47059 Duisburg
         Germany

         Attn: Herbert Wolters, Manager
         Hammer Str. 13
         59457 Werl
         Germany


AMERICAN AXLE: Net Loss Drops to US$25MM in Qtr. Ended Dec. 31
--------------------------------------------------------------
American Axle & Manufacturing Holdings Inc. reported its
financial results for the fourth quarter and full year ended
Dec. 31, 2007.

AAM reported a net loss of US$25.5 million in the fourth quarter
of 2007, compared to a net loss of US$188.6 million in the
fourth quarter of 2006.

AAM's earnings for the full year 2007 were US$37 million,
compared to a net loss of US$222.5 million in 2006.

In the third and fourth quarter of 2007, AAM recorded special
charges relating to a voluntary separation program accepted by
558 UAW represented associates at the Buffalo Gear, Axle &
Linkage facility in Buffalo, New York.  Production at this
facility was idled in December 2007.

Also in 2007, AAM incurred additional special charges and non-
recurring operating costs relating to other attrition programs,
asset impairments, the redeployment of machinery and equipment
and other actions to rationalize underutilized capacity.

In total, AAM's 2007 results reflect the impact of charges
amounting to US$88.4 million relating to these items, including
pension and other postretirement benefit curtailments and
special termination benefits.

In the fourth quarter of 2007, AAM recorded US$70.6 million of
these total restructuring charges.

AAM's full year 2007 earnings also reflect the impact of an
additional US$5.5 million charge for the write-off of
unamortized debt issuance costs and other costs related to the
prepayment of the US$250 million term loan due 2010.

"In 2007, AAM made excellent progress in our plan to achieve
sustainable market cost competitiveness in our global
operations," Richard E. Dauch, AAM's co-founder, chairman of the
board & CEO, said.  "AAM has a strong balance sheet and will
continue to focus on the appropriate cost structure adjustments,
technology innovations, new business launches and an accelerated
expansion of our global manufacturing and sourcing footprint to
gain momentum in 2008.  We are excited about what AAM can, and
will, accomplish in what is sure to be a most difficult,
demanding and tough year for the entire domestic automotive
industry."

                Liquidity and Capital Resources

As compared to the prior year, net cash or free cash flow
provided by operating activities for the full year 2007 nearly
doubled to US$367.9 million.  Capital spending for the full year
2007 was US$186.5 million as compared to US$286.6 million in
2006.

Reflecting the impact of this activity and dividend payments of
US$31.8 million, AAM's free cash flow of US$149.6 million in
2007 represents an improvement of US$281.5 million as compared
to the full year 2006.

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$2.91 billion, total liabilities US$2.02 billion,
and total stockholders' equity of US$0.89 billion.

          About American Axle & Manufacturing Holdings

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--  
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                        *     *     *

American Axle carries Moody's Investors Service's Corporate
Family rating of Ba3.  The company's notes and term loan also
carries Moody's senior unsecured rating of Ba3.  The outlook is
stable and the Speculative Grade Liquidity rating of SGL-1 is
renewed.


COLOR & BLACK: Claims Registration Period Ends March 13
-------------------------------------------------------
Creditors of Color & Black Strickwaren GmbH have until
March 13, 2008, to register their claims with court-appointed
insolvency manager Dr. Peter Naarmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Dr. Peter Naarmann
         Dresdner Strasse 86
         09130 Chemnitz
         Germany
         Tel: (03 71) 44 43 90
         Fax: (03 71) 444 39 11
         E-mail: info-ch@mne-insolvenzbuero.de  

The District Court of Chemnitz opened bankruptcy proceedings
against Color & Black Strickwaren GmbH on Feb. 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Color & Black Strickwaren GmbH
         Attn: Ilona Weissbach, Manager
         09395 Hormersdorf
         Hauptstr. 62
         Germany


COMMERZBANK AG: Moody's Cuts Rating on EUR10 Million Note to Ba2
----------------------------------------------------------------
Moody's Investors Service has taken rating action on a credit
linked note issued by Commerzbank AG.

Moody's has downgraded the EUR10,000,000 4.125% Corporate Linked
Bond with Return Improvement Colibri Plus 3 to Ba2 from Aa3,
credit linked to a basket of five reference entities.  One of
the reference entities is General Motors Acceptance Corp. which
is currently rated B1.  The deal is also linked to Bertelsmann
AG, Continental AG (both rated Baa1), Metro AG and Telecom
Italia SpA (both rated Baa2).

Moody's said the ratings are being updated to reflect the credit
risk of the reference entities to which the notes are linked.
The ratings also incorporate the credit risk of the issuer.


DACH CAFE: Claims Registration Period Ends March 10
---------------------------------------------------
Creditors of Dach Cafe Giessen GmbH have until March 10, 2008,
to register their claims with court-appointed insolvency manager
Ralf Diehl.

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

The meeting of creditors will be held at:

         The District Court of Giessen
         Hall 406
         Fourth Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Ralf Diehl
          Marktlaubenstr. 9
          D 35390 Giessen
          Germany
          Tel: 0641/93243-0
          Fax: 0641/932-4350

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

The Debtor can be reached at:

          Dach Cafe Giessen GmbH
          Ludwigsplatz 11
          35390 Giessen
          Germany

          Attn: Christian Schoessow, Manager
          Hobmannsbach 10
          35580 Wetzlar
          Germany


DGE BETEILIGUNGEN: Claims Registration Period Ends March 7
----------------------------------------------------------
Creditors of DGE Beteiligungen u. Management GmbH have until
March 7, 2008 to register their claims with court-appointed
insolvency manager Michael George.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on April 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wolfratshausen
         Meeting Room 3/I         
         Station Route 18
         Wolfratshausen
         Germany

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

The insolvency manager can be reached at:

         Michael George
         Hans-Urmiller-Ring 11
         82515 Wolfratshausen
         Germany
         Tel: 08171/38730-100
         Fax: 08171/38730-222

The District Court of Wolfratshausen opened bankruptcy
proceedings against DGE Beteiligungen u. Management GmbH on
Feb. 5, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         DGE Beteiligungen u. Management GmbH
         Hochfeldstr. 35
         83684 Tegernsee
         Germany


FACTORY SHOES: Claims Registration Ends March 13
------------------------------------------------
Creditors of Factory Shoes GmbH have until March 13, 2008 to
register their claims with court-appointed insolvency manager
Steffen Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Esslingen
         Hall 1
         First Floor
         Ritterstr.5
         Esslingen
         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:

         Steffen Beck
         Breitscheidstr. 10
         70174 Stuttgart
         Germany
         Tel: 0711/252566-0
         Fax: 0711/252566-66

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

The Debtor can be reached at:

         Factory Shoes GmbH
         Attn: Marinko Vinkesevic, Manager
         Einsteinstr. 44
         73230 Kirchhei
         Germany


FERTIGBETON COLOGNE: Claims Registration Period Ends March 19
-------------------------------------------------------------
Creditors of Fertigbeton Cologne GmbH & Co.
Kommanditgesellschaft have until March 19, 2008, to register
their claims with court-appointed insolvency manager Andreas
Amelung.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on April 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Andreas Amelung
         Wankelstr. 9
         50996 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Fertigbeton Cologne GmbH & Co. Kommanditgesellschaft on
Jan. 10, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Fertigbeton Cologne GmbH & Co. Kommanditgesellschaft
         Nordring 40
         50259 Pulheim
         Germany


GCS VERWALTUNGS: Claims Registration Period Ends March 6
--------------------------------------------------------
Creditors of GCS Verwaltungs GmbH have until March 6, 2008, to
register their claims with court-appointed insolvency manager
Florian Stapper.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on April 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 027
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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. Florian Stapper
          Beethovenstrasse 10
          04107 Leipzig
          Germany
          Tel: 0341/984110
          Fax: 0341/9841111

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

The Debtor can be reached at:

          GCS Verwaltungs GmbH
          Kohlgartenstrasse 13
          04315 Leipzig
          Germany


GEOHOCH2 GMBH: Claims Registration Period Ends March 19
-------------------------------------------------------
Creditors of GEOHoch2 GmbH have until March 19, 2008, to
register their claims with court-appointed insolvency manager
Hubertus Bange.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Hubertus Bange
         Kardinal-von-Galen-Str. 5
         48268 Greven
         Germany
         Tel: 02571/865-0
         Fax: +4925718645

The District Court of Muenster opened bankruptcy proceedings
against GEOHoch2 GmbH on Jan. 22, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         GEOHoch2 GmbH
         Jagerweg 2-6
         48268 Greven
         Germany


HANDWERKER-MASSIVHAUS: Claims Registration Period Ends March 19
---------------------------------------------------------------
Creditors of Handwerker-Massivhaus GmbH have until March 19,
2008, to register their claims with court-appointed insolvency
manager Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on April 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         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:

         Hartwig Albers
         Luetzowstrasse 100
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         Handwerker-Massivhaus GmbH
         Poststrasse 48-50
         14612 Falkensee
         Germany


KOEHLER & KRENZER: Creditors' Meeting Slated for March 14
---------------------------------------------------------
The court-appointed insolvency manager for Koehler & Krenzer
Fashion Aktiengesellschaft, Andreas Schafft will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:30 a.m. on March 14, 2008.

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

          The District Court of Fulda
          Hall 3100
          Koenigstrasse 38
          36037 Fulda
          Germany
      
The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on May 27, 2008, at the same
venue.

Creditors have until March 25, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Andreas Schafft
          Westhelle & Partner
          Wilhelmshoeher Allee 270
          34131 Kassel
          Germany
          Tel: 0561/3166-311
          Fax: 0561/3166-312

The District Court of Fulda opened bankruptcy proceedings
against Koehler & Krenzer Fashion Aktiengesellschaft on
Feb. 18, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

Headquartered in Ehrenberg, Germany, Koehler & Krenzer Fashion
AG -- http://www.koehler-krenzer.de/-- manufactures women's  
outerwear.  The company positions itself in the market niche for
ladies' clothing in the medium-price segment for women aged 35
and over.  

The company's principal subsidiaries include Marcona-Kleidung
Heinz Ostermann GmbH & Co. KG and Koehler & Krenzer GmbH
Bekleidungfabrik, both engaged in the marketing and sale of
women's outerwear garments.  Other three indirect subsidiaries
are K & K Fashion GmbH & Co. KG, K & K Fashion Verwaltungs GmbH
and Marcona Verwaltungs-GmbH.  

Its collections include ISABELL, which offers jackets, outdoor
clothing and coordinates and MARCONA, offering outdoor clothing
and coordinates. The Company's main export markets are the
European Union states, Switzerland and Russia.


LBI LEASING: Claims Registration Ends March 11
----------------------------------------------
Creditors of LBI Leasing Broker International GmbH have until
March 11, 2008 to register their claims with court-appointed
insolvency manager Ulrich Bastian.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on April 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:
  
         The District Court of Weilheim
         Meeting Hall E 007
         Waisenhausstr. 5
         Weilheim
         Germany

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

The insolvency manager can be reached at:

         Ulrich Bastian
         Sendlinger Str. 46
         80331 Munich
         Germany
         Tel: 089/2603966
         Fax: 2609204

The District Court of Weilheim opened bankruptcy proceedings
against LBI Leasing Broker International GmbH on Feb. 6, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         LBI Leasing Broker International GmbH
         Traubinger Str. 35
         82327 Tutzing
         Germany


MOTEL-CENTER KIRCHHEIM: Creditors' Meeting Slated for March 7
-------------------------------------------------------------
The court-appointed insolvency manager for Motel-Center
Kirchheim GmbH, Sven Stein will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:35 a.m. on March 7, 2008.

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

         The District Court of Bad Hersfeld
         Hall 8
         Ground Floor
         Dudenstrasse 10
         36251 Bad Hersfeld
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:05 a.m. on April 25, 2008 at the same
venue.

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

The insolvency manager can be reached at:

         Sven Stein
         Schwanallee 18-20
         35037 Marburg/Lahn
         Germany
         Tel: 0642112007
         Fax: 0642115858

The District Court of Bad Hersfeld opened bankruptcy proceedings
against Motel-Center Kirchheim GmbH on Feb. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Motel-Center Kirchheim GmbH
         Motelstrasse 5
         36275 Kirchheim
         Germany

         Attn: Rainer Hoffmann, Manager
         Mass 9
         36251 Bad Hersfeld
         Germany


MTE MEERESTECHNIK: Claims Registration Ends March 12
----------------------------------------------------
Creditors of MTE Meerestechnik Engineering GmbH have until
March 12, 2008 to register their claims with court-appointed
insolvency manager Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 30, 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 Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Gerhard Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany


NIBC BANK: Moody's Upgrades Rating on Series 285 Notes
------------------------------------------------------
Moody's Investors Service has taken rating action on the Series
285 credit linked notes issued by NIBC Bank N.V.

Moody's has upgraded the rating on this series of notes:

   -- Series 285 to Baa2 from Ba1, credit linked to a basket of
      three reference entities.

Moody's said the ratings are being updated to reflect the credit
risk of the reference entities to which the notes are linked.
The ratings also incorporate the credit risk of the issuer.


PHOENIX KAPITALDIENST: EdW Members Snub Payment to Investors
------------------------------------------------------------
Around 30,000 investors of Phoenix Kapitaldienst GmbH may not
receive their money back after 90% of the members of
Entschadigungseinrichtung Der Wertpapierhandelsunternehmen, the
compensatory fund of securities trading companies, refused to
make extra payment to cover the demand of the insolvent firm's
customers, The Financial Times reports, citing Die Welt as its
source.

As reported in the TCR-Europe on Dec. 26, 2007, EdW agreed to
initially pay EUR30 million in damages to the investors.  EdW
said it will raise the amount from special contributions from
its members.

EdW so far had released EUR2.3 million in payments, Die Welt
relates.

Bundesanstalt fuer Finanzdienstleistungsaufsicht, Germany's
financial supervisory authority, said it would investigate the
resistance of EdW's members as well as calls for non-payment of
the remainder of the amount, Die Welt relates.  A BaFin
representative said it might file a case in court.

Lawyers representing Phoenix creditors expressed concerns
whether EdW could satisfy EUR670 million in claims since it has
insufficient funds.

As previously reported in the TCR-Europe on Nov. 8, 2007, the
District Court of Frankfurt (Main) rejected Phoenix
Kapitaldienst's insolvency plan, acting on a complaint filed by
Irish creditor Citco Global Custody.

Citco contended that EUR162 million of the insolvency assets are
not part of the EUR230 million Phoenix asset pool, and therefore
may not be distributed to investors under the insolvency plan.

A federal court is reviewing the case.

The insolvency plan foresees a EUR200 million payment to around
30,000 Phoenix Kapitaldienst investors.

Phoenix Kapitaldienst GmbH is a German security-trading bank,
which owes up to EUR230 million in debts.  The District Court of
Frankfurt (Main) opened insolvency proceedings for the company
on July 1, 2005.


POELER BAU: Claims Registration Period Ends March 7
---------------------------------------------------
Creditors of Poeler Bau GmbH mit Sitz in Kirchdorf have until
March 7, 2008, to register their claims with court-appointed
insolvency manager Stefan N. Frielinghaus.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on April 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Stefan N. Frielinghaus
          Alexandrinenstr. 17
          19055 Schwerin
          Germany

The District Court of Schwerin opened bankruptcy proceedings
against Poeler Bau GmbH mit Sitz in Kirchdorf on Feb. 7, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Poeler Bau GmbH mit Sitz in Kirchdorf
          Attn: Ulrich Broska, Manager
          Wismarsche Strasse 1
          23999 Kirchdorf
          Germany


SCHULTZ GMBH: Claims Registration Period Ends March 18
------------------------------------------------------
Creditors of Bau Sanierung Schultz GmbH have until March 18,
2008, to register their claims with court-appointed insolvency
manager Joern Weitzmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 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:

         Joern Weitzmann
         Arnold-Heise-Strasse 9
         20249 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Bau Sanierung Schultz GmbH on Jan. 25, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Bau Sanierung Schultz GmbH
          Georgswerder Bogen 13
          21109 Hamburg
          Germany


SIMA NATURSTEINVERARBEITUNG: Claims Registration Ends March 5
-------------------------------------------------------------
Creditors of SIMA Natursteinverarbeitung GmbH have until
March 5, 2008, to register their claims with court-appointed
insolvency manager Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Duisburg
          Hall C315
          Third Floor
          Kardinal-Galen-Strasse 124-132
          47058 Duisburg
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dirk Hammes
          Wilhelmshofallee 75
          47800 Krefeld
          Germany

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

The Debtor can be reached at:

          SIMA Natursteinverarbeitung GmbH
          Attn: Uwe Kuehn, Manager
          Velauer Str. 44
          45472 Muelheim an der Ruhr
          Germany


SLM VERMARKTUNGS: Claims Registration Ends March 20
---------------------------------------------------
Creditors of SLM Vermarktungs- und Handelsgesellschaft mbH have
until March 20, 2008 to register their claims with court-
appointed insolvency manager Hartwig Albers.

Claims set out in the insolvency manager's report during this
meeting will be verified at 11:00 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:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against SLM Vermarktungs- und Handelsgesellschaft
mbH on Dec. 20, 2007.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         SLM Vermarktungs- und Handelsgesellschaft mbH
         Ebertystr. 28
         10249 Berlin
         Germany


SPIRIT - NEUE: Creditors' Meeting Slated for March 5
----------------------------------------------------
The court-appointed insolvency manager for Spirit - Neue
Moeglichkeiten GmbH, Dr. Philipp Hacklander will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:00 a.m. on March 5, 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 9:00 a.m. on April 23, 2008 at the same
venue.

Creditors have until March 20, 2008 to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Philipp Hacklander
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Spirit - Neue Moeglichkeiten GmbH on
Jan. 24, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Spirit - Neue Moeglichkeiten GmbH
         Attn: Dirk van Hahnrath, Manager
         Budapester Str. 46
         10787 Berlin
         Germany


TTB-BAUTRAGER: Claims Registration Period Ends March 18
-------------------------------------------------------
Creditors of TTB-Bautrager GmbH have until March 18, 2008, to
register their claims with court-appointed insolvency manager
Ottmar Hermann.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Ottmar Hermann
         Bleichstr. 2-4
         60313 Frankfurt
         Germany
         Tel: (069) 9130 920

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

The Debtor can be reached at:

         TTB-Bautrager GmbH
         Attn: Burkhard Wieliczek, Manager
         Bahnhofstr. 41
         76676 Graben-Neudorf
         Germany


VISUART WERBEAGENTUR: Claims Registration Period Ends March 7
-------------------------------------------------------------
Creditors of VISUART Werbeagentur GmbH have until March 7, 2008,
to register their claims with court-appointed insolvency manager
Joerg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Meeting Hall W 1.26
         First Floor
         William-Strasse 23
         53111 Bonn
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Joerg Bornheimer
          Sporergasse 7
          50667 Cologne
          Germany
          Tel: 0221-27 26 12 0
          Fax: 0221-27 26 12 99

The District Court of Bonn opened bankruptcy proceedings against
VISUART Werbeagentur GmbH on Feb. 7, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          VISUART Werbeagentur GmbH
          Attn: Ute Sattler-Kolbeck and
          Oliver Sattler, Managers
          Kronenstrasse 20
          53840 Troisdorf
          Germany


WESSELS & COLLEGEN: Claims Registration Period Ends March 11
------------------------------------------------------------
Creditors of Wessels & Collegen-Electronic GmbH have until
March 11, 2008 to register their claims with court-appointed
insolvency manager Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on March 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 185
         Zweigertstr. 52
         45130 Essen
         Germany   

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

The insolvency manager can be reached at:

         Eberhard Stock
         Rolandstr. 11
         45128 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Wessels & Collegen-Electronic GmbH on Feb. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wessels & Collegen-Electronic GmbH
         Muenchener Str. 59
         45145 Essen
         Germany

         Attn: Irmgard Wessels, Manager
         Thiemannstr. 32
         45219 Essen
         Germany


WESTLB AG: Moody's Ups Ratings on Three Credit Linked Notes
-----------------------------------------------------------
Moody's Investors Service has taken rating action regarding
certain credit linked notes issued by WestLB AG.

Moody's has upgraded the ratings on these series of notes:

    -- Series W38 to A2 from A3, credit linked to the Republic
       of Poland;

    -- Series W46 to Baa3 from B1, credit linked to the Republic
       of Bulgaria; and

    -- Series W47 to Baa3 from Ba1, credit linked to the
       Republic of Croatia.

Moody's said the ratings are being updated to reflect the credit
risk of the reference entities to which the notes are linked.
The ratings also incorporate the credit risk of the issuer.


WOHN- UND GEWERBEBAU: Claims Registration Period Ends March 7
-------------------------------------------------------------
Creditors of MS Wohn- und Gewerbebau GmbH have until
March 7, 2008, to register their claims with court-appointed
insolvency manager Markus Stoppelkamp.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on March 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Deggendorf
         Meeting Hall 3
         E 29
         Amanstrasse 17
         94469 Deggendorf
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report at 10:10 a.m. on May 5, 2008, at the same
venue..

The insolvency manager can be reached at:

          Markus Stoppelkamp
          Bahnhofstrasse 57
          94469 Deggendorf
          Germany
          Tel: 0991/37177-0
          Fax: 0991/37177-10

The District Court of Deggendorf opened bankruptcy proceedings
against MS Wohn- und Gewerbebau GmbH on Feb. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          MS Wohn- und Gewerbebau GmbH
          Josef-Wallner-Str. 2
          94469 Deggendorf
          Germany


YEZZ-TELE.COM GMBH: Creditors' Meeting Slated for March 18
----------------------------------------------------------
The court-appointed insolvency manager for YEZZ-tele.com GmbH,
Peter Sieber will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:30 a.m. on
March 18, 2008.

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

         The District Court of Darmstadt
         Hall 14
         First Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on May 15, 2008 at the same
venue.

Creditors have until March 20, 2008 to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Peter Sieber
         Darmstadter Landstrasse 116
         60598 Frankfurt
         Germany
         Tel: 069/7422660
         Fax: 069/745483

The District Court of Darmstadt opened bankruptcy proceedings
against YEZZ-tele.com GmbH on Jan. 7, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         YEZZ-tele.com GmbH
         Attn: Karl-Heinz Kaspar, Manager
         Kleyerstr. 8
         64295 Darmstadt
         Germany


ZAGA-RINGCENTER GMBH: Claims Registration Period Ends March 13
--------------------------------------------------------------
Creditors of ZAGA-Ringcenter GmbH have until March 13, 2008 to
register their claims with court-appointed insolvency manager
Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on April 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against ZAGA-Ringcenter GmbH on Feb. 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ZAGA-Ringcenter GmbH
         Kurfuerstendamm 209
         10719 Berlin
         Germany


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


ADVANCED MEDICAL: To Reduce Workforce by 150 Positions
------------------------------------------------------
To further enhance its global competitiveness, operating
leverage and cash flow, the Board of Directors of Advanced
Medical Optics Inc. on Feb. 12, 2008, committed to an additional
plan to reduce its fixed costs.  The additional plan includes a
net workforce reduction of approximately 150 positions, or about
4% of the company's global workforce.  In addition, AMO plans to
consolidate certain operations, including the relocation of all
activities at the Irvine plant, to improve its overall facility
utilization.

This additional plan includes workforce reductions and related
expenses, outplacement assistance, facilities-related costs and
accelerated amortization of certain long-lived assets.

AMO expects to complete these additional activities in 2008 and
estimates the total non-recurring pre-tax charges resulting from
the additional plan to be in the range of US$25.0 million to
US$30.0 million, substantially all of which will be incurred in
2008.  The significant majority are expected to be cash
expenditures.

On Dec. 18, 2007, the company disclosed that it would relocate  
its femtosecond laser manufacturing operations from the Irvine
plant to its excimer laser and phacoemulsification manufacturing
facility in Milpitas, California, as well as the the assembly of
IntraLase disposable patient interfaces from the Irvine plant to
AMO's facility in Puerto Rico.  

                     About Advanced Medical

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets
ophthalmic surgical and contact lens care products.  Sales for
the twelve months ended June 24, 2005 were approximately
US$921 million.  The company has operations in Germany, Japan,
Ireland, Puerto Rico and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 12,
2007, Moody's Investors Service downgraded Advanced Medical
Optics, Inc.'s Corporate Family Rating and Probability of
Default Rating to B2 from B1.  The rating outlook was revised to
stable.  Ratings hold to date.


DALI CAPITAL: Moody's Ups Rating on RUR7 Billion Notes
------------------------------------------------------
Moody's has upgraded to Baa3 from Ba2 (on watch for upgrade) the
Series 23 RUR7,000,000,000 Secured Fixed Rate Notes due 30
September 2009 issued by Dali Capital PLC.

This rating action follows the upgrade to Baa3 from Ba2 (on
watch for upgrade) of the Rouble denominated loan between
Barclays Bank PLC and Rosbank, of which these notes represent a
sub-participation.

Dali Capital PLC is a special purpose company located in Ireland
for the purpose of repackaging debt securities.


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


ALITALIA SPA: Milan Airport Workers Strike vs. Downscale Plan
-------------------------------------------------------------
Employees at Milan's Linate and Malpensa airports staged
Tuesday, Feb. 19, 2008, a four-hour strike against Alitalia
S.p.A.'s plans to downscale operations, Marco Bertacche writes
for Bloomberg News.

The employees, members of the CGIL, CISL and UIL labor unions,
walked out 10:00 a.m. to 2:00 p.m., which forced Alitalia to
cancel 123 flights, including trips to 14 intercontinental
destinations, Bloomberg News relates.  

As reported in the TCR-Europe on Feb. 6, 2008, SEA S.p.A. has
filed a EUR1.5 billion damages suit against Alitalia over the
carrier's decision to downscale its operations at Malpensa .

"We have decided to act legally against Alitalia to obtain
damages for the very serious damage deriving from the behaviour
of the airline," SEA chairman Giuseppe Bonomi said.

Mr. Bononi said Alitalia violated a hub partnership agreement
and contracts with SEA and its SEA Handling unit.  Mr. Bononi
noted that SEA designed and developed Malpensa as Alitalia
required in terms of infrastructures, facilities and
organization.  However, Mr. Bononi added, the investments are
rendered useless by Alitalia's downscale plan.

According to Mr. Bononi, Alitalia's downscale plan will cut
traffic at Malpensa by 6 million passengers and will reduce the
airport's results by EUR70 million.  The SEA chairman said the
airport operator is finding ways to contain its losses in 2008
and 2009.

                          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.


* Fitch Updates Q-IFS Ratings for 22 Italian Insurers
-----------------------------------------------------
Fitch Ratings, on Feb. 19, 2008, updated its Quantitative
Insurer Financial Strength ratings for 22 insurers in Italy.  Of
the 22 updated ratings, there are 10 affirmations, one upgrade,
one downgrade, six new ratings and four ratings withdrawn.

Decisions were taken to withdraw four ratings due to the
unavailability of 2006 data, which prevents an update of the
existing ratings, or because they no longer meet Fitch's
criteria for Q-IFS ratings.

The large number of affirmations relative to upgrades and
downgrades reflects the contrasting fortunes of the Italian life
and non-life markets in 2006.  The life market has been
decelerating since 2005 and recorded a poor result in 2006,
triggered by lower single premiums collected by the
bancassurance channel and shrinking volumes of traditional
capitalisation products.  This has resulted in higher expenses
and weaker underwriting profitability for life insurers.  Non-
life operating performance has varied by business line but the
combined ratio for the market deteriorated slightly in 2006 as
insurers face challenges during a softening phase of the
underwriting cycle.

Fitch will shortly publish its updated rating outlooks on the
Italian life and non-life markets in a special report.

The Q-IFS ratings are point-in-time ratings using year-end 2006
and prior years' annual financial results and are based on
publicly available financial information.

Upgrade

Italiana Assicurazioni SpA: 'Aq' from 'BBBq'

Downgrade

Friuli-Venezia Giulia Assicurazioni "La Carnica" SpA: 'Bq' from
'BBq'

Ratings assigned

Assicuratrice Val Piave SpA: 'BBBq'
Assicurazioni Rischi Automobilistici e Generali: 'Bq'
Helvetia Compagnia Svizzera d'Assicurazioni S.A.: 'BBq'
Risparmio & Previdenza SpA: 'Bq'
Sara Vita SpA: 'BBBq'
UBI Assicurazioni SpA: 'Bq'

Affirmations

Assicuratrice Edile SpA: 'BBBq'
Helvetia Vita SpA: 'BBBq'
Itas Assicurazioni SpA: 'BBBq'
Itas Vita SpA: 'BBBq'
Piemontese Assicurazioni SpA (La): 'BBq'
Piemontese Vita (La): 'BBBq'
Sara Assicurazioni SpA: 'BBBq'
Societa Cattolica di Assicurazione coop. Arl: 'Aq'
Uniqa Previdenza (formerly Claris Vita SpA): 'BBBq'
Vittoria Assicurazioni SpA: 'BBBq'

Withdrawals

Duomo Previdenza SpA: 'BBBq'
Il Duomo Uni One Assicurazioni SpA (formerly Il Duomo
Assicurazioni e Riassicurazioni SpA): 'BBq'
Po Vita Assicurazioni SpA: 'Aq'
SEAR Societa Europea Assicurazioni e Riassicurazioni SpA: 'Bq'


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


AEROSERVICE LLP: Creditors Must File Claims by March 21
-------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Air Company Aeroservice (RNN 600800004459)
insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Timiryazev Str. 61-2
         Almaty
         Kazakhstan
         Tel: 8 (3272) 75-67-84


AGRO PROM: Claims Deadline Slated for March 21
----------------------------------------------  
LLP Company Agro Prom Energo Centre has declared insolvency.  
Creditors have until March 21, 2008, to submit written proofs of
claims to:

         LLP Company Agro Prom Energo Centre
         Mir Str. 128a
         Rudny
         111500, Kostanai
         Kazakhstan
         Tel: 8 (7143) 15-53-11


AK BULAK: Claims Filing Period Ends March 21
--------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Firm Ak Bulak Ltd. insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


ATRIUM LTD: Creditors' Claims Due on March 21
---------------------------------------------  
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Atrium Ltd insolvent on Dec. 21, 2007.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Office 203
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 24-84-70


DUNHUA LLP: Claims Registration Ends March 21
---------------------------------------------  
LLP Kazakh-Chinese Construction Investment Joint Enterprise
Dunhua has declared insolvency.  Creditors have until
March 21, 2008, to submit written proofs of claims to:

         LLP Kazakh-Chinese Construction
         Investment Joint Enterprise Dunhua
         Vanahun Str. 11
         Sortobe
         Kordaisky
         Jambyl


GEM LLP: Creditors Must File Claims by March 21
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Gem insolvent on November 13, 2007.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Sholohov Str. 2
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 23-23-27


JDANOVSKOYE HPP: Claims Deadline Slated for March 21
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Jdanovskoye HPP 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


KAZKOMMERTSBANK: Dismisses Media Speculation Over Share Purchase
----------------------------------------------------------------
Following recent media speculation, JSC Kazkommertsbank stated
that it has no information about any large scale purchase of its
shares.

Kazkommertsbank is a public company, and 44% of its shares part
of a free floating in the form of depositary receipts, listed on
London stock exchange.  As such, any investor has the
possibility of purchasing its shares.

"Since our shares are traded on both the organized and OTC
markets it is difficult for us to be certain about the volume of
transactions taking place.  We are aware of an increasing level
of interest in our securities, but we believe this is the case
for the financial sector in Kazakhstan as a whole.  In our view
the sector has recently been undervalued by the market, but that
now this has been recognized by investors and the positive trend
in share prices results from this.  This has been reflected in
the level of interest in the sector and the increased turnover
in share trading," Denis Fedosenko, managing director of KKB,
commented.

According to the Kazakh Law on Joint Stock companies, shares for
which there is no information in the Central Depository
(national nominal holder of securities) about the beneficial
owner are not considered to be voting and their holders do
not have a right to vote at shareholders' meetings.  The
ultimate holders of the depositary receipts may at any time
declare their holdings to the Central Depository, and, thus,
obtain the voting rights for their shares.

The Kazakh Law on Banks and Banking Activities states that if
more than 10% of the issued common shares of the Bank are held
by one buyer, the buyer/potential owner should obtain
preliminary approval of Kazakh Regulator -- the Financial
Supervision Agency to become a principal shareholder.

Kazkommertsbank is committed to high standards of transparency
and corporate governance and regularly announces its shareholder
structure to the Kazakhstan and London stock exchanges.  The
latest report on common stock holders was made on Jan. 1,   
2008:

      Beneficial Owner                        Share

N.S. Subkhanberdin
(direct and indirect holding):              40.6344%

N.A. Zhussupova
(direct and indirect holding):              4.1086%

European Bank on Research and Development   8.4525%                          

Bank of New York (nominal holding):        44.6443%                         
        

Other minorities:                           2.1598%

Total shares distributed - 575,000,000 shares:  100%                          

    * 53 297 common shares redeemed by Bank via Kazkommerts
      Securities as market-maker

                       About Kazkommertsbank

Kazkommertsbank -- http://www.kazkommertsbank.com/-- accepts
deposits and provides loans and credit facilities in Tenge and
foreign currencies.  The Bank is also a major participant in the
securities market and the foreign currency market in Kazakhstan.

Kazkommertsbank has subsidiaries in Kyrgyzstan and Russia, it is
the majority shareholder in the Grantum pension fund,
Kazkommerts-Policy and Kazkommerts-Life companies, as well as
the Kazkommerts-Securities investment company.

                          *   *   *

As reported in the TCR-Europe on Dec. 20, 2007, Standard &
Poor's Ratings Services had revised its outlook to negative from
stable on Kazkommertsbank JSC.

At the same time, Standard & Poor's lowered its long-term
counterparty credit rating on KKB to 'BB' from 'BB+' and its
Kazakhstan national scale rating on Temirbank to 'kzBBB' from
'kzBBB+' and on Eurasian Bank to 'kzBB' from 'kzBBB-'.  All
other ratings were affirmed.

In November 2007, Fitch Ratings has affirmed the ratings of
Kazakhstan-based bank Kazkommertsbank.  KKB has been rated Long-
term foreign currency Issuer Default 'BB+', Short-term foreign
currency IDR 'B', Long-term local currency IDR 'BBB-', Short-
term local currency IDR 'F3', Individual 'C/D', Support '3' and
Support Rating Floor 'BB+'.  The Outlook for the Long-term IDR
remain Stable.

In June 2007, Moody's Investors Service downgraded these ratings
of Kazkommertsbank of Kazakhstan: senior unsecured debt in
foreign currency to Baa2/P-2 from Baa1/P-2; foreign currency
backed subordinated debt to Baa3 from Baa2; and foreign currency
backed junior subordinated debt to Ba1 from Baa3.

KKB's bank financial strength rating is affirmed at D, while the
outlook on the BFSR and on all debt ratings is changed to
negative.  Moody's has also affirmed KKB's foreign currency
deposit ratings at Ba1/NP with a stable outloo


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


ALISED LLC: Creditors Must File Claims by March 11
--------------------------------------------------
LLC Alised has declared insolvency.  Creditors have until
March 11, 2008 to submit written proofs of claim to:

         LLC Alised
         Novaya Str. 85
         Nijnyaya Alaarcha
         Bishkek
         Kyrgyzstan


ELECTRONICS SECURITY: Claims Filing Period Ends March 11
--------------------------------------------------------
LLC Electronics Security has declared insolvency.  Creditors
have until March 11, 2008 to submit written proofs of claim.

Inquiries can be addressed to (0-555) 95-01-65.


VOSTOCHNAYA GAVAN: Claims Registration Ends March 11
----------------------------------------------------
LLC Vostochnaya Gavan has declared insolvency.  Creditors have
until March 11, 2008 to submit written proofs of claim.

Inquiries can be addressed (+996 312) 23-84-26l.


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


AQUAKONRAD SA: Jelenia Gora Court Ends Bankruptcy Proceedings
-------------------------------------------------------------
The Regional Court in Jelenia Gora concluded the bankruptcy
proceedings for Przedsiebiorstwo Eksploatacji Wod AQUAKONRAD
S.A. on Oct. 1, 2007.

In a press statement released by the management board of KGHM
Polska Miedz S.A. on Feb. 15, 2008, the court decided that the
carrying amount of AQUAKONRAD S.A. in bankruptcy in the accounts
of KGHM Ecoren S.A. is PLN0.00.

KGHM Ecoren S.A., a subsidiary of KGHM Polska Miedz S.A., owned
90.40% of the share capital of AQUAKONRAD S.A. in bankruptcy.

The court began bankruptcy proceedings for Przedsiebiorstwo
Eksploatacji Wod AQUAKONRAD S.A. on April 12, 2006.

Headquartered in Lubin, Poland, KGHM Polska Miedz S.A. --
http://www.kghm.pl/-- is a Polish producer of non-ferrous  
metals, mainly copper and silver.  It produces copper primarily
in the form of electrolytic copper and processed wire rod.  It
has three production units: ZG Lubin, ZG Rudna and ZG Polkowice-
Sieroszowice.  It operates via 15 direct and 13 indirect
subsidiaries.


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


AGRO-TRADE LLC: Creditors Must File Claims by March 12
------------------------------------------------------
Creditors of LLC Agro-Trade have until March 12, 2008, to submit
proofs of claim to:

         E. Bogdanov
         Insolvency Manager
         Lenina Square 1
         Skopin
         391830 Ryazan
         Russia


The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A54-2638/2007-S19.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agro-Trade
         Lenina Square 1
         Skopin
         391830 Ryazan
         Russia


APO RASSVET: Kursk Bankruptcy Hearing Slated for April 23
---------------------------------------------------------
The Arbitration Court of Kursk will convene on April 23, 2008,
to hear the bankruptcy supervision procedure on OJSC Enterprise
Ecological Equipment of Experimental Engineering (TIN
4616006021, OGRN 1034624001576).  The case is docketed under
Case No. A35-7023/07g.

The Temporary Insolvency Manager is:

         E. Pozdnyakova
         Marata Str. 21a
         305000 Kursk
         Russia

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         OJSC Enterprise Ecological Equipment of Experimental
         Engineering
         Skorodnoe
         Bolshesoldatskiy
         307840 Kursk
         Russia


BASKSTROM OJSC: Creditors Must File Claims by March 12
------------------------------------------------------
Creditors of OJSC Baskstrom have until March 12, 2008, to submit
proofs of claim to:

         A. Oshkhunov
         Insolvency Manager
         2nd Floor
         Lenina Pr. 57/16
         Nalchik
         Russia

The Arbitration Court of Kabardino Balkariya commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A20-4307/2006.

The Debtor can be reached at:

         OJSC Baskstrom
         Baksan
         Kabardino Balkariya
         Russia


BUILDING LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Belgorod commenced bankruptcy
supervision procedure on LLC Building (TIN 3123057860).
The case is docketed under Case No. A08-6836/07-14.

The Temporary Insolvency Manager is:

         Y. Maslov
         Post User Box 111
         308000 Belgorod
         Russia

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         LLC Building
         Chekhova Str. 1
         Razumnoe
         Belgorod
         Russia


CHEBOKSARY-AIR OJSC: Creditors Must File Claims by March 12
-----------------------------------------------------------
Creditors of OJSC Fuel-Filling Company Cheboksary-Air (TIN/KPP
2127303715/060301001) have until March 12, 2008, to submit
proofs of claim to:

         D. Shenev
         Insolvency Manager
         Building 15
         Nizhegorodskaya Str. 32
         109020 Moscow
         Russia

The Arbitration Court of Ingushetiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A18-728/07.

The Debtor can be reached at:

         OJSC Fuel-Filling Company Cheboksary-Air
         Mostovaya Str. 91
         Troitskaya Str.
         Sunzhenskiy
         Ingushetiya
         Russia


FURMANOV-AGRO-PROM-TEKHNIKA: Claims Filing Period Ends March 12
---------------------------------------------------------------
Creditors of OJSC Furmanov-Agro-Prom-Tekhnika have until March
12, 2008, to submit proofs of claim to:

         A. Provorov
         Insolvency Manager
         Post User Box 1866
         153000 Ivanovo
         Russia
         Tel: 89038790220

The Arbitration Court of Ivanovo commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A17-1940/2007-10-B.

The Court is located at:

         The Arbitration Court of Ivanovo
         B. Khmelnitskogo Str. 59B
         Ivanovo
         Russia

The Debtor can be reached at:

         OJSC Furmanov-Agro-Prom-Tekhnika
         Kosogory
         Furmanovskiy
         155526 Ivanovo
         Russia


IRKUTSKIY BUSINESS-PARK: Creditors Must File Claims by March 12
---------------------------------------------------------------
Creditors of OJSC Irkutskiy Business-Park have until March 12,
2008, to submit proofs of claim to:

         E. Yarotskiy
         Insolvency Manager
         Office 203
         Dzerzhinskogo Str. 36
         Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A19-16547/07-38.

The Court is located at:  

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         OJSC Irkutskiy Business-Park
         Proletarskaya Str. 7b
         664011 Irkutsk
         Russia


KONYSHEVSKIY HEMP: Creditors Must File Claims by March 12
---------------------------------------------------------
Creditors of State Unitary Enterprise Konyshevskiy Hemp Factory
have until March 12, 2008, to submit proofs of claim to:

         N. Polskiy
         Insolvency Manager
         Apt. 6
         Mirnaya Str. 19
         305000 Kursk
         Russia

The Arbitration Court of Kursk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A35-8645/06 g.

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         State Unitary Enterprise Konyshevskiy Hemp Factory
         Konyshevskiy
         Kursk
         Russia


LESNOY CJSC: Orenburg Bankruptcy Hearing Slated for April 15
------------------------------------------------------------
The Arbitration Court of Orenburg will convene on April 15,
2008, to hear the bankruptcy supervision procedure on CJSC
Lesnoy.  The case is docketed under Case No. A47-7082/2007-14/
3 GK.

The Temporary Insolvency Manager is:

         A. Rozhdestvin
         Room 28
         Dalniy Per. 29
         460050 Orenburg
         Russia

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         CJSC Lesnoy
         N. Pavlushikino
         Buzuruslanskiy
         Orenburg
         Russia


MOBILE TELESYSTEMS: To Invest RUR73BB in 3G Network by 2020
-----------------------------------------------------------
OJSC Mobile TeleSystems plans to invest RUR73 billion until 2020
to develop its third generation networks, RIA Novosti reports.

The company plans to invest RUR38 billion of the amount by 2011,
RIA Novosti relates.

MTS CEO Leonid Melamed said the development of 3G networks and
broadband wireless Internet access were important elements of
Russia's innovation policy RIA Novosti adds.

                     About Mobile TeleSystems

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 of Feb. 20, 2008, Mobile TeleSystems carries Ba2 Corporate
Family and Probability-of-Default ratings from Moody's Investors
Service, which says the outlook is positive.

The company also carries BB- Foreign and Local Issuer Default
ratings from Standard & Poors' Rating Services, which says the
outlook is positive.


NOVATEK OAO: Plans to Produce 40% of Russian Gas in Five Years
--------------------------------------------------------------
OAO Novatek plans to account for 40% of Russia's natural gas
production in the next five years, RIA Novosti reports, citing
Chief Finance Officer Mark Gyetvay.

Mr. Gyetvay said Novatek currently accounts for around 29% of
the country's gas output, trailing behind state-owned gas firm
OAO Gazprom, RIA Novosti relates.  

Novatek's finance chief said the company expects to produce
45.8 million cubic meters of natural gas in 2010, up from
28.5 million cubic meters in 2007.

Mr. Gyetvay, RIA Novosti reports, said private gas firms are
seeing more opportunities in Russia, where they do not have to
sell their products at fixed prices.  He noted that taxes were
less severe on gas producers than on oil companies, which should
encourage investment in the future.

The finance chief added that growing demand for natural gas in
Russia and abroad is creating new export possibilities.

                         About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek --
http://www.novatek.ru/-- engages in the exploration,
production and processing of natural gas and liquid
hydrocarbons.  The company's upstream activities are
concentrated in the prolific Yamal-Nenets Region in Western
Siberia.

                         *   *   *

As of Feb. 7, 2008, OAO Novatek carries Ba2 Corporate Family
rating from Moody's Investors Service, which said the outlook is
stable.

The company also carries BB long-term Foreign and Local Issuer
ratings from Standard & Poor's Ratings Services, which said the
outlook is positive.


NPK EDIKT: Moscow Bankruptcy Hearing Slated for June 3
------------------------------------------------------
The Arbitration Court of Moscow will convene on June 3, 2008, to
hear the bankruptcy supervision procedure on CJSC NPK Edikt.
The case is docketed under Case No. A40-65703/07-123-172B.

The Temporary Insolvency Manager is:

         V. Karnaukh
         Post User Box 80
         127322 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC NPK Edikt
         Mikhaylova Str. 39
         Moscow
         Russia


OREL-RYB-KHOZ: Creditors Must File Claims by March 12
-----------------------------------------------------
Creditors of OJSC Orel-Ryb-Khoz have until March 12, 2008, to
submit proofs of claim to:

         V. Goltsov
         Insolvency Manager
         Office 24
         Gorkogo Str. 45
         302028 Orel
         Russia

The Arbitration Court of Orel commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A48-1929/07-206.

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel  
         Russia

The Debtor can be reached at:

         OJSC Orel-Ryb-Khoz
         Makeevo
         Kromskiy
         Orel
         Russia


ROSNEFT OIL: To Refinance US$15 Billion Maturing Debt in 2008
-------------------------------------------------------------
OAO Rosneft Oil Co. will refinance around US$15 billion of its
debts in 2008, various reports say, citing company president
Sergei Bogdanchikov.

Mr. Bogdanchikov, Thomson Financial reports citing Interfax News
as its source, said Rosneft will repay:

    * US$5.7 billion in March;

    * less than US$1 billion in the second and fourth quarters;
      and

    * US$8 billion in September.

Mr. Bogdanchikov told Interfax News that the March tranche will
be paid using internal funds and loans; second- and fourth
quarter tranches will be retired "out of current operations;"
while the September tranche will be paid using profits and
possibly proceeds from placement of Eurobonds and ruble bonds.

Rosneft seeks to pay US$11.7 billion of the US$24.5 billion
bridging loan used to fund its acquisition of OAO Yukos Oil
Co.'s bankruptcy assets in March-May 2007, Reuters reprts.

Around US$5 billion of the loan matures March 2008 while around
US$6.5 billion matures in September 2008.

According to Reuters, citing banking sources, Rosneft has
mandated 13 banks to lead a US$2.6 billion, five-year loan
secured on oil export revenue.  

The banks --  ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, Barclays,
BayernLB, BBVA, BNP Paribas, Deutsche Bank AG, ING, JP Morgan,
Nordea, Societe Generale SA, SMBC and WestLB AG -- have
committed US$200 million each, Reuters reports.

Rosneft is still looking for more banks to join as mandated lead
arrangers to increase the facility amount, Reuters relates.  
After the mandated lead arranger group is finalized, the deal
will be offered to a wider group of banks in syndication.

The loan's syndication will commence mid-to-late February.

As previously reported in TCR-Europe, Rosneft was seeking
a loan with negotiated interest of 0.95 percentage point more
than LIBOR and 0.5 percentage point above the company's existing
debts.

                         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.

                         *     *     *

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.  Ratings apply to date.


ROSNEFT OIL: Unit Questions Legality of TGK-11 Merger
-----------------------------------------------------
OOO Neft Aktiv, a unit of OAO Rosneft Oil Co., has filed a
lawsuit against TGK-11 at the Moscow Arbitration Court,
questioning the shareholders' meeting in which TomskEnergo
agreed to merge into the power producer, Reuters reports.

Reuters suggests that if the court rules that the meeting was
illegal, TGK-11 could be forced to split off TomskEnergo, which
makes up 26% of equity base and about a third of both its heat
and electricity production.  Rosneft holds a 5% stake in TGK-11.

TGK-11 spokeswoman Oktyabrina Yermakova, however, told Reuters
that the meeting was organized in full compliance with the law.

"It would be in their interest to split the firm, so they could
get a firmer grip on electricity supplies in Tomsk, while
leaving the Omsk side for somebody else, as it has no real value
for them," Dmitry Terekhov, an analyst at Antanta Capital, told
Reuters.

According to Reuters, TGK-11 is a merger of TomskEnergo and the
Omsk Electricity Generation Co., two local utilities serving the
Omsk and Tomsk regions of Siberia.  Rosneft has major strategic
interests in the oil-producing Tomsk region, including a 50%
stake in Tomskneft, but not in Omsk region.

Mr. Terekhov told Reuters that lawsuit would negatively affect
TGK-11's value, adding that the legal filing may be planned let
an investor buy either all or part of the firm at a discount.

                         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.

                         *     *     *

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.


TRUST SMOLENSK-PROM-STROY: Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Smolensk commenced bankruptcy
supervision procedure on OJSC Trust Smolensk-Prom-
Stroy (TIN 6730009021).  The case is docketed under Case No.
A62-5021/07.

The Temporary Insolvency Manager is:

         A. Starodubkin
         Babushkina Str. 1E
         214031 Smolensk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Trust Smolensk-Prom-Stroy
         Glinki Str. 7
         214000 Smolensk
         Russia


UMNOV LLC: Orenburg Bankruptcy Hearing Slated for March 26
----------------------------------------------------------
The Arbitration Court of Orenburg will convene at 9:30 a.m. on
March 6, 2008, to hear the bankruptcy supervision procedure on
LLC Umnov (TIN 5625006083, KPP 562501001).  The case is docketed
under Case No. A47 10158/2007-14 GK.

The Temporary Insolvency Manager is:

         V. Gorbunov
         Gaya Str. 23a
         460000 Orenburg
         Russia
         Tel/Fax: (3532) 78-40-26

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         LLC Umnov
         Vostichnaya Str. 1a
         Krasnogvardeets
         Buzulukskiy
         461035 Orenburg
         Russia


ZARECHYE CJSC: Creditors Must File Claims by March 12
-----------------------------------------------------
Creditors of CJSC Zarechye (TIN 4614002335, KPP 1024640661320)
have until March 12, 2008, to submit proofs of claim to:

         E. Pozdnyakova
         Insolvency Manager
         Marta Str. 21a
         305000 Kursk
         Russia

The Arbitration Court of Kursk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A35-3551/07 g.

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         CJSC Zarechye
         Zarechye
         Mashurovskiy
         Kursk
         Russia


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


US STEEL: Senior VP John Connelly Will Retire at Month's End
------------------------------------------------------------
United States Steel Corporation Chairperson and Chief Executive
Officer, John P. Surma, said that John J. Connelly has elected
to retire at the end of February following more than 37 years of
service to the company, most recently as its senior vice
president of strategic planning and business development.  The
strategic planning and business development team will continue
to work closely with the company's executive management until a
successor is determined.

"John Connelly has made many outstanding contributions to the
growth and development of our company throughout his career at
U.S. Steel," Mr. Surma said.  "His leadership was instrumental
in our acquisition of National Steel in 2003, our very
successful entry into Europe, and most recently in the
acquisitions of Lone Star Technologies, Inc. and Stelco Inc.
While we accept the news of his retirement with regret, we thank
him for his many years of distinguished service and extend our
very best wishes to John and his family. "

Mr. Connelly, a native of Washington, D.C., graduated from
Duquesne University with a bachelor's degree in history and a
master's degree in African Affairs.  He began his career in the
commercial department of U.S. Steel International in New York as
a management trainee in 1971 and progressed through increasingly
responsible positions at U.S. Steel International and U.S.
Steel's commercial, marketing and tubular products departments
over the next seventeen years.

He was promoted to vice president of United States Steel
International, Inc., in 1988 and elected president in 1989,
a position he held until 1999.  Also during that time, he
assumed the additional role of vice resident of international
business in 1994 and served as president of USX Engineers and
Consultants, Inc. from 1994 to 1996.

In 1999, Mr. Connelly was named vice president of long range
planning and international business, and in 2001, vice president
of business development and long range planning.  He was named
vice president of strategic planning and business development in
2002 and senior vice president of strategic planning and
business development in 2004.

Mr. Connelly has been a long-time member of the American Iron
and Steel Institute, has been active with the International Iron
and Steel Institute, and serves on the board of directors of the
World Affairs Council of Pittsburgh.  Mr. Connelly previously
served on the board of directors for Duquesne University, where
he held the role of board chairperson for seven years while the
University enjoyed unprecedented academic quality and campus
growth.  He was also instrumental in implementing new
professional standards, including term limits, for directors
while chairperson.

                About U.S. Steel Corporation

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 31.7 million net tons.  U.S. Steel's domestic
primary steel operations are: Gary Works in Gary, Indiana; Great
Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley
Works, which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pennsylvania;
Granite City Works in Granite City, Illinois; Fairfield Works
near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and
East Chicago Tin in East Chicago, Indiana.  The company also
operates two seamless tubular mills, Lorain Tubular Operations
in Lorain, Ohio; and Fairfield Tubular Operations near
Birmingham, Alabama.

U. S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works.  On Northern Minnesota's
Mesabi Iron Range, U.S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite and Keewatin Taconite,
support the steelmaking effort, and its subsidiary ProCoil
Company provides steel distribution and processing services.

U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o.,
in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and
Smederevo, Serbia.  Acero Prime, the company's joint venture
with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico,
S.A. de C.V., provides Mexico's automotive and appliance
manufacturers with total supply chain management services
through its slitting and warehousing facility in San Luis Potosi
and its warehouse in Ramos Arizpe.

                          *    *    *

As reported in the Troubled Company Reporter-Europe on Dec. 11,
2007, Standard & Poor's Ratings Services assigned its 'BB+'
senior unsecured rating to the proposed offering of up to US$400
million in senior unsecured notes due Feb. 1, 2018, of United
States Steel Corp. (BB+/Negative/--).  These notes are being
issued under the company's unlimited shelf registration filed on
March 5, 2007.


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


CAIXA D'ESTALVIS: Fitch Cuts Individual Rating to 'C' from 'B/C'
----------------------------------------------------------------
Fitch Ratings Caixa d'Estalvis Laietana's Long-term Issuer
Default rating to 'BBB+' from 'A-' (A minus) and Individual
rating to 'C' from 'B/C'.  The Outlook for the Long-term IDR
remains Stable.

At the same time, Fitch has affirmed Laietana's other ratings at
Short-term IDR 'F2', Support '3' and Support Rating Floor 'BB+'.

Fitch has also downgraded Laietana's preference shares to 'BBB-'
(BBB minus) from 'BBB'.

The downgrade reflects Laietana's increased risk concentration
in the construction and real estate sectors, declining trend in
operating profitability and tight capital levels.  In Fitch's
opinion, Laietana will be challenged to reverse these trends
amid intense competition, particularly for customer deposits,
the Spanish economic and housing market slowdown, and higher
wholesale funding costs.  The caja's ratings also factor in
Laietana's good local franchise, still healthy asset quality and
sound cost efficiency.

Laietana's operating profitability has weakened in the last 21
months, despite strong loan growth, due to a narrowing net
interest margin and lower other operating income (particularly
earnings from equity-accounted affiliates).  High loan
impairment charges, largely related to the Bank of Spain's
generic reserve requirement but also to an increase in specific
loan impairments, negatively affected operating profits.  
Improved cost control allowed Laietana to maintain its
cost/income ratio below 60% in Q307.

Laietana's main risk is credit-related.  Strong loan growth has
been supported by increasing exposure to the real estate sector
in the last three years, which, at 34% of total loans at end-
H107, represents a high risk in view of the slowdown in the
domestic economy and housing sector.  This is somewhat mitigated
by risk diversification brought about by the share of loans to
individuals (41% of the total; mostly residential mortgages),
collateral (average loan-to-value for the mortgage book: 52%)
and low single-name concentrations. At end-Q307, its ratio of
impaired/total loans was 2.1% (cover of 109%).

Laietana is mainly funded by retail deposits.  However, to ease
pressure on liquidity from solid loan growth it has actively
issued mortgage-covered bonds in the last four years.  This has
resulted in some concentration in one wholesale funding source,
although this is diversified in terms of maturity.  Although
Laietana's capitalisation improved, thanks to a EUR60m
preference share issue, it will be a challenge to enhance its
tight levels considering the caja's low internal capital
generation. Improving capital levels is necessary to compensate
for high risk concentration in one sector.

Laietana, based in the Catalonian coastal sub-region of Maresme
in the province of Barcelona, was Spain's 30th-largest caja by
total assets at end-H107.  Its main activities include
residential and real estate mortgage lending and deposit-taking.


CONTSA CORPORACION: Seeks Creditors' Protection
-----------------------------------------------
Contsa Corporacion Empresarial S.A. filed for creditors'
protection at a commercial court in Spain, Bloomberg reports,
citing Cinco Dias.

The company said that if sought protection from creditors as a
result of Spain's real estate performance and the lack of
liquidity in credit markets, Bloomberg relates.

According to Bloomberg, the company stopped interest payments in
December 2007 for its EUR25 million investment from some 1,200
individuals.  

Contsa, which was not legally registered as financial entity or
investment fund, guaranteed profits of 15% to 30% to the
investment.

Headquartered in Sevilla, Spain, Contsa Corporacion Empresarial
S.A. is a private company that invests in real estate.  The
company posted net profit of EUR1.2 million on sales of
EUR6 million in 2006.  The company has investments in Spain,
Bulgaria, the Czech Republic and the U.S.


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


INDUSTRIEBERATUNG: Lucerne Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Sursee in Lucerne commenced bankruptcy
proceedings against JSC Industrieberatung & Technik on Jan. 18,
2008.

The Bankruptcy Service of Sursee can be reached at:

         Bankruptcy Service of Sursee
         6018 Buttisholz
         Sursee LU
         Switzerland

The Debtor can be reached at:

         JSC Industrieberatung & Technik
         Doltschen
         6234 Triengen
         Sursee LU
         Switzerland


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

         Celal Kalin
         Liquidator
         Eptingerstr. 20
         4132 Muttenz
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC ISKA
         Muttenz
         Arlesheim BL
         Switzerland


KREUZ HETTISWIL: Creditors' Liquidation Claims Due by Feb. 25
-------------------------------------------------------------
Creditors of LLC Kreuz Hettiswil have until Feb. 25, 2008, to
submit their claims to:

         Marianne Haldimann
         Grunenstrasse 6
         3455 Grunen/Sumiswald
         Trachselwald BE
         Switzerland

The Debtor can be reached at:

         LLC Kreuz Hettiswil
         Krauchthal
         Burgdorf BE
         Switzerland


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

         LLC MITOAKTIV
         Clarahofweg 19a
         4058 Basel
         Switzerland


MOMENT INVEST: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Moment Invest on Jan. 18, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Moment Invest
         Lettenstrasse 1
         6343 Rotkreuz ZG
         Switzerland


PILATUS GASTRO: Lucerne Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Luzern-Land commenced bankruptcy
proceedings against JSC Pilatus Gastro on Jan. 16, 2008.

The Bankruptcy Service of Luzern-Land can be reached at:

         Bankruptcy Service of Luzern-Land
         6010 Kriens LU
         Switzerland

The Debtor can be reached at:

         JSC Pilatus Gastro
         Ringstrasse 19
         6010 Kriens LU
         Switzerland


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

         Bruno Betschart
         Liquidator
         Treuhandbur
         Axenstein 2
         6443 Morschach SZ
         Switzerland

The Debtor can be reached at:

         LLC Sandow
         Freienbach
         Hofe SZ
         Switzerland


STT TELEFONBUCH-VERLAG: Creditors Must File Claims by Feb. 27
-------------------------------------------------------------
Creditors of JSC STT Telefonbuch-Verlag have until Feb. 27,
2008, to submit their claims to:

         JSC PKF Consulting
         Liquidator
         Lavaterstr. 40
         8002 Zurich
         Switzerland

The Debtor can be reached at:

         JSC STT Telefonbuch-Verlag
         Zurich
         Switzerland


TECHNOWARE SWISS: St. Gallen Court Starts Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against LLC TECHNOWARE Swiss on Jan. 21, 2008.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Urs Benz
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC TECHNOWARE Swiss
         Hauptstrasse 99
         9430 St. Margrethen
         Wahlkreis Rheintal SG
         Switzerland


ZULFI: Thurgau Court Starts Bankruptcy Proceedings
--------------------------------------------------
The Bankruptcy Service of Thurgau commenced bankruptcy
proceedings against LLC Zulfi Generalunternehmung on Nov. 6,
2007.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC Zulfi Generalunternehmung
         Bahnhofstrasse 26
         8556 Wigoltingen
         Weinfelden TG
         Switzerland


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


BEREG LLC: Creditors Must File Claims by March 2
------------------------------------------------
Creditors of LLC Trading House Bereg (code EDRPOU 33601562)  
have until March 2, 2008, to submit written proofs of claim to:
        
         LLC Uzbekh Fruit and Vegetables Trade
         Liquidator
         Apartment 34
         Pobeda Avenue 136
         03115 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/285-b.

The court is located at:

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


ELECTROHOLDING LLC: Creditors Must File Claims by March 2
---------------------------------------------------------
Creditors of LLC Electroholding (code EDRPOU 32614539) have
until March 2, 2008, to submit written proofs of claim to:

         LLC Uzbekistan Gifts
         Liquidator
         Academic Tupolev Str. 19
         04128 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 10, 2008.  
The case is docketed under Case No. B11/457-07.

The court is located at:

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


MEGANOM LLC: Creditors Must File Claims by March 2
--------------------------------------------------
Creditors of LLC Trading-Industrial Union Meganom (code EDRPOU
34620743) have until March 2, 2008, to submit written proofs of
claim to:

         LLC Tomato Country
         Liquidator
         Apartment 34
         Pobeda Avenue 136
         03115 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 10, 2008.  
The case is docketed under Case No. B11/459-07.  

The court is located at:

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


PRESTIGE CENTER: Creditors Must File Claims by March 2
------------------------------------------------------
Creditors of LLC Prestige Center (code EDRPOU 33601054) have
until March 2, 2008, to submit written proofs of claim to:

         LLC Judicial Union Dobra Porada
         Liquidator
         General Naumov Str. 23-B
         03164 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent Dec. 5, 2007.  
The case is docketed under Case No. 23/507-b.

The court is located at:

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


PROYM-INFORM LLC: Creditors Must File Claims by March 2
-------------------------------------------------------
Creditors of LLC Proym-Inform (code EDRPOU 33305734) have until
March 2, 2008, to submit written proofs of claim to:

         LLC Judicial Union Dobra Porada
         Liquidator
         General Naumov Str. 23-B
         03164 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 5, 2007.  
The case is docketed under Case No. 23/508-b.

The court is located at:

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


RONEKS LLC: Creditors Must File Claims by March 2
-------------------------------------------------
Creditors of LLC Trading Network Roneks (code EDRPOU 34645375)  
have until March 2, 2008, to submit written proofs of claim to:

         LLC Uzbekh Fruit and Vegetables Trade
         Liquidator
         Apartment 34
         Pobeda Avenue 136
         03115 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 5, 2007.  
The case is docketed under Case No. 23/522-b.

The court is located at:

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


SANTAL LLC: Creditors Must File Claims by March 2
-------------------------------------------------
Creditors of LLC Santal (code EDRPOU 32614502) have until
March 2, 2008, to submit written proofs of claim to:

         LLC Tomato Country
         Liquidator
         Apartment 34
         Pobeda Avenue 136
         03115 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 10, 2008.  
The case is docketed under Case No. B11/458-07.

The court is located at:

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


SOUTH SCIENCE-RESEARCH: Claims Filing Deadline Set February 29
-------------------------------------------------------------
Creditors of South Science-Research National Center Institute of
Mechanization and Electrification of Agriculture (code EDRPOU
00496739) have until Feb. 29, 2008, to submit written proofs of
claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company on Jan. 21, 2008.  The case
is docketed under Case No. 19/270/07.

The Debtor can be reached at:

         South Science-Research National Center Institute of
         Mechanization and Electrification of Agriculture
         40 Years of Victory Str. 4
         Yakimovka
         72500 Zaporozhje
         Ukraine


SV-REGION LLC: Creditors Must File Claims by March 2
----------------------------------------------------
Creditors of LLC Industrial-Trading Firm SV-Region (code EDRPOU
34645548) have until March 2, 2008, to submit written proofs of
claim to:

         LLC Uzbekistan Gifts
         Liquidator
         Academic Tupolev Str. 19
         04128 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 5, 2007.  
The case is docketed under Case No. 23/521-b.

The court is located at:

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


TECHNOSERVICE OJSC: Creditors Must File Claims by February 29
-------------------------------------------------------------
Creditors of OJSC Technoservice (code EDRPOU 02132450) have
until Feb. 29, 2008, to submit written proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Jan. 15, 2008.  The case is docketed under Case No. B 40/160-07.

The Debtor can be reached at:

         OJSC Technoservice
         Okruzhnaya Str. 12
         Krivoy Rog
         Dnipropetrovsk
         Ukraine


YUVENTA LLC: Creditors Must File Claims by March 2
--------------------------------------------------
Creditors of LLC Yuventa (code EDRPOU 31124835) have until
March 2, 2008, to submit written proofs of claim to:

         LLC Tomato Country
         Liquidator
         Apartment 34
         Pobeda Avenue 136
         03115 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 10, 2008.  
The case is docketed under Case No. B11/461-07.

The court is located at:

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


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


BELLA CUCINA: Michael Young Leads Liquidation Procedure
-------------------------------------------------------
Michael Young of Vantis was appointed liquidator of Bella Cucina
Ltd. on Feb. 13 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         England


BRECKLAND GARAGES: Brings In Kroll to Administer Assets
-------------------------------------------------------
Charles Peter Holder and James John Gleave of Kroll Ltd. were
appointed joint administrators of Breckland Garages Ltd.
(Company Number 01127965) on Feb. 12, 2008.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

          Breckland Garages Ltd.
          Lynn Road
          Weeting
          Brandon
          Suffolk
          IP27 0QW
          England
          Tel: 01842 810 387
          Fax: 01842 813 093


CALDER CONSTRUCTION: Taps Joint Administrators from PKF
-------------------------------------------------------
Kerry Bailey and Jonathan D. Newell of PKF (UK) LLP were
appointed joint administrators of Calder Construction Services
Ltd. (Company Number 03115360) on Feb. 11, 2008.

PKF (U.K.) LLP -- http://www.pkf.co.uk/-- specializes in  
advising the management of developing private and public
businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

The company can be reached at:

          Calder Construction Services Ltd.
          Unit 15
          Brearley Lane
          Luddendenfoot
          Halifax
          West Yorkshire
          HX2 6HU
          England
          Tel: 01422 886 870
          Fax: 01422 886 828


CLEAR CHANNEL: Earns US$938.5 Mln in Year Ended Dec. 31, 2007
-------------------------------------------------------------
Clear Channel Communications Inc. reported revenues of US$6.82
billion for the full year 2007, an increase of 6% when compared
to revenues of US$6.46 billion for the same period in 2006.  
Included in the company's revenue is a US$139.6 million increase
due to movements in foreign exchange.  The company's expenses
increased 6% to US$4.4 billion during the year compared to 2006.  
Included in the company's expenses is approximately US$44.1
million of non-cash compensation expense and a US$116.3 million
increase due to movements in foreign exchange.

The company's net income was US$938.5 million for 2007, the
highest earnings per share in the company's history.  This
compares to US$691.5 million in 2006.  Income before
discontinued operations was US$772.1 million for 2007.  This
compares to income before discontinued operations of US$620.0
million in 2006.  The company's full year 2006 net income
included approximately US$35.7 million of pre-tax gains, US$0.04
per diluted share after-tax, primarily on the divestitures of
radio assets and the swap of certain outdoor assets.  Excluding
these gains, Clear Channel's 2006 income before discontinued
operations would have been US$599.0 million.

The company's Operating Income before Depreciation &
amortization, Non-cash compensation expense and gain/(loss) on
disposition of assets -- net, OIBDAN, was US$2.2 billion for
2007, a 6% increase from 2006.

                 Fourth Quarter 2007 Results

The company reported revenues of US$1.84 billion in the fourth
quarter of 2007, a 4% increase over the US$1.77 billion reported
for the fourth quarter of 2006.  Included in the company's
revenue is a US$46.9 million increase due to movements in
foreign exchange; strictly excluding the effects of these
movements in foreign exchange, revenue growth would have been
1%.

Clear Channel's expenses increased 7% to US$1.2 billion during
the fourth quarter of 2007 compared to 2006.  Included in the
company's 2007 expenses is a US$36.0 million increase due to
movements in foreign exchange.  During the fourth quarter of
2006, the company recorded a reduction to expenses of US$9.8
million as a result of a favorable settlement of a legal
proceeding. Strictly excluding the effects of movements in
foreign exchange in the 2007 expenses and the US$9.8 million
reduction to expenses in 2006, expense growth would have been
3%.  Also included in the company's 2007 expenses is
approximately US$11.5 million of non-cash compensation expense.
Clear Channel's income before discontinued operations increased
22% to US$223.6 million, as compared to US$183.9 million for the
same period in 2006.

The company's OIBDAN was US$615.7 million in the fourth quarter
of 2007, a 2% increase from the fourth quarter of 2006.

                      Sources of Capital

As of Dec. 31, 2007, the company's sources of capital were
US$174.6 million credit facilities, US$6.3 billion long-term
bonds, US$106.1 million other borrowings, resulting in a total
debt of US$6.6 billion, and US$145.1 million cash and cash
equivalents.  As of Dec. 31, 2007, US$87.2 million of other
borrowings matures in less than a year, which the company has
historically refinanced with new 12-month notes and anticipate
these refinancings to continue.

As of December 31, 2007, 80% of the company's debt bears
interest at fixed rates while 20% of the company's debt bears
interest at floating rates based upon LIBOR.  The company's
weighted average cost of debt at Dec. 31, 2007 was 6.0%.  At
Dec. 31, 2007, Clear Channel is in compliance with all debt
covenants.

The company's balance sheet as of Dec. 31, 2007, show total
assets of US$18.8 billion, total liabilities of US$10.0 billion,
and total shareholders' equity of US$8.8 billion.  As of
Dec. 31, 2007, the company had strained liquidity with total
current assets of US$2.3 billion and total current liabilities
of US$2.8 billion.

A full-text copy of the company's full-year results for 2007 is
available for free at -- http://ResearchArchives.com/t/s?280a--
or downloaded in pdf format from the company's Web site.

                 First Quarter and 2008 Outlook

As of Feb. 8, 2008, revenues for the consolidated company are
pacing up 0.2% for the first quarter of 2008 as compared to the
first quarter of 2007, and are pacing up 1.4% for the full year
of 2008 as compared to the full year of 2007.  As of the first
week of February, the company has historically experienced
revenues booked of approximately 85% of the actual revenues
recorded for the first quarter and approximately 40% of the
actual revenues recorded for the full year.

The company currently forecasts overall capital expenditures for
2008 of US$375 to US$400 million, excluding any capital
expenditures associated with any new contract wins the company
may have during 2008.  Increases over the 2007 level would be
primarily due to new contract wins in France and China during
2007 and the acceleration of the roll-out of digital boards.

                       Management's Comment

Mark P. Mays, Chief Executive Officer of Clear Channel
Communications, commented, "We delivered excellent results with
record earnings per share in 2007.  Full year and fourth quarter
growth in revenue and OIBDAN reflected continued strength
throughout our Outdoor operations, which posted double-
digit gains in revenue and OIBDAN.  Our Radio team continued its
successful track record of out-performing our competitors in the
radio industry.  As we enter 2008, we remain optimistic across
all our businesses.  We have seen improving trends in the
current year in our radio division and would expect that to
continue through the end of the year.  In Outdoor, we exceeded
our forecast for the roll-out of digital boards last year and
are on course to accelerate the roll-out this year.  Results
like these don't occur without a great team at the helm.  We are
proud of their performance in 2007 and are confident in their
leadership as we capitalize on the many opportunities presented
in 2008."

               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: Extends Key Dates of Senior Notes Tender Offer
-------------------------------------------------------------
Clear Channel Communications Inc. extended the date:

  -- on which the pricing for the Notes will be established from
     2:00 p.m. New York City time on Feb. 15, 2008 to 2:00 p.m.
     New York City time on March 6, 2008;

  -- the date on which the tender offers are scheduled to expire  
     from 8:00 a.m. New York City time on Feb. 20, 2008, to
     8:00 a.m. New York City time on March 10, 2008; and

  -- the consent payment deadline for the Notes from 8:00 a.m.
     New York City time on Feb. 20, 2008, to 8:00 a.m. New York
     City time on March 10, 2008.

Each of the price determination date, the offer expiration date
and the consent payment deadline is subject to extension by
Clear Channel, with respect to the tender offer for its
outstanding 7.65% Senior Notes due 2010 (CUSIP No. 184502AK  and
Clear Channel's subsidiary AMFM Operating Inc.'s tender offer
for its outstanding 8% Senior Notes due 2008 (CUSIP No.
158916AL0), in their sole discretion.

Clear Channel disclosed on Jan. 2, 2008, that it had received,
pursuant to its tender offer and consent solicitation for the
CCU Notes, the requisite consents to adopt the proposed
amendments to the CCU Notes and the indenture governing the CCU
Notes applicable to the CCU Notes, and that AMFM had received,
pursuant to its tender offer and consent solicitation for the
AMFM Notes, the requisite consents to adopt the proposed
amendments to the AMFM Notes and the indenture governing the
AMFM Notes.

The Clear Channel tender offer and consent solicitation is being
made pursuant to the terms and conditions set forth in the Clear
Channel Offer to Purchase and Consent Solicitation Statement for
the CCU Notes dated Dec. 17, 2007, and the related Letter of
Transmittal and Consent.

The AMFM tender offer and consent solicitation is being made
pursuant to the terms and conditions set forth in the AMFM Offer
to Purchase and Consent Solicitation Statement for the AMFM
Notes dated Dec. 17, 2007, and the related Letter of Transmittal
and Consent.  

Clear Channel has retained Citi to act as the lead dealer
manager for the tender offers and lead solicitation agent for
the consent solicitations and Deutsche Bank Securities Inc. and
Morgan Stanley & Co. Incorporated to act as co-dealer managers
for the tender offers and co-solicitation agents for the consent
solicitations.  Global Bondholder Services Corporation is the
Information Agent for the tender offers and the consent
solicitations.  

Questions regarding the transaction should be directed to Citi
at 800-558-3745 (toll-free) or 212-723-6106 (collect).  Requests
for documentation should be directed to Global Bondholder
Services Corporation at 212-430-3774 (for banks and brokers
only) or 866-924-2200 (for all others toll-free).

The tender offers and consent solicitations for the Notes are
being made in connection with the merger with BT Triple Crown
Merger Co. Inc.  The completion of the Merger and the related
debt financings are not subject to, or conditioned upon, the
completion of the tender offers or the related consent
solicitations or the adoption of the proposed amendments with
respect to the Notes.

The closing of the Merger is expected to occur during the first
quarter 2008 and concurrently with the consummation of the
Merger, Clear Channel expects to obtain US$18.525 billion of new
senior secured credit facilities, to be available to Clear
Channel and certain of its subsidiaries as borrowers, and to
issue US$2.6 billion of new senior unsecured notes.

Clear Channel and one or more of its subsidiaries would also be
the borrowers under a separate receivables-backed revolving
credit facility with availability of up to US$1 billion.  The
closing of the Merger is subject to customary closing
conditions.

             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.


CHRYSLER LLC: Beats Recovery Plan on Key Metrics, Cerberus Says
---------------------------------------------------------------
Chrysler LLC is bound to surpass its recovery plan "on virtually
all key metrics" according to an e-mailed statement by Cerberus
Capital Management LP on Friday, Terry Kosdrosky writes for The
Wall Street Journal.

Cerberus expressed confidence on its capital infusion in
Chrysler and complimented on the leadership of chief executive
RobertNardelli and co-presidents Tom LaSorda and Jim Press, WSJ
notes.

He said that Chrysler will "fare just fine" with its US$8
billion cash but continue to warn investors of the risks, WSJ
relates.

Cerberus also said that GMAC LLC has "strong long-term
prospects," WSJ adds.

These compliments came amid the financial pressures that
Chrysler and GMAC are facing due to the crisis in the U.S.
economy, WSJ notes.  Cerberus founder Stephen Feinberg, WSJ
relates, had informed shareholders late last month about the
risks involving the two companies.

                  Difficulty Warning for GMAC

Meanwhile, GMAC struggled with the decline in the U.S. housing
industry and financial markets and reported a US$724 million
loss during the last quarter of 2007.

As reported in the Troubled Company Reporter on Feb. 18, 2008,
founder of Cerberus Capital warned investors of possible
"substantial difficulty" in GMAC, the auto and mortgage lender
controlled by Cerberus.

Mr. Feinberg wrote in a Jan. 22 letter to investors that while
Cerberus has "detailed contingency plans in a continuing
worsening environment . . . if the credit markets continue to
decline and we find ourselves in a prolonged environment of
capital market shutdown, GMAC could run into substantial
difficulty."

The letter outlines worst-case scenarios for investors according
to Cerberus partner Tim Price.

                     About Cerberus Capital

Cerberus Capital Management LP --
http://www.cerberuscapital.com/-- is a private investment firms  
that provides both financial resources and operational expertise
to undervalued companies.  Cerberus is headquartered in New York
City with affiliates and advisory offices in Atlanta, Chicago,
Los Angeles, London, Baarn, Frankfurt, Tokyo, Osaka and Taipei.

Cerberus holds controlling or significant minority interests in
companies around the world, including 80.1% stake in Chrysler
LLC bought in 2007 from Daimler AG.  Cerberus was also the lead
investor of a group that acquired 51% of GMAC, the financing arm
of General Motors.  In aggregate, these companies currently
generate over US$60 billion in annual revenues.

                           About GMAC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and employs
approximately 26,700 people worldwide.

                       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.


FARTHING & ROBERTS: Claims Filing Period Ends April 11
------------------------------------------------------
Creditors of Farthing & Roberts (Barnet) Ltd. have until
April 11, 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. 11 for the creditors' voluntary winding-up
procedure.


GROSVENOR HEALTHCARE: Names Deloitte as Joint Administrators
------------------------------------------------------------
Nicholas Guy Edwards and Carlton Malcolm Siddle of Deloitte &
Touche LLP were appointed joint administrators of Grosvenor
Healthcare U.K. Ltd. (Company Number 0551256) on Feb. 7, 2008.

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

The company can be reached at:

          Grosvenor Healthcare U.K. Ltd.
          3 Cloth Street
          London
          EC1A 7NP
          England


HIFLOW LTD: Brings In Liquidators from Tenon Recovery
-----------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Hiflow Ltd. on
Feb. 7 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


LEHMAN BROTHERS: Moody's Ups Rating on Series 490 Notes
-------------------------------------------------------
Moody's Investors Service has taken rating action regarding
certain credit linked notes issued by Lehman Brothers.

Moody's has upgraded the rating on this series of notes issued
by Lehman Brothers Holdings Plc:

   -- Series 490 to A1 from Ba1, credit linked to basket of six
      reference entities.

Moody's has downgraded the rating on this series of notes issued
by Lehman Brothers Treasury Co. B.V.:

   -- Series 1767 to A1 from Aa2, credit linked to General
      Electric Capital Corporation.

Moody's said the ratings are being updated to reflect the credit
risk of the reference entities to which the notes are linked.
The ratings also incorporate the credit risk of the issuer.


METRONET RAIL: S&P Retains Negative Watch on Bank Loan Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch
implications to positive from negative on the senior secured
bonds of U.K.-based underground rail infrastructure financing
companies Metronet Rail BCV Finance PLC and Metronet Rail SSL
Finance PLC.

The 'CC' long-term underlying debt rating on the GBP165 million
index-linked bonds and the GBP350 million fixed-rate bonds due
2032 were originally placed on CreditWatch with negative
implications on May 22, 2007.

The 'CC' long-term debt rating on Metronet companies'
GBP810 million senior secured bank loan facilities due 2030
remains on CreditWatch with negative implications, where it was
placed also on May 22, 2007.

At the same time, Standard & Poor's affirmed its 'AAA' debt
ratings on the fixed-rate and index-linked bonds guaranteed by
Financial Security Assurance (U.K.) Ltd. (FSA; AAA/Stable/--).
The 'AAA' debt ratings on the fixed-rate and index-linked bonds
guaranteed by Ambac Assurance U.K. Ltd. (Ambac; AAA/Watch Neg/--
) remain on CreditWatch with negative implications, where they
were placed on Jan. 22, 2008, reflecting the CreditWatch status
of Ambac.  The guaranteed debt ratings reflect the unconditional
and irrevocable guarantees of payment of scheduled principal and
interest of both FSA and Ambac.

On Feb. 5, 2008, the senior funders exercised the "put option"
available under the public-private partnership contract, which
required London Underground Ltd. to pay an "underpinned amount"
to meet termination liabilities.

Following this, on Feb. 12, Transport for London (AA/Stable/--)
paid approximately GBP1.74 billion in settlement of the
underpinned amount, as set out in the contracts.  Subsequently,
Ambac received GBP617 million and FSA GBP 619 million with
respect to their outstanding guaranteed obligations.  The
remaining GBP504 million of the GBP1.74 billion was disbursed to
other financial creditors, including the commercial banks and
the European Investment Bank (EIB) with respect to their
outstanding loan obligations.  Standard & Poor's, to date, has
not received clarification as to the calculation of the
underpinned amount and confirmation as to the final disbursement
of the underpinned amount between the senior finance parties.

The CreditWatch status of the underlying ratings on the bonds
reflects the cash backing of the guaranteed obligations through
the proceeds received from the underpinned amount.  These cash
proceeds are held in separate escrow accounts in relation to
each bond obligation in the joint names of the relevant insurer
and Deutsche Trustee Co. Ltd. as the bond trustee.

Given that the values of the underpinned amount received by both
FSA and Ambac are greater than the par obligations of the bonds
outstanding, it is likely that the underlying debt ratings on
the bonds could be upgraded by several notches to reflect the
improved prospects of meeting bond debt service obligations from
these dedicated escrow accounts.

"We will review the underlying ratings once certainty is gained
over the value of the assets held, the future liabilities, the
investment policies to be applied, and the relevant legal
structure of the accounts," said Standard & Poor's credit
analyst Jonathan Manley.

However, in view of the cash backing implied by the value of the
underpinned amount, it is likely that there is the prospect of
full recovery of the underlying debt, which implies that there
is potential for a recovery rating of '1+' to be assigned.

With respect to the underlying ratings on the bank loans,
Standard & Poor's does not have any visibility in relation to
the underpinned amount received to settle the GBP 300 million
EIB loan and GBP510 million commercial bank loans within each of
the Metronet companies.  Standard & Poor's understands that, at
Sept. 10, 2007, there was a combined GBP 627 million bank debt
outstanding.  In view of this and the fact that the maximum
recovery from the underpinned amount attributable to the bank
loans is GBP504 million, it is likely that the bank debtholders
will, or have, incurred a capital loss.

Therefore, unless S&P receives information to the contrary by
Feb. 26, S&P will revise the existing 'CC' ratings to 'D'.  On
this basis, the prospects of recovery for the bank debt might no
longer be very high (90%-100%), reflecting the existing recovery
rating of '1', but could instead be substantial (70%-90%,
implying a recovery rating of '2') or meaningful (50%-70%,
implying a recovery rating of '3').

"We will continue to monitor the developments affecting the
underlying ratings on the outstanding debt obligations as
proposals are brought forward and information is disclosed to
us--particularly before the next scheduled debt service payment
on March 15, 2008," Mr. Manley said.

The guaranteed ratings on the bonds continue to reflect the
ratings on the respective guarantors and will be adjusted in
line with any changes to the ratings on those guarantors.  In
the event that the cash collateral supports a rating on the
bonds higher than the guaranteed rating, then this will apply.


NORTHERN ROCK: Unite Wants Job Security from UK Government
----------------------------------------------------------
Unite the union is demanding that the U.K. government take
strong steps to guarantee that the employees of Northern Rock
plc do not suffer as a result of their decision to take the bank
into public ownership.

The union is calling for government intervention to give the
staff of Northern Rock guarantees for their future.  Unite wants
the legislation for public ownership to be strengthened to
ensure that there are no compulsory redundancies in the business
and for the government to compensate for any voluntary
redundancies at the highest European standards.  The
restructuring plans must consider the economic impact for the
North East.

"Unite is demanding that the government give clarification on
the long-term job security, terms and conditions and pension
protection for staff.  Unite wants a commitment to no compulsory
redundancies and in case of any voluntary redundancies for
workers to be compensated at the same level as our European
counterparts," Graham Goddard, deputy general secretary  of
Unite, said.

"We will now be insisting that the government ensure their
intervention means that taxpayers money is spent in a
responsible manner to ensure positive social and economic
outcomes.  Throughout this crisis the workforce has been
committed to the future of the company and they deserve
recognition for this.

"Unite will be pressing for business solutions that are in the
best interests of the employees and the company's future.  We
will oppose any attempt to asset strip Northern Rock.  It is
vital for the North East that the plans for public ownership
take into account the implications for the region."

Unite will be meeting with Members of Parliament from across the
North East to raise employee concerns on the implications for
the workforce.

                 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, Alistair Darling, made clear
that a temporary period of public ownership remained an option,
and that any solution would need to represent good value for
money for the taxpayer.

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

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: House of Commons Passes Nationalization Bill
-----------------------------------------------------------
The House of Commons has passed a bill to nationalize Northern
Rock plc, Bloomberg News reports.

Bloomberg discloses the nationalization bill, which got a vote
of 293-167, will go through the House of Lords.  It is expected
to become a law by the end of this week with the support of
Liberal Democrats.

Bloomberg adds the Conservatives, which favors a Bank of
England-led administration, opposed the bill because it grants
"unprecedented power to take into public hands any bank or
building society."

According to Shadow chancellor George Osborne, the U.K.
government was writing "a huge blank cheque".

"Not only do we not know what we are paying for this bank, we
don't know what we are buying into." Mr. Osborne was quoted by
BBC News as saying.  "The government simply refuses to tell us
how risky this exposure is."

BBC News relates Chancellor Alistair Darling was earlier
criticized by the ministers for rushing the legislation.  
However, he defended his action, arguing "it is impossible to
run a bank -- let alone any other company -- unless it is clear
who is in charge of that bank."

                      Nationalization Bill

As previously reported in the TCR-Europe, 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.  

According to Mr. Darling, the Northern Rock's valuation would be
based on the worth of the bank excluding the government loans
and guarantees, Katherine Griffiths writes for the Daily
Telegraph.

The Daily Telegraph reveals Ron Sandler, Northern Rock's new
executive chairman, has called in management consultancy
McKinsey to help draw up a business plan for the bank.  The
paper states Mr. Sandler, who is expected to use Paul Thompson's
in-house rescue plan as basis, is also considering hiring NM
Rotschild to drum up new bidders.  

JC Flowers and Cerberus as well as Wilbur Ross, the US buyout
specialist who was part of the Virgin consortium, are likely to
make a comeback bid should there be a reprivatization, the Daily
Telegraph says.

                   Ron Sandler's Non-Dom Status

Meanwhile, Paul Kenny, the general secretary of the GMB union,
is calling for Mr. Sandler, who will be paid 90,000 a month for
running the bank, to end his non-domiciled tax status and become
a resident taxpayer.

Mr. Kenny told the Daily Telegraph it was "untenable" for
Mr. Sandler to remain a non-dom, with his overseas assets and
income sheltered from U.K. tax.

A Treasury spokesman declared it would be "very relaxed" if
Mr. Sandler holds the non-dom tax status.

Ann Godbehere, on the other hand, BBC claims is also likely to
adopt non-dom status.  She will receive GBP75,000 a month as the
bank's chief financial officer.

                  Temporary Public Ownership

As previously stated in a TCR-Europe report, the U.K. Government
on Sunday, Feb. 17, 2008, 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: Fitch Cuts Preference Shares' Rating to C
--------------------------------------------------------
Fitch Ratings placed Northern Rock's long-term Issuer Default
Rating, senior unsecured debt ratings and Support Rating Floor
of 'A-' (A minus) on Rating Watch Positive.

The short-term IDR has been upgraded to 'F1+' from 'F1'. The
Support Rating has been affirmed at '1' and the Individual
Rating has been affirmed at 'F'.

The long-term ratings of NR's GBP400 million preference shares
and of Saphir Finance plc's perpetual securities secured on the
preference shares have been downgraded to 'C' from 'BB-' (BB
minus)/ Rating Watch Negative.

The Rating Watch on the 'BB-' (BB minus) long-term ratings of
NR's other hybrid Tier 1 and Upper Tier 2 issues has been
changed to Evolving from Negative.  The Rating Watch on the
'BBB-' (BBB minus) ratings of NR's dated subordinated debt has
also been changed to Positive from Negative.  The rating action
has no impact on the 'AAA' rating of NR's covered bonds.

The UK Treasury announced on Feb. 17, 2008, that the government
had decided to take NR into public ownership.  This measure was
described by the UK Treasury as being of a temporary nature (ie
the government aims ultimately to sell the business), but Fitch
believes the period of ownership could extend to a number of
years.  The upgrade to 'F1+' of NR's short-term IDR and the
Rating Watch Positive assigned to NR's Long-term IDR, senior
unsecured debt, Support Rating floor and dated subordinated debt
reflect a higher expectation of support from UK authorities
because of NR's public ownership.  The agency expects to resolve
the Rating Watch Positive once more clarity is obtained on the
UK government's strategy for NR and the nature and extent of
potential support, including the level and terms of guarantees
provided by the UK government.  In respect of NR's dated
subordinated debt, the Rating Watch Positive is predicated on
the bank being run as a going concern.

The downgrade to 'C' of the long-term rating of the preference
shares and of the perpetual securities secured on those
preference shares reflects the announced transfer into public
ownership of NR's preference shares and the materially higher
probability of losses being incurred by holders of these
instruments as a result of limited or even nil compensation from
the UK government.  In contrast, the ratings and Evolving Rating
Watch on the ratings of NR's other Tier 1 and Upper Tier 2
instruments reflect a lower likelihood of immediate losses being
forced onto holders of these instruments but still the deeply
subordinated (and loss absorptive) nature of these instruments
in the event of future difficulties experienced by NR.  The
Evolving Rating Watch will be resolved once Fitch obtains
greater clarity on the potential for coupon deferral or losses
being forced onto noteholders. This could depend on a number of
factors, including the way the bank is managed in the medium
term.

The 'F' Individual rating is based on Fitch's view that, under
current circumstance, Northern Rock would not be a viable entity
without support from UK authorities.  The Individual rating will
be reviewed in light of the new management's business model and
progress made in running NR as a going concern. However, Fitch
notes the uncertainty surrounding NR's business plan under
public ownership and believes that other scenarios, including
run-off, are still possible.


QUALITY HOMES: Taps Liquidators from Smith & Williamson
--------------------------------------------------------
Stephen John Tancock and Stephen John Adshead of Smith &
Williamson Ltd. were appointed joint liquidators of Quality
Homes (GB) Ltd. on Feb. 13 for the creditors' voluntary winding-
up proceeding.

The joint liquidators can be reached at:

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


SCOTTISH RE: Eroding Credit Quality Spurs Moody's Ratings Review
----------------------------------------------------------------
Moody's Investors Service placed the ratings of Scottish Re
Group Limited (Scottish Re; NYSE: SCT, senior unsecured shelf of
(P)Ba3) on review for downgrade.  The review for downgrade
applies to the company's debt ratings and the Baa3 insurance
financial strength ratings of the company's core insurance
subsidiaries, Scottish Annuity & Life Insurance Company Ltd. and
Scottish Re, Inc.

On Nov. 13, 2007, Moody's affirmed the ratings of Scottish Re
Group Limited but changed the outlook to negative from stable
due to the company's substantial exposure to subprime and Alt-A
investments.  This rating actions reflects continued
deterioration in the credit quality of the company's investment
portfolio due to these subprime and Alt-A exposures.  As of the
end of the third quarter, Scottish Re had approximately $3.0
billion of subprime ABS and Alt-A holdings, which represented
27% of its total investment portfolio.

In light of the challenging credit environment, Moody's noted
its concerns about the potential for further deterioration in
the company's portfolio, which would pressure both capital
adequacy and liquidity. Although much of the subprime ABS and
Alt-A exposure ($2.3 billion) resides in non-recourse
securitization vehicles the company has sponsored, the company's
substantial equity investments in these securitizations would be
further eroded should the investment holdings experience
additional realized and/or unrealized losses.

According to Scott Robinson, Moody's Vice President & Senior
Credit Officer, "The magnitude of the company's subprime and
Alt-A exposure, especially to recent year vintages, makes them
susceptible to further losses, especially in a severe downside
scenario."

With its expectation for further impairments and the potential
for additional unrealized losses, Moody's also remains concerned
that the company's capital and liquidity cushion, which had
helped support the Baa3 insurance financial strength rating, is
being materially eroded.  Additionally, Moody's believes that
credit challenges in the investment portfolio make it
increasingly more difficult for Scottish Re to regain the
confidence of cedants and write meaningful amounts of new
business.

During its review process, Moody's will evaluate the company's
investment portfolio, its capital and liquidity position,
including any plans to recapitalize the company, and the
company's strategic plans to regain market confidence.

These ratings were placed on review for downgrade:

Scottish Re Group Limited:

  -- Senior unsecured shelf of (P)Ba3; subordinate shelf of
     (P)B1; junior subordinate shelf of (P)B1; preferred stock
     of B2; and preferred stock shelf of (P)B2

Scottish Holdings Statutory Trust II:

  -- preferred stock shelf of (P)B1

Scottish Holdings Statutory Trust III:

  -- preferred stock shelf of (P)B1

Scottish Annuity & Life Insurance Company (Cayman) Ltd.:

  -- IFS rating of Baa3

Premium Asset Trust Series 2004-4:

  -- senior secured debt of Baa3

Scottish Re (U.S.), Inc.:

  -- insurance financial strength of Baa3

Stingray Pass-Through Certificates:

  -- Baa3 (based on IFS rating of SALIC)

Scottish Re Group Limited is a Cayman Islands company with
principal executive offices located in Bermuda.  On
Sept. 30, 2007, Scottish Re reported total assets of US$13.4
billion and shareholder's equity of US$869 million.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.


SEA CONTAINERS: Formally Seeks Court Approval for Pensions Pact
---------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to approve the
pension scheme agreement between them and the trustees of the
two main Sea Containers Pension Schemes to agree on the amount
of their claims against the Sea Containers estate.

As reported in the Troubled Company Reporter on. Feb. 8, 2008,
the Debtors emphasized that the agreement is a critical and
positive milestone in its efforts to emerge from Chapter 11.

Since the Chapter 11 negotiations first began in October 2006,
the board of directors and the officers of Sea Containers have
been focused on achieving a plan of reorganization that provides
full and fair settlement for all creditors.  The major creditors
involved are the 1983 and the 1990 Pension Funds which have
almost 1500 members between them and the holders -- thought to
be a number of U.S. hedge funds -- of the four outstanding bond
issues.

The agreement with the Trustees for the pension funds, which are
estimated to be in deficit by approximately US$200 million under
the s75 'buy out' basis prescribed by U.K. law, will allow the
company and the trustees to avoid costly and protracted
litigation in multiple and potentially competing jurisdictions.  
The agreement also creates an additional reserve of US$69
million for certain potential pension scheme liabilities in
respect of age-related equalization changes.

In connection with this important agreement, Sea Containers
withdrew its appeal against the Financial Support Direction.  
The FSD, which sought to oblige Sea Containers Limited -- the
ultimate parent company -- to put in place additional financial
support for the pension funds, was handed down by the
Determinations Panel of the UK Pensions Regulator on July 3,
2007.  Sea Containers considers that the settlement will
adequately address any FSD and that the current legal
proceedings would be of no further benefit.

                     Terms of the Settlement

As a result of extensive negotiations that commenced prior to
the bankruptcy filing and have continued throughout these
Chapter 11 cases, the Debtors, their Official Committee of
Unsecured Creditors, and the Trustees agreed to the Settlement
under which the Schemes' claims against the Debtors are fully
resolved.  Pertinent terms of the Settlement are as follows:

  a) Schemes' Claim: In full and final satisfaction of all of
     the Schemes' claims against SCL, SCSL and other direct and
     indirect subsidiaries of SCL or SCSL, the Schemes shall
     have a single allowed general unsecured claim against SCL
     in the aggregate amount of US$194 million of which:

     i) US$153.8 million will be allocated to the 1983 Scheme;
        and

    ii) US$40.2 million will be allocated to the 1990 Scheme.

  b) Administrative Expenses: Within three business days after
     entry of an order approving the Settlement, the Debtors
     shall pay US$5 million to the Schemes on account of certain
     administrative ordinary course expenses.

  c) Chapter 11 Advisory Fees: If the Debtors agree to pay, or
     the Court approves payment of, Chapter 11 advisory fees to
     any of the Debtors' prepetition creditors as administrative
     expenses, the Schemes may seek reimbursement of their
     Chapter 11 advisory fees in accordance with the terms of
     the Settlement.

  d) Equalization Claim Reserve: On the effective date of a
     confirmed Chapter 11 plan in these cases, the Debtors shall
     establish a reserve in respect of a US$69 million claim for
     equalization matters.  The Trustees shall allocate such
     reserve between the Schemes.  Upon determination of the
     allowed amount of the equalization claims, such amount, if
     any, shall be allowed against SCL as a general unsecured
     claim and shall be paid from the reserve.

  e) Status Quo: The Schemes shall agree for a period of time
     and under certain circumstance to refrain from selling or
     assigning or otherwise transferring any legal or beneficial
     interest in their claims and from winding up the Schemes.

  f) Definitive Documentation: The Settlement is subject to:

     i) definitive documentation in form and substance
        acceptable to all parties (executed and delivered
        by the parties);

    ii) approval under Federal Bankruptcy Rules P. 9019; and

   iii) if required by the Schemes, U.K. court and regulatory
        approval to ensure the Schemes' continued eligibility
        for protection by the U.K. Pension Protection Fund.

In addition to the foregoing terms, the Debtors and the Trustees
agree that in response to any FSD issued by the U.K. Pensions
Regulator, the Debtors shall propose, and the Trustees shall
support, financial support arrangements consistent with the
terms of the Settlement.  The Debtors and the Trustees further
agree that the Settlement is conditioned, in part, upon TPR's
approval of such financial support arrangements.

The parties have also agreed that the definitive documentation
for the Settlement will be in a form which will not result in
creditors of SCSL and such other subsidiaries receiving
unwarranted changes in recoveries as a result of the Schemes'
allowed claims at the SCL level.

                       About Sea Containers

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

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

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

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

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

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


TRAYCO LTD: Appoints PwC as Joint Administrators
------------------------------------------------
Ian David Stokoe and Ian David Green of PricewaterhouseCoopers
LLP were appointed joint administrators of Trayco Ltd. (Company
Number 03968493) on Feb. 11, 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:

          Trayco Ltd.
          Swinton Meadows Industrial Estate
          Meadow Way
          Swinton
          Mexborough
          South Yorkshire
          S64 8AB
          England


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Feb. 22, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Fairmont Miramar, Santa Monica, California
           Contact: http://www.abiworld.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Apr. 3-6, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     26th Annual Spring Meeting
        The Renaissance, Washington, District of Columbia
           Contact: http://www.abiworld.org/

Apr. 7-8, 2008
  PRACTISING LAW INSTITUTE
     30th Annual Current Developments in
        Bankruptcy & Reorganization
           PLI Center New York, New York
              Contact: http://www.pli.edu/

Apr. 10-11, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Ninth Annual Conference on Healthcare -24-24Transactions
        Successful Strategies for Mergers, Acquisitions,
           Divestitures and Restructurings
              The Millennium Knickerbocker Hotel, Chicago
                 Contact: 800-726-2524; 903-595-3800;
                    http://www.renaissanceamerican.com/

Apr. 25-27, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Spring Seminar
        Eldorado Hotel & Spa, Santa Fe, New Mexico
           Contact: http://www.nabt.com/

Apr. 29, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Why Prospects Become Clients
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

May 1-2, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     2nd Annual Credit & Bankruptcy Symposium
        Foxwoods Resort Casino, Ledyard, Connecticut
           Contact: http://www.turnaround.org/

May 1-2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Debt Symposium
        Hilton Garden Inn, Champagne/Urbana, Illinois
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 9, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts for Young Practitioners - NYC
        Alexander Hamilton U.S. Custom House, New York
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 12, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Millennium Broadway Hotel & Conference Center, New York
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 12-13, 2008
  PRACTISING LAW INSTITUTE
     30th Annual Current Developments in
        Bankruptcy & Reorganization
           PLI Center San Francisco, California
              Contact: http://www.pli.edu/

May 13-16, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Litigation Skills Symposium
        Tulane University, New Orleans, Louisiana
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 15-16, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Fifth Annual Conference on Distressed Investing Europe
        Maximizing Profits in the European
           Distressed Debt Market
              Le Meridien Piccadilly Hotel - London
                 Contact: 800-726-2524; 903-595-3800;
                    http://www.renaissanceamerican.com/

May 18-20, 2008
  INTERNATIONAL BAR ASSOCIATION
     14th Annual Global Insolvency & Restructuring Conference
        Stockholm, Sweden
           Contact: http://www.ibanet.org/

May 21, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     What Happened to My Money - The Restructuring of a Loan
        Servicer
        Marriott North, Fort Lauderdale, Florida
           Contact: http://www.turnaround.org/

June 4-7, 2008
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     24th Annual Bankruptcy & Restructuring Conference
        J.W. Marriott Spa and Resort, Las Vegas, Nevada
           Contact: http://www.airacira.org/

June 12-14, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     15th Annual Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Michigan
           Contact: http://www.abiworld.org/

June 19 & 20, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Corporate Reorganizations
           Contact: 800-726-2524; 903-595-3800;
              http://www.renaissanceamerican.com/

June 24, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Fraud Panel
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

June 26-29, 2008
  NORTON INSTITUTES ON BANKRUPTCY LAW
     Western Mountains Bankruptcy Law Seminar
        Jackson Hole, Wyoming
           Contact: http://www.nortoninstitutes.org/

July 10, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Cynthia Jackson of Smith Hulsey & Busey
        University Club, Jacksonville, Florida
           Contact: http://www.turnaround.org/

July 10-13, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     16th Annual Northeast Bankruptcy Conference
        Ocean Edge Resort
           Brewster, Massachussets
              Contact: http://www.abiworld.org/events

July 29, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Employment Issues Following Hurricanes & Disasters
        Centre Club, Tampa, Florida
           Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     4th Annual Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay
           Cambridge, Maryland
              Contact: http://www.abiworld.org/

Aug. 16-19, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     13th Annual Southeast Bankruptcy Workshop
        Ritz-Carlton, Amelia Island, Florida
           Contact: http://www.abiworld.org/

Aug. 20-24, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Convention
        Captain Cook, Anchorage, Alaska
           Contact: http://www.nabt.com/

Aug. 26, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Do's and Don'ts of Investing in a Turnaround
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Sept. 4-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Complex Financial Restructuring Program
        Four Seasons, Las Vegas, Nevada
           Contact: http://www.abiworld.org/

Sept. 4-6, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Southwest Bankruptcy Conference
        Four Seasons, Las Vegas, Nevada
           Contact: http://www.abiworld.org/

Sept. 17, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Real Estate / Condo Restructuring Panel
        Marriott North, Fort Lauderdale, Florida
           Contact: http://www.turnaround.org/

Sept. 24-26, 2008
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     IWIRC 15th Annual Fall Conference
        Scottsdale, Arizona
           Contact: http://www.ncbj.org/

Sept. 24-27, 2008
  NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
     National Conference of Bankruptcy Judges
        Desert Ridge Marriott, Scottsdale, Arizona
           Contact: http://www.iwirc.org/

Sept. 30, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Private Equity Panel
        Centre Club, Tampa, Florida
           Contact: http://www.turnaround.org/

Oct. 9, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Luncheon - Chapter 11
        University Club, Jacksonville, Florida
           Contact: http://www.turnaround.org/

Oct. 28, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     State of the Capital Markets
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Oct. 28-31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott New Orleans, Louisiana
           Contact: 312-578-6900; http://www.turnaround.org/

Oct. 30 & 31, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Physicians Agreements and Ventures
           Contact: 800-726-2524; 903-595-3800;
              http://www.renaissanceamerican.com/

Nov. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Interaction Between Professionals in a
Restructuring/Bankruptcy
        Bankers Club, Miami, Florida
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     20th Annual Winter Leadership Conference
        Westin La Paloma Resort & Spa
           Tucson, Arizona
              Contact: http://www.abiworld.org/

May 7-10, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     27th Annual Spring Meeting
        Gaylord National Resort & Convention Center
           National Harbor, Maryland
              Contact: http://www.abiworld.org/

June 11-13, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa
           Traverse City, Michigan
              Contact: http://www.abiworld.org/

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

July 16-19, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Mt. Washington Inn
           Bretton Woods, New Hampshire
              Contact: http://www.abiworld.org/

Sept. 10-12, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     17th Annual Southwest Bankruptcy Conference
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

Oct. 5-9, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Desert Ridge, Phoenix, Arizona
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     21st Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
  2006 BACPA Library  
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  BAPCPA One Year On: Lessons Learned and Outlook
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Calpine's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Carve-Out Agreements for Unsecured Creditors
     Contact: 240-629-3300;         
        http://www.beardaudioconferences.com/   

BEARD AUDIO CONFERENCES
  Changes to Cross-Border Insolvencies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changing Roles & Responsibilities of Creditors' Committees
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Chinas New Enterprise Bankruptcy Law
     Contact: 240-629-3300;
        http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Clash of the Titans -- Bankruptcy vs. IP Rights
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Coming Changes in Small Business Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
     for Navigating the Restructuring Process
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Dana's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Deepening Insolvency  Widening Controversy: Current Risks,
     Latest Decisions
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Diagnosing Problems in Troubled Companies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Claims Trading
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Market Opportunities
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Real Estate under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Employee Benefits and Executive Compensation under the New
     Code
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Equitable Subordination and Recharacterization
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

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

BEARD AUDIO CONFERENCES
  Fundamentals of Corporate Bankruptcy and Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Handling Complex Chapter 11
     Restructuring Issues
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Healthcare Bankruptcy Reforms
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  High-Yield Opportunities in Distressed Investing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Homestead Exemptions under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Hospitals in Crisis: The Insolvency Crisis Plaguing
     Hospitals Across the U.S.
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  IP Rights In Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  KERPs and Bonuses under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  New 'Red Flag' Identity Theft Rules
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Non-Traditional Lenders and the Impact of Loan-to-Own
     Strategies on the Restructuring Process
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Partnerships in Bankruptcy: Unwinding The Deal
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Privacy Rights, Protections & Pitfalls in Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Real Estate Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Reverse Mergersthe New IPO?
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Second Lien Financings and Intercreditor Agreements
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Surviving the Digital Deluge: Best Practices in E-Discovery
     and Records Management for Bankruptcy Practitioners
        and Litigators
           Audio Conference Recording
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Technology as a Competitive Advantage For Todays Legal
     Processes
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Battle of Green & Red: Effect of Bankruptcy
     on Obligations to Clean Up Contaminated Property
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Subprime Sector Meltdown:
     Legal Developments and Latest Opportunities
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Twenty-Day Claims
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite Corporate Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite M&A and Insolvency
     Proceedings
     Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Validating Distressed Security Portfolios: Year-End Price
     Validation and Risk Assessment
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  When Tenants File -- A Landlord's BAPCPA Survival Guide
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

                    *      *      *

                  Featured Conferences

Beard Conferences presents:

April 10-11, 2008
  Ninth Annual Conference on Healthcare Transactions
     Successful Strategies for Mergers, Acquisitions,    
        Divestitures and Restructurings
           The Millennium Knickerbocker Hotel, Chicago, Illinois
              Brochure available soon!

May 15-16, 2008
   Fifth Annual Conference on Distressed Investing Europe
      Maximizing Profits in the European Distressed Debt Market
         Le Meridien Piccadilly Hotel - London
            Brochure available soon!

                    *      *      *

Beard Audio Conferences presents:

Feb. 27, 2008
   Examining the Examiners: Pros and Cons of Using Examiners
      in Chapter 11 Proceedings
         Speaker: Thomas J. Salerno

For more information, visit:
http://www.beardaudioconferences.com/bin/conference_details?code
=BR-046


                            *********

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

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

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

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

                            *********


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 A. 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 * * *