TCREUR_Public/080222.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, February 22, 2008, Vol. 9, No. 40

                            Headlines


A U S T R I A

ARMORSTONES KIESBODEN: Claims Registration Ends April 8
BAU–ABC: Claims Registration Period Ends March 3
BAUSERVICE ROSENAUER: Claims Registration Period Ends March 21
BIOCETAN ALTERNATIVENERGIE: Claims Registration Ends March 31
LOHRBACH TRANSPORT: Claims Registration Period Ends April 7

UNISON LLC: Claims Registration Period Ends March 8


B E L G I U M

CHIQUITA BRANDS: Posts US$26 Mil. Net Loss in Qtr. Ended Dec. 31
SITEL WORLDWIDE: Weak Profitability Cues S&P to Cut Rating to B


F I N L A N D

SANMINA-SCI: Inks Assets Sale Agreement with Foxteq Holdings


F R A N C E

ARROW ELECTRONICS: Signs Agreement to Acquire LOGIX
DELPHI CORP: Wants to Strike Non-Conforming Cure Objections
DELPHI CORP: Cuts CEO R. O'Neal's Emergence Incentive to US$1MM


G E R M A N Y

AIR CENTER: Claims Registration Ends March 14
AUTOHAUS NEUMANN: Creditors Must File Claims by March 18
AUTOHAUS VOIGHT: Creditors Must File Claims by March 18
AUTOTEILE VERTRIEB: Claims Registration Period Ends March 3
BAUGESCHAFT TOSTLEBEN: Creditors Must File Claims by March 18

BAUUNTERNEHMEN JOSEF: Claims Registration Ends March 14
BFAD GMBH: Claims Registration Ends March 14
CONCEPT BETEILIGUNGSGESELLSCHAFT: Claims Period Ends March 7
COOLTEC KALTESYSTEME: Claims Registration Period Ends March 14
DACH-WAND-BAUTECHNIK: Claims Registration Period Ends March 10

DVBN BESCHAFFUNG: Claims Registration Period Ends March 10
ELVIR VOIGT: Creditors Must File Claims by March 18
ENERGY TEC: Claims Registration Period Ends March 14
ESB VERTRIEBS: Creditors Must File Claims by March 18
ESR VERTRIEBS: Creditors Must File Claims by March 18

F & P TREUHAND: Claims Registration Period Ends March 5
FGV FORTUNA: Claims Registration Perid Ends March 14
FRYE GMBH: Claims Registration Period Ends March 10
GALA BAU: Claims Registration Period Ends March 14
ISOTRONIK-SYSTEMS: Claims Registration Period Ends March 11

KEY BUSINESS: Claims Registration Period Ends March 14
KLOB GESELLSCHAFT: Claims Registration Period Ends March 14
KLOSTERTALER MERCHANDISING: Claims Registration Ends March 13
MONTI-MODEN GMBH: Claims Registration Period Ends March 10
RA FO: Claims Registration Ends March 13

RED LINE: Claims Registration Period Ends March 10
SIKRA GLEISBAU: Claims Registration Period Ends March 5
TAG TROCKEN: Claims Registration Ends March 13
VENTURE BETEILIGUNGS: Claims Registration Period Ends March 10


H U N G A R Y

SUN MICROSYSTEMS: Partners with TSMC for UltraSPARC Processors
SANMINA-SCI: Inks Assets Sale Agreement with Foxteq Holdings


I R E L A N D

ELAN CORP: Posts US$405 Million Net Loss for Year Ended 2007


I T A L Y

ALITALIA SPA: Lazio Court Rejects Appeal to Cancel Sale Talks


K A Z A K H S T A N

AIKAR LLP: Creditors Must File Claims by March 21
BINDJAR LLP: Claims Deadline Slated for March 21
DOSTAR KURYLYS: Claims Filing Period Ends March 21
GEIS & K: Creditors' Claims Due on March 21
KASPY MUNAI: Claims Registration Ends March 21

KAZKOMMERTSBANK: Transfers Rep Office Assets to Tajikistan Unit
NOVYE TECHNOLOGIYI: Creditors Must File Claims by March 21
RADIO SERVICE-S: Claims Deadline Slated for March 21
SYRBOYI LLP: Claims Filing Period Ends March 21
TRANS LINE: Creditors' Claims Due on March 21


K Y R G Y Z S T A N

ALKOR LLC: Creditors Must File Claims by March 18
EURO STYLE: Claims Filing Period Ends March 18
SHOOLA LLC: Creditors' Meeting Slated for February 25


N E T H E R L A N D S

CORPORATE EXPRESS: Moody's Says Staples Bid Won't Affect Rating
KONINKLIJKE AHOLD: ICA Posts SEK2.6BB Operating Income in 2007
X5 RETAIL: Alexander Kosiyanenko Quits from Supervisory Board


P O R T U G A L

COMPANHIA SIDERURGICA: Companhia Vale to Resume Pellets Supply


R U S S I A

AGRO-KHIM-SERVICE: Tatarstan Court Hearing Slated for March 3
AGRO-KHIMIYA: Creditors Must File Claims by March 12
AMUR-INVEST-1: Creditors Must File Claims by March 12
COM-PAS CJSC: Bankruptcy Hearing Slated for May 20
COMBINE OF BUILDING: Asset Sale Slated for March 3

CONCERN OIL-GAS-STROY: Creditors Must File Claims by March 12
ETIRK OIL: Creditors Must File Claims by March 12
GEVIT-FORM: Tula Bankruptcy Hearing Slated for February 28
MOBILE TELESYSTEMS: EGM Elects New Board of Directors
MOSCOW STARS: Fitch Holds BB Rating on Class B Notes

RAIFFEISEN BANK: Moody's Puts Bank Financial Strength at D
RED & BLACK: Fitch Affirms BB+ Rating on Class C Notes
RUSSIAN MORTGAGE: Fitch Holds BB- Rating on Class C Notes
SOBINBANK: Moody's Assigns B3/NP/E+/Baa2.ru Ratings


S P A I N

AURGI: Four Groups Express Interest to Acquire Assets


S W I T Z E R L A N D

ANABASIS JSC: Creditors' Liquidation Claims Due by March 12
CELLULAR SERVICE: Creditors' Liquidation Claims Due by March 15
CLEVER LOGISTICS: Basel-Country Court Starts Bankruptcy Process
DELI-TOV JSC: Creditors' Liquidation Claims Due by March 17
EI-KHATIB AUTOHANDEL: Creditors Must File Claims by March 11

KNOWLEDGE TOOLS: Creditors' Liquidation Claims Due by March 11
RAUMCONCEPT LLC: Creditors' Liquidation Claims Due by March 17
S. & J. LLC: Aargau Court Starts Bankruptcy Proceedings
SEKA EXPOBOX: Creditors' Liquidation Claims Due by March 11
VERITAS TREUHAND: Creditors' Liquidation Claims Due by March 11


U K R A I N E

ASSEMBLY-PLESO LLC: Creditors Must File Claims by March 2
CITY OF LVIV: S&P Rates Proposed UAH200 Million Bond at B+
DUBRAVA LLC: Creditors Must File Claims by March 2
EXPOBUILDING-ENGINEERING LLC: Creditors' Claims Due March 2
FORUM PLUS: Creditors Must File Claims by March 2

FUND TECHNOLOGIES: Creditors Must File Claims by March 2
MEDIUM EMTES: Creditors Must File Claims by March 2
MTSIRI LLC: Claims Filing Deadline Set March 2
NIKOLAYEV AGRICULTURAL: Creditors Must File Claims by March 2
PALTUS LLC: Creditors Must File Claims by March 2

PIVDENNIY GOK: Dnipropetrovsk Court Restarts Bankruptcy Process
TECHNOLOGICAL PROGRESS: Creditors Must File Claims by March 2
TRUST B.R.D.: Creditors Must File Claims by March 2
UKRAINE MORTGAGE: Fitch Holds Class B Notes' B+ Rating
UKRSIBBANK JSCIB: Fitch Holds BB- Rating with Positive Outlook

ZHYVA KRYNYTSIA: Creditors Must File Claims by March 2


U N I T E D   K I N G D O M

ACHIEVE MEDIA: Faces Winding Up Petition in High Court
DOUGLAS SIGN: Brings In Liquidators from Menzies
DURA AUTOMOTIVE: Backstop Rights Deal with Pacificor LLC Expires
DURA AUTOMOTIVE: Wants Court to Approve Amended 2008 KMIP
FUTUREMEDIA PLC: Auditors Express Going Concern Doubt

GARRETT TATE: U.K. Regulator Wants to Liquidate Firm
NORTHERN ROCK: Advises Customers to Seek New Loans with Rivals
NORTHERN ROCK: UK Listing Authority Suspends Share Listing
NORTHERN ROCK: Granite Not Covered by Nationalization Bill
NORTHERN ROCK: Moody's Lowers Preference Shares' Rating to C

PETROLEOS DE VENEZUELA: English Court Wants Freeze Compliance
PETROLEOS DE VENEZUELA: May Sell 50% Stake in Chalmette Plant
PETROLEOS DE VENEZUELA: Workers' Strike Halts Boscan Operations
PETROLEOS DE VENEZUELA: Moody's Says Ratings Unaffected
QUEBECOR WORLD: Court Extends CCAA Protection Until May 12

QUEBECOR WORLD: Administrators Close British Printing Plant
QUEBECOR WORLD: New Pact with Clients to Yield US$75MM Annually
REFCO INC: Ex-Finance Chief Robert Trosten Admits Fraud Charges
TAYLOR TANNER: U.K. High Court Winds up Firm
WHOLE FOODS: Earns US$39.1 Million in Quarter Ended January 20

* Q4 2007 England, Wales Company Winding Up Petitions Down 10%

* BOOK REVIEW: Bankruptcy Investment: How to Profit from
               Distress


                            *********


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


ARMORSTONES KIESBODEN: Claims Registration Ends April 8
-------------------------------------------------------
Creditors owed money by LLC ARMORSTONES KIESBODEN (FN 234760k)
have until April 8, 2008, to file written proofs of claim to
court-appointed estate administrator Erich Allinger at:

          Mag. Erich Allinger
          Hauptplatz 11
          2700 Wiener Neustadt
          Austria
          Tel: 02622/23228 Serie
          Fax: 02622/23 228 26
          E-mail: e.allinger@schober.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 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 Felixdorf, Austria, the Debtor declared
bankruptcy on Feb. 4, 2008 (Bankr. Case No. 11 S 9/08x).


BAU–ABC: Claims Registration Period Ends March 3
------------------------------------------------
Creditors owed money by LLC Bau – Abc (FN 211934v) have until
March 3, 2008, to file written proofs of claim to court-
appointed estate administrator Gerhard Haslbauer at:

          Dr. Gerhard Haslbauer
          Hauptplatz 7
          4663 Laakirchen
          Austria
          Tel: 07613/5588
          Fax: 07613/5588-15
          E-mail: rechtsanwalt@haslbauer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on March 13, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wels
          Hall 101
          First Floor
          Maria Theresia Str. 12
          Wels
          Austria

Headquartered in Laakirchen, Austria, the Debtor declared
bankruptcy on Feb. 1, 2008 (Bankr. Case No. 20 S 8/08i).


BAUSERVICE ROSENAUER: Claims Registration Period Ends March 21
--------------------------------------------------------------
Creditors owed money by  LLC Bauservice Rosenauer (FN 253487a)
have until March 21, 2008, to file written proofs of claim to
court-appointed estate administrator Susanne Poeltenstein-
Rosenegger at:

          Mag. Susanne Poeltenstein-Rosenegger
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 512 40 13
          Fax: 512 40 13 22
          E-mail: poeltenstein@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 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 Feb. 1, 2008 (Bankr. Case No. 28 S 20/08g).


BIOCETAN ALTERNATIVENERGIE: Claims Registration Ends March 31
-------------------------------------------------------------
Creditors owed money by LLC bioCetan Alternativenergie (FN
255101z) have until March 31, 2008, to file written proofs of
claim to court-appointed estate administrator Axel Reckenzaun
at:

          Dr. Axel Reckenzaun
          Annenstr.10/I (Eingang St.Georgeng.1)
          8020 Graz
          Austria
          Tel: 0316/713353
          Fax: 0316/713353-30
          E-mail: office@boehm-reckenzaun.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 15, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 205
          Hall K
          Second Floor
          Graz
          Austria

Headquartered in Fernitz bei Graz, Austria, the Debtor declared
bankruptcy on Feb. 4, 2008 (Bankr. Case No.  40 S 5/08w).


LOHRBACH TRANSPORT: Claims Registration Period Ends April 7
-----------------------------------------------------------
Creditors owed money by LLC Lohrbach Transport (FN 283543a) have
until April 7, 2008, to file written proofs of claim to court-
appointed estate administrator Wolfgang Pils at:

          Dr. Wolfgang Pils
          Graben 19
          4020 Linz
          Austria
          Tel: 0732/773368
          Fax: 0732/77336874
          E-mail: ra.dr.pils@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 7, 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 Feb. 4, 2008 (Bankr. Case No. 12 S 4/08p).


UNISON LLC: Claims Registration Period Ends March 8
---------------------------------------------------
Creditors owed money by LLC UNISON (FN 124363m) have until
April 8, 2008, to file written proofs of claim to court-
appointed estate administrator Guenther Grassner at:

          Dr. Guenther Grassner
          c/o Dr. Norbert Mooseder
          Suedtirolerstrasse 4-6
          4020 Linz
          Austria
          Tel: 0732/77 08 15
          Fax: 0732/77 08 16
          E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on April 22, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Steyr
          Hall 7
          Second Floor
          Steyr
          Austria

Headquartered in Wolfern, Austria, the Debtor declared
bankruptcy on Feb. 1, 2008 (Bankr. Case No. 14 S 12/08z).
Norbert Mooseder  represents Dr. Grassner in the bankruptcy
proceedings.


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


CHIQUITA BRANDS: Posts US$26 Mil. Net Loss in Qtr. Ended Dec. 31
----------------------------------------------------------------
Chiquita Brands International Inc. released financial and
operating results for the fourth quarter and full-year ended
Dec. 31, 2007.

The company reported a net loss of US$26 million including a
charge of US$26 million related to the company's restructuring
plan.  In the year-ago period, the company reported a net loss
of US$42 million including a US$25 million accrual related to
the settlement of a U.S. Department of Justice investigation.

The company's fourth quarter operating loss of US$11 million was
on the favorable end of the estimated operating loss range of
US$10-20 million provided in the company's preliminary selected
results release on Jan. 28, 2008.

For the full year, the company reported a net loss of
US$49 million, compared to a net loss of US$96 million in 2006.

"Our results reflect the proactive steps we took throughout the
year to position us to transform and grow our business," said
Fernando Aguirre, chairman and chief executive officer.  "We
have continued to focus on pricing in bananas and recovery in
value-added salads to help offset persistent external cost
challenges."

"In 2008, we will be focused on maintaining our premium brands,
improving North American profitability and completing the
restructuring we implemented in October," Mr. Aguirre added.
"We also will invest in the development of new value-added
products to extend our brands, expand consumption and drive
growth in higher-margin distribution channels and profitable
geographies.  We believe that these strategies will help us to
achieve our vision of becoming the global leader in healthy,
fresh and convenient foods."

                     Business Restructuring

The restructuring plan, disclosed in October 2007, is on track
to generate new, sustainable cost savings of approximately
US$60-80 million this year.  The savings are being generated
from a reduction in compensation related expenses, which is
already implemented, and consolidation of processing and
distribution facilities, which will be completed at the end of
the first quarter 2008.

The plan is designed to accelerate the company's long-term
strategy to become the leader in healthy, fresh foods well as to
improve profitability and efficiency through consolidation of
operations and simplification of overhead structure.

The restructuring will drive greater integration and efficiency
across business units and geographies, resulting in one
relationship manager for customers, a supply chain, and an
innovation program with targeted priorities and better
execution.  As reported, the company incurred a US$26 million
one-time charge in the fourth quarter 2007 related to severance
costs and certain asset write-downs under the restructuring
plan.

                      Refinancing Progress

The company also reported continued progress in a refinancing
expected to lower interest expense, extend debt maturities and
add significant additional covenant flexibility.

After the consent solicitation from the holders of the company's
7-1/2% Senior Notes due 2014, the company issued US$200 million
aggregate principal amount of 4.25% Convertible Senior Notes due
2016.  Net proceeds of approximately US$194 million have been
used to repay a portion of the outstanding amounts under the
company's Term Loan C of its senior secured credit facility.

The Notes are convertible, under certain circumstances, at an
initial conversion rate of 44.5524 shares of common stock per
US$1,000 original principal amount of Notes, equivalent to an
initial conversion price of approximately US$22.45 per share of
Chiquita common stock, subject to adjustment.  This represents a
premium of approximately 32.5% to the last reported sale price
of Chiquita's common stock on Feb. 6, 2008 of US$16.94.

The company has also entered into a fully underwritten
commitment with Cooperatieve Centrale Raiffeisen -
Boerenleenbank B.A., "Rabobank Nederland," New York branch to
refinance the company's existing US$200 million revolving credit
facility and the remaining portion of the company's Term Loan C.

Pursuant to the terms of the commitment letter Rabobank has
committed to provide to the company a six-year senior secured
credit facility including a US$200 million revolving credit
facility and a US$200 million term loan.  The company expects to
close the new facility by March 31, 2008.

           About Chiquita Brands International Inc.

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

                         *     *     *

Chiquita Brands International Inc. continues to carry Moody's
Investors Service's B3 long term corporate family and Caa2
senior unsecured debt ratings which were placed on Nov. 6, 2006.
The outlook is negative.


SITEL WORLDWIDE: Weak Profitability Cues S&P to Cut Rating to B
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Sitel Worldwide Corp. to 'B' from 'B+'.  The outlook
is negative.

The downgrade reflects Sitel's weaker-than-expected
profitability and S&P's expectation that the company's
performance in the next few quarters will provide little cushion
to its bank loan covenants, even with an expected equity
infusion this quarter.

"The ratings reflect Sitel's challenge to achieve
postacquisition profitability targets, its 2008 leverage
covenant step-downs, and the highly fragmented and competitive
nature of the business segment it operates in," said Standard &
Poor's credit analyst Joseph Spence.  "These factors are offset
somewhat by Sitel's position as a leading provider in a growing
industry, its diversified blue-chip customer list, and its
global end markets."

Sitel provides outsourced customer care services to a broad
array of end markets through its customer contact centers and
distribution warehouses located across the globe.

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


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F I N L A N D
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SANMINA-SCI: Inks Assets Sale Agreement with Foxteq Holdings
------------------------------------------------------------
Sanmina-SCI Corporation signed a definitive agreement with
Foxteq Holdings Inc., a member of Foxconn Technology Group, for
the sale of certain assets of its personal computing business
and associated logistics services located in Hungary, Mexico and
the United States.

Separately, the company has entered into a non-binding
memorandum of understanding with Lenovo Group Limited to
transition responsibility of its Monterrey, Mexico personal
computing operation and to sell certain of its related assets to
Lenovo.

The company anticipates that the proceeds from the Foxteq
transaction, along with the disposition of certain other related
assets associated with, but not included in the Foxteq
transaction, will be between US$80 and US$90 million, depending
upon the book value of the assets at the time of closing.

Other material terms related to the Foxteq transaction will be
provided during the company's second quarter fiscal 2008
earnings conference call scheduled in April.

The closing of the Foxteq transaction is subject to customary
closing conditions, including regulatory approvals and is
expected to close in the company's third fiscal quarter ending
June 28, 2008.

"This announcement is in line with our previous statements that
we would sell or otherwise exit the personal computing business
because the business is no longer integral to the company's
long-term strategy," Jure Sola, chairman and chief executive
officer of Sanmina-SCI, stated.

"Since we disclosed our intentions to exit the personal
computing business, several operating initiatives have allowed
us to significantly reduce the net assets invested in this
business," Mr. Sola concluded.  "Accordingly, we anticipate that
the financial benefits of these initiatives along with the total
proceeds from these transactions and other related dispositions
to be in excess of US$200 million."

                  About Sanmina-SCI

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.

                         *     *     *

Moody's Investor Service placed Sanmina-SCI Corp.'s long term
corporate family and probability of default ratings at 'B1' in
December 2007.  The outlook is stable.


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F R A N C E
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ARROW ELECTRONICS: Signs Agreement to Acquire LOGIX
---------------------------------------------------
Arrow Electronics Inc. has entered into exclusive negotiations
to purchase 100% of the shares of LOGIX S.A., a subsidiary of
Groupe OPEN.  The transaction is subject to consultation with
the LOGIX works council and any definitive agreement will be
subject to EU competition clearance.  Arrow anticipates the
acquisition will be immediately accretive to earnings post
integration.

LOGIX is a leading value-added distributor of midrange servers,
storage, and software in 11 European countries with annual gross
revenues of approximately EUR500 million.  Headquartered in
Courbevoie, France, LOGIX has operations in France, Belgium,
Luxembourg, Morocco, Poland, the Netherlands, Israel, Denmark,
Finland, Sweden, and Norway, bringing Arrow Enterprise Computing
Solutions’ geographic reach to 24 countries.  With approximately
500 employees, LOGIX provides a full range of value-added
distribution services, including demand creation, integration,
technical training, financing, marketing and logistics, to over
6,500 partners.

"With this acquisition, we continue the transformation of our
ECS business.  Two years ago we entered the European marketplace
and this transaction represents the next step in our strategic
expansion in this important region.  With its experienced
management team and highly talented sales, marketing and design
professionals, LOGIX is well positioned to take advantage of the
increasing demand for virtualization and state-of-the-art
infrastructure solutions.  LOGIX’s best-in-class portfolio of
suppliers and focus on the fast growing mid-market will enable
Arrow to strengthen relationships with key suppliers and
increase our value proposition in the European marketplace,"
said William E. Mitchell, chairman, president and chief
executive officer.

"I am pleased to join Arrow Electronics in further accelerating
its European transformation.  The transaction will allow all
employees, clients, and suppliers of LOGIX to benefit from
greater scale and the efficiency of a leading worldwide player,"
said Laurent Sadoun, chairman and chief executive officer of
LOGIX.

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                          *     *     *

Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


DELPHI CORP: Wants to Strike Non-Conforming Cure Objections
-----------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to strike, pursuant
to Section 105(a) of the Bankruptcy Code and Rule 9010 of the
Federal Rules of Bankruptcy Procedure:

  (a) returned cure amount notices that do not conform with the
      Cure Claim Procedures; and

  (b) objections that were filed for which no cure amount
      notices were returned.

The Debtors are party to thousands of executory contracts, many
of which are with the Debtors' trade suppliers.  In accordance
with the confirmed First Amended Joint Plan of Reorganization
and the Court-approved procedures relating to the assumption of
executory contracts, the Debtors embarked on a process to assume
ongoing prepetition Material Supply Agreements.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, relates that the Debtors served
a total of 1,669 cure amount notices on contract counterparties
stating their intent to assume, or assume and assign, the
parties' contracts and to provide cure for the assumption of the
contracts.  The Notices gave each Counterparty, among other
things, the right to elect to be paid the proposed cure amounts
in cash or Plan currency, and described certain Court-approved
procedures for the Counterparties to object to the assumption of
their contracts or to the proposed cure amounts.  The Cure Claim
Procedures require the Counterparties to sign and return the
original Cure Amount Notices served on them.

In contravention of the specific instructions on the Cure Amount
Notices, however, a number of parties-in-interest submitted
nonconforming Cure Amount Notices to the Debtors.  The Debtors
received more than 100 nonconforming Cure Amount Notices.

Certain purchasers of claims also executed and returned self-
made forms designed to appear identical in form to the Court-
approved notices served by the Debtors, Mr. Butler tells the
Court.  "In fact, certain of these self-made forms were returned
by purchasers of claims even though no cure amounts were owed to
the purported assignors."  The Debtors, he points out, imprinted
unique bar codes upon the original Cure Amount Notices to
prevent the submission of self-made forms.

The Debtors have also been inundated with requests to deviate
from the Court-approved Cure Claim Procedures, Mr. Butler
relates.  He notes that in early January, the Ad Hoc Committee
of Delphi Trade Claim Holders sought but failed to convince the
Court to exempt them from certain provisions of the Cure Claim
Procedures, including enabling their committee members to
execute cure amount notices and directing the Debtors to make
cure payments directly to their members instead of paying the
underlying contract counterparties.  Judge Drain held that the
Trade Committee's request was contrary to the Cure Claim
Procedures and interferes with the Debtors' relationships with
their trade suppliers, which are important to the Debtors'
ongoing businesses.

Specifically, the Debtors wish to strike:

  * cure amount notices that include instructions to pay a party
    other than the counterparty;

  * cure amount notices that were executed by a third party
    (rather than the contract counterparty), which third party
    did not satisfy the requirements of Bankruptcy Rule 9010;

  * cure amount notices from parties who failed to return an
    executed original cure amount notice and instead returned a
    self-made form for which a related assumable contract exists
    or a copy of the cure amount notice;

  * cure amount notices from parties who failed to return an
    executed original cure amount notice for which no related
    assumable contract exists;

  * objections that were filed to cure by parties who failed to
    return the cure amount notice; and

  * cure amount notices that were returned after the 7:00 p.m.
    prevailing Eastern time deadline on Jan. 11, 2008.

To the extent the Court grants the Debtors' request with respect
to a specific party, the Debtors ask the Court to entitle the
applicable counterparty to receive only the default cure
election treatment or the Plan currency to be distributed to
holders of allowed general unsecured claims in the cure amount
listed in the cure amount notice.

A list of the Debtors' proposed cure amounts is available for
free at: http://bankrupt.com/misc/Delphi_PlanCures.pdf

                  Cure & Assumption Objections

On Jan. 29, 2008, the Debtors delivered to the Court a list of
proposed cures for the assumption and assignment of certain
executory contracts as provided in the confirmed First Amended
Plan and the First Amended Disclosure Statement.

A number of parties-in-interest complain that the proposed cures
for the assumption of their contracts are understated.  Several
objectors assert that they have not been given adequate
assurance of any proposed assignee's performance under the
Assumed Contracts.

A dozen objectors assert that they should be paid these cures:

                                       Debtors'    Objector's
                                       Proposed    Proposed
  Cure Objector                        Cure Amt.   Cure Amt.
  -------------                        ---------   ----------
  Ambrake Corp.                        US$113,072   US$347,716
  Citation Corp., et al.                  577,482      595,681
  Furukawa Electric Company Ltd.           31,308       58,992
  Furukawa Electric North America APD   2,664,471    2,832,655
  MacArthur Corp.                          18,074       38,708
  Magneti Marelli Powertrain USA Inc.           -       29,435
  Master Automatic, Inc.                        -        7,613
  McGill Manufacturing Company Inc.             -       36,493
  Metal-Matic Inc.                         43,080       86,009
  PBR Columbia LLC                              -      195,469
  Quasar Industries, Inc.                       -      528,714
  Tinnerman Palnut Engineered Product       7,229      271,401

SKF USA Inc. contends that it is entitled to payment in full and
in cash of all outstanding postpetition invoices under its
contracts.  SKF USA also points out that certain of its
contracts have expired and are, thus, no longer executory
contracts that can be assumed.

United Plastics Group De Mexico, S. De R.L. De C.V., relates
that its books and records do not show a contract with the
account number ascribed by the Debtors.  Accordingly, UPG Mexico
has no way of determining whether or not the Debtors' proposed
zero cure amount for the alleged UPG Contract is correct.  UPG
Mexico asserts that it is owed no less than US$136,482 under its
agreements with Delphi Automotive Systems LLC.

Barnes Group Inc., Daewoo International Corp., DGC-Plastic
Molding Inc., Freudenber-NOK General Partnership, and Hayes
Lemmerz International, Inc., relate that they have not yet
completed their review of the Assumed Contracts.  Barnes objects
to the proposed cures for its contracts to the extent the
Debtors' cure obligations are limited to prepetition amounts.
Furukawa relates that the Debtors have not provided it with
sufficient information to identify two of the Assumed Contracts,
thus, it is unable to verify whether the proposed cures are
correct.

AT&T Corp. and XM Satellite Radio Inc. note that the First
Amended Plan provides for the assumption of all contracts not
specifically rejected by the Debtors.  The Debtors have not
rejected, or proposed to reject, the parties' executory
contracts.  AT&T and XM Satellite assert that the Debtors must
cure all defaults under their contracts before those contracts
may be assumed and assigned.  According to AT&T, the Debtors owe
it US$8,255,577 under the parties' contracts.  XM Satellite
asserts that US$1,017,448 is outstanding under its contracts
with the Debtors.

                       About Delphi Corp.

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

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

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

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

                         *     *     *

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

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

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


DELPHI CORP: Cuts CEO R. O'Neal's Emergence Incentive to US$1MM
---------------------------------------------------------------
As disclosed in a 10-K filing with the U.S. Securities and
Exchange Commission, Delphi Corp. and its debtor-affiliates
slashed the bonus payable to CEO Rodney O'Neal upon the
company's emergence from bankruptcy protection, from
US$5.3 million to US$1 million.

Aside from receiving an emergence cash award value of
US$1,011,621, Mr. O'Neal will obtain an emergence equity award
valued at US$10,500,000.

As reported in the Troubled Company Reporter-Europe on Jan. 25,
2008, the Honorable Robert Drain of the U.S. Bankruptcy Court
for the Southern District of New York said he will approve the
Debtors' First Amended Joint Plan of Reorganization on the
condition that the total payout of cash bonuses to top
executives is reduced.

"I am prepared to enter the confirmation order, provided the
management compensation plan is changed," Judge Drain said at a
confirmation hearing.

The Court wanted the bonus for Delphi's officers reduced to
US$16.5 million in the aggregate from the US$87.9 million that
Delphi had proposed to award to 500 managers upon emergence.
But the United Auto Workers and the International Union of
Electronic Workers-Communications Workers of America objected to
the payments, citing, among other things, that while unionized
Delphi employees suffered pay-cuts, the managers, who are
already adequately compensated, are given generous bonuses.

The management compensation plan sought to grant an US$8.3
million "performance payment" to Executive Chairman Robert
Miller; and a US$5.3 million cash emergence payment to
Mr. O'Neal.

                      About Delphi Corp.

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

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

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

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

                         *     *     *

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

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

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


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


AIR CENTER: Claims Registration Ends March 14
---------------------------------------------
Creditors of Air Center Nord GmbH have until March 14, 2008 to
register their claims with court-appointed insolvency manager
Peter-Alexander Borchardt.

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

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Peter-Alexander Borchardt
         Deichstrasse 1
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Air Center Nord GmbH on Jan. 15, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Air Center Nord GmbH
         Attn: Gerhard Anders, Manager
         Reyesweg 8
         22081 Hamburg
         Germany


AUTOHAUS NEUMANN: Creditors Must File Claims by March 18
--------------------------------------------------------
Creditors of Autohaus Neumann GmbH & Co. Kommanditgesellschaft
have until March 18, 2008, to register their claims with court-
appointed insolvency manager Norbert Westhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on April 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Norbert Westhoff
         Adenauerplatz 4
         33602 Bielefeld
         Germany
         Tel: 0521/ 914140
         Fax: +4952191414884

The District Court of Bielefeld opened bankruptcy proceedings
against Autohaus Neumann GmbH & Co. Kommanditgesellschaft on
Feb. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Autohaus Neumann GmbH & Co. Kommanditgesellschaft
         Carl-Severing-Str. 116
         33649 Bielefeld
         Germany


AUTOHAUS VOIGHT: Creditors Must File Claims by March 18
-------------------------------------------------------
Creditors of Autohaus Voigt GmbH have until March 18, 2008, to
register their claims with court-appointed insolvency manager
Winfried Andres.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Winfried Andres
         Heinrich-Held-Str. 16
         45133 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Autohaus Voigt GmbHon Feb. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Autohaus Voigt GmbH
         Wanner Str. 47-53
         45888 Gelsenkirchen
         Germany


AUTOTEILE VERTRIEB: Claims Registration Period Ends March 3
-----------------------------------------------------------
Creditors of AV GmbH Autoteile Vertrieb have until
March 3, 2008, to register their claims with court-appointed
insolvency manager Dr. Helmuth Liesegang.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on March, 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Dr. Helmuth Liesegang
         Briller Strasse 2
         42103 Wuppertal
         Germany
         Tel: 0202/389060
         Fax: 0202/3890622

The District Court of Wuppertal opened bankruptcy proceedings
against AV GmbH Autoteile Vertrieb on Feb. 1, 2008ce.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AV GmbH Autoteile Vertrieb
         Schimmelbusch Str. 31
         40699 Erkrath
         Germany


BAUGESCHAFT TOSTLEBEN: Creditors Must File Claims by March 18
-------------------------------------------------------------
Creditors of Baugeschaft Tostleben GmbH have until
March 18, 2008, to register their claims with court-appointed
insolvency manager Prof. Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on April 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         Germany

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

The insolvency manager can be reached at:

         Prof. Rattunde
         Kurfuerstendamm 26a
         10719 Berlin
         Germany

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

The Debtor can be reached at:

         Baugeschaft Tostleben GmbH
         Attn: Uwe Davids, Manager
         Am Plan 30
         15831 Grossbeeren
         Germany


BAUUNTERNEHMEN JOSEF: Claims Registration Ends March 14
-------------------------------------------------------
Creditors of Bauunternehmen Josef Geers GmbH have until
March 14, 2008 to register their claims with court-appointed
insolvency manager Frank W. Stroot.

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 Bersenbrueck
         Hall E 11
         Main Building
         Stiftshof 8
         49593 Bersenbrueck
         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:

         Frank W. Stroot
         Sutthauser Strasse 285
         49080 Osnabrueck
         Germany
         Tel: 0541/7600 75 70
         Fax: 0541/7600 75 99
         E-mail: infobpl-recht.de
         Web site: http://www.bpl-recht.de/

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

The Debtor can be reached at:

         Bauunternehmen Josef Geers GmbH
         Attn: Josef Geers, Manager
         Larchenstrasse 15
         49586 Merzen
         Germany


BFAD GMBH: Claims Registration Ends March 14
--------------------------------------------
Creditors of BFAD GmbH & Co KG have until March 14, 2008 to
register their claims with court-appointed insolvency manager
Dr. Uwe Hahn.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Konstanz
         Hall 102
         First Floor
         Gerichtstrasse 9
         78462 Konstanz
         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. Uwe Hahn
         Scheffelstr. 15
         78224 Singen
         England

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

The Debtor can be reached at:

         BFAD GmbH & Co KG
         Attn: Armin Kehl, Manager
         Maggistr. 7
         78224 Singen
         Germany


CONCEPT BETEILIGUNGSGESELLSCHAFT: Claims Period Ends March 7
------------------------------------------------------------
Creditors of Concept Beteiligungsgesellschaft mbH have until
March 7, 2008 to register their claims with court-appointed
insolvency manager Dr. Mark Zeuner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on April 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         Germany

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

The insolvency manager can be reached at:

         Dr. Mark Zeuner
         Beethovenstr. 13
         19053 Schwerin
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against Concept Beteiligungsgesellschaft mbH on Feb. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Concept Beteiligungsgesellschaft mbH
         Ringstrasse 9
         19258 Boizenburg
         Germany


COOLTEC KALTESYSTEME: Claims Registration Period Ends March 14
--------------------------------------------------------------
Creditors of Cooltec Kaltesysteme GmbH & Co. KG have until
March 14, 2008, to register their claims with court-appointed
insolvency manager Peter Houben.

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

The meeting of creditors will be held at:

          The District Court of Moenchengladbach
          Meeting Hall A 14
          Ground Floor
          Hohenzollernstr. 157
          41061 Moenchengladbach
          Germany

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

The insolvency manager can be reached at:

          Peter Houben
          Sternstrasse 58
          40479 Duesseldorf
          Germany
          Tel: 0211/491440
          Fax: +492114914461

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

The Debtor can be reached at:

          Cooltec Kaltesysteme GmbH & Co. KG
          Willicher Damm 133
          41066 Moenchengladbach
          Germany


DACH-WAND-BAUTECHNIK: Claims Registration Period Ends March 10
--------------------------------------------------------------
Creditors of Dach-Wand-Bautechnik GmbH have until
March 10, 2008, to register their claims with court-appointed
insolvency manager Dr. Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Dr. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt
         Germany
         Tel: 069/962334-0
         Fax: 069/962334-22
         E-mail: m.plathner@brinkmann-partner.de

The District Court of Darmstadt opened bankruptcy proceedings
against Dach-Wand-Bautechnik GmbH on Feb. 2, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

        Dach-Wand-Bautechnik GmbH
        Nordendstrasse 82-84
        64546 Moerfelden-Walldorf
        Germany


DVBN BESCHAFFUNG: Claims Registration Period Ends March 10
----------------------------------------------------------
Creditors of DVBN Beschaffung GmbH have until March 10, 2008 to
register their claims with court-appointed insolvency manager
Dr. Axel Kulas.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 178
         Hauffstr. 5
         70190 Stuttgart
         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. Axel Kulas
         Gansheidestr. 43
         70184 Stuttgart
         Germany
         Tel: 0711/70 70 75 80
         Fax: 0711/70 70 75 88


ELVIR VOIGT: Creditors Must File Claims by March 18
---------------------------------------------------
Creditors of Elvir Voigt GmbH & Co. KG have until
March 18, 2008, to register their claims with court-appointed
insolvency manager Winfried Andres.

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

The meeting of creditors will be held at:

         The District Court of Essen
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Winfried Andres
         Heinrich-Held-Str. 16
         45133 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Elvir Voigt GmbH & Co. KG on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Elvir Voigt GmbH & Co. KG
         Wanner Str. 47
         45888 Gelsenkirchen
         Germany


ENERGY TEC: Claims Registration Period Ends March 14
----------------------------------------------------
Creditors of ENERGY TEC Beratungs- und Handelsgesellschaft mbH
have until March 14, 2008, to register their claims with court-
appointed insolvency manager Andreas Franz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of 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:

          Andreas Franz
          Steinstrasse 26
          19053 Schwerin
          Germany

The District Court of Schwerin opened bankruptcy proceedings
against ENERGY TEC Beratungs- und Handelsgesellschaft mbH on
Feb. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          ENERGY TEC Beratungs- und Handelsgesellschaft mbH
          Attn: Eckhard Korn, Manager
          Ellerried 5
          19061 Schwerin
          Germany


ESB VERTRIEBS: Creditors Must File Claims by March 18
------------------------------------------------------
Creditors of ESB Vertriebs- und Produktions-GmbH & Co. KG have
until March 18, 2008, to register their claims with court-
appointed insolvency manager Joerg Switala.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on April 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting hall
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg
         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:

         Joerg Switala
         Uhlandstrasse 7
         26169 Friesoythe
         Germany

The District Court of Oldenburg opened bankruptcy proceedings
against ESB Vertriebs- und Produktions-GmbH & Co. KG
on Feb. 4, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         ESB Vertriebs- und Produktions-GmbH & Co. KG
         Oldenburger Strasse 18
         26188 Edewecht
         Germany

         Attn: Joerg Switala, Manager
         Uhlandstrasse 7
         26169 Friesoythe
         Germany


ESR VERTRIEBS: Creditors Must File Claims by March 18
------------------------------------------------------
Creditors of ESR Vertriebs- und Produktions-GmbH & Co. KG have
until March 18, 2008, to register their claims with court-
appointed insolvency manager Joerg Switala.

Creditors and other interested parties are encouraged to attend
the meeting at 2:20 p.m. on April 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting hall
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg
         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:

         Joerg Switala
         Uhlandstrasse 7
         26169 Friesoythe
         Germany

The District Court of Oldenburg opened bankruptcy proceedings
against ESR Vertriebs- und Produktions-GmbH & Co. KG
on Feb. 4, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         ESR Vertriebs- und Produktions-GmbH & Co. KG
         Oldenburger Strasse 18
         26188 Edewecht
         Germany

         Attn: Joerg Switala, Manager
         Uhlandstrasse 7
         26169 Friesoythe
         Germany


F & P TREUHAND: Claims Registration Period Ends March 5
-------------------------------------------------------
Creditors of F & P Treuhand Steuerberatungsgesellschaft mbH have
until March 5, 2008, to register their claims with court-
appointed insolvency manager Dr. Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on April 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nuernberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuernberg
         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. Hubert Ampferl
         Stahlstr. 17
         90411 Nuernberg
         Germany
         Tel: 0911/951285-0
         Fax: 0911/951285-10

The District Court of Nuernberg opened bankruptcy proceedings
against F & P Treuhand Steuerberatungsgesellschaft mbH on
Feb. 5, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         F & P Treuhand Steuerberatungsgesellschaft mbH
         Attn: Beate Fischer, Manager
         Marientorgraben 13
         90402 Nuernberg
         Germany


FGV FORTUNA: Claims Registration Perid Ends March 14
----------------------------------------------------
Creditors of FGV "FORTUNA" Grundstuecks-Verwaltungsgesellschaft
Niendorf mbH have until March 14, 2008, to register their claims
with court-appointed insolvency manager Peter-Alexander
Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on April 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Peter-Alexander Borchardt
          Deichstrasse 1
          20459 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against FGV "FORTUNA" Grundstuecks-Verwaltungsgesellschaft
Niendorf mbH on Feb. 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          FGV "FORTUNA" Grundstuecks-
          Verwaltungsgesellschaft Niendorf mbH
          Attn: Joern Eckermann and
                Manfred Gabriel, Managers
          Brookdeich 14
          21029 Hamburg
          Germany


FRYE GMBH: Claims Registration Period Ends March 10
---------------------------------------------------
Creditors of Frye GmbH Internationale Spedition have until
March 10, 2008, to register their claims with court-appointed
insolvency manager Dr. Dirk Rueffert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         Hall N 301
         Kollegienwall 10
         49074 Osnabrueck
         Germany

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

The insolvency manager can be reached at:

         Dr. Dirk Rueffert
         Stahlwerksweg 10b
         49084 Osnabrueck
         Germany
         Tel: 0541/7607070
         Fax: 0541/7607071
         E-mail: info@rueffert-rechtsanwalte.de

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

The Debtor can be reached at:

          Frye GmbH Internationale Spedition
          Maschweg 25
          49324 Melle
          Germany


GALA BAU: Claims Registration Period Ends March 14
--------------------------------------------------
Creditors of GALA Bau van Heerde GmbH have until March 14, 2008,
to register their claims with court-appointed insolvency manager
Justus Schneidewind.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Cottbus
          Hall 313
          Gerichtsplatz 2
          03046 Cottbus
          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:

          Justus Schneidewind
          Behlertstrasse 28 a
          14469 Potsdam
          Germany

The District Court of Cottbus opened bankruptcy proceedings
against GALA Bau van Heerde GmbH on Feb. 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          GALA Bau van Heerde GmbH
          Herzberger Strasse 06
          04916 Schoenewalde
          Germany


ISOTRONIK-SYSTEMS: Claims Registration Period Ends March 11
-----------------------------------------------------------
Creditors of isotronik-systems GmbH have until March 11, 2008,
to register their claims with court-appointed insolvency manager
Sylvia Wille.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Sylvia Wille
         Nansenstrasse 7
         09116 Chemnitz
         Tel: (0371) 400 440
         Fax: (0371) 400 4410
         E-mail: Info@wir-chemnitz.de

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

The Debtor can be reached at:

          isotronik-systems GmbH
          Attn: Thomas Waldheim, Manager
          August-Bebel-Str. 15
          09221 Neukirchen
          Germany


KEY BUSINESS: Claims Registration Period Ends March 14
------------------------------------------------------
Creditors of KEY Business Solutions GmbH have until
March 14, 2008, to register their claims with court-appointed
insolvency manager Tjark Thies.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on April 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Dr. Tjark Thies
          Domstrasse 15
          20095 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against KEY Business Solutions GmbH on Feb. 5, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          KEY Business Solutions GmbH
          Elbchaussee 1
          22765 Hamburg
          Germany


KLOB GESELLSCHAFT: Claims Registration Period Ends March 14
-----------------------------------------------------------
Creditors of KLOB Gesellschaft fuer Leasing und
Unternehmensberatung GmbH have until March 14, 2008, to register
their claims with court-appointed insolvency manager Christian
Heintze.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Dresden
          Hall D131
          Olbrichtplatz 1
          01099 Dresden
          Germany

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

The insolvency manager can be reached at:

          Christian Heintze
          Kesselsdorfer Strasse 14
          01159 Dresden
          Germany
          E-mail: www.brockdorff.net

The District Court of Dresden opened bankruptcy proceedings
against KLOB Gesellschaft fuer Leasing und Unternehmensberatung
GmbH on Feb. 1, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

          KLOB Gesellschaft fuer Leasing und
          Unternehmensberatung GmbH
          Attn: Klaus-Peter Bretschneider, Manager
          Grossenhainer Strasse 101b
          01127 Dresden
          Germany


KLOSTERTALER MERCHANDISING: Claims Registration Ends March 13
-------------------------------------------------------------
Creditors of Klostertaler Merchandising GmbH have until
March 13, 2008 to register their claims with court-appointed
insolvency manager Mathias Dorn.

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

The meeting of creditors will be held at:

         The District Court of Kempten
         Hall 139/I
         Residenzplatz 4-6
         87435 Kempten
         Germany

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

The insolvency manager can be reached at:

         Mathias Dorn
         Allgauer Strasse 1
         87435 Kempten
         Germany
         Tel: (0831) 5800434
         Fax: (0831) 5800464


The District Court of Kempten opened bankruptcy proceedings
against Klostertaler Merchandising GmbH on Feb. 6, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Klostertaler Merchandising GmbH
         Bauerlinshalde 26
         88131 Lindau
         Germany


MONTI-MODEN GMBH: Claims Registration Period Ends March 10
----------------------------------------------------------
Creditors of Monti-Moden GmbH have until March 10, 2008, to
register their claims with court-appointed insolvency manager
Georg F. Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on March 27, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Georg F. Kreplin
         Limbecker Platz 1
         45127 Essen
         Germany

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

The Debtor can be reached at:

          Monti-Moden GmbH
          Christophstr. 2
          45130 Essen
          Germany


RA FO: Claims Registration Ends March 13
----------------------------------------
Creditors of RA FO ZU GmbH have until March 13, 2008 to register
their claims with court-appointed insolvency manager Helmut
Gattermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 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 Neumuenster
         Hall 0.31
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         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:

         Helmut Gattermann
         Strassenbahnring 3
         20251 Hamburg
         Germany

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

The Debtor can be reached at:

         RA FO ZU GmbH
         Schirnauer See 5
         24790 Rade
         Germany


RED LINE: Claims Registration Period Ends March 10
--------------------------------------------------
Creditors of Red Line Graphic Agentur fuer Werbung und
Verkaufsfoerderung GmbH have until March 10, 2008, to register
their claims with court-appointed insolvency manager Dr. Jens M.
Schmittmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Jens M. Schmittmann
         Zweigertstrasse 28-30
         45130 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Red Line Graphic Agentur fuer Werbung und
Verkaufsfoerderung GmbH on Feb. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Red Line Graphic Agentur fuer Werbung und
         Verkaufsfoerderung GmbH
         Stauderstr. 88
         45326 Essen
         Germany


SIKRA GLEISBAU: Claims Registration Period Ends March 5
-------------------------------------------------------
Creditors of SIKRA Gleisbau-Sicherung GmbH have until
March 5, 2008 to register their claims with court-appointed
insolvency manager Axel Schwentker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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
         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:

         Axel Schwentker
         Lindnerstrasse 165
         46149 Oberhausen
         Germany

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

The Debtor can be reached at:

         SIKRA Gleisbau-Sicherung GmbH
         Attn: Horst Wunderlich, Manager
         Bonmannstr. 50
         46049 Oberhausen
         Germany


TAG TROCKEN: Claims Registration Ends March 13
----------------------------------------------
Creditors of TAG Trocken- und Akustikbau Poettgen GmbH have
until March 13, 2008 to register their claims with court-
appointed insolvency manager Dr. Axel Kampmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Hall 328
         Eichholzstr. 4
         59821 Arnsberg
         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. Axel Kampmann
         Goethestrasse 24
         59755 Arnsberg
         Germany

The District Court of Arnsberg opened bankruptcy proceedings
against TAG Trocken- und Akustikbau Poettgen GmbH on Feb. 4,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         TAG Trocken- und Akustikbau Poettgen GmbH
         Langel 4
         59872 Meschede
         Germany

         Attn: Uwe Disselhoff, Manager
         Grafenstrasse 97 a
         59821 Arnsberg
         Germany


VENTURE BETEILIGUNGS: Claims Registration Period Ends March 10
--------------------------------------------------------------
Creditors of Venture Beteiligungs GmbH have until
March 10, 2008, to register their claims with court-appointed
insolvency manager Karl-Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on April 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Karl-Dieter Sommerfeld
         Hammerweg 3
         51766 Engelskirchen
         Germany

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

The Debtor can be reached at:

          Venture Beteiligungs GmbH
          Ulenbroich 27
          40885 Ratingen
          Germany


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


SUN MICROSYSTEMS: Partners with TSMC for UltraSPARC Processors
--------------------------------------------------------------
Sun Microsystems Inc. has selected Taiwan Semiconductor
Manufacturing Company as its foundry partner for processors
based on 45-nanometer geometry as well as future generations.
Sun partner Texas Instruments will continue to test and package
the 45-nanometer processors.

"TSMC gives us leading process technology coupled with the
economics scale of high volume and lower cost," said Dr. David
Yen, Sun's executive vice president, Microelectronics.

"TSMC is already fully engaged with engineers from both Sun and
TI as we make this transition as seamless and as fast as
possible," said Sridhar Vajapey, VP, Technology, Validation and
Test, who heads the Sun team that selected TSMC.

"TSMC, working with Sun Microelectronics as their foundry
partner together with Texas Instruments, on this industry-
leading technology is a tremendous synergy of strengths," said
Jack Sun, vice president of R&D at TSMC.  "This collaboration
brings together all the ingredients to successfully design, test
and manufacture some of the most complex chips in the world on
TSMC's CPU-grade manufacturing process."

"TI has had the pleasure of being a strategic partner with Sun
for almost two decades and we look forward to working with TSMC
to provide turnkey backend support for Sun's SPARC product
roadmap," Hunter Ward, TI VP & General Mgr - Sun Business Unit.

                 Driving OpenSPARC(TM) Adoption

As part of the announcement, both Sun and TSMC will collaborate
to expand Sun's OpenSPARC program.  In the first phase of the
program the two companies will work together to expand the
university outreach program in Taiwan.  In addition to its
existing university outreach program, TSMC has a large fabless
customer base and a substantial number of large IP partners that
will help expand OpenSPARC platform adoption.

Through the OpenSPARC program, Sun has established six major
universities as OpenSPARC Technology Centers of Excellence: the
University of California, Santa Cruz; University of Texas,
Austin; University of Michigan, Ann Arbor; University of
Illinois, Urbana-Champaign; Stanford University; and Carnegie
Mellon University.  Each Center of Excellence has a minimum two-
year commitment, during which time they'll execute chip design
research and course work based on Sun's chip multi-
threading(CMT) design.

                      Sun Microelectronics

The Sun Microelectronics group oversees development in
networking, cryptography, and high-performance computing, and
servers as a supplier to OEM customers around the globe.  In
August 2007, Sun introduced the UltraSPARC T2 processor, the
world's fastest commodity processor.  The UltraSPARC T2 set new,
single-chip performance world records in two industry standard
benchmarks: SPECint_rate2006 (78.5) and SPECfp_rate2006 (62.3).
The UltraSPARC T2 processor, which is powered by less than
95 watts (nominal) with less than two watts per thread, boasts
the most functionality, and lowest wattage per core and thread
of any processor in its class.

                      About Sun Microsystems

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, Singapore, among others.

                          *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


SANMINA-SCI: Inks Assets Sale Agreement with Foxteq Holdings
------------------------------------------------------------
Sanmina-SCI Corporation signed a definitive agreement with
Foxteq Holdings Inc., a member of Foxconn Technology Group, for
the sale of certain assets of its personal computing business
and associated logistics services located in Hungary, Mexico and
the United States.

Separately, the company has entered into a non-binding
memorandum of understanding with Lenovo Group Limited to
transition responsibility of its Monterrey, Mexico personal
computing operation and to sell certain of its related assets to
Lenovo.

The company anticipates that the proceeds from the Foxteq
transaction, along with the disposition of certain other related
assets associated with, but not included in the Foxteq
transaction, will be between US$80 and US$90 million, depending
upon the book value of the assets at the time of closing.

Other material terms related to the Foxteq transaction will be
provided during the company's second quarter fiscal 2008
earnings conference call scheduled in April.

The closing of the Foxteq transaction is subject to customary
closing conditions, including regulatory approvals and is
expected to close in the company's third fiscal quarter ending
June 28, 2008.

"This announcement is in line with our previous statements that
we would sell or otherwise exit the personal computing business
because the business is no longer integral to the company's
long-term strategy," Jure Sola, chairman and chief executive
officer of Sanmina-SCI, stated.

"Since we disclosed our intentions to exit the personal
computing business, several operating initiatives have allowed
us to significantly reduce the net assets invested in this
business," Mr. Sola concluded.  "Accordingly, we anticipate that
the financial benefits of these initiatives along with the total
proceeds from these transactions and other related dispositions
to be in excess of US$200 million."

                      About Sanmina-SCI

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.

                         *     *     *

Moody's Investor Service placed Sanmina-SCI Corp.'s long term
corporate family and probability of default ratings at 'B1' in
December 2007.  The outlook is stable.


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


ELAN CORP: Posts US$405 Million Net Loss for Year Ended 2007
------------------------------------------------------------
Elan Corporation, plc posted its unaudited full-year financial
results for 2007.

The company reported net loss of US$405 million on revenues of
US$759.4 million for the year ended Dec. 31, 2007, compared with
net loss of US$267.3 million on revenues of US$560.4 million for
the same period in 2006.

At Dec. 31, 2007, the company's unaudited consolidated balance
sheet showed US$1.78 billion in total assets, US$2.02 billion in
total liabilities and US$234.7 million in shareholders' deficit.

                     Financial Outlook 2008

Elan expected total revenues to grow by over 30% from 2007 level
and approach, if not exceed, US$1 billion driven by a continued
strong performance from Tysabri.

The gross profit margin is expected to be in the range of 43% to
48%, reflecting the increasing proportion of revenues from
Tysabri.

Aggregate SG&A and R&D expenses are expected to be in the range
of US$625 million to US$675 million.  SG&A expenses are expected
to be less than the total amount in 2007 as a result of the
reduction in the sales force and related commercial
infrastructure and non-cash amortization expenses associated
with Maxipime and Azactam.  This decrease is expected to be
partially offset by the increase in SG&A spend on Tysabri,
particularly as it relates to the launch of Tysabri for Crohn's
disease (CD) in the United States.

Elan's investment in R&D is expected to make up over 50% of the
US$625 million to US$675 million spend, and will fund the
increasing number of late stage clinical trials in Alzheimer's
disease, as well as our expanded effort in autoimmune diseases,
particularly as it relates to Tysabri.

Adjusted EBITDA for Elan is targeted to be less than negative
US$50 million for the full-year 2008, and to get to breakeven in
the second half of 2008.

The company also expect to make a milestone payment of US$75
million to Biogen Idec during 2008, in order to maintain our
percentage share of Tysabri at around 50% for annual global in-
market net sales of Tysabri that are in excess of US$700
million.  This payment is not reflected in the financial
guidance above.

"Our key operating principles of patient focus, disciplined
execution, and delivery of tangible results and outcomes were
achieved in 2007.  The continued traction for Tysabri in MS and
the approval for Crohn's disease in the US; the advancement of
our AD clinical programs for AAB-001 and ELND-005; and the on-
going progress in our preclinical discovery efforts all provide
a strong foundation to maintain and potentially increase our
positive momentum in 2008," Kelly Martin, Elan's president and
CEO commented.

"We remain completely committed to advancing our science for
patients and clinicians around the world, increasing therapeutic
options for those who are directly affected by chronic diseases
such as Alzheimer's, Parkinson's, Multiple Sclerosis and
Crohn's," Mr. Martin added.

"We are very pleased with the robust financial performance of
the business during 2007, reflecting excellent progress across
our businesses and development pipeline.  Revenues grew by 36%
driven by the continued strong growth of Tysabri, with over
21,000 patients on therapy at the end of 2007, which was key in
reducing our Adjusted EBITDA losses by two-thirds to $30.4
million in 2007," Shane Cooke, Elan's executive vice president
and chief financial officer commented on the company's financial
results and 2008 outlook.

Mr. Cooke added, "The 2007 net loss of US$405.0 million was,
however, higher than in 2006 mainly due to the inclusion of
US$103.4 million in charges in 2007 related to the introduction
of a generic competitor to Maxipime, the consolidation of our
activities on the west coast of the US and the early repayment
of debt.  In 2006, the net loss benefited from the inclusion of
US$63.4 million in net gains related principally to a gain on
the sale of the EU rights to Prialt and an arbitration award."

"With the recent approval of Tysabri in Crohn's disease in the
US and the growing number of MS patients benefiting from Tysabri
use, we remain confident that we will achieve our target of
having 100,000 patients on Tysabri therapy by the end of 2010.
We look forward to 2008 with great optimism and see revenues
growing by over 30% towards the US$1 billion mark," Mr. Cooke
concluded.

                       About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                          *    *    *

As of Feb. 21, 2008, Elan Corp. plc carries Moody's long-term
corporate family rating of B3, probability of default rating of
B2 with stable outlook.

Standard & Poors gave the company B rating on long-term foreign
issuer credit and B rating on long-term local issuer credit with
positive outlook.


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


ALITALIA SPA: Lazio Court Rejects Appeal to Cancel Sale Talks
-------------------------------------------------------------
The Italian Regional Administration Court of Lazio rejected a
Feb. 20, 2008, an appeal by AP Holding S.p.A., investment arm of
AirOne S.p.A., to declare null and void a Dec. 28, 2007,
decision of Italy's Ministry of Economy and Finance to commence
exclusive talks to sell the government's 49.9% stake to Air
France-KLM SA, various reports say.

The court, Reuters reports, has yet to rule whether Alitalia can
continue its exclusive negotiations with Air France and whether
AirOne can present a binding offer to acquire Italy's stake.

According to Bloomberg News, the court said AirOne failed to
provide convincing evidence that the sale process should be
halted.

As previously reported in the TCR-Europe, AirOne said it would
present a binding offer once it wins its appeal.

AirOne said its offer will be financially backed by Intesa
Sanpaolo S.p.A., Goldman Sachs Group Inc., Morgan Stanley and
Nomura Holdings Plc.

TPG Inc. and Pirelli & S.p.A. chairman Marco Tronchetti Provera
may join AirOne in its Alitalia bid.  Reuters said MyChef may
also participate in the offer.  AirOne chairman Carlo Toto is
inviting businessmen from the Lombardy region to join the
airline's bid.

As reported in the TCR-Europe on Jan. 17, 2008, Alitalia and
Italy have commenced exclusive sale talks with Air France-KLM.
The carriers have until mid-March to reach an agreement, which
would be approved by the government.

                          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.


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


AIKAR LLP: Creditors Must File Claims by March 21
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Aikar insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


BINDJAR LLP: Claims Deadline Slated for March 21
------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Bindjar insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


DOSTAR KURYLYS: Claims Filing Period Ends March 21
--------------------------------------------------
LLP Dostar Kurylys Invest has declared insolvency.  Creditors
have until March 21, 2008, to submit written proofs of claims
to:

         LLP Dostar Kurylys Invest
         Turgenev Str. 106-25
         Aktobe
         Aktube
         Kazakhstan


GEIS & K: Creditors' Claims Due on March 21
-------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Geis & K insolvent.

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

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


KASPY MUNAI: Claims Registration Ends March 21
----------------------------------------------
LLP Kaspy Munai Service has declared insolvency.  Creditors have
until March 21, 2008, to submit written proofs of claims to:

         LLP Kaspy Munai Service
         Micro District 11, 10-94
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 40-45-78


KAZKOMMERTSBANK: Transfers Rep Office Assets to Tajikistan Unit
---------------------------------------------------------------
JSC Kazkommertsbank will transfer the functions and assets of
its representative office in Tajikistan to its full-service
subsidiary Kazkommertsbank Tajikistan to optimize business
processes.

The banking sector in Tajikistan includes nine commercial banks,
one state-owned bank, and one branch of a foreign bank.

Kazkommertsbank Tajikistan will offer its clients a wide range
of services, gradually introducing a fully comprehensive product
line taking into account the legal requirements in the Republic
of Tajikistan.

As previously reported in the TCR-Europe, Kazkommertsbank
Tajikistan obtained its licenses for execution of banking
operations in national and foreign currencies from the National
Bank of Tajikistan on January 24, 2008.

                      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 outlook.


NOVYE TECHNOLOGIYI: Creditors Must File Claims by March 21
----------------------------------------------------------
LLP Investment-Industrial Union Novye Technologiyi has declared
insolvency.  Creditors have until March 21, 2008, to submit
written proofs of claims to:

         LLP Investment-Industrial
         Union Novye Technologiyi
         Nurpeisova Str. 15/1
         Uralsk
         West Kazakhstan
         Kazakhstan


RADIO SERVICE-S: Claims Deadline Slated for March 21
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Radio Service-S insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan


SYRBOYI LLP: Claims Filing Period Ends March 21
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Syrboyi 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


TRANS LINE: Creditors' Claims Due on March 21
---------------------------------------------
LLP Trans Line Service has declared insolvency.  Creditors have
until March 21, 2008, to submit written proofs of claims to:

         LLP Trans Line Service
         Abdirov Str. 36/4
         Karaganda
         Kazakhstan


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


ALKOR LLC: Creditors Must File Claims by March 18
-------------------------------------------------
Joint Kyrgyz-Russian LLC Alkor has declared insolvency.
Creditors have until March 18, 2008, to submit written proofs of
claim.

Inquiries can be addressed to (+996 312) 56-34-99.


EURO STYLE: Claims Filing Period Ends March 18
----------------------------------------------
LLC Euro Style Service has declared insolvency.  Creditors have
until March 18, 2008, to submit written proofs of claim to:

         LLC Euro Style Service
         Ahunbayev Str. 98/1
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 54-89-61


SHOOLA LLC: Creditors' Meeting Slated for February 25
-----------------------------------------------------
Creditors of LLC Shoola will convene at 10:00 a.m. on
Feb. 25, 2008, at:

         LLC Shoola
         Room 108
         Moskovskaya Str. 151
         Bishkek
         Kyrgyzstan

Creditors must submit written proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

The representatives of the creditors must have authorization to
vote.

The Bankruptcy Department under the State Property Committee of
the Kyrgyz Republic I. Adylov dismissed I. Adylov from the
position of the temporary insolvency manager of the company on
May 23, 2006.

Subsequently, Bektur Aidekov has been appointed temporary
insolvency manager of the company on Feb. 6, 2008.

The temporary insolvency manager can be reached at (+996 312)
61-40-74, (0-555) 19-78-79.


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


CORPORATE EXPRESS: Moody's Says Staples Bid Won't Affect Rating
---------------------------------------------------------------
Moody's Investors Service stated Wednesday that Staples, Inc.'s
(rated Baa1/Stable) proposal to acquire all the outstanding
shares of Corporate Express NV for a per share consideration of
EUR7.25, representing a total enterprise value of approximately
EUR2.5 billion, has no immediate impact on the company's
Ba3/Stable rating.

Corporate Express' public rejection of Staples' approach means
that there remains significant uncertainty as to the likelihood
of success of Staple's plans to purchase the company.

Nevertheless, upwards rating pressure would occur if Corporate
Express is acquired given Staples' scale and stronger financial
profile, as reflected in its Baa1 rating.  Moody's will monitor
the position and ratings actions will be taken if a bid is
formally accepted or if the probability of a transaction
occurring increases.

Moody's notes that Corporate Express' rated credit instruments
are bound by various change of control conditions.  These
include the opportunity for holders of high yield notes to sell
at 101% of face amount plus accrued interest on a change of
control.

Headquartered in Amsterdam, The Netherlands, Corporate Express
is an international business-to-business services and
distribution group, supplying office products and graphics
systems and related services to the business market.  The
company reported net sales revenue of EUR5,631 million in the
year to Dec. 31, 2007.


KONINKLIJKE AHOLD: ICA Posts SEK2.6BB Operating Income in 2007
--------------------------------------------------------------
Koninklijke Ahold N.V. disclosed the operating results of ICA AB
for the full year and fourth quarter ended Dec. 31, 2007.

The Swede unit posted SEK2.6 billion in operating income on
SEK82.33 billion in consolidated net sales in 2007, compared
with SEK2.3 billion in operating income on SEK67.4 billion in
consolidated net sales in 2006.

Operating income includes SEK596 million in capital gains on
real estate sales and impairment losses on fixed assets.
Operating income excluding these items hiked to SEK2 billion.

The Ahold subsidiary also posted SEK762 million in operating
income on SEK22.14 billion in consolidated net sales for the
fourth quarter ended Dec. 31, 2007, compared with SEK358 million
in operating income on SEK17.63 billion in consolidated net
sales for the fourth quarter ended Dec. 31, 2006.

The unit's total assets have increased by SEK1.81 billion to
SEK37.32 billion since Dec. 31, 2006.  The increase is due to
investments in tangible fixed assets as well as increased
current liabilities and inventories.

Cash flow from operating activities amounted to SEK4.17 billion
during the year. The difference is mainly due to higher
operating income and higher deposits in ICA Banken.

Cash flow from investing activities amounted to -SEK149 million.
Cash flow from financing activities was -SEK3.37 billion.  The
improved cash flow has been used to repay loans and for the
dividend.  The unit's liquid assets totaled SEK4.36 billion as
of Dec. 31, 2007.

The equity/assets ratio was 32.4%.  The Group's net debt
excluding ICA Banken was SEK2.34 million.

Investments during the year amounted to SEK2.81 billion.  The
largest single investment was the acquisition of four store
properties in Estonia for SEK459 million during the first
quarter.

The Group had an average of 20,081 employees during 2007.

                          About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal
Ahold) -- http://www.ahold.com/-- retails food through
supermarkets, hypermarkets and discount stores in North and
South America, Europe.  It has operations in Argentina.  The
company's chain stores include Stop & Shop, Giant, TOPS, Albert
Heijn and Bompreco.  Ahold also supplies food to restaurants,
hotels, healthcare institutions, government facilities,
universities, stadiums, and caterers.

                          *     *     *

As of Nov. 19, 2007, Koninklijke Ahold carries BB+ Issuer
Default and senior unsecured ratings from Fitch Ratings.  Fitch
said the Outlook is Positive.  Its Short-term rating is B.


X5 RETAIL: Alexander Kosiyanenko Quits from Supervisory Board
-------------------------------------------------------------
Alexander Kosiyanenko has resigned as a member of the
Supervisory Board of X5 Retail Group N.V. due to his intention
to concentrate on other business areas and sectors of the
economy.

Mr. Kosiyanenko helped to found Perekrestok in 1994 and from
that time until May 2006 held the position of Chief Executive
Officer of that company, building Perekrestok into one of the
largest supermarket chains and leading retailers in Russia.

Following Perekrestok,s merger with Pyaterochka in May 2006,
Mr. Kosiyanenko served on the Supervisory Board of X5 Retail
Group N.V.  During his years of office Mr. Kosiyanenko
contributed significantly to the overall strategy and
development of the Group.

A replacement for Mr. Kosiyanenko, in accordance with the Rules
governing the Principles and Practices of the Supervisory Board,
is being considered and the decision will be announced in due
course.

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. --
http://www.x5.ru/en/-- operates a large store network largely
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.

                          *     *     *

As of Nov. 12, 2007, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


===============
P O R T U G A L
===============


COMPANHIA SIDERURGICA: Companhia Vale to Resume Pellets Supply
--------------------------------------------------------------
Published reports say that Companhia Siderurgica Nacional will
again receive pellets from Brazilian mining and metals group
Companhia Vale do Rio Doce, as ordered by a court in Rio de
Janeiro.

Companhia Vale said that it stopped supplying pellets to
Companhia Siderurgica this month due to strong market conditions
early this year that left the miner with no surplus.

Business News Americas relates that Companhia Siderurgica and
Companhia Vale failed to formalize a long-term contract for
pellet supply in 2005.  Companhia Vale said that it had been
supplying surplus pellet to Companhia Siderurgica since 2006,
without any long-term agreement that establishes a steady
supply.  There isn't a formal contractual obligation that
assures regular pellet sales to Companhia Siderurgica, the
report adds.

Companhia Vale must now provide 56,000 tons of the steel-making
input each month to Companhia Siderurgica, reports say.

                     About Companhia Vale

Headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio
Doce -- http://www.cvrd.com.br/-- engages primarily in mining
and logistics businesses. It engages in iron ore mining, pellet
production, manganese ore mining, and ferroalloy production, as
well as in the production of nonferrous minerals, such as
kaolin, potash, copper, and gold.

                 About Companhia Siderurgica

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets, tin
mill products and tinplate.  The company also runs its own iron
ore, manganese, limestone and dolomite mines and has strategic
investments in railroad companies and power supply projects.
The group also operates in Brazil, Portugal and the U.S.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 28,
2007, Standard & Poor's Ratings Services revised its outlook on
Brazil-based steel maker Companhia Siderurgica Nacional and
related entity National Steel S.A. to positive from stable.  At
the same time, Standard & Poor's affirmed its 'BB' corporate
credit rating on CSN and its 'B+' rating on NatSteel.


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


AGRO-KHIM-SERVICE: Tatarstan Court Hearing Slated for March 3
-------------------------------------------------------------
The Arbitration Court of Tatarstan will convene at 8:15 a.m. on
March 3, 2008, to hear the bankruptcy supervision procedure on
LLC Agro-Khim-Service of Aksubaevskiy Region.  The case is
docketed under Case No. A65-15460/2007-SG4-26.

The Temporary Insolvency Manager is:

         M. Sharipov
         Post User Box 236
         Kazan
         420012 Tatarstan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Agro-Khim-Service of Aksubaevskiy Region
         Shosseynaya Str. 1
         Akdubaevo
         423060 Tatarstan
         Russia


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

         T. Ustyuzhanina
         Insolvency Manager
         K. Myagotina Str. 117/21
         Kurgan
         Russia

The Arbitration Court of Kurgan commenced bankruptcy proceedings
against the company.  The case is docketed under Case No.
A34-2906/2007.

The Court is located at:

         The Arbitration Court of Kurgan
         Sovetskaya Str. 192
         640003 Kurgan
         Russia

The Debtor can be reached at:

         LLC Agro-Khimiy
         Kanashi
         Shadrinskiy
         Kurgan
         Russia


AMUR-INVEST-1: Creditors Must File Claims by March 12
----------------------------------------------------
Creditors of CJSC Amur-Invest-1 (TIN 2823005858) have until
March 12, 2008, to submit proofs of claim to:

         D. Gumirov
         Insolvency Manager
         Lenina Str. 191
         Blagoveshensk
         Russia

The Arbitration Court of Amur commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A04-7084/07-8/48B.

The Debtor can be reached at:

         CJSC Amur-Invest-1 (TIN 2823005858)
         Amur
         Russia


COM-PAS CJSC: Bankruptcy Hearing Slated for May 20
--------------------------------------------------
The Arbitration Court of Nizhniy Novgorod will convene on
May 20, 2008, to hear the bankruptcy supervision procedure on
CJSC Com-Pas.  The case is docketed under Case No. A43-30397/
2007 33-261.

The Temporary Insolvency Manager is:

         E. Dyakova
         Pushkina 29-116
         603098 Nizhniy Novgorod
         Russia

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         CJSC Com-Pas
         Fizkulturnika Str. 32
         Pavlovo
         Nizhniy Novgorod
         Russia


COMBINE OF BUILDING: Asset Sale Slated for March 3
--------------------------------------------------
T. Vodolazskaya, Insolvency Manager and Bidding Organizer for
CJSC Combine of Building Materials, will open a public auction
for the company's properties at 10:00 a.m. on March 3, 2008 at:

         Oktyabrskaya Str. 143
         Armavir
         Krasnodar
         Russia

The company has set a RUR391,617 starting price for the assets
on auction.

Interested participants have until 5:00 p.m. on Feb. 28, 2008,
to deposit an amount equivalent to 5% of the starting price.

Bidding documents must be submitted to:

         T. Vodolazskaya
         Insolvency Manager
         Shosseynaya Str. 69
         Armavir
         Krasnodar
         Russia
         Tel: 8 (918) 359-90-34; (886137) 4-78-00, 3-30-43

The Debtor can be reached at:

         CJSC Combine of Building Materials
         397411 Krasnodar
         Russia


CONCERN OIL-GAS-STROY: Creditors Must File Claims by March 12
-------------------------------------------------------------
Creditors of CJSC Concern Oil-Gas-Stroy have until
March 12, 2008, to submit proofs of claim to:

         V. Goryachkin
         Insolvency Manager
         Post User Box 345
         115230 Moscow-230
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-26867/07-95-95B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Concern Oil-Gas-Stroy
         Moscow
         Russia


ETIRK OIL: Creditors Must File Claims by March 12
-------------------------------------------------
Creditors of CJSC Etirk Oil (TIN 5260153706) have until
March 12, 2008, to submit proofs of claim to:

         V. Talanov
         Insolvency Manager
         Revolyutsii Square 7A
         603002 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43-22577/2007-33-174.

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         V. Talanov
         Insolvency Manager
         Revolyutsii Square 7A
         603002 Nizhniy Novgorod
         Russia


GEVIT-FORM: Tula Bankruptcy Hearing Slated for February 28
----------------------------------------------------------
The Arbitration Court of Tula will convene at 10:00 a.m. on
Feb. 28, 2008, to hear the bankruptcy supervision procedure on
CJSC Gevit-Form.  The case is docketed under Case No. A68-7788/
07-346/b.

The Temporary Insolvency Manager is:

         V. Semochkin
         Post User Box 1387
         300041 Tula
         Russia

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         CJSC Gevit-Form
         Tula
         Russia


MOBILE TELESYSTEMS: EGM Elects New Board of Directors
-----------------------------------------------------
Mobile TeleSystems OJSC disclosed the election of the new Board
of Directors by the extraordinary general meeting of
shareholders on Feb. 15, 2008.

Members elected to the BoD are:

   -- Alexey Buyanov, senior vice president, Head of Financial
      Complex, Sistema;

   -- Sergei Drozdov, senior vice president, Head of Property
      Complex, Sistema;

   -- Tatiana Evtushenkova, advisor to the president of MTS;

   -- Mohanbir Gyani, independent director;

   -- Leonid Melamed, president and CEO of MTS;

   -- Paul Ostling, independent director; and

   -- Vitaliy Savelyev, first vice president, Head of
      telecommunications asset management division.

At a subsequent meeting of the new BoD held in absentia, Vitaliy
Savelyev was named chairman of the board, while Sergei Drozdov
was named vice chairman.

The EGM also approved:

   -- the reorganization and merger of Volgograd Mobile,
      Astrakhan Mobile, Mar Mobile and Primtelefon into MTS and
      resulting revised version of the Company's Charter;

   -- the restated version of the Statute on Shareholder
      Meetings; and

   -- the reelection of members of the Auditing Commission.

The EGM did not approve the resolution regarding the stock
option plan that would include board directors with accompanying
changes to the Statute on Remunerations and Compensations to the
members of the BoD.  Sistema, the largest shareholder of MTS,
voted against the resolutions citing a need for additional
analysis of the matter.

"We welcome the election of Vitaliy  Savelyev as the new
chairman of the board.  He has a wealth of experience in the
telecommunications industry and is a capable manager with a
proven track record at the highest level.. As of the stock
option plan, we felt it required additional work and will be
reviewed at a future date by the board," Alexander Goncharuk,
President and CEO of Sistema, who presided as chairman of the
EGM, commented.

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

                         *    *    *

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


MOSCOW STARS: Fitch Holds BB Rating on Class B Notes
----------------------------------------------------
Fitch Ratings affirmed the ratings assigned to the notes issued
by Moscow Stars B.V. as:

Class A (ISIN XS0307297225): affirmed at 'BBB'; Outlook Stable
Class B (ISIN XS0307297811): affirmed at 'BB'; Outlook Stable

The affirmations of both classes reflect the good performance of
the transaction to date.

The transaction was issued in July 2007, since when three month
plus arrears have ranged between 0.11% and 0.76% of the
outstanding portfolio.  As at end-January 2008, the ratio stood
at 0.51%.  No loans were reported as being in arrears by more
than five months.

The transaction benefits from an amortising reserve fund, which
has been fully funded since closing.  To date not all of the
amortization conditions have been fulfilled, which is why no
excess funds have been released from the reserve fund.  The
portfolio is amortizing at an average annualized rate of 21.65%
since close, and credit enhancements have been increasing for
all classes.  According to the investor reports received to
date, excess spread ranged from 27bps to 61bps of the
outstanding portfolio each month.

The originator and servicer of the mortgage portfolio is
Moskommertsbank LLC, a financial institution specializing in
corporate and consumer lending, including residential mortgage
lending.

It is majority-owned by Kazkommertsbank ('BBB-'/'F3'/Outlook
Negative).

The transaction is a securitisation of first lien US dollar-
denominated residential mortgage loans secured on property
located in the Russian Federation ('BBB+'/'F2'/Outlook Stable).
The ratings address the timely payment of interest and ultimate
payment of principal in accordance with the terms of the notes.

Fitch has employed its credit cover multiple methodology in
reviewing this transaction to assess the credit support
available to each class of notes.


RAIFFEISEN BANK: Moody's Puts Bank Financial Strength at D
----------------------------------------------------------
Moody's Investors Service today upgraded the bank financial
strength rating of Raiffeisen Bank Aval to D from D-.  The
outlook on the BFSR is stable following the upgrade.

At the same time, Moody's affirmed all of the bank's other
ratings with their existing outlooks.

According to Moody's, today's rating action reflects the
significant and ongoing improvements in RBA's risk management
processes to levels commensurate with those of its ultimate
parent Raiffeisen Zentralbank Oesterreich AG and in line with
its very robust franchise, which has been improved on the back
of diversification into retail and as a result strengthen name
recognition, and strong financial fundamentals to an extent
commensurate with D rated banks.

"The entrance of its strategic foreign shareholder in late 2005
turned RBA around, with a positive impact on its lending
culture, decision-making processes and business philosophy,
resulting in a more conservative and market-oriented institution
with credit underwriting standards in line with those of its
parent.  The bank's committed shareholder also provides it with
regular capital injections to enable it to catch up with the
market growth at relatively low cost as well as stable funding.
In addition, the change in ownership contributed positively to
RBA's corporate governance with a management comprising a blend
of foreign and local professionals," explains Roman Piven,
Assistant Vice President-Analyst and lead analyst for RBA at
Moody's.

The upgrade also takes into account Moody's opinion that RBA is
well positioned to further consolidate its market positions
thanks to its considerably enhanced customer reach through the
reorganised network of 1,262 branches and outlets across the
country at H3 2007 against the backdrop of Ukraine's
increasingly competitive environment.  At present, RBA, the
largest foreign bank subsidiary in Ukraine, ranks second among
Ukrainian banks in terms of total assets, loans to retail
customers and deposits (with market shares of between 7% and 13%
on these measures) and also maintains a solid position in the
corporate segment.  Moody's believes that the bank is
particularly well positioned to grow in retail (where it is
particularly strong in the car finance and mortgage segments)
and in the SME franchise.

Moody's adds that RBA's ratings remain constrained by: (i) the
difficult operating environment, (ii) the very rapid pace of
growth, which is associated with higher risks, and mounting
competitive pressure, which may lead to a potential loosening in
credit underwriting, (iii) concentrations in its loan portfolio
and the untested quality of the new business lines launched in
retail and SME, (iv) its relatively high reliance on its parent
in funding as well as increasing dependence on market sources
for funding leading to tightening liquidity, and (v) a low
internal capacity to generate capital, which results in a need
for external capital calls to catch up with the balance sheet
growth.

At the same time, the ratings are supported by (i) the bank's
well-conceived market strategy implemented by its experienced
management team, (ii) a track record of profitable, cost-
efficient operations, which are likely to be preserved going
forward, (iii) sound asset quality and stringent loan
underwriting standards, and (iv) a satisfactory liquidity
profile in a period of global market turbulence.

Moody's notes that the bank's Baa1/Prime-2 long- and short-term
local currency deposit ratings incorporate a four-notch uplift
from its baseline credit assessment of Ba2 (which represents its
standalone credit quality and which is mapped from the D BFSR)
based on Moody's assessment of a very high probability of
parental support from Raiffeisen Zentralbank Oesterreich AG and
a very high probability of systemic support.

This rating was upgraded:

   -- Bank financial strength rating to D from D-
      (stable outlook)

These ratings were affirmed:

   -- Global local currency deposit ratings of Baa1
     (stable outlook)/Prime-2

   -- Foreign currency deposit ratings of B2 (positive outlook)
      /Not Prime

   -- Baa1 (stable)/Prime-2 long-term senior unsecured
      debt ratings

   -- Aaa.ua national scale rating (no specific outlook)

   -- Aaa.ua national scale long-term senior unsecured debt
      rating (no specific outlook)

Raiffeisen Bank Aval is headquartered in Kiev, Ukraine, and as
of 31 December 2007 reported total un-audited (under local
accounting rules) assets of US$8.8 billion and net profit of
US$116 million.


RED & BLACK: Fitch Affirms BB+ Rating on Class C Notes
------------------------------------------------------
Fitch Ratings affirmed the notes of Red & Black Prime Russia No.
1 Limited, as:

Class A (ISIN XS0294882823): affirmed at 'A'; Outlook Stable
Class B (ISIN XS0294883987): affirmed at 'BBB+'; Outlook Stable
Class C (ISIN XS0294884282): affirmed at 'BB+'; Outlook Stable

Fitch has affirmed the initial rating of class A notes, which
were assigned a rating of one notch above the current Country
Ceiling of the Russian Federation (affirmed at 'A-' (A minus) in
August 2007).  The basis for this rating was a liquidity
facility, provided by Societe Generale ('AA-' (AA
minus)/'F1+'/Outlook Stable), which will be available in case a
transfer and convertibility event occurs.  During such an event,
senior expenses and interest due on the class A notes will be
paid using these funds for a period of up to six consecutive
months.

The transaction closed in April 2007, and since then the pool of
mortgage loans has been amortizing at an average annualized rate
of 20.33%.  The notes are subject to a pro-rata test, which to
date has not been satisfied.  Instead, they have been redeemed
sequentially, and, as of January 2008, their current balance
stood at 82.38% of the initial amount.  Apart from the
subordination, credit enhancement to the senior notes is also
provided by the reserve fund, which was at its target amount as
of the last reporting period.

The investor reports received to date show a good performance of
the portfolio, with loans in arrears by more than one month
representing 0.38% of the current loan portfolio, while arrears
greater than three months stood at 0.10%.

The originator and servicer of the mortgage portfolio is
DeltaCredit CJSC, a financial institution specialized in
residential mortgage lending, wholly owned by Societe Generale.
The transaction is a securitization of first lien US dollar-
denominated residential mortgage loans secured on property
located in the Russian Federation ('BBB+'/'F2'/Outlook Stable).
The ratings address the timely payment of interest and ultimate
payment of principal in accordance with the terms of the notes.

Fitch has employed its credit cover multiple methodology in
reviewing this transaction to assess the credit support
available to each class of notes.

Rating Outlooks for European Structured Finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-
year period.


RUSSIAN MORTGAGE: Fitch Holds BB- Rating on Class C Notes
---------------------------------------------------------
Fitch Ratings affirmed the notes of Russian Mortgage Backed
Securities 2006-1 S.A. as:

   -- Class A (ISIN XS0254447872): affirmed at 'A-';
      Outlook Stable

   -- Class B (ISIN XS0254451395): affirmed at 'BBB';
      Outlook revised to Positive from Stable

   -- Class C (ISIN XS0254451551): affirmed at 'BB-';
      Outlook revised to Positive from Stable

Although the class A notes have the potential for an upgrade
given the seasoning of the pool and the good performance to
date, the upgrade is prevented by the current Country Ceiling of
the Russian Federation (affirmed at 'A-' in August 2007) and the
rating of various counterparties as envisaged by the transaction
documentation.

Since close, the pool of mortgage loans has been amortising at
an average annualized rate of 24.3%.  As a result, the notes
have been redeemed accordingly, and the outstanding balance
stood at 64.1% of the initial amount as of February 2008.  Apart
from the subordination, credit enhancement to the senior notes
is also provided by the non-amortizing reserve fund, which was
fully funded as of the last reporting period.  Given the
continued strong performance of the transaction Fitch has
revised the outlooks on the class B and class C tranches.

Performance of the transaction to date has been good, with loans
in arrears by more than one month representing 0.26% of the
current loan portfolio.  As of February 2008, no loan was in
arrears by more than three months.  To prevent the occurrence of
delinquent loans, the debt service division of JSC Vneshtorgbank
(VTB) contacts borrowers, and third party guarantors if
necessary, within the three days leading up to the due date.
Most arrears are cured within two business days.

The transaction also benefits from an international payment
facility that will cover senior expenses and pay interest to
class A noteholders for 18 consecutive months in case a transfer
restriction and/or convertibility event occurs.

The originator of the mortgage portfolio is VTB
('BBB+'/'F2'/Outlook Stable), the second largest bank in the
Russian Federation by assets and equity.  The transaction is a
securitisation of first lien US dollar-denominated residential
mortgage loans secured on property located in the Russian
Federation ('BBB+'/'F2'/Outlook Stable).  The ratings address
the timely payment of interest and ultimate payment of principal
in accordance with the terms of the notes.

Fitch has employed its credit cover multiple methodology in
reviewing this transaction to assess the credit support
available to each class of notes.


SOBINBANK: Moody's Assigns B3/NP/E+/Baa2.ru Ratings
---------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
Sobinbank: a bank financial strength rating of E+, and long-term
and short-term local and foreign currency deposit ratings of
B3/Not Prime.

Concurrently, Moody's Interfax Rating Agency assigned a long-
term national scale rating of Baa2.ru to Sobinbank. Moscow-based
Moody's Interfax is majority-owned by Moody's, a leading global
rating agency.

The outlook on the global scale ratings is stable, while the
national scale rating carries no specific outlook.

According to Moody's and Moody's Interfax, the B3/Not Prime/E+
global scale ratings reflect Sobinbank's global default and loss
expectation, while the Baa2.ru national scale rating reflects
the standing of the bank's credit quality relative to that of
its domestic peers.

Moody's notes that Sobinbank is unlikely to receive support from
the Russian government in case of distress.  The scope and
timeliness of the support from the bank's shareholders also
remains uncertain.  Hence, the B3 long-term foreign currency
deposit rating assigned to the bank does not incorporate any
probability of external support.

According to Moody's, Sobinbank's deposit ratings reflect the
bank's clear development strategy, its expanded branch network
and diversified product mix, certain improvements in its
corporate governance practices, established business
relationships with a number of large corporate clients, as well
as stable growth of retail business and good asset quality to
date.  At the same time, the ratings are constrained by
significant single-name and industry concentration of the bank's
assets, insufficient diversification of its funding base, still
considerable level of related-party business, coupled with low
levels of economic capitalisation, as well as modest
profitability and cost efficiency metrics.

Moody's notes that Sobinbank's BFSR and deposit ratings have
limited upside potential in their current state.  At the same
time, further growth of the bank's market franchise in corporate
and retail market segments accompanied with a lowering of
concentration levels of both assets and liabilities and
reduction in the volume of related-party business could become
positive rating drivers for the bank's deposit ratings in the
longer term, as could material improvement of the bank's
financial performance indicators and consistently strong capital
levels.

A downgrade of Sobinbank's current ratings at their current
state is also a remote possibility.  However, further increase
in concentration of Sobinbank's assets and/or funding base,
growth of related-party exposure, as well as material
deterioration of the bank's asset quality and financial
performance, especially if coupled with the lowering capital
levels, may exert downward pressure on the bank's deposit
ratings.

Domiciled in Moscow, Sobinbank was placed within the top 40
Russian banks in terms of assets as of October 2007.  As at
YE2006 Sobinbank reported total IFRS assets of US$2.2 billion
(YE2005: US$1.3 billion), total capital of US$299 million
(YE2005: US$304 million).  Net IFRS income in 2006 was
US$16.6 million (US$42.3 million in 2005).

Sobinbank runs its business through a head office, as well as 22
branches, 42 additional offices and more than 200 sales offices
covering major European and some Asian regions of the Russian
Federation.  Sobinbank's banking network also includes its
subsidiaries -- Finservice 49% owned by Sobinbank and 51% owned
by "7th Continent") and Russian Mortgage Bank (bank for mortgage
lending, fully owned by Sobinbank).


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


AURGI: Four Groups Express Interest to Acquire Assets
-----------------------------------------------------
Three Spanish groups, as well as a UK-based company, have
expressed interest in acquiring part or all of Aurgi's car parts
and tyre, the Financial Times reports.  However, a formal offer
has yet to be made, the report adds.

The company, the report discloses, went into voluntary
receivership in December 2007.

The company, the report says, has EUR15.6 million worth of
syndicated loans from Banco Popular, CAM and Bancaja and has
more than EUR42 million in total debts.

Headquartered in Leganes, Spain, Aurgi -- http://www.aurgi.com/
-- sells automotive spare parts and accessories in wholesale and
retail.


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


ANABASIS JSC: Creditors' Liquidation Claims Due by March 12
-----------------------------------------------------------
Creditors of JSC Anabasis have until March 12, 2008, to submit
their claims to:

         Dr. Kurt Battig
         Liquidator
         Murbacherstrasse 37
         6003 Lucerne
         Switzerland

The Debtor can be reached at:

         JSC Anabasis
         Horw LU
         Switzerland


CELLULAR SERVICE: Creditors' Liquidation Claims Due by March 15
---------------------------------------------------------------
Creditors of JSC Cellular Service Logistics have until March 15,
2008, to submit their claims to:

         JSC Global Finance & Management
         Gerbestrasse 12
         3072 Ostermundigen BE
         Switzerland

The Debtor can be reached at:

         JSC Cellular Service Logistics
         Ostermundigen BE
         Switzerland


CLEVER LOGISTICS: Basel-Country Court Starts Bankruptcy Process
---------------------------------------------------------------
The Bankruptcy Service of Arlesheim in Basel-Country commenced
bankruptcy proceedings against LLC Clever Logistics on Jan. 8,
2008.

The Bankruptcy Service of Arlesheim can be reached at:

         Bankruptcy Service of Arlesheim
         4144 Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC Clever Logistics
         Birsfelderstr. 38
         4132 Muttenz
         Arlesheim BL
         Switzerland


DELI-TOV JSC: Creditors' Liquidation Claims Due by March 17
-----------------------------------------------------------
Creditors of JSC Deli-Tov have until March 17, 2008, to submit
their claims to:

         Philippe Dreyfus
         Schlachthofstrasse 55
         4056 Basel
         Switzerland

The Debtor can be reached at:

         JSC Deli-Tov
         Basel
         Switzerland


EI-KHATIB AUTOHANDEL: Creditors Must File Claims by March 11
------------------------------------------------------------
Creditors of LLC El-Khatib Autohandel have until March 11, 2008,
to submit their claims to:

         JSC Treuhand Fred Brugge
         Roschibachstr. 22
         8037 Zurich
         Switzerland

The Debtor can be reached at:

         LLC El-Khatib Autohandel
         Niederhasli
         Dielsdorf ZH
         Switzerland


KNOWLEDGE TOOLS: Creditors' Liquidation Claims Due by March 11
--------------------------------------------------------------
Creditors of JSC  knowledgeTools (Schweiz) have until March 11,
2008, to submit their claims to:

         Jurg M. Lattmann
         Liquidator
         Hadlaubstrasse 66
         8006 Zurich
         Switzerland

The Debtor can be reached at:

         JSC knowledgeTools (Schweiz)
         Zug
         Switzerland


RAUMCONCEPT LLC: Creditors' Liquidation Claims Due by March 17
--------------------------------------------------------------
Creditors of LLC raumconcept have until March 17, 2008, to
submit their claims to:

         Dr. Stefan Grundmann
         Falknerstrasse 3
         4001 Basel
         Switzerland

The Debtor can be reached at:

         LLC raumconcept
         Riehen BS
         Switzerland


S. & J. LLC: Aargau Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC S. & J. on Feb. 1, 2008.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC S. & J.
         Habich-Dietschy-Strasse 13
         4310 Rheinfelden AG
         Switzerland


SEKA EXPOBOX: Creditors' Liquidation Claims Due by March 11
-----------------------------------------------------------
Creditors of LLC Seka Expobox have until March 11, 2008, to
submit their claims to:

         Karl Muhlebach
         Wagnerfeldstrasse 18
         8646 Wagen SG
         Switzerland

The Debtor can be reached at:

         LLC Seka Expobox
         Opfikon
         Bulach ZH
         Switzerland


VERITAS TREUHAND: Creditors' Liquidation Claims Due by March 11
---------------------------------------------------------------
Creditors of JSC Veritas Treuhand have until March 11, 2008, to
submit their claims to:

         Franco Ghilardelli
         BDO Visura
         Biberiststrasse 16
         4501 Solothurn
         Switzerland

The Debtor can be reached at:

         JSC Veritas Treuhand
         Basel
         Switzerland


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


ASSEMBLY-PLESO LLC: Creditors Must File Claims by March 2
---------------------------------------------------------
Creditors of LLC Special Building Assembly-Pleso (code EDRPOU
33402232) have until March 2, 2008, to submit written proofs of
claim to:

         Irene Tsimbal
         Liquidator
         Apartment 124
         General Naumov Str. 41
         03164 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. 28/489-b.

The court is located at:

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

The Debtor can be reached at:

         LLC Special Building Assembly-Pleso
         Kikvidze Str. 13
         Kiev
         Ukraine


CITY OF LVIV: S&P Rates Proposed UAH200 Million Bond at B+
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B+'
long-term local currency debt rating and its 'uaA+' Ukraine
national scale rating to the proposed UAH200 million (about
US$40 million) senior unsecured bond to be issued by the
Ukrainian City of Lviv (B+/Stable/--; Ukraine national scale
'uaA+').  This rating is subject to final bond documentation,
including all necessary approvals.

The proceeds from the bond will be used to finance the city's
part of the Union of European Football Associations' EURO 2012
program -- mostly constructing roads, but also sports
facilities, and developing public transportation.

The issue will have quarterly fixed coupon payments of less than
12% per year and five-year maturities. Placement of the bond is
planned for the second quarter of 2008.

The ratings on the bond mirror those on the city, which reflect
Lviv's low financial flexibility; high infrastructure needs,
pressured by the EURO 2012 program; operating-expenditure
pressures; and low wealth levels.

These weaknesses are mitigated by the city's modest debt
accumulation plans and moderate, but stable, financial
performance.  Lviv's rapid economic development -- although from
a low level -- is driven by its importance as one of
western Ukraine's commercial centers and further supports the
ratings.


DUBRAVA LLC: Creditors Must File Claims by March 2
--------------------------------------------------
Creditors of LLC Dubrava (code EDRPOU 22709638) have until
March 2, 2008, to submit written proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-31/168-07.

The Debtor can be reached at:

         LLC Dubrava
         Matrosov Str. 19
         Kupiansk-Uzlovoy
         Kharkov
         Ukraine


EXPOBUILDING-ENGINEERING LLC: Creditors' Claims Due March 2
-----------------------------------------------------------
Creditors of LLC Expobuilding-Engineering (code EDRPOU 34615157)
have until March 2, 2008, to submit written proofs of claim to:

         Andrew Vershynin
         Liquidator
         P.O. Box 151
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent Jan. 30, 2008.
The case is docketed under Case No. 23/32-b.

The court is located at:

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

The Debtor can be reached at:

         LLC Expobuilding-Engineering
         Patrice Lumumba Str. 15-A
         01042 Kiev
         Ukraine


FORUM PLUS: Creditors Must File Claims by March 2
-------------------------------------------------
Creditors of LLC Commerce Firm Forum Plus (code EDRPOU 34729093)
have until March 2, 2008, to submit written proofs of claim to:

         Andrew Finko
         Liquidator
         03037 Kiev Ukraine
         P.O. Box 37

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 22, 2008.
The case is docketed under Case No. B 14/061-08.

The court is located at:

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

The Debtor can be reached at:

         LLC Commerce Firm Forum Plus
         Sviatoshyn Str. 10
         Vishnevoye
         Kiev
         Ukraine


FUND TECHNOLOGIES: Creditors Must File Claims by March 2
--------------------------------------------------------
Creditors of LLC Fund Technologies and Investments (code EDRPOU
34585772) have until March 2, 2008, to submit written proofs of
claim to:

         Andrew Finko
         Liquidator
         03037 Kiev Ukraine
         P.O. Box 37

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 22, 2008.
The case is docketed under Case No. B 14/062-08.

The court is located at:

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

The Debtor can be reached at:

         LLC Fund Technologies and Investments
         Kiev Str. 4
         Vishnevoye
         Kiev
         Ukraine


MEDIUM EMTES: Creditors Must File Claims by March 2
---------------------------------------------------
Creditors of LLC Medium Emtes (code EDRPOU 33881381) have until
March 2, 2008, to submit written proofs of claim to:

         Andrew Vershynin
         Liquidator
         P.O. Box 151
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 30, 2008.
The case is docketed under Case No. 23/21-b.

The court is located at:

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

The Debtor can be reached at:

         LLC Medium Emtes
         Apartment 24/7
         Nauka Avenue 42/1 b. 14
         01042 Kiev
         Ukraine


MTSIRI LLC: Claims Filing Deadline Set March 2
----------------------------------------------
Creditors of LLC Mtsiri (code EDRPOU 204086677) have until
March 2, 2008, to submit written proofs of claim to:

         Vasily Melnik
         Temporary Insolvency Manager
         Apartment 105
         Chapayev Str. 7
         Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy supervision
procedure on the company on Dec. 25, 2007.  The case is docketed
under Case No. 7/181-b.

The Court is located at:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Debtor can be reached at:

         LLC Mtsiri
         Naberezhnaya Str. 25
         Galchin
         Andrushevsky District
         13432 Zhytomir
         Ukraine


NIKOLAYEV AGRICULTURAL: Creditors Must File Claims by March 2
-------------------------------------------------------------
Creditors of OJSC Nikolayev Agricultural Machine-Technological
Station (code EDRPOU 20919107) have until March 2, 2008, to
submit written proofs of claim to:

         Vera Fomenko
         Liquidator
         October Avenue 1
         54008 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/695/07.

The court is located at:

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

The Debtor can be reached at:

         OJSC Nikolayev Agricultural
         Machine-Technological Station
         Apartment 306
         Heroes of Stalingrad Avenue 91
         54025 Nikolaev
         Ukraine


PALTUS LLC: Creditors Must File Claims by March 2
-------------------------------------------------
Creditors of LLC Paltus (code EDRPOU 33431295) have until
March 2, 2008, to submit written proofs of claim to:

         Alexander Shykulenko
         Liquidator
         Livarnaya Str. 13
         49000 Dniepropetrovsk
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
Dec. 28, 2007.  The case is docketed under Case No. 16/286/07.

The court is located at:

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

The Debtor can be reached at:

         LLC Paltus
         Apartment 83
         Charivnaya Str. 163
         Zaporozhje
         Ukraine


PIVDENNIY GOK: Dnipropetrovsk Court Restarts Bankruptcy Process
---------------------------------------------------------------
The Business Court of Dnipropetrovsk, on Jan. 29, 2008, resumed
the bankruptcy proceedings against Pivdenniy GOK, the Dragon
Capital reports.

Citing the company's external financial rehabilitation manager,
the report says that the  bankruptcy resumption would enable the
company to pay off US$90 million obligations to creditors.

The company believes that shareholders, namely Evraz Group
(50%), Metinvest (25%+1) and Smart Group (25%) will start to
work on the debt issues in an out-of-court settlement, the
report adds.

Pivdennyy GOK is the only Ukrainian mining company producing
agglomerate.


TECHNOLOGICAL PROGRESS: Creditors Must File Claims by March 2
-------------------------------------------------------------
Creditors of LLC Trading Company Technological Progress (code
EDRPOU 34352062) have until March 2, 2008, to submit written
proofs of claim to:

         Andrew Vershynin
         Liquidator
         P.O. Box 151
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 30, 2008.
The case is docketed under Case No. 23/29-b.

The court is located at:

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

The Debtor can be reached at:

         LLC Trading Company Technological Progress
         Apartment 34
         Pobeda Avenue 136
         01042 Kiev
         Ukraine


TRUST B.R.D.: Creditors Must File Claims by March 2
---------------------------------------------------
Creditors of LLC Building Trust B.R.D. (code EDRPOU 35143317)
have until March 2, 2008, to submit written proofs of claim to:

         Andrew Vershynin
         Liquidator
         P.O. Box 151
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 30, 2008.
The case is docketed under Case No. 23/31-b.

The court is located at:

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

The Debtor can be reached at:

         LLC Building Trust B.R.D.
         Bastionnaya Str. 1/36
         01014 Kiev
         Ukraine


UKRAINE MORTGAGE: Fitch Holds Class B Notes' B+ Rating
------------------------------------------------------
Fitch Ratings affirmed the notes of Ukraine Mortgage Loan
Finance No. 1 Plc. The rating actions are as:

    -- Class A (ISIN XS0285818075) affirmed at 'BBB-';
       Outlook revised to Positive from Stable

    -- Class B (ISIN XS0285819123) affirmed at 'B+';
       Outlook Stable

The affirmation of both classes and the Outlook change reflect
the good performance of the transactions since closing in
February 2007.  The notes are redeemed sequentially, and, as of
January 2008, their outstanding balance was 68.5% of the initial
amount. The pool of mortgage loans has been amortising at an
average rate of 31.5%.  In addition to subordination, credit
enhancement to the senior notes is also provided by the reserve
fund, which was fully funded as of the last reporting period.

The investor reports received to date show a good performance of
the portfolio, with loans in arrears of more than one month
representing 1.45% of the total loan portfolio.  As of January
2008, there were no arrears of more than three months reported.

In Fitch's view, the maximum rating a structured finance
issuance can be assigned is linked to the creditworthiness of
the originator.  This structure is in place to cover legal
uncertainties that may materialise in a scenario where the
current procedures need to be replaced by a backup solution and
the true sale would need to be enforced against the insolvent
entity.  In October 2007, Fitch affirmed the rating of the
originator and servicer, CJSC PrivatBank at 'B' with Outlook
Positive.  There is also some credit linkage to the rating
('BB-' (BB minus)/Outlook Positive) of the Ukraine sovereign.

The transaction also benefits from an insurance policy for
expropriation and currency inconvertibility.  The structure also
incorporates reserve funds for various purposes (political risk
insurance, contingency, borrower set-off and commingling risk),
all of which were at their required amounts as of the last
reporting period.

The transaction is a securitisation of first lien US dollar-
denominated residential mortgage loans secured on properties
located in Ukraine.  The ratings address the timely payment of
interest and ultimate payment of principal in accordance with
the terms of the notes.



UKRSIBBANK JSCIB: Fitch Holds BB- Rating with Positive Outlook
--------------------------------------------------------------
Fitch Ratings has affirmed JSCIB UkrSibbank's ratings at foreign
currency Long-term Issuer Default 'BB-' (BB minus), Short-term
IDR 'B', Long-term local currency IDR 'BB', National Long-term
'AAA(ukr)', Support '3' and Individual 'D'.

The Outlooks for the foreign and local currency Long-term IDRs
remain Positive.  The Outlook on National Long-term rating is
Stable.

UkrSib's IDRs and Support rating are driven by the possibility
of support from BNP Paribas (rated 'AA'/'F1+'/Stable Outlook),
which owns a controlling stake in the bank.  However, UkrSib's
foreign currency Long-term IDR is constrained by Ukraine's 'BB-'
(BB minus) Country Ceiling, and the Long-term local currency IDR
also takes into account Ukrainian country risks.

The Individual rating reflects the relatively high degree of
concentration in the bank's loan book, risks associated with
rapid credit growth and the high dependence on shareholder
funding.  However, the rating also takes into account the bank's
well developed and growing franchise, good asset quality to date
and improving profitability.

The Positive Outlooks reflect the sovereign's rating Outlook.
Movements in UkrSib's Long-term IDR will likely be linked to
Country Ceiling movements.  Upward pressure on the Individual
rating could result from reduced asset concentrations, loan
impairment levels remaining low as the portfolio seasons,
reduced growth rates and improvements in funding
diversification.

UkrSib has achieved impressive results in capturing market share
in virtually all customer segments since end-2003; its share of
system assets increased from 3.8% at end-2003 to 6.3% at end-
2007, making the bank the third largest in the country (seventh
in 2003).  The customer base is significant, consisting of over
one million individual clients, some 180,000 SMEs and over 3,250
large corporate entities at end-2007, and has largely been
acquired and served through the fourth-largest branch network in
the country, comprising over 1,000 banking units and outlets,
over 1,200 ATMs and a call centre.  At end-2007, BNP owned a 51%
stake in the bank, with the remaining 49% owned by two prominent
Ukrainian businessmen, Oleksandr Yaroslavskyy and Ernest
Galiyev.


ZHYVA KRYNYTSIA: Creditors Must File Claims by March 2
------------------------------------------------------
Creditors of LLC Zhyva Krynytsia (code EDRPOU 31957928) have
until March 2, 2008, to submit written proofs of claim to:

         Andrew Vershynin
         Liquidator
         P.O. Box 151
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 30, 2008.
The case is docketed under Case No. 23/20-b.

The court is located at:

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

The Debtor can be reached at:

         LLC Zhyva Krynytsia
         B. Grinchenko Str.
         01042 Kiev
         Ukraine





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


ACHIEVE MEDIA: Faces Winding Up Petition in High Court
------------------------------------------------------
The Secretary of State for Business Enterprise & Regulatory
Reform has presented petitions in the High Court to wind up
Achieve Media Limited in the public interest.

The company solicited sponsorship of anti-bullying books from
businesses which they contacted by way of cold calling with
sponsors being told that the books were to be sent to local
schools.

The petitions to wind up the companies were presented following
an investigation carried out by Companies Investigation Branch
under section 447 of the Companies Act 1985 (as amended).

The Official Receiver has been appointed provisional liquidator
of Achieve Media Limited.  The cases are now subject to High
Court action and no further information will be available until
the petitions are heard on March 11, 2008.

The company is located at:

         Achieve Media Limited
         Riverside View
         Thornes Lane
         Wakefield
         WF1 5AW
         United Kingdom

All public inquiries concerning the affairs of the companies
should be made to:

         The Official Receiver
         Public Interest Unit
         P.O. Box 326
         17-21 Chorlton Street
         Manchester
         M60 3ZZ
         United Kingdom


DOUGLAS SIGN: Brings In Liquidators from Menzies
------------------------------------------------
Jason James Godefroy and Andrew John Duncan of Menzies Corporate
Restructuring were appointed joint liquidators of Douglas Sign
Group Ltd. on Feb. 10, 2008, for the creditors' voluntary
winding-up proceedings.

The joint liquidators can be reached at:

         Menzies Corporate Restructuring
         43-45 Portman Square
         London
         W1H 6LY
         England


DURA AUTOMOTIVE: Backstop Rights Deal with Pacificor LLC Expires
----------------------------------------------------------------
DURA Automotive Systems, Inc., disclosed in a regulatory filing
with the U.S. Securities and Exchange Commission, that its
Backstop Purchase Agreement with Pacificor, LLC, was terminated
as of Jan. 31, 2008.

As a result of the termination, Pacificor has no further
obligations under the agreement with respect to its backstop
commitment, C. Timothy Trenary, DURA's vice president and chief
financial officer, said.

As reported in the Troubled Company Reporter on Jan. 7, 2008,
Pacificor, under the Backstop Agreement, committed to purchase
up to US$160,000,000 in reorganized DURA by buying shares of new
common stock that were not purchased in an equity rights
offering.  The Pacificor commitment, which expired Jan. 31,
2008, was contingent upon DURA obtaining the exit financing
prior to that date.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.

As of July 2, 2006, the Debtor had US$1,993,178,000 in total
assets and US$1,730,758,000 in total liabilities.  The Debtors
have asked the Court to extend their plan filing period to
April 30, 2008.

(Dura Automotive Bankruptcy News, Issue No. 45; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


DURA AUTOMOTIVE: Wants Court to Approve Amended 2008 KMIP
---------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to approve
their 2008 Key Management Incentive Plan, as amended.  The
Debtors reserve their right to seek approval of an incentive
plan for their senior managers.

                    Debtors Amend 2008 KMIP

The Debtors have amended their 2008 KMIP to better focus on the
non-senior management KMIP participants with respect to two
aspects:

  (1) The Debtors are not going forward with the proposed 2008
      KMIP payments to their chief executive officer, chief
      financial officer, chief operating officer, and vice
      president of human resources; and

  (2) The Debtors intend to make all payments to approximately
      104 non-Debtor employee participants in the 2008 KMIP from
      the Debtors' European non-debtor affiliates.

The Amended 2008 KMIP maintains a two three-month performance
measurement and pay-out periods, ending on March 31 and June 30,
2008:

  * Threshold pay-out:  If the Debtors achieve 90% of adjusted
    EBITDA goals, participants will receive 50% of their
    individual target bonus opportunities;

  * Target opportunity pay-out: If the Debtors achieve 100% of
    adjusted EBITDA goals, participants will receive 100% of
    their individual target bonus opportunities.

  * Maximum pay-out: If the Debtors achieve 120% of adjusted
    EBITDA goals, participants will receive 150% of their
    individual target bonus opportunities.

Participant's individual target bonus opportunities range from
5% to 45% of each participant's base salary at the Target
Opportunity Payout.  The Debtors have previously proposed a
target bonus opportunities range range of 5% to 80%.
Distribution of participant to target opportunity percentages:

      Target Opportunity              Number of 2008 KMIP
      (% of base salary)                  Participants
      ------------------              -------------------
             45%                                7
             30%                               16
             25%                               20
             20%                               26
             15%                                1
             12%                               40

The Debtors estimate to pay approximately US$2,500,000 at the
Target Opportunity Payout, compared to their previous estimate
of US$6,000,000.

Marc Kieselstein, P.C., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, relates the Official Committee of Unsecured
Creditors and the Debtors are in discussions regarding the
merits
of the 2008 KMIP.  As of Feb. 4, 2008, Mr. Kieseltein says,
there has been no appreciable progress in resolving the
differences between the Debtors and the Creditors Committee.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.

As of July 2, 2006, the Debtor had US$1,993,178,000 in total
assets and US$1,730,758,000 in total liabilities.  The Debtors
have asked the Court to extend their plan filing period to
April 30, 2008.

(Dura Automotive Bankruptcy News, Issue No. 45; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


FUTUREMEDIA PLC: Auditors Express Going Concern Doubt
-----------------------------------------------------
Deloitte & Touche LLP in London raised substantial doubt about
the ability of Futuremedia PLC to continue as a going concern
after it audited the company's financial statements for the year
ended June 30, 2007.  The auditor pointed to the company’s
recurring losses and cash outflows from operations and
stockholders’ deficit.

The company posted a net loss of GBP9,421,000 on total sales of
GBP13,490,000 for the year ended June 30, 2007, as compared with
a net income of GBP3,007,000 on total sales of GBP3,112,000 in
the prior year.

                         Defaults

In addition, as of June 30, 2007, the company was technically in
default of its convertible loans with Cornell, TAIB, and Certain
Wealth dated April 19, 2006 with a face value of US$7,500,000,
and August 3, 2006 with a face value of US$1,500,000, due to the
company’s failure to maintain effectiveness of the registration
statements filed to register shares underlying the convertible
loans, and subsequently due to failure to file its Form 20-F
timely.

The company is also in default of the loan dated June 1, 2007 in
the amount of US$4,600,000, which stipulates default on any
prior loans as a condition of default. As a result, Cornell has
the right to call the full face value of each note. However, the
Company expects to receive a waiver of default shortly after
filing of this Form 20-F.  The company has recorded the carrying
value of these notes as current liabilities as of June 30, 2007.
These raise substantial doubts about the company’s ability to
continue as a going concern. The company’s financial resources
may be insufficient to maintain operations, and the Company may
require additional financing in order to execute its operating
plan and continue as a going concern.

At June 30, 2007, the company's balance sheet showed
GBP12,191,000 in total assets and GBP14,170,000 in total
liabilities, resulting in GBP1,979,000 stockholders' deficit.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with GBP2,323,000 in total current
assets available to pay GBP14,113,000 in total current
liabilities.

A full-text copy of the company's 2007 annual report is
available for free at: http://ResearchArchives.com/t/s?2850

                   About Futuremedia PLC

Headquartered in West Sussex, England, Futuremedia PLC (Nasdaq:
FMDA) - develops on-line branded learning business.  Branded
learning is the application of eLearning to marketing
communications through online learning communities, academies
and portals.


GARRETT TATE: U.K. Regulator Wants to Liquidate Firm
----------------------------------------------------
The U.K. Secretary of State for Business Enterprise & Regulatory
Reform has presented petitions in the High Court to wind-up
Garrett Tate Partnership Limited in the public interest.

The company solicited sponsorship of anti-bullying books from
businesses, which they contacted by way of cold calling with
sponsors being told that the books were to be sent to local
schools.

The petitions to wind up the companies were presented following
an investigation carried out by Companies Investigation Branch
under section 447 of the Companies Act 1985 (as amended).

The Official Receiver has been appointed provisional liquidator
of Garrett Tate Partnership Limited.  The cases are now subject
to High Court action and no further information will be
available until the petitions are heard on March 11, 2008.

The company can be reached at:

         Garrett Tate Partnership Limited
         67 Wellington Road North
         Stockport
         Cheshire
         SK4 2LP
         United Kingdom

All public inquiries concerning the affairs of the companies
should be made to:

         The Official Receiver
         Public Interest Unit
         P.O. Box 326
         17-21 Chorlton Street
         Manchester
         M60 3ZZ
         United Kingdom


NORTHERN ROCK: Advises Customers to Seek New Loans with Rivals
--------------------------------------------------------------
Northern Rock plc is telling its customers who are remortgaging
to look for new loans with other banks, the Daily Telegraph
reports.

Independent financial advisers claimed Northern Rock, which
seeks to shrink its loan book, is focusing on being a savings
bank, the Daily Telegraph relates.

"Northern Rock is encouraging existing clients to go elsewhere.
We have had them come to us, saying that for people at the end
of their deals they do not want the business any more.  They
just want to be a savings bank," Melanie Bien, director of
mortgage broker Savills Private Finance, told the Daily
Telegraph.

The customers, the Daily Telegraph adds, will have to pay a
GBP250 exit fee to Northern Rock and an arrangement fee with a
new lender.  Meanwhile, the bank offers a standard variable rate
of 7.69% to those who decide to stay.

According to Ray Boulger, senior technical manager at Charcoal,
Northern Rock's mortgage rates, which are around 1% to 1.5%
higher than other banks, are aimed at discouraging new customers
and encouraging existing ones to walk away.

Mr. Boulger, who predicted a 50% cut in Northern Rock's mortgage
book in the next two years, revealed around 60% of the bank's
customers were on two-year fixed deals and had started to walk
away already, BBC News says.

A Northern Rock spokesman, however, declared "we continue to
provide mortgages but we believe it is fair to point out to our
customers that there are probably better deals available
elsewhere," insisting it was an "absolutely sensible policy,"
the Daily Telegraph states.

                   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.


NORTHERN ROCK: UK Listing Authority Suspends Share Listing
----------------------------------------------------------
The UK Listing Authority issued a notice at 7:30 a.m. on Monday,
February 18, 2008, stating that, in view of the Government's
announcement that it is to take Northern Rock plc into a period
of public ownership, it had suspended the listing of the
company's ordinary and preference shares.  Accordingly there has
been no trading in the shares on the London Stock Exchange and
other organized markets on which the securities were admitted to
trading.

The H M Treasury said the suspension of the shares from listing
and trading on markets does not operate to prevent bilateral off
market or OTC trades.  However, the Banking (Special Provisions)
Bill introduced on Tuesday, February 19, 2008 and associated
compensation order, provide that compensation payable in respect
of shares in Northern Rock will be payable to persons who held
them immediately before the transfer into public ownership takes
effect.  It is intended that the necessary order to transfer
shares in Northern Rock will come into effect shortly after
Royal Assent is granted to the Bill.  Accordingly, those persons
effecting bilateral off market or OTC trades should be aware
that, given normal settlement periods, and depending upon the
process for passing the necessary legislation, there is a risk
that off market and OTC trades undertaken following the
Government's announcement may not be settled at the time that
the shares are acquired under the proposed legislation.  In this
event, the buyer under any such trade will not be a holder at
the relevant time and will not be entitled to claim compensation
from the Treasury in respect of the relevant shares.

As announced by the Treasury on January 21, 2008, the principles
for assessing compensation, which are set out in the draft Bill,
reflect the principle that the Government should not be required
to compensate shareholders for value which is dependent on
taxpayers support and the fact that public sector ownership is
an alternative to an administration of Northern Rock.

Persons dealing in shares of Northern Rock, or instruments
referenced to such shares do so entirely at their own risk.

                   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.


NORTHERN ROCK: Granite Not Covered by Nationalization Bill
----------------------------------------------------------
Conservatives are worried taxpayers may face a GBP5.5 billion
loss if Granite, a Jersey-based trust which funds half of
Northern Rock plc's mortgages, collapses, the Daily Telegraph
reports.

The government confirmed Granite would not be covered by the
nationalization legislation, which according to the
Conservatives was a risky move as liability will pass to the
taxpayer, the Daily Telegraph relates.

The Daily Telegraph says Granite is unlikely to go bust,
although Ron Sandler, Northern Rock's new executive chairman,
may opt to liquidate it to shrink the bank's mortgage book.

Mr. Sandler, the Daily Telegraph adds, will have to keep Granite
funded while downsizing the bank fast to have more assets
available to repay the government's GBP25 billion loan.

Sandy Chen, an analyst at Panmure, told the paper "it might make
sense to sell now rather than later."

However, the paper states, liquidation would only work if the
bank thought it could make enough money to repay all the
bondholders and cover its own shareholding, which stood at
11.5%.

                       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.


NORTHERN ROCK: Moody's Lowers Preference Shares' Rating to C
------------------------------------------------------------
Moody's Investors Service downgraded to A2, with a developing
outlook, the long-term bank deposits and senior unsecured debt
of Northern Rock plc following the announcement by HM Treasury
on February 17 that the government will enact legislation to
take the bank into temporary public ownership.

The bank's preference shares were downgraded to C from B3.  The
Bank Financial Strength Rating remains E+ (mapping to a baseline
credit assessment of B1), the outlook is changed to developing
from negative.  The outlook on the dated subordinated debt
(currently rated B1), on the undated subordinated debt
(currently rated B3) and on the Reserve Capital Instruments
(RCIs) and Tier One Notes (TONs) (currently rated B3) was also
changed to developing from negative.  The short-term rating is
affirmed at Prime-1.  The rating of the covered bonds remains
Aaa, on review for possible downgrade, and the Granite Master
Trust ratings remain unchanged.

Moody's said that the key considerations for this rating action
within the context of a nationalized entity are a) the fact that
the bank will be in temporary government ownership and thus the
final intent is to privatize or sell the bank, b) a very high
assumption of support throughout the restructuring process, c)
the fact that any significant improvement in the intrinsic
strength of the bank is likely to be a slow process, d) the
legal status of the preference shares vis-a-vis other Tier-1
instruments, and e) the uncertainty around the government
guarantee and other government support post privatization.

Overall, Moody's assessment is that the decision to nationalize
the bank provides greater security to senior debt holders and
depositors of Northern Rock, provides the necessary timeframe to
potentially develop a market based solution but does not improve
immediately the intrinsic credit profile of the bank.

Moody's said that the fact that the bank's E+ BFSR (mapping to a
B1 baseline credit assessment) which remained unchanged, albeit
with a developing outlook, reflects the rating agency's view
that it will take some time to effect long lasting changes in
the bank's overall franchise and financial fundamentals.

Nationalizing the bank on its own neither has an immediate
positive impact on the bank's financial fundamentals nor on its
franchise strength, thus maintaining the BFSR at E+.  Moody's
commented that the BFSR remains unchanged at E+ due to the
continued weak liquidity position of the bank on a stand-alone
basis (i.e. absent parental or other external support) and due
to the fact that the bank still faces significant hurdles in
rebuilding its franchise.  The change in outlook to developing
reflects the uncertainty of nationalization on the bank's
ability to compete in the mortgage and savings market in the UK
within the confines of EU State Aid regulations.  A likely
outcome for the bank is that it is significantly scaled down and
this is likely to have a substantial effect on profitability and
cost ratios.  However to enable the bank to be sold or
privatized in the future the franchise of the bank does need to
be stabilized and strengthened.  Moody's also noted that,
although unlikely, the possibility remains that the bank may be
placed into a run-off situation.  Moody's also noted that the
majority of rated mid-sized mortgage lenders in the UK have a
BFSR in the range of C- (mapping to a baseline credit assessment
of Baa1) to C+ (mapping to a baseline credit assessment of A2),
and that if Northern Rock is able to successfully rebuild its
franchise and stabilize its financial situation, it could
possibly move gradually towards this rating range.  The speed at
which the bank's BFSR potentially converges to the above stated
range depends on the degree of success of and the pace at which
the bank's management can effect this positive change within the
confines of adhering to EU State Aid regulations.

Moody's said that the nationalization of Northern Rock has
clarified the ownership issue for the time being and has allowed
the rating agency to conclude the review initiated on September
17, 2007.  Commenting on the rationale behind the downgrade of
the Aa3 (on review for downgrade) debt and deposit ratings,
Moody's noted that the starting point is the E+ BFSR which when
combined with a fully supported probability of systemic support
leads to a rating of A2 for senior debt and bank deposits.

However the degree of support is limited by the fact that the
bank will be in temporary public ownership, pending final
approval of the bill through Parliament which is expected in the
coming days.  The developing outlook on the A2 rating reflects
the uncertainties in the longer term around an eventual sale or
privatization of the bank and the implications that this could
have on the rating.  It also takes into account the possibility
that depending on the funding structure of the bank going
forward certain instruments may be explicitly backed by the
government or that debt issued under a guarantee from the
government may be grandfathered.

Moody's also noted that the government will need to ensure that
the nationalization of the bank and the structure and strategy
while in public ownership is in accordance with EU state aid
rules: a detailed plan needs to be lodged with the EU Commission
by March 17, 2008.  While the bank is in public ownership the
rating agency noted that it does not expect the long-term bank
deposit and senior unsecured debt ratings to fall below A2 given
the support of the UK government, even if the explicit state
guarantee were to be removed.

Looking forward if the bank was to be sold to an institution
where Moody's would impute a low probability of parental support
or a low ability of the acquirer to support the bank, it is
likely that the rating could fall to as low as non-investment
grade unless the bank's stand-alone creditworthiness has
improved markedly to a BFSR level of D+ or above.  It is
important to note that, given the existence of rating triggers
on the covered bonds and Granite's RMBS program, Moody's would
not expect a privatization of the bank unless an A2 rating or
better can be achieved for the bank post privatization either on
a stand-alone basis or as a result of parental support.  This
view, however, may change over time if the importance of covered
bonds and the RMBS structure to Northern Rock were to reduce.

The downgrade of the bank's GBP400 million non-cumulative
preference shares to C (stable outlook) from B3 (negative
outlook) follows the decision of the UK government to
nationalize these instruments, in addition to the common equity.
It is Moody's understanding that under UK Corporate Law there
are certain circumstances where the preference shareholders can
become minority shareholders and this is why these instruments
are also being taken into public ownership.  Any compensation to
holders of the preference shares is expected to be calculated
assuming that all financial assistance provided by the Bank of
England or the Treasury had been withdrawn and that no further
public financial assistance would be provided.  Therefore, in
Moody's view, it is highly likely that the preference share
holders will experience a substantial loss.

The change in outlook on the subordinated debt, RCIs and TONs to
developing from negative is in line with the change in the
outlook on the bank's BFSR.  In line with Moody's notching
guidelines the ratings of junior securities for a bank with a
BFSR in the E category would be close to that of the BFSR
implied rating.  Moody's further added that coupon deferrals on
these instruments, although unlikely, cannot be ruled out given
that the government is likely to impose losses on the preference
share holders and has specifically said that these instruments
will continue to absorb losses before any other creditors.  The
RCIs and TONs have a different legal status under UK Corporate
Law as they are debt instruments of the bank and not preference
shares and therefore there are no circumstances under which
holders of these instruments could become minority shareholders
of the bank.

The Granite Master Trust and other RMBS ratings of Northern Rock
remain unchanged.  Collateral performance remains the driver for
the ratings on these transactions, and this continues to perform
in line with Moody's expectations.

Northern Rock's covered bond ratings remain on review for
possible downgrade.  The review of the covered bond ratings will
assess Northern Rock's commitment to hold sufficient over-
collateralization to maintain the Aaa ratings.

The ratings of Northern Rock are:

  -- Bank Financial Strength Rating: E+ (developing outlook)

  -- Long Term Bank Deposits: A2 (developing outlook)

  -- Short Term Bank Deposits: Prime-1

  -- Senior Unsecured Debt: A2 (developing outlook)

  -- Commercial Paper: Prime-1

  -- Dated Subordinated Debt: B1 (developing outlook)

  -- Undated Subordinated Debt: B3 (developing outlook)

  -- Reserve Capital Instruments and Tier 1 Notes: B3
     (developing outlook)

  -- Preference Shares: C (Stable outlook)

Headquartered in Newcastle-upon-Tyne in the UK, Northern Rock
had assets of GBP113 billion at the end of H1 2007.


PETROLEOS DE VENEZUELA: English Court Wants Freeze Compliance
-------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA must
comply with the England High Court's order that freezes the
firm's assets or be accused of contempt of court, El Universal
reports, citing a notice accompanying the court's order, which
was issued on Jan. 24, 2008.

As reported in the Troubled Company Reporter-Latin America on
Feb. 11, 2008, that Petroleos de Venezuela is barred from taking
or disposing of up to US$12 billion in petroleum assets
worldwide after courts in Britain and the U.S. ordered freezing
of those assets.

According to El Universal, the notice says that Petroleos de
Venezuela could be fined or its assets may be subject to a lien.
The notice warns that "any other individual who has been advised
of this order and may take any action to help or allow the
defendant to infringe the terms of the order, may be in contempt
of court and may be sent to prison, imposed a fine or his/her
assets may be subject to a lien."

El Universal relates that the freezing of assets is applicable
to:

          -- assets owned by Petroleos de Venezuela, and
          -- assets Petroleos de Venezuela jointly owns.

The report says that the court order refers to:

          -- Nynas Limited,
          -- Eastham Refinery Limited,
          -- Nynas Bitumen Limited,
          -- Bitor Energy,
          -- Bitor Europe Limited,
          -- the assets of Nynas' branch in the U.K.,
          -- the stake Nynas UK owns under a leasing agreement
             of the Dundee refinery (Scotland), and
          -- any sums credited to any bank account held by
             Petroleos de Venezuela in any corporation it may
             own directly or indirectly.

Other sums in accounts Petroleos de Venezuela has abroad have
not been frozen, El Universal notes, citing sources.  The
freezing of assets may stop once Petroleos de Venezuela
guarantees the bond through payment of US$12 billion to the
court or by any other means that may be agreed upon with the
complainant, El Universal states.  Experts told El Universal
that the court order doesn't intend to harm the daily operations
of Petroleos and its affiliates.

Petroleos de Venezuela's legal representatives will seek to
annul the freezing order, El Universal says, citing sources.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.  The
company also has offices in London and Holland.

RUHR OEL GMBH, a German refinery in 50% run by PDVSA.   The
company has a one million-barrel refining capacity per day, of
which around 250,000 belong to the Venezuelan corporation.  The
company also provides the German market with 20% of its by-
products and petrochemicals needs.

PDVSA runs 50 % of this company in association with Veba Oel,
which has four refineries, that makes it the biggest company
refining oil products in Germany. It has a one million-barrel
refining capacity per day, of which around 250,000 belong to the
Venezuelan corporation.  Besides this, RUHR OEL GMBH provides
the German market with 20% of its by-products and petrochemicals
needs.

PDVSA and the Finnish Neste Corporation are partners, with a
share 50% each of the corporation AB NYNAS PETROLEUM, which runs
refineries in Sweden, Belgium and The United Kingdom.


PETROLEOS DE VENEZUELA: May Sell 50% Stake in Chalmette Plant
-------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA's head,
Rafael Ramirez, told news agency Agencia Bolivariana de Noticias
that the company could sell its 50% stake in the Chalmette
plant.

According to ABN, Petroleos de Venezuela operates the Chalmette
plant with Exxon Mobil.

Business News Americas relates that the plant was not affected
when Petroleos de Venezuela decided to stop making oil sales to
Exxon Mobil.  BNamericas notes that Petroleos de Venezuela had
said that the suspension of oil shipments wouldn't affect joint
operations with Exxon Mobil outside Venezuela.

An Exxon Mobil spokesperson commented to BNamericas, "The
Chalmette refinery is continuing to operate as usual and
continues to meet customer needs."

Mr. Ramirez told Reuters that the assets that Exxon Mobil held
in Venezuela's Cerro Negro project are worth less than Petroleos
de Venezuela's holdings in Chalmette.  Reuters says that
Chalmette received most of the oil exported from the Cerro
Negro.

Venezuela could be arranging a deal to give Exxon Mobil its
Chalmette assets as compensation for its Cerro Negro assets,
Reuters says, citing analysts.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.  The
company also has offices in London and Holland.

RUHR OEL GMBH, a German refinery in 50% run by PDVSA.   The
company has a one million-barrel refining capacity per day, of
which around 250,000 belong to the Venezuelan corporation.  The
company also provides the German market with 20% of its by-
products and petrochemicals needs.

PDVSA runs 50 % of this company in association with Veba Oel,
which has four refineries, that makes it the biggest company
refining oil products in Germany. It has a one million-barrel
refining capacity per day, of which around 250,000 belong to the
Venezuelan corporation.  Besides this, RUHR OEL GMBH provides
the German market with 20% of its by-products and petrochemicals
needs.

PDVSA and the Finnish Neste Corporation are partners, with a
share 50% each of the corporation AB NYNAS PETROLEUM, which runs
refineries in Sweden, Belgium and The United Kingdom.


PETROLEOS DE VENEZUELA: Workers' Strike Halts Boscan Operations
---------------------------------------------------------------
A workers' protest has suspended operations at the Boscan
oilfield, which is run by Venezuelan state-run oil firm
Petroleos de Venezueal SA's joint venture Petroboscan, El
Universal reports.

Business News Americas relates that the protest started Feb. 18.
Petroleos de Venezuela's head, Rafael Ramirez, told El Universal
that 200 oil employees picketed on the road to Boscan.  About
750 workers weren't able to work due to the protest.  "The field
has been shut down and not producing anything," a union leader
told El Universal.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.  The
company also has offices in London and Holland.

RUHR OEL GMBH, a German refinery in 50% run by PDVSA.   The
company has a one million-barrel refining capacity per day, of
which around 250,000 belong to the Venezuelan corporation.  The
company also provides the German market with 20% of its by-
products and petrochemicals needs.

PDVSA runs 50 % of this company in association with Veba Oel,
which has four refineries, that makes it the biggest company
refining oil products in Germany. It has a one million-barrel
refining capacity per day, of which around 250,000 belong to the
Venezuelan corporation.  Besides this, RUHR OEL GMBH provides
the German market with 20% of its by-products and petrochemicals
needs.

PDVSA and the Finnish Neste Corporation are partners, with a
share 50% each of the corporation AB NYNAS PETROLEUM, which runs
refineries in Sweden, Belgium and The United Kingdom.


PETROLEOS DE VENEZUELA: Moody's Says Ratings Unaffected
-------------------------------------------------------
Moody's Investors Service commented that it does not expect
recent court injunctions against Petroleos de Venezuela (PDVSA)
and its subsidiaries to affect PDVSA's B1 global local currency
rating, at least in the near term. Courts in the U.S., the
Netherlands and the Netherlands Antilles recently put a freeze
on specific assets as security for claims by Exxon Mobil
Corporation for up to $12 billion of damages related to its exit
in 2007 from the Cerro Negro heavy oil project in Venezuela.

In addition, a London court issued a freezing order for the same
amount.  The court actions appear to freeze assets in those
jurisdictions but will not result in actual seizure of those
assets in advance of a judgment in arbitration proceedings
between ExxonMobil and PDVSA.

At this time, the injunctions are subject to challenge and
numerous factors surrounding them remain unclear, including the
enforceability of these actions, the basis for ExxonMobil's
US$12 billion claim, the final level of compensation to be
awarded, and which assets of PDVSA and its subsidiaries would be
subject to attachment.  Arbitration is likely to be an extended
multi-year process, with outcomes that could result in
operational disruptions or further leverage increases for PDVSA.

Moody's will continue to monitor the course of the arbitration,
but currently does not believe the outcome will affect PDVSA's
GLC rating, despite the sizable amount of the claims, given the
size of its asset base and scope of operations, and its current
B1 rating level, which imputes strong linkage between PDVSA and
the sovereign's B1 rating.  Moody's recently noted a sizable
increase in PDVSA's relatively modest financial leverage during
2007, following borrowings to fund PDVSA's capital spending and
rising payments to support the government's social programs.
This trend is likely to continue in the future and will only be
exacerbated if a downward correction in crude oil prices occurs.

The more serious near-term impacts of the court injunctions and
threats by the Venezuelan government to cut off oil shipments to
the U.S. and to ExxonMobil in particular, will be the potential
damage to PDVSA's commercial interests as a reliable supplier of
crude and to its continuing ability to access to international
capital markets.

Moody's current understanding is that significant assets such as
CITGO Petroleum are not subject to attachment under U.S. law.
However, that does not preclude the CITGO assets, or other
significant investments such as PDVSA's 50% stake in the
Chalmette refining joint venture, from playing a role in any
future arbitration settlement.  If CITGO's assets were to be
drawn into a settlement, it could affect CITGO's baseline credit
assessment of 12 (Ba2) and, in turn, lead to a review of its Ba1
Corporate Family Rating and Baa3 bank loan and IRB ratings.

Moody's also believes that Venezuela's B1 local currency and B2
foreign currency bond ratings are unlikely to be affected by the
legal proceedings.  These legal actions could affect the ratings
in two ways.  At least one of the arbitration claims names the
government of Venezuela as a defendant and Moody's understands
that the government's failure to pay 30 days after a final
judgment against it would lead to a technical default that would
lead to an acceleration of sovereign bonds.  Moody's considers
today that the most likely scenarios would be a settlement prior
to any final judgment and full payment if a judgment were
reached.  Secondly, given PDVSA's critical role in Venezuela's
economy and fiscal accounts, any material deterioration in the
company's ability to generate revenues could have a negative
effect on the country's ratings.  Although this remains unlikely
at the sovereign's current rating levels, Moody's will continue
to monitor the situation and its potential impact on the
sovereign's credit standing.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.  The
company also has offices in London and Holland.  Its wholly-
owned subsidiary, CITGO Petroleum, is located in Houston, Texas.

RUHR OEL GMBH, a German refinery in 50% run by PDVSA.   The
company has a one million-barrel refining capacity per day, of
which around 250,000 belong to the Venezuelan corporation.  The
company also provides the German market with 20% of its by-
products and petrochemicals needs.

PDVSA runs 50 % of this company in association with Veba Oel,
which has four refineries, that makes it the biggest company
refining oil products in Germany. It has a one million-barrel
refining capacity per day, of which around 250,000 belong to the
Venezuelan corporation.  Besides this, RUHR OEL GMBH provides
the German market with 20% of its by-products and petrochemicals
needs.

PDVSA and the Finnish Neste Corporation are partners, with a
share 50% each of the corporation AB NYNAS PETROLEUM, which runs
refineries in Sweden, Belgium and The United Kingdom.


QUEBECOR WORLD: Court Extends CCAA Protection Until May 12
----------------------------------------------------------
Quebecor World Inc. provided update on its restructuring under
the Companies' Creditors Arrangement Act (Canada).

                  First Extension of Stay Period

Quebecor World Inc. and the other Quebecor World companies
involved in the CCAA restructuring process obtained an initial
court order under the CCAA on Jan. 21, 2008 providing for a stay
of proceedings until Feb. 20, 2008.

Quebecor World said that on Tuesday, the Superior Court of
Quebec extended the stay of proceedings up to and including
May 12, 2008.

Among other matters, the First Stay Extension Order relieves
Quebecor World of its obligation to convene and hold its annual
meeting of shareholders prior to June 30, 2008, and directs
Quebecor World to hold its next annual shareholders' meeting
within three (3) months following the ultimate termination date
of the stay period.

A copy of the First Stay Extension Order is available at
http://www.quebecorworldinc.com/restructuring.aspx.

                     About Quebecor World

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

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

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

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

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

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

                       *     *     *

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


QUEBECOR WORLD: Administrators Close British Printing Plant
-----------------------------------------------------------
Sylvain Larocque, writing for The Canadian Press, reports that
Ian Best and David Duggins of Ernst & Young LLP, the joint
administrators of Quebecor World Inc.'s British operation, have
decided to shut down the printing plant in Corby.

As previously reported, the Corby facility is located in the
central U.K. about 70 miles north of London.  It employed
approximately 290 people and produced magazines, catalogs and
specialty print products for marketing and advertising
campaigns.

According to the report, at least 250 workers will lose their
jobs due to the closure.

The Canadian Press relates that Messrs. Best and Duggins were
not able to find a buyer who would continue operating the plant.
"The only interest expressed by potential investors were in the
assets, including the building and machinery, of Quebecor World
in the United Kingdom," Sylvain Larocque reports.

Tony Burke, assistant secretary-general of Unite, the union
representing workers at the Corby plant, blamed the Quebecor
parent company in Canada, The Canadian press noted.

                     About Quebecor World

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

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

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

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

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

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

                       *     *     *

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


QUEBECOR WORLD: New Pact with Clients to Yield US$75MM Annually
---------------------------------------------------------------
Quebecor World Inc. said that during the last several weeks it
has signed new and renewed multi-year agreements with important
customers across all its major business groups.  The value of
these agreements is estimated at more than US$75,000,000
annually.  This includes major publishers, retailers and direct
marketers.

"These multi-year agreements clearly demonstrate that major
publishers, retailers, and direct marketing companies recognize
the value Quebecor World provides to their business," said
Jacques Mallette, President and CEO Quebecor World.  "We
appreciate the trust and commitment of our customers who
continue to renew existing agreements and reward us with new
work.  This is due to the strength of our platform and the
dedication of our employees across our network who consistently
provide our customers with top-quality products, on-time
delivery and exemplary customer service."

Quebecor World expects to make additional announcements in
the coming weeks with respect to new and renewed customer
agreements.  Today we are pleased to announce that Imagitas,
Inc., an innovative marketing services company recently agreed
to extend its partnership with Quebecor World.  "Imagitas is one
of America's most inventive direct marketing services
companies," said Kevin J. Clarke, President of the Quebecor
World Book and Directory Group.  "They chose to renew and extend
its agreement with Quebecor World because of our record of close
collaboration in new product development and because of our
consistent history of meeting critical delivery dates."

Hughes R. Bakewell, Jr., President, Direct Marketing Solutions
Division added, "We are pleased to be awarded this work by a
company that is a clear leader in its field and look forward
to building on our partnership in the years to come.  Our
relationship with Imagitas, Inc. exemplifies Quebecor World's
commitment to creating the highest value for our clients."

The Imagitas agreement covers products manufactured in Quebecor
World's Book and Direct Mail facilities.  Imagitas' total
contract and non-contract billings are valued at more than
US$50,000,000 from 2008 through 2010.

In our Magazine Division, Quebecor World has been awarded a
five-year agreement to print 100% of a nine-title portfolio of
magazines published by Stamats Business Media of Cedar Rapids,
Iowa.  The titles include Archi-Tech, Buildings, Interiors &
Sources and four regional editions of Meetings magazine.

In addition, Quebecor World received four new titles from F+W
Publications a consumer hobby and enthusiast magazine and book
publisher.  The new titles are Scuba Diving, Deer & Deer
Hunting, Turkey & Turkey Hunting, and Scrapbook Retailer and
will be produced in Quebecor World's Lebanon, OH, Midland, MI,
and St-Cloud, MN facilities.

In our U.S. Retail Insert and Catalog Division we have secured
long-term renewals and new work from five customers valued at
more than US$55,000,000 annually including Petco a leading
supplier of pet products with 850 stores in 49 states.

                     About Quebecor World

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

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

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

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

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

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

                       *     *     *

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


REFCO INC: Ex-Finance Chief Robert Trosten Admits Fraud Charges
---------------------------------------------------------------
Robert Trosten, Refco Inc.'s former chief financial officer,
pleaded guilty to charges that includes conspiracy to commit
securities fraud, wire fraud, bank fraud, money laundering and
making false filings to the U.S. Securities and Exchange
Commission, Edith Honan and Paritosh Bansal write for Reuters.

"I take full responsibility for my conduct and my actions," Mr.
Trosten was quoted by Reuters as saying before Judge Naomi
Buchwald of the U.S. District Court for the Southern District of
New York." I apologize to my family and those I have harmed by
my conduct, which I sincerely and deeply regret."

"He deeply regrets his involvement in these fraudulent
activities, and is attempting to rectify the misjudgment that he
made ... by cooperating with the government," Mr. Trosten's
lawyers was quoted by Reuters as saying.

Mr. Trosten has agreed to serve as a witness in trials of other
defendants in the case as part of his guilty plea, Reuters
reports.  He previously pleaded not guilty.

Mr. Trosten's guilty plea followed a similar move by former
Refco CEO Phillip Bennet.  Messrs. Bennett and Trosten were set
to face trial on March 17, 2008, along with Tone Grant, Refco's
former president.

Mr. Trosten will appear in court in February 2009.

                      Bennett's Guilty Plea

As reported in the Troubled Company Reporter-Europe on Feb. 20,
2008, Bennett pleaded guilty to 20 charges that includes
conspiracy to commit securities fraud, wire fraud, bank fraud,
money laundering and making false filings to the U.S. Securities
and Exchange Commission.

Mr. Bennett faces a maximum 315 years in prison under federal
sentencing guidelines as well as forfeiture of US$2.4 billion in
assets.  Mr. Bennett's sentencing is set for May 20, 2008.

                        About Refco Inc.

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

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

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

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


TAYLOR TANNER: U.K. High Court Winds up Firm
--------------------------------------------
The U.K. High Court, following an investigation by Companies
Investigation Branch, wound up Taylor Tanner Publications
Limited, a Liverpool-based company which used misleading sales
practices to solicit sponsorship from businesses for books
covering children's issues such as bullying, drug awareness and
Internet safety.

Taylor Tanner used a host of misleading sales practices to
obtain payment from sponsors, including:

    * representing itself to be a charity;

    * deceiving businesses into believing that they had
      previously agreed to sponsor books;

    * issuing invoices to businesses that had refused to provide
      sponsorship; and

    * sending duplicate invoices to businesses,
      which had already paid sponsorship monies.

According to the Insolvency Service, the practices had continued
in the face of a Police caution and were compounded by
aggressive and persistent debt collection tactics causing
numerous businesses to pay for sponsorship that they had not
agreed to.

The company had an annual turnover of some GBP580,000 but only a
small proportion of this was applied to the publication and
distribution of books, the contents of which were compiled from
freely available Internet sources.  In contrast, substantial
payments were claimed to have been made to a total of 172
transient telesales staff, but the company was unable to produce
a record of such staff and this expenditure could not be
verified.

In winding up the company, the Court described the support
publishing activity prevalent in the North West region, of which
it held this company to be a particularly graphic example, as
second only to Missing Trader Intra-Community (MTIC) fraud or
carousel fraud.

The company is located at:

         113 Mariners House
         Queens Dock Commercial Centre
         Norfolk Street
         Liverpool
         L1 0BG
         United Kingdom

All public inquiries concerning the affairs of the companies
should be made to:

         The Official Receiver
         Public Interest Unit
         P.O. Box 326
         17-21 Chorlton Street
         Manchester
         M60 3ZZ
         United Kingdom


WHOLE FOODS: Earns US$39.1 Million in Quarter Ended January 20
--------------------------------------------------------------
Whole Foods Market Inc. reported results for the 16-week first
quarter ended Jan. 20, 2008.  Net income was approximately
US$39.1 million.  The company estimates the negative impact on
net income from Wild Oats was approximately US$11.9 million in
the quarter.

Pre-opening and relocation costs were approximately
US$20.2 million, and interest expense, net of investment and
other income, was approximately US$8.8 million.

"We realize there are a lot of questions out there about how a
slowing economy might impact our sales," John Mackey, chairman,
chief executive officer, and co-founder of Whole Foods Market,
said.  "Historically, our sales have been highly resilient
during economic downturns.  We attribute our strong sales to
many factors, including our loyal core customers and their
dedication to a natural and organic lifestyle, our high
percentage of perishable product sales, and our extensive
selection of high-quality prepared foods that attracts customers
trading down from restaurants."

"In addition, we sell a high percentage of relatively small-
ticket items, and we are better positioned today than we ever
have been from a value perspective," Mr. Mackey added.  "Given
our prior experience, strong year-to-date comps, easier year-
over-year comparisons, and the increased number of new stores
entering the comp base, we are confident in reaffirming our comp
guidance of 7.5% to 9.5% for the fiscal year."

The company produced approximately US$70 million in cash flow
from operations and received approximately US$7 million in
proceeds from the exercise of stock options.  Capital
expenditures were approximately US$162 million of which
US$102 million related to new stores and approximately
US$6 million related to Wild Oats.

In addition, the company paid approximately US$25 million in
cash dividends to shareholders.  At the end of the quarter, the
company had total debt of approximately US$773 million,
including US$30 million drawn on its US$250 million credit line.

Currently, the company has US$50 million drawn on its line,
leaving approximately US$114 million available net of
outstanding letters of credit.  In addition, the credit
agreement contains an accordion feature under which the company
can increase its credit line up to US$350 million.

At Jan. 20, 2008, the company's balance sheet showed total
assets of US$3.21 billion, total liabilities of US$1.75 billion
and total shareholders' equity of US$1.46 billion.

          Growth Goals for Fiscal Year 2008 and Beyond

The company is reaffirming its guidance for fiscal year 2008.
On a 52-week to 52-week basis, the company expects total sales
growth of 25% to 30% and comparable store sales growth of 7.5%
to 9.5%.  Excluding Wild Oats, the company expects sales growth
of 15% to 20%.

For the first four weeks ended Feb. 17, 2008, of the second
quarter, comparable store sales growth was 8.9% on top of a 4.7%
increase in the prior year, and identical store sales growth was
6.9% on top of a 4.1% increase in the prior year.  Sales at the
62 continuing Wild Oats stores increased 6.2% on top of a 0.1%
decrease in the prior year.  Acquired stores will enter the
comparable store sales base in the fifty-third full week
following the date of the merger.

The company has opened six stores year to date.  Of the
company's 26 tendered stores representing approximately 1.2
million square feet, two stores are expected to open in the
second quarter and up to 13 stores are expected to open in the
second half of the fiscal year.

The company does not expect to produce operating leverage in
fiscal year 2008 due to a decrease in store contribution as a
percentage of sales driven by a higher percentage of sales from
new and acquired stores, which have a lower contribution than
existing stores; investments in labor and benefits at the
acquired Wild Oats stores; and continued, though more moderate,
increases in health care costs as a percentage of sales.

In addition, the company expects G&A as a percentage of sales to
be in line with the 3.3% reported in fiscal year 2007 due mainly
to the temporary costs associated with integrating the Wild Oats
acquisition, along with the cost of fully staffing the company's
three smallest regions which gained the greatest number of
stores in the merger as a percentage of their existing store
base, and an increase in legal and professional fees.  The
company expects G&A as a percentage of sales to improve
sequentially from the first half to the second half of the year.

The company expects total pre-opening and relocation costs for
fiscal year 2008 to be in the range of US$80 million to US$90
million.  Approximately US$40 million to US$45 million relates
to stores expected to open in fiscal year 2008.  These ranges
are based on estimated tender dates which are subject to change.

The company expects average pre-opening and relocation expense
for stores opening in fiscal year 2008 to be in line with the
average for stores that opened in fiscal year 2007, excluding
the Kensington store in London.  On an average weekly basis, the
company expects quarterly pre-opening and relocation expense to
ramp up throughout each quarter of the year.

The company expects interest expense, net of investment and
other income, in the range of US$35 million to US$40 million in
fiscal year 2008.

The company expects share-based payments expense of
approximately US$2 million to US$3 million per quarter in the
first half of the year and US$4 million to US$5 million per
quarter in the second half of the year following the company's
annual grant date early in the third quarter, when the majority
of options are granted.

The company has entered into a support agreement to provide
certain products and services for the divested Henry's and Sun
Harvest stores for up to two years.  The company anticipates the
revenue associated with this agreement will be approximately
equal to its incremental cost of providing the support.

Capital expenditures for the fiscal year are expected to be in
the range of US$575 million to US$625 million. Of this amount,
approximately 65% to 70% relates to new stores opening in fiscal
year 2008 and beyond, and approximately 7% to 8% relates to
remodels of acquired Wild Oats stores.

The company currently operates 270 stores totaling 9.4 million
square feet and has 89 stores in development totaling 4.6
million square feet. Longer term, the Company's goal is to reach
US$12 billion in sales in fiscal year 2010.

                    About Whole Foods Market

Founded in 1980 in Austin, Texas, Whole Foods Market Inc.
(NASDAQ: WFMI) -- http://www.wholefoodsmarket.com/-- is a
natural and organic foods supermarket.  Whole Foods Market
employs more than 50,000 Team Members.  The company has 270
stores in the United States, Canada, and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 13,
2008, Moody's Investors Service assigned 'Ba1' on Whole Foods
Market Inc.'s corporate family rating; 'Ba1' on its probability
of default rating; and 'Ba1' (LGD3,47%) on its US$700 million
secured term loan due 2012 to US$700 million secured bank term
loan.


* Q4 2007 England, Wales Company Winding Up Petitions Down 10%
-------------------------------------------------------------
The Ministry of Justice has published statistics on company
winding up, and creditors' and debtors' bankruptcy petitions
issued in the High Court and county courts of England and Wales
for the fourth quarter of 2007.

The number of company winding up petitions decreased by 10% to
2,962 in the fourth quarter of 2007 compared to the same quarter
a year ago.

The number of creditors' petitions, on the other hand, dropped
by 11% at 4,614 while debtors' petitions fell by 10% at 11,703.

No assumption should be made from these statistics about the
number of companies that go into liquidation, or the number of
individuals made bankrupt.  The figures published by the
Ministry of Justice show the number of company winding-up
petitions and bankruptcy petitions presented to the court.  This
information is taken from court administrative systems and is
different to the quarterly statistics published by the
Insolvency Service.  The Insolvency Service figures, showing the
number of company winding-up orders and bankruptcy orders, are
derived from administrative records of the BERR Insolvency
Service and Companies House Executive Agencies.


* BOOK REVIEW: Bankruptcy Investment: How to Profit from
               Distress
----------------------------------------------------------------
Author:     Ben Branch and Hugh Ray
Publisher:  Beard Books
Paperback:  344 pages
List Price: US$39.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587981211/internetbankru
pt

The book Bankruptcy Investing: How to Profit from Distressed
Companies, is written by Ben Branch and Hugh Ray.

Corporate bankruptcies are at an all-time high, and this trend
is likely to continue.  Bankruptcy Investing introduces
investors to the risky but lucrative opportunities to invest in
the securities of troubled companies.

Every area of this exciting field is described in complete
detail.  Real-world examples illustrate the explanations.
Companies in distress may go through an informal or formal
workout of problems, or they may enter Chapter 11 or Chapter 7
bankruptcy.

The investment implications for the securities of firms in each
of these stages are considered in full.  Everything the investor
needs to know is contained in this book.  The authors show why
it can be smart to invest in troubled companies.

Whether you are a savvy investor or experienced fund manager (or
aspire to be one), Bankruptcy Investing introduces you to the
risky but lucrative opportunities for investing in the
securities of troubled companies.

This timely new book describes in detail the rules of the game
and how to apply them to pick the winners.

The authors, both experts in the legal and financial aspects of
bankruptcy investing, explain everything you need to know about
investing in distressed companies, including estimating
bankruptcy values, how to use timing to your advantage,
quantitative techniques to minimize risks, evaluating available
data, characteristics of various types of short-term and long-
term debt instruments, investment strategies, and sources of
additional information.

You'll fully understand all the implications of investing in the
securities of firms in all stages of financial distress--from
informal or formal workouts to Chapter 11 or Chapter 7
bankruptcy--as well as investing in both debt and equity
securities.

Real-world examples illustrate how you can profit from investing
in troubled companies and what risks are incurred.  An extensive
glossary defines legal, economic and financial terms.

Bankruptcy Investing translates the often-confusing lexicon of
bankruptcy into a profitable investment program that you can
implement immediately.

You too will discover an exciting way to find new investment
winners.

Two financial experts guide you through the risky but lucrative
investment opportunities available in troubled companies.

Whether your interests are informal or formal workouts, Chapter
11 or Chapter 7 bankruptcies, debt or equity securities, this
book will explain everything you need to know about investing in
distressed corporations.

Topics include estimating bankruptcy values, how to use timing
to your advantage, quantitative techniques to minimize risk,
evaluating available data, the characteristics of various types
of short-term and long-term debt instruments, and investment
strategies.

                            *********

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 * * *