TCREUR_Public/080225.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, February 25, 2008, Vol. 9, No. 41

                            Headlines


A U S T R I A

BOS COMPUTERHANDEL: Claims Registration Period Ends March 21
ELEKTROTECHNIK4YOU LLC: Claims Registration Period Ends March 26
HEW MASCHINENPRODUKTION: Claims Registration Ends March 26
JOZSEF FENYVESI: Claims Registration Period Ends March 19
KAHRAMAN TRANSPORT: Claims Registration Period Ends March 17

KW IMMOBILIEN: Claims Registration Period Ends April 8


B E L G I U M

CHIQUITA BRANDS: S&P Rates on US$400 Million Senior Loan at B+
URS CORP: Bags Construction Management Contract from NY SCA


F R A N C E

DELPHI CORP: Hephaestus Unit Wins Bearings Business Auction
DELPHI CORP: Gets Court Nod for US$2.7BB Steering Business Sale
FEDERAL-MOGUL: Says Objections to Plan A Changes are Meritless


G E R M A N Y

BSC ENTSORGUNG: Claims Registration Ends March 17
CG CONCEPT: Claims Registration Period Ends March 7
CITYBACK GMBH: Claims Registration Ends March 17
DANLU FERTIGHAUS: Claims Registration Ends March 17
DDH TROCKENBAU: Claims Registration Ends March 17

ENERVATION GMBH: Claims Registration Ends March 17
FRUCHTWINKEL HANDELS: Claims Registration Ends March 17
GRUNDSTUECKSGESELLSCHAFT OBJEKT: Claims Period Ends March 10
HORN MUENCHEN: Claims Registration Period Ends March 10
IKB DEUTSCHE: Restates Figures for Year Ended March 31, 2007

KOEHLER & KRENZER: Unit Sells 74.9% Marcona-Kleidung Stake
LEVENTIC ABBRUCHUNTERNEHMEN: Claims Registration Ends March 14
LINDENHOF GMBH: Claims Registration Period Ends March 14
LMT-LUEFTUNGSMONTAGETECHNIK: Claims Registration Ends March 14
LZ SYNAPSIS: Claims Registration Period Ends March 14

MAX. SICHERHEITSFAHRSCHULE: Claims Period Ends March 10
POLLAND GMBH: Claims Registration Period Ends March 14
POLLAND VERWALTUNGS: Claims Registration Period Ends March 14
RKW IMMOBILIEN: Claims Registration Period Ends March 14
ROLITH BAU: Claims Registration Period Ends March 14

STAN TEC: Claims Registration Period Ends March 14
TALISMAN-3 FINANCE: Fitch Ups Ratings & Says Outlook is Positive
TECHNOTEAM GMBH: Claims Registration Period Ends March 14
TELEMEDIA GMBH: Claims Registration Period Ends March 11
TK-BAU GMBH: Claims Registration Period Ends March 14

UHG UNIVERSAL: Claims Registration Period Ends March 14


G R E E C E

WIND HELLAS: Fitch Affirms 'B' Ratings with Stable Outlook


I R E L A N D

SANMINA-SCI: PC Business Exit Won't Affect S&P's B+ Rating
SAPHIR FINANCE: Moody's Cuts Rating on GBP400 Million Notes

* Fitch May Act Selectively on UK, Irish, Spanish Lender Ratings


I T A L Y

ALITALIA SPA: AirOne SpA Appeals Lazio Court Ruling
FIAT SPA: Expects to Sell 8,000 High Performance Cars Annually
PARMALAT SPA: Banca Monte dei Paschi Settles for EUR79.5 Million
TISCALI SPA: Market Underwrites EUR150 Million Capital Increase

* Fitch Says Italian Life Market's Rating Outlook is Negative


K A Z A K H S T A N

AGROTECHINVEST LLP: Creditors Must File Claims by March 25
ALTYNAI LLP: Claims Deadline Slated for March 18
AMADEI INVEST: Claims Filing Period Ends March 21
BALTIK LLP: Creditors' Claims Due on March 25
BDO & NAKYP: Claims Registration Ends March 21

KOP-STROY LLP: Creditors Must File Claims by March 21
TAMYZ-K LLP: Claims Deadline Slated for March 18
USENSTROY SERVICE: Claims Filing Period Ends March 18


K Y R G Y Z S T A N

DIGESTA LLC: Claims Filing Period Ends March 14
SWEET LIFE: Creditors Must File Claims by March 18


R U S S I A

COMSTAR-UNITED: Reveals Development Strategy for Southern Russia
EVRAZ GROUP: Fitch Affirms Ratings on Planned Delong Acquisition
FACTORY OF TRAILED: Asset Sale Slated for March 4
MAGNITOGORSK IRON: Shareholders' Meeting Slated for April 25
MOBILE TELESYSTEMS: To Extend Product Portfolio with Microsoft

MTS-COMPLECT: Court Names S. Chizhov as Insolvency Manager
NOMOS-BANK: Fitch Takes Rating Action on RUR3 Billion Bond
OIL-PROCESSING CO: Court Starts Bankruptcy Supervision Procedure
SPETS-STROY-SERVICE: Court Starts Bankruptcy Supervision Process
UST’-LABINSK-SORT-SEM-OVOSH: Claims Filing Period Ends March 12

VIMPEL-COMMUNICATIONS: S&P Holds BB+ LT Corporate Credit Rating
VOLGA-SPIRIT: Tula Bankruptcy Hearing Slated for June 4
VORONEZHSKAYA DIARY: Creditors Must File Claims by March 12
YUKAMENSKIY: Court Names A. Chernov as Insolvency Manager

* Fitch Says Ore Price Rise Could Impact Steelmakers' Profits


S P A I N

CABLEUROPA SAU: S&P Holds Long-Term Corporate Credit Rating at B

* Fitch May Act Selectively on UK, Irish, Spanish Lender Ratings


S W I T Z E R L A N D

AURAMED INTERNATIONAL: Creditors Must File Claims by Feb. 29
CAVITEC JSC: Creditors' Liquidation Claims Due by March 31
F. STUDER JSC: Creditors' Liquidation Claims Due by Feb. 29
G + M GERUSTBAU: Creditors' Liquidation Claims Due by Feb. 28
JOHANN WIESER: Creditors' Liquidation Claims Due by Feb. 28

MOULIN & CIE: Creditors' Liquidation Claims Due by Feb. 28
NEVANEX LTD: Creditors' Liquidation Claims Due by March 14
PA PAPIER: Creditors' Liquidation Claims Due by Feb. 28
RIDA LLC: Creditors' Liquidation Claims Due by Feb. 29
SOMENTE HANDEL: Creditors' Liquidation Claims Due by Feb. 28


T U R K E Y

BANK TURANALEM: Changes Name to BTA Bank JSC


U K R A I N E

GORYN-INVEST LLC: Creditors Must File Claims by March 3
KOLODIANKA BACON: Creditors Must File Claims by March 3
MAGNUS LLC: Creditors Must File Claims by March 3
MINUET LLC: Creditors Must File Claims by March 3
ODESSKOYE LLC: Claims Filing Deadline Set March 3

OLAM-INVEST LLC: Creditors Must File Claims by March 3
REMINO LLC: Creditors Must File Claims by March 3
SLAVUTA WOLLEN-GOODS: Claims Filing Deadline Set March 3
VECTOR-7 LLC: Creditors Must File Claims by March 3


U N I T E D   K I N G D O M

2K2 ELECTRONIC: Appoints Joint Administrators from Menzies
ABITIBIBOWATER INC: Reschedules Release of 2007 Results
ABITIBIBOWATER INC: Fitch Cuts Issuer Default Rating to CCC
BRITISH AIRWAYS: Enters Conciliation Process Over Strike Action
CHRYSLER LLC: Plastech to Continue Supplying Parts Until Feb. 27

CHRYSLER LLC: Plastech Needs Tooling to Keep Afloat, Court Says
CHRYSLER LLC: Magna's Hopes of Acquiring Tooling Fade
CRS CONTRACT: Brings In Joint Administrators from PKF
DANE PAPER: Names Joint Administrators from Moore Stephens
DESTINATIONS ESTATE: Brings In Liquidators from Tenon Recovery

EVESHAM TECHNOLOGY: PCC Intends to Sell Brand After Deal
GLADE SOLUTIONS: Undergoing Winding-Up Procedures
HOURGLASS DESIGN: High Court Closes Advertising Firm for Fraud
LEEDS UNITED: Calls In Liquidators from KPMG
MEAD LTD: Taps Liquidators from Moore Stephens

NO CATCH: Fish Farm Placed Into Administration
NORTHERN ROCK: Nationalization Bill Becomes Law
NORTHERN ROCK: Fitch Says Nationalization Won't Impact Granite
PETROLEOS DE VENEZUELA: To Operate Dacion Field with ENI
PETROLEOS DE VENEZUELA: Needs Exxon Nod to Sell Chalmette Stake

PETROLEOS DE VENEZUELA: Asks Exxon to Stop Asset Freeze Scheme
PORTWAY PROPERTY: Hires Liquidators from Vantis
SRT ELECTRICAL: Taps Joint Administrators from Begbies Traynor
SUDBURYS PANEL: Brings In Tenon to Administer Assets
SWIFT FM: Appoints Smith & Williamson to Administer Assets

TATA MOTORS: To Roll Out Nano in October, Managing Director Says
TATA MOTORS: Starts Selling Sumo Grande in Domestic Market
TIF COLLECTIONS: Appoints Liquidators from Grant Thornton
WEST CORP: Ratings Unaffected by Genesys Acquisition, S&P Says
WHISTLEJACKET CAPITAL: Standard Chartered Withdraws Proposals

WHISTLEJACKET CAPITAL: Moody's Cuts Ratings on Debt Programmes

* Six Companies Put Under Liquidation by Court

* Fitch May Act Selectively on UK, Irish, Spanish Lender Ratings


* BOND PRICING: For the Week Feb. 17 to Feb. 21, 2008


                            *********

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


BOS COMPUTERHANDEL: Claims Registration Period Ends March 21
------------------------------------------------------------
Creditors owed money by LLC BOS Computerhandel (FN 32025x) have
until March 21, 2008, to file written proofs of claim to court-
appointed estate administrator Guenther Hoedl at:

          Dr. Guenther Hoedl
          Schulerstrasse 18
          1010 Vienna
          Austria
          Tel: 513 16 55
          Fax: 513 55 33
          E-mail: Hoedl@anwaltsteam.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 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 19/08k).  


ELEKTROTECHNIK4YOU LLC: Claims Registration Period Ends March 26
----------------------------------------------------------------
Creditors owed money by LLC Elektrotechnik4you (FN 283829x) have
until March 26, 2008, to file written proofs of claim to court-
appointed estate administrator Katharina Twaroch-Nowak at:

          Mag. Katharina Twaroch-Nowak
          c/o Dr. Walter Kainz
          Gusshausstrasse 23
          1040 Vienna
          Austria
          Tel: 505 88 31
          Fax: 505 94 64
          E-mail: kanzlei.twaroch@kainz-wexberg.at  

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 31, 2008 (Bankr. Case No. 2 S 16/08b).  Walter Kainz
represents Mag. Twaroch-Nowak in the bankruptcy proceedings.


HEW MASCHINENPRODUKTION: Claims Registration Ends March 26
----------------------------------------------------------
Creditors owed money by LLC HEW Maschinenproduktion (FN 257172w)
have until March 26, 2008, to file written proofs of claim to
court-appointed estate administrator Ferdinand Bruckner at:

          Dr. Ferdinand Bruckner
          c/o Dr. Elisabeth Zonsics-Kral
          Schubertstrasse 10/3/5/9
          2100 Korneuburg
          Austria
          Tel: 02262/72 9 39
          Fax: 02262/72 9 39 15
          E-mail: bruckner@raedrb-drz.at  

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

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Korneuburg, Austria, the Debtor declared
bankruptcy on Jan. 31, 2008 (Bankr. Case No. 36 S 10/08z).  
Elisabeth Zonsics-Kral represents Dr. Bruckner in the bankruptcy
proceedings.


JOZSEF FENYVESI: Claims Registration Period Ends March 19
---------------------------------------------------------
Creditors owed money by LLC Jozsef FENYVESI (FN 294471x) have
until March 19, 2008, to file written proofs of claim to court-
appointed estate administrator Helmut Platzgummer at:

          Dr. Helmut Platzgummer
          c/o Dr. Wolfgang Leitner
          Kohlmarkt 14
          1010 Vienna
          Austria
          Tel: 533 19 39
          Fax: 533 19 39 39
          E-mail: helmut.platzgummer@law.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on April 2, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 31, 2008 (Bankr. Case No. 4 S 15/08w).  Wolfgang Leitner  
represents Dr. Platzgummer in the bankruptcy proceedings.


KAHRAMAN TRANSPORT: Claims Registration Period Ends March 17
------------------------------------------------------------
Creditors owed money by LLC KAHRAMAN Transport (FN 276299y) have
until March 17, 2008, to file written proofs of claim to court-
appointed estate administrator Katharina Pitzal at:

          Mag. Katharina Pitzal
          c/o Dr. Hannelore Pitzal
          Paulanergasse 9
          1040 Vienna
          Austria
          Tel: 587 31 11, 587 31 12
          Fax: 587 87 50-50
          E-Mail: office@pitzal-partner.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 31, 2008,  for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1705
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 1, 2008 (Bankr. Case No. 3 S 10/08b).  Hannelore Pitzal
represents Mag. Pitzal in the bankruptcy proceedings.


KW IMMOBILIEN: Claims Registration Period Ends April 8
------------------------------------------------------
Creditors owed money by  LLC KW Immobilien (FN 249793v) 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: 770816
          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 13/08x ).   
Norbert Mooseder represents Dr. Grassner in the bankruptcy
proceedings.


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


CHIQUITA BRANDS: S&P Rates on US$400 Million Senior Loan at B+
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its bank loan and
recovery ratings to LLC's US$400 million senior secured credit
facility.

The facility consists of a proposed US$200 million six-year
senior secured revolving credit facility and US$200 million six-
year senior secured term loan, and is rated 'B+' (two notches
above the corporate credit rating on parent holding company
Chiquita Brands International Inc.), with a recovery rating of
'1', indicating the expectation for very high (90%-100%)
recovery in the event of a payment default.


URS CORP: Bags Construction Management Contract from NY SCA
-----------------------------------------------------------
URS Corp. has been awarded a contract by the New York City
School Construction Authority to provide construction management
services for the Authority's Mentor Program, which is designed
to increase, facilitate and encourage the participation of
minority, women-owned and locally-based enterprises in school
construction projects.  Along with its subconsultants on the
contract, Noble Strategy LLC and Bradford Construction Company,
URS will mentor these contractors so they may learn and improve
on the skills necessary to take on larger and more complex
projects.  The goal is to graduate Mentor contractors out of the
program so they may be able to obtain bonding and financing to
pursue projects outside of SCA's Mentor Program; provide
technical assistance and training in general business skills,
organizational and personnel development, and marketing and
business development.  In addition, the company will help
oversee the Authority's Small Contractor Lending Program.  The
three-year contract has a maximum value of US$100 million to the
URS team.

Commenting on the contract award, Gary V. Jandegian, President,
URS Division, said: "We look forward to assisting the SCA with
this important program, which has successfully aided in the
growth and development of minority, women-owned and New York
City-based construction firms.  URS has worked closely with the
SCA since the inception of the agency in 1988, providing
construction management as an extension of SCA staff on numerous
school construction programs, as well as supporting the
Authority's Mentoring Program.  Recently, we were named
'Construction Manager of the Year,' by the SCA for these
efforts.  URS is one of the largest engineering design firms in
the world and has helped thousands of public and private sector
enterprises successfully complete large, complex infrastructure
assignments.  This contract provides a great opportunity for us
the share the knowledge and experience we have gained."

Headquartered in San Francisco, California, URS Corp. (NYSE:URS)
-- http://www.urscorp.com/-- offers a comprehensive
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.

                        *     *     *

In December 2007, Moody's Investors Service downgraded the
Corporate Family Rating of URS Corporation to Ba2 from Ba1
following the company's acquisition of Washington Group
International, Inc.  Moody's said the ratings outlook is stable.


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


DELPHI CORP: Hephaestus Unit Wins Bearings Business Auction
-----------------------------------------------------------
Delphi Corporation entered into a purchase agreement with
Kyklos, Inc., a wholly owned subsidiary of Hephaestus Holdings,
Inc., for the sale of its bearings business.  The agreement
follows Kyklos being declared the successful bidder in an
auction conducted on Feb. 21, 2008, as part of a sale process
under Section 363 of the United States Bankruptcy Code.

As reported in the Troubled Company Reporter on Jan. 18, 2008,
Delphi Automotive Systems LLC and Delphi Technologies, Inc.,
debtor-subsidiaries of Delphi Corp., planned to sell their
global bearings business to ND Acquisition Corp., or to another
party submitting a higher and better offer for the business.

ND Acquisition, a wholly owned subsidiary of private equity
investment firm Resilience Capital Partners LLC, agreed to
submit a stalking horse bid of US$44,200,000, subject to
adjustments, for the Bearings Business.

The sale of the bearings business is subject to certain
customary closing conditions, including approval by the U.S.
Bankruptcy Court for the Southern District of New York at a
hearing on March 19, 2008.  The closing of this transaction is
targeted to occur on or before April 30, 2008.

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: Gets Court Nod for US$2.7BB Steering Business Sale
---------------------------------------------------------------
Delphi Corporation received final approval from the U.S.
Bankruptcy Court for the Southern District of New York to sell
its global steering and halfshaft business to Steering Solutions
Corporation, an affiliate of Platinum Equity, LLC.

The sale includes all facets of the US$2.7 billion global
steering and halfshaft business, which produces electric and
hydraulic steering systems, steering columns, halfshafts and
constant velocity joints for original equipment manufacturers
around the world.  The final closing of the global steering
business sale is targeted for March 31, 2008.

More information on the final sale approval and the court filing
is available at http://www.delphidocket.com/

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.


FEDERAL-MOGUL: Says Objections to Plan A Changes are Meritless
--------------------------------------------------------------
Federal-Mogul Corp. and its reorganized debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to:

  (a) approve the Plan A Settlement, which is attached as an
      addendum to the Debtors' Fourth Amended Joint Plan of
      Reorganization; and

  (b) overrule all objections to the Plan A Settlement
      modifications.

The Reorganized Debtors further ask the Court to deny certain
Plan A Objectors' requests for further discovery in connection
with the Plan A Modifications.

Few of the "lengthy" objections to the recent modifications to
the Plan A Settlement have anything to do with the Modifications
themselves, James E. O'Neill, Esq., at Pachulski Stang Ziehl &
Jones LLP, in Wilmington, Delaware, contends.  Most just re-hash
arguments concerning the construction and applicability of
Section 524(g) of the Bankruptcy Code, most of which have
already been dealt with by the Reorganized Debtors and rejected
by the Court, Mr. O'Neill says.

The Objections that do concern the Plan A Modifications are
meritless, the Reorganized Debtors argue.

The Reorganized Debtors maintain that the Plan A Modifications
make Plan A entirely neutral as to the objecting insurers and
PepsiAmericas Inc.  Thus, the objecting insurers and
PepsiAmericas have no standing to object to Court approval of
Plan A.

Contrary to the Plan A Objectors' contentions, third party
injunctive relief depends on (i) satisfying a set of precise,
statutorily-defined relationships, and (ii) a judicial
assessment of a third party's contribution to a trust that
benefits present and future asbestos claimants, not the Debtors,
Mr. O'Neill asserts.  "These are the only necessities for third
party injunctive relief under Section 524(g)."

The Plan A Objectors, according to Mr. O'Neill, entirely ignored
the fact that Congress enacted Section 524(g) not only for the
benefit of reorganizing companies, but equally to promote the
interests of victims of asbestos exposure.  Congress, he points
out, determined that extending the availability of a Section
524(g) injunction to third parties would serve to maximize the
amount of money available to pay existing and future asbestos
claimants.

Mr. O'Neill argues that contradictory to DaimlerChrysler Corp.'s
and Volkswagen of America, Inc.'s assertions, the text of
Section 524(g)(1)(A) does not mandate that a third party
injunction must enhance a debtor's fresh start.  "The plain
meaning of Section 524(g)(1)(A) is that it permits the court to
enter an injunction that enjoins activities beyond those covered
by a discharge injunction under Section 524(a), so long as the
other requirements of Section 524(g) are satisfied.  To construe
Section 524(g)(1) as restricting the issuance of a third party
injunction to those instances that further a debtor's fresh
start or discharge, as suggested by DaimlerChrysler and
Volkswagen, is contrary to the fundamental principle of
statutory construction that a court must interpret a statute, if
possible, so as to give meaning to every provision," Mr. O'Neill
elaborates.

Section 524(g) also does not condition the issuance of a third
party injunction on a showing that such an injunction is
necessary to a debtor's reorganization, Mr. O'Neill continues.  
He points out that the Court has already determined that
"Section 524(g)(a)(ii) does not require the necessity element
with respect to issuing that injunction as to third parties."  
Certain objecting insurers themselves concede that "necessity"
does not constitute a requisite for issuing a Section 524(g)
injunction in favor of non-debtors, Mr. O'Neill relates.

The Reorganized Debtors maintain that Pneumo Abex LLC, Cooper
Industries, LLC, and the rest of the Pneumo Protected Parties
qualify for a Section 524(g) injunction because they are alleged
to be liable for asbestos-related claims arising out of Abex
Corp.'s brake business.  Those asbestos claims comprise claims
against the debtor within the meaning of Section
524(g)(4)(A)(ii), Mr. O'Neill asserts.

Certain of the Plan A Objectors contended that Court approval of
Plan A is an impermissible modification of a substantially
confirmed Chapter 11 plan, and thus, prohibited by Section 1127
of the Bankruptcy Code.  "The underlying premises of this
objection are demonstrably incorrect, both as a matter of law
and as a matter of fact," Mr. O'Neill argues.  

He emphasizes that "the Plan A Settlement is not a modification
of the [Debtors' confirmed Fourth Amended Joint Plan of
Reorganization] within the meaning of Section 1127(b).  Rather,
Plan A is entirely consistent with, and does not contradict,
affect, amend, alter, or re-open the [Fourth Amended] Plan in
any respect . . . It is of no moment that the [Fourth Amended]
Plan has been substantially consummated."

"Section 1127(b) does not apply where the Court is not asked to
modify a confirmed plan, but simply to approve a settlement that
is consistent with and contemplated by the Plan.  Approving the
Plan A Settlement and extending the injunction to the Pneumo
Protected Parties is no different, in principle, than issuing an
injunction to a settling insurer post-confirmation pursuant to
the confirmed Fourth Amended Plan," Mr. O'Neill explains.

Several Plan A Objectors, including Mt. McKinley Insurance
Company and PepsiAmericas, argued that the Plan A Settlement
documents still embody an assignment of the Pneumo Asbestos
Insurance Policies to the Asbestos Personal Injury Trust because
the Trust is to own the equity interests in Pneumo Abex LLC.

Mr. O'Neill clarifies that Plan A has always embodied the
contribution by PCT International Holdings Inc., Pneumo Abex's  
current owner, to the Asbestos Trust of its membership interests
in Pneumo Abex.  "When Plan A is implemented, the Trust will own
Pneumo Abex.  Nothing in Plan A changes this long-standing
aspect of the deal.  It is a fundamental axiom of corporate law
that ownership of the equity interests in an entity does not
constitute ownership of the entity's individual assets, and a
transfer of ownership interests does not constitute a sale of
the entity's assets."

The elimination of certain objected-to provisions, as pointed
out by Mt. McKinley and PepsiAmericas, is not a basis for
extending these proceedings by months to take additional
discovery, Mr. O'Neill contends.  "It is impossible to see how
the deletion of certain Plan A provisions, which were done in
response to the Court's and the Plan A Objectors' own comments,
could conceivably give rise to any new issues of fact that
warrant additional discovery.

"The Court should see through the [Plan A] Objectors'
transparent tactics and overblown rhetoric, and approve the Plan
A Settlement."

Plan A is fair, equitable, and fully satisfies the requirements
of Section 524(g) and Rule 9019 of the Federal Rules of
Bankruptcy Procedure, Mr. O'Neill avers.

                      About Federal-Mogul

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.  
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.  
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, among others, Mexico, Malaysia,
Australia, China, India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and US$8.86
billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The Fourth Amended Plan was
confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed
by the District Court on Nov. 14.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 11,
2008, Moody's Investors Service confirmed the ratings of the
reorganized Federal-Mogul Corporation -- Corporate Family
Rating, Ba3; Probability of Default Rating, Ba3; and senior
secured bank credit facilities, Ba2.  The outlook is stable.   
The financing for the company's emergence from Chapter 11
bankruptcy protection has been funded in line with the structure
originally rated by Moody's in a press release dated Nov. 28,
2007.

As reported in the Troubled Company Reporter-Europe on Jan. 8,
2008, Standard & Poor's Ratings Services assigned its 'BB-'
corporate credit rating to Southfield, Michigan-based Federal-
Mogul Corp. following the company's emergence from Chapter 11 on
Dec. 27, 2007.  The outlook is stable.


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


BSC ENTSORGUNG: Claims Registration Ends March 17
-------------------------------------------------
Creditors of BSC Entsorgung GmbH & Co. KG i. L. have until
March 17, 2008 to register their claims with court-appointed
insolvency manager Prof. Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.m. on April 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Prof. Rolf Rattunde
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against BSC Entsorgung GmbH & Co. KG i. L. on Feb. 4, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BSC Entsorgung GmbH & Co. KG i. L.
         Dorfstrasse 50
         14913 Niedergoersdorf
         Germany


CG CONCEPT: Claims Registration Period Ends March 7
---------------------------------------------------
Creditors of CG Concept Gruppe GmbH & Co. KG 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 CG Concept Gruppe GmbH & Co. KG on Feb. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CG Concept Gruppe GmbH & Co. KG
         Ringstrasse 9
         19258 Boizenburg
         Germany


CITYBACK GMBH: Claims Registration Ends March 17
------------------------------------------------
Creditors of Cityback GmbH have until March 17, 2008 to register
their claims with court-appointed insolvency manager  Matthias
Kielwein.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 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 Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:
         
         Matthias Kielwein
         O 6, 7
         68161 Mannheim
         Tel: 0621/1569830
         Germany

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

The Debtor can be reached at:

         Cityback GmbH
         Attn: Viorica Tehei, Manager
         Bachgasse 46
         69502 Hemsbach
         Germany


DANLU FERTIGHAUS: Claims Registration Ends March 17
---------------------------------------------------
Creditors of DANLU Fertighaus GmbH have until March 17, 2008 to
register their claims with court-appointed insolvency manager
Prof. Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on April 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Prof. Rolf Rattunde
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

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

The Debtor can be reached at:

         DANLU Fertighaus GmbH
         Attn: Herrn Uwe Lucht, Manager  
         Wasserturm 6
         14624 Dallgow-Doeberitz
         Germany


DDH TROCKENBAU: Claims Registration Ends March 17
-------------------------------------------------
Creditors of DDH Trockenbau GmbH have until March 17, 2008 to
register their claims with court-appointed insolvency manager
Karl-Heinrich Lorenz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 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 Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         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-Heinrich Lorenz
         Theodor Heuss-Anlage 12
         68165 Mannheim
         Germany
         Tel: 0621/422900

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

The Debtor can be reached at:

         DDH Trockenbau GmbH
         Attn: Peter Daumann, Manager
         Oelhafenstrasse 20-22
         68169 Mannheim
         Germany


ENERVATION GMBH: Claims Registration Ends March 17
--------------------------------------------------
Creditors of Enervation GmbH have until March 17, 2008 to
register their claims with court-appointed insolvency manager
Cathleen Tetzel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on April 15, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 13
         Breiter Weg 203-206
         39104 Magdeburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Enervation GmbH
         Maxim-Gorki-Str. 31 - 37
         39108 Magdeburg
         Germany

         Attn: Dirk Mensing, Manager
         Friedrich-Engels-Str. 3
         39175 Biederitz
         Germany


FRUCHTWINKEL HANDELS: Claims Registration Ends March 17
-------------------------------------------------------
Creditors of "Fruchtwinkel" Handelsgesellschaft mbH have until
March 17, 2008 to register their claims with court-appointed
insolvency manager Dirk Decker.

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 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:

         Dirk Decker
         Julius-Vosseler-Strasse 42
         22527 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against "Fruchtwinkel" Handelsgesellschaft mbH on Jan. 31, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         "Fruchtwinkel" Handelsgesellschaft mbH
         Attn: Andre Froehlich, Manager
         Grossmarkt Stand 399
         20097 Hamburg
         Germany


GRUNDSTUECKSGESELLSCHAFT OBJEKT: Claims Period Ends March 10
------------------------------------------------------------
Creditors of Grundstuecksgesellschaft Objekt Wolfratshauser Turm
GmbH have until March 10, 2008, to register their claims with
court-appointed insolvency manager Michael George.

Creditors and other interested parties are encouraged to attend
the meeting at 8:55 a.m. on April 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Wolfratshausen opened bankruptcy
proceedings against Grundstuecksgesellschaft Objekt
Wolfratshauser Turm GmbH on Feb. 6, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Grundstuecksgesellschaft Objekt
         Wolfratshauser Turm GmbH
         Sonnenlangstr. 26
         83623 Dietramszell
         Germany


HORN MUENCHEN: Claims Registration Period Ends March 10
-------------------------------------------------------
Creditors of Horn Muenchen GmbH have until March 10, 2008, to
register their claims with court-appointed insolvency manager
Stephan Ammann.

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

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         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:

         Stephan Ammann
         Barthstr. 16
         80339 Muenchen
         Germany
         Tel: 089/8589633
         Fax: 089/85896350

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

The Debtor can be reached at:

         Horn Muenchen GmbH
         Sonnenstr. 23
         80331 Muenchen
         Germany


IKB DEUTSCHE: Restates Figures for Year Ended March 31, 2007
------------------------------------------------------------
The sub-prime crisis and the findings of a special report by
PricewaterhouseCoopers, IKB Deutsche Industriebank AG's newly
appointed Board of Managing Directors resolved to restate the
group’s consolidated financial statements for the financial year
2006-2007 ending March 31, 2007, as well as the financial
statements of IKB AG.

IKB announced on Oct. 16, 2007, that these changes were expected
to reduce IKB's operating results for the financial year 2006/07
by up to EUR180 million on group level.

The changes that were applied relate in particular to the
consolidation of Rhineland Funding and on parts of an issuing
entity whose securities serve as a vehicle for IKB’s proprietary
investments.  The process of consolidating Rhineland Funding in
retrospect has been extremely complex and time-consuming, as it
involved 28 entities each preparing their own annual and interim
financial statements.  IKB presents the restated financial
statements, which fulfilled the requirements for the invitation
to its Annual General Meeting for the financial year 2006/07.

           Restated Figures for Financial Year 2006/07

The retrospective changes in accounting for IKB's financial year
2006/07 (April 1, 2006, to March 31, 2007) resulted in an
operating result of EUR115 million in the Group’s consolidated
accounts, which is EUR148 million lower than the figure of
EUR263 million reported originally.  This decline was primarily
due to the valuation of derivatives, which were included within
the first-time consolidation of an issuing entity, and of
Rhineland Funding (and Havenrock in particular).

The previous figures for the 2005/06 financial year have also
been adjusted accordingly, reducing the operating profit for
that year from EUR233 million to EUR171 million.

The restated consolidated financial statements 2006/07 report
consolidated net interest income of EUR678 million.  The
positive difference of EUR32 million compared to the EUR646
million originally disclosed for the financial year 2006/07
originates in particular from the interest income of Rhineland
Funding.

Provisions for possible loan losses of EUR259 million remain
unchanged; accordingly, net interest income after provisions for
possible loan losses increased by the same amount as net
interest income (+EUR32 million), to EUR419 million.

Net commission income disclosed in the restated consolidated
financial statements amounts to EUR52 million.  The difference
of EUR56 million to net commission income of EUR108 million
initially reported for the 2006/07 financial year is explained
in particular by commission income IKB received from Rhineland
Funding.  As a result of the consolidation of Rhineland Funding
commission income is now shown as interest income in the
consolidated financial statements.

Net income from financial instruments at fair value was restated
at -EUR41 million.  The negative difference of –EUR121 million
to net income from financial instruments at fair value
originally reported for the financial year 2006/07
(EUR80 million) resulted largely from changes in the market
value of securities and derivatives, which were included as a
result of the consolidation of Rhineland Funding referred to
above, as well as parts of an issuing entity.

Net income from investment securities of EUR7 million was not
affected by the restatement, whilst general administrative
expenses decreased by EUR1 million, to EUR316 million.

The cost/income ratio deteriorated to 45.8% (37.8% prior to
restatement).  The pre-tax return on equity was 9.4% (20.6%).

IKB has not restated its quarterly results for the financial
years 2005/06 and 2006/07.

                        Segment Reporting

Segment reporting for the market-facing segments Corporate
Clients, Real Estate Clients, and Structured Finance -– which
will continue to comprise IKB’s core business segments in the
future -– was unaffected by the restatement.

At EUR34 million, the Securitization segment, which included
portfolio investments and the securitization of risks from
assets carried on the Bank’s books, reported a significantly
lower operating result compared to the original figure reported
for 2006/07 (EUR108 million).  This decline was mainly
attributable to the negative fair-value result of -EUR49 million
(original result for 2006/07: EUR10.1 million).

                          Balance sheet

Total assets increased by EUR11.5 billion to EUR63.5 billion as
of March 31, 2007, in particular due to the consolidation of
Rhineland Funding. Total assets as of 31 March 2006 rose by
EUR9.1 billion, to EUR53.3 billion, for the same reason.

               Annual General Meeting and Dividends

The Annual General Meeting will be convened on March 27, 2008.  
No net retained profit (Bilanzgewinn) as of March 31, 2007  will
be shown in IKB's restated financial statements of IKB AG in
accordance with the German Commercial Code (HGB); therefore, no
dividends will be distributed.  IKB had originally planned to
distribute a dividend of EUR0.85 per share.

              Conversion of Convertible Bond by KfW

The convertible bond, which was issued on Jan. 7, 2008, and
subscribed by KfW has been converted in the mean time.  On Feb.
28, 2008 IKB will deliver the shares to KfW.  Thereby, the
number of IKB shares will increase by 8,794,661 shares to
96,794,661 shares.  IKB's core capital will increase to EUR247.8
million (from EUR225.3 million).  Following the conversion, KfW
will have a 43.4% stake in IKB.

                             Outlook

The previous forecast of a consolidated loss of up to EUR700
million for the IKB Group is changed due to two important
reasons:

    * the major part of the mark-to-market losses of around
      EUR950 million resulting from the revaluation of the
      portfolio investments, as reported on Feb. 13, 2008, need
      to be recognized in the profit and loss account, in
      accordance with IFRS; and

    * on the basis of the current market situation IKB expects a
      reverse (positive) valuation effect of EUR770 million, of
      which only a small portion is considered sustainable.

The background to this is that IKB has opted for a valuation at
fair value under IFRS for a large part of its liabilities.  
These liabilities have lost heavily in market value due to the
crisis and are therefore booked at a lower market value on the
balance sheet.  Under IFRS, this valuation gain is reflected in
the profit and loss account for the group.  As long as it is not
booked against permanent interest and capital losses of hybrid
liabilities, such gain will dissolve until the liabilities are
reimbursed and lead to a corresponding expense.  If the fair
value of these liabilities rises due to an improvement in IKB's
capital market standing, this expense may also occur at a much
earlier stage.

Overall, the Board of Managing Directors expects the Group to
record a loss for the 2007/08 financial year (according to IFRS)
of EUR550 million.  The current estimate of results is still
subject to significant uncertainty.  This is due to the fact
that the audit of the half-year report as at Sept. 30, 2007 has
not yet been completed. The partial sale of portfolio
investments may also result in higher losses.

The Board of Managing Directors expects the net loss in the
financial statements of IKB AG to amount to EUR750 million.  
This figure reflects higher losses from the revaluation of
portfolio investments, which were offset to some extent by loss-
sharing on profit-participation certificates and silent
partnership contributions.

                        About IKB Deutsche

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

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

                          *     *     *

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

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

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


KOEHLER & KRENZER: Unit Sells 74.9% Marcona-Kleidung Stake
----------------------------------------------------------
Koehler & Krenzer Fashion AG said that on Feb. 19, 2008, its
subsidiary, K&K Fashion GmbH & Co KG sold 74.9% of Marcona-
Kleidung Heinz Ostermann GmbH & Co KG to Miro Radici AG for an
undisclosed amount.

According to Koehler & Krenzer, the proceeds of the sale will be
used to pay creditors and shop assistants of K&K Fashion first
and then the creditors of Koehler & Krenzer.

K&K Fashion GmbH & Co KG is 100% owned by Koehler & Krenzer
Fashion AG.

As previously reported in the TCR-Europe, the District Court of
Fulda opened bankruptcy proceedings against Koehler & Krenzer
Fashion AG on Feb. 18, 2008.  

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

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

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


LEVENTIC ABBRUCHUNTERNEHMEN: Claims Registration Ends March 14
--------------------------------------------------------------
Creditors of Leventic Abbruchunternehmen GmbH have until
March 14, 2008, to register their claims with court-appointed
insolvency manager Soenke Hansen.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Soenke Hansen
         Moenckebergstrasse 17
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

          Leventic Abbruchunternehmen GmbH
          Moorfleeter Deich 111
          22113 Hamburg
          Germany


LINDENHOF GMBH: Claims Registration Period Ends March 14
--------------------------------------------------------
Creditors of Lindenhof GmbH have until March 14, 2008, to
register their claims with court-appointed insolvency manager
Dr. Eckard Pongratz.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on April 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mosbach
         Meeting Hall 12
         Lohrtalweg 2
         74821 Mosbach
         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. Eckard Pongratz
         Steinbachtal 2b
         97082 Wuerzburg
         Germany
         Tel: 0931/991560

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

The Debtor can be reached at:

          Lindenhof GmbH
          wh. Hauptstr. 59
          69429 Waldbrunn
          Germany


LMT-LUEFTUNGSMONTAGETECHNIK: Claims Registration Ends March 14
--------------------------------------------------------------
Creditors of LMT-Lueftungsmontagetechnik GmbH have until
March 14, 2008, to register their claims with court-appointed
insolvency manager Rainer M. Bahr.

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 Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Rainer M. Bahr
         Prager Strasse 34
         04317 Leipzig
         Germany
         Tel: 0341/486930
         Fax: 0341/4869393
         E-mail: leipzig@hbml.de  

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

The Debtor can be reached at:

         LMT-Lueftungsmontagetechnik GmbH
         Merseburger Strasse 189
         04179 Leipzig
         Germany


LZ SYNAPSIS: Claims Registration Period Ends March 14
-----------------------------------------------------
Creditors of LZ Synapsis GmbH have until March 14, 2008, to
register their claims with court-appointed insolvency manager
Detlef Siwonia.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 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 Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         Germany

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

The insolvency manager can be reached at:

         Detlef Siwonia
         Am Muehlenberg 8
         17192 Waren
         Germany

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

The Debtor can be reached at:

         LZ Synapsis GmbH
         Steinstr. 10 a
         17033 Neubrandenburg
         Germany


MAX. SICHERHEITSFAHRSCHULE: Claims Period Ends March 10
-------------------------------------------------------
Creditors of max. Sicherheitsfahrschule Zehn GmbH have until
March 10, 2008, to register their claims with court-appointed
insolvency manager Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on April 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against max. Sicherheitsfahrschule Zehn GmbH on
DATE.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         max. Sicherheitsfahrschule Zehn GmbH
         Kapweg 3-51
         3405 Berlin
         Germany


POLLAND GMBH: Claims Registration Period Ends March 14
------------------------------------------------------
Creditors of Polland 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 9:45 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 Polland GmbH & Co KG on Feb. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Polland GmbH & Co KG
          Blumenweg 6
          41569 Rommerskirchen
          Germany


POLLAND VERWALTUNGS: Claims Registration Period Ends March 14
-------------------------------------------------------------
Creditors of Polland Verwaltungs-und Dienstleistungs GmbH have
until March 14, 2008, to register their claims with court-
appointed insolvency manager Michael Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 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:

         Michael Bremen
         Sternstrasse 58
         40479 Duesseldorf
         Germany
         Tel: 0211/491440
         Fax: +492114914461

The District Court of Moenchengladbach opened bankruptcy
proceedings against Polland Verwaltungs-und Dienstleistungs GmbH
on Feb. 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Polland Verwaltungs-und Dienstleistungs GmbH
          Blumenweg 6
          41569 Rommerskirchen
          Germany


RKW IMMOBILIEN: Claims Registration Period Ends March 14
--------------------------------------------------------
Creditors of RKW Immobilien GmbH have until March 14, 2008, to
register their claims with court-appointed insolvency manager
Marcus Goebel.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on April 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Landshut
          Meeting Hall 8/I
          Maximilianstrasse 22-24
          Landshut
          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. Marcus Goebel
          Marschallstr. 19
          84028 Landshut
          Tel: 0871/430944-0
          Fax: 0871/430944-22

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

The Debtor can be reached at:

          RKW Immobilien GmbH
          Attn: Gerhard Wagenbauer, Manager
          Alte Roemerstrasse 147
          85435 Erding
          Germany


ROLITH BAU: Claims Registration Period Ends March 14
----------------------------------------------------
Creditors of ROLITH Bau GmbH have until March 14, 2008, to
register their claims with court-appointed insolvency manager
Bjoern Junge.

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

The meeting of creditors will be held at:

          The District Court of Rostock
          Hall 330
          Zochstrasse
          18057 Rostock
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Bjoern Junge
          Graf-Schack-Strasse 14
          18055 Rostock
          Germany

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

The Debtor can be reached at:

          ROLITH Bau GmbH
          Hauptstrasse 103
          18107 Lichtenhagen/Elmenhorst
          Germany


STAN TEC: Claims Registration Period Ends March 14
--------------------------------------------------
Creditors of StAn Tec GmbH have until March 14, 2008, to
register their claims with court-appointed insolvency manager
Heinrich C. Friedhoff.

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

The meeting of creditors will be held at:

          The District Court 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:

          Heinrich C. Friedhoff
          Karl-Oberbach-Strasse 50
          41515 Grevenbroich
          Germany
          Tel: 02181/21306-10
          Fax: 02181/21306-17

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

The Debtor can be reached at:

          StAn Tec GmbH
          Michael Dinter
          Kampweg 77
          41751 Viersen
          Germany


TALISMAN-3 FINANCE: Fitch Ups Ratings & Says Outlook is Positive
----------------------------------------------------------------
Fitch Ratings has upgraded Talisman-3 Finance Plc's notes due
2015 and revised their Outlooks to Positive from Stable.

     * EUR37.5m class A (XS0256114033) affirmed at 'AAA',
       Outlook Stable

     * EUR10,000 class X (XS0256114546) affirmed at 'AAA',
       Outlook Stable

     * EUR19.6m class B (XS0256114892) upgraded to 'AAA' from
       'AA', Outlook revised to Stable from Positive

     * EUR19.6m class C (XS0256115436) upgraded to 'AA' from
       'A', Outlook revised to Positive from Stable

     * EUR42.7m class D (XS0256115865) affirmed at 'BBB',
       Outlook revised to Positive from Stable

     * EUR10m class E (XS0256116327) affirmed at 'BB', Outlook
       revised to Positive from Stable

     * EUR5m class F (XS0256116673) affirmed at 'B', Outlook
       Stable

The upgrades reflect the high level of prepayments within this
transaction, which have resulted in improved credit enhancement.  
Since closing in June 2006, eight loans have prepaid.  Jointly,
they accounted for approximately 80% of the closing date
balance.

As of the October interest payment date, all repayments and
prepayments are allocated on a fully sequential basis, after the
sequential prepayment trigger was breached, and this, in turn,
has greatly improved credit enhancement.  Until July 2010,
neither Class E nor Class F will receive any pro-rata principal.

As a result of the prepayment of eight loans, there is a
significant concentration risk with regards to the tenant base,
as there is now less tenant diversification over fewer loans.  
The largest tenant is now VBG (within the Dresden loan), a
government-supported entity, representing 32.9% of the total
rent; this is compared to 27.5% at closing.  The top three
tenants of the pool, as of January 2008, accounted for
approximately 87.0% of the current rental income; this includes
residential tenants in the Waterloo loan.  Consequently, despite
the significantly improved advance rate on class C notes, this
will only warrant an upgrade to 'AA', along with a Positive
Outlook for the subordinated class D and E notes.  The Positive
Outlook reflects the upcoming maturities in 2010 for the Trier
loan, and the Berlin and Dresden loan (the largest remaining
loan) as well as the amortisation of the remaining loans over
the next 18-24 months.

Following the implementation of the German Tax Reform in January
2008, the borrower within the Bastion loan has converted part of
the shareholder loans into equity to minimise the impact the new
tax laws could have on the loan.  This change completed before
31 December 2007.  The Waterloo loan has seen an increase in the
vacancy rate across its portfolio in the last quarter.  The
current vacancy rate is 7.2%, up from 6.2% in October 2007,
which has led to a decrease of EUR10,000 in rental income.  The
Trier loan is fully let to four tenants with an additional 67
car parking spaces.  However, due to an increase in non-
recoverable expenses in the last quarter, there has been a
slight decrease in net operating income at the January 2008 IPD
from October 2007 IPD.


TECHNOTEAM GMBH: Claims Registration Period Ends March 14
---------------------------------------------------------
Creditors of TechnoTeam GmbH have until March 14, 2008, to
register their claims with court-appointed insolvency manager
Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 a.m. on April 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Meppen
          Hall 1
          Obergerichtsstrasse 20
          49716 Meppen
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Andreas Sontopski
          Gnoiener Platz 10
          48493 Wettringen
          Germany
          Tel: 02557-93840
          Fax: 02557-938450

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

The Debtor can be reached at:

          TechnoTeam GmbH
          Attn: Andre Houben, Manager
          Bahnhofstr. 8
          49716 Meppen
          Germany


TELEMEDIA GMBH: Claims Registration Period Ends March 11
--------------------------------------------------------
Creditors of Telemedia GmbH have until March 11, 2008, to
register their claims with court-appointed insolvency manager
Jan Gartner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Jan Gartner
         Weisseritzstrasse 3
         01067 Dresden Az.: 1971-G,
         Germany
         Website: www.worako.de  

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

The Debtor can be reached at:

         Telemedia GmbH
         OT Niedergurig
         Gewerbepark 8
         02694 Malschwitz
         Germany


TK-BAU GMBH: Claims Registration Period Ends March 14
-----------------------------------------------------
Creditors of TK-Bau GmbH have until March 14, 2008, to register
their claims with court-appointed insolvency manager Andreas
Sontopski.

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

The meeting of creditors will be held at:

          The District Court of Meppen
          Hall 1
          Obergerichtsstrasse 20
          49716 Meppen
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Andreas Sontopski
          Gnoiener Platz 10
          48493 Wettringen
          Germany
          Tel: 02557-93840
          Fax: 02557-938450

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

The Debtor can be reached at:

          TK-Bau GmbH
          Thyssenstr. 15
          49744 Geeste-Dalum
          Germany


UHG UNIVERSAL: Claims Registration Period Ends March 14
-------------------------------------------------------
Creditors of UHG Universal Hochbau GmbH have until March 14,
2008, to register their claims with court-appointed insolvency
manager Stefan Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on April 21, 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 3
         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:

          Stefan Denkhaus
          Jungfernstieg 30
          20354 Hamburg
          Germany

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

The Debtor can be reached at:

          UHG Universal Hochbau GmbH
          Attn: Dr. Detlef Thomsen, Manager
          Otto-Weltzien-Strasse 15
          19061 Schwerin
          Germany


===========
G R E E C E
===========


WIND HELLAS: Fitch Affirms 'B' Ratings with Stable Outlook
----------------------------------------------------------
Fitch Ratings affirmed Greek mobile operator WIND Hellas
Telecommunications S.A.'s Long- and Short-term Issuer Default
ratings at 'B'.  The Outlook for the Long-term IDR remains
Stable.  The instrument ratings are also affirmed.

The company stated in its earnings call on February 19, 2008
that the funding requirements of its 50%-owned fixed-line
subsidiary, Tellas, would be met from WIND Hellas cashflow and
resources, without contribution from the minority shareholder,
Wind Telecomunicazioni SpA (rated 'BB-' (BB minus)/Negative
Outlook).  This strategy represents a change to information
previously provided to the agency by the company, in that the
funding requirement was originally expected to be shared.

However, Fitch affirmed WIND Hellas's ratings, reflecting the
better-than-expected improvement in mobile revenue and EBITDA
generation in the fourth quarter, which resulted in an uplift in
trailing twelve months adjusted EBITDA levels to EUR466m at YE07
from EUR453m at Q307, and an increase in the cash balance to
EUR110m.  Fitch's projected credit metrics for 2008 therefore
remain relatively unchanged.  Pro forma for the prepayment of
EUR35m under the Revolving Credit Facility which took place in
January 2008, Wind Hellas had available undrawn committed
facilities of EUR65m and cash of EUR75m, which Fitch believes
should be sufficient for the needs of the combined business
through 2008-09.  In addition, the company indicated that the
parent entity, Weather Investments SpA, would be willing to fund
additional requirements at Tellas if liquidity at WIND Hellas
were lacking.

The 'B' LT IDR reflects the agency's confidence in the proven
cashflow generating abilities of the core mobile business, as
well as the growth potential of the fixed-line business, which
is expected to contribute positively in the medium-term.  
However, any underperformance in EBITDA or cashflow in the fixed
line business of Tellas, which Fitch views as involving a higher
level of execution risk,will likely result in a negative outlook
or downgrade of the ratings, especially if combined with an
exercise of the call option on the minority shares in Tellas
which is exercisable until 2010.

WIND Hellas ratings:

WIND Hellas Telecommunications S.A.:

   -- Long-term IDR: affirmed at 'B'; Stable Outlook
   -- Short-term IDR: affirmed at 'B';

Hellas Telecommunications (Luxembourg) V senior revolving credit
facility:

   -- affirmed at 'B+'/'RR3';

Hellas Telecommunications (Luxembourg) V senior secured floating
rate notes due 2012:

   -- affirmed at 'B+' /'RR3';

Hellas Telecommunications (Luxembourg) III senior notes due
2013:

   -- affirmed at 'B+'/'RR3';

Hellas Telecommunications (Luxembourg) II subordinated floating-
rate notes due 2015:

   -- affirmed at 'CCC+'/'RR6'

Fitch will re-issue its latest Credit Update on Wind Hellas
Telecommunications S.A. to reflect the above developments.


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


SANMINA-SCI: PC Business Exit Won't Affect S&P's B+ Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on San
Jose, California-based Sanmina-SCI Corp. (B+/Negative/--) are
not affected by the company's announcement that it has exited
the PC business.  Sanmina has reached an agreement to sell
certain of its PC-related assets to a subsidiary of Hon Hai
Precision Industry Co. Ltd. (A-/Stable/--) and to transfer
responsibility of its Monterrey, Mexico operation to Lenovo
Group Ltd.  Proceeds from the sale are expected to total about
US$90 million.
   
Although Sanmina has made some progress in reducing debt and
improving profitability, the company remains leveraged, with
adjusted debt to EBITDA at about 6.5x in the trailing 12 months
ended Dec. 31, 2007.  In addition, its track record of improved
profit margin remains short, about three quarters, and revenues
continue to decline gradually.  Still, if Sanmina sustains
current trends and uses proceeds to reduce debt, prospects for
an outlook revision to stable are strengthened in the near-to-
mid term.


SAPHIR FINANCE: Moody's Cuts Rating on GBP400 Million Notes
-----------------------------------------------------------
Moody's has downgraded the Series 2006-7 GBP400,000,000
Perpetual Non-Cumulative Notes issued by Saphir Finance plc to C
from B3.

The Notes are secured by the GBP400,000,000 Series A
Fixed/Floating Rate Non-Cumulative Callable Preference Shares of
Northern Rock plc.  The rating on the 2006-7 Notes reflects that
of the underlying credit which was yesterday downgraded to C
from B3.

Saphir Finance plc is a bankruptcy remote vehicle incorporated
in Ireland under the Irish Companies Acts 1963-2001 (as
amended).  


* Fitch May Act Selectively on UK, Irish, Spanish Lender Ratings
----------------------------------------------------------------
Fitch Ratings expects that a continued deterioration in the UK,
Spanish and Irish housing markets will place pressure on some
mortgage lenders in 2008, and selective rating actions on
specific issuers cannot be ruled out, according to three special
reports published last week.

Banks' credit losses are likely to increase from an
unsustainably strong position, but Fitch believes that
difficulties for the lenders should be contained.  Overall,
Fitch considers that residential mortgages are low risk, because
they are supported by a fragmented borrower base, high quality
collateral and positive demographic trends.  Banks in all three
markets have benefited from good economic and lending growth and
from low levels of impaired loans.  They also relaxed some
credit criteria to varying degrees.  Since August 2007, more
expensive and less easily available funding has curbed lenders'
appetites for growth and coincides with weaker house prices.  In
the near term, economic growth in these countries may be more
subdued.

In the UK, Fitch expects the recent trend of lower house prices
to continue, though the scale of this adjustment remains hard to
predict.  Fitch does not expect a collapse in UK house prices.

"A weakening housing market may place pressure on some UK
mortgage lenders, although a rebalancing of the market is likely
to offer opportunities to those with the best access to
funding," said Alexandre Birry, Director in Fitch's Financial
Institutions Group, based in London.  "Rating actions may occur
if a lender shows more vulnerability to a weakening housing
market than is currently anticipated.  In particular, the
performance of certain non-conforming residential loans in a
more difficult market represents a key uncertainty.  However, we
do not expect a wave of material downgrades among UK mortgage
lenders."

Irish banks are more exposed to real estate than most other
western European banks.  This concentration makes Irish banks
vulnerable to significant weakness in the sector.  "If the Irish
economy achieves a soft landing, which Fitch regards as the most
likely scenario, most Irish institutions should be capable of
rising to the challenge without the need for rating action,"
said Matthew Taylor, Senior Director in Fitch's Financial
Institutions Group, based in London.  "In the case of a more
severe contraction in economic growth, a wider range of rating
actions on Irish banks may be required."

In Spain, banks have significantly increased their exposure to
the real estate sector in the last 5 years making them more
vulnerable to the sector slowdown.  However, some comfort can be
taken from banks' sustained sound fundamentals backed by their
strong retail franchise, good earnings and cost efficiency,
healthy asset quality and sound risk management systems.  Fitch
sees more rating pressure on some savings banks in Spain, rather
than large and more diversified universal banks.  "Selective
negative rating actions cannot be ruled out for weaker and more
exposed institutions should the housing sector slowdown become
more severe and if the liquidity shortage in the capital markets
is prolonged," says Cristina Torrella, Director in Fitch's
Financial Institutions Group in Barcelona.  "Such actions are
most likely to be limited to banks that have displayed above-
average real estate developer loan growth in recent years,
and/or have high risk concentrations, particularly in individual
entities."

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


ALITALIA SPA: AirOne SpA Appeals Lazio Court Ruling
---------------------------------------------------
AirOne S.p.A. has filed an appeal to the Feb. 20, 2008, ruling
by the Italian Regional Administration Court of Lazio that
rejected it petition 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, Guy Dinmore writes for the Financial Times.

According to FT, the Lazio court is also expected to reject
AirOne's petition to oblige Alitalia to restart negotiation with
each other.

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.  Air France said it will
seek approval from the new Italian government chosen following
the April 13-14, 2008, snap elections, for any agreement to
acquire Italy's stake in Alitalia.

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

AirOne said it would present a binding offer once it wins its
appeal, adding that its offer would 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.

                          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.


FIAT SPA: Expects to Sell 8,000 High Performance Cars Annually
--------------------------------------------------------------  
Luca De Meo, Fiat SpA Chief Marketing Officer, said that the
company expects to sell 8,000 high-performance Abarth cars
annually, Bloomberg reports.  Since its introduction in October
2007, 1,500 orders have been placed.

Abarth was founded in 1949 and acquired by Fiat in 1971.  Abarth
currently has 35 dealers in Italy and plans to put up 60
showrooms in 12 countries.

                       About Fiat S.p.A.

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

                          *     *     *

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

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

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


PARMALAT SPA: Banca Monte dei Paschi Settles for EUR79.5 Million
----------------------------------------------------------------
Parmalat S.p.A. and Banca Monte dei Paschi di Siena S.p.A. have
reached an agreement that settles all reciprocal claims that
led to litigation arising from operations in the period
preceding the insolvency declaration of the Parmalat Group in
December 2003.

The settlement brings to an end all revocatory and damages
actions and all claims both pending and potentially to be filed
against the Monte dei Paschi di Siena Group.  As a result
of the settlement, the Monte dei Paschi di Siena Group will pay
Parmalat a total amount of EUR79.5 million and will pay to the
Extraordinary Commissioner for the companies under extraordinary
administration a total amount of EUR500,000.

Similar settlements have been reached between the Monte dei
Paschi di Siena Group and the Commissioner of the Extraordinary
Administration of Parmatour Group, Parma Associazione Calcio and
other companies of the former Parmalat Group still in
Extraordinary Administration.

These agreements provide for the withdrawal of all pending and
potential actions by the Extraordinary Commissioner and the
payment by the Monte dei Paschi di Siena Group of an amount of
EUR9.5 million to the Parmatour Group under Extraordinary
Administration as well as the payment of an amount of EUR500,000
to Parma Associazione Calcio under Extraordinary Administration.
Parmalat and Monte dei Paschi di Siena and the Extraordinary
Commissioner express their satisfaction for having reached this
settlement.

                          About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court Granted
Parmalat Permanent Injunction.


TISCALI SPA: Market Underwrites EUR150 Million Capital Increase
---------------------------------------------------------------
Tiscali S.p.A. has successfully completed the capital increase
with preemption rights launched on Jan. 14, 2008.  

Following the auction of unsubscribed rights (corresponding to
around 2% of total), held on Feb. 11-15, a further 3,211,914
shares have been subscribed for, at the price of EUR1 per share.    
The rights issue has been therefore successfully completed, with
the subscription of 100% of the 149,792,880 new ordinary shares
offered for a total value of EUR149,792,880, thus without
activating the guarantee granted by Banaround IMI S.p.A. and JP
Morgan Securities Ltd.

The shareholder Renato Soru, pursuant to his underwriting
commitment, has fully subscribed for his 25% pro rata share of
the capital increase, corresponding to 37,448,220 new shares
(around EUR37.5 million).  The new share capital of Tiscali
consists of 574,206,043 ordinary shares with EUR0.5 par value
each.

The proceeds from the capital increase will be used to reimburse
EUR150 million of bridge financing provided by Intesa Sanpaolo
and JPMorgan to finance the acquisition of Pipex in the U.K.,
thus further strengthening the financial structure of the Group.

Following the capital increase, the conversion price of the
convertible bonds issued by Tiscali Financial Services SA and
underwritten by Management&Capitali has been adjusted to EUR2.42
per share, corresponding to around 24.8 million underlying
shares.

                         About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.

Tiscali posted consecutive net losses for the past years: EUR5.5
million in 1999, EUR101 million in 2000, EUR1.66 billion in
2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6
million in 2006.  It posted EUR3.88 million in net losses on
EUR614.33 million in net revenues for the nine months ended
Sept. 30, 2007.

                         *     *     *

As reported in the TCR-Europe on Feb. 12, 2008, Standard &
Poor's Ratings Services has raised its long-term corporate
credit rating to 'B+' from 'B' on Tiscali S.p.A.  

The one-notch upgrade also applies to S&P's long-term debt
ratings on the EUR50 million senior secured term loan and
EUR50 million senior secured revolving credit facility taken on
by financing vehicle Tiscali U.K. Holdings Ltd.  These debt
obligations' recovery ratings of respectively '3' (meaningful
{50%-70%} recovery in the event of a payment default, given the
presence of the EUR400 million bridge facility) and '2'
(substantial {70%-90%} recovery in the event of a payment
default) remain unchanged and are meaningfully influenced by the
impact of the Italian insolvency regime on lenders' recovery
prospects.

At the same time, S&P removed all of the credit ratings from
CreditWatch, where they had been placed with positive
implications on Jan. 10, 2008, when they first assigned ratings
to Tiscali.  The outlook is stable.


* Fitch Says Italian Life Market's Rating Outlook is Negative
-------------------------------------------------------------
Fitch Ratings says in a special report published last Thursday
that the Italian life market is particularly vulnerable to the
negative impact of macroeconomic forces, as a limited proportion
of households' resources are allocated to life policies.  The
life market continues to face a slowdown in new business growth
and significant outflows from life policies.

As the report explains, Fitch has a negative rating outlook for
the Italian Life sector.  As far as the credit ratings of
individual entities is concerned, Fitch believes that composite
companies could benefit from higher diversification compared
with pure life companies, in the light of the agency's
maintained stable rating outlook for the non-life market.

"The potential upside from the recovery of the life premium
income has faded," says Federico Faccio, Associate Director in
Fitch's Insurance team.  "The gloomy macroeconomic scenario will
spur greater use of life products featuring minimum guarantees
or floor options.  This would support life premium volumes, but
would carry higher capital requirements for insurers, almost
netting off the beneficial effect of the recent shift away from
capitalisation products."

In Fitch's view, rising interest rates in the first half of 2007
materially eroded the capital strength of life companies.  
Although capitalisation has partly improved since the bursting
of the sub-prime bubble, the sharp fall in equities has almost
neutralised this benefit.

The marketing of more 'capital-light', unit-linked business and
higher margins on the new life business should help offset the
slowdown in the life market.  Fitch anticipates a modest
recovery for the Italian life market in 2008, with a limited but
improving contribution from occupational pension products.

The non-life market is facing several challenges in a softening
phase of the underwriting cycle.  The possibility of increasing
tariffs appears to be limited given the current competitive
scenario.

In motor insurance, claims frequency is likely to be flat at
best.  Tariffs are no longer improving in real terms and in some
cases are declining in unit terms.  Positive effects are
expected from the implementation of the direct settlement
scheme, with claims inflation beginning to decline.  Fitch does
not envisage any reduction of motor rates as a result of the
motor insurance sector's liberalisation in the near term.

The non-motor segment will continue its steady growth in the
medium term, particularly in personal lines for healthcare and
property segments.  The pricing scenario is differentiated
across business lines, with commercial business softening and
property suffering from slower GDP growth. In most personal
lines, premium rates remain stable.

Further information can be found in Fitch's special report
'Italian Life and Non-Life Report - There's Life Here, But Not A
Great Deal of Hope' on the agency's subscriber website at:
http://www.fitchresearch.com/


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


AGROTECHINVEST LLP: Creditors Must File Claims by March 25
----------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Agrotechinvest insolvent.

Creditors have until March 25, 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


ALTYNAI LLP: Claims Deadline Slated for March 18
------------------------------------------------  
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Altynai (RNN 092200001635).

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

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


AMADEI INVEST: Claims Filing Period Ends March 21
-------------------------------------------------  
LLP Amadei Invest Ltd. has declared insolvency.  Creditors have
until March 21, 2008, to submit written proofs of claims to:

         LLP Amadei Invest Ltd.
         Micro District 4, 7-69
         Alga
         Aktube
         Kazakhstan


BALTIK LLP: Creditors' Claims Due on March 25
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Baltik insolvent.

Creditors have until March 25, 2008, to submit written proofs of
claims to:

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


BDO & NAKYP: Claims Registration Ends March 21
----------------------------------------------  
LLP BDO & Nakyp Project Ltd. has declared insolvency.  Creditors
have until March 21, 2008, to submit written proofs of claims
to:

         LLP BDO & Nakyp Project Ltd
         Micro District 6, 56
         Auezovsky
         Almaty
         Kazakhstan
         Tel: 8 (3272) 28-14-01


KOP-STROY LLP: Creditors Must File Claims by March 21
-----------------------------------------------------  
LLP Construction COMPANY Kop-Stroy has declared insolvency.   
Creditors have until March 21, 2008, to submit written proofs of
claims to:

         LLP Construction Company Kop-Stroy
         Karatubskoye highway, 44/19
         Shymkent
         South Kazakhstan
         Kazakhstan


TAMYZ-K LLP: Claims Deadline Slated for March 18
------------------------------------------------  
The Tax Committee of Almaty region has ordered the compulsory
liquidation of LLP Tamyz-K (RNN 091300024228).

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

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


USENSTROY SERVICE: Claims Filing Period Ends March 18
-----------------------------------------------------  
LLP Construction Company Usenstroy Service has declared  
insolvency.  Creditors have until March 18, 2008, to submit
written proofs of claims to:

         LLP Construction Company Usenstroy Service
         Micro District 1, 8
         Janaozen
         Mangistau
         Kazakhstan


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


DIGESTA LLC: Claims Filing Period Ends March 14
-----------------------------------------------
LLC Juridical Company Digesta has declared insolvency.  
Creditors have until March 14, 2008 to submit written proofs of
claim.

Inquiries can be addressed to (+996 312) 93-49-41.


SWEET LIFE: Creditors Must File Claims by March 18
--------------------------------------------------
LLC Sweet Life (INN 02911200510077) has declared insolvency.  
Creditors have until March 18, 2008 to submit written proofs of
claim to:

         LLC Sweet Life
         Elebayev Str. 7
         Bishkek
         Kyrgyzstan


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


COMSTAR-UNITED: Reveals Development Strategy for Southern Russia
----------------------------------------------------------------
Comstar-United TeleSystems JSC announced its business
development strategy for the Southern Federal District of
Russia.

As part of this strategy, Comstar will create a new regional
division called "Southern Branch", which will be comprised of
the group's subsidiaries and subdivisions in the Southern
Federal District of Russia.  The Southern Branch will utilize
the existing infrastructure of Comstar's subsidiary in the
Rostov region, Digital Telephone Networks South ("DTN"), and the
regional offices of the branch will be created in the cities
where Comstar is already present.

The branch will be managed in accordance with Comstar's unified
business development strategy.  A horizontal management
infrastructure will be put in place and will be comprised of
Commercial, Financial, Technological and Marketing departments.

"Once we have completerd the reorganization of our operations in
the Southern Federal District, we will be the most powerful
alternative telecommunications operator in the region, with a
modern technological base and a full range of telecommunications
services," Viktor Koresh, vice president for regional
development, commented.

"These changes are being implemented within the framework of
Comstar's broader regional strategy, which is aimed at
streamlining the business processes of all our subsidiaries and
integrating these companies within the unified structure of the
Comstar Group," Mr. Koresh added.

The company's investments in the telecommunications services in
the South of Russia are expected to reach approximately US$20
million in 2008, with US$15 million of this amount to be
allocated for the development of DTN's business.

According to Comstar's estimates, its business in the South of
Russia will grow at significantly faster rate than the overall
regional telecommunications market in 2008, including by the
volume of services to residential and corporate clients.

In 2008, DTN will focus on securing its leading position in the
alternative telecommunications market, as well as growing its
broadband internet subscriber base and expanding its activities
in the cable TV market.  DTN intends to launch its IPTV services
in the first quarter of 2008 and will begin providing triple-
play services by the end of 2008.

"We are planning to maintain our relationships with existing
clients and expand our offerings utilizing Comstar's experience
in this area.  Internet access and pay-TV services are expected
to generate the largest portion of our revenues in the next
several years," Mikhail Monastyrsky, DTN director commented.

The Krasnodar Territory and the city of Sochi are among the main
areas of Comstar's activity in the South of Russia.  The South
Branch integration strategy is aimed at increasing the existing
network resources, the building of NGN networks and the launch
of digital TV based on HDTV standards, which are expected to be
implemented in 2008.

In the first half of 2008, Comstar plans to finalize the
creation of Sochi's telecommunication infrastructure development
project in cooperation with Intellect-Telecom.  This project is
expected to be completed by 2014.

In 2008, Comstar intends to start building its Moscow-Rostov-on-
Don backbone.  This project will assist the company in reducing
its capital expenditure and also provide more attractive
broadband tariffs for customers in the Rostov region and
Krasnodar Territory.

Headquartered in Moscow, Russia, Comstar-UTS JSC --
http://www.comstar-uts.com/en/-- is the largest provider
of fixed line telecommunication services in the Moscow
metropolitan area with a population of over 10 million, 5
regions of Russia, Ukraine and Armenia.  As at Dec. 31, 2006,
Comstar had US$1.12 billion in revenues and US$428.6 million in
EBITDA (excluding US$62 million stock bonus awards).

                           *    *    *

As of Dec. 10, 2008, Comstar-United TeleSystems carries Moody's
long-term corporate family rating of Ba3 with positive outlook.

Standard & Poor's gave the company BB- on long-term foreign
issuer credit rating and BB- on long-term local issuer credit
rating.  The outlook is positive.


EVRAZ GROUP: Fitch Affirms Ratings on Planned Delong Acquisition
----------------------------------------------------------------
Fitch Ratings affirmed Luxembourg-based Evraz Group SA's Long-
term Issuer Default and senior unsecured ratings at 'BB' and
Short-term IDR at 'B'.

The affirmation follows the company's announcement that it has
agreed to purchase up to 51% of China-based, Singapore-listed
steel producer, Delong Holdings Limited.  At the same time,
Fitch has affirmed the ratings of Mastercroft Limited (Evraz's
core subsidiary with most of its assets concentrated in Russia)
at Long-term IDR 'BB' and Short-term IDR 'B'.  Evraz Securities
SA's (ES) senior unsecured rating is affirmed at 'BB'. The
Outlooks for Evraz's and Mastercroft Limited's Long-term IDRs
are Stable.

Assuming that the acquisition will be spread over 2008-2009,
Fitch expects Evraz's gross leverage to stay within the
company's internal financial target of 1.5x this year.  Fitch,
however, notes the accelerating pace of acquisitions by Evraz,
with planned Delong acquisition occurring within three months of
its acquisition of US-based Claymont Steel.  While the agency
continues to view Evraz as being committed to a prudent
financial policy, the recent acquisitions have reduced its
short-term financial flexibility and its rating headroom within
the 'BB' rating level.  Fitch will monitor the integration of
the acquired businesses and the progress of its de-leveraging
plans. The agency will look for any shift away from the
company's policy of balancing its growth ambitions with a
prudent financial profile.

Under the agreement, Evraz will initially acquire 10% of Delong
and, within the next six months, may exercise a call option to
acquire an additional 32.08% in Delong, provided certain
conditions are met, including the receipt of anti-trust
clearance by the Ministry of Commerce and the State
Administration of Industry and Commerce of the People's Republic
of China.  After this, Evraz may acquire an additional
approximate 8.97% of Delong by 2009 when restrictions placed on
this stake under existing financing arrangements are removed.

Currently, the shares to be acquired by Evraz are held by Best
Decade Holdings Limited, a Singapore-based company.  In
accordance with Singapore Code on Takeovers and Mergers, Evraz
will make a mandatory cash offer for the remaining Delong
shares.  Overall, the stake of Evraz in Delong may increase to
74% by 2009 from 51% announced as a target 2008.  The maximum
consideration payable by Evraz will be approximately USS1,105m
to be made by 2009 and partially financed by Evraz's own funds
and new borrowings.

Evraz is Russia's largest vertically integrated steel producer
by domestic output and the 13th-largest worldwide.  Through
recent acquisitions, Evraz has gained a footprint in the US,
Italy, Czech Republic and South Africa.  Its FY06 revenue was
US$8.3bn.  In H107 revenue amounted to US$6.0bn with EBITDA of
US$2.1bn.


FACTORY OF TRAILED: Asset Sale Slated for March 4
-------------------------------------------------
S. Vasilyev, the Insolvency Manager and bidding organizer for
OJSC Factory of Trailed Machinery, will open a public auction
for the company's properties at 3:00 p.m. on March 4, 2008, at:

         Gorkogo Str. 20
         Krasnoyarsk
         Russia

Interested participants have until Feb. 28, 2008, to deposit an
amount equivalent to 1% of the starting price to:

         OJSC Factory of Trailed Machinery
         Settlement Account 40702810000127371000
         LLC CB Ctromcombank
         Correspondent Account 30101810200000000816
         BIK 040407816
         GRKTs GU TsB RF
         Krasnodar
         Russia

Bidding documents must be submitted to:

         S. Vasilyev
         Zavodskaya Str. 1
         Sosnovoborsk
         Krasnoyarsk
         Russia
         Tel.: (3912) 55-36-38, 23-98-53, 23-98-42
         Fax: 21-34-22
         E-mail: ale_alena@mail.ru

The Debtor can be reached at:

         OJSC Factory of Trailed Machinery
         Zavodskaya Str. 1
         Sosnovoborsk
         Krasnoyarsk
         Russia


MAGNITOGORSK IRON: Shareholders' Meeting Slated for April 25
------------------------------------------------------------
The Board of Directors of OAO Magnitogorsk Iron and Steel Works
has decided to hold the general shareholders' meeting on
April 25, 2008.

The Board also approved of the agenda for the meeting:

    * approval of the Company's:

      -- 2007 annual report;

      -- annual financial statements, including statement of
         profit and losses; and

      -- allocation of profit, including dividend payment
         (declaration), and losses for the financial year 2007.

    * election of members to the Company's Board of Directors;

    * election of members to the Company's Internal Audit
      Commission;

    * approval of the Company’s Auditor;

    * approval of remuneration to the members of the Board of
      Directors;

    * approval of remuneration to the members of the Company's
      Internal Audit Commission;

    * approval of revised Regulations of the Board of Directors;
      and

    * approval of interested party transactions

The list of persons entitled to participate in the General
Shareholders’ meeting of the Company's shareholders will be
prepared on the basis of the Shareholders’ Register as of
3:00 p.m., March 7, 2008.

                     About Magnitogorsk Iron

Headquartered in Magnitogorsk, Russia, OAO Magnitogorsk Iron and
Steel Works -- http://www.mmk.ru/-- manufactures steel and
accounts for about 20% of all steel products sold on the
domestic market.  MMK is a major fully integrated steel making
complex encompassing all the required processes, from
preparation of iron ore materials to high added value processing
of steel.  About half of the Company's output is exported
worldwide.

                          *     *     *

As of Dec. 5, 2007, Magnitogorsk Iron and Steel Works carries
Moody's Investor's Service's Ba2 corporate family rating.
Moody's said the outlook for both ratings is stable.

Magnitogorsk Iron also carries BB Issuer Default and senior
unsecured ratings from Fitch Ratings, which said the Outlook is
Stable.

The company also carries a BB Issuer Rating from Standard and
Poor's.


MOBILE TELESYSTEMS: To Extend Product Portfolio with Microsoft
--------------------------------------------------------------
Mobile TeleSystems OJSC and Microsoft Corp. disclosed on
Feb. 11, 2008, their cooperation to deliver the new mobile
communications services for MTS customers.  The collaboration is
aimed at extending the range of products in MTS' portfolio of
value-added services.

Through this agreement, MTS and Microsoft will develop a road
map for delivering innovative services to satisfy rising demand
for data products and services throughout MTS' markets.

Initially, through MTS Connect, the company's tariff class
dedicated to data transfer and mobile Internet access, MTS and
Microsoft plan to introduce Windows Vista-based notebook PCs,
which offer built-in mobile broadband access, and make available
to customers through a subscription payment model.

At prices substantially less than current laptops with embedded
3G technologies, MTS will bring to market a best-in-class
proposition featuring an innovative laptop design, a variety of
tariff plans to address a wide array of users, customer service
and support, and equipment fully tested and certified to meet
MTS customers' high expectations.  The subscription PC program
is expected to be available to MTS consumers in June 2008.

"Our engagement with Microsoft allows us to fulfill our brand
promise of delivering more for our customers," Cynthia Gordon,
vice president and chief marketing officer for MTS said.
"Customers of all types will be able to choose a bundled mobile
broadband service at a price that fits their budget.  The
introduction of Microsoft's innovative products will enable our
customers to further create for themselves a unique customer
experience."

Martha Bejar, corporate vice president for the communications
sector at Microsoft added, "Our co-operation with MTS represents
a mutual desire  to deliver the best in mobile services, whether
that's business users demanding mobile data services or
consumers looking for the latest in connected communications and
entertainment."

"The breadth of operator-enabled services that Microsoft has
available today opens up a huge opportunity for MTS to deliver
exciting experiences to their subscribers. And for Microsoft,
MTS represents a significant channel to market for our software
and services to give more people access to better mobile
technology," Ms. Bejar said.

MTS and Microsoft are focused on making mobile broadband PCs
relevant, affordable and accessible to all MTS subscribers with
the offering first planned for roll-out in metropolitan areas in
Russia before extending to other countries across the region.

This service offering follows Microsoft's and MTS' support of
the GSMA mobile broadband computing initiative to drive adoption
of mobile broadband services by mass-market PC buyers.

It ensures subscribers can choose the right PC form factor,
price, bundled services, and out-of-the-box experience that is
best suited for their requirements, while facilitating truly
ubiquitous PC connectivity.

                   About Mobile TeleSystems

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

                         *      *      *

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

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


MTS-COMPLECT: Court Names S. Chizhov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Orel appointed S. Chizhov as Insolvency
Manager for OJSC MTS-Complect.  He can be reached at:

         S. Chizhov
         Post User Box 706
         308033 Belgrod-33
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-4373/07-16b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC MTS-Complect
         Privokzalnyy
         Zalegosh
         303567 Orel
         Russia


NOMOS-BANK: Fitch Takes Rating Action on RUR3 Billion Bond
----------------------------------------------------------
Fitch Ratings assigned NOMOS-Bank's RUB3bn 1,092-day bond series
8 issue a National Long-term rating of 'A-(A minus)(rus)'.

Nomos is rated Long-term Issuer Default (IDR) 'B+' with a Stable
outlook, Short-term IDR 'B', Individual 'D', Support '5' and
National Long-term 'A-(A minus)(rus)' with a Stable Outlook.

The bank's obligations under the issue will rank at least
equally with all its other senior unsecured creditors, save
those preferred by relevant legislation.  Under Russian law, the
claims of retail depositors rank above those of other senior
unsecured creditors.  At end-2007, retail depositors accounted
for 14% of the bank's non-equity funding, according to the
bank's unaudited local accounts.

Nomos was among the 20-largest Russian banks with US$7.4bn of
total assets at 31 December 2007, according to statutory
accounts.  The franchise is focused primarily on serving
corporates operating in the defence, energy and mining sectors,
although a broadening of the corporate customer base is being
pursued.  The bank is among the largest bullion traders in
Russia and has strong positions in fixed-income trading.  Nomos
is ultimately controlled by a group of Russian individuals, who
include owners of the financial and industrial group ICT and
existing and former management of the bank.  The Czech PPF group
acquired a 17.7% stake in Nomos in 2007.


OIL-PROCESSING CO: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Irkutsk commenced bankruptcy
supervision procedure on LLC Oil-Processing Company (TIN
3818014778).  The case is docketed under Case No. A19-17956/
07-34.

The Temporary Insolvency Manager is:

         S. Galandin
         Office 403
         Dek. Sobytiy Str. 125
         664007 Irkutsk
         Russia

The Court is located at:  

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

The Debtor can be reached at:

         LLC Oil-Processing Company
         Kirova Str. 85a
         Ust-Kut
         665780 Irkutsk
         Russia


SPETS-STROY-SERVICE: Court Starts Bankruptcy Supervision Process
----------------------------------------------------------------
The Arbitration Court of Arkhangelsk commenced bankruptcy
supervision procedure on LLC Company Spets-Stroy-Service.  The
case is docketed under Case No. A05-12525/2007.

The Temporary Insolvency Manager is:

         V. Gorbunov
         Office 2
         Building 2
         Lomonosova Pr. 92
         163000 Arkhangelsk
         Russsia

The Court is located at:

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

The Debtor can be reached at:

         LLC Company Spets-Stroy-Service
         Dekabristov Str. 34
         Novodvinsk
         164902 Arkhangelsk
         Russia


UST’-LABINSK-SORT-SEM-OVOSH: Claims Filing Period Ends March 12
---------------------------------------------------------------
Creditors of OJSC Ust’-Labinsk-Sort-Sem-Ovosh have until
March 12, 2008, to submit proofs of claim to:

         P. Yuritsyn
         Insolvency Manager
         Post User Box 345
         115230 Moscow-230
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A32-27474/2006-27/2581-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Ust’-Labinsk-Sort-Sem-Ovosh
         Territory of sugar-refinery
         Ust’-Labusnk
         Krasnodar
         Russia


VIMPEL-COMMUNICATIONS: S&P Holds BB+ LT Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate credit rating on Russian mobile operator Vimpel-
Communications (JSC), following the successful closing of its
tender offer for Russian alternative telecoms operator Golden
Telecom Inc. (GT), in which VimpelCom acquired about 90.5% of
shares.

At the same time, VimpelCom's $2 billion senior unsecured
syndicated loan and $1.5 billion bridge loan, which have three-
year and one-year maturities, respectively, were assigned 'BB+'
ratings.  At the same time, the long-term corporate credit
rating on GT was raised to 'BB+' from 'BB', equalizing the
rating with that on VimpelCom.

The outlook on both VimpelCom and GT is stable.

In addition, the ratings on VimpelCom and GT were removed from
CreditWatch, where they had been placed on Dec. 4, 2007,
following VimpelCom's announcement that it was been in talks to
acquire GT.

"The ratings on VimpelCom were affirmed following our analysis
of the impact of the acquisition on the company's financial and
business risk profiles, as well as the extent of GT's possible
integration into VimpelCom's business, including the synergetic
effects of the integration," said Standard & Poor's credit
analyst Alexander Griaznov.

The equalization of GT's rating with that on its new parent
reflects the credit enhancement of being owned by a company with
more favorable credit characteristics, both from a business and
a financial profile standpoint.

Moreover, VimpelCom's management has already developed a
strategy for integrating GT into VimpelCom's business. The
management relies heavily on cost and revenue synergies,
confirming the strategic importance for VimpelCom of the
acquisition.  Following the transaction, VimpelCom's debt will
be nearly $6.5 billion.  

"We expect that VimpelCom's strong and continually expanding
business profile, marked by increasing economies of scale, sound
market share, and robust profitability, will continue to support
its credit profile," said Mr. Griaznov.  "The stable outlook on
GT primarily reflects that on Vimpelcom, given the equalization
of the ratings."

The ongoing uncertainty of Russia's evolving economic and
administrative environment, debt-financed investments in new
ventures and markets, such as the acquisition of GT, along with
the residual conflicts between VimpelCom's key shareholders
currently limit upside potential.  To maintain the current
rating, we expect VimpelCom to maintain a sound capital
structure to cope with these risks, including a ratio of gross
debt to EBITDA of about 2x or less.

Rating pressures may arise in connection with adverse regulatory
developments (unforeseen at this stage), a surge in competitive
pressures, or a shift in financial policy, leading to credit
ratios deteriorating beyond expectations.


VOLGA-SPIRIT: Tula Bankruptcy Hearing Slated for June 4
-------------------------------------------------------
The Arbitration Court of Tula will convene at 10:30 a.m. on
June 4, 2008, to hear the bankruptcy supervision procedure on
LLC Volga-Spirit (TIN 7709568406).  The case is docketed under
Case No. A68-9636/07-383/B.

The Temporary Insolvency Manager is:

         I. Kostina
         Apt. 52
         Zhukova Str. 20
         394077 Voronezh
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Volga-Spirit
         Stroiteley Str. 2
         Efremov
         Tula
         Russia


VORONEZHSKAYA DIARY: Creditors Must File Claims by March 12
-----------------------------------------------------------
Creditors of LLC Voronezhskaya Diary Company have until
March 12, 2008, to submit proofs of claim to:

         E. Feoktistov
         Insolvency Manager
         Post User Box 813
         308001 Belgorod-1
         Russia

The Arbitration Court of Voronezh commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A14-5455-2007 29/7b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Voronezhskaya Diary Company
         Irktuskaya Str. 1-b
         Voronezh
         Russia


YUKAMENSKIY: Court Names A. Chernov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Udmurtiya appointed A. Chernov as
Insolvency Manager for Municipal Unitary Enterprise Flax Factory
Yukamenskiy (TIN 1823000696, OGRN 1021800583430).  He can be
reached at:

         A. Chernov
         50 Let Pionerii Str. 26
         Izhevsk
         426033 Udmurtiya
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-5465/2007-G9.

The Court is located at:

         The Arbitration Court of Udmurtiya
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya
         Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise Flax Factory Yukamenskiy
         Sovetskaya Str. 33
         Yukamenskoe
         427680 Udmurtiya
         Russia


* Fitch Says Ore Price Rise Could Impact Steelmakers' Profits
-------------------------------------------------------------
Fitch Ratings commented that the 65% year-on-year increase in
the contract iron ore price agreed last week highlights a
potential divergence in profitability trends between those
producers with ownership of steel-making raw materials and those
without.

At present, Fitch does not anticipate any rating action from the
announced iron ore price increase.  The agency already considers
raw material ownership as a key differentiating factor in
assigning its ratings.  Further, most companies' financial
metrics are at present strong for their respective ratings and
could accommodate a moderate weakening in profitability.

The price increase agreed this week between Brazilian iron ore
producer, Vale ('BBB-' (BBB minus)/Positive Outlook), and
several steel companies including Japan's Nippon Steel ('A-' (A
minus)/'F2'/Stable), POSCO ('A-' (A minus)/'F2'/Stable) and
ThyssenKrupp ('BBB+'/'F2'/Stable) exceeded Fitch's previous
estimate of a 30%-50% increase.  The agreed contract price
increase reflects ongoing tightness in iron ore supply and
continuing strong demand, particularly from the Chinese steel
industry.  China is the world's largest importer of iron ore and
in 2007 imported an additional 57mt of iron ore - up 17% year-
on-year.  While no Chinese steel producer has yet agreed a
contractual settlement for the coming year, Fitch expects that
they will fall in line with the already agreed arrangements.  
Imports meet around half of Chinese demand, with the main
alternate sourcing option being even higher-priced domestic iron
ore production.

In contrast to the past two to three years when the
profitability of most steel producers closely tracked steel
price trends, 2008 is likely to see a divergence. "While we
believe the general steel price trend in 2008 will be flat to
moderately rising, steel producers who lack self-sufficiency in
the key steel-making raw materials may face margin compression
with lower year-on-year profitability," says Peter Archbold,
Director in Fitch's European Corporates group.  Fitch estimates
the dollar impact of the rise in the iron ore price to be in the
region of US$55-60 per tonne of steel.  Depending on regional
pricing trends this would require an approximate 8%-12% increase
in hot rolled coil prices to maintain product margins.

Within the EMEA region, producers with material raw material
self-sufficiency, and who are expected to fare better in the
coming year, include ArcelorMittal (45% self-sufficient in iron
ore; 'BBB'/'F2'/Positive) as well as Russian producers such as
Severstal ('BB-' (BB minus)/'B'/Positive), Evraz
('BB'/'B'/Stable) and NLMK ('BB+'/'B'/Stable).  More exposed to
the continued rise in input costs are ThyssenKrupp and MMK
('BB'/'B'/Stable), although Fitch recognises the good bargaining
position of the latter relative to its key iron ore provider.  
Several EU and CIS steel producers recently announced product
price increases of up to 12.5%.  Assuming these announced
increases "stick" in the marketplace, this also offers the
potential for producers to maintain margin and profitability
levels.

The main Japanese steelmakers and POSCO of South Korea are
likely to face margin pressure but are expected to be able to
pass on a large portion of the cost increase to their customers
as demand, especially from automobile manufacturers, is still
strong. POSCO has already raised its HRC price by 11% in
January.  In China, companies concentrating on higher-value
steel products such as Baosteel ('BBB+'/'F2'/Stable) or with
better raw material access like Angang ('BBB-' (BBB
minus)/'F3'/Positive) are expected to better withstand the cost
increase.  Moreover, the increase in the iron ore price could
hasten the closure of excess low quality steel-making capacity,
ultimately improving the demand-supply balance within the
Chinese market.


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


CABLEUROPA SAU: S&P Holds Long-Term Corporate Credit Rating at B
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Spanish cable operator Cableuropa
S.A.U. following the group's publication of its fourth quarter
2007 trading update.

At the same time, S&P affirmed the 'CCC+' long-term debt rating
on the senior unsecured debt issued by financing vehicles ONO
Finance PLC and ONO Finance II PLC and guaranteed by Cableuropa.

The outlook remains positive. At Sept. 30, 2007, Cableuropa had
EUR450 million of senior unsecured notes rated by Standard &
Poor's.

"Although competition in the Spanish telecommunication and
television markets has increased and the economic environment
has deteriorated, the ratings on Cableuropa could be raised in
2009 if operating performance is healthy, free cash flow is
positive, leverage decreases, and liquidity remains adequate,"
said Standard & Poor's credit analyst Leandro De Torres Zabala.

Competition markedly increased in 2007 in the Spanish
telecommunications and television markets and Cableuropa
experienced some disruption in the integration of Auna TLC
S.A.U. -- acquired in November 2005 -- making the year
challenging for the company.  This is reflected in lower growth
rates than expected, particularly in revenues, which decreased
by 1% (to EUR1.6 billion).

At the same time, the group was successful in growing EBITDA by
15.1% (to EUR642 million), resulting in an operating margin of
39.7%, which is close to premerger levels.  Cableuropa has also
recently confirmed its expectations of reaching positive free
operating cash flow in the fourth quarter of 2008, primarily
through lower capital expenditures and ongoing earnings growth.

Under S&P's assumptions of significantly lower capital
expenditures in 2008 the group's liquidity and funding positions
should stay adequate over the medium term.  The ratio of gross
debt to third-quarter 2007 annualized EBITDA, adjusted by
Standard & Poor's, was about 5.8x at Sept. 30, 2007.

The positive outlook reflects the possibility of an upgrade, not
before 2009, if Cableuropa performs strongly in a more
competitive market and reaches positive free cash flow
generation -- with these factors contributing to strengthening
and deleveraging its capital structure clearly below a Standard
& Poor's adjusted gross debt-to-EBITDA ratio of 5x.

"For 2008, we expect revenues to grow at low single-digit rates,
EBITDA to grow by high single-digit rates, and free cash flow to
turn positive in the fourth quarter of 2008 and negative but
lower than €100 million for the whole year," said Mr. De Torres
Zabala.  "Any upgrade in 2009 would be conditional on
maintenance of an adequate funding position at all times,
including sufficient liquidity and headroom under the covenants
of its bank facility."

Conversely, flat revenues or lower-than-expected EBITDA growth,
failure to approach free cash flow generation, deterioration in
liquidity or in covenant headroom below 10%, or major hiccups in
Cableuropa's transformation plan for Auna, during 2008, would
place the current outlook or ratings under pressure.


* Fitch May Act Selectively on UK, Irish, Spanish Lender Ratings
----------------------------------------------------------------
Fitch Ratings expects that a continued deterioration in the UK,
Spanish and Irish housing markets will place pressure on some
mortgage lenders in 2008, and selective rating actions on
specific issuers cannot be ruled out, according to three special
reports published last week.

Banks' credit losses are likely to increase from an
unsustainably strong position, but Fitch believes that
difficulties for the lenders should be contained.  Overall,
Fitch considers that residential mortgages are low risk, because
they are supported by a fragmented borrower base, high quality
collateral and positive demographic trends.  Banks in all three
markets have benefited from good economic and lending growth and
from low levels of impaired loans.  They also relaxed some
credit criteria to varying degrees.  Since August 2007, more
expensive and less easily available funding has curbed lenders'
appetites for growth and coincides with weaker house prices.  In
the near term, economic growth in these countries may be more
subdued.

In the UK, Fitch expects the recent trend of lower house prices
to continue, though the scale of this adjustment remains hard to
predict.  Fitch does not expect a collapse in UK house prices.

"A weakening housing market may place pressure on some UK
mortgage lenders, although a rebalancing of the market is likely
to offer opportunities to those with the best access to
funding," said Alexandre Birry, Director in Fitch's Financial
Institutions Group, based in London.  "Rating actions may occur
if a lender shows more vulnerability to a weakening housing
market than is currently anticipated.  In particular, the
performance of certain non-conforming residential loans in a
more difficult market represents a key uncertainty.  However, we
do not expect a wave of material downgrades among UK mortgage
lenders."

Irish banks are more exposed to real estate than most other
western European banks.  This concentration makes Irish banks
vulnerable to significant weakness in the sector.  "If the Irish
economy achieves a soft landing, which Fitch regards as the most
likely scenario, most Irish institutions should be capable of
rising to the challenge without the need for rating action,"
said Matthew Taylor, Senior Director in Fitch's Financial
Institutions Group, based in London.  "In the case of a more
severe contraction in economic growth, a wider range of rating
actions on Irish banks may be required."

In Spain, banks have significantly increased their exposure to
the real estate sector in the last 5 years making them more
vulnerable to the sector slowdown.  However, some comfort can be
taken from banks' sustained sound fundamentals backed by their
strong retail franchise, good earnings and cost efficiency,
healthy asset quality and sound risk management systems.  Fitch
sees more rating pressure on some savings banks in Spain, rather
than large and more diversified universal banks.  "Selective
negative rating actions cannot be ruled out for weaker and more
exposed institutions should the housing sector slowdown become
more severe and if the liquidity shortage in the capital markets
is prolonged," says Cristina Torrella, Director in Fitch's
Financial Institutions Group in Barcelona.  "Such actions are
most likely to be limited to banks that have displayed above-
average real estate developer loan growth in recent years,
and/or have high risk concentrations, particularly in individual
entities."


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


AURAMED INTERNATIONAL: Creditors Must File Claims by Feb. 29
------------------------------------------------------------
Creditors of JSC AURAMED INTERNATIONAL have until Feb. 29, 2008,
to submit their claims to:

         Gilbert Pfeiffer
         Liquidator
         Tulpenstrasse 27
         8051 Zurich
         Switzerland

The Debtor can be reached at:

         JSC AURAMED INTERNATIONAL
         Zurich
         Switzerland


CAVITEC JSC: Creditors' Liquidation Claims Due by March 31
----------------------------------------------------------
Creditors of JSC Cavitec have until March 31, 2008, to submit
their claims to:

         JSC Santex Holding
         Fliegeneggstrasse
         9555 Tobel TG
         Switzerland

The Debtor can be reached at:

         JSC Cavitec
         Munchwilen TG
         Switzerland


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

         JSC F. Studer
         Lusselmattweg 3
         4222 Zwingen
         Laufen BL
         Switzerland


G + M GERUSTBAU: Creditors' Liquidation Claims Due by Feb. 28
-------------------------------------------------------------
Creditors of LLC G+M Gerustbau have until Feb. 28, 2008, to
submit their claims to:

         Gojko Kovacevic
         Liquidator
         Kornfeldstrasse 3
         4563 Gerlafingen
         Wasseramt SO
         Switzerland

The Debtor can be reached at:

         LLC G+M Gerustbau
         Gerlafingen
         Wasseramt SO
         Switzerland


JOHANN WIESER: Creditors' Liquidation Claims Due by Feb. 28
-----------------------------------------------------------
Creditors of LLC Johann Wieser Bodenbelage have until Feb. 28,
2008, to submit their claims to:

         JSC LLK Treuhand
         Liquidator
         Steinenring 8
         4051 Basel
         Switzerland

The Debtor can be reached at:

         LLC Johann Wieser Bodenbelage
         Basel
         Switzerland


MOULIN & CIE: Creditors' Liquidation Claims Due by Feb. 28
----------------------------------------------------------
Creditors of JSC Moulin & Cie have until Feb. 28, 2008, to
submit their claims to:

         Olivier-J. Moulin
         OM Management & Services
         Tellenmattstrasse 23
         6317 Oberwil b. Zug
         Switzerland

The Debtor can be reached at:

         JSC Moulin & Cie
         Zug
         Switzerland


NEVANEX LTD: Creditors' Liquidation Claims Due by March 14
----------------------------------------------------------
Creditors of Nevanex Ltd have until March 14, 2008, to submit
their claims to:

         Thomas Giller
         Liquidator
         Hauptstrasse 40
         4451 Wintersingen
         Sissach BL
         Switzerland

The Debtor can be reached at:

         Nevanex Ltd
         Basel
         Switzerland


PA PAPIER: Creditors' Liquidation Claims Due by Feb. 28
-------------------------------------------------------
Creditors of JSC PA Papier-Anlagenbau have until Feb. 28, 2008,
to submit their claims to:

         JSC Experfina
         Liquidator
         Steinengraben 40
        4051 Basel
         Switzerland

The Debtor can be reached at:

         JSC PA Papier-Anlagenbau
         Basel
         Switzerland


RIDA LLC: Creditors' Liquidation Claims Due by Feb. 29
------------------------------------------------------
Creditors of LLC Rida Ltd have until Feb. 29, 2008, to submit
their claims to:

         Daniel Clement
         Liquidator
         Schurstalden 19
         1736 St. Silvester
         Sense FR
         Switzerland

The Debtor can be reached at:

         LLC Rida
         St. Silvester
         Sense FR
         Switzerland


SOMENTE HANDEL: Creditors' Liquidation Claims Due by Feb. 28
------------------------------------------------------------
Creditors of JSC Somente Handel have until Feb. 28, 2008, to
submit their claims to:

         JSC Conreva
         Liquidator
         Geigenmuhlestrasse 5
         8173 Neerach
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         JSC Somente Handel
         Zug
         Switzerland


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


BANK TURANALEM: Changes Name to BTA Bank JSC
--------------------------------------------
In connection with rebranding Bank TuranAlem JSC passed the
procedure of re-registration in Registration Committee of
Ministry of Justice of the Republic of Kazakhstan and received
respective Certificate No. 3903-1900-??, which changed its name
to BTA Bank JSC.

Bank launched rebranding campaign in November 2007.  It is a
milestone in its development strategy which provided for
creation of prosperous international banking conglomerate.  So,
the members of the banking conglomerate will be conjoined not
only by brand but also by unitary standards of business conduct
and unified approach to the customers.  The Bank initiated the
process of signing the new brand runtime license with members of
conglomerate and partner banks in CIS.

"Now we initiate the full-scale rebranding in Kazakhstan and in
countries of our presence," said Roman Solodchenko, the Chairman
of the Management Board of BTA Bank JSC.

Redesigned billboards will replace old ones in busy places and
on the main buildings of BTA Bank JSC.  A roof billboard with
logo on head office building in Samal will be the first to
undergo the charge.

During 2008 ATMs, cash-in terminals and currency exchange
terminals will be also branded.

The corporate Web site of BTA Bank JSC is being redesigned.  The
new version is not only different from existing one not only by
new design, but also by data management system that makes the
new website more efficient.

The previous brand, Bank TuranAlem JSC, has gained reliable
reputation and has made a success in all business directions of
the Bank in local and international markets.  The Bank faces the
foreground challenge: to preserve its many years' experience and
to continue its dynamic development.  Relooking "BTA Bank" JSC
intends to become a leading financial institution in CIS and to
enter the international market.

                    About Bank TuranAlem

Headquartered in Almaty, Kazakhstan, JSC Bank TuranAlem --
http://bta.kz/en/-- is among biggest banks and leader in
creation of banking network in CIS.

BTA operating in the CIS and far-abroad countries is expanding
into the CIS countries.  Activities of its strategic bank
partners cover Ukraine, 4 regions in Russia, Belarus, Georgia,
Armenia, Kyrgyzstan and Turkey.  BTA runs its representative
offices in Russia, Ukraine, China and the United Arab Emirates.

In Kazakhstan, BTA's network consists of 22 branches and 256
cash settlement units.

                          *     *     *

As reported in the TCR-Europe on Dec. 19, 2007, Standard &
Poor's Ratings Services revised its outlook on Bank TuranAlem
(BB/B) to negative from stable.

Bank TuranAlem carries Long-term foreign currency IDR at BB+
from Fitch Ratings, which said the Outlook was Stable.

The company also carries Ba1 Foreign Currency Subordinate Debt
Ratings, Ba2 Foreign Currency Junior Subordinate Debt Rating and
D- Bank Financial Strength Rating from Moody's Investor Service.


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


GORYN-INVEST LLC: Creditors Must File Claims by March 3
-------------------------------------------------------
Creditors of LLC Goryn-Invest (code EDRPOU 31430740) have until
March 3, 2008, to submit written proofs of claim to:

         The Economic Court of Rivne
         Yavornitskiy Str. 59
         33001 Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 17, 2008.  
The case is docketed under Case No. 9/63.

The Debtor can be reached at:

         LLC Goryn-Invest
         Apartment 115
         Verbovaya Str. 44
         Rivne
         Ukraine


KOLODIANKA BACON: Creditors Must File Claims by March 3
-------------------------------------------------------
Creditors of OJSC Kolodianka Bacon (code EDRPOU 05437701) have
until March 3, 2008, to submit written proofs of claim to:

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

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 18, 2007.  
The case is docketed under Case No. 7/189b.

The Debtor can be reached at:

         OJSC Kolodianka Bacon
         Kolodianka
         Zhytomir
         Ukraine


MAGNUS LLC: Creditors Must File Claims by March 3
-------------------------------------------------
Creditors of LLC Magnus (code EDRPOU 32163262) have until
March 3, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 30, 2008.  
The case is docketed under Case No. 23/28-b.

The Debtor can be reached at:

         LLC Magnus
         Artem Str. 14
         04050 Kiev
         Ukraine


MINUET LLC: Creditors Must File Claims by March 3
-------------------------------------------------
Creditors of LLC Versatile Commerce Enterprise Minuet (code
EDRPOU 34601914) have until March 3, 2008, to submit written
proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 30, 2008.  
The case is docketed under Case No. 23/18-b.

The Debtor can be reached at:

         LLC Versatile Commerce Enterprise Minuet
         Krasnozvezdny Avenue 128
         03118 Kiev
         Ukraine


ODESSKOYE LLC: Claims Filing Deadline Set March 3
-------------------------------------------------
Creditors of LLC Odesskoye (code EDRPOU 30480700) have until
March 3, 2008, to submit written proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         UkraineTHE ECONOMIC COURT OF ODESSA
         65009 Odessa, Shevchenko Avenue 29

The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
3-24-2/6-06-298.

The Debtor can be reached at:

         LLC Odesskoye
         Polevaya Str. 28
         Krasnoselka
         67560 Odessa
         Ukraine


OLAM-INVEST LLC: Creditors Must File Claims by March 3
------------------------------------------------------
Creditors of LLC Olam-Invest (code EDRPOU 34580575) have until
March 3, 2008, to submit written proofs of claim to:

         The Economic Court of Rivne
         Yavornitskiy Str. 59
         33001 Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 16, 2008.  
The case is docketed under Case No. 4/43.

The Debtor can be reached at:

         LLC Olam-Invest
         Apartment 52
         Yubileynaya Str. 11
         Rivne
         Ukraine


REMINO LLC: Creditors Must File Claims by March 3
-------------------------------------------------
Creditors of LLC Commerce Firm Remino (code EDRPOU 34614677)
have until March 3, 2008, to submit written proofs of claim to:
         
         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 30, 2008.  
The case is docketed under Case No. 23/19-b.

The Debtor can be reached at:

         LLC Commerce Firm Remino
         L. Ukrainka Boulevard 5-A
         01133 Kiev
         Ukraine


SLAVUTA WOLLEN-GOODS: Claims Filing Deadline Set March 3
--------------------------------------------------------
Creditors of CJSC Slavuta Wollen-Goods Factory (code EDRPOU
00307081) have until March 3, 2008, to submit written proofs of
claim to:

         Leonid Gritsay
         Temporary Insolvency Manager
         Kotsiubinsky Str. 12
         Starokonstantinov
         Hmelnitskiy
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 2/387-B.

The Court is located at:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskij
         Ukraine


VECTOR-7 LLC: Creditors Must File Claims by March 3
---------------------------------------------------
Creditors of LLC Vector-7 (code EDRPOU 32311113) have until
March 3, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 30, 2008.  
The case is docketed under Case No. 23/27-b.

The Debtor can be reached at:

         LLC Vector-7
         Apartment 219
         Illinskaya Str. 12
         04070 Kiev
         Ukraine


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


2K2 ELECTRONIC: Appoints Joint Administrators from Menzies
----------------------------------------------------------
Andrew Gordon Stoneman and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint administrators of
2K2 Electronic Services Ltd. (Company Number 04308745) on
Feb. 11, 2008.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--  
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

          2K2 Electronic Services Ltd.
          Castle Works
          Castle Road
          Wroxall
          Ventnor
          Isle of Wight
          PO38 3DS
          England
          Tel: 01983 853 635
          Fax: 01983 853 956


ABITIBIBOWATER INC: Reschedules Release of 2007 Results
-------------------------------------------------------
AbitibiBowater Inc. rescheduled the release of its financial
results for the fourth quarter and full year ended Dec. 31, 2007
and the associated conference call until February 28, 2008.

The company is taking additional time to finalize its results as
they represent the first period of combined operations of
Abitibi-Consolidated Inc. and Bowater Incorporated since the
completion of their combination in the fourth quarter of 2007.

The company was originally scheduled to issue its fourth quarter
results and host a conference call last Wednesday, Feb. 20,
2008.

                     About AbitibiBowater

AbitibiBowater Inc. -- http://www.abitibibowater.com/--
(TSX,NYSE: ABH) produces a wide range of newsprint and
commercial printing papers, market pulp and wood products.  It
is the eighth largest publicly traded pulp and paper
manufacturer in the world.  Following the required divestiture
agreed to with the U.S. Department of Justice, AbitibiBowater
will own or operate 27 pulp and paper facilities and 35 wood
products facilities located in the United States, Canada, the
United Kingdom and South Korea.  Marketing its products in more
than 90 countries, the company is also among the world's largest
recyclers of newspapers and magazines, and has more third-party
certified sustainable forest land than any other company in the
world. The Company's shares trade under the stock symbol ABH on
both the New York Stock Exchange and the Toronto Stock Exchange.


ABITIBIBOWATER INC: Fitch Cuts Issuer Default Rating to CCC
-----------------------------------------------------------
Fitch Ratings has downgraded AbitibiBowater Inc. (NYSE: ABH) and
subsidiaries as:

Abitibi-Consolidated Inc. (ABY)

    -- IDR to 'CCC' from 'B-';
    -- Senior unsecured debt to 'CCC/RR4 from 'B-/RR4';
    -- Secured revolver to 'CCC+/RR3' from 'B/RR3'.

Bowater Incorporated (BOW)

    -- IDR to 'CCC' from 'B-';
    -- Senior unsecured debt to 'CCC/RR4' from 'B-/RR4';
    -- Secured revolver to 'B/RR1' from 'BB-/RR1'.

Bowater Canadian Forest Products Inc. (BCFP)

    -- IDR to 'CCC' from 'B-';
    -- Senior unsecured debt to 'B-/RR2' from 'B+/RR2;
    -- Secured revolver to 'B/RR1' from 'BB-/RR1'.

All ratings have been placed on Rating Watch Negative.

Fitch has also assigned a 'CCC' IDR to ABH.

Behind the downgrades of ABY, BOW and BCFP are the mounting
pressures that the ABH family of companies is facing in its
centerpiece industry, newsprint, and in its lumber business.  
The decline in North American demand for newsprint, approaching
12% in 2007, continues to outpace ABH's capacity closures and
curtailments, and there seems to be no foreseeable bottom to
newsprint demand in the near future.

The success that ABH and other industry members are having in
raising newsprint and other paper grade prices will benefit
operating margins and needed cash flow in quarters to come, as
will the implementation of 'best practices' and further
improvements in ABH's mill system.  However, these efforts
cannot compete with the long-term structural shift from printed
to electronic media for advertising and entertainment and the
loss of newsprint volumes and consequent cash flow.  Also
testing the limits of ABH's financial resources has been the
very weak U.S. housing market, which has sent lumber prices to
historical lows, and government export duties, which in concert
with a weak U.S. dollar is draining ABH's cash resources at a
critical time.  Fitch believes alternate solutions for ABH's
business mix would be costly and would likely put additional
stress on the company's finances.

Liquidity is becoming an increasing concern for ABY.  The
company's principal revolving credit agreement and accounts
receivable securitization programs mature in the fourth quarter
of 2008 (over $1.1 billion) in addition to earlier maturities of
the company's 6.95% notes ($200 million in April 2008) and 5.25%
notes ($150 million in June 2008).  ABY also has to contend with
an expiring waiver of a financial test (interest coverage) in
its bank agreement which by the end of the second quarter 2008.  
Fitch believes ABY's ability to refinance all or a portion of
these obligations under presently tight credit market conditions
would be difficult and is the key reason for the Rating Watch
Negative.

ABY and BOW combined produce around 5.7 million tonnes of
newsprint per year as well as supercalendered and specialty
papers, light-weight coated papers, pulp and lumber plus other
wood products from some 32 pulp and paper mills and 35 sawmill
and wood products facilities. Combined pro forma revenues from
ABY and BOW last year totaled $7.7 billion.


BRITISH AIRWAYS: Enters Conciliation Process Over Strike Action
---------------------------------------------------------------
British Airways plc and the British Airline Pilots Association
have agreed to begin a conciliation process with an independent
third party over the airline's plans to launch its new EU/US
subsidiary airline, OpenSkies.

This follows BALPA's announcement of a ballot in favor of taking
industrial action.  Both sides have expressed their strong
desire to achieve a peaceful outcome.

"We are confident that a settlement can be achieved through
conciliation," BA said.  "We understand that any threat of
industrial action is unsettling for our customers.  Our priority
is to protect our customers from the possibility of disruption."

Meanwhile, all British Airways flights continue to operate
normally.  

                      Strike Action Ballot

On Thursday, February 21, 2008, British Airways pilots have
voted overwhelmingly for strike action.  Such action would be
the first for nearly 30 years and would effectively ground BA
worldwide.

The dispute centers on BA's proposed new subsidiary airline
OpenSkies which will fly passengers from mainland European
capitals to the USA.  BALPA supports the growth of BA and the
launch of the OpenSkies service but opposes BA's intention to
use lower paid pilots recruited from outside.  BA plans to keep
their wages low even when OpenSkies becomes profitable.  BA
pilots also fear that BA management will use the lower paid
OpenSkies pilots as a trojan horse to force down their own pay
and conditions.

"We have seen it happening around the world," Jim McAuslan,
general secretary of BALPA, which represents over 3,000 of BA's
pilots, said.  "BA pilots are determined not to let the same
thing happen to them and to their families.  That is why BALPA
has drawn a line in the sand."

BA pilots voted 86% in favor of strike action in a massive 90%
poll.  There was a huge amount of debate during the ballot with
both BALPA and BA management encouraging members to vote.  Both
sides knew the importance of the decision.

"And BA pilots are saying loud and clear that they will not
tolerate what has happened elsewhere," Mr. McAuslan added.

"What BA pilots want is to have one pilot community for both the
mainline and the OpenSkies subsidiary, with the same
professional standards, equal opportunities for pilots to move
from mainline to OpenSkies and from OpenSkies to mainline, fair
promotion prospects and a safeguarding of BA mainline pilots pay
and conditions by the company giving us binding agreements."

                      About British Airways

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

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

                        *     *     *

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


CHRYSLER LLC: Plastech to Continue Supplying Parts Until Feb. 27
----------------------------------------------------------------
Plastech Engineered Products Inc. and its debtor-affiliates, and
Chrysler LLC have agreed to an extension of their interim
production agreement, under which Plastech will continue to
manufacture and deliver component parts to Chrysler until
Feb. 27, 2008.

Pursuant to the initial interim agreement between the parties:

  -- Chrysler was obligated to make certain payments to
     Plastech in conjunction with the continued production of
     component parts; and

  -- The Debtors are to allow BBK, as agents for Chrysler, to
     have supervised access to Plastech facilities for the
     purpose of inspecting and conducting an inventory of all
     tooling used for Chrysler production.

The parties reached the interim agreement before the U.S.
Bankruptcy Court for the Eastern District of Michigan denied
Chrysler LLC's request to pull out the tooling equipment from
Plastech's plants.

                   About Plastech Engineered

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

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

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

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

As of Dec. 31, 2006, the company's books and records reflected
assets totaling US$729,000,000 and total liabilities of
US$695,000,000.  (Plastech Bankruptcy News, Issue No. 7;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                      About Chrysler LLC

Based in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 13,
2007, Standard & Poor's Ratings Services affirmed its 'B'
corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.  
S&P said the outlook is negative.


CHRYSLER LLC: Plastech Needs Tooling to Keep Afloat, Court Says
---------------------------------------------------------------
The Honorable Phillip Shefferly of the U.S. Bankruptcy Court for
the Eastern District of Michigan said in a court opinion that
Plastech Engineered Products Inc. and its debtor-affiliates
needed to keep the tooling equipment to help faciliate their
reorganization.

As reported in the Troubled Company Reporter-Europe on Feb. 21,
2008, Chrysler LLC commented that it was disappointed at the
decision.  Chrysler claimed that in exchange for financial
accommodations to Plastech, the Debtor agreed that all tooling
-- machinery and equipment Plastech uses in manufacturing 500
component parts for Chrysler's automobiles -- are property of
Chrysler.  It contended it is entitled to recover the tooling
after it terminated its supplier contracts with Plastech
prepetition.

Plastech, however, asserted that Chrysler is prohibited by the
U.S. Bankruptcy Code from seizing the equipment, most of which
are also used in manufacturing component parts for other
customers, which include General Motors Corporation, Ford Motor
Company and Johnson Controls, Inc.  Plastech also warned it
would lose 15% of its annual revenues if Chrysler is allowed to
take possession of the tooling.  Chrysler accounts for about
US$200,000,000 from Plastech's annual sales of approximately
US$1,200,000,000 to US$1,300,000,000.

                   Feb. 14 and 15 Hearings

The Court said it carefully considered the briefs filed by
Chrysler, the Debtors and other parties-in-interest, as well as
the testimony of the eight witnesses presented by Plastech and
Chrysler, and the exhibits introduced into evidence.

1) All Tooling Bound by Automatic Stay

Section 362(a) of the Bankruptcy Code operates as a stay with
respect to "any act to obtain possession of property of the
estate or of property from the estate or to exercise control
over property of the estate."

The Court affirmed the Debtors' contentions that the automatic
stay applies to both the tooling paid by Chrysler and the
tooling that Chrysler has not paid for.  Chrysler paid over
US$167,000,000 for tooling, and but owes US$13,400,000 with
respect to some of the tooling utilized by Plastech to make
parts for Chrysler.  "Even assuming that the Debtor has only a
possessory interest in the tooling paid for by Chrysler, that is
a sufficient interest by itself to cause the application of the
automatic stay," Judge Shefferly said.

2) Balancing of Interests Favor Plastech

Chrysler explained it will suffer economic harm if the stay is
not lifted under Section 362(d)(1).  But Plastech also showed it
will suffer economic harm if the Court rules in favor of
Chrysler.

Richard Smidt, senior manager of material supply operations at
Chrysler, testified that if the said tools are not delivered to
Chrysler by the end of their current interim agreement
(currently Feb. 27, 2008), it could be as little as five hours
before Chrysler would see disruptions in its assembly lines,
which would be followed by lay offs and, ultimately, substantial
damages to Chrysler.

On the other hand, if Chrysler is permitted to take possession
of the tooling, many of the Debtors' plants will have to be
promptly shut down.  Mathew Demars, Plastech's president of
interior and exterior business units, testified that of the
company's 36 manufacturing facilities, 21 produce parts for
Chrysler.  Of the 21, two are entirely engaged in making parts
for Chrysler and another 9 of them have 25% or more of Chrysler
revenue as part of their operating structure.  The cost to close
these plants is US$8,000,000 to US$9,000,000 per facility
according to Mr. Demars.

The Court also noted that many parties will be greatly affected,
if not destroyed, by a lift of the automatic stay at this point
in the Chapter 11 case, which is in its infancy.  Aside from
their 7,700 employees and secured creditors asserting claims
over the Debtors' assets, General Motors, Ford, and JCI depend
on the Debtors' business, for component parts.  "Chrysler's
rights and interests are valid and important, but so are those
of the Debtor and the other constituents in this case," Judge
Shefferly said.

After considering evidence, including the impact upon different
parties, the Court concluded that Chrysler has not met its
burden of proof to demonstrate "cause" to lift the automatic
stay under Section 362(d)(1).

3) Tooling Necessary for Plastech's Reorganization

The Court also took into consideration Section 362(d)(2), which
allows the lifting of the stay with respect to property if (A)
the debtor does not have an equity in the property; and (B) the
property is not necessary to an effective reorganization.

Judge Shefferly held that evidence demonstrates that Plastech
does not have any equity in the tooling that Chrysler has paid
for.  He noted that even without the express provisions of the
tooling acknowledgment in the First and Second Accommodation
Agreements, the Debtor still has no equity in the tooling paid
for by Chrysler.

The Court, however, was convinced that if Chrysler takes
immediate possession of the tooling, the Debtor will not be able
to continue to provide parts uninterrupted to its other major
customers and therefore any prospect of an effective
reorganization will be lost.  Donald MacKenzie, the Debtor's
financial advisor from Conway MacKenzie & Dunleavy, testified
that as of February 1, 2008 (when Chrysler delivered its
termination letter to Plastech), the Debtor still had, among
other things, a proven capability to produce component parts,
with substantial customers, significant contracts, a strong work
force and a supportive group of lenders.

4) Chrysler Would Have Recovered Tooling Absent Plastech's
Chapter 11

Judge Shefferly said he does not share some of the parties'
views that Chrysler's conduct was "over reaching," and
"precipitous," and that its damages, if any, are "self
inflicted."

Judge Shefferly stated Chrysler took actions that it believed
were in its best interest and consistent with its contractual
provisions when it sent the Feb. 1, 2008 letter and filed suit
in the Wayne County Circuit Court.  "Had the Debtor not filed
Chapter 11, Chrysler's exercise of those rights might now be
concluded.  But the larger point here is that the Debtor did
file a Chapter 11 case and exercised a legitimate right that it
has under the law in doing so."

                   About Plastech Engineered

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

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

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

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

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.  (Plastech Bankruptcy News, Issue No. 7;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


                      About Chrysler LLC

Based in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 13,
2007, Standard & Poor's Ratings Services affirmed its 'B'
corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.  
S&P said the outlook is negative.


CHRYSLER LLC: Magna's Hopes of Acquiring Tooling Fade
-----------------------------------------------------
Magna International Inc. apparently did not get its wish of
acquiring a huge chunk of tooling equipment from Plastech
Engineered Products Inc. and its debtor-affiliates' plants,
after the Honorable Phillip Shefferly of the U.S. Bankruptcy
Court for the Eastern District of Michigan stopped Chrysler LLC
from grabbing the tooling.

As reported in the Troubled Company Reporter-Europe on Feb. 21,
2008, Judge Shefferly denied Chrysler LLC's request to pull out
the tooling equipment from Plastech's plants, saying that
Plastech needs the equipment more than ever in its bankruptcy.

Before the Court decision, Chrysler LLC intended to transfer the
equipment to Magna International, a Canadian counterpart of
Plastech, in order to keep the flow of production, Alex Ortolani
and Michael Ramsey of Bloomberg News report, citing the
automaker's planning documents.

An analyst commented that Magna, with the additional equipment,
could improve production in its plants, and could charge
Chrysler with higher rates for its parts than Plastech,
Bloomberg relates.  "Magna becomes the obvious choice here
because they have had a long-term very good relationship with
Chrysler," Bloomberg quotes the analyst as saying.  "It would be
hard for me to believe that Magna is doing it at the same price
that Plastech was doing it."

Spokespeople for Chrysler declined to comment to Bloomberg since
the information was confidential.

                   About Plastech Engineered

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

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

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

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

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.  (Plastech Bankruptcy News, Issue No. 7;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                      About Chrysler LLC

Based in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 13,
2007, Standard & Poor's Ratings Services affirmed its 'B'
corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.  
S&P said the outlook is negative.


CRS CONTRACT: Brings In Joint Administrators from PKF
-----------------------------------------------------
Matthew Gibson and Kerry Bailey of PKF (UK) LLP were appointed
joint administrators of CRS Contract Refrigeration Services Ltd.
(Company Number 3117866) on Feb. 6, 2008.

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

The company can be reached at:

          CRS Contract Refrigeration Services Ltd.
          Chichester Road
          Romiley
          Stockport
          Cheshire
          SK6 4BL
          England
          Tel: 0161 406 9398
          Fax: 0161 406 7010


DANE PAPER: Names Joint Administrators from Moore Stephens
----------------------------------------------------------
Simon Geoffrey Paterson and David Ronald Elliott of Moore
Stephens LLP were appointed joint administrators of Dane Paper
Products Ltd. (Company Number 02211721) on Feb. 13, 2008.

Moore Stephens -- http://www.moorestephens.co.uk-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

The company can be reached at:

          Dane Paper Products Ltd.
          Rushenden Road
          Queenborough
          Kent
          ME11 5HL
          England
          Tel: 01795 669 933
          Fax: 01795 669 909
          E-mail: http://www.dane-paper.co.uk/  


DESTINATIONS ESTATE: Brings In Liquidators from Tenon Recovery
--------------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Destinations Estate
Agents Ltd. on Feb. 12 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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


EVESHAM TECHNOLOGY: PCC Intends to Sell Brand After Deal
--------------------------------------------------------
PCC Technology Limited disclosed that the restructuring of its
UK unit, Evesham Technology Limited, has been successfully
completed.

As previously reported in the Troubled Company Reporter-Europe,
the company went into administration on Aug. 3, 2007, after
being unable to replace lost revenue of GBP30 million.  The
company said that the revenue loss was due to the decision made
by the Government to axe the HCI (Home Computing Initiative) at
short notice.

In a structured deal PCC Technology acquired certain assets of
stricken Evesham from its administrators, including the Evesham
brand.  Tahir Mohsan, speaking on behalf of PCC Technology,
commented:

"We are pleased with this investment and what we have been able
to achieve, not just in terms of return on investment, but the
structuring of the deal in such a way to minimise the adverse
effects of an insolvency situation on consumers and employees
alike.  It shows just what can be achieved when issues are
approached in a sensitive commercial manner."

Notwithstanding Evesham’s administration all consumer orders
were fulfilled or deposits refunded, a marked difference to
other administration scenarios that have occurred in recent
years.  Whilst Evesham’s administrators were forced to make
redundancies upon appointment, the manner in which PCC
structured the deal enabled large numbers of staff to be
retained by Evesham for an extended period whilst its operations
were reduced in a controlled manner.

This allowed many of Evesham’s staff to actively seek
alternative employment whilst being employed, rather than being
made redundant on the day of administration.  Evesham’s
customers also received free product support until early
February.  Now that this free support has come to an end, Total
Care and Support Ltd are offering ongoing product support to
customers of Evesham Technology Limited at a subsidised monthly
rate.

Tahir Mohsan commented, "It was no longer possible for Evesham
to provide free support to its customers.  However, PCC was
conscious not to leave customers out on a limb without any
support so has negotiated reduced rates with Total Care so that
customers can take up support should they desire."

Commenting on PCC’s involvement, Richard Austin, the founder and
former Chairman of Evesham, said:

"Given the circumstances at Evesham, I feel that the best all
round outcome was achieved.  The Directors did all that they
could to save Evesham and explored every possible avenue to try
and secure the company’s future.  When it became apparent that
administration was unavoidable I am glad that PCC were able to
strike a sensible deal with the appointed administrators to
protect as many customers and employees as possible.  After all,
it was these people that made Evesham what it was."

PCC now intends to divest in its investment and is looking to
sell the Evesham brand.  Tahir Mohsan explained:

"When PCC made its investment it was always on the basis that it
would look to divest in the future.  That time has now come.
‘Evesham’ is a very established and strong brand, standing for
quality but affordable product with excellent customer care.  It
is hoped that notwithstanding the administration, the values
that the brand stands for has been protected and it is hoped
that ‘Evesham’ will continue long into the future."

The Evesham brand is currently being licensed to Geemore
Technology Limited, who has been selling Evesham branded
products since August of last year.  Tahir Mohsan explained:

"It is PCC’s objective to seek a buyer for Geemore Technology
Limited.  The Company has been offered to Richard [Austin] but
he has decided for his own reasons that this is not the right
time for him.  If a buyer cannot be found, Geemore intends to
continue but the operation may be reduced to a smaller operation
with lower overheads, in a controlled and responsible manner,
whilst ensuring that customers are not affected."

When asked about the position, Richard Austin explained:

"Despite some initial involvement with Geemore, I left the
company in January, having decided to take a break in my career
as far as IT is concerned.  Whilst the opportunity to acquire
Geemore was certainly an interesting one, the UK consumer
electronics market is exceptionally tough, as highlighted by the
poor performance figures of the DSG Group over the Christmas
period.  I guess that having spent the last 25 years in the
industry and given the past 12 months, I just don’t have the
energy required to make the most of the exciting prospect that
Geemore presents."

Whilst Mohsan said that PCC hoped to secure a buyer he insisted
that the success of the re-structuring was in no way dependant
on this.  He commented:

"What PCC wanted to demonstrate was that it could achieve a
commercial success in a re-structuring scenario whilst at the
same time looking after consumers and employees as far as
possible.  Whilst the solution was by no means perfect, PCC is
very proud of what it has been able to achieve." He added:

"Our view is that customers and staff alike should have priority
over other creditors in situations where a company has failed.
It is noteworthy that the Government itself has [last] week
acted to nationalize the Northern Rock, with one of its main
aims being the protection of customers and staff, as a standard
administration process would have caused chaos.  I am not
suggesting that the Government should step in whenever there is
an insolvency situation, but I do think that the Government
should give further consideration as to ways in which these
classes of people, who are often unaware of a businesses trading
difficulties, can be further protected when things go wrong.  
Indeed PCC would welcome engaging the Government in a
constructive dialogue on this topic.”

PCC Technology are looking forward to working constructively
with other businesses and insolvency practitioners in similar
positions to that of Evesham and to assisting in restructuring
that offers as much protection as possible to staff and
customers.

                      About PCC Technology

The company, which is managed by Tahir Mohsan, is an investment
vehicle involved in the IT and property industry across the
Europe, Middle East and Asia and has significant investments in
the IT sector totalling over $300 million.  These range from
Hardware Manufacturing and Sales, Internet Services, Software
Development and ‘Voice over IP’ Technology.  PCC aims to invest
in companies that provide good medium to long-term growth, which
can eventually be realised either through trade sales or
management buyout.

                     About Evesham Technology

Headquartered in Evesham, England, Evesham Technology Ltd. --
http://www.evesham.com/-- is a provider of computer hardware   
including desktop and notebook PCs, workstations, servers, data
storage systems, and third-party peripherals.  The company also
offers such services as consulting, network design and
integration, and technical support.  Evesham Technology has
partnerships with manufacturers including AMD, Intel, and
Microsoft.  It was founded by Richard Austin in 1983.


GLADE SOLUTIONS: Undergoing Winding-Up Procedures
-------------------------------------------------
Glade Solutions Limited is has been put in winding-up procedures
after an investigation by Companies Investigation Branch of the
Insolvency Service.

In its website, the Insolvency Service discloses that the
company started trading in June 2007 but was disrupted by CIB's
enquiry when the company was forced to stop trading.  The CIB
investigation found out that despite having a national business
operation soliciting sponsors and advertisers for two types of
publication, neither publication had been produced.  Prior to
the CIB's intervention, sponsors had paid over GBP25,000, the
website relates.

The investigation also revealed that the company traded in a
manner contrary to the public interest, and was a continuation
of other businesses previously closed down in the public
interest.

Inquiries regarding the company should be made to:

        The Official Receiver
        Public Interest Unit
        P.O. Box 326
        17 - 21 Chorlton Street
        Manchester, M60 3ZZ
        Tel: 0161 934 4182

Based in Manchester, Glade Solutions Limited sold advertising
space in safety awareness publications.


HOURGLASS DESIGN: High Court Closes Advertising Firm for Fraud
--------------------------------------------------------------
The High Court in Manchester, following an investigation by the
Companies Investigation Branch of the Insolvency Service, has
wound up Hourglass Design Limited, a company selling advertising
space in a business-to-business safety awareness booklet.

Hourglass Design, based in Manchester, carried on a business of
the type that has become known as "Support Publishing".  In this
instance Hourglass Design Ltd purported to sell advertising
space in a Safety Awareness and Advice Journal by cold-calling
small businesses.

CIB's investigation found that in 305 instances advertisers has
paid for advertisements which were not then subsequently
published by the company.

The Court found that the company was merely a continuation of
other businesses closed down in the public interest, the sole
director of the company had little knowledge of its business or
day to day operation, and that the accounting records of the
company were inadequate.

CIB have warned businesses to remain wary of anyone cold calling
asking potential customers to place adverts in wall planners,
diaries, children's fund books and drug awareness books,
magazines for emergency services personnel guides or other
publications.

The company can be reached at:

         Hourglass Design Limited
         45 Hazelhurst Drive
         Middleton
         Manchester
         M24 6TL
         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


LEEDS UNITED: Calls In Liquidators from KPMG
--------------------------------------------
Richard Dixon Fleming and Mark Firmin and Howard Smith of KPMG
LLP were appointed joint liquidators of Leeds United Association
Football Club Ltd. on Feb. 15 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


MEAD LTD: Taps Liquidators from Moore Stephens
----------------------------------------------
Colin Prescott and Nigel Price of Moore Stephens LLP were
appointed joint liquidators of Mead (SJ) Ltd. on Feb. 11 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Moore Stephens LLP
         1-2 Little King Street
         Bristol
         BS1 4HW
         England


NO CATCH: Fish Farm Placed Into Administration
----------------------------------------------  
The Shetland firm No Catch Cod Farm has gone into
administration.  Management and shareholders have been blamed
for causing the crisis.

The start-up funding was underestimated by the management and
shareholders, The Scotsman reports citing Daniel Smith of
administrators Grant Thornton UK.  According to Mr. Smith,
Milestone Capital Partners, the majority shareholder, had
reached its funding limits while advisers and management were
unable to raise additional funding.

No Catch cod Farm has 130 personnel who harvest shellfish, sea
trout and salmon in the Shetland area.  It operates 27 farms.


NORTHERN ROCK: Nationalization Bill Becomes Law
-----------------------------------------------
The Banking (Special Provisions) Bill, which seeks to
nationalize Northern Rock plc, has become a law after MPs
rejected three amendments put forward by peers, BBC News
reports.

                    Nationalization Bill

As previously stated in a TCR-Europe report, the legislation
will enable the government to acquire the bank's shares.  It
will provide for compensation to be determined by an independent
valuer.  It will allow for the running of the bank and for the
eventual transfer back into the private sector as soon as it is
right to do so.

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

The bill has deliberately been drafted to ensure that a bank can
only be acquired in certain tightly defined circumstances.  And
that power will only last for twelve months.

                      Peers' Demands

BBC relates the peers' demands include: a Bank of England audit
of Northern Rock after three months in public ownership, and
then at least annually, subjecting Northern Rock to Freedom of
Information laws, and requiring the Office of Fair Trading to
report annually to Parliament on the impact on competition in
the banking sector.

                  Freedom of Information Laws

According to Lords Conservative peer Lord Hunt, it was
"imperative" that there was sufficient transparency and
accountability over Northern Rock's operations as "its
directors' salaries and bonuses will be paid out of taxpayers'
funds", adding "the government should have nothing to fear from
the truth," BBC states.

Liberal Democrat Treasury spokesman Matthew Oakeshott, on the
other hand, claimed "making Northern Rock subject to freedom of
information requests will stop any Treasury cover-up," Jane
Wardell writes for the Associated Free Press.

However, Commons Treasury chief secretary Yvette Cooper argued
it would not be right to publish "detailed commercial sensitive
information," BBC adds.

                            Granite

The Daily Telegraph says opposition peers expressed concerns
over Northern Rock's relationship with Granite.

The government, however, declared Granite was a "special purpose
vehicle, a trust" with no claim on Northern Rock's assets, the
Independent reveals.

"Taxpayers must know the full picture at Northern Rock,
including Granite and ... dodgy unsecured loans," Mr. Oakeshott
was quoted by the AFP as saying.

As previously reported in a TCR-Europe on February 22, 2008
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 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.

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.

However 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: Fitch Says Nationalization Won't Impact Granite
--------------------------------------------------------------
Fitch Ratings said that the UK Treasury announcement on Feb. 17,
2008 to nationalise Northern Rock is unlikely to impact the
ratings of the residential mortgage-backed securities issued
from NR's Granite master trust and the notes issued by Whinstone
Capital Management Limited and Whinstone 2 Capital Management
Limited.

The advent of public ownership has had a positive influence on
the rating triggers that exist within the Granite programme,
which govern NR's role as a swap and guaranteed investment
contract provider to the Granite programme in addition to their
ability to substitute loans into the trust.

On February 19, Fitch placed NR's Long-term Issuer Default
Rating, senior unsecured debt rating and Support Rating Floor,
all at 'A-' (A minus), on Rating Watch Positive.  The Short-term
IDR was upgraded to 'F1+' from 'F1'.

However, Fitch notes the uncertainty surrounding NR's business
plan under public ownership and believes that other scenarios,
including run-off, are still possible.  "A shrinking balance
sheet, combined with the possible implementation of strict
guidelines governing its operation in mortgage markets, could
result in a further decline in origination volumes and may
ultimately encumber NR's ability to substitute loans into the
trust," says Francesca Zwolinsky in Fitch's RMBS team.

Credit performance of the underlying mortgage collateral of the
Granite trust remains strong.  As of the last investor report
for December 2007, mortgages that were at 90 days past their due
date comprised some 0.52% of the current collateral balance.  
This compares favourably with the average value for the Fitch UK
Prime Index, which currently stands at 0.61% for 90 days past
due.  While arrears performance will undoubtedly deteriorate,
exacerbated by the current financial market crisis, it will also
deteriorate for the mortgage market as a whole.  However, in
itself, an increase in arrears would not be expected to result
in negative rating action for Granite notes, given current
credit enhancement levels.

Fitch will continue to monitor the ratings of NR closely
together with the Granite and Whinstone performance and will
make further commentary when appropriate.  The agency plans to
publish a report evaluating the Granite and Whinstone
transactions in more detail this week.  


PETROLEOS DE VENEZUELA: To Operate Dacion Field with ENI
--------------------------------------------------------
Petroleos de Venezuela, S.A., and Italian state-run oil company
Ente Nazionale Idrocarburi signed an agreement to run operations
at Dacion field, in eastern Anzoategui state that became a joint
venture under PDVSA's total control.

The ceremony was attended by People's Minister of Energy and
Petroleum and PDVSA Executive Director Rafael RamIrez,
Hydrocarbons Vice-Minister Bernard Mommer and Venezuelan
Petroleum Corporation Chief Executive Officer Eulogio del Pino.  
ENI Regional Vice-President for the Americas Federico Arisi Rota
and Dacion BV Managing Director Massimo Moschini appeared on
behalf of ENI.

"We have settled the accounts linked with the conversion of the
former operational agreements into joint ventures.  In this way,
we completed the migration process of all the operational
agreements started in 2005, in line with the Full Oil
Sovereignty," said Mr. Ramirez.

He noted that the final amount for the compensation accounts for
the book value of the investments made by the multinational at
Dacion field is US$700 million.  Payment will be made within
seven years and will be backed by the cash flow of Petrosucre, a
joint venture property of PDVSA and ENI in the Gulf of Paria.  
Accordingly, 100 percent of the stock at Dacion field will be
held by PDVSA.

"The point at issue is to adjust the oil business to our legal
framework, our current regulations and the Constitution.  Here
we are, defending the interests of our people, over any
individual interest, over any global or multinational interest,"
added the PDVSA top executive officer.

Dacion BV Managing Director Massimo Moschini claimed that ENI
"never lost confidence in Venezuela."  He said that the
agreement ended with the past and was effective due to the
cooperation of both nations.  "Italy and Venezuela will be
always able to reach agreements in the future," said the
ENI CEO.  His remarks left the doors opened to new deals in the
short and medium term.

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: Needs Exxon Nod to Sell Chalmette Stake
---------------------------------------------------------------
Vice-Minister of Energy Bernard Mommer told reporters that
Petroleos de Venezuela SA must get ExxonMobil's authority to
sell its stake in US-based Chalmette refinery, owned by PDVSA
and the US oil major, published reports say.

Venezuela, as analysts predicted, has arranged a deal to give
Exxon 50% of its Chalmette assets to compensate for Exxon's
Cerro Negro assets, El Universal notes.

Mr. Mommer said in a statement that it cannot sell Chalmette
stake without Exxon's signature, adding that "Exxon has the
guarantee that 50 percent of Chalmette belongs to Pdvsa . . .
and that 50 percent is worth more than what they had in the
(Cerro Negro crude project)," Reuters relates.

According to Energy Minister Rafael Ramirez, PDVSA could sell
its stake in Chalmette, which would be more than enough to
compensate Exxon for assets in the said project, the report
adds.

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: Asks Exxon to Stop Asset Freeze Scheme
--------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA's
president and oil and energy minister Rafael Ramirez has asked
Exxon Mobil Corp. to stop judicial actions that led to the
freezing of Petroleos de Venezuela's assets in London and New
York, Venezuelanalysis.com reports.

Minister Ramirez commented to Venezuelanalysis.com, "We have
heard various messages from Exxon.  What we are asking is that
we return to the situation as it was under arbitration."

Minister Ramirez had described Exxon Mobil's arbitration process
in the International Center for Settlement of Investment
Disputes over a compensation claim for a nationalized oil joint
venture in Venezuela was "a measure that is an abuse of our
country, given that negotiations with the other companies have
moved forward within the framework of our rights and laws, and
resulted in a successful migration process".   

According to Minister Ramirez, Exxon Mobil went "beyond the
actions stipulated by international arbitration by trying to
freeze our assets in London and New York courts".

Exxon Mobil's former assets in Venezuela were worth less than
US$1 billion, contrary to its multi-billion-dollar claim,
Minister Ramirez told Venezuelanalysis.com.  He indicated that
Exxon Mobil represented the smallest investment of all
investments made by upgraders in the Orinoco Oil Belt.  In this
sense, little was invested in the country to capture the profits
of the Chalmette Refinery.

Exxon Mobil's chairperson Robert Olsen told Reuters that his
company is willing to negotiate.

However, Minister Ramirez said that Exxon Mobil's case entails a
political interest of cornering and harassing Venezuela, and for
this reason all discussions have come to an end "because we will
not accept for any company to disregard our sovereign
decisions".  Minister Ramirez also clarified that Petroleos de
Venezuela cannot be subjected to an embargo because the company
enjoys jurisdictional immunity.

Petroleos de Venezuela will challenge further asset freeze court
orders in London, the Netherlands, and the Dutch Antilles,
Venezuelanalysis.com relates.

Mr. Ramirez said that Petroleos de Venezuela is handling the
case with the pertinent responsibility and it will continue to
try by all possible means to successfully conclude this process.  
Minister Ramirez affirmed that the country's legal entities are
working in this regard, and that there are enough legal
arguments to bring legal actions against Exxon Mobil.

                      About Exxon Mobil

Exxon Mobil Corporation operates as a petroleum and
petrochemicals company.  It primarily engages in the
exploration, production, and sale of crude oil and natural gas;
and manufacture, transportation, and sale of petroleum products.

                About Petroleos de Venezuela

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.


PORTWAY PROPERTY: Hires Liquidators from Vantis
-----------------------------------------------
Peter James Hughes-Holland and Frank Wessely of Vantis Business
Recovery Services were appointed joint liquidators of Portway
Property Ltd. on Feb. 14 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England


SRT ELECTRICAL: Taps Joint Administrators from Begbies Traynor
--------------------------------------------------------------
G.N. Lee and S.L. Conn of Begbies Traynor were appointed joint
administrators of SRT Electrical Ltd. (Company Number 04279483)
on Feb. 12, 2008.

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

The company can be reached at:

          SRT Electrical Ltd.
          220 Brownedge Road
          Bamber Bridge
          Preston
          Lancashire
          PR5 6UX
          England
          Tel: 078 0877 2792


SUDBURYS PANEL: Brings In Tenon to Administer Assets
----------------------------------------------------
Stanley Donald Birkett-Coltman and Nigel Ian Fox of Tenon
Recovery were appointed joint administrators of Sudburys Panel
and Paint Ltd. (Company Number 01564789) on Feb. 11, 2008.

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

The company can be reached at:

          Sudburys Panel & Paint Ltd.
          Dorcan Way
          Swindon
          Wiltshire
          SN3 3RA
          England
          Tel: 01793 414 200
          Fax: 01793 414 201


SWIFT FM: Appoints Smith & Williamson to Administer Assets
----------------------------------------------------------
Peter W. Engel and Greg Palfrey of Smith & Williamson Ltd. were
appointed joint administrators of Swift FM Ltd. (Company Number
03741955) on Feb. 8, 2008.

Smith & Williamson -- http://www.smith.williamson.co.uk/--  
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.

The company can be reached at:

          Swift FM Ltd.
          County Gates
          Ashton Road
          Bristol
          Avon
          BS3 2JH
          England
          Tel: 01788 820 200
          Fax: 01788 820 222


TATA MOTORS: To Roll Out Nano in October, Managing Director Says
----------------------------------------------------------------
Reuters, citing Tata Motors Limited Managing Director Ravi Kant,
reported that the company will roll out in October this year the  
Nano, dubbed as the world's cheapest car at around INR1 lakh
(US$2,500).

Unveiled on Jan. 10, the four-door Nano boasts of a roomy
passenger compartment and fuel-efficient engine, among others.  
The media release for the January launching said the car will be
sold in India later this year.

"We are maintaining the schedule of car launch in the second
half of next fiscal," Reuters quoted Mr. Kant as saying.  "Plant  
equipment will arrive shortly."

Also citing Mr. Kant as source, a Business Line report said
trial production for the ultra-cheap car will start in June or
July.

                     About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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


TATA MOTORS: Starts Selling Sumo Grande in Domestic Market
----------------------------------------------------------
Tata Motors Ltd. has commenced the sale of its latest passenger
vehicle offering, the Sumo Grande, in the domestic market.  Sumo
Grande, unveiled at the Auto Expo in January this year, will be
commercially available from dealerships located in metros and
select large cities from Feb. 22, 2008, and progressively across
the country in a phased manner.

The new Sumo Grande combines the looks of an SUV with the
comforts of a family car.  It has been specifically designed to
satisfy the needs of city customers in the areas of
driveability, maneuverability and fuel efficiency.  The Sumo
Grande sports an all new styling with clean chiselled looks
mating with flowing contours.  The tall aggressive stance is
complimented by large clear headlamps, and a cutaway air dam in
the front.  The clean rear look, with the spare wheel tucked
under the body, is accentuated by attractive taillights and a
chrome overlay.

Designed with a longer wheelbase of 2550 mm (existing 2400 mm),
the Sumo Grande sports comfortable 3 row seating with best in
class third row seats.  Beige interiors are complimented by fire
and stain resistant fabric upholstery.  Dual HVAC with roof
integrated louvers ensures personalised climate adjustment for
the occupants in each row.  Power steering, power windows,
motorised ORVMs, height adjustable driver’s seat and a state of
the art CD/MP3 music system further add to the comforts and
convenience of a family traveling in the Sumo Grande.  The
vehicle is powered by the new generation 2.2 L direct injection
common rail engine, fitted with a variable geometry turbocharger
creating a perfect blend of performance and fuel efficiency.
Maximum power and torque of 120 PS and 250 Nm, coupled with high
torque levels over a wide RPM band enhance driveability in stop
start city traffic.  For a vehicle its size, the Sumo Grande is
extremely maneuverable with the turning circle radius of 5.25 m,
similar to a small car.

The Sumo Grande will be available in 3 variants -- Lx, Ex and Gx
-- all of which have two seating configurations, 6+1 and 7+1.
The vehicle will be available in 7 colours, including 4 new
shades, Sunset Orange, Zephyr Green, Mineral Red and Marine
Blue.  The Sumo Grande range is priced in the range of Rs.6.55
lakhs to INR7.49 lakh (ex-showroom, Delhi).  It comes with an
enhanced warranty of two years or 75000 km (whichever is
earlier).  An additional two years' warranty can be availed
through the extended warranty option.

                     About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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


TIF COLLECTIONS: Appoints Liquidators from Grant Thornton
---------------------------------------------------------
Kevin John Hellard and David Michael Riley of Grant Thornton UK
LLP were appointed joint liquidators of TIF Collections Ltd.
(formerly Launchfolder Ltd.) on Jan. 31 for the creditors'
voluntary winding-up procedure proceeding.

The joint liquidators can be reached at:

         Grant Thornton UK LLP
         30 Finsbury Sqaure
         London
         EC2P 2YU
         England


WEST CORP: Ratings Unaffected by Genesys Acquisition, S&P Says
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on West
Corp. (B+/Stable/--) are not affected by its offer to acquire
Genesys SA for EUR2.50 per share (US$3.68 per share) for a total
transaction value of EUR182.9 million (US$268.8 million),
excluding transaction costs.  The offer price is a premium of
50% above the closing price of Genesys' shares on Feb. 18, 2008.  
Genesys' board of directors has unanimously expressed support
for the offer and authorized the execution of a tender offer
between the two companies.  The company plans to finance the
acquisition with available cash on hand and incremental debt.
The transaction is expected to close in mid-2008.
     
Genesys is an international conferencing service provider with
significant presence in Europe and Asia.  West Corp. intends to
combine Genesys with its InterCall subsidiary.  InterCall is the
largest provider of conferencing services in North America.  
Following the transaction, InterCall will be the largest
conferencing service provider in Europe as well.  Pro forma for
the acquisition of Genesys, lease-adjusted total debt to EBITDA
was 6.4 for the 12 months ended Dec. 31, 2007.  West Corp. has
minimal near-term maturities and sufficient liquidity, with some
excess cash and substantial availability under its US$250
million revolving credit facility.  The company has been a
very active acquirer and total leverage decreased only modestly
since its 2006 LBO.  While the company still has the capacity to
make additional tuck-in acquisitions at the current rating
level, if lease-adjusted total debt to EBITDA exceeds 6.75, S&P
would consider revising the outlook to negative.

Based in Omaha, Nebraska, West Corporation --
http://www.west.com/-- provides outsourced communication  
solutions to companies, organizations and government agencies.  
West helps its clients communicate effectively, maximize the
value of their customer relationships and drive greater
profitability from every interaction.  The company's integrated
suite of customized solutions includes customer acquisition,
customer care, automated voice services, emergency
communications, conferencing and accounts receivable management
services.

The company also has operations in Australia, Canada, China,
Hong Kong, India, Jamaica, Mexico, Philippines, Singapore,
Switzerland and the United Kingdom.


WHISTLEJACKET CAPITAL: Standard Chartered Withdraws Proposals
-------------------------------------------------------------
Standard Chartered has withdrawn the conditional proposals made
to the receiver of Whistlejacket Capital Ltd., its
US$7.15 billion structured investment vehicle, on Feb. 11, 2008.

In a press release, the bank said this is as a result of a
number of factors, including the pace of continuing
deterioration in the market for certain asset classes and the
impracticality of completing any proposal within the confines of
the receivership as it has evolved.

According to Standard Chartered, it is disappointed that it has
been unable to find a viable solution to ensure flexibility for
Whistlejacket due to these changes in circumstances.

Deloitte & Touche was appointed receiver for Whistlejacket on
Feb. 11, 2008 after Whistlejacket advised that it has breached
its capital note Net Asset Value trigger of 50% as a result of a
recent fall in the market value of assets.

The breach of the NAV trigger is an enforcement event, which
requires the security trustee, BNY Corporate, to appoint a
receiver to manage Whistlejacket.  Standard Chartered Bank is
the investment manager and sponsor of Whistlejacket.

On Jan. 31, 2008, Standard Chartered announced that it intends
to provide liquidity to Whistlejacket.  As the sponsor of the
vehicle and as the appointed investment manager, Standard
Chartered's proposed funding is intended to provide operating
flexibility to Whistlejacket in the management of its high
quality asset portfolio.

In a report by Maggie Urry for the Financial Times, the receiver
decided to suspend interest payments to senior debt holders
which is expected to put those investments into default on
Feb. 21, 2008, causing rating agencies to slash their ratings.

"We will continue to look at all options, from refinancing the
whole book of assets to a run off of the assets to maturity, and
will discuss them with creditors.  We see no need for a fire
sale of these assets and remain in discussions with other
financial institutions about alternative proposals," Neville
Kahn, Deloitte partner and Whistlejacket receiver was quoted by
FT as saying.

Headquartered in London, England, Standard Chartered PLC, --  
http://investors.standardchartered.com/-- is listed on both the   
London Stock Exchange and the Hong Kong Stock Exchange, ranks
among the top 25 companies in the FTSE-100 by market
capitalization. The group has operated for over 150 years in
some of the world's most dynamic markets, leading the way in
Asia, Africa and the Middle East.  Its income and the number of
employees have more than doubled over the last five years
primarily as a result of organic growth and supplemented by
acquisitions.

Whistlejacket Capital Limited is Standard Chartered Plc's
structured investment vehicle.


WHISTLEJACKET CAPITAL: Moody's Cuts Ratings on Debt Programmes
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings assigned to
the debt programmes of Whistlejacket Capital Ltd and
Whistlejacket Capital LLC as:

Euro and US Medium Term Note Programmes – US$6.4 billion of debt
securities affected


Current Rating: B2/Not Prime

Prior Rating: Ba2 on review with direction uncertain,and
              Not Prime

Capital Note Programme of White Pine Corporation (a sub-
portfolio of Whistlejacket) – US$376 million of debt securities
affected

Current Rating: C

Prior Rating: Ca

On Feb. 12, 2008, Moody's downgraded the rating of the senior
debt programmes to Ba2 on review with direction uncertain
following the occurrence of an Enforcement Event.  The current
rating action is prompted by the declaration by the Investment
Manager, Standard Chartered, of an Insolvency Acceleration Event
on Feb. 15, 2008 (followed by the temporary suspension of
payments to senior debt investors), and the withdrawal on
Feb. 20, 2007 by Standard Chartered of all proposals to provide
liquidity support to Whistlejacket.

The B2 rating assigned to the medium term notes reflects the
likelihood of a high or full recovery upon the probable
liquidation of the collateral portfolio by the Security Trustee
as directed by the Receiver.  The over-collateralisation ratio
of senior debt is 110% by book value and 105% by market value.

The C rating assigned to the Capital Note programme of White
Pine Corporation (initially a separate vehicle that merged with
Whistlejacket in January 2006) reflects Moody's view that the
recovery amount for the notes is unlikely to exceed 25% of paid-
in capital.

Whistlejacket Capital's asset portfolio includes exposure to
Commercial Banks (30%), RMBS (12.7%), CDOs (14.4%, 4% of which
includes exposure to US Subprime RMBS), CMBS (9.5%), Student
loans (12%), Credit cards (4.5%), Monoline-wrapped ABS (8.1%),
Investment Banks (4.4%), and Other ABS 4.4%. Aaa-rated assets
represent 64.4% of the portfolio; Aa, 32.8%; and A, 2.8%.  


* Six Companies Put Under Liquidation by Court
----------------------------------------------
The Insolvency Service disclosed in its website that six
construction companies, on Feb. 20, 2008, were order into
liquidation.

The six companies, according to an investigation by Companies
Investigation Branch of the Insolvency Service, were found to be
inter-related with Mr. Mark Edward Dixon, an undischarged
bankrupt.  The investigation also revealed that three of the
companies were controlled by Mr. Dixon and all were found to
have inadequate accounting records and a complete lack of
commercial probity.

According to the Insolvency Service website, residential
building work was obtained by advertising on the internet and
approaching potential customers who had applied to local
authorities for planning permission.  A building contract price
would be agreed, and a sizable deposit taken.  Work would then
be started but then deliberately abandoned.

In ordering the companies into liquidation Mr. Registrar
Simmonds stated that: "the evidence in these cases and the
matters complained of show a strong prima facie case to wind up
the companies in the public interest, notably the cold calling
and direct approach of people who had applied for planning
permission.  Deposits would be taken, a minimal amount of work
done and they would then disappear.  The interaction of the
companies is designed for the benefit of the directors, Mr.
Dixon in particular, without any regard for commercial probity".

The six companies are;

     1. Crestmere Construction Limited at 130 Aztec, Aztec West,
        Bristol, Avon, BS32 4UP.  The sole recorded director of
        the company is Mr. Kevin Comiskey.  The secretary is HCS
        Secretarial Limited.

     2. Dovestone Construction Limited whose registered office
        at 9 Great Meadow Road, Bradley Stoke, Bristol, BS32
        8EG.  The sole recorded director of the company is Ms.
        Laura Milburn.  The secretary is HCS Secretarial
        Limited.

     3. Construction Management Development Limited located at
        Suite F, City Business Centre, Llanthony Road,
        Gloucestershire, GL2 5JH.  The sole recorded director of
        the company is Mr. Matthew Lee Higgins.  The secretary
        is HCS Secretarial Limited.

     4. CMD Construction Services Limited at Suite F, City
        Business centre, Llanthony Road, Gloucester, GL2 5JH.
        The sole recorded director of the company is Mr. Matthew
        Lee Higgins.  No secretary is shown.

     5. Protectioncoat Developments Limited at 5 Campbell Court,
        Kingsweston Lane, Bristol, BS11 OLF.  The sole recorded
        director of the company is Mr. Alan Holiday.  The
        secretary is HCS Secretarial Limited.

     6. Crestmere Developments Limited at The Quadrant, Aztec
        West, Almondsbury, Bristol, BS32 4AG.  There are no
        current recorded officers of the company.

The petitions to wind up the six companies in the public
interest were presented on Oct. 25, 2007 under the provisions of
section 124A of the Insolvency Act 1986 following confidential
enquiries carried out by Companies Investigation Branch (CIB)
under the provisions of section 447 of the Companies Act 1985,
as amended.  The six companies were then put into provisional
liquidation on Nov. 1, 2007 to protect the assets and financial
records of the companies pending determination of the petitions.

Mr. Dixon was first declared bankrupt on March 8, 1995, and then
again on Jan. 8, 2005.  As a result of his bankruptcy, he is
presently precluded from being concerned directly or indirectly
in the management of a company without leave of the court until
April 1, 2009.

In November 2006 Mr. Dixon was sentenced to 9 months
imprisonment in proceedings brought by Gloucestershire County
Council to prevent him from continuing to contravene the Supply
of Goods and Services Act 1982 and Misrepresentation Act 1967.

Inquires regarding the companies should be made to:

     The Official Receiver
     Public Interest Unit North
     P.O. Box 326
     Boulton House, 17-21 Chorlton Street
     Manchester, M60 3ZZ
     Tel No: 0161 934 4182


* Fitch May Act Selectively on UK, Irish, Spanish Lender Ratings
----------------------------------------------------------------
Fitch Ratings expects that a continued deterioration in the UK,
Spanish and Irish housing markets will place pressure on some
mortgage lenders in 2008, and selective rating actions on
specific issuers cannot be ruled out, according to three special
reports published last week.

Banks' credit losses are likely to increase from an
unsustainably strong position, but Fitch believes that
difficulties for the lenders should be contained.  Overall,
Fitch considers that residential mortgages are low risk, because
they are supported by a fragmented borrower base, high quality
collateral and positive demographic trends.  Banks in all three
markets have benefited from good economic and lending growth and
from low levels of impaired loans.  They also relaxed some
credit criteria to varying degrees.  Since August 2007, more
expensive and less easily available funding has curbed lenders'
appetites for growth and coincides with weaker house prices.  In
the near term, economic growth in these countries may be more
subdued.

In the UK, Fitch expects the recent trend of lower house prices
to continue, though the scale of this adjustment remains hard to
predict.  Fitch does not expect a collapse in UK house prices.

"A weakening housing market may place pressure on some UK
mortgage lenders, although a rebalancing of the market is likely
to offer opportunities to those with the best access to
funding," said Alexandre Birry, Director in Fitch's Financial
Institutions Group, based in London.  "Rating actions may occur
if a lender shows more vulnerability to a weakening housing
market than is currently anticipated.  In particular, the
performance of certain non-conforming residential loans in a
more difficult market represents a key uncertainty.  However, we
do not expect a wave of material downgrades among UK mortgage
lenders."

Irish banks are more exposed to real estate than most other
western European banks.  This concentration makes Irish banks
vulnerable to significant weakness in the sector.  "If the Irish
economy achieves a soft landing, which Fitch regards as the most
likely scenario, most Irish institutions should be capable of
rising to the challenge without the need for rating action,"
said Matthew Taylor, Senior Director in Fitch's Financial
Institutions Group, based in London.  "In the case of a more
severe contraction in economic growth, a wider range of rating
actions on Irish banks may be required."

In Spain, banks have significantly increased their exposure to
the real estate sector in the last 5 years making them more
vulnerable to the sector slowdown.  However, some comfort can be
taken from banks' sustained sound fundamentals backed by their
strong retail franchise, good earnings and cost efficiency,
healthy asset quality and sound risk management systems.  Fitch
sees more rating pressure on some savings banks in Spain, rather
than large and more diversified universal banks.  "Selective
negative rating actions cannot be ruled out for weaker and more
exposed institutions should the housing sector slowdown become
more severe and if the liquidity shortage in the capital markets
is prolonged," says Cristina Torrella, Director in Fitch's
Financial Institutions Group in Barcelona.  "Such actions are
most likely to be limited to banks that have displayed above-
average real estate developer loan growth in recent years,
and/or have high risk concentrations, particularly in individual
entities."


* BOND PRICING: For the Week Feb. 17 to Feb. 21, 2008
-----------------------------------------------------
Issuer                   Coupon   Maturity   Currency   Price
------                   ------   --------   --------   -----

AUSTRIA
-------
HTM Sport und
  Freizeitgerate AG       8.500    02/02/14     EUR      59.58
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      63.67
                          0.250    10/14/26     CDN      39.78
Raiffeisen Centrobank AG  9.250    12/19/08     EUR      69.42
Republic of Austria       4.000    06/22/22     EUR      75.56
                          1.740    08/04/25     EUR      67.75
                          0.000    10/10/25     EUR      66.54

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


FINLAND
-------
M-Real Serla              7.250    04/01/13     EUR      66.53
Muni Finance PLC          0.500    04/26/13     AUD      68.92
                          1.000    11/21/16     NZD      58.55
                          1.000    10/30/17     AUD      55.63
                          0.500    09/24/20     CDN      59.87
                          0.250    06/28/40     CDN      20.55

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.31
Altran Technologies S.A.  3.750    01/01/09     EUR      11.96
Calyon                    6.000    06/18/47     EUR      46.93
CAP Gemini S.A.           2.500    01/01/10     EUR      52.77
                          1.000    01/01/12     EUR      46.42
Club Mediterranee S.A.    3.000    11/01/08     EUR      65.96
                          4.375    11/01/10     EUR      47.09
Europcar Groupe SA        8.130    05/15/14     EUR      68.55
Groupe Vial S.A.          2.500    01/01/14     EUR      34.18
Havas S.A.                4.000    01/01/09     EUR      10.60
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR      00.50
Ingenico                  2.750    01/01/12     EUR      16.35
Maurel & Prom             3.500    01/01/10     EUR      20.44
Publicis Group            0.750    07/17/08     EUR      28.75
                          1.000    01/18/18     EUR      42.09
Rhodia S.A.               0.500    01/01/14     EUR      38.31
Scor S.A.                 4.125    01/01/10     EUR       2.05
Soc Air France            2.750    04/01/20     EUR      24.17
Soitec                    4.625    12/20/09     EUR       5.52
Tereos Europe S.A.        6.380    04/15/14     EUR      69.92
Theolia S.A.              2.000    01/01/14     EUR      21.67
Valeo                     2.375    01/01/11     EUR      44.11
Vivendi Universal S.A.    1.750    10/30/08     EUR      30.56
Wavecom S.A.              1.750    01/01/14     EUR      21.59
Wendel Invest S.A.        2.000    06/19/09     EUR      44.20

GERMANY
-------
KfW Bankengruppe          0.500    10/30/13     AUD      66.76
                          0.500    12/19/17     EUR      68.33
                          8.000    08/10/30     EUR      71.46
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      43.47
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      56.90


GREECE
------
Hellenic Republic         0.628    07/13/20     EUR      65.68

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      50.21

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      49.73
                          0.250    07/08/33     CDN      28.01
Magnolia Finance IV Plc   1.050    12/20/45     US$      25.54
Ono Finance II            8.000    05/16/14     EUR      72.67

ITALY
-----
Risanamento S.p.A.        1.000    05/10/14     EUR      60.35
Telecom Italia S.p.A.     5.250    03/17/55     EUR      70.11

LUXEMBOURG
----------
Nell AF S.A.              8.380    08/15/15     EUR      71.34
Sonata Securities S.A.    1.000    03/10/08     EUR      68.16


NETHERLANDS
-----------
ABN Amo Bank B.V.         6.250    06/29/35     EUR      65.88
Biopetrol Finance B.V.    4.000    02/21/12     EUR      72.85    
BK Ned Gemeenten          0.500    06/27/18     CDN      65.42
                          0.500    02/24/25     CDN      47.46
EM.TV Finance B.V.        5.250    05/08/13     EUR       4.65
Gerling Global N.V.       6.630    08/16/21     EUR      66.51
Hypo Real ES Finance      5.500    08/20/08     EUR      42.79
IVG Finance B.V.          1.750    03/29/17     EUR      74.08
Lehman Bros TSY B.V.      6.000    02/15/35     EUR      66.12
                          8.250    03/16/35     EUR      55.50
                          7.000    05/17/35     EUR      61.08
                          7.250    10/05/35     EUR      55.88
                          6.000    11/02/35     EUR      61.29
Montell Finance B.V.      8.100    03/15/27     US$      69.13
Ned Waterschapbk          6.000    06/01/35     EUR      71.51
                          6.500    08/15/35     EUR      66.01
                          6.000    06/30/45     EUR      61.55
NXP B.V.                  8.630    10/15/15     EUR      71.45
                          8.630    10/15/15     EUR      71.42
Rabobank Groep N.V.       6.000    02/22/35     EUR      67.12
                          5.000    02/28/35     EUR      63.88
                          7.000    03/23/35     EUR      63.48
                          6.000    05/09/35     EUR      70.42

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      69.80
Norske Skogindustrier ASA 7.000    06/26/17     EUR      65.11

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.51

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

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      50.14
BAA Plc                   5.130     02/15/23    GBP      67.42
Ineos Group Holding       7.880     02/15/16    EUR      69.02
Jaztel Plc                5.000     04/29/10    EUR      75.10
Lloyds TSB Bank Plc       6.210     12/14/37    EUR      61.41
National Grid Gas Plc     1.754     10/17/36    GBP      40.80
                          1.771     03/30/37    GBP      40.66
Royal BK Scotland         7.000     06/09/25    EUR      64.27
                          3.310     06/29/30    EUR      58.18
Wessex Water Finance Plc  1.369     07/31/57    GBP      26.46
  
                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *