TCREUR_Public/080226.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, February 26, 2008, Vol. 8, No. 40

                            Headlines


A U S T R I A

JOSEF WEISS: Wiener Neustadt Court Closes Bankruptcy Case
KMS - BAU: Wiener Neustadt Court Closes Bankruptcy Case
MB TRANS: Ried im Innkreis Court Closes Bankruptcy Case
OTHMAR HAUPTMANN: Claims Registration Period Ends March 18
RIPO EVENT: Graz Court Closes Bankruptcy Proceedings

ZS TRANSPORT: Claims Registration Period Ends April 10


B E L G I U M

ARVINMERITOR INC: DBRS Confirms BB Ratings on Sr. Unsec. Notes
FLOWSERVE CORP: Settles Oil-for-Food Case with US SEC & DOJ
SOLUTIA INC: Drops Suit After Banks Recommit on Exit Financing


G E R M A N Y

ASTROH GRANIT: Claims Registration Period Ends March 17
EW FREIZEIT: Claims Registration Period Ends March 18
FAMILIENHAUS LOCHER: Claims Registration Period Ends March 30
FIDELIS GMBH: Claims Registration Period Ends March 4
GFB GMBH: Creditors' Meeting Slated for March 10

HEIDE-MASSIVHAUS GMBH: Claims Registration Period Ends March 10
JOHANN SCHAUB: Claims Registration Ends March 19
KRANICHHOF DENTAL: Claims Registration Period Ends March 17
KRUSEN GMBH: Claims Registration Period Ends March 10
MOTORISTEN-TEILE: Claims Registration Period Ends March 15

[ERRONEOUS DATA REDACTED on June 10, 2008]
PAUL UHL: Claims Registration Period Ends March 17
PJESSO COFFEE-ART: Claims Registration Period Ends March 18
PROSA DIREKT-POST: Claims Registration Period Ends March 7
PROWIN PRODUKTIONSTECHNOLOGIE: Meeting Slated for March 10

SCHMIDT BAU: Claims Registration Ends March 19
STEVENSON MOVING: Claims Registration Period Ends March 18
TULUS TRANSPORT: Claims Registration Ends March 19
UR POWER: Claims Registration Period Ends March 14
WEMHOENER SYSTEM: Claims Registration Period Ends March 16

WESTLB: Rehabilitation to Take Five 5 Years, German State Says
WITTRONIC GMBH: Claims Registration Ends March 20
WOHNPARK RENTFORT: Claims Registration Period Ends March 17
ZDI INDUSTRIEVERBUND: Claims Registration Period Ends March 14


H U N G A R Y

FLEXTRONICS: Getting MXN35 Million from Jalisco State Government


I T A L Y

DANA HOLDING: Inks US$2.08 Billion in Exit Facility Agreements
VALASSIS COMMS: Earns US$20.6 Million in 2007 Fourth Quarter
TRW AUTOMOTIVE: Earns US$56 Million for Quarter Ended Dec. 31


K A Z A K H S T A N

ASIAN CONSULTING: Creditors Must File Claims by March 28
BUILDING TRADE: Claims Deadline Slated for March 28
ERA-PROGRESS LLP: Claims Filing Period Ends March 21
JUALY MUNAI: Creditors' Claims Due on March 28
KONAK LTD: Claims Registration Ends March 28

TECHNO EXPERT: Creditors Must File Claims by March 28
TECHNOSYNTEZ JSC: Claims Deadline Slated for March 28
QUARTS CJSC: Claims Filing Period Ends March 28


K Y R G Y Z S T A N

CONSULTANT-CENTRE LLC: Creditors Must File Claims by March 14
COUNTRY SERVICE: Claims Filing Period Ends March 14


N E T H E R L A N D S

GLOBAL POWER: Moody's Assigns Low-B Ratings, Stable Outlook


R U S S I A

ANIVSKOE ENTERPRISE: Court Starts Bankruptcy Supervision Process
AVANGARD-2 LLC: Creditors Must File Claims by March 12
ENERGO-METALLURG-MONTAZH: Claims Filing Period Ends March 12
EVRAZ GROUP: S&P Affirms 'BB-' Rating on Planned Delong Buy
GEORGIEVSKOE PASSENGER: Creditors Must File Claims by March 12

INTERCONIAL CJSC: Court Names E. Kurilov as Insolvency Manager
ISK STROMA: Saratov Bankruptcy Hearing Slated for April 16
KRONA LLC: Court Names D. Krivonogov as Insolvency Manager
LENIN-COAL PLUS: Kemerove Bankruptcy Hearing Slated for June 4
LES-STROY LLC: Bankruptcy Hearing Slated for April 15

MOSCOW BANK: Shareholder Support Prompts Fitch to Affirm Ratings
NIZHEKISLYASKOE: Court Names V. Goryachkin as Insolvency Manager
ROSINKA LLC: Creditors Must File Claims by March 12
ROSNEFT OIl: Gets US$3-Billion Credit Facility from 13 Banks
SAKHALINSKAYA STEVEDORE: Creditors Must File Claims by March 12

STROY-DESIGN+: Bankruptcy Hearing Slated for April 22
TRUST KUZBASS-TRANS-STROY: Claims Filing Period Ends March 12


S W E D E N

PETROLEOS DE VENEZUELA: Earns US$896 Mln. in First Half of 2007


S W I T Z E R L A N D

NOVA CHEMICALS: Fitch Affirms 'BB-' Issuer Default Rating


U K R A I N E

GEOSEARCH LLC: Creditors Must File Claims by March 3
HANDLER STEAL: Creditors Must File Claims by March 3
MELDIS LLOYD: Creditors Must File Claims by March 3
MITSELION LLC: Creditors Must File Claims by March 3
NOVY BUG: Claims Filing Deadline Set March 3

OKTAN-1 LLC: Creditors Must File Claims by March 3
SLAVENERGY BUILDING: Creditors Must File Claims by March 3
SPECIAL ISOLATOR: Creditors Must File Claims by March 3


U N I T E D   K I N G D O M

ADCO PROTECTIVE: Calls In Liquidators from Vantis
ALLCOMERS LTD: Andrew Appleyard Leads Liquidation Procedure
ALWARD TOOL: Brings In Liquidators from BDO Stoy Hayward
BATAVIA LTD: Joint Liquidators Take Over Operations
BRITISH ENERGY: Centrica plc Eyes Nuclear Plants

CHRYSLER LLC: Plastech Wants Other Restructuring Alternatives
CUMBRIA FORECOURTS: Appoints Ian William Kings as Liquidator
D'URBAN STREET: Taps Liquidators from Tenon Recovery
EZY TRAVEL: High Court Shuts Down Package Holidays Company
FIRE & SAFETY: UK High Court Winds Up Advertising Firm

GARRODS SHEET: Hires Liquidators from Tenon Recovery
GULF INT'L UK: Fitch Cuts Individual Rating to 'C/D'
HEBBLE VALLEY: Taps Liquidators from PricewaterhouseCoopers
INTERMEC INC: Hires Dennis Faerber as Global Operations SVP
INVENSYS PLC: Leverage Expectations Cue S&P's Positive Outlook

LUNAR FASHIONS: Calls In Liquidators from PKF
NORTHERN PACKAGING: Appoints Liquidator from Tenon Recovery
NORTHERN ROCK: Withdraws Together Mortgage and Loan Deal
OAKLEY TRAVEL: Brings In Liquidator from Tenon Recovery
PETROLEOS DE VENEZUELA: Wants Freezing Injunction Lifted

QUEBECOR WORLD: Ernst & Young Gives Updates on CCAA Proceedings
QUEBECOR WORLD: Loses US$210 Mln Rogers Deal to Transcontinental
QUEBECOR WORLD: Suppliers Balk at Reclamation Procedures
SAND DANCER: Hires Liquidators from Tenon Recovery
SCOTTISH RE: Shifts Strategic Focus Following Sub-prime Crisis

SCOTTISH RE: Fitch Lowers Ratings and Places Negative Watch
SOUTH EASTERN: Taps Liquidators from Smith & Williamson
STARLIGHT MEDIA: UK High Court Winds Up Advertising Company
WEB WORKS: Names Ian William Kings Liquidator
WHISTLEJACKET CAPITAL: S&P Puts All Ratings at 'D'

WIDDOWSON DALEBROOK: Claims Filing Period Ends March 18

* Large Companies with Insolvent Balance Sheet


                            *********


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


JOSEF WEISS: Wiener Neustadt Court Closes Bankruptcy Case
---------------------------------------------------------
The Land Court of Wiener Neustadt closed the bankruptcy case of  
LLC Josef Weiss (FN 155903w) on Dec. 21, 2007, following the
Debtor's final distribution to creditors.

Creditors recovered 0.8% on account of their claim against the
Debtor.

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on Jan. 27, 2006 (Bankr. Case No. 10 S 5/06y).  
Ulrike Gruenling-Schopf served as the court-appointed estate
administrator for the bankrupt's estate.

The estate administrator can be reached at:

          Dr. Ulrike Gruenling-Schopf
          Hauptplatz 14
          2700 Wiener Neustadt
          Austria
          Tel: 02622/84141
          Fax: 02622/84141-24
          E-mail: hain.advocat@utanet.at


KMS - BAU: Wiener Neustadt Court Closes Bankruptcy Case
-------------------------------------------------------
The Land Court of Wiener Neustadt closed the bankruptcy case of
LLC Kms - Bau- und Projekt-Management (FN 187098w) on
Dec. 3, 2007, due to lack of assets.

Headquartered in Biedermannsdorf, Austria, the Debtor declared
bankruptcy on Feb. 18, 2005 (Bankr. Case No. 11 S 15/05z).  
Romana Weber-Wilfert served as the court-appointed estate
administrator for the bankrupt's estate.

The estate administrator can be reached at:

          Dr. Romana Weber-Wilfert
          Schrannenplatz 3/I
          2340 Moedling
          Austria
          Tel: 02236/8645679
          Fax: 02236/864567-1
          E-mail: office@weber-wilfert.at  


MB TRANS: Ried im Innkreis Court Closes Bankruptcy Case
-------------------------------------------------------
The Land Court of Ried im Innkreis closed the bankruptcy case of
LLC MB Trans Speditions- und Transport (FN 207332a) on
Dec. 14, 2007, due to insufficient assets.

Headquartered in Hoehnhart, Austria, the Debtor declared
bankruptcy on Nov. 30, 2007 (Bankr. Case No. 17 S 44/07p).  
Franz Mitterbauer served as the court-appointed estate
administrator for the bankrupt's estate.

The estate administrator can be reached at:

          Dr. Franz Mitterbauer
          Wiesnerstrasse 2
          4950 Altheim
          Austria
          Tel: 07723/411 41
          Fax: 07723 / 41 141-14
          E-mail: amp.altheim@utanet.at  


OTHMAR HAUPTMANN: Claims Registration Period Ends March 18
----------------------------------------------------------
Creditors owed money by LLC Othmar Hauptmann (FN 80159g) have
until March 18, 2008, to file written proofs of claim to court-
appointed estate administrator Christian Kies at:

          Mag. Christian Kies
          Rathausplatz 8
          3270 Scheibbs
          Austria
          Tel: 07482/44 222
          Fax: 07482/44 222-4
          E-mail: christian.kies@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on April 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of St. Poelten
          Room 216
          Second Floor
          Old Building
          St. Poelten
          Austria

Headquartered in Purgstall an der Erlauf, Austria, the Debtor
declared bankruptcy on Feb. 14, 2008 (Bankr. Case No. 14 S
17/08b).  


RIPO EVENT: Graz Court Closes Bankruptcy Proceedings
----------------------------------------------------
The Land Court of Graz closed the bankruptcy case of  LLC RIPO
Event- und Marketingagentur (FN 222393z) on Dec. 5, 2007, due to
insufficient assets.

Headquartered in Graz, the Debtor declared bankruptcy on May 30,
2007 (Bankr. Case No. 25 S 53/07t).  Helmut Nestler served as
the court-appointed estate administrator for the bankrupt's
estate.

The estate administrator can be reached at:

          Helmut Nestler
          Abstallerstrasse 41
          8052 Graz - Wetzelsdorf
          Austria
          Tel: 0664/8334509
          Fax: 0316/285624-4
          E-mail: nestler.h@aon.at  


ZS TRANSPORT: Claims Registration Period Ends April 10
------------------------------------------------------
Creditors owed money by LLC ZS Transport (FN 68972f) have until
April 10, 2008, to file written proofs of claim to court-
appointed estate administrator Walter Kainz at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 24, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1703
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 14, 2008 (Bankr. Case No. 5 S 14/08f). Eva Wexberg
represents Dr. Kainz in the bankruptcy proceedings.


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


ARVINMERITOR INC: DBRS Confirms BB Ratings on Sr. Unsec. Notes
--------------------------------------------------------------
DBRS confirmed the ratings for the Senior Unsecured Notes and
Convertible Senior Unsecured Notes of ArvinMeritor Inc.  The
trends have been changed from Stable to Negative, reflecting
ARM's recent losses and extensive working capital usage, with
limited prospects for debt reduction in the near term given
adverse industry conditions and the company's ongoing expansion
and restructuring activities.  However, ARM's earnings should
improve over the medium term in line with an expected spike in
Class 8 truck demand in 2009 in North America, with the Company
also slated to reap eventual rewards from its restructuring
efforts.

In 2007, ARM completed the divestitures of its light vehicle
aftermarket and emissions technology businesses, with proceeds
being applied toward debt reduction and pension contributions.  
While the divestitures effectively remove two lower-margin
businesses and have resulted in a reduction in debt levels, in
DBRS' opinion this is partly offset by ARM's increased exposure
to the highly volatile commercial vehicle industry, with the
commercial vehicle systems segment now accounting for
approximately two-thirds of total revenues.

Accordingly, F2007 earnings deteriorated significantly year-
over-year given the sharp drop (30%) in Class 8 truck production
following extensive pre-buying activity in 2006 in advance of
new emissions regulations.  This has been compounded by economic
concerns in the United States that have considerably delayed the
rebound in demand/production, with this trend expected to
continue well into 2008.  While ARM's light vehicle systems
segment generated modestly higher earnings in F2007, margins
will remain pressured in F2008 given ongoing pricing cutbacks
demanded by OEMs, combined with more aggressive production
declines of the Detroit 3 given their increased flexibility in
this regard as a result of their revised agreements with the
United Auto Workers.

In response to the challenging environment, ARM has persisted
with restructuring activities and launched Performance Plus in
2007, which aims to improve the company's global footprint and
cost competitiveness through various measures including the
elimination of up to 2,800 positions in North America and
Europe.  ARM is also expanding its presence in low-cost
countries and seeking to benefit from growth prospects in Asia
as it presently has numerous investments underway in China and
India with the goal of achieving US$1.6 billion in regional
sales by F2012, (almost triple the level of F2007 regional
sales).

Additionally, the Company recently improved its liquidity
through the December 2007 renegotiation of its senior secured
revolving credit facility.  The availability of the former
facility was somewhat compromised due to covenants; the new
facility (although reduced in size from US$900 million to
US$700 million) has an amended covenant package that
significantly enhances availability.

Over the medium term, as the North American Class 8 truck market
rebounds and ARM's cost position improves, firmer margins should
result.  DBRS expects only modest earnings improvement over the
near term, with debt levels remaining constant.  However, in the
event that working capital requirements or persistent losses
result in further deterioration of the financial profile, a
ratings downgrade would be considered.

                        Debt        Rating
     Issuer            Rated       Action           Rating
     ------             -----      -------           ------
ArvinMeritor Inc.     Conv. Sr.    Trend Change      BB (low)Neg
                     Unsec. Notes

ArvinMeritor Inc.     Sr. Unsec.   Trend Change      BB (low)Neg  
                       Notes

                    About ArvinMeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 29,000 people at more
than 120 manufacturing facilities in 25 countries.  These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.


FLOWSERVE CORP: Settles Oil-for-Food Case with US SEC & DOJ
-----------------------------------------------------------
Flowserve Corporation has reached final resolution with the U.S.
Securities and Exchange Commission and the Department of Justice
with regard to their investigations of the participation of a
French and a Dutch subsidiary of the company in sales to Iraq
under the U.N. "Oil-for-Food" program during 2001-2003.

The company confirmed that, under the terms of the applicable
settlement agreements, Flowserve will pay a fine, profit
disgorgement and related prejudgment interest to the SEC
totaling US$6,574,225 and a penalty to the DOJ of US$4,000,000.

Flowserve noted that these amounts were in line with the
announced accruals for this purpose already disclosed in
connection with its issued third quarter 2007 financial
statements.

"There is no higher priority at Flowserve than legal compliance,
and we fully cooperated with the SEC and DOJ in their
investigations of this matter," said Lewis M. Kling, President
and CEO of Flowserve.  "We are pleased to now be able to put
this matter behind us because it will allow us to focus even
more intently on the very attractive business opportunities
currently available to Flowserve around the globe."

                      About Flowserve

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  Flowserve
has operations in Dominican Republic, Guatemala, Guyana, Belize,
Belgium, Netherlands, Indonesia, Singapore, Japan, among others.

                       *     *     *

As reported in the Troubled Company Reporter-Europe on
Aug. 16, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1.  Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.


SOLUTIA INC: Drops Suit After Banks Recommit on Exit Financing
--------------------------------------------------------------
Solutia Inc. has entered an agreement to withdraw its lawsuit
against Citigroup Inc., Goldman Sachs Group Inc. and Deutsche
Bank AG after the banks reiterated their commitment to fund the
company's exit financing, Jeffrey McCracken writes for the Wall
Street Journal, citing people privy with the matter.

WSJ reports, citing a source that Solutia also agreed to some
renegotiated terms, which could raise the cost of the loan for
the company, but keep it "substantially the same."

The banks, in return, agreed to provide US$2.05 billion in exit
financing, around US$50 million more than the original loan, WSJ
relates.  The bank will fund the loan on Feb. 28, 2008, when
Solutia expects to emerge from Chapter 11 bankruptcy.

The banks also agreed to waive the "materially adverse
condition" clause in the loan that they cited as reasons for
backing out from the the original agreement, the sources added
to WSJ.

The Down Jones Newswires reports that following the settlement,
Solutia has received a US$1.2 billion senior secured term loan
facility Citigroup Global Markets Inc., Goldman Sachs Credit
Partners LP and Deutsche Bank Securities Inc.

As reported in the TCR-Europe on Feb. 8, 2008, Solutia Inc.
filed a complaint in the U.S. Bankruptcy Court for the Southern
District of New York against the banks that had refused to meet
commitment to fund a US$2 billion exit financing package for
Solutia.

The complaint asserted that the banks should be stopped from
invoking the clause they claim relieves them of their obligation
due to their improper conduct and misrepresentations to the
company, and further claims that the banks fraudulently induced
Solutia to enter into the initial engagement by promising that
the financing was firmly committed.  

On Oct. 25, 2007, the banks executed a firm commitment to fund a
US$2 billion exit financing package for Solutia.  These
substantial, custom credit facilities and arrangements were
specifically tailored to facilitate Solutia's prompt emergence
from Chapter 11.  On Nov. 20, 2007, the bankruptcy court
approved the exit financing package.  Nine days later, in
reliance on the banks' firm lending commitment, the court found
the plan of reorganization to be feasible and confirmed the
plan.  

In late January 2008, -- shortly before the anticipated closing
of the exit facility and Solutia's long-awaited emergence from
Chapter 11 -- the banks notified the company that they were
refusing to provide the funding, citing a so-called "market MAC"
provision in their commitment letter and asserting that there
has been a change in the markets since entering into the
commitment.

                        About Solutia Inc.

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

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

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

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


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


ASTROH GRANIT: Claims Registration Period Ends March 17
-------------------------------------------------------
Creditors of Astroh Granit-Werk GmbH & Co. KG have until
March 17, 2008, to register their claims with court-appointed
insolvency manager Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on April 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         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. Frank Kebekus
          Diekampstrasse 26
          44787 Bochum
          Germany

The District Court of Bochum opened bankruptcy proceedings
against Astroh Granit-Werk GmbH & Co. KG on Feb. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Astroh Granit-Werk GmbH & Co. KG
         Bunsenstr. 21-23
         59229 Ahlen
         Germany


EW FREIZEIT: Claims Registration Period Ends March 18
-----------------------------------------------------
Creditors of EW Freizeit und Handels GmbH have until March 18,
2008, to register their claims with court-appointed insolvency
manager Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Lueneburg
          Hall 302
          Ochsenmarket 3
          21335 Lueneburg
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Heiko Fialski
          Raboisen 38
          20095 Hamburg
          Germany
          Tel: 040/33 44 6 - 0
          Fax: 040/33 44 61 11

The District Court of Lueneburg opened bankruptcy proceedings
against EW Freizeit und Handels GmbH on Feb. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          EW Freizeit und Handels GmbH
          Attn: Harald Nehlsen, Manager
          Bahnhofstr. 20
          21423 Winsen/Luhe
          Germany


FAMILIENHAUS LOCHER: Claims Registration Period Ends March 30
-------------------------------------------------------------
Creditors of Familienhaus Locher Büschchen Gemeinnuetzige GmbH
have until March 30, 2007, to register their claims with court-
appointed insolvency manager Dr. Joerg Bornheimer.

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

The meeting of creditors will be held at:

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


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

The insolvency manager can be reached at:

         Dr. Joerg Bornheimer
         Turmhof 15
         42103 Wuppertal
         Germany
         Tel: 0202/49 37 00
         Fax: 0202/4937099

The District Court of Wuppertal opened bankruptcy proceedings
against Familienhaus Locher Büschchen Gemeinnuetzige GmbH on
Jan. 30, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Familienhaus Locher Büschchen Gemeinnuetzige GmbH
         Attn: Michael Margraf, Manager
         Freiligrathstr. 13
         42655 Solingen
         Germany


FIDELIS GMBH: Claims Registration Period Ends March 4
-----------------------------------------------------
Creditors of Fidelis GmbH have until March 4, 2008, to register
their claims with court-appointed insolvency manager Michael
Held.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on April 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ansbach
         Meeting Room 1
         Promenade 8
         91522 Ansbach
         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 Held
         Brauhausstr. 24 - 26
         91522 Ansbach
         Germany
         Tel: 0981/488 49-0
         Fax: 0981/488 49-49

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

The Debtor can be reached at:

         Fidelis GmbH
         Schwaerzgasse 3
         91781 Weissenburg
         Germany


GFB GMBH: Creditors' Meeting Slated for March 10
------------------------------------------------
The court-appointed insolvency manager for GFB GmbH, Dr. Stefan
Oppermann, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:15 a.m. on
March 10, 2008.

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

         The District Court of Fuerth
         Hall 3
         Ground Floor
         Baumenstrasse 32
         Fuerth
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:00 p.m. on May 15, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Dr. Stefan Oppermann
         Aussre Sulzbacher Str. 118
         90491 Nuernberg
         Germany
         Tel: 0911/598900
         Fax: 0911/5989011

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

The Debtor can be reached at:

         GFB GmbH
         Karl-Seifert-Str. 5
         91097 Oberreichenbach
         Germany


HEIDE-MASSIVHAUS GMBH: Claims Registration Period Ends March 10
---------------------------------------------------------------
Creditors of HMH Heide-Massivhaus GmbH have until
March 10, 2008, to register their claims with court-appointed
insolvency manager Soeren Janke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Am Ochsenmarkt 3
         21335 Lueneburg
         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:

         Soeren Janke
         Schiessgrabenstrasse 8-9
         21335 Lueneburg
         Tel: 20100
         Fax: 201014

The District Court of Lueneburg opened bankruptcy proceedings
against HMH Heide-Massivhaus GmbH on Feb. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HMH Heide-Massivhaus GmbH
         Attn: Margarete Tonn, Manager
         Am Rissloh 3
         21376 Goedenstorf
         Germany


JOHANN SCHAUB: Claims Registration Ends March 19
------------------------------------------------
Creditors of Johann Schaub GmbH & Co KG have until March 19,
2008 to register their claims with court-appointed insolvency
manager Emil Rinckens.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on April 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Emil Rinckens
         Bismarckstrasse 9
         41061 Moenchengladbach
         Germany
         Tel: 02161/294 5810
         Fax: +4921612945829

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

The Debtor can be reached at:

         Johann Schaub GmbH & Co KG
         Attn: Hans Joachim Schaub and Joachim Schaub, Managers
         Alsstrasse 264
         41063 Moenchengladbach
         Germany


KRANICHHOF DENTAL: Claims Registration Period Ends March 17
-----------------------------------------------------------
Creditors of Kranichhof Dental GmbH i.L. have until March 17,
2008, to register their claims with court-appointed insolvency
manager Dirk Herzig.

Creditors and other interested parties are encouraged to attend
the meeting on May 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 Chemnitz
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Dirk Herzig
          Promenadenstrasse 3
          09111 Chemnitz
          Germany
          Tel: (0371) 382370
          Fax: (0371) 3823710
          E-mail: DHerzig@schubra.de

The District Court of Chemnitz opened bankruptcy proceedings
against Kranichhof Dental GmbH i.L. on Feb. 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Kranichhof Dental GmbH i.L.
          Chemnitzer Str. 2
          09212 Limbach-Oberfrohna
          Germany


KRUSEN GMBH: Claims Registration Period Ends March 10
-----------------------------------------------------
Creditors of Krusen GmbH have until March 10, 2008, to register
their claims with court-appointed insolvency manager Joseph
Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on March 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 291
         Zweigertstr. 52
         45130 Essen
         Germany   

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

The insolvency manager can be reached at:

         Joseph Albers
         Von-der-Recke-Str. 5-7
         45879 Gelsenkirchen
         Germany

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

The Debtor can be reached at:

         Krusen GmbH
         Middelicher Str. 305
         45892 Gelsenkirchen
         Germany

         Attn: Werner Krusen, Manager
         Melcherweg 4
         59394 Nordkirchen
         Germany


MOTORISTEN-TEILE: Claims Registration Period Ends March 15
----------------------------------------------------------
Creditors of Motoristen-Teile-Zentrum GmbH have until March 15,  
2008, to register their claims with court-appointed insolvency
manager Dr. Stephan Thiemann.

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 Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Leipziger Str. 62
         09113 Chemnitz
         Germany
         Tel: (0371) 262010
         Fax: (0371) 2620111
         E-mail: chemnitz@pluta.net

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

The Debtor can be reached at:

         Motoristen-Teile-Zentrum GmbH
         Siemensstr. 13
         08371 Glauchau
         Germany


[ERRONEOUS DATA REDACTED on June 10, 2008]


PAUL UHL: Claims Registration Period Ends March 17
--------------------------------------------------
Creditors of Paul Uhl Hoch- und Tiefbau-GmbH have until March
17, 2008, to register their claims with court-appointed
insolvency manager Stefan Waldherr.

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 p.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 Fuerth
          Hall 3
          Ground Floor
          Baumenstrasse 32
          Fuerth
          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 Waldherr
          Peuntgasse 3
          90402 Nuremberg
          Germany
          Tel: 0911/279800
          Fax: 0911/2798090

The District Court of Fuerth opened bankruptcy proceedings
against Paul Uhl Hoch- und Tiefbau-GmbH on Feb. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Paul Uhl Hoch- und Tiefbau-GmbH
          Grosse Bauerngasse 80
          91315 Hoechstadt/Aisch
          Germany


PJESSO COFFEE-ART: Claims Registration Period Ends March 18
-----------------------------------------------------------
Creditors of pjesso coffee-art GmbH have until March 18, 2008,
to register their claims with court-appointed insolvency manager
Rudolf Dobmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Weiden
          Room 227/II
          Justice Building
          Ledererstrasse Nr. 9
          92637 Weiden
          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. Rudolf Dobmeier
          Dr.-Gessler-Strasse 20
          93051 Regensburg
          Germany
          Tel: 0941 / 230391-0
          Fax: 0941 / 230391-20

The District Court of Weiden opened bankruptcy proceedings
against pjesso coffee-art GmbH on Feb. 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          pjesso coffee-art GmbH
          Attn: Albert Thomas, Manager
          Hammerweg 55
          92637 Weiden i.d.OPf
          Germany


PROSA DIREKT-POST: Claims Registration Period Ends March 7
----------------------------------------------------------
Creditors of PROSA Direkt-Post GmbH have until March 7, 2008, to
register their claims with court-appointed insolvency manager
Paul Wieschemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on March 20, 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 Kaiserslautern
         Hall 087
         Bahnhofstr. 24
         67655 Kaiserslautern
         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:

         Paul Wieschemann
         Flickerstal 2
         67657 Kaiserslautern
         Germany
         Tel: 0631/341950
         Fax: 0631/470269

The District Court of Kaiserslautern opened bankruptcy
proceedings against PROSA Direkt-Post GmbH on Feb. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PROSA Direkt-Post GmbH
         Attn: Barbara Bodin, Manager
         Schulstr. 19
         67816 Dreisen
         Germany


PROWIN PRODUKTIONSTECHNOLOGIE: Meeting Slated for March 10
----------------------------------------------------------
The court-appointed insolvency manager for Prowin
Produktionstechnologie GmbH, Silke Hasenoehrl will present her
first report on the company's insolvency proceedings at a
creditors' meeting at 10:00 a.m. on March 10, 2008.

The meeting of creditors and other interested parties will be
held at:
         
         The District Court of Passau
         Meeting Hall 6/EG
         Schustergasse 4
         Passau
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on April 29, 2008 at the same
venue.

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

The insolvency manager can be reached at:

         Silke Hasenoehrl
         Bahnhofstr. 28
         94032 Passau
         Germany
         Tel: 0851-9885960

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

The Debtor can be reached at:

         Prowin Produktionstechnologie GmbH
         Bruenststr. 1
         94051 Hauzenberg
         Germany


SCHMIDT BAU: Claims Registration Ends March 19
----------------------------------------------
Creditors of SCHMIDT BAU GmbH have until March 19, 2008 to
register their claims with court-appointed insolvency manager
Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on April 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstrasse 100
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         SCHMIDT BAU GmbH
         Ernst-Paul-Lehmann-Strasse 6
         14470 Brandenburg
         Germany

         Attn: Uwe Schmidt, Manager
         Goethestrasse 3
         15827 Blankenfelde
         Germany


STEVENSON MOVING: Claims Registration Period Ends March 18
----------------------------------------------------------
Creditors of Stevenson Moving GmbH have until March 18, 2008, to
register their claims with court-appointed insolvency manager
Rudolf Dobmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on April 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Weiden i.d.OPf.
          Room 219/II
          Justice Building
          Ledererstrasse Nr. 9
          92637 Weiden i.d.OPf.
          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. Rudolf Dobmeier
          Dr.-Gessler-Strasse 20
          93051 Regensburg
          Germany
          Tel: 0941/230391-0
          Fax: 0941/230391-20

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

The Debtor can be reached at:

          Stevenson Moving GmbH
          Attn: Stevenson William, Manager
          Gartenstrasse 1
          92655 Grafenwoehr
          Germany


TULUS TRANSPORT: Claims Registration Ends March 19
--------------------------------------------------
Creditors of TULUS Transporte & Recycling GmbH have until
March 19, 2008 to register their claims with court-appointed
insolvency manager Annett Kittner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 30, 2008, at which time the
insolvency manager will present her 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:

         Annett Kittner
         Gustav-Adolf-Str. 6 b
         01219 Dresden
         Germany
         Web site: http://www.munz-anwaelte.de/  

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

The Debtor can be reached at:

         TULUS Transporte & Recycling GmbH
         Attn: Gijsbertus Karsdorp, Manager
         Hermann-Michel-Strasse 3 e
         01189 Dresden
         Germany


UR POWER: Claims Registration Period Ends March 14
--------------------------------------------------
Creditors of UR Power Project GmbH have until March 14, 2008, to
register their claims with court-appointed insolvency manager
Stephan Michels.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stephan Michels
         Ludgeristr. 54
         48143 Muenster
         Germany
         Tel: 0251/162830
         Fax: +492511628311

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

The Debtor can be reached at:

          UR Power Project GmbH
          Hafenweg 15
          48155 Muenster
          Germany


WEMHOENER SYSTEM: Claims Registration Period Ends March 16
----------------------------------------------------------
Creditors of Wemhoener System Technologies GmbH & Co KG have
until March 16, 2008, to register their claims with court-
appointed insolvency manager Dr. Norbert Westhoff.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Norbert Westhoff
         Adenauerplatz 4
         33602 Bielefeld
         Germany

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

The Debtor can be reached at:

         Wemhoener System Technologies GmbH & Co KG
         Hasenbrink 8
         32052 Herford
         Germany


WESTLB: Rehabilitation to Take Five 5 Years, German State Says
-------------------------------------------------------------
The German state of North Rhine-Westphalia, which holds around a
40% stake in WestLB AG, has warned that it may take five years
to rehabilitate the bank, Reuters reports.

Helmut Linssen, finance minister of the state of North Rhine-
Westphalia, stated "the clean up will certainly take between
three and five years," adding "staying patient and rational is
necessary.  Otherwise all of those involved will lose a lot of
money," Reuters relates.

Mr. Linssen, Rueters reveals, is urging the federal German
government to help pay for the rehabilitation of publicly-backed
banks such as WestLB, which fell victim to the credit market
turmoil.

                    Structured Portfolios

As previously reported in the TCR-Europe on February 13, 2008,
WestLB's owners have reached an agreement to ring-fence
substantial risks in the bank's structured portfolios.
Securities with a nominal volume of roughly EUR23 billion will
be ring-fenced off the WestLB's balance sheet in a special
purpose vehicle.

WestLB says this solution means that the losses included in the
2007 annual accounts as a result of the developments on the
international capital markets will be compensated for in the
current financial year and that future risks will be ring-
fenced.

The financing of the special purpose vehicle will be secured by
a guarantee from the owners of up to EUR5 billion to cover any
payment defaults.

According to WestLB, its owners will meet any possible losses
from these securities portfolios in line with their
shareholdings in WestLB up to an amount of EUR2 billion, in
compliance with their statement of Jan. 20, 2008.  Any further
losses up to EUR3 billion will be borne by the State of North
Rhine-Westphalia.

                    Restructuring Plan

WestLB AG's managing board has submitted to the supervisory
board a framework plan for restructuring and strengthening the
business model by the year 2010.

The plan envisages cost savings of EUR300 million, which are to
be achieved, among other things, by reducing headcount by
between 1,300 and 1,500 employees during this period.

At the same time income will be increased by approximately
EUR100 million through the savings banks and mid-cap initiative
alone.  The supervisory board instructed the managing board to
work out the details of the restructuring based on the key
points submitted.

The key points of the restructuring are:

   -- strengthening the joint business with the savings banks
      and private clients;

   -- significantly expanding the mid-cap business and
      optimizing the business with large corporates;

   -- further developing the real estate business; and

   -- focusing our investment banking activities.

                         About WestLB

Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).

                          *     *     *

In January 2008, Fitch Rating downgraded WestLB AG's Individual
rating to 'F' from 'D/E' and removed the Rating Watch Negative.


WITTRONIC GMBH: Claims Registration Ends March 20
-------------------------------------------------
Creditors of Wittronic GmbH have until March 20, 2008 to
register their claims with court-appointed insolvency manager   
Klaus Dippel.

Claims will be verified at at 8:30 a.m. on May 16, 2008, at:

         The District Court of Bochum
         MeetinHall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany

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

The insolvency manager can be reached at:

         Klaus Dippel
         Christstrasse 23
         44789 Bochum
         Germany

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

The Debtor can be reached at:

         Wittronic GmbH
         Siemensstr. 2-10
         58454 Witten
         Germany
  
         Attn: Daniel Sascha Gollub, Manager
         Rapener Str. 6 B
         45739 Oer-Erkenschwick
         Germany


WOHNPARK RENTFORT: Claims Registration Period Ends March 17
-----------------------------------------------------------
Creditors of Wohnpark Rentfort Nord GmbH have until March 17,
2008, to register their claims with court-appointed insolvency
manager Thomas Lauterfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Duisburg
          Hall C407
          Fourth Floor
          Kardinal-Galen-Strasse 124-132
          47058 Duisburg
          Germany

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

The insolvency manager can be reached at:

          Thomas Lauterfeld
          Friedrich-Ebert-Str. 34
          45468 Muelheim an der Ruhr
          Germany

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

The Debtor can be reached at:

          Wohnpark Rentfort Nord GmbH
          Attn: Volkmar Christen, Manager
          Kiffward 20/23
          47138 Duisburg
          Germany


ZDI INDUSTRIEVERBUND: Claims Registration Period Ends March 14
--------------------------------------------------------------
Creditors of ZDI Industrieverbund Verwaltungs-GmbH have until
March 14, 2008, to register their claims with court-appointed
insolvency manager Dr. Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Niering
         Brabanter Str. 2
         50674 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against ZDI Industrieverbund Verwaltungs-GmbH on Jan. 29, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ZDI Industrieverbund Verwaltungs-GmbH
         Augustinusstr. 11 d
         50226 Frechen
         Germany


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


FLEXTRONICS: Getting MXN35 Million from Jalisco State Government
----------------------------------------------------------------
Mexican news daily Milenio reports that Flextronics
International Ltd. will get MXN35 million in grants from the
Jalisco state government for the firm's expansion.

Milenio relates that the MXN35 million in funds will be taken
from the Flextronics International's economic promotion council
CEPE.  The government expects the expansion to generate 4,000
jobs.

CEPE director Federico Torres told Milenio that Jalisco's
investment accounts for 50% of the council's funds for this
year.  

Mr. Torres commented to Business News Americas that Flextronics
International's expansion "is one of the largest initiatives
that we have seen and the vote was unanimous [in the CEPE
council] because it represents such a strategic project, unlike
any seen over the past eight years."

Flextronics International would invest US$24 million in a new
plant and the repositioning of the company's headquarters from
Kansas City to Guadalajara, BNamericas states, citing Mr.
Torres.  

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                          *     *     *

Flextronics International Ltd. continues to carry Moody's
Investors Service's "Ba1" probability of default and long-term
corporate family ratings with a negative outlook.

The company also carries Standard & Poor's "BB+" long-term local
and foreign issuer credit ratings with a negative outlook.


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


DANA HOLDING: Inks US$2.08 Billion in Exit Facility Agreements
--------------------------------------------------------------
Dana Holding Corporation, successor to Dana Corporation, said in
a filing with the U.S. Securities and Exchange Commission that
on Jan. 31, 2008, the effective date of the Third Amended Joint
and Consolidated Plan of Reorganization of Dana and its debtor-
subsidiaries, the company entered into exit facility agreements
with Citicorp USA, Inc., Lehman Brothers Inc., and Barclays
Capital, for post-bankruptcy financing of up to
US$2,080,000,000.

The exit facility consists of:

           Loan Type               Loan Amount    
           ---------             --------------  
           Term Loan             US$1,430,000,000  
           Revolving Loan           650,000,000

According to Marc S. Levin, Dana's general counsel and
secretary, the company has drawn US$1,350,000,000 from the Term
Facility on the Effective Date, and US$80,000,000 on Feb. 1,
2008.  

Mr. Levin says there were no borrowings under the Revolving
Facility but US$200,000,000 was utilized for existing letters of
credit.

                    Term Loan Agreement

Amounts outstanding under the Term Loan will be payable in equal
quarterly amounts on the last day of each fiscal quarter at a
rate of 1% per annum of the original principal amount of the
Term Facility advances prior to Jan. 31, 2014, with the
remaining balance due in equal quarterly installments in the
final year of the Term Facility and final maturity on Jan. 31,
2015.

Certain term loan prepayments are subject to a prepayment call
premium before Jan. 31, 2010.

The Term Loan will bear interest at a floating rate based on, at
Dana's option, the base rate or LIBOR rate plus a margin of
2.75% in the case of base rate loans or 3.75% in the case of
LIBOR rate loans.

Under the Term Facility, Dana is required to maintain compliance
with financial covenants measured on the last day of each fiscal
quarter:

  (a) commencing as of Dec. 31, 2008, a maximum leverage ratio
      of not greater than 3.10 to 1.00 at Dec. 31, 2008,
      decreasing in steps to 2.25 to 1.00 as of June 30, 2013,
      based on the ratio of consolidated funded debt to the
      previous 12-month consolidated EBITDA;

  (b) commencing as of Dec. 31, 2008, minimum interest coverage
      ratio of not less than 4.50 to 1.00 based on the previous
      12-month consolidated EBITDA to consolidated interest
      expense for that period; and

  (c) a minimum EBITDA of US$211,000,000 for the six months
      ending June 30, 2008, and of US$341,000,000 for the nine
      months ending Sept. 30, 2008.

The Term Facility Security Agreement grants a second priority
lien on accounts receivable and inventory and a first priority
lien on substantially all of Dana and the guarantors' remaining
assets, including a pledge of 65% of the stock of each foreign
subsidiary owned by the company and each guarantor, as of the
Effective Date.

                   Revolving Loan Agreement

Amounts outstanding under the Revolving Loan Agreement, on the
other hand, may be borrowed, repaid and reborrowed with the
final payment due and payable on Jan. 31, 2013.

The Revolving Loan will bear interest at a floating rate based
on, at Dana's option, the base rate or LIBOR rate, plus a margin
based on the undrawn amounts available under the Revolving
Facility:

      Borrowing                   Base Rate   LIBOR Rate
     Availability                  Margin       Margin
     ------------                 ---------   ----------
     Greater than US$450,000,000       1.00%       2.00%

     Greater than US$200,000,000
     but less than or equal
     to US$450,000,000                 1.25%       2.25%

     US$200,000,000 or less            1.50%       2.50%

Dana will pay a commitment fee of 0.375% per annum for unused
committed amounts under the Revolving Facility.  Up to
US$400,000,000 of the Revolving Facility may be applied to
letters of credit.  Issued letters of credit are treated as
borrowed funds and reduce availability.
     
Dana will pay a fee for issued and undrawn letters of credit in
an amount per annum equal to the applicable LIBOR margin based
on availability under the Revolving Facility and a per annum
fronting fee of 0.25% payable quarterly.

The Revolving Facility requires Dana to comply with a minimum
fixed coverage ratio of not less than 1.10 to 1.00, measured
quarterly, in the event availability under the Revolving
Facility falls below US$75,000,000 for five consecutive business
days.

The Revolving Facility Security Agreement grants a first
priority lien on Dana and the guarantors' accounts receivable
and inventory and a second priority lien on substantially all of
their remaining assets, including a pledge of 65% of the stock
of each foreign subsidiary owned by the company and each
guarantor.

For the first 24 months after the Effective Date, the LIBOR
rates in each of the Revolving Facility and the Term Facility
will not be less than 3.00%.  Interest is due quarterly in
arrears with respect to base rate loans and at the end of each
interest period with respect to LIBOR loans.  For LIBOR loans
with interest periods greater than 90 days, interest is payable
every 90 days from the first day of that interest period and on
the date that loan is converted or paid in full.

Under the Exit Facility, Dana will be required to comply with
customary covenants, including:

  * affirmative covenants as to corporate existence, compliance
    with laws, after-acquired property or subsidiaries,
    environmental matters, insurance, payment of taxes, access
    to books and records, use commercially reasonable efforts to
    have credit ratings, use of proceeds, maintenance of cash
    management systems, priority of liens in favor of the
    lenders, maintenance of assets, interest rate protection and
    monthly, quarterly, annual and other reporting obligations;
    and

  * negative covenants, including limitations on liens,
    additional indebtedness, guarantees, dividends, transactions
    with affiliates, investments, asset dispositions, nature of
    business, capital expenditures, mergers and consolidations,
    amendments to constituent documents, accounting changes, and
    limitations on restrictions affecting subsidiaries and sale
    and lease-backs.

The Exit Facility also includes customary events of default,
including failure to pay principal, interest or other amounts
when due, breach of representations and warranties, and breach
of any covenant under the Exit Facility.  

Upon the occurrence and continuance of an event of default,
Dana's Exit Lenders may have the right, among other things, to
terminate their commitments under the Exit Facility, accelerate
the repayment of all of Dana's obligations under the Exit
Facility and foreclose on the collateral granted to them.

The Exit Facility is guaranteed by substantially all of Dana's
domestic subsidiaries other than Dana Credit Corporation, Dana
Companies, LLC, and their respective subsidiaries.

The Exit Facility contains mandatory prepayment requirements in
certain circumstances on the sale of assets, insurance
recoveries, the incurrence of debt, the issuance of equity
securities and excess cash flow as defined in the agreement,
subject to certain permitted reinvestment rights, in addition to
the ability to make optional prepayments.

A full-text copy of the Term Facility is available for free at
http://ResearchArchives.com/t/s?2853

A full-text copy of the Revolving Facility is available for free
at http://ResearchArchives.com/t/s?2854

                    Intercreditor Agreement

In connection with the Exit Facility, as of the Effective Date
Dana also entered into an Intercreditor Agreement, which
establishes the relationship between the security agreements
under the Exit Facility Agreement.

Mr. Levin says a portion of the proceeds from the Exit Facility
was used to repay Old Dana's Senior Secured Superpriority DIP
Credit Agreement, make other payments required upon exit from
bankruptcy protection, and provide liquidity to fund working
capital and other general corporate purposes before original
issue discount.

As of Feb. 5, 2008, Mr. Levin said the amount outstanding under
the Term Facility was US$1,430,000,000, and the amount utilized
under the Revolving Facility was US$200,000,000 attributable to
issued but undrawn letters of credit.

                Cancellation of Debt Securities

Pursuant to the Plan, the outstanding debt securities of Old
Dana were canceled, and the indentures and other agreements
governing those debt securities were terminated:

  * Indenture for Senior Securities, dated Dec. 15, 1997,
    between Dana and Citibank, N.A, as supplemented, relating to
    Dana's:

    -- US$150,000,000 of 6.5% notes due March 15, 2008;
    -- US$350,000,000 of 6.5% notes due March 1, 2009;
    -- US$200,000,000 of 7% notes due March 15, 2028; and
    -- US$400,000,000 of 7% notes due March 1, 2029;

  * Note Agreements, dated April 8, 1997, between Old Dana and
    the purchasers party thereto, relating to Old Dana's 7.18%
    notes due April 8, 2006;

  * Note Agreements, dated Aug. 28, 1997, between Old Dana and
    the purchasers party thereto, relating to Old Dana's 6.88%
    notes due Aug. 28, 2006;

  * Note Agreements, dated Dec. 18, 1998, between Old Dana and
    the purchasers party thereto, relating to Old Dana's 6.59%
    notes due Dec. 1, 2007;

  * Note Agreement, dated Aug. 16, 1999, between Old Dana and
    the purchaser party thereto, relating to Old Dana's 7.91%
    notes due Aug. 16, 2006;

  * Indenture, dated as of Aug. 8, 2001, among old Dana,
    Citibank, N.A. and Citibank, N.A., London Branch, as
    supplemented, relating to Old Dana's:

    -- US$575,000,000 of 9% notes due Aug. 15, 2011; and
    -- EUR200,000,000 of 9% notes due Aug. 15, 2011;

  * Indenture, dated as of March 11, 2002, between Old Dana and
    Citibank, N.A., as supplemented, relating to Old Dana's
    US$250,000,000 of 10.125% notes due March 15, 2010; and

  * Indenture for Senior Securities, dated as of Dec. 10, 2004,
    between Old Dana and Citibank, N.A., as supplemented,
    relating to Old Dana's US$450,000,000 of 5.85% notes due
    Jan. 15, 2015.

Mr. Levin says holders of the notes have received or will
receive Dana Holding common stock in satisfaction of their
unsecured nonpriority claims against Old Dana.

                         About Dana

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

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

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

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

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

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

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

(Dana Corporation Bankruptcy News, Issue No. 71; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or   
215/945-7000)

                       *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 13,
2008, Standard & Poor's Ratings Services assigned its 'BB-'
corporate credit rating to Toledo, Ohio-based Dana Holding Corp.
following the company's emergence from Chapter 11 on Feb. 1,
2008.  The outlook is negative.
         
At the same time, Standard & Poor's assigned Dana's US$650
million asset-based loan revolving credit facility due 2013 a
'BB+' rating (two notches higher than the corporate credit
rating) with a recovery rating of '1', indicating an expectation
of very high recovery in the event of a payment default.
   
In addition, S&P assigned a 'BB' bank loan rating to Dana's
US$1.43 billion senior secured term loan with a recovery rating
of '2', indicating an expectation of average recovery.


VALASSIS COMMS: Earns US$20.6 Million in 2007 Fourth Quarter
------------------------------------------------------------
Valassis Communications Inc. reported net earnings for fourth
quarter ended Dec. 31, 2007, at US$20.6 million, up 197.3% from
US$6.9 million in the fourth quarter of 2006.

Full fiscal year 2007 net earnings were US$58.0 million, up
13.1% from 2006 from US$51.3 million of fiscal 2006.

The company reported quarterly revenues of US$661.5 million, up
131% from the fourth quarter of 2006, due primarily to the
acquisition of ADVO Inc. that closed on March 2, 2007.  

For fiscal 2007, the company generated revenues of US$2.2
billion, in comparison to US$1.0 billion revenues of fiscal
2006.
   
"Our exceptional performance in the second half of 2007 reflects
the significant improvements we have made in the management of
the shared mail business and the realization of cost synergies
associated with the ADVO acquisition," Alan F. Schultz,
Valassis' chairman, president and chief executive officer, said.  
"The value of blended media solutions including shared mail is
compelling to our clients, and we are aggressively cross-selling
to drive sustainable, profitable revenue growth which we expect
to begin realizing in the back half of 2008."

As of Dec. 31, 2007, the company's balance sheet reflected total
assets of US$2.19 billion, total liabilities of US$1.97 billion
resulting to a total stockholder's equity of US$0.21 billion.

In February 2008, the company made a fourth voluntary payment of
US$25.0 million on the term loan B portion of our senior secured
credit facility.  In the 11 months since the closing of the ADVO
acquisition, the company has made US$104.4 million in debt
repayments, of which US$100 million was voluntary.

Capital expenditures during 2007 were US$38.3 million,
consistent with the company's most recent guidance of US$40
million or less.

                         About Valassis


Headquartered in Livonia, Michigan, Valassis Communications Inc.
-- http://www.valassis.com/-- provides marketing products and  
services to a variety of manufacturers, direct
marketers, retailers, telecommunications companies, franchisees
and other advertisers with operations in the United States,
France, Germany, Italy, Mexico and Canada.


                         *     *     *

Valassis continues to carry Standard and Poor's Ratings
Services' long term foreign and local issuer credit rating at
'B+'.  The rating was given on February, 2007 with a stable
outlook.


TRW AUTOMOTIVE: Earns US$56 Million for Quarter Ended Dec. 31
-------------------------------------------------------------
TRW Automotive Holdings Corp. reported fourth-quarter 2007
financial results with sales of US$3.9 billion, an increase of
18.8% compared to the same period a year ago.

The company reported fourth quarter net earnings of US$56
million or US$0.55 per diluted share, which compares to the
prior year result of US$33 million or US$0.32 per diluted share.   
Net earnings, excluding tax benefits in both years related to a
FAS 109 adjustment in 2007 and debt retirement in 2006, were
US$0.44 per diluted share in the 2007 quarter, which compares
favorably to US$0.16 per diluted share in the prior year.

The company's full-year 2007 sales grew to a record
US$14.7 billion, an increase of 11.9% compared to the prior
year.  Net earnings for the year were US$90 million or US$0.88
per diluted share, which compares to 2006 earnings of US$176
million or US$1.71 per diluted share.  Full year net earnings,
excluding debt retirement charges and the previously mentioned
tax items from both years, were US$2.28 per diluted share in
2007, compared to US$2.10 per diluted share in 2006.
   
"In 2007, TRW delivered solid operating results, including
record sales and outstanding cash flow, that exceeded the
business objectives set at the beginning of the year," said John
Plant, president and chief executive officer.  "Our achievements
in 2007 related to our financial performance, together with
steady expansion overseas, debt refinancing and safety
advancements have helped the Company grow stronger despite
challenging industry conditions."
   
Mr. Plant added, "We have performed remarkably well since
becoming an independent company, providing solid results to our
stakeholders and capitalizing on our position as the world's
preeminent active and passive safety systems supplier.  Now in
2008, we are a significantly larger, more diverse enterprise
that is reaching further into the world's growing markets with a
portfolio of safety technology that is unrivaled in the
marketplace.  We continue to build for the future and are
focused on moving the Company forward profitably over the long
term."

                      Fourth Quarter 2007
   
The company reported fourth-quarter 2007 sales of
US$3.9 billion, an increase of US$614 million or 18.8% over the
prior year period.  Foreign currency translation benefited sales
in the quarter by approximately US$328 million.  Fourth quarter
sales excluding the impact of foreign currency translation
increased approximately US$286 million or 8.7% over the prior
year period.  This increase can be attributed to higher customer
vehicle production in Europe and China and the continued growth
of safety products in all markets (including a higher mix of
lower margin modules).  These positive factors were partially
offset by pricing provided to customers and the continued
decline in North American customer vehicle production.
   
Operating income for fourth-quarter 2007 was US$149 million,
which compares favorably to US$126 million in the prior year
period.  Restructuring and asset impairment expenses in the 2007
quarter were US$19 million, which compares to US$8 million in
2006.  Operating income excluding these expenses from both
periods was US$168 million in 2007, which represents an increase
of 25.4% compared to the 2006 result of US$134 million.
   
The year-to-year increase was driven primarily by higher product
volumes and savings generated from cost improvement and
efficiency programs, including reductions in pension and OPEB
related costs and a measurable improvement in the Company's
Automotive Components segment.  These positive factors were in
part offset by pricing provided to customers, higher commodity
costs and other unfavorable business items.
   
Net interest and securitization expense for the fourth quarter
of 2007 totaled US$56 million, which compares favorably to
US$66 million in the prior year.  The year-to-year decline can
be attributed to the benefits derived from the company's 2007
debt recapitalization which was completed during the second
quarter of 2007.
   
Tax expense in the 2007 quarter was US$39 million, resulting in
an effective tax rate of 41%, which compares to US$32 million or
49 percent in the prior year period.  The 2007 quarter included
a FAS 109 adjustment related to pension and OPEB gains recorded
through other comprehensive earnings that resulted in a non-cash
tax benefit of US$11 million.  The prior year quarter included a
US$17 million tax benefit related to a bond redemption
transaction that was completed during the first quarter of 2006.   
Excluding these items from both years, the effective tax rate
was 53% in 2007, which compares to 75 percent in the 2006
quarter.  The lower tax rate in the fourth quarter of 2007 can
be attributed to a change in the Company's geographic earnings
mix.
   
The Ccmpany reported fourth-quarter 2007 net earnings of
US$56 million or US$0.55 per diluted share, which compares to
net earnings of US$33 million or US$0.32 per diluted share in
2006.  Net earnings excluding the previously mentioned tax items
from both periods were US$45 million or US$0.44 per diluted
share in 2007, which compares to US$16 million or US$0.16 per
diluted share in 2006.
   
Earnings before interest, securitization costs, loss on
retirement of debt (where applicable), taxes, depreciation and
amortization, or EBITDA, were US$300 million in the fourth
quarter, which compares to the prior year level of US$267
million.

                       Full Year 2007

For full-year 2007, the Company reported sales of US$14.7
billion, an increase of US$1.6 billion or 11.9 percent compared
to prior year sales of US$13.1 billion.  Foreign currency
translation benefited sales in 2007 by approximately US$856
million.  Full year 2007 sales excluding the impact of foreign
currency translation increased approximately US$702 million or
5.3 percent over the prior year period.  This increase resulted
primarily from higher product volumes related to new product
growth and robust industry sales in overseas markets, partially
offset by the decline in North American customer vehicle
production and pricing provided to customers.
   
Operating income in 2007 was US$624 million, which compares to
US$636 million in the prior year.  Restructuring and asset
impairment expenses in 2007 were US$51 million, which compares
to US$30 million in 2006.  Operating income excluding these
expenses from both periods was US$675 million in 2007, which
represents an increase of US$9 million compared to the 2006
result.  This year- to-year improvement can be attributed to
savings generated from cost improvement and efficiency programs,
including reductions in pension and OPEB related costs, and
higher product volumes globally.  These positive factors more
than offset pricing provided to customers, considerably higher
commodity costs and a challenging first quarter operating
environment, in which operating income declined significantly
compared to the prior year due to weak industry production in
North America and an unfavorable mix of products sold in the
2007 quarter.  The Company posted year-to-year improvements in
operating income in each of the remaining three quarters in 2007
which helped offset the first quarter decline.
   
Net interest and securitization expense for 2007 totaled US$233
million, which declined from the prior year total of US$250
million primarily due to the benefits derived from the Company's
debt recapitalization completed during the second quarter of
2007.  As a reminder, actions related to the debt
recapitalization included a US$1.5 billion Senior Note offering,
the tender for substantially all of the Company's outstanding
US$1.3 billion Notes and the refinancing of its US$2.5 billion
credit facilities.  In 2007, the Company incurred charges
related to these transactions of US$155 million for loss on
retirement of debt.  In 2006, the Company incurred charges of
US$57 million also related to debt retirement.
   
Tax expense in 2007 was US$155 million, resulting in a 63
percent effective tax rate, which compares to US$166 million or
49 percent in 2006.  The effective tax rate in 2007 excluding
debt retirement charges and the FAS 109 tax benefit was 42
percent.  This compares to an effective tax rate, excluding debt
retirement charges and the related tax benefit, of 46 percent in
2006.
   
Full-year 2007 net earnings were US$90 million, or US$0.88 per
diluted share, which compares to US$176 million or US$1.71 per
diluted share in 2006.  Net earnings excluding the previously
mentioned debt retirement charges and tax items from both
periods were US$234 million or US$2.28 per diluted share in
2007, which compares to US$216 million or US$2.10 per diluted
share in 2006.
   
EBITDA in 2007 totaled US$1,190 million, which represents a
US$24 million improvement over the prior year result of US$1,166
million.

                 Cash Flow and Capital Structure
   
Net cash provided by operating activities during the fourth
quarter was US$826 million, which compares to US$397 million in
the prior year period. Fourth quarter capital expenditures were
US$174 million compared to US$195 million in 2006.
   
For full-year 2007, net cash flow from operating activities was
US$737 million, which compares to US$649 million in the prior
year.  Capital expenditures were US$513 million in 2007, which
compares to US$529 million in 2006.  Full year 2007 operating
cash flow after capital expenditures, referred to as free cash
flow, was US$224 million, which compares to US$120 million in
2006.
   
As mentioned previously, the Company completed its debt
recapitalization plan during the second quarter of 2007,
including the refinancing of its US$2.5 billion credit
facilities on May 9, 2007.  Additionally, on March 26, 2007, the
Company completed its US$1.5 billion Senior Note offering and
repurchased substantially all of the existing US$1.3 billion
Notes through a tender offer.  The Company incurred debt
retirement charges of approximately US$155 million in 2007
related to these transactions.
   
On Feb. 2, 2006, the Company's wholly owned subsidiary, Lucas
Industries Limited, completed the tender for its outstanding GBP
94.6 million 10-7/8% bonds. As a result of the transaction, the
Company incurred a US$57 million charge for loss on retirement
of debt.
   
As of Dec. 31, 2007, the Company had US$3,244 million of debt
and US$899 million of cash and marketable securities, resulting
in net debt (defined as debt less cash and marketable
securities) of US$2,345 million.  This net debt outcome is US$98
million lower than the balance at the end of 2006.

                     About TRW Automotive

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. -- http://www.trwauto.com/-- is an automotive
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries including Brazil, China, Germany,
Italy, among others.  Its primary business lines encompass the
design, manufacture and sale of active and passive safety
related products.  Annual revenues are approximately
US$14 billion.


                         *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 25,
2008, Moody's Investors Service affirmed the ratings of TRW
Automotive Inc.: Corporate Family Rating, Ba2; senior secured
bank credit facilities, Baa3; and senior unsecured notes, Ba3,
but revised the rating outlook to negative from stable.

TRW Automotive Holdings carries Fitch Ratings' 'BB' long term
issuer default rating with a stable outlook.  The rating was
assigned in October 2005.


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


ASIAN CONSULTING: Creditors Must File Claims by March 28
--------------------------------------------------------  
LLP Asian Consulting Company International has declared
insolvency.  Creditors have until March 28, 2008, to submit
written proofs of claims to:

         LLP Asian Consulting Company International
         Irchenko Str. 29-53
         Astana
         Kazakhstan

BUILDING TRADE: Claims Deadline Slated for March 28
---------------------------------------------------  
LLP Almaty Building Trade Ltd. has declared insolvency.  
Creditors have until March 28, 2008, to submit written proofs of
claims to:

         LLP Almaty Building Trade Ltd
         Micro District “Sairan”, 10-12
         Almaty
         Kazakhstan


ERA-PROGRESS LLP: Claims Filing Period Ends March 21
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Era-Progress insolvent.

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

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


JUALY MUNAI: Creditors' Claims Due on March 28
----------------------------------------------  
OJSC Jualy Munai has declared insolvency.  Creditors have until
March 28, 2008, to submit written proofs of claims to:

         OJSC Jualy Munai
         Jybek joly Str. 5
         Momyshuly
         Jualynsky
         Jambyl
         Kazakhstan



KONAK LTD: Claims Registration Ends March 28
--------------------------------------------  
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Konak L. (RNN 09500030216).

Creditors have until March 28, 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


TECHNO EXPERT: Creditors Must File Claims by March 28
-----------------------------------------------------  
LLP Scientific-Manufacturing Company Techno Expert has declared
insolvency.  Creditors have until March 28, 2008, to submit
written proofs of claims to:

         LLP Scientific-Manufacturing
         Company Techno Expert
         Novaya Str. 139
         Ujet
         Almaty
         Kazakhstan


TECHNOSYNTEZ JSC: Claims Deadline Slated for March 28
-----------------------------------------------------  
JSC Technosyntez has declared insolvency.  Creditors have until
March 28, 2008, to submit written proofs of claims to:

         JSC Technosyntez
         Nekrasov Str. 112
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 22-12-80


QUARTS CJSC: Claims Filing Period Ends March 28
-----------------------------------------------  
The Tax Committee of Almaty has ordered the compulsory
liquidation of CJSC QUARTS (RNN 530900005037).  

Creditors have until March 28, 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



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


CONSULTANT-CENTRE LLC: Creditors Must File Claims by March 14
-------------------------------------------------------------
LLC Consultant-Centre has declared insolvency.  Creditors have
until March 14, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 65-48-84.


COUNTRY SERVICE: Claims Filing Period Ends March 14
---------------------------------------------------
LLC Country Service has declared insolvency.  Creditors have
until March 14, 2008 to submit written proofs of claim to:

         LLC Country Service
         Ibraimov Str. 115
         Bishkek
         Kyrgyzstan


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


GLOBAL POWER: Moody's Assigns Low-B Ratings, Stable Outlook
-----------------------------------------------------------
Moody's Investors Service assigned a Ba2 first time rating to
Global Power Equipment Group Inc.'s US$60 million senior secured
revolving credit facility, a B3 rating to the company's
US$90 million term loan, and a B2 Corporate Family Rating.  The
rating outlook is stable.

Global Power's B2 corporate family rating primarily reflects the
company's established position as a provider of essential
products and services to companies in the energy markets, its
exposure to volatility in the North American energy markets, and
its relatively high degree of customer concentration.  
Investment by energy related companies in new facilities and
upkeep of existing facilities have contributed to the company's
existing backlog, and provides visibility to future revenue
generation.  While energy investment is expected to remain
strong, any reduction of investment by the energy sector would
adversely affect the company's performance.  Moreover, Global
Power's top customers represented a significant portion of its
2007 revenues, making it highly dependent on these entities.  
The rating also considers the important changes to the company's
cost base and liability structure achieved during its
reorganization under Chapter 11 of the U.S. Bankruptcy Code,
which should enable the company to compete more effectively in
its markets going forward.

The stable outlook reflects Moody's expectations that Global
Power will pursue conservative financial policies resulting in
stronger debt protection measures.  Global Power should be able
to take advantage of the robust demand in the energy markets and
use free cash flow to reduce debt.

The ratings for the senior secured revolving credit facility and
senior secured term loan reflect the overall probability of
default of the company, to which Moody's assigns a PDR of B2.  
The Ba2 rating assigned to the US$60 million senior secured
revolving credit facility (rated three notches above the
corporate family rating) benefits from a priority of payment
over the term loan in a liquidation scenario as defined in the
credit agreement.  The B3 rating assigned to the US$90 million
senior secured term loan (rated one notch below the corporate
family rating) reflects its junior priority of payment relative
to the senior secured revolving credit facility.

Ratings/assessments assigned:

-- Corporate Family Rating B2;

-- Probability of default rating B2;

-- US$60 million senior secured revolving credit facility due
    2014 at Ba2 (LGD2, 13%); and,

-- US$90 million senior secured term loan due 2014 at B3 (LGD4,
    60%).

Based in Oklahoma, Global Power Equipment Group Inc. (Pink
Sheets: GEGQQ) -- http://www.globalpower.com/-- is a design,
engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries.

The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.


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


ANIVSKOE ENTERPRISE: Court Starts Bankruptcy Supervision Process
----------------------------------------------------------------
The Arbitration Court of Sakhalin commenced bankruptcy
supervision procedure on OJSC Anivskoe Enterprise on
Exploitation of Land-Reclamation Systems (TIN 6501145784, OGRN
1036500623400).  The case is docketed under Case No. A59-4852/
07-S4.

The Temporary Insolvency Manager is:

         P. Gromyko
         Sanatornyj 25-44
         693903 Yuzhno-Sakhalinsk
         Russia

The Debtor can be reached at:

         OJSC Anivskoe Enterprise on Exploitation of Land-         
         Reclamation Systems
         Kryukova Str. 51
         Yuzhno-Sakhalinsk
         Russia


AVANGARD-2 LLC: Creditors Must File Claims by March 12
------------------------------------------------------
Creditors of LLC Avangard-2 have until March 12, 2008, to submit
proofs of claim to:

         A. Smetanin
         Insolvency Manager
         K. Marksa Str. 149
         640000 Kurgan
         Russia

The Arbitration Court of Kurgan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A34-720/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Avangard-2
         K. Marksa Str. 149
         640000 Kurgan
         Russia


ENERGO-METALLURG-MONTAZH: Claims Filing Period Ends March 12
-------------------------------------------------------------
Creditors of LLC Energo-Metallurg-Montazh have until March 12,
2008, to submit proofs of claim to:

         I. Gaysin
         Insolvency Manager
         Apartment 77
         Building B
         Sotsialisticheskaya Str. 64
         Neftekamsk
         452688 Bashkortostan
         Russia

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50-7551/2007-B-3.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         I. Gaysin
         Insolvency Manager
         Apartment 77
         Building B
         Sotsialisticheskaya Str. 64
         Neftekamsk
         452688 Bashkortostan
         Russia



EVRAZ GROUP: S&P Affirms 'BB-' Rating on Planned Delong Buy
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit and senior unsecured debt ratings on Russia-
based steel producer Evraz Group S.A. and its core subsidiary
Mastercroft Ltd., following Evraz's announcement of the
planned acquisition of a majority stake in Singapore-listed
steel producer Delong Holdings Ltd.  At the same time, the
Russia national scale rating on Evraz and Mastercroft was
affirmed at 'ruAA'.  The outlook is positive.

In addition, Standard & Poor's assigned its 'BB-' long-term debt
rating to a $3.2 billion structured credit facility.  Evraz is
the borrower, guaranteed by Mastercroft.

"The affirmation reflects our view that the acquisition will
further incrementally strengthen Evraz's business risk profile
by expanding its production and improving geographic
diversification into foreign markets," said Standard & Poor's
credit analyst Alex Herbert.  While individually its
impact on the group is small, it follows the acquisition of
Claymont Steel Inc. (B/Watch Pos/--) and various Ukrainian
assets announced in December 2007, and is consistent with
management's acquisition-led growth strategy.

"Furthermore, we regard the cost of up to $1.5 billion (assuming
100% ownership) as being in line with the group's financial
policy and within the leverage levels assumed for the ratings,"
said Mr. Herbert.

The positive outlook reflects the possibility of a one-notch
upgrade to the long-term corporate credit ratings on Evraz and
Mastercroft in the next year or so, if strong cash flow
generation continues and leverage remains moderate, despite
higher debt caused by recent acquisitions, other investments,
and capital expenditures.  S&P expects the ratings to be
supported by incremental business risk profile improvements from
increased raw material supply and broader geographic
diversification.
Recent acquisitions continue to consume cash flows that could
otherwise be used to reduce debt, and the company will need to
continue to demonstrate moderate leverage.

Negative rating pressure could develop if major debt-financed
acquisitions are undertaken, steel prices decline significantly,
or cash flow generation weakens to a level that would not cover
capital spending.  Upside rating potential is constrained,
however, by Evraz's financial policy, its mainly commodity-type
products, and the cyclical, capital-intensive industry in which
it operates, as well as its main cash-generating assets being in
Russia.  


GEORGIEVSKOE PASSENGER: Creditors Must File Claims by March 12
--------------------------------------------------------------
Creditors of OJSC Georgievskoe Passenger Motor Transport
Enterprise (TIN 2625031863) have until March 12, 2008, to submit
proofs of claim to:

         D. Kalyuzhin
         Insolvency Manager
         Sotsialisticheskaya Str. 18/3
         Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63-10854/06-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         OJSC Georgievskoe Passenger Motor Transport Enterprise
         Kalinina Str. 101
         Georgievsk
         357820 Stavropol
         Russia


INTERCONIAL CJSC: Court Names E. Kurilov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow appointed E. Kurilov as
Insolvency Manager for CJSC Interconial.  He can be reached at:

         E. Kurilov
         Post User Box 8
         107497 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-61664/05-78-119B.

The Court is located at:

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

The Debtor can be reached at:
        
         E. Kurilov
         Post User Box 8
         107497 Moscow
         Russia


ISK STROMA: Saratov Bankruptcy Hearing Slated for April 16
----------------------------------------------------------
The Arbitration Court of Saratov will convene on April 16, 2008,
to hear the bankruptcy supervision procedure on CJSC ISK Stroma
(TIN 6450030655).  The case is docketed under Case No.
A-57-22884/07-40.

The Temporary Insolvency Manager is:

         I. Kostina
         Post User Box 1531
         410000 Saratov
         Russia

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC ISK Stroma
         1st Glebuchev Proezd 2a
         Saratov
         Russia


KRONA LLC: Court Names D. Krivonogov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Arkhangelsk appointed D. Krivonogov as
Insolvency Manager for LLC Krona.  He can be reached at:

         D. Krivonogov
         Office 2
         Building 2
         Lomonosova Pr. 92
         163061 Arkhangelsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A05-4845/2006-8.

The Court is located at:

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

The Debtor can be reached at:

         LLC Krona
         Vaymusha
         Pinezhskiy
         Arkhangelsk
         Russia


LENIN-COAL PLUS: Kemerove Bankruptcy Hearing Slated for June 4
--------------------------------------------------------------
The Arbitration Court of Kemerovo will convene at 11:00 a.m. on
June 4, 2008, to hear the bankruptcy supervision procedure on
OJSC Agricultural Enterprise Lenin-Coal Plus.  The case is
docketed under Case No. A27-10817/2007-4.

The Temporary Insolvency Manager is:

         A. Protodyakonov
         Office 21
         Moskovskiy Pr. 45A
         650065 Kemerovo
         Russia

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Agricultural Enterprise Lenin-Coal Plus
         Leninsk-Kuznetskiy
         Kemerovo
         Russia


LES-STROY LLC: Bankruptcy Hearing Slated for April 15
-----------------------------------------------------
The Arbitration Court of Krasnoyarsk will convene on April 15,
2008, commenced bankruptcy supervision procedure on LLC Les-
Stroy.  The case is docketed under Case No. A33-15680/2007.

The Temporary Insolvency Manager is:

         V. Stankevich
         Room 149
         3rd Line
         Aviatorov Str. 19
         660077 Krasnoyarsk
         Russia

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Les-Stroy
         Post User Box 121
         Baykal
         805th km
         Emelyanovskiy
         663020 Krasnoyarsk
         Russia


MOSCOW BANK: Shareholder Support Prompts Fitch to Affirm Ratings
----------------------------------------------------------------
Fitch Ratings affirmed the ratings of Russia's Moscow Bank for
Reconstruction and Development at Long-term Issuer Default 'B+'
, Short-term IDR 'B', Individual 'D/E', Support '4' and National
Long-term 'A-(A minus) (rus)'.  The Outlooks on the Long-term
IDR and National Long-term rating are Stable.

MBRD's IDRs, Support and National Long-term ratings are driven
by potential support, in case of need, from its main
shareholder, Sistema JSFC (rated 'BB-(BB minus)', Outlook
Stable) which holds an approximately 99% stake.  The future
direction of the bank's ratings is likely to depend on Sistema's
Long-term IDR and Fitch's view of the parent's propensity to
support MBRD.

The Individual rating reflects risks associated with very rapid
loan growth, especially in the retail segment, the very high
level of related-party funding and weak capitalisation.  
However, it also considers MBRD's improved profitability,
reasonable asset quality to date, strengthened third-party
franchise on the assets side of the balance sheet and reduced
related party lending.

An upgrade of the Individual rating could result from a
reduction in dependence on funding from Sistema and its
subsidiaries, improved capitalisation and further improvement of
profitability.  Failure to manage the risks of rapid growth,
leading to deterioration in asset quality and further
deterioration of capitalisation could result in rating downside.

MBRD is a medium-sized Russian bank and has been operating since
1993.  The bank's core focus has been on servicing the needs of
Sistema. The bank is developing third-party business, rapidly
diversifying into the retail segment and expanding into the
regions, both organically and by acquisitions.  At end-9M07 MBRD
had 155 outlets across 31 Russian regions.


NIZHEKISLYASKOE: Court Names V. Goryachkin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Voronezh appointed V. Goryachkin as
Insolvency Manager for OJSC Nizhekislyaskoe.  He can be reached
at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-3396-07 13/276.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Nizhekislyaskoe
         Zavodskaya Str. 37
         Nizhniy Kisljaj
         Buturlinovskiy
         397535 Voronezh
         Russia


ROSINKA LLC: Creditors Must File Claims by March 12
---------------------------------------------------
Creditors of LLC Rosinka have until March 12, 2008, to submit
proofs of claim to:

         A. Smetanin
         Insolvency Manager
         K. Marksa Str. 149
         640000 Kurgan
         Russia

The Arbitration Court of Kurgan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A34-1734/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Rosinka
         K. Marksa Str. 149
         640000 Kurgan
         Russia


ROSNEFT OIl: Gets US$3-Billion Credit Facility from 13 Banks
------------------------------------------------------------
OAO Rosneft Oil Co. signed a US$3 billion Structured Crude Oil
Pre-Export Credit Facility from a group of international banks.

The five-year loan carries an interest rate of LIBOR+0.95% and
is secured by export contracts for sale of crude oil.

The Facility is arranged and fully underwritten by a group of
international banks as Main arrangers:

    * ABN Amro Bank N.V.,
    * Banco Bilbao Vizcaya Argentaria S. A.,
    * Barclays Bank PLC, Bayerische Landesbank,
    * BNP Paribas,
    * Deutsche Bank AG,
    * ING Bank N.V.,
    * JPMorgan,
    * Mizuho Corporate Bank Ltd.,
    * JSB Orgresbank,
    * Societe Generale S.A.,
    * Sumitomo Mitsui Finance Dublin Ltd.,
    * The Bank of Tokyo-Mitsubishi UFJ Ltd, and
    * WestLB AG

DZ Bank AG and Calyon (as the Arrangers) have joined the
transaction ahead of general syndication which is due to launch
shortly. Deutsche Bank is the Facility Agent and acted as the
coordinator while ING Bank (Eurasia) ZAO is the Passport Bank.

Proceeds in the amount of US$3 billion have been disbursed this
week and applied towards repayment of the bridge loans raised in
2007 to finance acquisitions completed during 2007.

                         About Rosneft

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

                         *     *     *

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


SAKHALINSKAYA STEVEDORE: Creditors Must File Claims by March 12
---------------------------------------------------------------
Creditors of LLC Sakhalinskaya Stevedore Company have until
March 12, 2008, to submit proofs of claim to:

         I. Sunyaykin
         Pobedy Pr. 87
         693008 Yuzhno-Sakhalinsk
         Russia

The Arbitration Court of Sakhalin commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A59-4293/07-S7.

The Debtor can be reached at:

         I. Sunyaykin
         Pobedy Pr. 87
         693008 Yuzhno-Sakhalinsk
         Russia


STROY-DESIGN+: Bankruptcy Hearing Slated for April 22
-----------------------------------------------------
The Arbitration Court of Bashkortostan will convene at 11:45
a.m. on April 22, 2008, to hear the bankruptcy supervision
procedure on LLC Stroy-Design+ (TIN 0245018020).  The case is
docketed under Case No. A07-17707/07-G-GIA.

The Temporary Insolvency Manager is:

         A. Pogorelov
         Room 61
         Potapovskiy Per. 9/11
         101000 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         LLC Stroy-Design+
         Shkolnaya Str. 2A
         Chenokovka
         Ufinskiy
         450591 Bashkortostan
         Russia


TRUST KUZBASS-TRANS-STROY: Claims Filing Period Ends March 12
-------------------------------------------------------------
Creditors of CJSC Trust Kuzbass-Trans-Stroy have until March 12,
2008, to submit proofs of claim to:

         M. Brodesko
         Insolvency Manager
         Post User Box 2374
         Novokuznetsk
         654079 Kemerovo
         Russia

The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A27-5676/2007-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         CJSC Trust Kuzbass-Trans-Stroy
         Karbysheva Proezd 8
         Novokuznetsk
         654029 Kemerovo
         Russia


===========
S W E D E N
===========


PETROLEOS DE VENEZUELA: Earns US$896 Mln. in First Half of 2007
---------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA told
Matthew Walter at Bloomberg News that its profit dropped 69% to
US$896 million in the first six months of 2007, compared to
2006.

Petroleos de Venezuela said that its overall revenue decreased
US$7.96 billion to US$42.9 billion in the first half of last
year, from 2006.

Petroleos de Venezuela increased investments to US$10.56 billion
in 2007, from US$5.82 billion in 2006, Petroleos de Venezuela
head and oil and energy minister Rafael Ramirez told El
Universal.

The government kept 92.5%, or US$42.32 billion of Petroleos de
Venezuela's domestic revenues for oil sales in 2007, El
Universal says, citing Minister Ramirez.  Petroleos de
Venezuela's tax contribution as royalties, dividends, and income
tax total US$29.27 billion.  Its contribution to fund social
programs totaled US$13.05 billion.

Petroleos de Venezuela's contribution in 2006 totaled US$39.2
billion, El Universal notes.  Meanwhile, Petroleos de
Venezuela's tax contributions decreased in 2006 due to the
Venezuelan government's increasing use of the company's monies
to finance social programs, El Universal relates.  Petroleos de
Venezuela's domestic income tax payment to US$2.9 billion in
2006, from US$5.1 billion in 2005.  Petroleos de Venezuela's tax
contribution -- excluding dividends -- decreased from 40.4% of
gross income in 2005 to 38.7% in 2006.  

According to El Universal, Petroleos de Venezuela said in its
audited financial statements in 2006 that royalties rose to
US$18.4 billion in 2006, compared to US$13.3 billion in 2005,
due to high oil prices.  

Costs increased 25.8%i to US$18.2 billion in 2006, compared to
2005.  Social expenses rose to US$13.7 billion, from US$6.9
billion.  The increase in cost and social expense is supposed to
be deducted from the tax base, El Universal states, citing
experts.

Minister Ramirez admitted to El Universal that the figures the
company disclosed last week "do not easily match those reflected
on the 2006 audited financial statement prepared by Alcaraz,
Cabrera & Vazquez," which comprises an accounting section and
was prepared based on international standards, El Universal
says.

El Universal relates that in Petroleos de Venezuela's 2006
balance sheet, the income tax paid totaled US$2.9 billion, but
the sum actually paid was US$7.5 billion, comprising amended
return and pending taxes for 2004 and 2005.

"In the past, there was a deliberate policy not to pay taxes.  
We have been changing that, and as of this year we have our
fiscal obligations updated," Minister Ramirez commented to El
Universal.

Minister Ramirez told El Universal that Petroleos de Venezuela
is preparing to fill form 20-F or annual financial statement
with the U.S. Securities and Exchange Commission to give an
account to the Venezuelan people, rather than the U.S.

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.

                          *     *     *

To date, Petroleos de Venezuela SA carries Fitch's BB- long term
issuer default rating and local currency long term issuer
default rating.  Fitch said the ratings outlook was negative.


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


NOVA CHEMICALS: Fitch Affirms 'BB-' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings affirmed the ratings of NOVA Chemicals Corporation
as:

-- Issuer Default Rating at 'BB-';
-- Senior unsecured notes and revolver at 'BB-';
-- Senior secured revolving credit facility at 'BB+';
-- Retractable preferred shares at 'BB+'.

The Rating Outlook is Stable.

While Fitch has some concerns about the short-term refinancing
risks facing the company, these concerns are offset by recent
operational and cash flow improvements at NOVA, as well as its
reasonable access to liquidity.  In August of 2008, US$125
million of 7.25% notes can be put to the company by bondholders.  
At the end of October, US$126 million in preferred securities
come due, net of restricted cash.  Finally, the company has
US$250 million in 7.4% notes which mature in the first part of
2009.

In 2007, NOVA's credit metrics and cash flow improved on the
back of strong performance in its core olefins/polyolefins
business, with full year EBITDA surging to US$885 million,
driven largely by access to relatively cheap Alberta natural gas
feedstocks and the wide differentials between crude and natural
gas prices on a btu-equivalent basis.  As a result, EBITDA/Gross
Interest coverage rose to approximately 4.8 times in 2007 versus
last year's 4.0x, while leverage metrics also improved.  Free
cash flow rose to US$142 million from the US$97 million seen
last year, comprised of cash flow from operations of US$329
million, capex of US$156 million, and dividends of US$31
million.

NOVA's liquidity remains reasonable.  At year-end 2007, Fitch
calculates the company had a total of US$638 million of
available liquidity, including US$118 million in unrestricted
cash, US$434 million in available revolver capacity and US$86
million in remaining capacity on its A/R securitization program.  
Fitch notes that the company plans to extend one of its US$100
million revolvers which is set to expire later this year.  NOVA
Corp's total debt at year end 2007 was just under US$1.8
billion, including long-term debt of US$1.54 billion and US$257
million in current debt.  As of year end 2007,
NOVA's debt-to-capitalization ratio was 48%, well within 60%
revolver covenant limits.

Nova Chemicals is a multinational producer of commodity
chemicals including styrene, polystyrene, ethylene and
polyethylene with approximately 3,300 full time employees.  A
majority of its assets are located in Canada and the US.  In
North America, Nova is the leading producer of styrene and
expandable polystyrene and the fifth largest ethylene producer.  
The company reports two business segments; olefins/polyolefins
and styrenics.  In 2006, the United States accounted for 71% of
sales, Canada accounts for 4%, Europe and rest of the world
accounts for 25%.  Polyethylene and styrenic polymers are used
in rigid and flexible packaging, containers, plastic bags,
plastic pipe, electronic appliances, housing and automotive
components and consumer goods.  Exports to Asia are enabled in
part by low-cost back-haul shipping economics from Western
Canada.


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


GEOSEARCH LLC: Creditors Must File Claims by March 3
----------------------------------------------------
Creditors of LLC Science-Production Enterprise Geosearch (code
EDRPOU 31317156) have until March 3, 2008, to submit written
proofs of claim to:

         LLC Tayemnytsia Biznesu
         Liquidator
         Melnikov Str. 2/10
         04050 Kiev
         Ukraine
         
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 25, 2007.  
The case is docketed under Case No. B 14/450-07.

The court is located at:

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

The Debtor can be reached at:

         LLC Science-Production Enterprise Geosearch
         Dzerzhynsky Str. 14
         Borispol
         08300 Kiev
         Ukraine


HANDLER STEAL: Creditors Must File Claims by March 3
----------------------------------------------------
Creditors of LLC Handler Steal (code EDRPOU 33242565) have until
March 3, 2008, to submit written proofs of claim to:

         Vladimir Zhytnik
         Liquidator
         Gvardeysky Boulevard 30/85
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
Jan. 17, 2008.  The case is docketed under Case No. 25/13/08.

The court is located at:

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

The Debtor can be reached at:

         LLC Handler Steal
         Rekordnaya Str. 20-A/209
         69037 Zaporozhje
         Ukraine


MELDIS LLOYD: Creditors Must File Claims by March 3
---------------------------------------------------
Creditors of LLC Meldis Lloyd (code EDRPOU 34710302) have until
March 3, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 10, 2008.  
The case is docketed under Case No. B11/471-07.

The Debtor can be reached at:

         LLC Meldis Lloyd
         Sholudenko Str. 1
         Vyshgorod
         Kiev
         Ukraine


MITSELION LLC: Creditors Must File Claims by March 3
----------------------------------------------------
Creditors of LLC Mitselion (code EDRPOU 31425504) have until
March 3, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  

The Debtor can be reached at:

         LLC Mitselion
         Apartment 8
         October Str. 11
         Vishnevoye
         08132 Kiev
         Ukraine


NOVY BUG: Claims Filing Deadline Set March 3
--------------------------------------------
Creditors of LLC Trading House Novy Bug (code EDRPOU 31535968)
have until March 3, 2008, to submit written proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy supervision
procedure on the company on Dec. 18, 2007.  The case is docketed
under Case No. 14/786/07.

The Debtor can be reached at:

         LLC Trading House Novy Bug
         Mayakovsky Str. 28
         Novy Bug
         55600 Nikolaev
         Ukraine


OKTAN-1 LLC: Creditors Must File Claims by March 3
--------------------------------------------------
Creditors of LLC Oktan-1 (code EDRPOU 31496030) have until
March 3, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.   

The Debtor can be reached at:

         LLC Oktan-1
         Sviatoshyn Str. 4
         Vishnevoye
         08132 Kiev
         Ukraine


SLAVENERGY BUILDING: Creditors Must File Claims by March 3
----------------------------------------------------------
Creditors of OJSC Donbass Energy Building Subsidiary Company
Slavenergy Building (code EDRPOU 30917093) have until
March 3, 2008, to submit written proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 27/16b.

The Debtor can be reached at:

         OJSC Donbass Energy Building Subsidiary Company
         Slavenergy Building
         Dibenko Str. 2-a
         Slaviansk
         84100 Donetsk
         Ukraine


SPECIAL ISOLATOR: Creditors Must File Claims by March 3
-------------------------------------------------------
Creditors of OJSC Special Isolator Building (code EDRPOU
00126020) have until March 3, 2008, to submit written proofs of
claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 42/119b.

The Debtor can be reached at:

         OJSC Special Isolator Building
         Uritsky Lane 6
         Slaviansk
         84116 Donetsk
         Ukraine


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


ADCO PROTECTIVE: Calls In Liquidators from Vantis
-------------------------------------------------
Geoffrey Paul Rowley and Jeremy French of Vantis were appointed
joint liquidators of ADCO Protective Technologies Ltd. on
Jan. 22  for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         PO Box 2653
         66 Wigmore Street
         London
         W1A 3RT
         England


ALLCOMERS LTD: Andrew Appleyard Leads Liquidation Procedure
-----------------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed liquidator of
Allcomers Ltd. on Feb. 18 for the creditors' voluntary winding-
up procedure.

The liquidator can be reached at:

         Tenon Recovery
         6th Floor
         The White House
         111 New Street
         Birmingham
         B2 4EU
         England


ALWARD TOOL: Brings In Liquidators from BDO Stoy Hayward
--------------------------------------------------------
C. K. Rayment and T. Underwood of BDO Stoy Hayward were
appointed joint liquidators of Alward Tool & Engineering Ltd. on
Feb. 13 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham
         B3 3SD
         England


BATAVIA LTD: Joint Liquidators Take Over Operations
---------------------------------------------------
Kerry Bailey and Jonathan D. Newell of PKF (UK) LLP were
appointed joint liquidators of Batavia Ltd. on Feb. 12 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PKF (UK) LLP
         Sovereign House
         Queen Street
         Manchester
         M2 5HR
         England


BRITISH ENERGY: Centrica plc Eyes Nuclear Plants
------------------------------------------------
Centrica plc, the owner of British Gas, may acquire British
Energy Group plc's or Drax Group plc's nuclear plants to protect
itself from gas price increases, Bloomberg reports, citing
analysts at Citigroup Inc.

Bloomberg reveals Centrica, which is the biggest energy supplier
in the U.K., seeks to boost supplies through securing more gas-
production assets as energy prices can be volatile at the
wholesale market, where it buys extra fuel and power.

According to Sam Laidlaw, chief executive officer of Centrica,
the company may increase its power generation "as a proxy hedge
for gas," saying that that would have to be "non-gas power,"
meaning coal, wind or nuclear, Bloomberg relates.

The analysts, however, stressed the strategy would "potentially
extremely risky," Bloomberg adds.

                      About British Energy

Headquartered in Livingston, Scotland, British Energy Group plc
-- http://www.british-energy.com/-- is the U.K.'s largest
producer of electricity.  With a workforce of about 6,000, it
produces around one-sixth of the nation's electricity.

                        *     *     *

As of Jan. 11, 2008, British Energy Group plc carries a Ba2
long-term corporate family rating from Moody's with a stable
outlook.

Standard & Poor's rates the company's long-term foreign and
local issuer credit at BB-.

The company holds a BB+ long-term issuer default rating from
Fitch with a stable outlook.


CHRYSLER LLC: Plastech Wants Other Restructuring Alternatives
-------------------------------------------------------------
Plastech Engineered Products Inc. and its debtor-affiliates are
in talks with their lenders and major customers about other
possible restructuring alternatives.

At the hearing on Chrysler LLC's request to lift the stay to
recover tooling currently in the Debtors' possession, it was
disclosed that after the Debtors signed their second
accommodation agreement where they obtained additional funding
from major customers, Plastech considered several restructuring
alternatives to address its liquidity difficulties and financial
conditions.

Plan "A" would involve a strategic business combination, merger
or acquisition as a going concern.  These discussions were
mostly between Plastech and Johnson Controls, Inc.  JCI was by
far the largest customer of the Debtor.

As reported in the Troubled Company Reporter on Feb. 21, 2008,
Donald S. MacKenzie, a senior managing director at Conway
MacKenzie & Dunleavy, testified before the U.S. Bankruptcy Court
for the Eastern District of Michigan that Johnson Controls
considered acquiring the privately held company in the weeks
before it sought Chapter 11.  Mr. MacKenzie also said that JCI
may still be interested in acquiring Plastech.

JCI and the three major U.S. car makers Ford Motor Company,  
General Motors Corporation, and Chrysler have agreed to make
advance payments to Plastech, a condition for Chrysler to obtain
a US$38,000,000 financing from a syndicate of lenders led by
Bank of America, N.A.

Plan "B" was a stand alone restructuring that would involve
making significant cost reductions to Plastech's operations and
might involve a de-leveraging of the balance sheet, including a
debt for equity swap with certain of the Debtor's lenders.  Plan
"B" might also include additional cash from some combination of
existing stakeholders or third party investors.

In the event that Plan "A" or Plan "B" did not materialize, the
Debtor and its advisors would consider Plan "C" consisting of an
orderly liquidation.

During the short time that the Second Accommodation Agreement
was in effect -- Jan. 22 until Jan. 31, 2008 -- the Debtor
continued discussions with the Major Customers regarding the
restructuring alternatives.  Conway MacKenzie & Dunleavy,
Plastech's financial advisor, also had discussions with possible
investors.

During the meetings among the parties, BBK, Chrysler's financial
consultant, and CMD prepared various analyses of the Debtor's
financial condition and possible restructurings:

   -- BBK's draft analysis for these discussions projected
      approximately US$61,000,000 of earnings before income tax,
      depreciation and amortization (EBITDA) for the Debtor for
      2008.  CMD was projecting approximately US$85,000,000 of
      EBITDA for the Debtor for 2008.  In either case, the
      projected EBITDA would be insufficient to comply with
      covenants that the Debtor had with its lenders that
      required US$100,000,000 of EBITDA for the Debtor for 2008.  

   -- BBK also advised Chrysler that the Debtor appeared to be
      insolvent in January 2008.  The Debtor's cash management
      worksheets for the critical days during the last week of
      January 2008 showed that the Debtor had net outstanding
      checks during each of those days in excess of the actual
      credit line available to it, although on each of those
      days it appears that the checks scheduled to clear on a
      given day were less than the cash available for the day.  
      The Debtor maintained that it was not insolvent at that
      time.

The Debtor continued its discussions with the Major Customers
during the last week of January in an effort to induce them to
provide further financial accommodations.  The draft of the
Third Accommodation Agreement provided for a request for
forbearance from the lenders until April 15, 2008, during which
time the Debtor would embark upon a sale process with milestones
set along the way for the development of a restructuring
transaction.  The draft of the Third Accommodation Agreement was
never executed.

During meetings and discussions with the Major Customers, the
Debtor requested that the additional accommodation of funds be
received by no later than Feb. 4, 2008, because the Debtor's
cash flow showed that it would be out of funds at that time.

In connection with the proposed Third Accommodation Agreement,
Chrysler determined that it would be less costly if it would
implement its own plan "B" by moving its tooling from the Debtor
to other suppliers to resource the parts previously made by the
Debtor for Chrysler.  Chrysler concluded it would have to put in
another US$60,000,000 and perhaps up to US$100,000,000 over the
next four years.  This was coming on the heels of a
US$1,600,000,000 loss in 2007 by Chrysler.  Chrysler's decision
was influenced greatly by the recent experience it had with the
bankruptcy case of Collins & Aikman in which Chrysler had put in
US$400,000,000 in accommodations for the troubled supplier.

On Feb. 1, 2008, Larry Walker, director of exterior procurement
for Chrysler, delivered a letter to Julie Brown, CEO of
Plastech.  The letter said that Chrysler is terminating all
supply agreements with Plastech, and it is taking possession of
all tooling associated with Chrysler's production.

Chrysler immediately filed suit against the Debtor in Wayne
County Circuit Court and obtained an ex parte temporary
restraining order and order of possession that required the
Debtor to immediately deliver possession of all of the tooling
that it utilized in the production of Chrysler's parts.

Plastech filed the Chapter 11 case after Chrysler obtained the
restraining order from the Wayne County Court.

                   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.


CUMBRIA FORECOURTS: Appoints Ian William Kings as Liquidator
------------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed liquidator of
Cumbria Forecourts Ltd. on Dec. 13, 2007 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


D'URBAN STREET: Taps Liquidators from Tenon Recovery
----------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of D'Urban Street 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


EZY TRAVEL: High Court Shuts Down Package Holidays Company
----------------------------------------------------------
The High Court has closed down Ezy Travel Limited, a company
which had traded since April 2003 as a travel agent, and
specialized in package holidays and travel to Turkey and Egypt
following an investigation by the Companies Investigation Branch
of the Insolvency Service.

In accordance with package holiday regulations designed to
protect its customers from financial loss, Ezy was required to
make arrangements to safeguard any monies paid to them by their
customers.  These monies should accordingly have been kept apart
from Ezy's own funds.

Ezy was a member of the Travel Trust Association, essentially a
trade association for smaller travel agents.  Membership of TTA
provided Ezy with access to a trust account and linked bank
account, both under the joint control of Ezy and TTA.  Ezy was
required to pay into this mechanism all monies received from
customers. Similar control should have been exercised over money
released from the mechanism to pay tour operators for holidays
or to pay commission due to Ezy.  Externally underwritten
insurance arranged by TTA protected the mechanism against
financial loss in the event of misconduct.

After early summer 2005 Ezy experienced a series of setbacks, in
common with the travel industry in general. These setbacks
included terrorist attacks both in London and abroad, and bird
flu in Turkey.

Trading became more difficult and less profitable.  Ezy took
some immediate remedial measures which failed to prop what was
becoming an ailing business.  Soon Ezy began diverting customer
monies into their own bank account, in flagrant violation of the
rules.  The inevitable results were that holidays booked for
some customers were not paid for by Ezy, and there was also
widespread failure by Ezy actually to book holidays already paid
for by customers.

Ezy failed in September 2006.

The company can be reached at:


         Ezy Travel Limited
         16-18 Woodford Road
         Forest Gate
         London
         E7 0HA
         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


FIRE & SAFETY: UK High Court Winds Up Advertising Firm
-------------------------------------------------------
The High Court, following an investigation by the Companies
Investigation Branch (CIB) of the Insolvency Service, has wound
up Fire & Safety (U.K.) Ltd., which claimed to have signed up
businesses to advertisements which were to appear in a variety
of publications designed to raise public awareness about issues
such as crime and safety in the home.

CIB's investigation found that Fire & Safety issued invoices and
demands for payment in connection with advertisements that had
never been ordered and which were to appear in publications that
were never produced.  

This was an identical situation to that encountered in an
earlier investigation into three related publishing companies
also wound up by the High Court.

The company can be reached at:

         Fire & Safety (U.K.) Ltd
         Orchard Chambers Business Centre
         4 Rocky Lane
         Heswall
         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


GARRODS SHEET: Hires Liquidators from Tenon Recovery
----------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Garrods Sheet Metal Ltd. (formerly Garrods
of Barking Ltd.) on Feb. 15 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

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


GULF INT'L UK: Fitch Cuts Individual Rating to 'C/D'
----------------------------------------------------
Fitch Ratings downgraded Bahrain-based Gulf International Bank's
Individual rating to 'C/D' from 'C'.  Simultaneously, Fitch has
affirmed GIB's Long-term Issuer Default rating at 'A' with
Stable Outlook, Short-term IDR at 'F1', Support rating at '1'
and Support Rating Floor at 'A'.  GIB's dated subordinated debt
obligations are affirmed at 'A-' (A minus).

At the same time, Fitch has downgraded the Individual rating of
Gulf International Bank (UK) to 'C/D' from 'C'.  GIBUK's other
ratings are affirmed at Long-term IDR 'A' with Stable Outlook,
Short-term IDR 'F1' and Support '1'.  GIBUK is a wholly-owned
subsidiary of GIB.

The downgrade of GIB's Individual rating reflects the bank's
considerable, mainly structured credit market-related,
impairment charges and trading losses of US$1.05bn in 2007,
equivalent to a very high 57% of end-2006 equity.  This has led
to GIB reporting a net loss of US$757.3m for 2007.  The
downgrade also reflects uncertainty over the extent of the
potentially damaging effect these losses could have on the
bank's franchise, funding and prospects.  Impairment charges
made in 2007 were largely related to exposure to structured
investment vehicles (SIVs) and collateralised debt obligations
which include US sub-prime residential mortgage backed
securities; market conditions for these instruments are
currently extremely adverse.  At end-2007, 98% of GIB's
available-for-sale debt securities were investment grade.  GIB
appears to have used conservative assumptions in determining
2007 impairment charges.  These charges include significant
portfolio provisions that are likely to cover a substantial part
of any further structured credit-related impairments not yet
specifically identified.  Nevertheless, further impairment
charges are possible, stemming from residual but considerably
reduced exposure to sectors hit by current adverse market
conditions.

GIB's IDRs and Support rating reflect the extremely high
probability that the bank would receive financial support from
its shareholders, in case of need.  This has been demonstrated
by the timely US$1bn capital injection committed by GIB's
shareholders in December 2007, which maintains GIB's adequate
capitalisation. GIB's Basel II capital adequacy ratio was 13.8%
at end-2007.  The six member states of the Gulf Cooperation
Council (GCC, consisting of Bahrain, Kuwait, Oman, Qatar, Saudi
Arabia and the United Arab Emirates) currently collectively hold
72.5% of GIB's shares in equal proportions.  The remaining
shares are currently held by the Saudi Arabia Monetary Agency.

The downgrade of GIBUK's Individual rating reflects its
substantial structured credit market-related trading losses in
2007.  GIBUK's strategy has been revised.  Credit risk within
the proprietary trading positions was reduced considerably
during the latter part of 2007 and is expected to continue to
reduce in 2008 due to the bank's strategy of closing proprietary
portfolios to new positions. In January 2008 the bank
restructured its business to focus on client-related activities
in treasury and asset management, where it continues to be a GCC
market leader.  Management expects this core business to perform
well, generating revenues dominated by stable client-based
income on a reduced cost base.  Nevertheless, the downgrade
reflects uncertainty over GIBUK's franchise and prospects.
GIBUK's IDRs and Support rating reflect its 100%-ownership by
GIB and the support it could expect to receive from GIB's
shareholders.

GIB's core business is providing commercial and investment
banking services to corporate and institutional clients in the
Gulf; this performed well in 2007, where healthy growth in net
interest and fee income contributed to operating profit before
impairment charges and trading losses of US$287.8m.  GIBUK is a
London-based financial institution active in treasury and asset
management.


HEBBLE VALLEY: Taps Liquidators from PricewaterhouseCoopers
-----------------------------------------------------------
Edward Klempka and Mark David Arthur Loftus of
PricewaterhouseCoopers LLP were appointed joint liquidators of
Hebble Valley Weaving Ltd. (formerly John Holdsworth
Manufacturing Ltd. and John Holdsworth and Co. Ltd.) on
Feb. 15 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PricewaterhouseCoopers LLP
         Benson House
         33 Wellington Street
         Leeds
         LS1 4JP
         England


INTERMEC INC: Hires Dennis Faerber as Global Operations SVP
-----------------------------------------------------------
Intermec Inc. has appointed Dennis Faerber as its Senior Vice
President of Global Supply Chain Operations.

Mr. Faerber brings operational experience to the Intermec
organization, particularly in the areas of supply chain
transformation, process development, technical operations,
manufacturing systems, quality operations, materials management,
and engineering.

Mr. Faerber joins Intermec from Applied Materials, where he held
the position of Corporate Vice President of global supply chain
operations.  Before Applied Materials, he served as KLA-Tencor's
Group Vice President and Chief Quality Officer, responsible for
developing and implementing the company's quality strategy.  
Previous to KLA-Tencor, Mr. Faerber held senior management
positions at Advanced Energy, Agilent Technologies, and Hewlett-
Packard.

Mr. Faerber will report to Patrick Byrne, Intermec President and
Chief Executive Officer.  "Dennis has a proven track record of
operational excellence and supply chain transformation.  This is
a core strategy of Intermec going forward and we are delighted
to have a leader of Dennis' experience and capabilities join
Intermec at this time."

                       About Intermec Inc.

Intermec Inc. -- http://www.intermec.com/-- develops,
manufactures and integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.

The company has locations in Australia, Bolivia, Brazil, China,
France, Hong Kong, Singapore and the United Kingdom.

                         *     *     *

Standard & Poor's Rating Services raised its ratings on Everett,
Washington-based Intermec Inc. to 'BB-' from 'B+'.  The upgrade
reflects expectations that Intermec will sustain current levels
of profitability and leverage.  S&P said the outlook is stable.


INVENSYS PLC: Leverage Expectations Cue S&P's Positive Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based capital goods group Invensys PLC to positive from stable.  
At the same time, the 'BB' long-term corporate credit rating was
affirmed.

"The outlook revision reflects our expectation that leverage and
cash flow credit protection measures could be maintained above
levels normally required for the ratings," said Standard &
Poor's credit analyst Louise Newey.

On a 12-month rolling basis to Dec. 31, 2007, the funds from
operations (FFO)-to-debt ratio stood at 34.7% and the debt-to-
EBITDA ratio was 1.6x, which compares positively with 17.8% and
3.2x, respectively, at fiscal year-end March 31, 2007.  The
group will redeem its outstanding GBP343 million high-yield
bonds, paid out of existing cash balances, leading to their
cancellation on March, 17, 2008. Invensys is considering options
for its capital structure and financial policy targets, which
are currently bound by restrictions on acquisitions and dividend
payouts under existing facilities.

Standard & Poor's considers that the group's capital structure
and credit protection measures could be sustained at levels
required for a higher rating.

"An upward movement in the ratings would arise from a capital
structure with cash flow leverage at above 30% on a sustainable
basis," Ms. Newey added.  "Business risk conditions would need
to remain supportive, mitigating the group's sensitivity to more
cyclical industries."

The outlook would be revised to stable if the FFO-to-debt ratio
under the new capital structure falls to 20%-30% on a consistent
basis.  To maintain the 'BB' ratings, S&P would expect continued
steady positive free cash flow generation supported by overall
stable business conditions.  Any negative movement in the
ratings is less likely in the short to medium term.


LUNAR FASHIONS: Calls In Liquidators from PKF
---------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (UK) LLP were appointed
joint liquidators of Lunar Fashions Ltd. on Feb. 19 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PKF (UK) LLP
         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England


NORTHERN PACKAGING: Appoints Liquidator from Tenon Recovery
-----------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed liquidator of
Northern Packaging Distributors Ltd. on Dec. 7, 2007 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England


NORTHERN ROCK: Withdraws Together Mortgage and Loan Deal
--------------------------------------------------------
Northern Rock plc withdrew its Together mortgage and loan deal
last Thursday, February 21, 2008, leaving existing customers to
remortgage at the bank's standard variable rate, currently at
7.59%, BBC news reports.

A spokesman for Northern Rock told BBC "our present lending
appetite has changed," adding "demand for this product has now
fallen to negligible levels, so we are withdrawing it."

BBC says the deal, which comprises about 24% of Northern Rock's
800,000 mortgages, allows customers to borrow up to 125% of the
value of their homes.

Liberal Democrats earlier criticized the U.K. government for
allowing Northern Rock to continue offering the high-to-loan
value mortgages, arguing they could jeopardize the GBP23 billion
loan to the bank by taxpayers if the housing market declines
over the coming year, the Guardian relates.

"It was a scandal that the government allowed the Northern Rock
board to continue marketing 125% mortgages when taxpayers'
funds were at risk," Lord Oakeshott, the party's Treasury
spokesman, was quoted by the Guardian as saying.

Meanwhile, Melanie Bien, a director at independent mortgage
broker Savills Private Finance, claimed "the demise of the high
LTV mortgage is down to two things: the impact of the credit
crunch and the slowdown in the housing market," the Scotsman
discloses.

                  About Northern Rock plc

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

                          *     *     *

As reported in the TCR-Europe on February 20, 2008, Standard &
Poor's Ratings Services raised its long-term counterparty credit
rating on U.K. bank Northern Rock PLC to 'A' from 'A-'.  At the
same time, the 'A-1' short-term counterparty credit rating was
affirmed.  The outlook is positive.

In December 2007, Moody's Investors Service downgraded to E+
from D+ Northern Rock's Bank Financial Strength Rating.  The E+
maps into a Baseline Credit Assessment of B1.

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


OAKLEY TRAVEL: Brings In Liquidator from Tenon Recovery
-------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed liquidator of
Oakley Travel Ltd. (formerly Go Direct Holidays Ltd.) on
June 15, 2007 for the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


PETROLEOS DE VENEZUELA: Wants Freezing Injunction Lifted
--------------------------------------------------------
Petroleos de Venezuela SA asked the London High Court to revoke
an injunction freezing the company's US$12-billion assets, El
Universal reports.

According to the report, a court order was issued following a
motion filed by US oil major ExxonMobil.

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

PDVSA's lawyers stated that the hearing, which they were unaware
whether it would be public or private, would occur  as of next
Wednesday morning at the London Royal Court of Justice, El
Universal relates.  The hearing would take three and a half
days.

John Fordham, with legal firm Stephenson Harwood, asserted that
Venezuelan conglomerate preferred the hearing to be public
"because there has been so much publicity around this topic that
it has become public," the report adds.

In addition, El Universal relates, a US Federal Court in New
York upheld an order to freeze US$300 million in PDVSA's bank
accounts last week at Exxon Mobil's request.

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.

To date, Petroleos de Venezuela SA carries Fitch's BB- long term
issuer default rating and local currency long term issuer
default rating.  Fitch said the ratings outlook was negative.


QUEBECOR WORLD: Ernst & Young Gives Updates on CCAA Proceedings
---------------------------------------------------------------
Ernst & Young Inc., appointed monitor of the bankruptcy
proceedings under the Canadian Companies' Creditors Arrangement
Act of Quebecor World Inc. and certain of its affiliates,
presented its report to the Superior Court of Quebec with
respect to the activities of the companies and certain events
occurring since Jan. 31, 2008.

                        CCAA Proceedings

On Jan. 31, 2008, the Superior Court of Justice (Commercial
Division), for the Province of Quebec, made certain amendments
to the Initial Order agreed to by various stakeholders and
parties-in-interest to the CCAA proceedings and requested by
Royal Bank of Canada as administrative agent for a bank
syndicate, including:

  (a) The Applicants will not use the DIP Facilities or any of    
      their property to refinance the existing third party
      credit facilities supporting the European and Latin
      American operations, without prior notice to or
      consultation with the financial advisors to the Bank
      Syndicate and the holders of public notes.

  (b) The Applicants will not engage in activities out of the
      ordinary course of business, as determined by the Monitor.

  (c) The Applicants are authorized, during the initial 30 days  
      of the stay period, to make intercompany loans up to a
      maximum of EUR25,000,000 in the aggregate to pay
      non-petitioners' pre-filing payables that relate to the
      European operations.
   
  (d) The Applicants are authorized, during the same 30-day
      period, to make intercompany loans up to a maximum of
      US$10,000,000 in the aggregate to pay non-petitioners'
      prefiling payables that relate to the Latin American
      operations.

The Bank Syndicate is composed of 16 different financial
institutions.  The Bank Syndicate has retained McMillan Binch
Mendelsohn LLP as Canadian legal counsel, Latham & Watkins LLP
as U.S. counsel and PricewaterhouseCoopers Inc. as financial
advisor.  The Applicants are reviewing a recently received Bank
Syndicate proposal for a fund request concerning their
professional advisors.

                            Banking

Quebecor World Inc. was required to deposit with CIBC
CDN$25,000,000 as security for certain indemnified obligations
of Quebecor World to CIBC.  They have now agreed that the amount
to be deposited will be CDN$20,000,000.

The Applicants have been working with their existing banks to
return to a more efficient way of operating the centralized cash
systems.

                             Vendors

The management of the European and Latin American operations
informed major suppliers of the ongoing bankruptcy proceedings
of the Applicants and its impact on the Applicants' business
operations and among others.

The Applicants, with their counsel and Ernst & Young, are
applying consistent payment criteria to prepetition amounts for
both the Canadian and U.S. creditors of the Applicants.

         2007 Financial Statements and Annual Meeting

The Applicants are preparing their December 31, 2007, year-end
financial statements and are also working with their 2007 audit.

The Applicants will seek authority to postpone their Annual
General Meeting of Shareholders since it will disrupt the
Applicants' business operations.

                       Cash Flow Results
          for the Three Weeks Ended February 10, 2008

As of Feb. 10, 2008, the net cash flow generated by the
consolidated North American operations was US$178,000,000,
including the full drawdown of the US$600,000,000 DIP Term Loan
Facility.

The net cash flow for the three-week period was US$228,000,000
higher than projected in the cash flow forecast dated Jan. 20,
2008.  The favorable cash flow variance is largely attributable
to the funding of US$3,000,000 of the US$170,000,000 of the
contingent financing of the non-applicants.

A copy of the actual cash flow results and the variances from
the filing cash flow forecast for the three week period is
available for free at:

    http://bankrupt.com/misc/Quebecor_CashFlowResultFeb10.pdf

                       Cash Flow Forecast
              for the 13 Weeks Ending May 11, 2008

To assist their short-term financial performance and ongoing
financing requirements, the Applicants have prepared a revised
cash flow forecast for the thirteen weeks ending May 11, 2008.

A full-text copy of the Revised Cash Flow Forecast is available
for free at:

  http://bankrupt.com/misc/Quebecor_RevisedCashFlowForecast.pdf   

                         Bondholders

The Bondholders have created an ad hoc Bondholder group, which
has retained Goodmans LLP as Canadian legal counsel, Paul,
Weiss, Rifkind, Wharton & Garrison LLP as U.S. counsel and
Houlihan Lokey Howard & Zukin as financial advisor.  The
Applicants have recognized the Ad Hoc Bondholder Group and
committed to a fee proposal based on a monthly estimate for the
initial three-month period and intend to work with its
professionals on the financial restructuring.   The Ad Hoc
Bondholder Group and the Applicants each reserved the right to
terminate the fee arrangement on 30 business days' notice.

            Official Committee of Unsecured Creditors

The Official Committee Of Unsecured Creditors has retained Akin,
Gump, Strauss, Hauer & Feld LLP as U.S. legal counsel, Osler,
Hoskins & Harcourt LLP as Canadian legal counsel and Mesirow
Financial as financial advisors.
                                                                             
           
                          Governance

The Applicants have recognized the need for a chief
restructuring officer and is now on the stage of interviewing
candidates.  The Applicants will also establish a restructuring
committee to assist and supervise the restructuring process.

                  Inter-Company Debt Reporting

Ernst & Young has received requests from advisors for each of
the Ad Hoc Bond Holders Group and the Bank Syndicate to conduct
a factual investigation of information concerning the status of
the intercompany accounts of the Quebecor World group.

As a result, the Monitor will prepare a narrative report, which
will address these topics, free from opinionated and subjective
remarks:

  (a) an overview of the nature of the intercompany    
      transactions that occur within the Quebecor World group;

  (b) preliminarily, an accounting of the financial position of
      the more significant legal entities involved in the
      intercompany transactions;

  (c) a description of the transactions and intercompany flows  
      from the use of the prepetition credit facility and the
      issuance of public and private debt securities of    
      Quebecor World Inc. and subsidiaries;

  (d) an analysis of the use of proceeds derived from issuance
      of the 4.875% Senior Notes due 2008, 6.125% of Senior
      Notes due 2013,9.75% Senior Notes due 2015, and 8.75%
      Senior Notes due 2016 and the related documentation on
      intercompany flows, including the mirror notes;

  (e) a listing of the intercompany balances, as recorded by
      the Quebecor Worlds' legal entities as at January 21,
      2008;

  (f) a summary of the procedures implemented by Quebecor World
      to track postpetition intercompany transactions between
      the Applicant and its affiliates;

  (g) a summary of the nature of intercompany transactions
      between Quebecor World Inc., Quebecor Inc. and Quebecor  
      Media Inc., the balances between those entities and the
      current procedures in place to track postpetition
      transactions; and

  (f) a factual description of the transactions through which
      approximately US$370,000,0000 of private notes were repaid  
      in October 2007, which resulted in an increase in the
      indebtedness due to the Bank Syndicate and in the        
      security provided to the bank group.

                 Status of Foreign Operations

  * Latin American Operations

The Latin American group of companies has operations in Mexico,
Brazil, Colombia, Chile, Peru, Argentina and the British Virgin
Islands.  The Latin American operations are primarily funded by
various local financial institutions in each country as well as
by supplier financing.

Quebecor management says that the Latin American Group requires
financing for operations to pay either prepetition accounts
payable or to fund cash on delivery terms for future supply of
goods and services from its trade creditors.

The Applicants' cash flow forecasts indicate a need to transfer
US$10,000,000 to the Latin American Group:

  Country                   Amount
  -------                   ------
  Colombia                US$4,000,000
  Mexico                   2,500,000  
  Peru                     2,500,000  
  Argentina                  700,000  
  British Virgin Islands     300,000
                         -----------
                         US$10,000,000
                         ===========

As of Feb. 14, 2008, US$6,000,0000 has been transferred to
Mexico,
Peru, Argentina and the British Virgin Islands.

  * European Operations

The European group of companies is comprised of printing
operations in France, Belgium, Spain, Austria, Sweden, Finland
and the United Kingdom.  The European Group also has operations
in Switzerland, where it acts as the global purchasing agent for
the European Group, North America and Latin America for ink and
pre-press, and paper for the European Group.  The Switzerland
branch also provides cash pooling and insurance services.

To manage the EUR25,000,000 limit for prepetition obligations
related to the European Group available from the DIP Proceeds,
Quebecor World Inc. is working with UBS Securities LLP and
management of the European Group to develop a detailed cash flow
model for the European Group.

The European operations will require funding in the near future,
however, E&Y has not yet seen any detailed information as to the
timing and quantum of the funding requirements.

  * Operations in the United Kingdom

Quebecor World PLC was placed into administration.  It had
generated a negative cash flow since the loss of a large
contract three years ago.  For fiscal 2007, Quebecor World UK
had a negative EBITDA of GBP5,400,000 and a negative cash flow
of GBP6,800,000.  On Feb. 11, 2008, Ian Best and David Duggins
of Ernst & Young UK, the UK Administrators, terminated 250
employees as no purchaser had been identified and customers
continued to move their work to the competition.  The UK
Administrators have not received financial support from the
Applicants since Jan. 20, 2008.

          Preparation of Restructuring Business Plan

The Applicants intend to begin the preparation of one or more
comprehensive business and financial plans with the advice and
assistance of UBS Securities LLP and input from Ernst & Young.  
The Applicants expect the business plan preparation to take at
least two months before it will be available for discussion with
the Ad Hoc Bondholders Group, Bank Syndicate, and the Unsecured
Creditors Committee.  The business plans will reflect the
Applicants' expectation of future operating performance during
and after the CCAA and Chapter 11 process.

             Monitor's Analysis and Recommendation

Murray McDonald, president of Ernst & Young Inc., believes that
the Applicants are acting diligently and in good faith towards
the stabilization of their operations.  Mr. McDonald says that
restructuring size and complexity of Quebecor World Inc.
requires significant time and effort.  Ernst & Young recommends
the extension of the CCAA stay until May 11, 2008.

                     About Quebecor World

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

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

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

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

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

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 6; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                       *     *    *

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


QUEBECOR WORLD: Loses US$210 Mln Rogers Deal to Transcontinental
----------------------------------------------------------------
Bertrand Marotte of The Globe and Mail reported that Quebecor
World Inc. lost a major printing contract with Rogers Publishing
Ltd. to rival Transcontinental Inc.  Quebecor World and Rogers
Publishing had a long-standing relationship.

According to the report, Rogers signed a six-year deal with
Transcontinental worth an estimated US$210,000,000.  The
contract will take effect on Feb. 1, 2009.

Rogers Communications spokeswoman Jan Innes told Globe and Mail
that Quebecor World's bankruptcy had nothing to do with the
decision to go with Transcontinental, pointing out that the
selection process went as far back as six months, long before
Quebecor World sought protection from its creditors.

Rogers Publishing Ltd. is Canada's largest publishing company
with more than 70 print brands and over 45 digital properties
serving consumer and business markets in English and French.

                     About Quebecor World

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

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

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

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

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

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 6; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                       *     *    *

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


QUEBECOR WORLD: Suppliers Balk at Reclamation Procedures
--------------------------------------------------------
In separate filings Abitibi Consolidated Sales Corp., Abitibi-
Consolidated US Funding Corp., Bowater America Inc. and Bowater
Inc.; Packaging Corporation of America; Catalyst Pulp and Paper
Sales Inc., and Catalyst Paper (USA) Inc.; Rock-Tenn Company;
Midland Paper Company; and Day International Inc., object to
Quebecor World Inc.'s proposed claims treatment procedures.

These Suppliers sold goods, specifically paper products and
printing chemicals, to the Debtors before and within the
Petition Date.  They sent the Debtors written demands for the
return of goods received by the Debtors within 45 days of their
Reclamation Demands, the value of those goods total:

  Packaging Corporation of America             US$1,454,998

  Abitibi and Bowater                         US$22,664,620
                                             including an
                                    additional 14,169,084
                                          pounds of paper

  Catalyst Pulp and Paper Sales                US$8,388,821

  Rock-Tenn Company                              US$387,380

  Midland Paper                                US$3,070,833

  Day International                            US$1,225,783

In the Reclamation Procedures Motion, the Debtors seek, among
other relief:

  (a) at least 120 days from the bankruptcy filing to review
      and determine the validity of reclamation demands,

  (b) during the Review Period, a prohibition against any
      reclaiming seller making any motion for relief with
      respect to goods subject to reclamation demands, and

  (c) a prohibition against any seller from filing an adversary
      proceeding with respect to goods subject to reclamation
      demands.

The Suppliers object to the proposed Reclamation Procedures
because it will effectively deny their right of reclamation
since after the 120-day stay has expired, the Suppliers' goods
will have almost certainly been entirely consumed by the Debtors
leaving them with nothing to reclaim.

Representing Rock-Tenn, Susan P. Persichilli, Esq., at Buchanan
Ingersoll & Rooney, PC, in New York, relates that in 2005, as
part of the Bankruptcy Abuse Prevention and Consumer Protection
Act of 2005, Section 546(c) of the Bankruptcy Code was amended.  
Before the amendment, Ms. Persichilli says, Section 546(c) of
the Bankruptcy Code permitted a bankruptcy court to deny a
seller the right to reclaim goods by instead granting that
seller a replacement lien or an administrative expense claim for
the value of the goods.  The 2005 amendments to Section 546(c)
of the Bankruptcy Code eliminated the ability of a court to deny
that seller the right to reclaim its goods, Ms. Persichilli
notes.

Pursuant to the current version of Section 546(c) of the
Bankruptcy Code, a seller which complies with the provisions of
the statute has an absolute right to reclaim goods received by a
debtor within the 45 days prior to the bankruptcy filing
provided that the debtor was insolvent at the time it received
those goods.  Indeed, Ms. Persichilli says, absent an agreement
among the parties, Congress has made it clear, by eliminating
the alternative remedies of replacement liens and administrative
expense claims, that the Debtors are required under the current
version of Section 546(c) of the Bankruptcy Code to grant
reclaiming sellers specific performance like returning specific
goods in question.

The Suppliers believe that they have satisfied the requirements
of Section 546(c), which gives them an absolute right to reclaim
the goods they sold to the Debtors which was received 45 days
before the bankruptcy filing.

Packaging Corporation of America proposes certain modifications
to the Debtors' Reclamation Procedures:

  (a) The Debtors should be required to provide PCA a report of
      the inventory on hand that identifies which of the goods
      subject to PCA's Reclamation Demand were on hand as of the
      date of the Reclamation Demand;

  (b) PCA's reclamation claim should be granted administrative
      priority status pursuant to Section 503(b) of the
      Bankruptcy Code; and

  (c) PCA should have the right to seek relief from stay with
      respect to its reclamation claim in the event the Debtors  
      fail to promptly supply PCA the inventory report  
      identifying the goods on hand as of the date of PCA's  
      reclamation demand or in the event PCA reasonably believes
      that the Debtors' are administratively insolvent.

                     About Quebecor World

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

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

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

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

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

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

                       *     *     *

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


SAND DANCER: Hires Liquidators from Tenon Recovery
--------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of The Sand Dancer Ltd. on Feb. 15
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


SCOTTISH RE: Shifts Strategic Focus Following Sub-prime Crisis
--------------------------------------------------------------
Scottish Re Group Limited's Board of Directors has determined to
alter the company's strategic focus.

The change in strategy is a direct response to prevailing market
conditions and other business challenges including:


   -- the continuing deterioration in the market for sub-prime
      and Alt-A residential mortgage-backed securities and the
      resulting adverse impact this has had, and will likely
      continue to have, on the Company's consolidated investment
      portfolio;

   -- the ratings action taken by Standard & Poor's Rating
      Services on Jan. 31, 2008, lowering the financial strength
      ratings of the Company's operating subsidiaries from BB+
      to BB (marginal) and placing the ratings on CreditWatch
      with negative implications, as well as the negative
      outlook placed on the Company's financial strength ratings
      by other rating agencies, with the resulting material
      negative impact on the Company's ability to achieve its
      goal of an A- or better rating by the middle of 2009; and

   -- the material negative impact of ratings declines and
      negative outlooks by rating agencies on the Company's
      ability to grow its life reinsurance businesses and
      maintain its core competitive capabilities.

In light of these circumstances, the Board instructed management
to prepare an assessment of the various strategic alternatives
that might be available to the Company to maximize shareholder
value.

In that regard, on Jan. 21, 2008 the Board established a Special
Committee of the Board to evaluate the alternatives developed by
management.  The Special Committee does not include any Board
members designated for election by SRGL Acquisition, LDC (an
affiliate of Cerberus Capital Management, L.P.) nor MassMutual
Capital Partners LLC (or their affiliates), who together are the
Company's majority shareholders.

The Special Committee engaged a financial advisor and legal
counsel to assist in their evaluation process.  Subsequent to
various meetings and upon careful consideration, the Special
Committee recommended to the Board, at its regularly scheduled
meeting on Feb. 21, 2008, to accept management's revised
business strategy.

The Board unanimously adopted the Special Committee's
recommendations and the Company will now actively pursue the
following key strategies:

   -- pursue dispositions of the Company's non-core assets or
      lines of business, including the International Life
      Reinsurance segment and the Wealth Management business;

   -- develop, through strategic alliances or other means,
      opportunities to maximize the value of the Company's core
      competitive capabilities within the North American Life
      Reinsurance segment, including mortality assessment and
      treaty administration; and

   -- rationalize the Company's cost structure to preserve
      capital and liquidity.

There can be no assurance that any of these key strategies will
be successful and each of them may be subject to review by
insurance regulators.  The Company will report further
developments regarding any strategic actions only as
circumstances warrant.

As a result of the decision by the Board to pursue the revised
strategies and in recognition of the change in the Company's
circumstances and the impact thereof on the Company's growth
prospects, the Company has established a retention program for
certain essential employees that provides financial incentives
to remain with the Company.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.


SCOTTISH RE: Fitch Lowers Ratings and Places Negative Watch
-----------------------------------------------------------
Fitch Ratings has downgraded Scottish Re Group Limited's (NYSE:
SCT) Issuer Default Rating to 'B' from 'BB-' and the Insurer
Financial Strength ratings of its primary operating subsidiaries
to 'BB' from 'BBB-'.  All ratings have been placed on Rating
Watch Negative with the exception of Scottish Re Limited which
has been placed on Rating Watch Evolving.

The actions follow SCT's announcement of a change in strategic
focus.  The downgrades reflect Fitch's heightened concern over
continued subprime losses in the consolidated investment
portfolio, uncertainty over the SCT's strategic direction and
the potential impact to the Reg. XXX securitization structures.
In addition, the ratings of the holding company and the U.S.
operating companies have been placed on Rating Watch Negative.

The IFS rating of Scottish Re Limited has been placed on Rating
Watch Evolving reflecting SCT plans to pursue a disposition of
that business.  The resolution of the Rating Watch will depend
on the success of that pursuit and the financial strength of a
potential buyer.

Fitch has downgraded and placed these ratings on Rating Watch
Negative:

Scottish Re Group Ltd.

    -- IDR to 'B' from 'BB-';

    -- 7.25% non-cumulative perpetual preferred stock to
       'CCC+/RR6' from 'B/RR6'.

Scottish Annuity & Life Insurance Company (Cayman) Limited

    -- -IFS rating to 'BB' from 'BBB-'.

Scottish Re (U.S.) Inc.

    -- IFS rating to 'BB' from 'BBB-'.

Stingray Pass-Through Trust

    -- $325 million 5.902% collateral facility securities due
       Jan. 12, 2015 to 'BB' from 'BBB-'.

Fitch has downgraded and placed this rating on Rating Watch
Evolving:

Scottish Re Limited

    -- IFS rating to 'BB' from 'BBB-'.


SOUTH EASTERN: Taps Liquidators from Smith & Williamson
-------------------------------------------------------
Stephen John Tancock and Stephen John Adshead of Smith &
Williamson Ltd. were appointed joint liquidators of South
Eastern Auctions Ltd. on Feb. 19 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

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


STARLIGHT MEDIA: UK High Court Winds Up Advertising Company
-----------------------------------------------------------
The High Court, following an investigation by the Companies
Investigation Branch (CIB) of the Insolvency Service, has wound
up Starlight Media (U.K.) Ltd., which claimed to have signed up
businesses to advertisements which were to appear in a variety
of publications designed to raise public awareness about issues
such as crime and safety in the home.

CIB's investigation found that Starlight issued invoices and
demands for payment in connection with advertisements that had
never been ordered and which were to appear in publications that
were never produced.  

This was an identical situation to that encountered in an
earlier investigation into three related publishing companies
also wound up by the High Court.

The company can be reached at:

         Starlight Media (U.K.) Ltd.
         121 Telegraph Road
         Heswall
         Wirral
         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


WEB WORKS: Names Ian William Kings Liquidator
---------------------------------------------
Ian William Kings of Tenon Recovery was appointed liquidator of
The Web Works New Media Ltd. on Jan. 7 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England


WHISTLEJACKET CAPITAL: S&P Puts All Ratings at 'D'
--------------------------------------------------
Standard & Poor's Ratings Services lowered its issuer credit
ratings on Whistlejacket Capital Ltd. and White Pine Corp. Ltd.,
which is sponsored by Standard Chartered Bank.  Standard &
Poor's also lowered its ratings on Whistlejacket's  commercial
paper (CP), medium-term notes (MTNs), and capital notes .

The lowered ratings reflect the fact that the vehicle's Feb. 21,
2008, payment date, after all grace periods were exhausted,
passed with the receiver failing to authorize payment.
   
                        Ratings Lowered   

                     Whistlejacket Capital Ltd.

                Rating
                ------               
Class         To    From                 Outstandings (mil. $)*
-----         --    ----                 ----------------------
ICR           D     CCC-/Watch Neg                 N/A
CP            D     C/Watch Neg                   0.00
MTNs          D     CCC-/Watch Neg            2,999.15
Capital notes D     CC/Watch Neg                375.52
  
                       White Pine Corp. Ltd.






                Rating
                ------               
Class         To    From                 Outstandings (mil. $)*
-----         --    ----                 ----------------------
ICR           D     BB/Watch Neg/B                 N/A
CP            D     C/Watch Neg                  36.76
MTNs          D     BB/Watch Neg              3,112.73
Capital notes D     CC/Watch Neg                255.00
   
* Outstandings are approximate, based on reports received from
the manager, and are taken from the most recent reports that we
received between early to mid-February.

N/A — Not applicable.


WIDDOWSON DALEBROOK: Claims Filing Period Ends March 18
-------------------------------------------------------
Creditors of Widdowson Dalebrook Engineers Ltd. have until
March 18, 2008 to prove debts against the company and send their
claims to:

         Leslie Ross
         Liquidator
         Grant Thornton UK LLP
         4 Hardman Square
         Spinningfields
         Manchester
         M3 3EB
         England

Leslie Ross of Grant Thornton UK LLP was appointed liquidator of
Widdowson Dalebrook Engineers Ltd. on Feb. 15 for the creditors'
voluntary winding-up procedure.


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

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


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


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


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


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

FRANCE    
------
Arbel                     ARB       (150)         138      (96)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (67)         301      (13)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Outremer Telecom          OMT        (33)         229      (88)
Pagesjaunes GRP           PAJ     (2,718)       1,121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX       (18)         128      (22)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Babcock Borsig            BBX      (1608)         137   (1,309)
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (27)         177      (30)
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kabel Deutschland                 (1,199)        2280     (306)
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Schaltbau Hold            SLTG       (13)         185        3
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)

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

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

IRELAND
-------
Elan Corp PLC             ELN      (235)         171       459
Waterford Wed Ut          WTFU     (145)         897       208


ITALY
-----
A.S. Roma S.p.A.          ASR        (12)         188      (49)
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE        (64)         529      (88)
Lazio S.p.A.              SSL        (32)         254      (33)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (39)         275       36
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


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


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


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


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


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


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


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd                (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Carlisle Group                       (12)         204       15
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST      (108)         595      (61)
Dowson Holding            DWN        (18)         226       31
Dignity Plc               DTY        (55)         552       36
Easybroker PLC                        (1)         287       (1)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (2,266)       2,950     (296)
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)       1,273     (277)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
Jarvis Plc                JRVS.L     (28)         370      (22)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
London and Overs                  (1,507)         397      N.A.
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Pii Group Ltd                        (84)         236      (47)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP        (95)         211        2
Spirit Group                         (75)         365      (56)
Telereal Security                    (35)       3,418     1,948
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Trio Finance              TRIO       (14)         592      N.A.
Unilever U.K. Cent.               (1,170)       4,509       82
Upperpoint Manufac.                  (10)         280      (10)
Webley Stadium                       (55)       1,561      (45)
Wincanton Plc             WIN        (27)       1,451      (78)


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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