TCREUR_Public/080227.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, February 27, 2008, Vol. 9, No. 43

                            Headlines


A U S T R I A

M. REITER: Claims Registration Period Ends March 10
PETER BERGER: Creditors' Meeting Slated for March 4
PETER BERGER & CO: Claims Registration Period Ends March 4
PLEYERS FLIESENZENTRUM: Claims Registration Period Ends March 18
ROCK & MORE: Claims Registration Period Ends March 21

SCHICHER BAU: Claims Registration Period Ends March 20


B E L G I U M

TIMKEN CO: Adds Steel Products; Completes Boring Acquisition
B U L G A R I A
BULGARIAN AMERICAN: S&P Puts BB/B Ratings Under Positive Watch


D E N M A R K

AVNET INC: Moody's Ups Ratings on Improving Operating Efficiency
KALMAR STRUCTURED: Moody's Puts Notes' Rating Under Review
EASTMAN KODAK: Dennis Strigl Elected to Board of Directors
EASTMAN KODAK: Fitch Revises Ratings Outlook to Stable


F R A N C E

AXCAN INTERMEDIATE: Moody's Holds B1 Ratings on Capital Changes
DELPHI CORP: Must Pay Professionals US$49 Mln in Fees & Expenses
TEMBEC INC: Lenders, Shareholders OK Recapitalization
WELLMAN INC: Files for Chapter 11 Protection in New York
WELLMAN INC: Case Summary & 30 Largest Unsecured Creditors

WELLMAN INC: Moody's Lowers Ratings on Bankruptcy Filing


G E R M A N Y

AOL ANWENDERORIENTIERTE: Claims Registration Ends March 20
AUTOHAUS BASMANN: Claims Registration Period Ends March 20
BACHMANN GMBH: Claims Registration Period Ends March 20
BERGKAMENER HOCHBAU: Claims Registration Period Ends March 19
BERND NEUHAUSEL: Claims Registration Period Ends March 20

BESTRO MODEVERTRIEB: Claims Registration Period Ends March 4
CHRISTIANE GERTURD: Claims Registration Period Ends March 20
CONTRABAU HUMME: Claims Registration Period Ends March 19
D. A. CORDS: Claims Registration Period Ends March 19
DOERKEN STAHL: Claims Registration Period Ends March 20

DOHNAER HOCH: Claims Registration Period Ends March 4
DUERR AG: Earns EUR21 Million for Year Ended December 31
GELATERIA CONTI: Claims Registration Period Ends March 19
GESCHWISTER WOLBER: Claims Registration Period Ends March 18
HANSEN-BAU GMBH: Claims Registration Period Ends March 19

HEINRICH SCHNEIDER: Claims Registration Ends March 20
HELGE ALTSOHN: Claims Registration Ends March 20
JEWO FLEISCHWARENHANDELS: Claims Registration Ends March 20
KURIOS BETRIEBS: Claims Registration Ends March 20
LODER GMBH: Claims Registration Period Ends March 4

MARQUARDT MASCHINENBAU: Claims Registration Ends March 20
META - LOG GMBH: Claims Registration Ends March 20
PEUCKER & FILLERS: Claims Registration Period Ends March 13
SWS GMBH: Claims Registration Period Ends March 18


I R E L A N D

INTERNATIONAL SECURITIES: Collins Stewart to Take Over Company
LUNAR FUNDING V: Moody's Lowers Ratings on 11 Note Classes
PALMER SQUARE 2: Moody's Cuts Ratings on Three Note Classes
PALMER SQUARE 3: Cuts Ratings on Five Classes & Maintains Review
VALENCE TECH: Names G. H. Fischer as Chief Financial Officer


I T A L Y

ALITALIA SPA: Denies Seeking EUR300-Million Bridging Loan
ALITALIA SPA: January Traffic Shows Year-on-Year Decrease
DANA HOLDING: Directors and Officers Named
IT HOLDING: Joins Italian Stock Exchange's STAR Segment


K A Z A K H S T A N

ALEX INVEST: Creditors Must File Claims by March 28
BAITEREK LLP: Claims Deadline Slated for March 21
DINAS LLP: Claims Filing Period Ends March 28
DOUL INTERNATIONAL: Creditors' Claims Due on March 28
GIDROSPETSSTROY JSC: Claims Registration Ends March 28

JAS-JAN LLP: Creditors Must File Claims by March 28
KAMKOR CJSC: Claims Deadline Slated for March 28
KURYLYS CONSTRUCTION: Claims Filing Period Ends March 21
PET CO: Creditors' Claims Due on March 28
STROYSVYAZ DRUJBA: Claims Registration Ends March 28


K Y R G Y Z S T A N

BUSINESS GARANT: Creditors Must File Claims by March 14
ULUK AND ASSOCIATES: Claims Filing Period Ends March 21


L U X E M B O U R G

AMERICAN AXLE: Declares 1st Qtr. 2008 Div. Payable on March 28
HUNTSMAN CORP: Incurs US$172.1 Million Net Loss in 2007


N E T H E R L A N D S

CLASSIC I: Moody's Cuts Rating on S. 2006-1 Class A2 Notes
FOOT LOCKER: Allowable Dividend Payments Increased to US$95 Mln
MOBILE MINI: To Merge with Mobile Storage in US$701.5 Mln Deal
MOBILE MINI: Earns US$12.4 Million in Quarter Ended December 31
MOBILE MINI: Mobile Storage Deal Cues Moody's Ratings Review

MOBILE MINI: Mobile Storage Deal Cues S&P's Negative Watch


P O L A N D

BUCYRUS INTERNATIONAL: Amends RAG Coal Share Purchase Deal


R U S S I A

AMBASSADOR LLC: Creditors Must File Claims by March 12
AVTO-TRANS CJSC: Creditors Must File Claims by March 12
BELOVSKIY COAL: Court Names A. Taranenko as Insolvency Manager
B.I.N.BANK: S&P Says Ratings Unaffected By Likely Owner Change
DORONINO LLC: Court Starts Bankruptcy Supervision Procedure

EAST CJSC: Kemerovo Bankruptcy Hearing Slated for June 9
EASTERN OIL-LOADING: Names E. Ugolnikov as Insolvency Manager
ENTAZIS CJSC: Creditors Must File Claims by March 12
INTER-PROM-GARANT: Court Starts Bankruptcy Supervision Procedure
IZMAYLOVSKIY PARK: Court Starts Bankruptcy Supervision Procedure

KIZNERSKOE REPAIR: Creditors Must File Claims by March 12
MOTOR ENTERPRISE 1: Bankruptcy Hearing Slated for April 10
NEFAZ-CENTRE LLC: Court Starts Bankruptcy Supervision Procedure
PROGRESS OJSC: Asset Sale Slated for March 11
SEPTEMBER CJSC: Court Names A. Gudkov as Insolvency Manager

TRANSPORT COMPANY: Creditors Must File Claims by March 12


S P A I N

TDA 25: Fitch Holds BB- Rating on Class D with Negative Outlook
VALENCIA HIPOTECARIO: Fitch Puts CCC Rating on Class D Notes


S W I T Z E R L A N D

WEST CORP: Plans to Purchase Genesys for US$269 Million              


T U R K E Y

TURKIYE VAKIFLAR: Fitch Holds Issuer Default Rating at BB-


U K R A I N E

DINA LLC: Creditors Must File Claims by March 6
MIUZI LLC: Creditors Must File Claims by March 6
NAFTOGAZ UKRAINY: Ukraine Cabinet Opposes Gazprom Joint Ventures
ONIS LLC: Creditors Must File Claims by March 6
SVITANOK LLC: Creditors Must File Claims by March 6

VIA PRINT: Creditors Must File Claims by March 6
VICTORIYA LLC: Creditors Must File Claims by March 6
ZLAGODA LLC: Creditors Must File Claims by March 6


U N I T E D   K I N G D O M

AVEBURY FINANCE: Moody's Junks Rating on Class D Notes
BAA LTD: Eyes GBP1 Billion Loan to Repay Increasing Debt
BAA LTD: Heathrow Incident Cuts January 2008 Traffic
BANTRY BAY: Moody's Junks Ratings on Two Note Classes
BLENDON COMMUNICATIONS: Taps Liquidators from Smith & Williamson

CAPTIVE MINDS: Claims Filing Period Ends March 31
CLARIS IV LIMITED: Moody's Lowers Ratings on Three Note Classes
DURA AUTOMOTIVE: Court OKs Amendments to Revolving DIP Debt Pact
DURA AUTOMOTIVE: Must Appear at Final Hearing to OK Bonus Plan
EIRLES TWO: Moody's Cuts Rating on US$150 Million Notes to Ba1

FAXTOR HG 2007-1: Moody's Lowers Rating on Six Note Classes
FORD MOTOR: Announcement of Tata Motors Deal Sets March 6 or 7
G SQUARE 2007-1: Moody's Cuts Ratings on Six Note Classes
G SQUARE 2006-2: Moody's Lowers Rating on Five Note Classes
GENERAL MOTORS: Inks Settlement Pact with UAW and Union Retirees

GETTY IMAGES: Hellman & Friedman Acquires Firm for US$2.4 Bln
GLOBAL TRADER: Appoints Smith & Williamson to Administer Assets
HOOPER GIBSON: Brings In Liquidators from Mazars
I-FLOOR DESIGN: Names Joint Administrators from Grant Thornton
LOGAN CDO II: Moody's Junks Ratings on Three Note Classes

LOGAN CDO III: Moody's Lowers Ratings on Eight Note Classes
LONDON DRAWING: Taps Begbies As Joint Administrators
MARC CDO I: Moody's Puts Junk Rating on Three Note Classes
MAXJET AIRWAYS: Bid Deadline Extended Until February 27
MAXJET AIRWAYS: Court OKs Morten Beyer as Valuation Consultants

MILL REEF: Moody's Lowers Ratings on Six 2005-1 Note Classes
MOBILE STORAGE: Inks US$701.5 Mln Merger Deal with Mobile Mini
MOBILE STORAGE: Mobile Mini Deal Prompts S&P's Positive Watch
NORTHERN ROCK: Holds First Board Meeting After Nationalization
NOW SHOES: Brings In Administrators from Begbies Traynor

PETROLEOS DE VENEZUELA: Asset Freeze to be Extended
PETROLEOS DE VENEZUELA: Reaches Settlement with Total & Statoil
P.S. SURFACING: Appoints KPMG to Administer Assets
QUEBECOR WORLD: Final Auction Prices of Bonds Reach 41.25%
QUEBECOR WORLD: Court Agrees Payment of Prepetition Commissions

QUEBECOR WORLD: Various Entities Disclose Stake in Company
REFCO INC: SEC Sues Ex-CEO Bennett for Orchestrating Fraud
ROADRUNNERS TRANSPORT: Hires Liquidators from Vantis
RUTLAND RATED: Moody's Junks Rating on S. 55 Class B-2L Notes
R W GIBBS: Calls In Liquidators from Tenon Recovery

SCOTTISH RE: S&P's 'B' Rating Unaffected by New Strategic Focus
TATA MOTORS: Concludes Meeting with Jaguar & Land Rover Union
TATA MOTORS: Mandates Banks to Raise US$2.5 Bil., Report Says
VIRGIN MEDIA: Appeals Competition Commission's ITV Stake Ruling
YVONNE PALMER: Names Joint Administrators from PKF

* Moody's Take Various Ratings Actions on US$550MM European CDOS


                            *********


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


M. REITER: Claims Registration Period Ends March 10
---------------------------------------------------
Creditors owed money by LLC M. Reiter & Co (FN 118797b) have
until March 10, 2008, to file written proofs of claim to court-
appointed estate administrator Franz Seid at:

          Dr. Franz Seidl
          Schloss 4/1
          2542 Kottingbrunn
          Austria
          Tel: 02252/71 199
          Fax: 02252/71 199-20
          E-mail: ra-f.seidl@teletronic.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 20, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Baden bei Wien, Austria, the Debtor declared
bankruptcy on Feb. 5, 2008 (Bankr. Case No. 10 S 15/08x).  


PETER BERGER: Creditors' Meeting Slated for March 4
---------------------------------------------------
Creditors owed money by LLC Peter Berger (FN 31613s) are
encouraged to attend the first creditors' meeting at 10:10 a.m.
on March 4, 2008.

The creditors' meeting will be held at:

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

The Court will also examine the claims at 9:30 a.m. on
April 15, 2008, at the same venue.

Creditors have until April 1, 2008, to file written proofs of
claim to court-appointed estate administrator Gertraude Carli
at:

          Dr. Gertraude Carli
          Raimund Obendrauf Strasse 9
          8230 Hartberg
          Austria
          Tel: 03332/62240
          Fax: 03332/62240-8
          E-mail: ra.carli-carli@gmx.at  

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Feb. 5, 2008 (40 S 7/08i).


PETER BERGER & CO: Claims Registration Period Ends March 4
----------------------------------------------------------
Creditors owed money by LLC PETER BERGER & Co KG (FN 32932f) are
encouraged to attend the first creditors' meeting at 10:10 a.m.
on March 4, 2008.

The creditors' meeting will be held at:

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

The Court will also examine the claims at 9:15 a.m. on
April 15, 2008, at the same venue.

Creditors have until April 1, 2008, to file written proofs of
claim to court-appointed estate administrator Gertraude Carli
at:

          Dr. Gertraude Carli
          Raimund Obendrauf Strasse 9
          8230 Hartberg
          Austria
          Tel: 03332/62240
          Fax: 03332/62240-8
          E-mail: ra.carli-carli@gmx.at  

Headquartered in Filzmoos, Austria, the Debtor declared
bankruptcy on Feb. 5, 2008 (40 S 6/08t).


PLEYERS FLIESENZENTRUM: Claims Registration Period Ends March 18
----------------------------------------------------------------
Creditors owed money by  LLC pleyers Fliesenzentrum (FN 81092d)
have until March 18, 2008, to file written proofs of claim to
court-appointed estate administrator Walter Anzboeck at:

          Dr. Walter Anzboeck
          Stiegengasse 8
          3430 Tulln
          Austria
          Tel: 02272/61 600
          Fax: 02272/61 600-20
          E-mail: anwalt@anzboeck.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 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 St. Georgen am Steinfeld, Austria, the Debtor
declared bankruptcy on Feb. 5, 2008 (Bankr. Case No. 14 S
11/08w).  


ROCK & MORE: Claims Registration Period Ends March 21
-----------------------------------------------------
Creditors owed money by LLC Rock & More Beteiligung (FN 274723f)
have until March 21, 2008, to file written proofs of claim to
court-appointed estate administrator Bernhard Eder at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on April 4, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 5, 2008 (Bankr. Case No. 28 S 21/08d).  


SCHICHER BAU: Claims Registration Period Ends March 20
------------------------------------------------------
Creditors owed money by LLC Schicher Bau (FN 140166b) have until
March 20, 2008, to file written proofs of claim to court-
appointed estate administrator Josef Flaschberger at:

          Dr. Josef Flaschberger
          Getreidegasse 13/2
          9020 Klagenfurt
          Austria
          Tel: 0463/50 43 43
          Fax: 0463/404582
          E-mail: drflaschberger@aon.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 31, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Klagenfurt
          Conference Hall 225
          Second Floor
          Klagenfurt
          Austria

Headquartered in Kuehnsdorf, Austria, the Debtor declared
bankruptcy on Feb. 5, 2008 (Bankr. Case No. 41 S 8/08m).  


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


TIMKEN CO: Adds Steel Products; Completes Boring Acquisition
------------------------------------------------------------
The Timken Company has added leading steel products for oil and
gas drilling operations, further extending its strong position
in the growing market for high-performance energy products.  
Timken completed its acquisition of the assets of Boring
Specialties Inc., a leading provider of a wide range of
precision deep-hole oil and gas drilling and extraction products
and services.

Timken will operate the business as Timken Boring Specialties,
LLC, from its current location in Houston, Texas.  Timken will
continue to invest in its ability to meet the needs of customers
in the global energy market with hole-making, hole-finishing and
related machining services.

"We are continuing to make strategic investments in our steel
capabilities to bring more value to customers in targeted
markets, contributing to Timken's profitable growth," said
Salvatore J. Miraglia, president of Timken's Steel Group.  "The
addition of Timken Boring Specialties to our portfolio is the
latest in a series of investments to extend our differentiation
in the marketplace."

In 2007, Timken added new induction heat-treat capabilities and
expanded the outer diameter of round steel bars and the length
of steel tubing it offers to customers in global energy and
other markets.  The company is also building a new small-bar
mill in Canton, Ohio, that will allow it to create high-quality
alloy steel bars down to one-inch in diameter.

The latest addition to Timken's steel portfolio, Timken Boring
Specialties creates a unique, simplified and cost-effective
supply chain by providing a single-point material and machining
source for original equipment manufacturers and distributors.  
Customers will benefit from the combination of high-quality
steel and value-added machining expertise for drilling, skiving,
trepanning and honing operations.

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

                         *     *     *

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


===============
B U L G A R I A
===============


BULGARIAN AMERICAN: S&P Puts BB/B Ratings Under Positive Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB/B' long- and
short-term counterparty credit ratings on Bulgarian American
Credit Bank on CreditWatch with positive implications.

The rating action follows the announcement that Allied Irish
Banks PLC (AIB; A+/Positive/A-1) has agreed to acquire a 49.99%
shareholding in BACB.  The acquisition is subject to regulatory
approvals.

"The CreditWatch placement on BACB reflects the potential for an
improvement in the bank's creditworthiness, resulting from AIB
becoming the single largest shareholder in BACB," said Standard
& Poor's credit analyst Jerome Chui.

In Standard & Poor's view, there is a good opportunity for BACB
to benefit from future product, operational, managerial, and
financial support from AIB.  In turn, this could boost BACB's
market franchise and financial strength in the highly
competitive and fast-growing Bulgarian banking sector.  If the
transaction is successful, the ratings on BACB could initially
be raised by one or two notches.  S&P will assess BACB's
strategic importance to AIB; its operational and financial
commitment and support; the strategy that will be implemented;
and the impact of these factors on the stand-alone and
final ratings on BACB.

"Standard & Poor's expects to resolve the CreditWatch placement
on completion of the acquisition, including regulatory approval
and after further discussions on strategy, funding, and
managerial and financial support with AIB," added Mr. Chui.


=============
D E N M A R K
=============


AVNET INC: Moody's Ups Ratings on Improving Operating Efficiency
----------------------------------------------------------------
Moody's Investors Service raised the corporate family and senior
unsecured ratings of Avnet Inc. to Baa3 from Ba1 with a stable
outlook.

"The upgrade reflects our expectation that Avnet's operating
performance will continue to benefit from the secular
outsourcing trend underway in the electronics OEM space,
improved product mix, as ll as enhanced scale, increasing
geographic diversity and an expanded line card with access to
new customer relationships as a result of recent acquisitions,"
according to Moody's Vice President & Senior Analyst Gregory
Fraser, CFA.  

Moody's cited the upgrade considers the solid execution,
operating efficiency improvements and working capital management
that have exceeded expectations resulting in operating margin
and ROA expansion, improved credit protection measures, higher
gross cash flow levels and an enhanced business model that has
the propensity to deliver consistent levels of positive free
cash flow especially during periods of industry akness.  The
steady improvement in financial leverage, which Moody's expects
to continue, also supports the upgrade, as does Avnet's
disciplined financial philosophy with respect to maintaining
strong balance sheet liquidity and modest financial leverage.  

"Barring an extended period of economic weakness, we expect
Avnet to continue to grow operating income at a faster pace than
revenues and maintain a focus on balance sheet de-leveraging via
either free cash flow generation targeted towards debt reduction
or higher levels of operating cash flow," Mr. Fraser added.

The stable ratings outlook reflects expectations for stable
financial leverage and interest coverage metrics, relatively
steady vendor/customer relationships, and maintenance of
operating margins in the 2-4% range during an economic cycle.  
The rating outlook factors in Moody's expectation that debt to
book capitalization will remain below 35% and retained cash flow
to debt will remain above 25% in a downturn scenario.

Despite Avnet's end market and geographic diversification, there
is some concern that the current weak macro-economic environment
could result in a broad-based corporate IT spending slowdown,
potentially impacting Avnet's operating profitability.  However,
in a reasonable downside scenario, which is incorporated in the
Baa3 rating, Moody's does not expect operating margins to fall
below 2.5% based on Avnet's enhanced scale and current operating
leverage.  Additionally, given Avnet's ongoing focus on cost
controls, Moody's believes the company should be less vulnerable
during an industry retrenchment than in previous cycles.  
Nonetheless, the rating could experience downward pressure to
the extent operating margins were to fall below 2.5% on a
sustained basis (two to four quarters).

The rating factors the volatility of inventory and payables
usage which can be irregular from quarter to quarter given the
working capital intensity of the business model driven by
seasonal demands.  Mitigating this concern is Avnet's improved
working capital leverage and cash conversion cycle as well as
higher absolute yearly gross cash flow levels that cushion
periods of high working capital consumption.

The company maintains very good liquidity and financial
flexibility.  This is driven by Avnet's US$417 million of cash,
Moody's expectations for free cash flow generation of at least
US$300 million in fiscal 2008, plus full access to a US$450
million accounts receivable securitization program (maturing
2008) and US$500 million unsecured revolver (maturing 2012).

These ratings were upgraded:

-- Corporate Family Rating to Baa3 from Ba1

-- Senior Unsecured Notes to Baa3 from Ba1

-- Senior / Subordinated Shelf Ratings to (P)Baa3 / (P)Ba1 from
    (P)Ba1 / (P)Ba2

Concurrently, Moody's has withdrawn these ratings and expects to
withdraw the corporate family rating shortly as well, as these
measures are applicable only for below investment grade
companies:

-- Probability of Default Rating
-- All LGD Assessments

Avnet, Inc., headquartered in Phoenix, Arizona, is one of the
largest worldwide distributors of electronic components and
computer products, primarily for industrial customers.  Revenues
and EBITDA for the twelve months ended Dec. 29, 2007 were
US$17.0 billion and US$873 million, respectively.


KALMAR STRUCTURED: Moody's Puts Notes' Rating Under Review
----------------------------------------------------------
Moody's Investors Service places under review for possible
downgrade the Class C EUR 8,000,000 Secured Floating Rate Notes
II due 2010 issued by Kalmar Structured Finance A/S, currently
rated Ba3.

This review for downgrade is the result of a credit migration in
the underlying pool.


EASTMAN KODAK: Dennis Strigl Elected to Board of Directors
----------------------------------------------------------
Eastman Kodak Company has elected Dennis F. Strigl, President
and Chief Operating Officer of Verizon Communications, to its
board of directors, effective Feb. 21, 2008.

Mr. Strigl, 61, became President and COO of Verizon in January
2007.  In 2000, he was responsible for bringing together the
domestic wireless operations of Bell Atlantic, Vodafone AirTouch
and GTE to form Verizon Wireless, for which he served as
President and CEO until being named to his current position with
the company.

"I am pleased to welcome Denny Strigl to our board," said
Antonio M. Perez, Kodak's Chairman and Chief Executive Officer.  
"Denny is widely recognized as one of the most prominent
architects of the wireless communications industry.  He launched
the first cellular communications network in the U.S. while
leading Ameritech's Mobile Communications business, and during
his leadership at Verizon Wireless, increased the company's
revenue by nearly 121 percent.  Denny will bring a depth of
experience to the board in an industry that is increasingly
relevant to Kodak."

Mr. Strigl received his bachelor's degree in business
administration from Canisius College, and his MBA from Fairleigh
Dickinson University.  He began his career with New York
Telephone and held positions at AT&T and Wisconsin Telephone
before becoming Vice President of American Bell, Inc.  His
career took him to senior leadership positions at Ameritech
Mobile Communications, Bell Atlantic, and Bell Atlantic Global
Wireless, where he was named president and CEO in 1991.

Mr. Strigl is past chairman of the Board of Directors of the
Cellular Telecommunications and Internet Association, and serves
on the boards of directors of Verizon Wireless, Anadigics Inc.,
PNC Financial Services Group and PNC Bank.  He also serves as
chairman of the Board of Trustees of Canisius College.

Mr. Strigl's election brings the Kodak board to 12 members, 11
of whom are independent directors, with Antonio Perez serving as
the only non-independent director.

                       About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.


EASTMAN KODAK: Fitch Revises Ratings Outlook to Stable
------------------------------------------------------
Fitch Ratings revised Eastman Kodak Company's Rating Outlook to
Stable from Negative and affirmed the ratings as:

   -- Issuer default rating at 'B';
   -- Senior secured revolving credit facility at 'BB/RR1';
   -- Senior unsecured debt at 'B/RR4'.

Fitch's actions affect approximately $2.6 billion of total debt,
including the company's undrawn $1 billion RCF.

The revision of the Rating Outlook to Stable reflects Kodak's:

   -- Improving near-term free cash flow prospects, which are
      due primarily to declining cash restructuring payments
      following the completion of its significant 2004-2007
      restructuring program;

   -- Revenue stabilization, as accelerating digital revenue
      growth has started to more than offset declines in
      traditional revenue;

   -- Improved credit protection measures and financial
      flexibility.

Ratings concerns continue to center on:

   -- The ongoing decline of the traditional film business,
      which, in Fitch's estimate, generates the majority of the
      company's EBITDA;

   -- The significantly lower profit margins on digital
      technology, especially within the company's Consumer
      Digital Group, which continues to pressure the company's
      overall profitability.

The ratings are supported by Kodak's:

   -- Strong credit protection metrics;
   -- Broad geographic revenue diversity;
   -- Strong brand name;
   -- Broad Consumer Digital Group product portfolio;
   -- Leading market position in traditional film market.

Positive rating actions could occur if:

   -- Kodak exhibits consistent year-over-year improvement in
      digital profitability driven by a revenue mix shift toward
      higher-margin products, such as consumables for consumer
      inkjet printers and/or sustainable expense reductions;

   -- Significant improvement in free cash flow beyond Fitch's
      current expectations due to higher profitability as
      opposed to cash restructuring declines.

Negative rating actions could occur if:

   -- The company undertakes significant debt-financed M&A or
      share repurchase activity;

   -- Ongoing deterioration in revenues and/or profitability
      resumes.

Fitch believes liquidity at Dec. 31, 2007 was solid and
supported by: approximately US$2.9 billion of cash and cash
equivalents, and an undrawn US$1 billion senior secured RCF due
October 2010 (approximately US$850 million net of letters of
credit); and free cash flow from continuing operations, which is
expected to improve in 2008 from a loss of US$52 million in 2007
due largely to the completion of the company's restructuring
program, which required cash outlays of US$400 million-$600
million annually since 2004. Approximately US$150 million of
residual cash restructuring payments are expected in 2008.

Total debt as of Dec. 31, 2007 was approximately USUS$1.6
billion, consisting primarily of: US$250 million senior notes
due May 2008, US$500 million senior notes due 2013, and US$575
million convertible senior notes due 2033, which have a
conversion price of US$31.02 per share and which can be put to
the company in October 2010. Fitch believes the US$250 million
maturity in 2008 will be repaid with cash on hand. Fitch
estimates total leverage and interest coverage of 1.5 times (x)
and 7.8x, respectively, at Dec. 31, 2007, compared to 2.4x and
4.3x at Dec. 31, 2006.

The Recovery Ratings (RR) reflect Fitch's belief that Kodak's
enterprise value would be maximized in a liquidation, rather
than a going-concern, scenario. In estimating liquidation, Fitch
applies advance rates of 80%, 20%, and 10%, respectively, to
Kodak's accounts receivables, inventories, and property, plant,
and equipment balances as of the year ended Dec. 31, 2007. Fitch
arrives at an adjusted reorganization value of US$1.6 billion
after subtracting administrative claims.  Based upon these
assumptions, The 'RR1' recovery rating for Kodak's secured bank
facility reflects Fitch's belief that 100% recovery is
realistic.  The 'RR4' recovery rating for the senior unsecured
debt reflects Fitch's estimate that a recovery of only 31%-50%
would be achievable.

                   About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.


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


AXCAN INTERMEDIATE: Moody's Holds B1 Ratings on Capital Changes
---------------------------------------------------------------
Moody's Investors Service affirmed the B1 Corporate Family and
Probability of Default ratings of Axcan Intermediate Holdings,
Inc., following changes to the capital structure that had
originally been proposed in connection with the acquisition of
Axcan Pharma Inc.  The changes to the capital structure reflect
difficult market conditions in the bank loan market.  The
ratings rationale was set out in a press release dated Jan. 25,
2008.

Moody's took these rating actions:

-- Withdrew the Ba2 (LGD 2, 26%) rating on the originally
    proposed US$350 million senior secured term loan B due 2015;

-- Assigned Ba2 (LGD 2, 29%) to US$175 million senior secured
    term loan A due 2014;

-- Assigned Ba2 (LGD 2, 29%) to US$228 million senior secured
    notes due 2015;

-- Affirmed the B1 Corporate Family Rating;

-- Affirmed the B1 Probability of Default Rating;

-- Affirmed the Ba2 (LGD 2, 29%) rating on US$115 million
    senior secured revolving credit facility due 2014;

-- Affirmed the B3 (LGD 5, 83%) rating on US$235 million senior
    unsecured notes due 2016;

The ratings outlook is stable.

Moody's also affirmed the Speculative Grade Liquidity Rating of
SGL 2.

Axcan Pharma Inc., based in Mont St-Hilaire, Quebec, is a
specialty pharmaceutical company concentrating in the field of
gastroenterology with operations in North America and Europe.  
Axcan had revenue of approximately US$349 million for the fiscal
year ended Sept. 30, 2007.


DELPHI CORP: Must Pay Professionals US$49 Mln in Fees & Expenses
----------------------------------------------------------------
The Hon. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York directed Delphi Corp. and its
debtor-affiliates to pay the professionals retained in the
Debtors' bankruptcy cases approximately US$45,000,000 in fees
and US$3,000,000 in expenses.  

Blake, Cassels & Graydon LLP seeks payment of CDNUS$16,920 for
its professional fees for the period June 1, 2007, through
Sept. 30, 2007, and reimbursement of CDNUS$1,312 for expenses
incurred during the same period.  Blake Cassels serves as the
Debtors' Canadian counsel.

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

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

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

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

                         *     *     *

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

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

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


TEMBEC INC: Lenders, Shareholders OK Recapitalization
-----------------------------------------------------
Tembec Inc.'s recapitalization transaction disclosed on Dec. 19,
2007, has been approved by the requisite majority of
shareholders of Tembec and the requisite majority of holders of
notes of Tembec Industries Inc.
   
Tembec Inc. held a Special Meeting of Shareholders and Tembec
Industries Inc. held a Meeting of Noteholders at which votes
were held on matters relating to the approval of the
Recapitalization.

The Meetings were held in accordance with the Management Proxy
Circular dated Jan. 25, 2008, and, with respect to the Meeting
of Noteholders, an Order of the Ontario Superior Court of
Justice made on Jan. 24, 2008.
   
At the Special Meeting of Shareholders, all of the resolutions
relating to the approval of the Recapitalization were approved
by in excess of 95.34% of Shareholders who voted in person or by
proxy.  At the Meeting of Noteholders, all of the resolutions
relating to the approval the Recapitalization were approved by
in excess of 98.25% of Noteholders who voted in person or by
proxy.
   
"We are obviously pleased with the support shown by our
shareholders and noteholders in favor of the recapitalization
transaction," James Lopez, president and CEO of Tembec, said.
"These approvals bring us one significant step closer towards
the completion of the Recapitalization."
   
Tembec also reached agreement with Investissement Quebec and the
Societe generale de financement du Quebec in relation to the
proposed recapitalization transaction.  IQ and SGF currently own
all of the preferred shares of Tembec and IQ is also a lender to
Tembec.
   
The Plan of Arrangement relating to the recapitalization
transaction is subject to approval of the Ontario Superior Court
of Justice and such approval hearing is being held on Feb. 27,
2008.  The recapitalization transaction is expected to close on
Feb. 29, 2008.
   
                       About Tembec

Headquartered in Montreal Quebec, Tembec Inc. (TSC:TBC) --
http://www.tembec.com/-- operates an integrated forest products     
business.  The company's operations consist of four business
segments: forest products, pulp, paper and chemicals.  The
forest products segment consists primarily of forest and
sawmills operations, which produce lumber and building
materials.  The pulp segment includes the manufacturing and
marketing activities of a number of different types of pulps.  
The paper segment consists primarily of production and sales of
newsprint and bleached board.  The chemicals segment consists
primarily of the transformation and sale of resins and pulp by-
products.  As of Sept. 29, 2007, Tembec operated manufacturing
facilities in New Brunswick, Quebec, Ontario, Manitoba, Alberta,
British Columbia, the states of Louisiana and Ohio, as well as
in Southern France.

                         *     *     *

Standard & Poor's placed Tembec Inc.'s long-term foreign and
local issuer credit ratings at 'CC' in Dec. 20, 2007.


WELLMAN INC: Files for Chapter 11 Protection in New York
--------------------------------------------------------
Wellman Inc. and certain of its subsidiaries filed voluntary
petitions under Chapter 11 of the United States Bankruptcy Code
for the Southern District of New York.  The company intends to
work with its constituencies to maximize the value generation
for all of its stakeholders.

"Although the company has taken numerous steps to reduce its
debt and strengthen its balance sheet through the disposition of
certain businesses, headcount reductions and other cost
reductions, these actions were not sufficient to offset the
deterioration in business conditions and the cost of our
substantial debt obligations," Thomas Duff, Wellman's chairman
and chief executive officer stated.  "Filing for Chapter 11
allows us to continue operating our business without
interruption while continuing to pursue our strategic
alternative process."

In conjunction with the filing, the company has received a
commitment from its existing Revolving Credit Facility lenders
for up to US$225 million in debtor-in-possession financing.  
Upon Court approval, the DIP financing, combined with cash from
operations, will be used to fund post-petition operating
expenses, including employee and supplier obligations.

"I would like to thank our customers and vendors for their
continued support during this process," Mr. Duff added.  "We
also appreciate the ongoing loyalty and support of our
employees, whose dedication and hard work are critical to our
success and to the future of the company.  Our management team
is committed to making this reorganization successful and
leading Wellman toward a bright future."

                        About Wellman Inc.

Headquartered in Fort Mill, South Carolina, Wellman Inc. (OTC):
WMAN.OB) -- http://www.wellmaninc.com/-- manufactures and  
markets high-quality polyester products, including PermaClear(R)
brand PET (polyethylene terephthalate) packaging resins and
Fortrel(R) brand polyester fibers.  Wellman has recycling
facilities in the US, Ireland, the Netherlands and France.


WELLMAN INC: Case Summary & 30 Largest Unsecured Creditors
----------------------------------------------------------
Lead Debtor: Wellman, Inc.
             1041 521 Corporate Center Drive, SC 29707
             Tel: (212) 446-6411

Bankruptcy Case No.: 08-10595

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
        P.T.A. Resources, L.L.C.                   08-10596
        Wellman Fibres, Ltd.                       08-10598
        A.L.G., Inc.                               08-10599
        M.R.F., Inc.                               08-10600
        Warehouse Associates, Inc.                 08-10601
        M.E.D. Resins, Inc.                        08-10602
        Carpet Recycling of Georgia, Inc.          08-10603
        Prince, Inc.                               08-10604
        Wellman of Mississippi, Inc.               08-10605
        Josdav, Inc.                               08-10606
        Fiber Industries, Inc.                     08-10607

Type of Business: The Debtors manufacture and market packaging
                  and engineering resins used in food and
                  beverage packaging, apparel, home furnishings
                  and automobiles.  They manufacture resins and
                  polyester staple fiber a three major
                  production facilities.  Wellman has recycling
                  facilities in the US, Ireland, the Netherlands
                  and France.  See http://www.wellmaninc.com/  

Chapter 11 Petition Date: February 22, 2008

Court: Southern District of New York (Manhattan)

Judge: Stuart M. Bernstein

Debtors' Counsel: Jonathan S. Henes, Esq.
                  Kirkland & Ellis, L.L.P.
                  Citigroup Center
                  153 East 53rd Street
                  New York, NY 10022-4675
                  Tel: (212) 446-4927
                  Fax: (212) 446-4900
                  http://www.kirkland.com/  

Wellman, Inc's Financial Condition as of December 31, 2007:

Total Assets: US$124,277,177

Total Debts:  US$600,084,885

Debtors' Consolidated List of 30 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
B.P.                           trade               US$46,446,245
150 West Warrenville Road
Naperville, IL 60563-8460

Equistar                       trade               US$11,700,000
1221 McKinney,
Suite 700
Houston, TX 77010

MEGlobal                       trade                US$6,000,000
2020 Dow Center
Midland, MI 48674

Graham Packaging               trade                  US$986,701
2401 Pleasant Valley Road
York, PA 17402

Plastipak                      trade                  US$690,787
9135 General Court
Plymouth, MI 48170

San Miguel                     trade                  US$409,544
A.V. Industrial 491
Lima 1, Peru

Western Container              trade                  US$383,207
15 Smith Road,
Suite 600
Midland, TX 79705

TransAtlantic                  trade                  US$303,217
P.O. Box 1660
Sydport Industrial Park
Sydney, Nova Scotia B1P 6T7

G.E. Capital Financial         trade                  US$296,473
2000 Corporate Ridge,
Suite 1095
McLean, VA 22102

Mega Empack                    trade                  US$278,932
Via F.F.C.C. A. Tizimin
N.O. 15682
Merida, Mexico 97160

A.&R. Transport, Inc.          trade                  US$264,782
6253 North Foster Drive,
Suite B
Baton Rouge, LA 70805

Nilit America Corp.            trade                  US$262,478
P.O. Box 2243
Greensboro, NC 27409

Columbia Recycling Corp.       trade                  US$258,191
P.O. Box 2101
Dalton, GA 30722

Oracle Corp.                   trade                  US$224,889

Yoshino                        trade                  US$219,868

Hewlett Packard Financial      trade                  US$202,048
Services

Polivin                        trade                  US$185,196

Ahlstrom                       trade                  US$166,610

C.I.B.A. Specialty Chemicals   trade                  US$152,827
Corp.

Aspen Technology, Inc.         trade                  US$146,091

Motion Industries, Inc.        trade                  US$145,229

Honeywell International        trade                  US$139,725

Saint Gobain Vetrotex Americas trade                  US$133,766

Plastic Technologies, Inc.     trade                  US$104,856

Eastman Chemical Co.           trade                   US$96,294

S.X.T. Transportation          trade                   US$91,639

Technical Services, Inc.                               US$88,203

Linde Gas, L.L.C.              trade                   US$87,605

Gulfpak, Inc.                  trade                   US$82,830

Coperian Corp.                 trade                   US$77,555


WELLMAN INC: Moody's Lowers Ratings on Bankruptcy Filing
--------------------------------------------------------
Moody's Investors Service downgraded Wellman, Inc.'s  corporate
family rating to Ca from Caa2 and probability of default rating
to D from Caa2, following the company's announcement that it has
filed voluntary petitions under Chapter 11 of the United States
Bankruptcy Code with the United States Bankruptcy Court,
Southern District of New York.  The ratings on the company's
debt issues were also downgraded.  The ratings will be withdrawn
in the near future due to the bankruptcy.

Wellman, Inc.

   -- Corporate family rating -- Ca from Caa2

   -- Probability of default rating -- D from Caa2

   -- US$185mm First lien term loan due 2009 -- Caa2 (LGD2, 29%)
      from B3 (LGD2, 29%)

   -- US$265mm Second lien term loan due 2010 -- C (LGD5, 79%)
      from Caa3 (LGD5, 79%)

Wellman manufactures and markets PET (polyethylene
terephthalate) packaging resins under the PermaClear brand name
and polyester staple fibers under the Fortrel brand name.  The
company is headquartered in Fort Mill, South Carolina and had
revenues from continuing operations of US$1.3 billion for the
LTM ended September 30, 2007.

Wellman, Inc. manufactures and markets high-quality polyester
products, including PermaClear brand PET (polyethylene
terephthalate) packaging resins and Fortrel brand polyester
fibers.


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


AOL ANWENDERORIENTIERTE: Claims Registration Ends March 20
----------------------------------------------------------
Creditors of AOL Anwenderorientierte EDV-Loesungen
Vertriebsgesellschaft mbH have until March 20, 2008, to register
their claims with court-appointed insolvency manager Bruno
Fraas.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Wuerzburg
          Room 14
          Second Floor
          Justiznebenstelle Tiepolostr. 6
          Wuerzburg
          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:

          Bruno Fraas
          Heinestr. 7 b
          97070 Wuerzburg
          Germany
          Tel: 0931/359 800

The District Court of Wuerzburg opened bankruptcy proceedings
against AOL Anwenderorientierte EDV-Loesungen
Vertriebsgesellschaft mbH on Feb. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          AOL Anwenderorientierte EDV-Loesungen
          Vertriebsgesellschaft mbH
          Attn: Ulrich Dietzen, Manager
          Landwehrstr. 30
          97249 Eisingen
          Germany


AUTOHAUS BASMANN: Claims Registration Period Ends March 20
----------------------------------------------------------
Creditors of Autohaus Basmann GmbH & Co. KG have until March 20,
2008, to register their claims with court-appointed insolvency
manager Heinz-Juergen Kluesener.

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 Stade
          Hall 113
          Main Building
          Wilhadikirchhof 1
          21682 Stade
          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:

          Heinz-Juergen Kluesener
          Kurze Strasse 3
          21682 Stade
          Germany
          Tel: 04141-93040
          Fax: 04141-930499
          E-mail: kluesener@fricke-rechtsanwaelte.de  

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

The Debtor can be reached at:

          Autohaus Basmann GmbH & Co. KG
          Gewerbering 35
          27432 Bremervoerde
          Germany


BACHMANN GMBH: Claims Registration Period Ends March 20
-------------------------------------------------------
Creditors of Bachmann GmbH have until March 20, 2008, to
register their claims with court-appointed insolvency manager
Thorsten Fuest.

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

The meeting of creditors will be held at:

          The District Court of 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. Thorsten Fuest
          Gerichtstr. 3
          33602 Bielefeld
          Germany

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

The Debtor can be reached at:

          Bachmann GmbH
          Attn: Matthias Bachmann, Manager
          August-Bebel-Str. 144
          33602 Bielefeld
          Germany


BERGKAMENER HOCHBAU: Claims Registration Period Ends March 19
-------------------------------------------------------------
Creditors of Bergkamener Hochbau GmbH have until March 19, 2008,
to register their claims with court-appointed insolvency manager
Thorsten Klepper.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on April 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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         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:

          Thorsten Klepper
          Kleppingstrasse 20
          44135 Dortmund
          Germany

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

The Debtor can be reached at:

          Bergkamener Hochbau GmbH
          Hafenweg 3
          59192 Bergkamen
          Germany


BERND NEUHAUSEL: Claims Registration Period Ends March 20
---------------------------------------------------------
Creditors of Bernd Neuhausel Baudekoration GmbH have until
March 20, 2008, to register their claims with court-appointed
insolvency manager Peter Jost.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on May 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 Koenigstein/Ts.
          Hall 106
          Burgweg 9
          61462 Koenigstein/Ts.
          Germany
        
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Peter Jost
          Pfingstweidstrasse 3
          D 60316 Frankfurt am Main
          Germany
          Tel: 069-2097390
          Fax: 069-20973929

The District Court of Koenigstein/Ts. opened bankruptcy
proceedings against Bernd Neuhausel Baudekoration GmbH on Jan.
31, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Bernd Neuhausel Baudekoration GmbH
          Attn: Ralf Neuhausel, Manager
          Joseph-Haydn-Strasse 12c
          65812 Bad Sode
          Germany


BESTRO MODEVERTRIEB: Claims Registration Period Ends March 4
------------------------------------------------------------
Creditors of BESTRO Modevertrieb GmbH have until March 4, 2008,
to register their claims with court-appointed insolvency manager
Axel Bierbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Axel Bierbach
         Schwanthaler Str. 32
         80336 Muenchen
         Germany
         Tel: 089/54511-0
         Fax: 089/54511444

The District Court of Munich opened bankruptcy proceedings
against BESTRO Modevertrieb GmbH on Feb. 11, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BESTRO Modevertrieb GmbH
         Taunusstr. 45
         80807 Munchen
         Germany


CHRISTIANE GERTURD: Claims Registration Period Ends March 20
------------------------------------------------------------
Creditors of Christiane Gerturd Horn GmbH have until March 20,
2008, to register their claims with court-appointed insolvency
manager Inge Rall.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on April 17, 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 Stuttgart
          Hall 4
          Ground Floor
          Hauffstr. 5 (Am Neckartor)
          70190 Stuttgart
          Germany
                  
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Inge Rall
          Neckarstr. 144-146
          70190 Stuttgart
          Germany
          Tel: 0711/120 900 00
          Fax: 0711/120 900 09

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

The Debtor can be reached at:

          Christiane Gerturd Horn GmbH
          Koenigstr. 22
          70173 Stuttgart
          Germany


CONTRABAU HUMME: Claims Registration Period Ends March 19
---------------------------------------------------------
Creditors of ConTraBau Humme GmbH have until March 19, 2008, to
register their claims with court-appointed insolvency manager
Siegfried Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         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:

         Siegfried Mueller
         Zum Markt 10
         53894 Mechernich
         Germany
         Tel: 02443/9812-0
         Fax: 02443/9812-19

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

The Debtor can be reached at:

          ConTraBau Humme GmbH
          Rather Strasse 4
          52385 Nideggen
          Germany


D. A. CORDS: Claims Registration Period Ends March 19
-----------------------------------------------------
Creditors of D. A. Cords Soehne GmbH have until March 19, 2008,
to register their claims with court-appointed insolvency manager
Wolfgang Weidemann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:35 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 Pinneberg
         Hall 3
         First Floor
         Bahnhofstrasse 17
         25421 Pinneberg
         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:

         Wolfgang Weidemann
         Wendenstr. 4
         20097 Hamburg
         Germany

The District Court of Pinneberg opened bankruptcy proceedings
against D. A. Cords Soehne GmbH on Feb.1 ,2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         D. A. Cords Soehne GmbH
         Attn: Thomas Rustige, Manager
         Kuhlenstrasse 9
         25436 Uetersen
         Germany


DOERKEN STAHL: Claims Registration Period Ends March 20
-------------------------------------------------------
Creditors of Doerken Stahl- und Anlagenbau GmbH have until
March 20, 2008, to register their claims with court-appointed
insolvency manager Andreas Schoss.

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

The meeting of creditors will be held at:

          The District Court of Hagen
          Hall 259
          Second Floor
          Heinitzstrasse 42/44
          58097 Hagen
          Germany   
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Andreas Schoss
          Alter Markt 9-13
          42275 Wuppertal
          Germany

The District Court of Hagen opened bankruptcy proceedings
against Doerken Stahl- und Anlagenbau GmbH on Jan. 31, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Doerken Stahl- und Anlagenbau GmbH
          Attn: Norbert Kasbach, Manager
          Lohmannstr. 6-8
          58256 Ennepetal
          Germany


DOHNAER HOCH: Claims Registration Period Ends March 4
-----------------------------------------------------
Creditors of Dohnaer Hoch- und Tiefbau GmbH have until March 4,
2008, to register their claims with court-appointed insolvency
manager Andre Nickel.

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 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:

         Andre Nickel
         Reicker Strasse 12
         01219 Dresden
         Germany
         Website: www.schulz-nickel-schulz.de  

The District Court of Dresden opened bankruptcy proceedings
against Dohnaer Hoch- und Tiefbau GmbH on Feb. 11, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Dohnaer Hoch- und Tiefbau GmbH
         Altenberger Str. 2
         01809 Dohna
         Germany

         Ing. Falko Schneider, Manager
         Wachauer Str. 9
         04299 Leipzig
         Germany


DUERR AG: Earns EUR21 Million for Year Ended December 31
--------------------------------------------------------
The Duerr Group released preliminary financial results for
fiscal year and fourth quarter ended Dec. 31, 2007.

Duerr posted EUR21 million in net profit on EUR1.48 billion in
net revenues for fiscal year 2007, compared with EUR8.2 million
in net profit on EUR1.36 billion in net revenues for 2006.

Duerr posted EUR28 million in EBIT on EUR461 billion in net
revenues for fourth quarter 2007, compared with EUR18.8 million
in EBIT on EUR377.3 billion in net revenues for the same period
in 2006.

As of Dec. 31, 2007, Duerr had EUR61 million in net financial
debt and 5,936 employees.

"2007 was a good year for Duerr," CEO Ralf W. Dieter said.  "We
delivered what we had announced.  The effects of our Group-wide
FOCUS program fed through fully in 2007.  On the basis of the
strong improvement in earnings we are proposing to the
Supervisory Board that we pay a dividend to our shareholders for
the first time since 2002."

"The high level of incoming orders, especially from the growth
regions, has continued in the first two months of 2008," Mr.
Dieter.  We succeeded in turning round the North America
business in 2007, and won a number of orders which will assure a
good level of capacity utilization until well into 2009."

                            Outlook

In view of the high order backlog, EUR1.08 billion as of
Dec. 31, 2007, Group sales should increase by between 5% and 10%
in 2008.  Earnings should improve substantially thanks to more
efficient processes.  For 2008, the company targets an EBIT
margin of 5%.

                          About Duerr

Headquartered in Stuttgard, Germany, The Duerr Group
-- http://www.durr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Duerr designs and builds
paint shops and final assembly plants.

The Duerr Group also operates in Czech Republic, France, U.K.,
Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey,
Australia, Brazil, China, India, Japan, Mexico, South Africa,
South Korea and the U.S.A.

                          *     *     *

As of Nov. 19, 2007, Duerr AG carries B2 Corporate Family, B2
Probability of Default and Caa1 Senior Subordinate ratings from
Moody's Investor Service.  Moody's said the outlook is stable.

The company also carries B Long-Term Foreign Issuer Credit and
Local Issuer Credit ratings from Standard & Poor's.  S&P said
the Outlook is Stable.


GELATERIA CONTI: Claims Registration Period Ends March 19
---------------------------------------------------------
Creditors of Gelateria Conti GmbH have until March 19, 2008, to
register their claims with court-appointed insolvency manager
Gerhard Brinkmann.

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

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse 13
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Gerhard Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany

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

The Debtor can be reached at:

         Gelateria Conti GmbH
         Attn: Dirk Kaydan, Manager
         Breite Strasse 11
         18055 Rostock
         Germany


GESCHWISTER WOLBER: Claims Registration Period Ends March 18
------------------------------------------------------------
Creditors of Geschwister Wolber GmbH have until March 18, 2008,
to register their claims with court-appointed insolvency manager
Markus Lehmkuehler.

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

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.22
         William-Strasse 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Markus Lehmkuehler
         Wilhelmstr. 40
         53111 Bonn
         Germany
         Tel: 0228/92 66 60
         Fax: 92 66 699

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

The Debtor can be reached at:

         Geschwister Wolber GmbH
         Limbachstr. 12
         53343 Wachtberg
         Germany

         Attn: Wilhelm Wolber, Manager
         Limbachstr. 7
         53343 Wachtberg
         Germany


HANSEN-BAU GMBH: Claims Registration Period Ends March 19
---------------------------------------------------------
Creditors of Hansen-Bau GmbH have until March 19, 2008, to
register their claims with court-appointed insolvency manager
Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse 13
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Dirk Decker
         Stampfmüllerstrasse 39
         18057 Rostock
         Germany

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

The Debtor can be reached at:

         Hansen-Bau GmbH
         Attn: Michael Hansen und Susanne Hansen, Managers
         Alte Dorfstrasse 1
         18246 Steinhagen
         Germany


HEINRICH SCHNEIDER: Claims Registration Ends March 20
-----------------------------------------------------
Creditors of Heinrich Schneider GmbH have until March 20, 2008
to register their claims with court-appointed insolvency manager  
Dr. Boris A. Schmidt-Burbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Marburg/Lahn
         Hall 157
         Universitatsstrasse 48
         35037 Marburg/Lahn
         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. Boris A. Schmidt-Burbach
         Fach 25
         Wilhelmstrasse 17
         35037 Marburg
         Germany
         Tel: 06421/30499-0
         Fax: 06421/30499-20

The District Court of Marburg/Lahn opened bankruptcy proceedings
against Heinrich Schneider GmbH on Jan. 22, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Heinrich Schneider GmbH
         Attn: Manfred Schneider, Manager
         Neue Kasseler Strasse 3 1/2
         35039 Marburg
         Germany


HELGE ALTSOHN: Claims Registration Ends March 20
------------------------------------------------
Creditors of Helge Altsohn Verwaltungs GmbH have until
March 20, 2008 to register their claims with court-appointed
insolvency manager Heinz-Juergen Kluesener.

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

The meeting of creditors will be held at:

         The District Court of Stade
         Hall 113
         Main Building
         Wilhadikirchhof 1
         21682 Stade
         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:

         Heinz-Juergen Kluesener
         Kurze Strasse 3
         21682 Stade
         Germany
         Tel: 04141-93040
         Fax: 04141-930499
         E-mail: kluesener@fricke-rechtsanwaelte.de    

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

The Debtor can be reached at:

         Helge Altsohn Verwaltungs GmbH
         Gewerbering 35
         27432 Bremervoerde
         Germany

         Attn: Helge Altsohn, Manager
         Acker 13
         27432 Bremervoerde
         Germany


JEWO FLEISCHWARENHANDELS: Claims Registration Ends March 20
-----------------------------------------------------------
Creditors of JEWO Fleischwarenhandelsgesellschaft mbH have until
March 20, 2008 to register their claims with court-appointed
insolvency manager Tim Brauer.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on April 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Worms
         Hall 320
         Main Building
         Hardtgasse 6
         67547 Worms
         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:

         Tim Brauer
         Alzeyer Strasse 31
         67549 Worms
         Germany
         Tel: 06241/9106-0
         Fax: 06241/910610

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

The Debtor can be reached at:

         JEWO Fleischwarenhandelsgesellschaft mbH
         Attn: Peter Christian Jeckel, Manager
         Vangionenstrasse 5
         67547 Worms
         Germany


KURIOS BETRIEBS: Claims Registration Ends March 20
--------------------------------------------------
Creditors of KURIOS Betriebs- & Handels GmbH have until
March 20, 2008 to register their claims with court-appointed
insolvency manager Anke Keller.

Creditors and other interested parties are encouraged to attend
the meeting at 3:30 p.m. on April 29, 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 Muehldorf a. Inn
         Hall 112
         Innstrasse 1
         Muehldorf a. Inn
         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:

         Anke Keller
         Leopoldstrasse 139
         80804 Munich
         Germany

The District Court of Muehldorf a. Inn opened bankruptcy
proceedings against KURIOS Betriebs- & Handels GmbH on Feb. 4,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         KURIOS Betriebs- & Handels GmbH
         Attn: Kurt Zauner, Manager
         Stadtplatz 51
         84453 Muehldorf a. Inn
         Germany


LODER GMBH: Claims Registration Period Ends March 4
---------------------------------------------------
Creditors of Loder GmbH have until March 4, 2008, to register
their claims with court-appointed insolvency manager Oliver
Schartl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Oliver Schartl
         Schwanthalerstr. 32
         80336 Muenchen
         Germany
         Tel: 089-545110
         Fax: 089-54511-444

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

The Debtor can be reached at:

         Loder GmbH
         Kappelhof 2
         85247 Schwabhausen
         Germany

         Attn: Franz Eichinger, Manager
         Albertshof 1
         85258 Weichs
         Germany


MARQUARDT MASCHINENBAU: Claims Registration Ends March 20
---------------------------------------------------------
Creditors of Marquardt Maschinenbau GmbH have until March 20,
2008 to register their claims with court-appointed insolvency
manager Andree Wernicke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         Germany

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

The insolvency manager can be reached at:

         Andree Wernicke
         Grottenau 6
         86150 Augsburg
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against Marquardt Maschinenbau GmbH on Jan. 24, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Marquardt Maschinenbau GmbH
         Ostrachstr. 8  
         86159 Augsburg
         Germany

         Attn: Herbert Marquardt, Manager
         Dorffeldstr. 14
         86316 Friedberg
         Germany


META - LOG GMBH: Claims Registration Ends March 20
--------------------------------------------------
Creditors of Meta - Log GmbH have until March 20, 2008 to
register their claims with court-appointed insolvency manager  
Dr. Sebastian Braun.

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 p.m. on April 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:
         
         The District Court of Fuerth
         Hall 3
         Office Building
         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:

         Dr. Sebastian Braun
         Stoeckig 46
         90765 Fuerth
         Germany
         Tel: 0911/9792491
         Fax: 0911/9792492

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

The Debtor can be reached at:

         Meta - Log GmbH
         Untere Fischerstr. 17
         90762 Fuerth
         Germany


PEUCKER & FILLERS: Claims Registration Period Ends March 13
-----------------------------------------------------------
Creditors of Peucker & Fillers Gross- und Einzelhandels GmbH
have until March 13, 2008 to register their claims with court-
appointed insolvency manager Dr. Winfried Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on March 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Winfried Andres
         Heinrich-Held-Str. 16
         45133 Essen
         Germany
         Tel: 0201 330550

The District Court of Essen opened bankruptcy proceedings
against Peucker & Fillers Gross- und Einzelhandels GmbH on
Feb. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Peucker & Fillers Gross- und Einzelhandels GmbH
         Alte Landstr. 5
         45329 Essen
         Germany

         Attn: Christian Peucker, Manager
         Alte Landstr. 5
         45329 Essen
         Germany


SWS GMBH: Claims Registration Period Ends March 18
--------------------------------------------------
Creditors of SWS GmbH have until March 18, 2008, to register
their claims with court-appointed insolvency manager Rolf Otto
Neukirchen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Rolf Otto Neukirchen
         Zweigertstr. 28-30
         45130 Essen
         Germany

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

The Debtor can be reached at:

         SWS GmbH
         Heinz-Backer-Str. 1
         45356 Essen
         Germany


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


INTERNATIONAL SECURITIES: Collins Stewart to Take Over Company
--------------------------------------------------------------
Collins Stewart Plc has entered into an agreement to acquire
100% of International Securities Trading Corp., Fergal O'Brien
writes for Bloomberg News.

Collins Stewart will inject EUR5 million in fresh capital into
of capital into ISTC, the company said in a statement to
Bloomberg News.

"[The approval of the deal] will ensure that the company
survives the examinership process and is in a position to
develop the business into the future," ISTC told Bloombeg News.

As reported in the TCR-Europe on Dec. 26, 2007, Hon. Peter Kelly
of The High Court of Ireland placed ISTC under examinership and
appointed John McStay as examiner.  

In January 2008, Justice Kelly extended ISTC's examinership
after Ms. McStay confirmed the opinion of an independent
accountant that the company has a reasonable prospect of
survival.

Headquartered in Dublin, Ireland, International Securities
Trading Corporation Plc -- http://www.istcorporation.com/--
provides investment grade Tier 1 and Tier II hybrid bank capital
via private placement issues and primary market participation.
Acting as principal in private placement transactions, ISTC is
uniquely positioned to offer bespoke solutions and certainty of
execution to issuers.

The company disclosed on Nov. 12, 2007, that given the
uncertainty to ISTC's funding position, the company will enter
into discussions with its providers of finance with the
objective of making appropriate amendments to their respective
financing terms.

Pending the outcome of these negotiations, ISTC has decided to
defer certain payments under financing obligations.


LUNAR FUNDING V: Moody's Lowers Ratings on 11 Note Classes
----------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade 11 classes of notes issued by Securitized
Product of Restructured Collateral Ltd, Lunar Funding V plc, and
Linker Finance plc.

These rating actions are a response to credit deterioration in
the underlying portfolios, in some cases severe.  The
transactions are synthetic CDOs referencing, among other assets,
US RMBS and/or US ABS CDOs of the 2005 and 2006 vintages.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.

The rating actions are:

Linker Finance plc:

  (1) US$28,500,000 Class C Floating Rate Secured Notes due 2045

      Current Rating: A1, on review for downgrade
      Prior Rating: Aa2, on review for downgrade

  (2) US$18,000,000 Class D Floating Rate Secured Notes due 2045

      Current Rating: Baa1, on review for downgrade
      Prior Rating: A2, on review for downgrade

  (3) US$18,000,000 Class E Floating Rate Secured Notes due 2045

      Current Rating: Ba1, on review for downgrade
      Prior Rating: Baa2, on review for downgrade

Lunar Funding V plc:

  (1) Series 2007-36 US$50,000,000 Notes due 2052

      Current Rating: Aa1, on review for downgrade
      Prior Rating: Aaa, on review for downgrade

  (2) Series 2007-37 US$100,000,000 Notes due 2052

      Current Rating: Aa3, on review for downgrade
      Prior Rating: Aa2, on review for downgrade

Securitized Product of Restructured Collateral Ltd SPC -
Mustique Series 2007-1:

   (1) Class A2A EUR 9,620,000 Mustique 2007-1 Note Due
       December 2051

      Current Rating: Caa2, on review for downgrade
      Prior Rating: Ba1, on review for downgrade

  (2) Class A2B EUR19,620,000 Mustique 2007-1 Note Due December
      2051

      Current Rating: Caa2, on review for downgrade
      Prior Rating: Ba1, on review for downgrade

  (3) Class B EUR19,620,000 Mustique 2007-1 Note Due December
      2051

      Current Rating: Caa3, on review for downgrade
      Prior Rating: Ba2, on review for downgrade

  (4) Class C EUR13,080,000 Mustique 2007-1 Note Due December
      2051

      Current Rating: Caa3, on review for downgrade
      Prior Rating: Ba2, on review for downgrade

  (5) Class D EUR19,620,000 Mustique 2007-1 Note Due December
      2051

      Current Rating: Ca, on review for downgrade
      Prior Rating: Ba3, on review for downgrade

(6) Class E EUR8,175,000 Mustique 2007-1 Note Due December 2051

      Current Rating: Ca, on review for downgrade
      Prior Rating: Ba3, on review for downgrade


PALMER SQUARE 2: Moody's Cuts Ratings on Three Note Classes
-----------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade four classes of notes issued by Classic I
(Netherlands) B.V. and Palmer Square 2 plc.

These rating actions are a response to credit deterioration in
the underlying portfolios.  The transactions are cash CDOs
referencing, among other assets, US ABS CDOs of the 2005 and
2006 vintages.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.

The rating actions are:

Classic I (Netherlands) B.V. - Series 2006-1:

     (1) Series 2006- USD 49,281,000 Class A2 Secured Notes due
         October 2053

         Current Rating: B3, on review for downgrade
         Prior Rating: Baa2, on review for downgrade

Palmer Square 2 plc:

     (1) Class B-1 USD 19,875,000 Deferrable Floating Rate Notes
         due 2045

         Current Rating: Aa3, on review for downgrade
         Prior Rating: Aa1, on review for downgrade

     (2) Class C USD 17,500,000 Deferrable Floating Rate Notes
         due 2045

         Current Rating: Baa1, on review for downgrade

         Prior Rating: Aa3, on review for downgrade

    (3) Class D USD 12,500,000 Deferrable Floating Rate Notes
         due 2045

         Current Rating: Ba2, on review for downgrade
         Prior Rating: A3, on review for downgrade


PALMER SQUARE 3: Cuts Ratings on Five Classes & Maintains Review
----------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade five classes of notes and downgraded one class
of notes issued by Palmer Square 3 Limited.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  The transaction is a
managed cash CDO of ABS, containing roughly 40% ABS CDOs and 27%
sub-prime RMBS of the 2005, 2006, and 2007 vintages.  Many of
the assets in the portfolio have been downgraded, placed on
review for downgrade, or both since October 2007.

Moody's will continue to monitor all deals with exposure to US
sub-prime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.

The rating actions are:

Palmer Square 3 Limited:

    (1) US$300,000,000 Class A2 Floating Rate Notes due 2052

        Current Rating: Aa2, on review for downgrade
        Prior Rating: Aaa, on review for downgrade

    (2) US$300,000,000 Class A3 Floating Rate Notes due 2052

        Current Rating: Baa2, on review for downgrade
        Prior Rating: Aaa, on review for downgrade

    (3) US$116,000,000 Class A4 Floating Rate Notes due 2052

        Current Rating: Ba3, on review for downgrade
        Prior Rating: Ba1, on review for downgrade

    (4) US$39,000,000 Class B Floating Rate Notes due 2052

        Current Rating: B3, on review for downgrade
        Prior Rating: Ba2, on review for downgrade

    (5) US$18,000,000 Class C Deferrable Floating Rate Notes due
        2052

        Current Rating: Caa3, on review for downgrade
        Prior Rating: Ba3, on review for downgrade

    (6) US$17,000,000 Class D Deferrable Floating Rate Notes due
        2052

        Current Rating: C
        Prior Rating: B3, on review for downgrade


VALENCE TECH: Names G. H. Fischer as Chief Financial Officer
------------------------------------------------------------
Valence Technology Inc. appointed Galen H. Fischer, CPA, as
chief financial officer, effective March 3.  Mr. Fischer will be
replacing Thomas F. Mezger who has resigned from the company.

"We are delighted to welcome Galen Fischer to the senior
management team," Robert L. Kanode, president and CEO of Valence
Technology, stated.  "Galen brings more than 20 years of global
finance, accounting and operations experience with companies
ranging in size from venture-funded technology startups to a
mature Fortune 100 financial services business.  With his
background in senior-level strategic and operational financial
positions, as well as hands-on, day-to-day tactical execution
skills, Galen is well prepared to lead Valence's expansion
globally."

"I also want to thank Tom Mezger for his dedicated service to
the company over the last few years and wish him every success
in his future endeavors," Mr Kanode added.

Prior to joining Valence Technology, Mr. Galen held the title of
corporate controller for Motive, a publicly traded global
communications software company.  Previous to his role with
Motive, he was vice president of Finance with United Devices, a
venture-funded, grid software company.  

During his 10 years as a private consultant, he also worked with
vcfo Inc., a business consulting firm that specializes in
helping early-stage, rapid-growth companies.  His clients were
high-tech, including software, hardware, contract manufacturing,
and services.  Prior to consulting, Mr. Galen was with NYLACOR
for eight years, a subsidiary of New York Life.  During his
career with NYLACOR, he rose to the senior financial and
operations positions and was responsible for Accounting,
Finance, IT, Underwriting, Billing, Customer Service,
Compliance, and Claims Processing.

Mr. Galen started his career in public accounting and as the
senior financial officer for companies in diverse industries.  
Mr. Galen, 52, is a Texas Certified Public Accountant and earned
a BBA in Accounting from Texas State University San Marcos, and
an MBA from The University of Texas at Austin.

                    About Valence Technology

Headquartered in Austin, Texas, Valence Technology Inc.
(Nasdaq: VLNC) -- http://www.valence.com/-- develops and  
markets Lithium Phosphate Rechargeable Batteries.  The company
has facilities in Austin, Texas; Las Vegas, Nevada; Mallusk,
Northern Ireland and Suzhou, China.

                     Going Concern Doubt

PMB Helin Donovan LLP, in Austin, Texas, expressed substantial
doubt about Valence Technology Inc.'s ability to continue as a
going concern after auditing the company's consolidated
financial statements for the year ended March 31, 2007.  The
auditing firm pointed to the company's recurring losses from
operations, negative cash flows from operations and net
stockholders' capital deficit.

At Sept. 30, 2007, the company's principal sources of liquidity
were cash and cash equivalents of US$2.5 million.  The company
expects that its sources of liquidity will not be sufficient for
the remaining fiscal year.


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


ALITALIA SPA: Denies Seeking EUR300-Million Bridging Loan
---------------------------------------------------------
Alitalia S.p.A. has denied published reports that it is seeking
a EUR300 million emergency loan in June 2008 to remain afloat,
Marco Bertacche writes for Bloomberg News.

Il Sole 24 Ore, citing people privy with the carrier, reported
that Alitalia may take a loan backed by the Italian government
should its planned EUR700 million capital increase fails.

The Italian daily added that Alitalia may also sell some assets
as alternative to the loan.

"It's an important denial, because it shows Alitalia doesn't
want to resolve its liquidity problems with a loan but is
instead still seeking to merge with a partner," Marco Aleni at
IG Markets told Bloombeg News.

                          About Alitalia

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

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

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


ALITALIA SPA: January Traffic Shows Year-on-Year Decrease
---------------------------------------------------------
Alitalia S.p.A. has released its traffic statistics for January
2008.  

January 2008 traffic data compared to the same period in 2007
showed a decrease in both passenger and cargo businesses.  
Passenger business showed a decrease in terms of traffic (-8.0%)
with a decrease of capacity offered by 4.5% compared with the
same period of 2007.

To be noted that these figures reflect a change in the marketing
strategy, which aims to increase profitability rather than
preserve volumes, as clearly showed by the increase of Yield
levels.

January 2008 Cargo statistics, compared to January 2007, showed
a decrease in terms of goods flown (-3.8%) with capacity offered
down 7.6%.

                      Passengers Operations

Traffic, measured in Revenue Passenger Kilometers, decreased by
8.0% and the capacity, measured in Available Seat Kilometers,
decreased by 4.5%.  Load factor decreased by 2.5 percentage
points reaching 64.5%.

Alitalia carried 1.7 million passengers, down 5.2% compared to
January 2007.

Detailed comparisons with January 2007:

    * Domestic Passenger Network: traffic increased by 0.2% with
      offered capacity up 2.0%. Load factor was 54.3%;

    * International Passenger Network: traffic decreased by 8.4%
      and offered capacity decreased by 4.3%. Load factor was
      57.8%;

    * Intercontinental Passenger Network: traffic decreased by
      10.0% and offered capacity decreased by 7.0%. Load factor
      was 73.9%.

                        Cargo Operations

January 2008 Cargo performance showed, compared to January 2007,
a traffic decrease by 3.8% (traffic, measured in terms of
Revenue Ton Kilometers) while capacity was down 7.6%.

Overall Load factor was 63.0% with an increase by 2.5 percentage
points.  Regarding the All-Cargo sector, Load factor was 77.7%
with an increase by 13.6 percentage points compared with the
same period of 2007.

                          About Alitalia

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

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

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


DANA HOLDING: Directors and Officers Named
------------------------------------------
Dana Holding Corporation, successor to Dana Corporation, said in
a regulatory filing with the U.S. Securities and Exchange
Commission that it has appointed nine individuals to its Board
of Directors:

  * Michael J. Burns,
  * Gary L. Convis,
  * John M. Devine,
  * Mark T. Gallogly,
  * Richard A. Gephardt,
  * Stephen J. Girsky,
  * Terrence J. Keating,
  * Mark A. Schulz, and
  * Jerome B. York.

Subsequent to his election as member of the Board, on the
Effective Date, Mr. Burns tendered his resignation as president,
chief executive officer, chief operating officer and director,
the SEC filing said.

On Jan. 31, 2008, when the Third Amended Joint Plan of
Reorganization of Old Dana and its debtor-affiliates effective,
other former members of the Old Dana Board also resigned
pursuant
to the terms of the Plan.  These resigned members are A. Charles
Baillie, David E. Berges, Edmund M. Carpenter, Richard M.
Gabrys, Samir G. Gibara, Cheryl W. Grise, James P. Kelly,
Marilyn R. Marks and Richard B. Priory.

                       Executive Officers

On the Effective Date, Dana named John M. Devine as the
company's
executive chairman, and elected other executive officers:

  Executive Officer   Position
  -----------------   --------
  John M. Devine      Executive Chairman

  Michael J. Burns    President, Chief Executive Officer, and
                      Chief Operating Officer
     
  Kenneth A. Hiltz    Chief Financial Officer
     
  Richard J. Dyer     Vice President & Chief Accounting Officer
     
  Ralf Goettel        President, Europe & Engine Products Groups
     
  Paul E. Miller      Vice President, Purchasing
     
  Nick L. Stanage     President, Heavy Vehicle Products

  Thomas R. Stone     President, Global Traction Products Group

  Robert H. Marcin    Chief Administrative Officer

In connection with his appointment as Dana's Executive Chairman,
the Compensation Committee agreed to provide Mr. Devine:

  -- a US$1,000,000 annual salary;

  -- an annual target bonus of 150% of base salary based on the
     achievement of performance measures set by the Board;

  -- an initial grant of options to purchase 800,000 shares of
     Common Stock with an exercise price of US$12.75 based on
     the closing stock price on the grant date, one third of
     which will vest on each of Aug. 4, 2008, Aug. 4, 2009 and
     Aug. 4, 2010;

  -- an initial term of one year, subject to renewal for
     additional one-year terms;

  -- reimbursement for reasonable temporary residence expenses
     including use of private corporate aircraft up to 30 round
     trips;

  -- inclusion in future change of control agreements; and

  -- participation in life and disability insurance and other
     benefit programs of Dana generally applicable to senior
     executives.

According to Marc S. Levin, Dana's general counsel and
secretary, Mr. Devine's employment agreement will provide for
severance payments in the event that his position with the
company is involuntarily terminated without cause or terminated
by Mr. Devine for "good reason," as well as payments following a
change in control of the company.

                   Indemnification Agreements

Dana also entered into an indemnification agreement with each
current member of the company's Board of Directors.  The
Indemnification Agreements generally provide that the company
will indemnify the D&O to the fullest extent permitted or
required by the laws of the state of Delaware, against any and
all expenses, judgments, fines, penalties and amounts paid in
settlement of the claim.

                        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
Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total
assets and US$7,551,000,000 in total debts resulting in a total
shareholders' deficit of US$673,000,000.

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, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves 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.  (Dana
Corporation Bankruptcy News, Issue No. 70; 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.


IT HOLDING: Joins Italian Stock Exchange's STAR Segment
-------------------------------------------------------
IT Holding S.p.A. joined the Italian Stock Exchange's STAR
segment reserved for medium caps that comply with specific
requisites in terms of corporate information and corporate
governance.

The Italian Stock Exchange will put IT Holding's ordinary shares
for trading on the STAR segment beginning Feb. 28, 2008.

The STAR segment is the segment of the electronic stock market
which sees trading of medium cap shares issued by companies that
undertake to comply with strict requisites in terms of liquid
assets, corporate governance and public information, so as to
ensure greater transparency and protection of minority
shareholders.

"The assignment of STAR rating and admission to trading on said
segment of the market is a consequence of the increased free
float to 33%, recently achieved, and of the adoption, since last
years, of corporate governance model, compliant to the Italian
Stock Exchange recommendations," Tonino Perna, IT Holding
chairman and CEO disclosed.

"The access to this segment represents another warranty for
our shareholders in terms of governance rules.  In particular,
we adopted a management incentive plan, linked to corporate
targets, coopted independent directors and created an internal
audit committee," Mr. Perna added.

"We are confident that our joining the STAR segment can be
appreciated by financial markets, allowing us to improve the
share's liquidity, thanks also to appointment of UniCredit
Markets & Investment Banking to the role of specialist," Mr.
Perna said.

Headquartered in Milan, Italy, IT Holding S.p.A.
-- http://www.itholding.it/-- controls a group of companies
that design, produce and distribute high-quality products under
owned brands -- Ferre, Malo, Exte -- as well as under license
agreements -- D&G, Versus, Versace Jeans Couture, Just Cavalli,
C'N'C Costume National.  Worldwide distributing network includes
29 directly operated stores, 111 other mono-brand stores and
over 4,000 highly selected department and specialty stores.  IT
Holding has over 1,700 employees.  It went public on November
1997 and its shares are traded on Milan Stock Exchange.

                          *     *     *

As of Feb. 12, 2008, IT Holding S.p.A. carries Moody's B3
Corporate Family and Probability-of-Default rating.   Moody's
said the outlook is stable.

The company also carries Standard & Poor's B- long-term foreign
issuer credit rating, 'B-' long-term local issuer credit rating
with stable outlook.


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


ALEX INVEST: Creditors Must File Claims by March 28
---------------------------------------------------  
LLP Microcredit Organization Alex Invest has declared
insolvency.  Creditors have until March 28, 2008, to submit
written proofs of claims to:

         LLP Microcredit Organization Alex Invest
         Djangildin Str. 25-74
         Saryarka
         Astana
         Kazakhstan


BAITEREK LLP: Claims Deadline Slated for March 21
-------------------------------------------------  
LLP Commercial-Manufacturing Company Baiterek has declared
insolvency.  Creditors have until March 21, 2008, to submit
written proofs of claims to:

         LLP Commercial-Manufacturing Company Baiterek
         Pushkin Str. 129-62
         Almaty
         Kazakhstan
         Tel: 8 (3272) 77-91-66


DINAS LLP: Claims Filing Period Ends March 28
---------------------------------------------  
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Dinas insolvent on Jan. 22, 2008.

Creditors have until March 28, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin Str. 37
         Uralsk
         West Kazakhstan
         Kazakhstan


DOUL INTERNATIONAL: Creditors' Claims Due on March 28
-----------------------------------------------------  
LLP Doul International Kazakhstan has declared insolvency.  
Creditors have until March 28, 2008, to submit written proofs of
claims to:

         LLP Doul International Kazakhstan
         Novaya Str. 69
         Koktobe
         Almaty
         Kazakhstan


GIDROSPETSSTROY JSC: Claims Registration Ends March 28
------------------------------------------------------  
Representation of JSC Gidrospetsstroy in Astana has declared
insolvency.  

Creditors have until March 28, 2008, to submit written proofs of
claims to:

         JSC Gidrospetsstroy
         Abai ave. 64
         Almaty
         Kazakhstan


JAS-JAN LLP: Creditors Must File Claims by March 28
---------------------------------------------------  
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Jas-Jan (RNN 09500030205).  

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


KAMKOR CJSC: Claims Deadline Slated for March 28
------------------------------------------------  
CJSC Automoto Service and Trade Kamkor has declared insolvency.  
Creditors have until March 28, 2008, to submit written proofs of
claims to:

         CJSC Automoto Service and Trade Kamkor
         Kentau, Panfilov Str.
         South Kazakhstan
         Kazakhstan


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

         LLP Kurylys Construction
         Auezov Str. 2
         Almaty
         Kazakhstan


PET CO: Creditors' Claims Due on March 28
-----------------------------------------  
Foreign Enterprise LLP Pet Co has declared insolvency.  
Creditors have until March 28, 2008, to submit written proofs of
claims to:

         LLP Pet Co
         Jeltoksan Str. 153-2
         Almaty
         Kazakhstan


STROYSVYAZ DRUJBA: Claims Registration Ends March 28
----------------------------------------------------  
The Tax Committee of Almaty has ordered compulsory liquidation
of LLP Stroysvyaz Drujba (RNN 091500004451).

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
===================


BUSINESS GARANT: Creditors Must File Claims by March 14
-------------------------------------------------------
LLC Financial Juridical Company Business Garant has declared
insolvency.  Creditors have until March 14, 2008 to submit
written proofs of claim.

Inquiries can be addressed to (+996 312) 21-36-22.


ULUK AND ASSOCIATES: Claims Filing Period Ends March 21
-------------------------------------------------------
LLC Uluk and Associates has declared insolvency.  Creditors have
until March 21, 2008 to submit written proofs of claim to:

         LLC Uluk and Associates
         Micro District 11, 12/1-40
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 46-38-23


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


AMERICAN AXLE: Declares 1st Qtr. 2008 Div. Payable on March 28
--------------------------------------------------------------
American Axle & Manufacturing Holdings, Inc. declared a cash
dividend of US$0.15 per share payable on March 28, 2008 to
stockholders of record on all of the company's issued and
outstanding common stock as of March 7, 2008.

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

                         *     *     *

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


HUNTSMAN CORP: Incurs US$172.1 Million Net Loss in 2007
-------------------------------------------------------
Huntsman Corp. has disclosed its 2007 fourth quarter and full
year results.

                Fourth Quarter 2007 Highlights

   -- Revenues for the fourth quarter of 2007 were US$2,503.9
      million, an increase of 17% as compared to US$2,147.8
      million for the fourth quarter of 2006.

   -- Net income for the fourth quarter of 2007 was US$2.2
      million as compared to net income of US$80.2 million for
      the same period in 2006.  Adjusted net income from
      continuing operations for the fourth quarter of 2007 was
      US$47.7 million as compared to US$47.8 million or US$0.20
      for the same period in 2006.

   -- Adjusted EBITDA from continuing operations for the fourth
      quarter of 2007 was US$192.3 million, an increase of 13 %
      as compared to US$170.8 million for the same period in
      2006.

                       2007 Highlights

   -- Revenues for 2007 were US$9,650.8 million, an increase of
      11% as compared to US$8,730.9 million for 2006.

   -- Net loss for 2007 was US$172.1 million as compared to net
      income of US$229.8 million for 2006.  2007 net loss
      includes US$217.1 million of loss from discontinued
      operations and US$209.8 million in merger related expenses
      while 2006 results includes US$132.9 of loss from
      discontinued operations.  Adjusted net income from
      continuing operations for 2007 was US$261 million, an
      increase of 5% as compared to US$250 million for 2006.

   -- Adjusted EBITDA from continuing operations for 2007 was
      US$912.9 million as compared to US$923.7 million for 2006.

   -- Net interest expense declined by 19% to US$285.6 million
      in 2007 from US$350.7 million in 2006.

                   Summarized earnings are:

   -- On Feb. 16, 2008, all of its outstanding mandatory
      convertible preferred stock converted into 12,082,475
      shares of the company's common stock in accordance with
      the terms of the mandatory convertible preferred stock.

   -- On Jan. 25, 2008, the company announced that it had
      received notice from Hexion Specialty Chemicals, Inc. that
      Hexion will exercise its right under the Merger Agreement
      and Plan of Merger dated July 12, 2007 to extend the
      Termination Date by 90 days from April 5th to July 4th,
      2008.  Huntsman also announced on Oct. 4, 2007, that the
      company and Hexion had each received a request for
      additional information (commonly known as a "second
      request") from the Federal Trade Commission) under the
      Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
      amended.  Huntsman and Hexion have agreed with the Federal
      Trade Commission to allow the commission additional time
      to review the merger, such that the merger is not expected
      to be completed before May 3, 2008.

   -- On Nov. 5, 2007, the company completed the sale of its
      U.S. base chemicals business to Flint Hills Resources.  In
      connection with the sale it received approximately US$415
      million in proceeds.  The company previously completed the
      sale of its U.S. Polymers business in the third quarter of
      2007 for approximately US$354 million in proceeds.
      Financial results of these businesses are classified as
      discontinued operations for all periods presented.

President and Chief Executive Officer, Peter R. Huntsman stated:  
"I am very pleased with our fourth quarter results, as Adjusted
EBITDA from continuing operations was up 13% as compared to the
same period in 2006.  With the exception of Pigments, where the
continued weakness of the U.S. dollar and the recent softness in
U.S. residential construction activity has constrained
profitability, each of our segments posted very strong year-
over-year increases in Adjusted EBITDA.  Most notable however,
was our Polyurethanes segment, where MDI sales volumes were up
5% as compared to the fourth quarter of last year resulting in a
32% increase in Adjusted EBITDA relative to the comparable
period in 2006."

Mr. Huntsman continued, "We continue to work closely with Hexion
and the regulatory authorities in the U.S., Europe and elsewhere
to secure the approvals necessary to complete the merger.  Both
parties have made receipt of these approvals a top priority and
we would anticipate completing the merger shortly after they are
received.  While Huntsman and Hexion continue to operate as
separate companies, our management teams continue working on an
integration plan that will allow the combined organization to
capitalize on opportunities to reduce costs and improve
efficiencies, while also continuing to grow our businesses."

               Three Months Ended Dec. 31, 2007
        as Compared to Three Months Ended Dec. 31, 2006

Revenues for the three months ended Dec. 31, 2007 increased to
US$2,503.9 million from US$2,147.8 million during the same
period in 2006.  Revenues increased in the Polyurethanes,
Performance Products and Pigments segments due to higher average
selling prices and higher sales volumes.  Revenues increased in
the Materials and Effects segment due to higher average selling
prices, partially offset by lower volumes.

For the three months ended Dec. 31, 2007, EBITDA was US$102.3
million as compared to US$237.1 million in the same period in
2006.  Adjusted EBITDA from continuing operations for the three
months ended Dec. 31, 2007 was US$192.3 million, as compared to
US$170.8 million for the same period in 2006.

Polyurethanes:

The increase in revenues in the Polyurethanes segment for the
three months ended Dec. 31, 2007 compared to the same period in
2006 was due to higher average selling prices and higher sales
volumes.  MDI sales volumes increased 5% primarily as the result
of strong demand in insulation-related applications and the
adhesives and coatings markets, in particular Asia and Europe,
partially offset by lower volumes in certain residential
construction related end markets in North America.  PO and co-
product MTBE volumes increased due to improved productivity and
demand while average selling prices were higher primarily due to
higher raw materials costs.  MDI average selling prices
increased 8% primarily due to the strength of major European
currencies versus the U.S. dollar, improved demand and higher
raw material costs.

The increase in EBITDA in the Polyurethanes segment was
primarily the result of higher MDI volumes and increased margins
as higher average selling prices more than offset higher raw
material costs.  In addition, the MDI joint venture facility in
China was operational throughout the fourth quarter of 2007. In
PO and co-product MTBE, higher average selling prices and sales
volumes more than offset higher raw material costs.

Materials and Effects:

The increase in revenues in the Materials and Effects segment
for the three months ended Dec. 31, 2007 compared to the same
period in 2006 was due to higher average selling prices
partially offset by lower sales volumes.  Average selling prices
increased by 12% as average selling prices were up 11% in
textile effects and up 13% in advanced materials due to the
strength of major European currencies versus the U.S. dollar and
price increase initiatives in certain markets and regions.  
Total sales volumes decreased by 4% as advanced materials sales
volumes decreased by 3% and textile effects sales volumes
decreased by 6%.  The advanced materials business contributed
US$368.3 million in revenue for the three months ended Dec. 31,
2007, while the textile effects business contributed US$245
million in revenues for the same period.

The increase in EBITDA in the Materials and Effects segment was
primarily due to higher revenues discussed above partially
offset by higher raw materials and increased manufacturing and
selling, general and administrative costs.  The advanced
materials business contributed US$35.5 million of EBITDA for the
three months ended Dec. 31, 2007, while the textile effects
business contributed US$5.1 million for the same period.  During
the three months ended Dec. 31, 2007 the Materials and Effects
segment recorded restructuring, impairment and plant closing
costs of US$6.3 million in textile effects as compared to US$0.4
million for the same period in 2006.

Performance Products:

The increase in revenues in the Performance Products segment for
the three months ended Dec. 31, 2007, compared to the same
period in 2006 was the result of a 14% increase in sales volumes
and 12% increase in average selling prices.  The increase in
sales volumes was primarily attributable to higher demand in
performance specialties and improved demand and increased
production at the company's Port Neches facility in its
performance intermediates product group. In maleic anhydride and
licensing, volumes benefited from improved demand relative to
the 2006 period in certain UPR end markets.  Average selling
prices increased primarily due to the strength of major European
and Australian currencies against the U.S. dollar and in
response to higher raw material costs.

The increase in EBITDA in the Performance Products segment was
primarily due to the higher revenues discussed above, partially
offset by higher raw materials and increased manufacturing and
selling, general and administrative costs.  In addition, the
2006 period included income related to insurance proceeds
received for damages resulting from the 2005 U.S. Gulf Coast
storms.

Pigments:

The increase in revenues in the Pigments segment for the three
months ended Dec. 31, 2007 compared to the same period in 2006
was primarily due to an 11% increase in sales volumes.  Average
selling prices were unchanged as lower local currency selling
prices were offset by the strength of the major European
currencies versus the U.S. dollar.  Sales volumes increased
primarily due to increased customer demand in all regions.  
Average selling prices decreased in North American due to soft
market conditions primarily in the coatings and construction
related endmarkets, and in Europe, due to increased competition
from imports.

The decrease in EBITDA in the Pigments segment was primarily due
to lower local currency selling prices in North America and
Europe discussed above, together with higher raw materials,
manufacturing and selling, general and administrative costs
primarily due to the strength of the major European currencies
versus the U.S. dollar.

                    Discontinued Operations

On Nov. 5, 2007 Huntsman completed the sale of the assets that
comprise its U.S. base chemicals to Flint Hills Resources.  On
Aug. 1, 2007, the company completed the sale of the majority of
the assets that comprise its Polymers segment to Flint Hills
Resources.  On Dec. 29, 2006, it completed the sale of its
European petrochemicals business to SABIC.  Results from these
businesses have been classified as a discontinued operation.

During the fourth quarter of 2007, the company recognized
US$143.4 million of pretax loss on the sale of its U.S. base
chemicals business, US$4 million of pretax loss on the sale of
the U.S. polymers business and US$5.4 million of pretax gain on
the sale of the European petrochemicals business.  During the
fourth quarter of 2006 it recognized US$21.6 million of pretax
loss on the sale of the European petrochemicals business.

                     Corporate and Other

Corporate and other items include the results of Huntsman's
Australia styrenics business, gain from the sale of its U.S.
butadiene and MTBE business, unallocated corporate overhead,
loss on the sale of accounts receivable, unallocated foreign
exchange gains and losses, losses on the early extinguishment of
debt, merger associated expenses, minority interest, unallocated
restructuring costs, gain and loss on the disposition of assets,
the extraordinary gain on the acquisition of a business and
other non-operating income and expense.  In the fourth quarter
of 2007, the total of these items was income of US$17.4 million
as compared to a loss of US$66.2 million in the 2006 period.  
The increase in EBITDA from these items was primarily the result
of a US$69 million pretax gain recognized in the 2007 period
related to the final payment received on the sale of the
company's U.S. butadiene and MTBE business to Texas
Petrochemical Corporation.

                        Income Taxes

In the fourth quarter of 2007, the company recorded US$3.4
million of income tax benefit as compared to US$65 million of
income tax benefit in the comparable period of 2006.  During the
fourth quarter of 2007, it recorded income tax benefits from a
number of non-recurring items as well as income tax benefits
from changes in the tax jurisdiction location of the income and
losses realized during the period.  During the fourth quarter
2006, it recorded tax benefits of approximately US$44.2 million
resulting from the release of tax contingencies in the U.S. and
the U.K., US$7.9 million resulting from a change in the
statutory tax rate in The Netherlands, and increased benefits
from valuation allowance releases, including releases resulting
from changes in the geographic location of the income earned
during the period.

       Liquidity, Capital Resources and Outstanding Debt

As of Dec. 31, 2007, Huntsman had approximately US$774 million
in cash and unused borrowing capacity.  Proceeds received from
the sale of its U.S. base chemicals business and the receipt of
additional proceeds related to the sale of the U.S. butadiene
and MTBE business together with cash flow from operations were
used to repay borrowings under the revolving loan, reduce
borrowings under the accounts receivable securitization program,
support an increase in working capital and to fund capital
expenditures, including amounts related to the completion of the
Port Arthur, Texas facility rebuild.

For the three months ended Dec. 31, 2007, total capital
expenditures were approximately US$198 million as compared
to US$223 million for the same period in 2006.  For the year
ended Dec. 31, 2007, total capital expenditures were
approximately US$665 million as compared to US$550 million for
the same period in 2006.  During 2007, the company spent
approximately US$157 million in capital expenditures associated
with the rebuild of the Port Arthur, Texas facility which was
damaged by fire on April 29, 2006.  Huntsman expect to spend
approximately US$480 million on capital expenditures in 2008.

As a result of the fire damage at its Port Arthur, Texas
facility that occurred on April 29, 2006, the company have
received, and anticipate receiving additional, settlements of
insurance claims.  Huntsman incurred significant expenditures to
rebuild the facility.  It substantially completed the rebuild
and commissioning of the facility in the fourth quarter of 2007.  
As of Dec. 31, 2007, the company estimate that its remaining
payment related to certain expenditures for the rebuild the
former Port Arthur, Texas facility which have been substantially
completed but not yet invoiced was approximately US$40 million,
for which it have accrued a liability.  The company expects to
settle this obligation during the first half of 2008.  To date,
it has submitted proofs of loss totaling US$541 million, and the
company anticipates submitting additional proofs of loss.  As of
Dec. 31, 2007, it received insurance recovery advances totaling
US$305 million and entered into an agreement providing for an
additional recovery advance of US$20 million, all of which was
received by mid-February, 2008.  Huntsman anticipates that the
settlement of insurance claims will continue throughout 2008.

Huntsman Corp. -- http://www.huntsman.com/-- manufactures and
markets differentiated and commodity chemicals.  Its operating
companies manufacture products for a variety of global
industries including chemicals, plastics, automotive, aviation,
textiles, footwear, paints and coatings, construction,
technology, agriculture, health care,  detergent, personal care,
furniture, appliances and packaging.  Originally known for
pioneering innovations in packaging and, later for rapid and
integrated growth in petrochemicals, Huntsman today has
operations in 24 countries, including Argentina, Belarus,
Japan, Luxembourg, Malaysia, Spain and the United Kingdom, among
others.  The company had 2006 revenues from all operations of
over US$13 billion.

                       *     *     *

In June 2007, Moody's Investors Service placed the debt ratings
and the corporate family ratings (CFR -- Ba3) for Huntsman
Corporation and Huntsman International LLC, a subsidiary of
Huntsman under review for possible downgrade.


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


CLASSIC I: Moody's Cuts Rating on S. 2006-1 Class A2 Notes
----------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade four classes of notes issued by Classic I
(Netherlands) B.V. and Palmer Square 2 plc.

These rating actions are a response to credit deterioration in
the underlying portfolios.  The transactions are cash CDOs
referencing, among other assets, US ABS CDOs of the 2005 and
2006 vintages.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.

The rating actions are:

Classic I (Netherlands) B.V. - Series 2006-1:

     (1) Series 2006- USD 49,281,000 Class A2 Secured Notes due
         October 2053

         Current Rating: B3, on review for downgrade
         Prior Rating: Baa2, on review for downgrade

Palmer Square 2 plc:

     (1) Class B-1 USD 19,875,000 Deferrable Floating Rate Notes
         due 2045

         Current Rating: Aa3, on review for downgrade
         Prior Rating: Aa1, on review for downgrade

     (2) Class C USD 17,500,000 Deferrable Floating Rate Notes
         due 2045

         Current Rating: Baa1, on review for downgrade

         Prior Rating: Aa3, on review for downgrade

    (3) Class D USD 12,500,000 Deferrable Floating Rate Notes
         due 2045

         Current Rating: Ba2, on review for downgrade
         Prior Rating: A3, on review for downgrade


FOOT LOCKER: Allowable Dividend Payments Increased to US$95 Mln
---------------------------------------------------------------
On Feb. 19, 2008, Foot Locker Inc. entered into an amendment of
its Fifth Amended and Restated Credit Agreement dated as of
April 9, 1997, and amended and restated as of May 19, 2004, to
increase the amount permitted to be paid by the company as
dividends during the 2008 fiscal year ending Jan. 31, 2009, from
US$90.0 million to US$95.0 million.

A full-text copy of the Amendment is available for free at:

              http://researcharchives.com/t/s?2869

                       About Foot Locker

Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/-- is a specialty athletic
retailer that operates approximately 3,800 stores in 21
countries in North America, Europe and Australia.  

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 11,
2007, Standard & Poor's Ratings Services lowered its corporate
credit and senior unsecured ratings on New York City-based Foot
Locker Inc. to 'BB' from 'BB+'.  S&P have removed the ratings
from CreditWatch, where they were placed with negative
implications on Aug. 18, 2006.  The outlook is negative.


MOBILE MINI: To Merge with Mobile Storage in US$701.5 Mln Deal
--------------------------------------------------------------
Mobile Mini, Inc. and Mobile Storage Group, Inc. of Glendale,
California have entered into a definitive merger agreement,
under which Mobile Storage will merge into Mobile Mini in a
transaction valued at approximately US$701.5 million.  The
transaction will establish the combined company as a global
provider of portable storage solutions in the United States and
the United Kingdom.

Upon consummation of the merger, Mobile Mini will significantly
expand its geographic footprint and will be positioned to cover
most major markets for portable storage in both the US and the
UK.

"This represents a highly strategic transaction for Mobile
Mini," stated Mobile Mini's Chairman, President and Chief
Executive Officer, Steven Bunger, "which substantially increases
Mobile Mini's ability to service an expanded customer base,
provides the employees of both companies with enhanced career
opportunities, and offers our stockholders an opportunity to
benefit from a transaction that we believe will be solidly
accretive to our earnings in the first full year of the
combination."

The merged company will include senior executives from both
companies.  Steve Bunger will serve as Chairman, President and
Chief Executive Officer and Larry Trachtenberg will continue as
Chief Financial Officer.  Doug Waugaman, CEO of Mobile Storage
Group, will join Mobile Mini as COO of Integration,
reporting directly to Mr. Bunger.  Jody Miller, Bill Armstead
and Ron Halchishak, senior executives at Mobile Storage Group,
will also assume senior roles with the combined organization.

"A key goal of this merger is to retain the top sales
professionals, branch managers and operating field personnel of
the combined organizations, both in the US and the UK, to
position Mobile Mini with the most knowledgeable, experienced
and motivated employee base in the portable storage industry,"
Mr. Bunger stated.  

"This merger is predicated on bringing together the best in
class employees of our two organizations and I am excited by the
expanded opportunities to be offered to much of our talented
employee base," Mr. Waugaman added.

Mobile Storage Group is majority owned by the private equity
firm Welsh, Carson, Anderson & Stowe, who, together with the
other equity holders, through this transaction, will be
converting
substantially all of their equity ownership of Mobile Storage
group into Mobile Mini preferred stock.

Following consummation of the merger, two WCAS representatives
will be elected to Mobile Mini' Board of Directors.  WCAS is one
of the largest private equity investors in the US focused on the
information & business services and healthcare industries.  
Since its founding in 1979, WCAS has organized 14 investment
partnerships with total capital in excess of US$16 billion.

Pursuant to the merger, Mobile Mini will assume approximately
US$535.0 million of Mobile Storage Group's outstanding
indebtedness and will acquire all outstanding shares of Mobile
Storage Group for US$12.5 million in cash and shares of newly
issued Mobile Mini convertible preferred stock with a
liquidation preference of US$154.0 million.

The convertible preferred stock will be convertible into
approximately 8.55 million Mobile Mini common shares,
representing a conversion price of US$18.00 per Mobile Mini
share and resulting in fully diluted ownership in Mobile Mini of
approximately 19.8% for Mobile Storage Group stockholders.

The preferred stock will be mandatorily convertible into Mobile
Mini common stock if, after the first year following the
issuance of the preferred stock, Mobile Mini's common stock
trades above US$23.00 share for a period of 30 consecutive days.  
The preferred stock will not have any cash or payment-in-kind
dividends, will impose no covenants upon Mobile Mini, and will
include an optional redemption feature following the tenth year
after the issue date.

The merger is expected to generate cost synergies of at least
US$25 million on an annualized basis, which are expected to be
fully realized by the end of fiscal 2009.  The cost synergies
are a result of the significant overlap in corporate functions
and branch infrastructure.

Mobile Mini believes that the combination with Mobile Storage
will add 21 new locations in the US and 14 locations in the UK.  
This combination of new branches as well as proximate locations
offers opportunities for both additional growth and substantial
cost synergies via branch consolidation.  The transaction is
expected to be slightly accretive to earnings in 2008 (excluding
merger-related expenses), and should generate substantial EPS
accretion of 25% or more, over current analyst EPS estimates, in
2009, including the benefit of expected synergies.

"As the integration of our companies is executed, we expect to
achieve meaningful cost synergies by combining certain
overlapping branch locations, consolidating corporate functions
and headquarters and reducing certain combined operating
expenses, which we estimate will ultimately generate a minimum
of US$25 million of savings on an annualized basis," Mr. Bunger
stated.  "These cost synergies, in combination with an improved
revenue growth potential through implementing Mobile Mini's
growth model into newly acquired Mobile Storage Group branches,
should add to Mobile Mini's future earnings growth."

The transaction has been structured to maintain a strong balance
sheet with sufficient liquidity after the combination.  Pro
forma for the acquisition, Mobile Mini estimates that total debt
will approximate US$960 million.  In 2007, Mobile Mini generated
EBITDA of US$133.9 million (excluding stock compensation
expense) and Mobile Storage Group generated EBITDA of US$86.1
million (adjusted for certain items and excluding stock
compensation expense).  With the US$25 million of forecast cost
synergies, the adjusted EBITDA for 2007 is approximately
US$245.0 million, resulting in pro forma leverage of
approximately 3.9x.  Going forward, management expects to fund
both fleet expansion and debt reduction with cash flow
from operations.

In addition, Mobile Mini believes it will have excess
availability of over US$300 million under its expected US$1.0
billion asset-based revolving credit facility at closing of the
transaction.  Closing of the transaction is subject to approval
by Mobile Mini stockholders, obtaining required governmental
approvals, receipt of a new US$1.0 billion asset-based revolving
credit facility and customary closing conditions.

Mobile Mini has received a fully underwritten commitment from
Deutsche Bank AG, Bank of America and JP Morgan for a US$1.0
billion asset-based revolving credit facility to fund the
transaction.  A special meeting of Mobile Mini stockholders will
be scheduled for the purpose of submitting the issuance of the
preferred stock and related matters to Mobile Mini's
stockholders for approval.  No date for the stockholders meeting
has been set. Depending on the timing of various disclosure
requirements, the stockholder meeting, and regulatory approvals,
the transaction is expected to
close as early as June 2008.

Oppenheimer & Co. Inc. and Deutsche Bank Securities Inc. acted
as financial advisors to Mobile Mini, and White & Case LLP acted
as legal counsel.  Lehman Brothers Inc. acted as financial
advisor to Mobile Storage Group and Kirkland & Ellis LLP acted
as legal counsel.

The company plans to update its 2008 guidance to factor in the
Mobile Storage Group merger and related integration,
consolidation and other costs around the time of closing.

                      About Mobile Storage

Headquartered in Burbank, California, Mobile Storage Group Inc.
aka Mobile Services Group Inc. -- http://www.mbilestorage.com/  
--provides portable storage in the United States and the United
Kingdom.

                       About Mobile Mini

Headquartered in Tempe, Arizona, Mobile Mini Inc. (Nasdaq GS:
MINI) -- http://www.mobilemini.com/-- provides portable storage  
solutions through its total fleet of over 165,000 portable
storage units and portable offices with 66 branches in U.S.,
United Kingdom, Canada and The Netherlands.


MOBILE MINI: Earns US$12.4 Million in Quarter Ended December 31
---------------------------------------------------------------
Mobile Mini Inc. reported financial results for the fourth
quarter ended Dec. 31, 2007, as compared to results for the
fourth quarter ended Dec. 31, 2006.

The company's net income of US$12.4 million declined from last
years US$14.0 million.  Total revenues increased 9.0% to a
quarterly record of US$83.6 million, up from US$76.7 million a
year ago.  Lease revenues increased 8.2% to US$74.2 million from
US$68.6 million.  Lease revenues comprised 88.9% of total
revenues as compared to 89.5%.

As of Dec. 31, 2007, the company's balance sheet showed total
assets of US$1.0 billion and total liabilities of US$570.9
million, resulting in a US$457.8 million stockholders' equity.  
Equity, at Dec. 31, 2006, was US$442.0 million.

                         2007 Highlights

  * entered four new markets last year: Pittsburgh,
    Pennsylvania; Worcester, Vermont; and Windsor, Ontario and
    Vancouver, British Columbia;

  * redeemed US$97.5 million aggregate outstanding principal
    balance of our 9.5% Senior Notes due 2013 with the issuance
    of US$150 million 6.875% Senior Notes due 2015; and

  * repurchased 2,174,828 shares of common stock through
    Dec. 31, 2007 and there were no repurchases thereafter; the
    stock repurchase program has expired.

                         Business Overview

Mr. Bunger pointed out, "On a Company-wide basis, 2007 lease
revenues continued to grow, 8.2% for the fourth quarter and
16.1% for the year as a whole.  While Europe and certain regions
in the U.S. are doing robust business, economic conditions in
California, Arizona and Florida slowed the pace of our growth,
and lease revenues came in slightly below expectations.  2007
EBITDA and diluted earnings per share were within the guidance
ranges we previously provided, which is all the more satisfying
considering the fleet optimization program and related costs
underway.  Mobile Mini#s after tax return on invested capital
for the years ended December 31, 2007 and 2006 were 13.3% and
14.8%, respectively."

Mr. Bunger continued, "One of the big advantages of the merger
with Mobile Storage Group Inc. will be our ability to more
easily move available units within our fleet to where they are
needed and therefore we look forward to a significant reduction
in capital expenditures.  Going forward, the combined companies
should be free cash flow positive.  We are also delighted that
in addition to Doug Waugaman, several key Mobile Storage Group
executives are set to sign employment agreements with our
combined company upon closing."

He continued, "Moving forward, some of the metrics, such as
internal growth rate, that we previously used in our quarterly
reporting will become less relevant due to the scale, size and
depth of our operations and industry position following the
merger.  While we expect first quarter 2008 EBITDA to be
slightly below last year, we are confident that we will be able
to achieve our prior 2008 diluted EPS guidance of between
US$1.50 and US$1.60, excluding the impact of the Mobile Storage
Group transaction.

Lawrence Trachtenberg, Mobile Mini's Executive Vice President &
CFO noted, "The above 2008 guidance does not factor in the
combination with Mobile Storage Group, although we expect the
merger to be slightly accretive in 2008 before merger related
expenses. We need to point out that there will be a one-time
charge, which we are currently estimating at between US$19
million and US$20 million, pre-tax, relating to the business
combination, the consolidation of branches and the integration
of the two companies, which we will record when the transaction
closes.  The integration and consolidation benefits, including
US$25 million or more in cost savings, should be fully apparent
in 2009.  Additionally, the US$1 billion revolving credit
facility that we have secured provides us with ample borrowing
capacity, even after the repayment of Mobile Storage Group#s
outstanding indebtedness and the cash portion of the purchase
price."

                      About Mobile Mini

Headquartered in Tempe, Arizona, Mobile Mini Inc. (Nasdaq GS:
MINI) -- http://www.mobilemini.com/-- provides portable storage
solutions through its total fleet of over 165,000 portable
storage units and portable offices with 66 branches in U.S.,
United Kingdom, Canada and The Netherlands.


MOBILE MINI: Mobile Storage Deal Cues Moody's Ratings Review
------------------------------------------------------------
Moody's Investors Service placed all ratings of Mobile Mini,
Inc. (Corporate Family at Ba3) on review for possible downgrade.  
In addition, Moody's placed all ratings of Mobile Services Group
(Corporate Family at B2) on review for possible upgrade.  The
review was prompted by Mobile Mini's announcement that it has an
agreement to merge with Mobile Services Group (also known as
Mobile Storage Group) for approximately US$701.5 million.  As a
part of the transaction, Mobile Mini will assume approximately
US$535 million of Mobile Services Group debt.

The merged Mobile Mini and Mobile Services Group entity will
combine the two largest modular storage companies in the United
States.  While there is significant overlap of facilities (from
a city coverage perspective), the Mobile Services franchise will
provide Mobile Mini an entry into new markets and increase its
national scale.  Where there is overlap, it is expected the
company will close redundant operational facilities and realize
significant synergies, which will help offset the substantial
purchase price.

The review for possible downgrade on Mobile Mini is based on the
expectation that post-acquisition leverage will increase from
current levels and that interest coverage will weaken.  Mobile
Mini has consistently operated with a conservative leverage
profile and it is expected that the company will utilize excess
cash flow for debt reduction.

During its review, Moody's will analyze interest coverage and
leverage at the outset of the merger and evaluate forecasts for
potential improvements, in the context of targeted operating
synergies.  Moody's will also examine potential execution-
related risks and expenses that could arise as a result of the
transaction.

The review for possible upgrade on Mobile Services Group
reflects Moody's expectation that the rating profile of the
merged companies will be no lower than the B2 rating currently
assigned to Mobile Services Group.

These ratings were placed on Review for Possible Downgrade:

Mobile Mini, Inc.:

  -- Corporate Family RatingBa3
  -- Senior NotesB1

These ratings were placed on Review for Possible Upgrade:

Mobile Services Group, Inc

  -- Corporate Family RatingB2

Co-Issuers: Mobile Services Group, Inc and Mobile Storage Group,
Inc

  -- Senior Unsecured NotesB3

Mobile Mini, Inc., headquartered in Tempe, Arizona, reported
approximately US$1 billion in total assets as of Sept. 30, 2007.

Mobile Services Group, Inc., headquartered in Burbank, CA,
reported approximately US$843 million in total assets as of
Sept. 30, 2007.


MOBILE MINI: Mobile Storage Deal Cues S&P's Negative Watch
----------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Mobile
Mini Inc., including the 'BB' long-term corporate credit rating,
on CreditWatch with negative implications.      

"The rating action is based on Mobile Mini's announcement that
it has entered into a definitive agreement under which Mobile
Storage Group Inc., its major competitor in the leasing of
portable storage units, will be merged into Mobile Mini," said
Standard & Poor's credit analyst Betsy Snyder.  "We expect the
transaction, which will include Mobile Mini's assumption of
approximately US$535 million of Mobile Storage's debt, to weaken
Mobile Mini's already aggressive financial profile."
     
If the transaction is successfully consummated, the combined
entity would become the leading provider of portable storage
units in the U.S. and U.K.  Combining the two entities would
also result in approximately US$25 million of annual cost
synergies, expected to be fully realized by the end of 2009.
     
Closing of the transaction is subject to approval by Mobile Mini
stockholders, obtaining government approval, receipt of a new
US$1 billion asset-based credit facility to fund the
transaction, and customary closing conditions.  Assuming all are
met, the transaction is expected to close as early as June 2008.
     
Standard & Poor's will assess Mobile Mini's business and
financial  profiles, pro forma for the acquisition of Mobile
Storage, to resolve the CreditWatch.


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


BUCYRUS INTERNATIONAL: Amends RAG Coal Share Purchase Deal
----------------------------------------------------------
On Feb. 18, 2008, Bucyrus International Inc. and its special-
purpose acquisition subsidiary, DBT Holdings GmbH, entered into
a Third Addendum to the Dec. 16, 2006 Share Purchase Agreement
with RAG Coal International GmbH, pursuant to which the company
purchased the shares of DBT GmbH on May 4, 2007.  

In accordance with this amendment, the parties agreed to a cash
settlement of certain of the company's indemnification claims
against the RAG Coal under the Agreement, in exchange for the
company agreeing to an accelerated release of the lock-up and
transfer restrictions on the 471,476 shares of the company's
class A common stock issued to the RAG Coal pursuant to the
Agreement.

Under the original Agreement, with certain limited exceptions,
RAG Coal could not, without the company's prior written consent,
directly or indirectly sell or otherwise transfer (i) any of its
company shares prior to May 4, 2008; (ii) more than 30% of its
company shares prior to May 4, 2009; and (iii) more than 60% of
its company shares prior to May 4, 2010.  Under the terms of the
Amendment, RAG Coal may now sell or transfer (subject to certain
requirements to help ensure an orderly market distribution) up
to 50% of its company shares beginning on Feb. 15, 2008, with
the next 25% of its company shares eligible for sale on or after
May 4, 2009, and the final 25% eligible for sale on or after
May 4, 2010.

                   About Bucyrus International

Headquartered in South Milwaukee, Wisconsin, Bucyrus
International Inc. (Nasdaq: BUCY) -- http://www.bucyrus.com/--  
is a global manufacturer of electric mining shovels, walking
draglines and rotary blasthole drills and provides aftermarket
replacement parts and services for these machines.  In 2006, it
had sales of US$738 million.  The company has operations in
Brazil, Chile, China, Poland, and the United Kingdom.

                         *     *     *

Moody's Investor Service placed the company's long-term
corporate family rating at 'Ba3' in April 2007.  The rating
still holds to date with a stable outlook.


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


AMBASSADOR LLC: Creditors Must File Claims by March 12
------------------------------------------------------
Creditors of LLC Ambassador(TIN 4900001100) have until March 12,
2008, to submit proofs of claim to:

         E. Baturin
         Insolvency Manager
         Post User Box 212
         Central Post Office
         685000 Magadan
         Russia

The Arbitration Court of Magadan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A37-1206/2007-12b.

The Court is located at:

         The Arbitration Court of Magadan
         Karl Marks prospect 62
         685000 Magadan
         Russia

The Debtor can be reached at:

         LLC Ambassador
         Room 408
         Proletarskaya Str. 8
         685000 Magadan
         Russia


AVTO-TRANS CJSC: Creditors Must File Claims by March 12
-------------------------------------------------------
Creditors of CJSC Avto-Trans have until March 12, 2008, to
submit proofs of claim to:

         V. Mikhaylenko
         Insolvency Manager
         Office 2
         Moskovskaya Str. 85
         410012 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-27?/03-32.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         V. Mikhaylenko
         Insolvency Manager
         Office 2
         Moskovskaya Str. 85
         410012 Saratov
         Russia


BELOVSKIY COAL: Court Names A. Taranenko as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kemerovo appointed A. Taranenko as
Insolvency Manager for LLC Trading House Belovskiy Coal.  He can
be reached at:

         A. Taranenko
         Sovetskaya Str. 48-9
         Belovo
         652600 Kemerovo
         Russia

The Court will convene at noon on June 25, 2008, to hear the
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:

         LLC Trading House Belovskiy Coal
         Yuznosti Str. 16-213
         Belovo
         652600 Kemerovo
         Russia


B.I.N.BANK: S&P Says Ratings Unaffected By Likely Owner Change
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B-/C' ratings
and stable outlook on Russian B.I.N.BANK were unaffected by the
likely change of shareholder.  Vadim Moshkovich, the head of
unrated RUSAGRO, should acquire a 99% stake in the bank from the
previous owner.  S&P expects the deal to close in April 2008.

Until said closure, B.I.N.BANK's shareholder structure remains
unchanged.  The current ratings on B.I.N.BANK reflect its stand-
alone position without additional uplift for expected
shareholder support.  S&P will closely review the new owner's
strategic aims for the bank's development, as well as his
commitment and capacity to provide financial support to the bank
in case of a need.


DORONINO LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Omsk commenced bankruptcy supervision
procedure on LLC Doronino.  The case is docketed under Case No.
A46-13824/2007.

The Temporary Insolvency Manager is:

         S. Anisimov
         Pobedy Pr. 87
         693008 Yuzhno-Sakhalinsk
         Russia

The Debtor can be reached at:

         S. Anisimov
         Fedorova Str. 1a
         454048 Chelyabinsk
         Russia


EAST CJSC: Kemerovo Bankruptcy Hearing Slated for June 9
--------------------------------------------------------
The Arbitration Court of Kemerovo will convene at 11:30 a.m. on
June 9, 2008, to hear the bankruptcy supervision procedure on
CJSC East.  The case is docketed under Case No. A27-11550/
2007-4.

The Temporary Insolvency Manager is:

         A. Samokhin
         Pionerskiy Pr. 40
         Novokuznetsk
         654007 Kemerovo
         Russia

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         CJSC East
         Pionerskiy Pr. 40
         Novokuznetsk
         654007 Kemerovo
         Russia


EASTERN OIL-LOADING: Names E. Ugolnikov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Primorye appointed E. Ugolnikov as
Insolvency Manager for CJSC Eastern Oil-Loading Terminal.  He
can be reached at:

         E. Ugolnikov
         Post User Box 8/35
         Central Post Office
         680000 Khabarovsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A51-4827/2006-15-96.

The Court is located at:

         Arbitration Court of Primorye
         Room 313
         Svetlanovskaya Str. 54
         Vladivostok
         Russia

The Debtor can be reached at:

         CJSC Eastern Oil-Loading Terminal
         Makarova Str. 19
         692929 Nakhodka
         Russia


ENTAZIS CJSC: Creditors Must File Claims by March 12
----------------------------------------------------
Creditors of CJSC Entazis have until March 12, 2008, to submit
proofs of claim to:

         Y. Korepanov
         Insolvency Manager
         Savinykh Str. 3
         634028 Tomsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-15647/06-10/328.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         CJSC Entazis
         Molodosti Str. 24-91
         630056 Novosibirsk
         Russia


INTER-PROM-GARANT: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Kurgan commenced bankruptcy
supervision procedure on LLC Inter-Prom-Garant.  The case is
docketed under Case No. A-70-7133/3-2007.

The Temporary Insolvency Manager is:

         A. Klykov
         K. Myagotina Str. 179-29
         640000 Kurgan
         Russia
         Tel/Fax: 8 (3522) 41-38-46

The Court is located at:

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

The Debtor can be reached at:

         A. Klykov
         K. Myagotina Str. 179-29
         640000 Kurgan
         Russia
         Tel/Fax: 8 (3522) 41-38-46


IZMAYLOVSKIY PARK: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure on  CJSC Izmaylovskiy Park.  The case is
docketed under Case No. A60-35377/2005-S11.

The Temporary Insolvency Manager is:

         P. Veshev
         Post User Box 343
         Onezhskaya Str. 12
         620089 Ekaterinburg
         Russia

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia  

The Debtor can be reached at:

         CJSC Izmaylovskiy Park
         Kraulya Str. 168
         620131 Ekaterinburg
         Russia


KIZNERSKOE REPAIR: Creditors Must File Claims by March 12
---------------------------------------------------------
Creditors of OJSC Kiznerskoe Repair Technical Enterprise have
until March 12, 2008, to submit proofs of claim to:

         V. Derendyaev
         Insolvency Manager
         Yubileynaya Str. 15
         Norya
         Malopurginskiy
         427811 Udmurtiya
         Russia

The Arbitration Court of Udmurtiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A71-8667/2007-G9.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Kiznerskoe Repair Technical Enterprise
         Krylova Str. 10
         Kizner
         Kiznerskiy
         427710 Udmurtiya
         Russia


MOTOR ENTERPRISE 1: Bankruptcy Hearing Slated for April 10
----------------------------------------------------------
The Arbitration Court of Volgograd will convene on April 10,
2008, to hear the bankruptcy supervision procedure on CJSC Motor
Enterprise 1.  The case is docketed under Case No. A12-15733/
07-s55.

The Temporary Insolvency Manager is:

         T. Kleshnina
         Post User Box 244
         400005 Volgograd
         Russia

The Debtor can be reached at:

         CJSC Motor Enterprise 1
         Aviatorov Shosse 6
         Volgograd
         Russia


NEFAZ-CENTRE LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure on LLC Nefaz-Centre.  The case is docketed
under Case No. A07-12115/07-G-NLV.

The Temporary Insolvency Manager is:

         M. Sakaev
         Post User Box 16
         Ufa-38
         Bashkortostan
         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 Nefaz-Centre
         Zlobina Str. 31
         Ufa
         Bashkortostan
         Russia


PROGRESS OJSC: Asset Sale Slated for March 11
---------------------------------------------
S. Vasilyev, the Insolvency Manager and Bidding Organizer for  
OJSC Biyrkiy Electromechanical Factory Progress, will open a
public auction for the company's properties at 2:00 p.m. on
March 11, 2008, at:

         OJSC Biyrkiy Electromechanical Factory Progress
         2nd Floor
         Krasnoarmeyskaya Str. 5a
         Birsk
         Bashkortostan
         Russia

The company has set a RUR2,035,000 million starting price for
the assets on auction.

Interested participants have until March 5, 2008, to deposit an
amount equivalent to 10% of the starting price to:

         OJSC Biyrkiy Electromechanical Factory Progress
         Settlement Account 40702810501030000154
         Correspondent Account 30101810900000000739
         BIK 048073739
         OGRN 1030201246910
         TIN/KPP 0257006090/025701001
         OJSC Sots-invest-bank
         Birsk
         Russia

Bidding documents must be submitted to:

         S. Vasilyev
         Mustaya Karima Str. 41
         Ufa
         Bashkortostan
         Russia
         Tel: 8-927-937-83-97

The Debtor can be reached at:

         OJSC Biyrkiy Electromechanical Factory Progress
         2nd Floor
         Krasnoarmeyskaya Str. 5a
         Birsk
         Bashkortostan
         Russia


SEPTEMBER CJSC: Court Names A. Gudkov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Saratov appointed A. Gudkov as
Insolvency Manager for CJSC September.  He can be reached at:

         A. Gudkov
         Post User Box 2493
         410076 Saratov
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-57-18B/99-23-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC September
         Room 12
         Stepnaya Str. 31V
         Balakovo
         Saratov
         Russia


TRANSPORT COMPANY: Creditors Must File Claims by March 12
---------------------------------------------------------
Creditors of LLC Transport Company have until March 12, 2008, to
submit proofs of claim to:

         S. Vasilyev
         Insolvency Manager
         Post User Box 1431
         Zlatoust
         456217 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-8805/2007-52-51.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         LLC Transport Company
         Miass
         Russia


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


TDA 25: Fitch Holds BB- Rating on Class D with Negative Outlook
---------------------------------------------------------------
Fitch Ratings has affirmed all classes of TDA 25, Fondo de
Titulizacion despite a further draw on the reserve fund.

The portfolio is backed by mortgage loans originated by Union de
Credito Financiero Mobiliario e Inmobiliario and Banco Gallego
in Spain.  The rating actions are:

    -- Class A (ISIN ES0377929007) affirmed at 'AAA';
       Outlook Stable

    -- Class NAS-IO (ISIN ESO377929049) affirmed at 'AAA';
       Outlook Stable

    -- Class B (ISIN ES0377929015) affirmed at 'A';
       Outlook Stable

    -- Class C (ISIN ES0377929023) affirmed at 'BBB-'(BBB
       minus); Outlook Negative

    -- Class D (ISIN ES0377929031) affirmed at 'BB-' (BB minus);
       Outlook Negative

The affirmations follow a full loan-by-loan analysis of the
current pool and take into account future draws on the RF.  The
latest RF draws were anticipated by Fitch at the time of the
downgrade of the transaction on 29 October 2007.

Since the downgrade, there has been a third draw on the RF and a
further increase of three- month plus arrears and loans in
default (defined as loans in arrears by more than 12 months).

The latest draw reduced the RF to 0.44% of the original note
balance, compared to a target 0.98%.

The RF draws occurred due to available excess spread being
reduced by a combination of the senior-ranking interest only
(IO) notes attached to the class A notes and the high level of
defaults to date.  Nevertheless, recoveries from three defaulted
loans have reduced the current net defaults in the last two
monthly reports to 0.61% in December 2007 from a peak of 0.73%
in October 2007.  If recoveries increase they will moderate
future draws of the RF.

The Negative Outlook reflects that further RF draws are in
prospect, given the current level of seven-month plus arrears
and the presence of the IO, potentially fully depleting the RF
over the next year.  Principal payments would then be deferred
but would not necessarily threaten the ratings as the deal is
rated to reflect the ultimate payment of principal and timely
payment of interest.  On the other hand, a fully depleted RF
will leave the senior notes exposed to commingling risk.

Fitch notes that TDA25 experienced a sharp increase in three-
month plus arrears compared to other Spanish RMBS transactions;
it reached 1.36% just seven months after closing and stood at
1.49% of the collateral balance in December 2007.  This led to
defaults just 11 months after closing.

All loans currently in default are originated by Credifimo and
have an original loan-to-value ranging from 75% to 80%; at
closing the weight average loan to value was 75.4%. Credifimo
originated 76% of the pool and, as a specialist mortgage lender,
charges higher-than-average margins, to medium- and low-income
clients, who therefore have a higher probability of default.

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


VALENCIA HIPOTECARIO: Fitch Puts CCC Rating on Class D Notes
------------------------------------------------------------
Fitch Ratings assigned Valencia Hipotecario 4, FTA's notes
totalling EUR978.5m due in April 2046 final ratings, as:

   -- EUR883.4m Class A: 'AAA'; Outlook Stable
   -- EUR42.8m Class B: 'A'; Outlook Stable
   -- EUR23.8m Class C: 'BBB'; Outlook Stable
   -- EUR28.5m Class D: 'CCC'; Outlook Stable

This transaction is a cash flow securitisation of a EUR950m
static pool of first ranking Spanish mortgage loans originated
and serviced by Banco de Valencia (rated 'A'/ 'F1'/Outlook
Stable).

The ratings are based on the quality of the collateral, the
underwriting and servicing of the mortgage loans, available
credit enhancement, the integrity of the transaction's legal and
financial structure and Europea de Titulizacion S.A., S.G.F.T.'s
administrative capabilities.

Initial CE for the Class A to C notes is provided by
subordination and a reserve fund, which will be funded at
closing using the proceeds of the Class D notes.  The Class D
notes are uncollateralised by mortgages, but will benefit from
excess spread.

The ratings address the payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on the Class B and C notes, as
well as the repayment of principal at legal final maturity.
Should the deferral trigger on the Class B and C notes be hit,
interest on these notes will be deferred in the priority of
payments.  In this instance, interest payments might not be
received for a period of time, but will be received by legal
final maturity.

The fund's sole purpose is to transform a portfolio of mortgages
certificates (certificados de transmission de hipoteca, CTHs)
acquired from Banco de Valencia into fixed-income securities.  
The CTHs are subscribed by Europea de Titulizacion S.A.,
S.G.F.T., whose sole function is to manage asset-backed notes on
behalf of the fund.


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


WEST CORP: Plans to Purchase Genesys for US$269 Million              
-------------------------------------------------------
West Corporation will seek to acquire Genesys and combine it
with InterCall Inc., its subsidiary.  West will make a cash
offer of EUR2.50 per ordinary share and for the American
Depositary Shares at the U.S. dollar equivalent.  The total
transaction value, excluding transaction expenses, is
approximately EUR182.9 million or approximately
US$268.8 million.

For that purpose, West International Holdings Limited, a
subsidiary of West, filed with the French Autorite des Marches
Financiers a draft Tender Offer Prospectus.  Genesys' board of
directors has unanimously expressed support for this project and
authorized the execution of a tender offer agreement between the
two companies.

Genesys' board of directors intends to recommend the offer to
its shareholders.  In accordance with French law and the tender
offer agreement, such recommendation will be published in a
draft Response Document to be filed by Genesys with the AMF
within the next 10 business days.

The tender offer price of EUR2.50 or approximately US$3.681 per
share of common stock of Genesys, represents a premium of 50%  
above the closing price of Genesys' shares on Feb. 18, 2008, the
last trading day prior to this disclosure, and a premium of 42%  
above the average closing price of Genesys' shares, volume-
weighted over the last three months.

The acquisition is expected to be funded with a combination of
West's cash on hand and West's bank credit facilities.  West
expects to close the transaction during the second quarter.

"West is committed to expanding InterCall's presence and  this
statement represents a significant step in achieving this goal,"
Thomas B. Barker, chief executive officer of West Corporation,
stated.  "When completed, this transaction will strengthen our
leadership position and give our combined client base more
collaboration solutions and personal attention in more locations
than any other conferencing provider in the world."

"Genesys has developed a leading multimedia conferencing
solution for the global enterprise and is recognized by the
industry as a leader in conferencing technology," Francois
Legros, chairman and CEO of Genesys, said.  "The board of
directors and I are excited to see that the innovation and hard
work of our employees and partners are validated and will now be
part of a much bigger organization."

Houlihan Lokey Howard & Zukin (Europe) Limited acted as
financial advisor to Genesys and Lehman Brothers Inc. acted as
financial advisor to West Corporation.

Ricol Lasteyrie & Associes was appointed by Genesys as
independent expert in accordance with Article 261-1 I° of the
AMF General Regulations.  The independent expert's report, once
finalized, will be included in Genesys' draft Response Document.

The transaction is to take the form of a tender offer subject to
the standard procedure under applicable French laws and
regulations for all Genesys shares and bonds redeemable in
shares
and all ADSs representing ordinary shares.

The offer will only be opened for acceptance once the French
regulatory authority, the AMF, has granted approval.  The offer
will be subject to these conditions:

  (i) Genesys securities tendered in the offer represent more
      than 66.66% of all the shares, including shares
      represented by ADSs, of Genesys on a fully diluted basis;
      and

(ii) receipt of antitrust approvals in the United States, the
      United Kingdom and Germany.

                         About Genesys

Founded in 1986, Genesys (Euronext Eurolist: FR0004270270) --
http://www.genesys.com/-- is a provider of converged
collaboration and communication services to thousands of
organizations, including more than 250 of the Fortune Global
500.  The company's flagship product, Genesys Meeting Center,
provides an integrated multimedia conferencing solution that is
easy to use and available on demand.  With offices in more than
20 countries across North America, Europe and Asia Pacific.  

                    About West Corporation

Headquartered in Omaha, Nebraska,  West Corporation --
http://www.west.com/-- is a provider of outsourced  
communication solutions to many companies, organizations and
government agencies.  West has a team of 42,000 employees based
in North America, Europe, and Asia.  West helps its clients
communicate effectively, maximize the value of their customer
relationships and drive greater profitability from every
interaction.  

InterCall Inc. -- http://www.intercall.com/-- is a subsidiary  
of West Corporation, is a service provider in the world
specializing in conference communications.  Founded in 1991,
InterCall helps people and companies be more productive by
providing advanced audio, event, Web and video conferencing
solutions that are easy-to-use and save them time and money.  
Along with a team of over 600 Meeting Consultants, the company
employs more than 1,500 operators, customer service
representatives, call supervisors, accounting, marketing and IT
professionals. InterCall's U.S. presence, which includes four
call centers and 26 sales offices, extends to Canada, Mexico,
Latin America, the Caribbean, the United Kingdom, Ireland,
France, Germany, Australia, New Zealand, India, Hong Kong,
Singapore and Japan.

As of Dec. 31, 2007, the company's balance sheet showed a
stockholders' deficit of US$2.2 million.


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


TURKIYE VAKIFLAR: Fitch Holds Issuer Default Rating at BB-
----------------------------------------------------------
Fitch Ratings has affirmed Turkiye Vakiflar Bankasi T.A.O.'s  
ratings as follows

   -- Long-term foreign currency Issuer Default Rating (IDR):
      affirmed at 'BB-' (BB minus)

   -- Short-term foreign currency IDR: affirmed at 'B'

   -- Long-term local currency IDR: affirmed at 'BB'

   -- Short-term local currency IDR: affirmed at 'B',

   -- National Long-term rating: affirmed at 'AA(tur)'

   -- Individual rating: 'C/D'

   -- Support rating: '4'

   -- Support Rating Floor: 'B+'

The Outlooks for the Long-term IDRs and the National Long-term
rating are Stable.

Vakifbank's IDRs are driven by the bank's intrinsic financial
strength, which is supported by its long-established franchise
in Turkey, improved core deposit base and efficiency and
adequate capitalisation.  These are balanced by potential asset
quality problems in a volatile operating environment.

Increase in Vakifbank's net income was mainly driven by better
trading results and one-off gains from tax rebates in 9M07.  The
net interest margin continued to narrow in 2006 and 9M07,
reflecting higher competition.  Vakifbank's fee and commission
generation remains lower than that of its peers, representing a
limited 11% of total operating revenue.  The management plans to
overcome this operational weakness by focusing more on cross-
selling opportunities.

Asset quality continued to improve in 2006 and Q307.  The NPL
ratio declined to 5.2% at end-Q307 (2006: 5.4%) with total
reserve coverage of 112%.  Vakifbank has a well-diversified core
deposit base and also has good access to international capital
markets.  Vakifbank was adequately capitalised at end-Q307, with
a consolidated Tier-1 CAR of 15%.  Free capital continued to
improve mainly as a result of reduced fixed assets and
participations.

Vakifbank is the sixth-largest bank in Turkey by assets, with
441 branches.  Its main shareholder, with a 58.45% stake, is the
General Directorate of Foundations, and 25.2% of the shares are
listed at the Istanbul Stock Exchange, issued through an IPO.


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


DINA LLC: Creditors Must File Claims by March 6
-----------------------------------------------
Creditors of Agricultural LLC Dina (code EDRPOU 30763062) have
until March 6, 2008, to submit written proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-19/266-07

The Debtor can be reached at:

         Agricultural LLC Dina
         60 Years of October Str. 16
         Izium
         Ukraine
         64300 Kharkov


MIUZI LLC: Creditors Must File Claims by March 6
------------------------------------------------
Creditors of LLC Finance-Industrial Group Miuzi (code EDRPOU
32168538) have until March 6, 2008, to submit written proofs of
claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 5, 2007.  
The case is docketed under Case No. B-24/240-07.

The Debtor can be reached at:

         LLC Finance-Industrial Group Miuzi
         Kapitolovka
         Izium
         64300 Kharkov
         Ukraine


NAFTOGAZ UKRAINY: Ukraine Cabinet Opposes Gazprom Joint Ventures
----------------------------------------------------------------
The Ukrainian government's Cabinet is opposing plans to create  
joint ventures between NAK Naftogaz Ukrainy and OAO Gazprom, RIA
Novosti says, citing Deputy Prime Miniter Oleksandr Turchinov.

"We believe there is no need to create a JV to operate on the
domestic market," Mr. Turchinov was quoted by RIA Novosti as
saying.  "Ukraine's national oil and gas company Naftogaz is
capable of handling sales itself."

As reported in the TCR-Europe on Feb. 19, 2008, Naftogaz Ukrainy
and Gazprom entered into an agreement to create two joint
ventures to handle domestic gas trade in Ukraine, as a result of
a gas supply/debt repayment deal between the governments of
Russia and Ukraine.  

RosUkrEnergo, a 50-50 joint venture owned by Gazprom and ARosgas
Holding AG, currently holds a 50% stake in UkrGazEnergo, giving
Gazprom a 25% share in Ukraine's domestic gas business.

According to reports, the 50-50 joint ventures of Naftogaz and
Gazprom will replace RosUkrEnergo and UkrGazEnergo, effectively
increasing the Russian firm's presence in Ukraine's domestic gas
business to 50%.

Russian government-owned Gazprom had threatened to a cut a
quarter of its gas supplies to its neighbor by 6:00 p.m. on
Feb. 12, 2008, unless Ukraine reaches a debt settlement
agreement with Russia, the Wall Street Journal relates.  Gazprom
claims Ukraine owes it US$1.5 billion for gas deliveries since
November 2007.

President Viktor Yushchenko said that under the agreement,
Ukraine, via state-owned Naftogaz, will pay off US$1 billion of
its debts from Feb. 14 to March 14, 2008.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NAK Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

                          *     *     *

As reported in the TCR-Europe on Oct. 17, 2007, Fitch has placed
the ratings of Naftogaz on Rating Watch Negative.  The ratings
include the company's Long-term foreign and local currency
Issuer Default Ratings of 'B+', senior unsecured rating of 'B+'
and Recovery Rating of 'RR4'.

Naftogaz Ukraine also carries a Ba3 Corporate Family Rating, a
Ba2 Senior Unsecured Debt rating, and a Ba3 Probability-of-
Default rating from Moody's with a stable outlook.


ONIS LLC: Creditors Must File Claims by March 6
-----------------------------------------------
Creditors of LLC Leasing Company Onis (code EDRPOU 32476172)
have until March 6, 2008, to submit written proofs of claim to:

         Sergey Kolesnikov
         Liquidator
         Apartment 84
         Kommunisticheskaya Str. 14-B
         83044 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 16, 2008.  
The case is docketed under Case No. 45/124b.

The court is located at:

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

The Debtor can be reached at:

         LLC Leasing Company Onis
         Illich Avenue 44
         83003 Donetsk
         Ukraine


SVITANOK LLC: Creditors Must File Claims by March 6
---------------------------------------------------
Creditors of Agricultural LLC Svitanok (code EDRPOU 03731158)
have until March 6, 2008, to submit written proofs of claim to:

         Anatoly Leschenko
         Liquidator Vinnica Ukraine
         October Square 2
         Hotel Pivdenny Bug
         Apartment 217

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 17, 2007.  
The case is docketed under Case No. 10/315-07.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC Svitanok
         Dmitrashkovka
         Pischansky District
         Vinnica
         Ukraine


VIA PRINT: Creditors Must File Claims by March 6
------------------------------------------------
Creditors of LLC Via Print (code EDRPOU 31086659) have until
March 6, 2008, to submit written proofs of claim to:

         Denis Likhopiok
         Liquidator
         49000 Dniepropetrovsk
         Ukraine
         P.O. Box 37
         
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 22, 2008.  
The case is docketed under Case No. 15/698-b.

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

The Debtor can be reached at:

         LLC Via Print
         Baseynaya Str. 5-b
         01004 Kiev
         Ukraine


VICTORIYA LLC: Creditors Must File Claims by March 6
----------------------------------------------------
Creditors of LLC Victoriya (code EDRPOU 31436008) have until
March 6, 2008, to submit written proofs of claims to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.   The case is
docketed under Case No. B-48/61-07

The Debtor can be reached at:

         LLC Victoriya
         May Str. 6
         Kupiansk 1
         Kharkov
         Ukraine


ZLAGODA LLC: Creditors Must File Claims by March 6
--------------------------------------------------
Creditors of LLC Zlagoda (code EDRPOU 30811016) have until
March 6, 2008, to submit written proofs of claim to:

         Nikolay Kupriyenko
         Liquidator
         Apartment 18
         Independency Square 1-B
         36003 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 17, 2008.  
The case is docketed under Case No. 18/86.

The Court is located at:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         LLC Zlagoda
         Rigi
         Lokhvitsa District
         Poltava
         Ukraine


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


AVEBURY FINANCE: Moody's Junks Rating on Class D Notes
------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade four classes of notes issued by Avebury
Finance CDO Plc.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  The transaction is a
cash managed CDO containing 45% subprime RMBS and 18% ABS CDOs
of the 2004, 2005, 2006, and 2007 vintages.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.

The rating actions are:

Avebury Finance CDO Plc:

   (1) US$55,000,000 Class A-2 Floating Rate Notes due 2051

       Current Rating: Aa2, on review for downgrade
       Prior Rating: Aaa, on review for downgrade

   (2) US$37,000,000 Class B Floating Rate Notes due 2051

       Current Rating: Baa1, on review for downgrade
       Prior Rating: Aa1, on review for downgrade

   (3) US$14,000,000 Class C Deferrable Floating Rate Notes due
       2051

       Current Rating: Ba2, on review for downgrade
       Prior Rating: A2, on review for downgrade

   (4) US$6,000,000 Class D Deferrable Floating Rate Notes due
       2051

       Current Rating: Caa1, on review for downgrade
       Prior Rating: B3, on review for downgrade


BAA LTD: Eyes GBP1 Billion Loan to Repay Increasing Debt
--------------------------------------------------------
BAA Ltd., is seeking a GBP1 billion loan to refinance existing
debt, Esteban Duarte writes for Bloombeg News, citing a banker
bidding to arrange the deal.

The loan, the source told Bloomberg News, will be secured on
BAA's U.K. airports outside London including Edinburgh and
Southampton.  The company will announce the loan's arrangers in
March 2008.

According to Bloomberg News, increasing interest cost is
compelling BAA to repay its GBP11.9 billion debts, which it took
as part if its takeover by Grupo Ferrovial SA in 2006.  

The interest margin doubled to 212 basis points above interbank
rates for GBP4.7 billion pounds borrowed in 2006, Bloombeg News
cites data compiled by JPMorgan Chase & Co.

"They have a big loan to refinance and bankers don't want to
hold large loans on their books at present," Florian Grandcolas
at AXA Investment Managers told Bloomberg News.  "There's
concern they might find it difficult to refinance."

                            About BAA

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

In June 2006, BAA was bought by a consortium led by Grupo
Ferrovial SA, the Spanish construction company.  Ferrovial is
one of the world's leading construction groups, specializing in
four strategic lines of business - airports, construction,
transport infrastructure and services - throughout Spain, the
U.K., Portugal and nine other countries in Europe and the rest
of the world. The company has around 89,000 employees and a net
revenue of EUR12.4 billion.

                             *   *   *

As reported in the TCR-Europe on Nov. 27, 2007, Standard &
Poor's Ratings Services has lowered its long-term corporate
credit rating on U.K.-based airports operator BAA Ltd. to 'BB-'
from 'BBB+', reflecting delays in refinancing, as well as
operating issues.


BAA LTD: Heathrow Incident Cuts January 2008 Traffic
----------------------------------------------------
BAA Ltd.'s U.K. airports handled a total of 10.1 million
passengers in January 2008, a decrease of 2.0% on the same month
in 2007.

Traffic losses arising from the British Airways incident at
Heathrow, and from high winds late in the month, were
contributing factors.

Domestic traffic (-5.8%) saw the biggest downturn in the month,
although European charter traffic (-5.6%) experienced a similar
decrease.  European scheduled traffic was down by 1.7% and North
Atlantic by 1.4%. However, there was a significant increase of
18% in traffic to Hong Kong and China.

In terms of individual airports, Edinburgh (+3.9%) and Gatwick
(+1.0%) recorded increases in January.  Heathrow passengers were
down by 1.1% and Stansted recorded a drop of 9.3% due to some
cutbacks in the winter schedule of both Ryanair and Air Berlin..
In Scotland Glasgow was 6.1% lower while Aberdeen dipped 4.7%.

In total the number of air transport movements at BAA airports
fell 3.2% in January while cargo activity experienced a strong
rebound on recent trends with an overall increase of 7.2% and a
10.3% rise at Heathrow.

                           About BAA

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in  
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.

In June 2006, BAA was bought by a consortium led by Grupo
Ferrovial SA, the Spanish construction company.  Ferrovial is
one of the world's leading construction groups, specializing in
four strategic lines of business - airports, construction,
transport infrastructure and services - throughout Spain, the
U.K., Portugal and nine other countries in Europe and the rest
of the world. The company has around 89,000 employees and a net
revenue of EUR12.4 billion.

                             *   *   *

As reported in the TCR-Europe on Nov. 27, 2007, Standard &
Poor's Ratings Services has lowered its long-term corporate
credit rating on U.K.-based airports operator BAA Ltd. to 'BB-'
from 'BBB+', reflecting delays in refinancing, as well as
operating issues.


BANTRY BAY: Moody's Junks Ratings on Two Note Classes
-----------------------------------------------------
Moody's Investors Service downgraded and left on review for
downgrade six classes of notes issued by Bantry Bay CDO I Plc.

These rating actions are a response to severe credit
deterioration in the underlying portfolio as level as a sharp
decrease in collateral par. The transaction is exposed to a
portfolio comprised of 40% high yield CDOs and 60% US ABS CDOs
primarily of the 2006 and 2007 vintages, which in turn are
exposed to US RMBS.  There has been significant further rating
deterioration in many of the ABS CDOs underlying this
transaction, including a number of defaults.

Moody's will continue to monitor all deals with direct or
indirect exposure to US subprime RMBS and ABS CDOs, and will
take further actions in respect of all CDOs placed under review
for downgrade once the extent of actual downgrades to US RMBS
and ABS CDO vintages becomes known.

The rating actions are:

Bantry Bay CDO I Plc:

    (1) US$127,000,000 Class A-1 Floating Rate Notes

        Current Rating: Aa1, on review for downgrade
        Prior Rating: Aaa, on review for downgrade

    (2) US$29,000,000 Class A-2 Floating Rate Notes, due 2052

        Current Rating: A2, on review for downgrade
        Prior Rating: Aaa, on review for downgrade

    (3) US$28,000,000 Class A-3 Floating Rate Notes, due 2052

        Current Rating: Baa3, on review for downgrade
        Prior Rating: Aaa, on review for downgrade

    (4) US$31,500,000 Class B Floating Rate Notes, due 2052

        Current Rating: B3, on review for downgrade
        Prior Rating: Ba1, on review for downgrade

    (5) US$11,500,000 Class C Deferrable Floating Rate Notes,
        due 2052

        Current Rating: C
        Prior Rating: Ba3, on review for downgrade

    (6) US$9,000,000 Class D Deferrable Floating Rate Notes, due
        2052

        Current Rating: C
        Prior Rating: B3, on review for downgrade


BLENDON COMMUNICATIONS: Taps Liquidators from Smith & Williamson
----------------------------------------------------------------
Stephen Robert Cork and Anthony Murphy of Smith & Williamson
Ltd. were appointed joint liquidators of Blendon Communications
Ltd. on Feb. 12 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Smith & Williamson Ltd.
         Prospect House
         2 Athenaeum Road
         London
         N20 9YU
         England


CAPTIVE MINDS: Claims Filing Period Ends March 31
-------------------------------------------------
Creditors of Captive Minds Ltd. have until March 31, 2008 to
prove their debts by sending to:

         Peter Hollis
         Liquidator         
         Vantis Business Recovery Services
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         England

Peter Hollis of Vantis Business Recovery Services was appointed
liquidator of the company on Feb. 15 for the creditors'
voluntary winding-up procedure.


CLARIS IV LIMITED: Moody's Lowers Ratings on Three Note Classes
---------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade three classes of notes issued by Claris IV
Limited - Leibnitz.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  This transaction is
a managed synthetic CDO of ABS referencing a portfolio which
contains 100% US RMBS of the 2005, 2006, and 2007 vintages.  In
addition, 2.24% of the portfolio by volume is currently rated Ca
and below.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.

The rating actions are:

Claris IV Limited - Leibnitz:

    (1) The Series 8 US$39,000,000 Leibnitz 2006-1 Synthetic CDO
        of RMBS Variable Rate Notes due 2046

        Current Rating: Aa3, on review for downgrade
        Prior Rating: Aaa, on review for downgrade

    (2) The Series 9 US$49,000,000 Leibnitz 2006-1 Synthetic CDO
        of RMBS Variable Rate Notes due 2046

        Current Rating: Baa2, on review for downgrade
        Prior Rating: Aa2, on review for downgrade

    (3) The Series 10 US$22,000,000 Leibnitz 2006-1 Synthetic
        CDO of RMBS Variable Rate Notes due 2046

        Current Rating: Ba3, on review for downgrade
        Prior Rating: A2, on review for downgrade


DURA AUTOMOTIVE: Court OKs Amendments to Revolving DIP Debt Pact
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted
final approval to Amendment No. 5 to Revolving DIP Credit
Agreement, dated as of Jan. 30, 2008, by and among the Debtors,
as Borrowers and Guarantors; General Electric Capital
Corporation, as Administrative Agent; Barclays Capital, the
investment banking division of Barclays Bank PLC, as Joint Lead
Arranger and Documentation Agent; and Bank of America, N.A., as
Issuing Bank.

As reported in the Troubled Company Reporter-Europe on Feb. 6,
2008, the Revolver Amendment amended the terms of the existing
Revolving DIP Credit Agreement to, among other things,

   (i) extend its final maturity date from Jan. 31, 2008 to
       June 30, 2008;

  (ii) reduce the commitment from US$115,000,000 to
       US$90,000,000;

(iii) delete the minimum EBITDA covenant and amend the budget
       compliance covenant to provide for a 25% cushion during
       the months of February and March and a 20% cushion
       thereafter, in each case with respect to the amount
       budgeted for revolver borrowings during the time;

  (iv) permit the Debtors to retain certain asset sale proceeds;

   (v) amend the Revolving DIP Credit Agreement to include
       certain representations, warranties and covenants
       contained in the New Term Loan DIP Agreement;

  (vi) include a covenant requiring the Debtors to meet certain
       milestones in their restructuring plan;

(vii) amend the excess availability covenant to increase the
       minimum excess availability requirement to US$25,000,000
       subject to subsequent decreases to US$20,000,000 and
       US$15,000,000 upon compliance with certain conditions set
       forth in the Revolver Amendment; and

(viii) increase the interest rate set forth in the Revolving DIP
       Credit Agreement by 0.50%; provided that LIBOR Rate will
       not be available to the Debtors during the remaining term
       of the Revolving DIP Credit Agreement.

In light of the Debtors' entry into the US$170,000,000
replacement facility, which was earlier given final approval by
the Court, the Debtors have repaid the outstanding amounts under
their Senior Secured Super-Priority Debtor In Possession Term
Loan and Guaranty Agreement, dated as of October 31, 2006, with
a syndicate of lenders led by Goldman Sachs Credit Partners
L.P., as administrative agent.  The Court said that the Existing
Term DIP Facility is now terminated with the payment of the
Debtors' obligations in full in cash.

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

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

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

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

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

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


DURA AUTOMOTIVE: Must Appear at Final Hearing to OK Bonus Plan
--------------------------------------------------------------
The Hon. Kevin J. Carey agreed to approve a 2008 Bonus Plan
after forcing DURA Automotive Systems Inc. and its debtor-
affiliates to agree to come back for a final hearing before the
Debtors pay key managers, should the company still be in
bankruptcy in July 2008, Steven Church at Bloomberg News
reported.

According to Bloomberg, Judge Carey said the goal of a final
hearing would be to find out whether a delay in the Debtors'
plan to exit Chapter 11 in June 2008 is "attributable to the
employees' performance."

"I want to get to the heart of why the case is not out by then,"
Bloomberg quoted Judge Carey as saying.

Bloomberg also reported that Judge Carey rejected an objection
of the United Automotive Workers union to the Bonus Plan ruling
that performance targets were reasonable.

               2008 Annual Bonus Plan Filed

The Debtors had asked the Court to approve the 2008 Bonus Plan.

To address the concerns raised by the Official Committee of
Unsecured Creditors, the Debtors entered into discussions with
the Creditors Committee and, based on those discussions,
produced a modified 2008 annual bonus plan for certain key
management and other employees.

The 2008 Annual Bonus Plan provides incentive bonus program for
about 110 non-senior management and other key employees whom the
Debtors employ in their North American operations.  The 2008 ABP
does not include bonus payments to the Debtors' chief executive
officer, chief financial officer, chief operating officer, or
the chief administrative officer.  None of those officials will
receive any payment under the 2008 ABP.

The 2008 Bonus Plan will make available US$2,600,000, allocated
as:

  -- US$1,680,000 if targets are met in timely completion of
     certain operational restructuring initiatives related to
     the "Metals Move;" and

  -- US$920,000 if the Debtors achieve its projected EBITDA
     targets.

The Operational Restructuring Incentive Bonuses are designed to
provide incentives for on-time, below budget execution of the
production relocations from the Jacksonville, Florida; Moberly,
Missouri; and Gladwin, Michigan, plants to Matamoros, Mexico.  A
bonus payment of US$700,000 will be awarded if the Jacksonville
Donor Plant production relocation is completed on or before
June 30, 2008.  The US$700,000 Bonus Payment will not be awarded
if the relocation is not completed before June 30.

Each 2008 Bonus Plan Participant's EBITDA Incentive Bonus
payment will vary proportionally from 50% of the target amount
if 90% of the participant's target is met to 150% of the target
if 120% of the participant's target is achieved.  No EBITDA
Incentive Bonus will be awarded if actual achievement is less
than 90% of the target EBITDA.

The Debtors will make the bonus payments as soon as practicable
after their emergence from Chapter 11, provided that emergence
will not be later than July 11, 2008, and further payments on
Oct. 31, 2008, and Jan. 31, 2009.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, tells the Court that the 2008
Annual Bonus Plan is very similar in scope and intent to the
Debtors' historic annual bonus plans, albeit certain frontloaded
payments.

The International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America, has objected to the
Debtors' proposed 2008 key management incentive plan and asked
the Court to deny approval of that incentive plan.

The UAW asserted that:

  (a) the proposed 2008 KMIP operates quite differently from the
      Debtors' prepetition Annual Bonus Plan;

  (b) the proposed 2008 KMIP was prepared by senior management,
      including executives who sought to be covered under the
      program;

  (c) there is nothing in the 2008 KMIP that connects the
      payment of a bonus to any individualized or team
      performance goals; and

  (d) the Debtors are proposing the 2008 KMIP not because due
      diligence has revealed any specific need for a program but
      because the Debtors' exit from bankruptcy has been delayed
      and they do not want unhappy and disappointed managers.

The Debtors, in response to UAW's objections, noted that the
2008 Annual Bonus Plan was developed, not only with the input of
a multitude of compensation consultants, but also with an
independent counsel as well as input of the Creditors Committee.  

The Creditors Committee withdrew its objection to the proposed
2008 KMIP as a result of the creation of the 2008 Bonus Plan.

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

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

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

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

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

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


EIRLES TWO: Moody's Cuts Rating on US$150 Million Notes to Ba1
--------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade one class of notes issued by Eirles Two
Limited.

This rating action is a response to severe credit deterioration
in the underlying portfolio.  This transaction is a static
synthetic CDO of ABS referencing a portfolio which contains 96%
US RMBS of the 2005, 2006, and 2007 vintages.  In addition, 11%
of the portfolio by volume (all US RMBSs) is currently rated Ca
and below.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.

The rating action is:

Eirles Two Limited:

    (1) The US$150,000,000 Series 300 Secured Floating Rate
        Notes due September 2050

        Current Rating: Ba1, on review for downgrade
        Prior Rating: Aa1, on review for downgrade


FAXTOR HG 2007-1: Moody's Lowers Rating on Six Note Classes
-----------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade six classes of notes issued by Faxtor HG 2007-
1 and by Faxtor HG 2007-1 Inc.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  The transaction is a
funded managed CDO referencing ABS and CDOs of ABS (ABS CDOs),
containing 54% RMBS and 18% ABS CDOs of the 2004, 2005, 2006,
and 2007 vintages. Of the entire portfolio, 23% of the assets by
volume have been downgraded, placed on review for downgrade, or
both since October 2007.  In addition, 4.3% of the portfolio by
volume (all ABS CDOs) is currently in default.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.

The rating actions are:

Faxtor HG 2007-1 and by Faxtor HG 2007-1 Inc:

    (1) US$1,050,000,000 Class A-1M Floating Rate Delayed Draw
        Secured Notes due 2049

        Current Rating: Aa2 on review for downgrade
        Prior Rating: Aaa, on review for downgrade

    (2) US$83,000,000 Class A-2 Floating Rate Secured Notes due
        2049

        Current Rating: Baa3 on review for downgrade
        Prior Rating: Aaa, on review for downgrade

    (3) US$42,000,000 Class B-1 Floating Rate Secured Notes due
        2049

        Current Rating: B2 on review for downgrade
        Prior Rating: Aa1, on review for downgrade

    (4) US$40,000,000 Class B-2 Floating Rate Secured Notes due
        2049

        Current Rating: Caa1 on review for downgrade
        Prior Rating: Aa2, on review for downgrade

    (5) US$13,000,000 Class C Deferrable Floating Rate Secured
        Notes due 2049

        Current Rating: Ca on review for downgrade
        Prior Rating: A2 on review for downgrade

    (6) US$12,500,000 Class D Deferrable Floating Rate Secured
        Notes due 2049

        Current Rating: C
        Prior Rating: Baa2 under review for downgrade


FORD MOTOR: Announcement of Tata Motors Deal Sets March 6 or 7
--------------------------------------------------------------
The announcement of the sale of Ford Motor Co.'s Jaguar and Land
Rover luxury brands to Tata Motors Limited will be made on March
6 or 7, media reports say.

Tata Motors became the front-runner to buy the two luxury
brands, outbidding Mahindra & Mahindra in collaboration with
buyout firm Apollo; and One Equity Partners LLC.  As reported by
the Troubled Company Reporter-Asia Pacific on Feb. 1, 2008, Tata
Motors is closing in on an agreement with Ford for the purchase.

Last week, Tata and Ford met with British union leaders to
resolve final details before drawing up a memorandum of
understanding for the sale, AFX News said quoting a report by
Automotive News.

Media reports noted that the union is satisfied with Tata Motors
assuring them, among others, of keeping employment in the United
Kingdom at its current level.

To pave the way for the final takeover, Tata Motors will sign a
three-way Heads of Agreement with Ford and the Jaguar-Land Rover
labor union Unite within a few days, The Times of India said
citing Dave Osboerne, Motor Industry Leader for Unite.  The HoA,
a tripartite document, would outline the assurances and
agreements reached among the three key players regarding the
deal, Mr. Osboerne told the news agency.  The parties will also
enter into a final memorandum of understanding on the takeover
soon, The Times added.

Announcement of the deal could have been earlier than March 6
or 7, but it is being delayed so as not to overshadow the
introduction of an updated Ford Fiesta at the Geneva auto show
next week, Automotive News cited an unnamed source from Ford as
saying.

                         About Tata Motors

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

                       About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles  
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 20,
2007, Moody's Investors Service affirmed the long-term ratings
of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured, and B3 probability of default),
but changed the rating outlook to Stable from Negative and
raised the company's Speculative Grade Liquidity rating to SGL-1
from SGL-3.  Moody's also affirmed Ford Motor Credit Company's
B1 senior unsecured rating, and changed the outlook to Stable
from Negative.  These rating actions follow Ford's announcement
of the details of the newly ratified four-year labor agreement
with the UAW.


G SQUARE 2007-1: Moody's Cuts Ratings on Six Note Classes
---------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade six classes of notes issued by G Square
Finance 2007-1 Ltd..

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  The transaction is a
funded managed CDO referencing ABS and CDOs of ABS (ABS CDOs),
containing 55% RMBS and 15% ABS CDOs of the 2004, 2005, 2006,
and 2007 vintages.  Of the entire portfolio, 33% of the assets
by volume have been downgraded, placed on review for downgrade,
or both since October 2007.  In addition, 4.5% of the portfolio
by volume (all ABS CDOs) is currently in default.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.

The rating actions are:

G Square Finance 2007-1 Ltd:

      (1) US$1,583,000,000 Class A-1 Senior Secured Floating
          Rate Notes due 2052

          Current Rating: Aa2 on review for downgrade
          Prior Rating: Aaa, on review for downgrade

      (2) US$20,000,000 Class A-2 Senior Secured Floating Rate
          Notes due 2052

          Current Rating: Ba1, on review for downgrade
          Prior Rating: Aaa, on review for downgrade

      (3) US$45,000,000 Class B Senior Secured Floating Rate
          Notes due 2052

          Current Rating: B3 on review for downgrade
          Prior Rating: Aa2, on review for downgrade

      (4) US$20,000,000 Class C Senior Secured Deferrable
          Floating Rate Notes due 2052

          Current Rating: Caa3 on review for downgrade
          Prior Rating: A2, on review for downgrade

      (5) US$10,000,000 Class D Senior Secured Deferrable
          Floating Rate Notes due 2052

          Current Rating: C
          Prior Rating: Baa2, on review for downgrade

      (6) US$7,000,000 Class E Senior Secured Deferrable
          Floating Rate Notes due 2052

          Current Rating: C
          Prior Rating: Ba1, on review for downgrade


G SQUARE 2006-2: Moody's Lowers Rating on Five Note Classes
-----------------------------------------------------------
Moody's Investors Service downgraded, and left on review for
downgrade, five classes of notes issued by G Square Finance
2006-2 Limited.

These rating actions are a response to credit deterioration in
the underlying portfolio.  The transaction is a cash managed CDO
containing 90% RMBS and 10% ABS CDOs of the 2004, 2005, 2006,
and 2007 vintages.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.

The rating actions are:

G Square Finance 2006-2 Limited:

       (1) US$45,000,000 Class A-2 Senior Secured Floating Rate
        Notes due 2046

        Current Rating: Aa2, on review for downgrade
        Prior Rating: Aaa, on review for downgrade

    (2) US$18,000,000 Class B Senior Secured Floating Rate N
        otes due 2046

        Current Rating: Baa1, on review for downgrade
        Prior Rating: Aa1, on review for downgrade

    (3) US$20,000,000 Class C Senior Secured Deferrable Floating
        Rate Notes due 2046

        Current Rating: Ba3, on review for downgrade
        Prior Rating: A2, on review for downgrade

    (4) US$12,000,000 Class D Senior Secured Deferrable Floating
        Rate Notes due 2046

        Current Rating: Caa2, on review for downgrade
        Prior Rating: B3, on review for downgrade

    (5) US$2,000,000 Class E Senior Secured Deferrable Floating
        Rate Notes due 2046

        Current Rating: Ca, on review for downgrade
        Prior Rating: Caa3, on review for downgrade


GENERAL MOTORS: Inks Settlement Pact with UAW and Union Retirees
----------------------------------------------------------------
General Motors Corporation, the International Union, United
Automobile, Aerospace and Agricultural Workers of America and
the class representatives in a class action case filed with the
U.S. District Court for the Eastern District of Michigan against
GM on Sept. 26, 2007 by the UAW and putative class
representatives of GM-UAW, entered into a settlement agreement
on Feb. 21, 2008.

The Settlement Agreement effects the transactions contemplated
by the Memorandum of Understanding -- Post-Retirement Medical
Care that was entered into between GM and the UAW on Sept. 26,
2007, in conjunction with the negotiation by GM and the UAW of a
new national collective bargaining agreement governing the
wages, hours and terms and conditions of employment for UAW-
represented employees.

"This proposed settlement will put into effect what we
negotiated in 2007," UAW President Ron Gettelfinger said.  
"Through hard work and hard bargaining, we have negotiated an
innovative way to secure health care benefits for UAW GM
retirees."

The VEBA trust, Mr. Gettelfinger said, "will be managed by
independent trustees with expertise in health care, investments,
finance and other key areas.  We are confident it will have
sufficient assets and sufficient cash flow to pay benefits to
our retirees for the next 80 years.

"The VEBA trust will protect our retirees.  That's why we
negotiated it last year, and that's why we're supporting this
proposed settlement."

The Settlement Agreement provides that on the later of Jan. 1,
2010 or final court approval of the Settlement Agreement, GM
will transfer its obligations to provide covered UAW employees
with post-retirement medical benefits to a new retiree health
care plan to be established and funded by a newly established
Voluntary Employee Beneficiary Association trust.  GM will fund
the New VEBA through a number of sources including: funds that
are currently in existing voluntary employee beneficiary
association trusts, GM-issued convertible and short term notes,
as well as cash on hand or additional sources of liquidity.

The parties to the Settlement Agreement have acknowledged that
GM's obligations to pay into the New VEBA are fixed and capped
as provided in the Settlement Agreement and that GM is not
responsible for, and does not provide a guarantee of:

  (1) the payment of future benefits to plan participants,

  (2) the asset returns of the funds in the New VEBA, or

  (3) whether there will be sufficient assets in the New VEBA to
      fully pay the obligations of the New VEBA or New Plan.

In the event the assets of the New VEBA are not sufficient to
fully fund the obligations of the New Plan, the New VEBA and New
Plan will be required to reduce benefits to plan participants.

The Settlement Agreement is subject, in its entirety, to:
obtaining a class certification order from the United States
District Court for the Eastern District of Michigan such that
the class in the certification order is defined in the same
manner as Class is defined in the Settlement Agreement;
obtaining Court approval in a form acceptable to GM, the UAW and
the Class; completing discussions between GM and the Securities
Exchange Commission regarding accounting treatment on a basis
satisfactory to GM.

The Settlement Agreement may be terminated by any party upon 30
days notice if, among other things, satisfactory class
certification or Court approval has been received and such
certification or Court approval is subsequently overturned on
appeal. GM may immediately terminate the Settlement Agreement
if, after discussions with the SEC, GM does not believe that the
accounting treatment for the New VEBA and the New Plan is
satisfactory to GM.

The U.S. District Court has scheduled a hearing June 3, 208, in
Detroit to consider approval of the proposed settlement.

A full-text copy of the Settlement Agreement is available for
free at: http://ResearchArchives.com/t/s?2875  

                       Convertible Note

On Feb. 22, 2008, GM issued US$4,372,500,000 principal amount of
its 6.75% Series U Convertible Senior Debentures Due Dec. 31,
2012 to LBK, LLC, a Delaware limited liability company of which
GM is the sole member, pursuant to the Settlement Agreement.

LBK will hold the Convertible Note until it is transferred to
the New VEBA in accordance with the terms of the Settlement
Agreement.  Interest on the Convertible Note is payable
semiannually.  In accordance with the Settlement Agreement LBK
will transfer any interest it receives on the Convertible Note
to a temporary asset account maintained by GM. The funds in the
temporary asset account will be transferred to the New VEBA in
accordance with the terms of the Settlement Agreement.

The Convertible Note was issued pursuant to an indenture, dated
as of Jan. 8, 2008, between GM and The Bank of New York, as
trustee, as supplemented by the First Supplemental Indenture
dated as of Feb. 22, 2008.  The Convertible Note matures on Dec.
31, 2012 and will constitute a part of GM's senior debt and will
rank equally with all of GM's other unsecured and unsubordinated
debt.  GM may redeem the Convertible Note, in whole or in part,
at any time on or after Jan. 1, 2011 in cash at a price equal to
100% of the principal amount being redeemed plus (1) accrued and
unpaid interest and (2) under certain circumstances if the
Convertible Note is held by the New VEBA, an additional
redemption adjustment amount.

The Convertible Note will be initially convertible, subject to
certain conditions, by a holder, other than LBK, into shares of
GM common stock at a conversion rate of .625 shares of common
stock per US$25 principal amount of the Convertible Note,
representing an initial effective conversion price of US$40 per
share.  The conversion rate is subject to adjustment upon
certain circumstances.  Upon conversion, GM has the right to pay
cash in lieu of any shares of common stock that otherwise would
have been issuable.

In conjunction with the issuance of the Convertible Note, GM and
LBK have entered into certain cash-settled derivative
instruments maturing on June 30, 2011 that will have the
economic effect of reducing the conversion price of the
Convertible Note from US$40 to US$36.  These derivative
instruments will also entitle GM to partially recover the
additional economic value provided if GM's common stock price
appreciates to between US$63.48 and US$70.53 per share and to
fully recover the additional economic value provided if GM's
common stock price reaches US$70.53 per share or above.

Pursuant to the Settlement Agreement, LBK will transfer its
interests in the derivatives to the New VEBA when the
Convertible Note is transferred from LBK to the New VEBA.

                         Short Term Note

On Feb. 21, 2008, GM issued a short term note in the principal
amount of US$4,015,187,871 to LBK pursuant to the Settlement
Agreement.  The Short Term Note pays interest at a rate of 9%
and matures on the date that the face amount of the Short Term
Note is paid with interest to the New VEBA in accordance with
the terms of the Settlement Agreement.

LBK will hold the Short Term Note until it matures. Upon
maturity, and in accordance with the Settlement Agreement, GM
will cause LBK to pay to the New VEBA in cash the face value of
the Short Term Note, plus cash in an amount equal to the
interest accrued on such amount from and including the date of
the Short Term Note, but excluding the date of payment to the
New VEBA.

As a wholly owned consolidated subsidiary of GM, LBK will hold
the convertible note, the short term note, and the derivatives
until they are transferred or paid to the New VEBA.  As such,
these three securities will be effectively eliminated in GM's
consolidated financial statements until they are transferred to
the New VEBA.

                      About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 12,
2007, Moody's Investors Service affirmed its rating for General
Motors Corporation (B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured and SGL-1 Speculative Grade
Liquidity rating) but changed the outlook to Stable from
Positive.  In an environment of weakening prospects for US auto
sales GM has announced that it will take a non-cash charge of
US$39 billion for the third quarter of 2007 related to
establishing a valuation allowance against its deferred tax
assets (DTAs) in the US, Canada and Germany.


GETTY IMAGES: Hellman & Friedman Acquires Firm for US$2.4 Bln
-------------------------------------------------------------
Getty Images Inc. has entered into a definitive merger agreement
to be acquired by affiliates of the private equity firm Hellman
& Friedman LLC in a transaction valued at around US$2.4 billion,
including the assumption of existing debt.  

Under the terms of the agreement, Getty Images stockholders will
receive US$34.00 in cash for each outstanding share of common
stock they own.  This price represents a premium of around 55%
over the closing price on Jan. 18, 2008, the last trading day
before the Company announced that it was exploring strategic
alternatives.

The Board of Directors of Getty Images has approved the merger
agreement and resolved to recommend that Getty Images'
stockholders approve the transaction.  Completion of the
transaction is subject to shareholder approval and other
customary closing conditions.  The transaction is not subject to
a financing condition and is expected to close in the second
quarter of 2008.

"Our Board of Directors has thoroughly evaluated strategic
alternatives for Getty Images and has determined that this
outcome is in the best interests of our stockholders as it
provides them with superior and certain value," said Jonathan
Klein, co-founder and chief executive officer of Getty Images.  
"Furthermore, Hellman & Friedman brings specific industry
expertise and support for the vision of the Company's management
team that will benefit our employees, customers and partners."  

"Just over a decade ago we started Getty Images with little more
than a vision and have achieved industry leadership due to the
extraordinary talent, effort and commitment of our employees and
partners," Mr. Klein added.  "We are enthusiastic about entering
the next phase of Getty Images' evolution by partnering with
Hellman & Friedman as we continue to provide innovative
offerings to businesses and consumers in a very dynamic digital
media environment."

"Getty Images is the leader and pioneer in the visual content
and digital media business," Andy Ballard, managing director of
Hellman & Friedman, said.  We believe in the vision and
execution capabilities of Jonathan Klein and his team, and share
their commitment to the Company's stakeholders and customers.  
We look forward to working with all of Getty Images' employees
to realize the full potential of its traditional businesses
while furthering the evolution of Getty Images into a global
digital media company."

Financing commitments have been provided by Barclays Capital, GE
Commercial Finance and RBS Greenwich Capital.  In addition,
Getty Investments and certain related parties, including the co-
founder and chairman, Mark Getty, who collectively hold
approximately 15% of the Company's shares, have agreed to vote
in favor of the transaction and rollover their shares into the
acquiring entity.

Goldman, Sachs & Co.  is acting as financial advisor to Getty
Images.  Barclays Capital and RBS Greenwich Capital are acting
as financial advisors to Hellman & Friedman.  Weil Gotshal &
Manges LLP and Simpson Thacher & Bartlett LLP are serving as
legal advisors to Getty Images and Hellman & Friedman,
respectively.

                    About Hellman & Friedman

Hellman & Friedman LLC -- http://www.hf.com/-- is a leading  
private equity investment firm with offices in San Francisco,
New York and London.  The Firm focuses on investing in superior
business franchises and serving as a value-added partner to
management in select industries including media and marketing
services, financial services, professional services, information
services, healthcare and energy.  

                       About Getty Images

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.

                          *     *     *

As reported in the TCR-Europe on Jan. 29, 2008, Standard &
Poor's Ratings Services affirmed its ratings and outlook on
Getty Images Inc., including its 'BB' corporate credit rating.


GLOBAL TRADER: Appoints Smith & Williamson to Administer Assets
---------------------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner of Smith &
Williamson Ltd. were appointed joint administrators of Global
Trader Europe Ltd. (Company Number 05108921) on Feb. 15, 2008.

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

The company can be reached at:

          Global Trader Europe Ltd.
          1 Kingsway
          London
          WC2B 6XF
          England
          Tel: 020 7420 1200
          Fax: 020 7420 1201


HOOPER GIBSON: Brings In Liquidators from Mazars
------------------------------------------------
Simon David Chandler and Alistair Steven Wood of Mazars LLP were
appointed joint liquidators of Hooper Gibson Ltd. on Feb. 9 for
the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Lancaster House
         67 Newhall Street
         Birmingham
         B3 1NG
         England


I-FLOOR DESIGN: Names Joint Administrators from Grant Thornton
--------------------------------------------------------------
Alistair Wardell and Nigel Morrison of Grant Thornton UK LLP
were appointed joint administrators of I-Floor Design Ltd.
(Company Number 03277730) on Feb. 12, 2008.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--  
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

          I-Floor Design Ltd.
          Eagle Tower
          Montpellier Drive
          Cheltenham
          Gloucestershire
          GL50 1TA
          England
          Tel: 0870 264 3066
          Fax: 0870 264 3077


LOGAN CDO II: Moody's Junks Ratings on Three Note Classes
---------------------------------------------------------
Moody's Investors Service downgraded six classes of notes issued
by Logan CDO II Limited and left four of them on review for
further downgrade.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  This transaction is
a managed synthetic CDO of ABS referencing a portfolio which
contains 23.9% RMBS and 20.72% ABS CDOs of the 2005, 2006, and
2007 vintages. In addition, 0.8% of the portfolio by volume (two
US ABS CDOs) is currently rated Ca.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.

Today's rating actions are as follows:

Logan CDO II Limited:

    (1) The US$40,000,000 Class A-1 Floating Rate Credit Linked
        Secured Notes due 2051

        Current Rating: Aa1, on review for downgrade
        Prior Rating: Aaa, on review for downgrade

    (2) The US$49,000,000 Class A-2 Floating Rate Credit Linked
        Secured Notes due 2051

        Current Rating: A2, on review for downgrade
        Prior Rating: Aaa, on review for downgrade

    (3) The US$22,000,000 Class B Floating Rate Credit Linked
        Secured Notes due 2051

        Current Rating: Ba1, on review for downgrade
        Prior Rating: Aaa, on review for downgrade

    (4) The US$18,500,000 Class C Floating Rate Credit Linked
        Secured Notes due 2051

        Current Rating: Caa2, on review for downgrade
        Prior Rating: Aa3, on review for downgrade

    (5) The US$12,000,000 Class D Floating Rate Credit Linked
        Secured Notes due 2051

        Current Rating: C
        Prior Rating: Baa2, on review for downgrade

    (6) The US$5,000,000 Class E Floating Rate Credit Linked
        Secured Notes due 2051

        Current Rating: C
        Prior Rating: Ba2, on review for downgrade


LOGAN CDO III: Moody's Lowers Ratings on Eight Note Classes
-----------------------------------------------------------
Moody's Investors Service downgraded eight classes of notes, and
left on review for further downgrade six classes of notes issued
by LOGAN CDO III Limited.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  The transaction is a
synthetic managed CDO referencing a portfolio of US assets, and
consisting of 30% CDOs of ABS and 25% RMBS of the 2005, 2006,
and 2007 vintages.  In addition, one Credit Event has occured in
this transaction but has not been settled yet.

Moody's will continue to monitor all deals with exposure to ABS
CDOs, and will take further actions in respect of all CDOs
placed under review for downgrade once the extent of actual
downgrades to ABS CDO vintages becomes known.

The rating actions are:

LOGAN CDO III Limited:

    -- US$108,500,000 Class A-1 Floating Rate Credit Linked
       Secured Notes due 2057

       Current Rating: A3, on review for downgrade
       Prior Rating: Aaa, on review for downgrade

    -- US$41,782,398 Class A-2A Floating Rate Credit Linked
       Secured Notes due 2057

       Current Rating: B3, on review for downgrade
       Prior Rating: Aaa, on review for downgrade

    -- JPY1,000,000,000 Class A-2B Floating Rate Credit Linked
       Secured Notes due 2057

       Current Rating: B3, on review for downgrade
       Prior Rating: Aaa, on review for downgrade

    -- US$19,250,000 Class B Floating Rate Credit Linked Secured
       Notes due 2057

       Current Rating: Caa3, on review for downgrade
       Prior Rating: Aa1, on review for downgrade

    -- US$6,000,000 Class C-1A Floating Rate Credit Linked
       Secured Notes due 2057

       Current Rating: Ca, on review for downgrade
       Prior Rating: Aa3, on review for downgrade

    -- US$8,500,000 Class C-1B Fixed up to Year 8 then Floating
       Rate Credit Linked Secured Notes due 2057

       Current Rating: Ca, on review for downgrade
       Prior Rating: Aa3, on review for downgrade

    -- US$13,700,000 Class D Floating Rate Credit Linked Secured
       Notes due 2057

       Current Rating: C
       Prior Rating: A3, on review for downgrade

    -- US$15,000,000 Class E Floating Rate Credit Linked Secured
       Notes due 2057

       Current Rating: C
       Prior Rating: Ba1, on review for downgrade


LONDON DRAWING: Taps Begbies As Joint Administrators
----------------------------------------------------
Timothy John Edward Dolder and Colin David Wilson of Begbies
Traynor (South) LLP were appointed joint administrators of
London Drawing Office (Docklands) Ltd. (Company Number 03092748)
on Feb. 11, 2008.

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

The company can be reached at:

          London Drawing Office (Docklands) Ltd.
          Unit C22
          Poplar Business Park
          Prestons Road
          London
          E14 9RL
          England
          Tel: 020 7537 9411
          Fax: 020 7537 7756


MARC CDO I: Moody's Puts Junk Rating on Three Note Classes
----------------------------------------------------------
Moody's Investors Service downgraded six classes of notes issued
by Marc CDO I Plc and left four of them on review for further
downgrade.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  This transaction is
a managed synthetic CDO of ABS referencing a portfolio which
contains 55% US RMBS and 15% US ABS CDOs of the 2005, 2006, and
2007 vintages.  In addition, 0.25% of the portfolio by volume is
wrapped by monoline insurer FGIC, whilst 2.26% of the portfolio
by volume (one US ABS CDO) is currently in default.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.

The rating actions are:

Marc CDO I Plc:

   (1) The US$38,000,000 Class A1 Secured Floating Rate Credit
       Linked Notes due 2053

       Current Rating: Aa1, on review for downgrade
       Prior Rating: Aaa, on review for downgrade

   (2) The US$20,000,000 Class A2 Secured Floating Rate Credit
       Linked Notes due 2053

       Current Rating: A2, on review for downgrade
       Prior Rating: Aaa, on review for downgrade

   (3) The US$25,000,000 Class B Secured Floating Rate Credit
       Linked Notes due 2053

       Current Rating: Ba2, on review for downgrade
       Prior Rating: Aa2, on review for downgrade

  (4) The US$13,000,000 Class C Secured Floating Rate Credit
       Linked Notes due 2053

       Current Rating: Caa3, on review for downgrade
       Prior Rating: A1, on review for downgrade

   (5) The US$14,000,000 Class D Secured Floating Rate Credit
       Linked Notes due 2053

       Current Rating: C
       Prior Rating: Baa2, on review for downgrade

   (6) The US$4,500,000 Class E Secured Floating Rate Credit
       Linked Notes due 2053

       Current Rating: C
       Prior Rating: Ba2, on review for downgrade


MAXJET AIRWAYS: Bid Deadline Extended Until February 27
-------------------------------------------------------
MAXjet Airways Inc. further extended the deadline for receipt of
qualified bids to Wednesday Feb. 27, 2008, at 5:00 p.m. Eastern
Time, thereafter, MAXjet will determine which offer is the
winning bid, according to a Regulatory News Service report
intercepted by Bloomberg News.

The Debtor expects that all proceeds from the sale of its assets
will be for the benefit of its creditors, but not for the
shareholders, source reports.

As previously reported in the Troubled Company Reporter-Europe,
the Debtor wanted to set Feb. 6 as deadline for submission of
initial bids and Feb. 11 for final bids.  The Debtor proposed
that the public auction will be held on Feb. 20, 2008, at the
Wilmington, Delaware office of MAXjet's counsel, Pachulski Stang
Ziehl & Jones LLP.

The United States Bankruptcy Court for the District of Delaware
approved the modified procedures for the auction and sale of the
Debtor's asset, as reported in the Troubled Company Reporter on
Feb. 5, 2008.  Among the assets for sale are 27 operating
certificates from the Federal Aviation Administration.

The Debtor's ability to transfer its certificates are subject to
approval by certain government entities, according to reports.

Interested bidders may contact the Debtor's chief executive
officer Bill Stockbridge at bstockbridge@maxjet.com.

                      About MAXjet Airways

Dulles, Virginia-based MAXjet Airways Inc. --
http://www.maxjet.com/-- is an all-business class, long-haul
airline company.  It has introduced scheduled services with
flights from London Stansted Airport to New York.  As of
December, 2006, it leased five B767 aircraft.  Its customers are
both business and leisure travelers.  At the airport, its
product features check-in facilities located in primary
terminals, security and a business class departure lounge and
arrivals facility.  Its flights features deep-recline seats (170
degree) spaced at a 60 inch pitch, portable entertainment
systems, stowage space and business class catering.

The Debtor filed for chapter 11 protection on Dec. 24, 2007
(Bankr. D. Del. Case No. 07-11912).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP and Pillsbury Winthrop Shaw
Pittman LLP as its bankruptcy counsels.  Arent Fox LLP
represents the Official Committee of Unsecured Creditors.  The
Debtor listed assets between US$10 million and US$50 million and
debts between US$50 million and US$100 million when it filed for
bankruptcy.


MAXJET AIRWAYS: Court OKs Morten Beyer as Valuation Consultants
---------------------------------------------------------------
MAXjet Airways Inc. asks the U.S. Bankruptcy Court for the
District of Delaware for authority to employ Morten Beyer &
Agnew as its expert valuation consultants, nunc pro tunc
Jan. 11, 2008.

As reported in the Troubled Company Reporter on Feb. 13, 2008,
Morten Beyer will work closely with the Debtor and its
professionals in providing advise with regard to a valuation of
the Debtor's aviation assets.

The firm is also expected to provide:

    a) maintenance adjusted appraisal of aircraft and engines at
       varying values with market commentary by aircraft type;

    b) line-by-line appraisal of rotable, repairable, and
       expendable parts with value type;

    c) industry analysis on a project-by-project basis, and

    d) expert witness and advisory support.

Morten Beyer will bill the Debtor according to these fixed rates
on a per item or per report basis:

    Project                    Rate
    -------                    ----
    Aircraft Appraisal         US$1,353 for the first aircraft
                               of each type and US$270 for each
                               additional aircraft of the same
                               type in the same report

    Engine Appraisal           US$541 for the first engine of
                               each type and US$270 for each
                               additional engine of the same
                               type in the same report

    Spare Part Appraisal       US$4,000 minimum, total cost
                               depending on the number of items
                               and detail of data provided

    Industry Analysis          Quoted by specific assignment

    General Consulting
          Principals           US$400/hour
          EVP/SVP/Chief        US$350/hour
          MD/VP/Sr. Associate  US$275/hour
          Director/Associate   US$200/hour
          Manager/Associate    US$160/hour
          Analyst              US$115/hour
          Administrative        US$88/hour

    Expert Witness Consulting
          Principals/EVP/Chief US$450/hour
          SVP/VP/MD            US$400/hour
          Other Staff          US$325/hour

To the best of the Debtor's knowledge, the firm holds no
interest adverse to the Debtor and its estates and is
"disinterested" as that term defined in Section 101(14) of the
Bankruptcy Code.

Dulles, Virginia-based MAXjet Airways Inc. --
http://www.maxjet.com/-- is an all-business class, long-haul
airline company.  It has introduced scheduled services with
flights from London Stansted Airport to New York.  As of
December, 2006, it leased five B767 aircraft.  Its customers are
both business and leisure travelers.  At the airport, its
product features check-in facilities located in primary
terminals, security and a business class departure lounge and
arrivals facility.  Its flights features deep-recline seats (170
degree) spaced at a 60 inch pitch, portable entertainment
systems, stowage space and business class catering.

The Debtor filed for chapter 11 protection on Dec. 24, 2007
(Bankr. D. Del. Case No. 07-11912).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP and Pillsbury Winthrop Shaw
Pittman LLP as its bankruptcy counsels.  Arent Fox LLP
represents the Official Committee of Unsecured Creditors.  The
Debtor listed assets between US$10 million and US$50 million and
debts between US$50 million and US$100 million when it filed for
bankruptcy.


MILL REEF: Moody's Lowers Ratings on Six 2005-1 Note Classes
------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade six classes of notes issued by Mill Reef SCDO
2005-1 Limited.

These rating actions are a response to severe credit
deterioration in the underlying portfolio.  This transaction is
a managed synthetic CDO of ABS with a cash flow allocation
structure referencing a portfolio which contains 49% US RMBS and
18% US ABS CDOs of the 2005, 2006, and 2007 vintages.  In
addition, 2.6% of the portfolio by volume (all US ABS CDOs) is
currently rated Ca.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.

The rating actions are:

Mill Reef SCDO 2005-1 Limited:

     (1) The US$155,625,000 Class A-1L Notes due 2039

         Current Rating: Aa2, on review for downgrade
         Prior Rating: Aaa, on review for downgrade

     (2) The US$10,000,000 Class X Notes due 2039

         Current Rating: Aa2, on review for downgrade
         Prior Rating: Aaa, on review for downgrade

     (3) The US$39,375,000 Class A-2L Notes due 2039

         Current Rating: A3, on review for downgrade
         Prior Rating: Aa2, on review for downgrade

     (4) The US$30,000,000 Class A-3L Notes due 2039

         Current Rating: Baa3, on review for downgrade
         Prior Rating: A2, on review for downgrade

     (5) The US$21,000,000 Class B-1L Notes due 2039

         Current Rating: B1, on review for downgrade
         Prior Rating: Baa2, on review for downgrade

     (6) The EUR7,500,000 Class B-1E Notes due 2039

         Current Rating: B1, on review for downgrade
         Prior Rating: Baa2, on review for downgrade


MOBILE STORAGE: Inks US$701.5 Mln Merger Deal with Mobile Mini
--------------------------------------------------------------
Mobile Mini, Inc. and Mobile Storage Group, Inc. of Glendale,
California have entered into a definitive merger agreement,
under which Mobile Storage will merge into Mobile Mini in a
transaction valued at approximately US$701.5 million.  The
transaction will establish the combined company as a global
provider of portable storage solutions in the United States and
the United Kingdom.

Upon consummation of the merger, Mobile Mini will significantly
expand its geographic footprint and will be positioned to cover
most major markets for portable storage in both the US and the
UK.

"This represents a highly strategic transaction for Mobile
Mini," stated Mobile Mini's Chairman, President and Chief
Executive Officer, Steven Bunger, "which substantially increases
Mobile Mini's ability to service an expanded customer base,
provides the employees of both companies with enhanced career
opportunities, and offers our stockholders an opportunity to
benefit from a transaction that we believe will be solidly
accretive to our earnings in the first full year of the
combination."

The merged company will include senior executives from both
companies.  Steve Bunger will serve as Chairman, President and
Chief Executive Officer and Larry Trachtenberg will continue as
Chief Financial Officer.  Doug Waugaman, CEO of Mobile Storage
Group, will join Mobile Mini as COO of Integration,
reporting directly to Mr. Bunger.  Jody Miller, Bill Armstead
and Ron Halchishak, senior executives at Mobile Storage Group,
will also assume senior roles with the combined organization.

"A key goal of this merger is to retain the top sales
professionals, branch managers and operating field personnel of
the combined organizations, both in the US and the UK, to
position Mobile Mini with the most knowledgeable, experienced
and motivated employee base in the portable storage industry,"
Mr. Bunger stated.  

"This merger is predicated on bringing together the best in
class employees of our two organizations and I am excited by the
expanded opportunities to be offered to much of our talented
employee base," Mr. Waugaman added.

Mobile Storage Group is majority owned by the private equity
firm Welsh, Carson, Anderson & Stowe, who, together with the
other equity holders, through this transaction, will be
converting substantially all of their equity ownership of Mobile
Storage group into Mobile Mini preferred stock.

Following consummation of the merger, two WCAS representatives
will be elected to Mobile Mini' Board of Directors.  WCAS is one
of the largest private equity investors in the US focused on the
information & business services and healthcare industries.  
Since its founding in 1979, WCAS has organized 14 investment
partnerships with total capital in excess of US$16 billion.

Pursuant to the merger, Mobile Mini will assume approximately
US$535.0 million of Mobile Storage Group's outstanding
indebtedness and will acquire all outstanding shares of Mobile
Storage Group for US$12.5 million in cash and shares of newly
issued Mobile Mini convertible preferred stock with a
liquidation preference of US$154.0 million.

The convertible preferred stock will be convertible into
approximately 8.55 million Mobile Mini common shares,
representing a conversion price of US$18.00 per Mobile Mini
share and resulting in fully diluted ownership in Mobile Mini of
approximately 19.8% for Mobile Storage Group stockholders.

The preferred stock will be mandatorily convertible into Mobile
Mini common stock if, after the first year following the
issuance of the preferred stock, Mobile Mini's common stock
trades above US$23.00 share for a period of 30 consecutive days.  
The preferred stock will not have any cash or payment-in-kind
dividends, will impose no covenants upon Mobile Mini, and will
include an optional redemption feature following the tenth year
after the issue date.

The merger is expected to generate cost synergies of at least
US$25 million on an annualized basis, which are expected to be
fully realized by the end of fiscal 2009.  The cost synergies
are a result of the significant overlap in corporate functions
and branch infrastructure.

Mobile Mini believes that the combination with Mobile Storage
will add 21 new locations in the US and 14 locations in the UK.  
This combination of new branches as well as proximate locations
offers opportunities for both additional growth and substantial
cost synergies via branch consolidation.  The transaction is
expected to be slightly accretive to earnings in 2008 (excluding
merger-related expenses), and should generate substantial EPS
accretion of 25% or more, over current analyst EPS estimates, in
2009, including the benefit of expected synergies.

"As the integration of our companies is executed, we expect to
achieve meaningful cost synergies by combining certain
overlapping branch locations, consolidating corporate functions
and headquarters and reducing certain combined operating
expenses, which we estimate will ultimately generate a minimum
of US$25 million of savings on an annualized basis," Mr. Bunger
stated.  "These cost synergies, in combination with an improved
revenue growth potential through implementing Mobile Mini's
growth model into newly acquired Mobile Storage Group branches,
should add to Mobile Mini's future earnings growth."

The transaction has been structured to maintain a strong balance
sheet with sufficient liquidity after the combination.  Pro
forma for the acquisition, Mobile Mini estimates that total debt
will approximate US$960 million.  In 2007, Mobile Mini generated
EBITDA of US$133.9 million (excluding stock compensation
expense) and Mobile Storage Group generated EBITDA of US$86.1
million (adjusted for certain items and excluding stock
compensation expense).  With the US$25 million of forecast cost
synergies, the adjusted EBITDA for 2007 is approximately
US$245.0 million, resulting in pro forma leverage of
approximately 3.9x.  Going forward, management expects to fund
both fleet expansion and debt reduction with cash flow
from operations.

In addition, Mobile Mini believes it will have excess
availability of over US$300 million under its expected US$1.0
billion asset-based revolving credit facility at closing of the
transaction.  Closing of the transaction is subject to approval
by Mobile Mini stockholders, obtaining required governmental
approvals, receipt of a new US$1.0 billion asset-based revolving
credit facility and customary closing conditions.

Mobile Mini has received a fully underwritten commitment from
Deutsche Bank AG, Bank of America and JP Morgan for a US$1.0
billion asset-based revolving credit facility to fund the
transaction.  A special meeting of Mobile Mini stockholders will
be scheduled for the purpose of submitting the issuance of the
preferred stock and related matters to Mobile Mini's
stockholders for approval.  No date for the stockholders meeting
has been set. Depending on the timing of various disclosure
requirements, the stockholder meeting, and regulatory approvals,
the transaction is expected to
close as early as June 2008.

Oppenheimer & Co. Inc. and Deutsche Bank Securities Inc. acted
as financial advisors to Mobile Mini, and White & Case LLP acted
as legal counsel.  Lehman Brothers Inc. acted as financial
advisor to Mobile Storage Group and Kirkland & Ellis LLP acted
as legal counsel.

The company plans to update its 2008 guidance to factor in the
Mobile Storage Group merger and related integration,
consolidation and other costs around the time of closing.

                       About Mobile Mini

Headquartered in Tempe, Arizona, Mobile Mini Inc. (Nasdaq GS:
MINI) -- http://www.mobilemini.com/-- provides portable storage  
solutions through its total fleet of over 165,000 portable
storage units and portable offices with 66 branches in U.S.,
United Kingdom, Canada and The Netherlands.

                      About Mobile Storage

Headquartered in Burbank, California, Mobile Storage Group Inc.
aka Mobile Services Group Inc. -- http://www.mbilestorage.com/  
--provides portable storage in the United States and the United
Kingdom.


MOBILE STORAGE: Mobile Mini Deal Prompts S&P's Positive Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Mobile
Storage Group Inc., including the 'B+' long-term corporate
credit rating, on CreditWatch with positive implications.
     
The rating action is based on the announcement that Mobile
Storage has entered into a definitive agreement to be merged
into Mobile Mini Inc. (BB/Watch Neg/--), its major competitor in
the leasing of portable storage units.  "If the transaction is
successfully consummated, the combined entity would become the
leading provider of portable storage units in the U.S. and U.K,"
said Standard & Poor's credit analyst Betsy Snyder.  "In
addition, we expect a combination of the two entities to result
in a stronger pro forma financial profile than that of Mobile
Storage on a stand-alone basis."
     
Closing of the transaction, in which Mobile Mini will assume
approximately $535 million of Mobile Storage's debt, is subject
to approval by Mobile Mini stockholders, obtaining government
approval, receipt of a new $1 billion asset-based credit
facility to fund the transaction, and customary closing
conditions.  Assuming all are met, the transaction is expected
to close as early as June 2008.
     
Standard & Poor's will assess Mobile Storage's business and
financial profiles, pro forma for the merger with Mobile Mini,
to resolve the CreditWatch.


NORTHERN ROCK: Holds First Board Meeting After Nationalization
--------------------------------------------------------------
Northern Rock PLC's new executive chairman, Ron Sandler, and the
other members of the new Board held their first board meeting
following the company having entered into a period of temporary
ownership on Feb. 22, 2008.

Mr. Sandler and Ann Godbehere have joined Northern Rock's board
as the new executive chairman and the new chief financial
officer respectively.

Mr. Sandler and Ms. Godbehere will work with the bank's existing
management team during this transitional period.  In addition
Philip Remnant, Tom Scholar and Stephen Hester have also jointed
the board as non-executive directors, with Mr. Hester filling
the role of deputy chairman.

Bryan Sanderson, Sir Ian Gibson, David Jones and Paul Thompson
have each retired from the Board.  Mr. Jones has agreed to
continue as part of the management team.  Andy Kuipers will
remain on the board and will continue as chief executive.

Simon Laffin, John Devaney and Laurie Adams will continue as
non-executive directors.  Michael Queen will be retiring from
the board but has agreed to stay on as a non-executive director
for three months to help provide continuity.

"I know these past months have been a turbulent time for
everyone at Northern Rock, both for the staff and its loyal
customer base.  It is therefore of great importance to me and
the new board that as we go forward we create the stability to
build a company operating on sound commercial principles that
can be returned to the private sector, standing on its own two
feet," Ron Sandler commented.

On the appointments to the new board, Mr. Sandler said, "This is
a combined team of great experience, drawn from both within
Northern Rock and outside organizations.  As well as ensuring
all important continuity, this is a team that will bring new
ideas and new ways of working to Northern Rock to the benefit of
everyone."
                   
The board of Northern Rock noted that the legislation under
which all the shares in the company have been acquired by the
Treasury has come into effect and the company has moved into a
period of temporary public ownership.  

The government has announced that during this period the company
will operate at arm's length and on a commercial basis.  The
government has stated that this legislation allows for the
running of the bank and for the eventual transfer back into the
private sector as soon as it is right to do so.

Northern Rock will continue to be open for business as usual for
its customers and the government's guarantee arrangements remain
in place.  Depositors' money remains safe and secure.

                    Effect of Transfer Order

Share Transfers

All the shares in the company have been transferred to the
Treasury Solicitor, as nominee of the Treasury, by virtue of the
Northern Rock plc Transfer Order 2008, which was made pursuant
to the Banking Act 2008 and which came into effect at 00.01a.m.
on Feb. 22, 2008.  

The listing of the company's ordinary and preference shares has
now been canceled by the U.K. Listing Authority, trading of such
shares on the London Stock Exchange has ceased and all shares
have been disabled in CREST.  All other rights or entitlements
to receive or subscribe for shares in the Company have been
extinguished by virtue of the Transfer Order.

Changes to Tier 1 Notes

If, during the period of temporary public ownership, the
Northern Rock would otherwise have been obliged to issue shares
under the terms of the GBP200,000,000 7.053% callable perpetual
core tier one notes or to holders of the GBP300,000,000 8.399%
step-up callable perpetual reserve capital instruments in order
to satisfy entitlements to interest payments, the Transfer Order
provides that the Treasury has a right to issue a notice the
effect of which is that a right to be paid in cash arises or for
there to be an issue of further debt by Northern Rock instead.

The Northern Rock Foundation

The Foundation Shares held by The Northern Rock Foundation have
all been converted into and re designated as ordinary shares and
are now owned by the Treasury along with all other shares in the
Company.  The Deed of Covenant with The Northern Rock Foundation
has been terminated, but alternative arrangements will be put in
place guaranteeing it a minimum income of GBP15 million per year
in 2008, 2009 and 2010.

Contractual Rights and Obligations

The Transfer Order has the effect of modifying certain
instruments, to which the company and its subsidiaries are
party, to negate certain consequences which may otherwise arise
as a result of the Transfer Order.  For example, no party is
entitled to terminate any arrangement, receive an increased or
accelerated payment or decrease or defer any payment pursuant to
any arrangement or otherwise amend the terms of any arrangement
by virtue of, or in connection with, the Transfer Order.

Compensation Arrangements

Shareholders who held shares in the company immediately before
they were transferred by the Transfer Order, persons whose
rights to receive or subscribe for shares in the company were
extinguished by the Transfer Order and persons whose contractual
rights have been modified as a result of the Transfer Order
shall each be entitled to compensation.  

A draft of the Northern Rock plc Compensation Scheme Order 2008,
to be made pursuant to the Banking Act 2008, was laid before
Parliament and is available from the Treasury's website at
http://www.hm-treasury.gov.uk/. The Compensation Order is  
expected to come into force shortly.

The determination of such compensation shall be made by an
independent valuer appointed by the Treasury. In determining
compensation, the valuer must assume that all financial
assistance provided by the Bank of England or Treasury has
been withdrawn and no such assistance would be provided in the
future.  The valuer must also assume that the Company is unable
to continue as a going concern and is in administration.

Further announcements relating to the Compensation Order will be
made by the Treasury in due course.

Employees

There will be no change to the employment terms or conditions of
any employees as a result of the Transfer Order.

Listed Debt Securities

The various classes of the Company's listed debt securities have
not been acquired under the Transfer Order and their various
listings will continue, with the only direct changes to the
terms being those set out above in relation to the Tier 1 Notes.
The provisions of the Transfer Order relating to contractual
rights and obligations summarized above may indirectly affect
certain classes of the listed debt securities.

Annual Report and Accounts and Annual General Meeting

As the shares in the Company are now all owned by the Treasury,
the company will not hold an annual general meeting which is
open to former shareholders or the general public.  In
compliance with its obligations as an issuer of listed debt
securities and applicable company law, the company will continue
to publish its annual financial report.

                     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.


NOW SHOES: Brings In Administrators from Begbies Traynor
--------------------------------------------------------
John A. Lowe and W. John Kelly of Begbies Traynor were appointed
joint administrators of Now Shoes Ltd. (Company Number 04078254)
on Feb. 14, 2008.

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

The company can be reached at:

          Now Shoes Ltd.
          232 Leicester road
          Markfield
          Leicestershire
          LE67 9RG
          England
          Tel: 01530 242 727


PETROLEOS DE VENEZUELA: Asset Freeze to be Extended
---------------------------------------------------
A U.K. court granted Exxon Mobil a temporary extension of an
order freezing Petroleos de Venezuela SA's US$12-billion assets
until a court hearing this week, Bloomberg News reports.

John Fordham, Petroleos de Venezuela's legal representative in
London, told Bloomberg News that his client didn't object to the
extension, which lasts through a court hearing on the company's
bid to overturn the order scheduled to start Feb. 27.

According to Bloomberg News, the extension of the asset freeze
was needed as the initial U.K. court order scheduled a hearing
on Feb. 22 for Petroleos de Venezuela to respond.  

Venezuelan deputy oil minister Bernard Mommer commented to the
Associated Press, "For the first time we will have a chance to
respond.  We''re preparing for the case."

                      About Exxon Mobil

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

                 About Petroleos de Venezuela

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

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                          *     *     *

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.


PETROLEOS DE VENEZUELA: Reaches Settlement with Total & Statoil
---------------------------------------------------------------
Venezuelan state-owned oil company Petroleos de Venezuela SA has
reached a settlement with France's Total and Norway's
StatoilHydro, AFX News reports.

According to AFX News, Statoil and Total accepted the book price
for the assets Petroleos de Venezuela confiscated last year.

AFX News that these compensations were accepted:

          -- US$834 million to Total, and
          -- US$266 million to Statoil.

The report adds that Italy's Eni accepted US$700 million.

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2008, Petroleos de Venezuela SA signed a deal with Eni
SpA for compensation for a Venezuelan oil field the government
took over in 2006.

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.

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                          *     *     *

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.


P.S. SURFACING: Appoints KPMG to Administer Assets
--------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of P.S. Surfacing Ltd. (Company
Number 04936241) on Feb. 15, 2008.

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

The company can be reached at:

          P.S. Surfacing Ltd.
          Belle Vue Business Centre
          Elm Tree Street
          Wakefield
          West Yorkshire
          WF1 5EP
          England
          Tel: 01924 820 004


QUEBECOR WORLD: Final Auction Prices of Bonds Reach 41.25%
----------------------------------------------------------
A Credit Event Auction for Quebecor World Inc. took place on
Feb. 19, 2008, with 13 participating dealers.  The auction
was run in accordance with the ISDA 2008 Quebecor CDS Protocol.  
Markit Group Limited and Creditex Group Inc. acted as official
auction administrators.  The Credit Event Auction mechanism is
designed to ensure orderly and operationally efficient trade
settlement for credit derivatives by determining the final cash
settlement price for defaulted Quebecor CDS contracts.  During
the Quebecor Credit Event Auction, major dealers submited orders
electronically on the Creditex platform.  Markit calculated and
verified the auction results.

The final price of Quebecor World's bonds is 41.25%.  Karen
Brettell of Reuters reported that based on the final price, this
would mean that the amount of principal the Quebecor bonds
recover would be 41.25% of par.  "Thus a buyer of protection
would be compensated 58.75% the amount of debt insured," Ms.
Brettell wrote.

The auction results are available at:

             http://ResearchArchives.com/t/s?2868

The Credit Event Auction process was launched in 2005 by Markit
and Creditex in collaboration with ISDA and major credit
derivative dealers to facilitate the settlement of credit
derivative contracts in the event of a corporate default.

                     About Quebecor World

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

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

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

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

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

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

                       *     *     *

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


QUEBECOR WORLD: Court Agrees Payment of Prepetition Commissions
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
gave Quebecor World Inc. and its affiliates permission to pay
accrued prepetition commissions due and owing as of Feb. 1,
2008, to their sales representatives.

As reported in the Troubled Company Reporter-Europe on Feb. 20,
2008, Michael J. Canning, Esq., at Arnold & Porter LLP, in New
York, related that the Debtors' sales representatives are
located in plants or in regional offices throughout North
America, Europe and Latin America, and customers are able to
coordinate simultaneous printing throughout the Debtors' network
through a single sales representative.

The Debtors' sales representatives are compensated primarily on
a commission basis and are paid from 30 to 90 days after a sale
actually occurred.  Accordingly, the sales representatives may
go for long periods without receiving commissions, at which
point they may be entitled to several months worth of
commissions.  Mr. Canning said that the Debtors owe 59 sale
representatives, as of February 1, US$1,792,993.  Of this
amount, US$1,234,641 reflects amounts in excess of US$10,950 per
employee, with the proposed prepetition payments per employee
ranging from US$933 to US$117,868.

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

                     About Quebecor World

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

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

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

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

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

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

                       *     *     *

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


QUEBECOR WORLD: Various Entities Disclose Stake in Company
----------------------------------------------------------
In separate filings with the United Stated Securities and
Exchange Commission, several entities disclosed holding a stake
in Quebecor World Inc.:

1. Ronald Gutfleish

Ronald Gutfleish disclosed that he may be deemed to
beneficially own 7,552,055 subordinate voting shares issued by
Quebecor World Inc.  Mr. Gutfleish is a managing member of Elm
Ridge Capital Management LLC.

2. Avenue Capital, et al.

Avenue Capital Management II LP, Avenue Capital Management II
GenPar LLC, and Marc Lasry disclosed that each of them may be
deemed to beneficially own 5,518,000 subordinate voting shares
issued by Quebecor World Inc.

On the same day, Avenue Capital, et al., filed an amendment
stating that the number of subordinate voting shares each of
them may now be deemed to beneficially own is down to 776,000
shares.

Marc Lasry is a managing member of Avenue Capital Management II
LP, and Avenue Capital Management II GenPar, LLC.   Avenue
Capital Management II GenPar is the general partner of  Avenue
Capital Management II LP.

3. Brandes Investment, et al.

Brandes Investment Partners LP, Brandes Investment Partners
Inc., Brandes Worldwide Holdings LP, Charles Brandes, Glenn
Carlson, and Jeffrey Busy disclosed that each of them may be
deemed to beneficially own 9,205,888 shares of Quebecor World
Inc.'s common stock.  

Brandes entities' shares represent 10.82% of the 85,079,000
Quebecor World common shares outstanding as of February 1, 2008.  
They disclaim any direct ownership of the 9,205,888 shares.

Brandes Investment Partners LP, is an investment adviser.  
Brandes Investment Partners Inc., Brandes Worldwide Holdings LP,
Mr. Brandes, Mr. Carlson, and Mr. Busy are control persons of
the investment adviser.  Mr. Brandes is also the president of
Brandes Investment Partners Inc.

4. Phillips, Hager & North Investment Management Ltd.

Phillips, Hager & North Investment Management Ltd., disclosed
that as of Dec. 31, 2007, his company was deemed to beneficially
own 105,300 shares of Quebecor World Inc.'s common stock.  
Phillips Hager's shares represent 0.12% of the 85,079,000 shares
of Quebecor World's common stock outstanding as of Feb. 1, 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.  They obtained creditor protection until Feb. 20,
2008.  Ernst & Young Inc. was appointed as Monitor.

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

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

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

                       *     *     *

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


REFCO INC: SEC Sues Ex-CEO Bennett for Orchestrating Fraud
----------------------------------------------------------
The U.S. Securities and Exchange Commission filed on Feb. 19 a
civil injunctive action in the United States District Court for
the Southern District of New York against Phillip R. Bennett,
the former chairman and chief executive officer of Refco Inc.
and its corporate predecessor, Refco Group Ltd.

The Commission's complaint alleges that Mr. Bennett orchestrated
a scheme that periodically concealed hundreds of millions of
dollars owed to Refco by a private entity that he controlled.  
The public revelation of Mr. Bennett's scheme in October 2005,
two months after the company's initial public offering of common
stock, caused hundreds of millions of dollars in losses to Refco
shareholders.  The complaint also alleges that Mr. Bennett
directed practices that artificially inflated Refco's financial
results.  As a result, the complaint alleges, Mr. Bennett
violated Section 17(a) of the Securities Act of 1933, Sections
10(b) and 13(b)(5) of the Securities Exchange Act of 1934, and
Exchange Act Rules 10b-5, 13b2-1, and 15d 14, and aided and
abetted Refco's violations of Sections 13(b)(2)(A), 13(b)(2)(B),
and 15(d) of the Exchange Act and Exchange Act Rules 15d-2 and
15d-13.

According to the complaint, from at least 1998 to October 2005,
Mr. Bennett's scheme periodically concealed debt owed to Refco
by Refco Group Holdings, Inc., a non-Refco entity that he
controlled.  The debt was primarily the result of trading losses
and operating expenses that Refco transferred over time to RGHI.  
Refco utilized a series of short-term loans that temporarily
transferred the debt to third parties immediately prior to the
ends of Refco fiscal periods.  A few days after the fiscal
periods ended, the transactions were reversed, and the debt was
transferred back to RGHI.  The Commission's complaint alleges
that Mr. Bennett directed the fiscal period-end transactions and
took certain actions to implement them, including executing many
of the documents used in those transactions.

The Commission's complaint also alleges that Mr. Bennett
instituted practices that artificially inflated Refco's reported
financial results in 2005.  The practices involved Refco
recording fictitious interest income and income from sham
foreign exchange transactions.  The inflation of financial
results was undertaken by Mr. Bennett to make Refco more
attractive to potential investors.

The Commission's complaint further alleges that, in 2005, Refco
filed with the Commission and provided to investors registration
statements and periodic reports that contained materially false
and misleading misstatements and omissions.  The filings failed
to disclose the debt and the period end transactions, and some
of the filings reported income that had been fraudulently
inflated.  Mr. Bennett signed the registrations statements and
periodic filings while knowing, or reckless in not knowing, that
the filings were materially false and misleading.  Moreover, Mr.
Bennett explicitly certified the accuracy of the disclosures and
financial statements in the periodic filings.

The complaint seeks a permanent injunction enjoining Mr. Bennett
from violating Section 17(a) of the Securities Act, Sections
10(b) and 13(b)(5) of the Exchange Act, and Exchange Act Rules
10b-5, 13b2-1, and 15d 14, and from aiding and abetting
violations of Sections 13(b)(2)(A), 13(b)(2)(B), and 15(d) of
the Exchange Act and Exchange Act Rules 15d-2 and 15d-13.  The
complaint also seeks payment by Mr. Bennett of unjust enrichment
that he received as a result of his actions, with prejudgment
interest thereon, and imposition of civil money penalties
against him pursuant to Section 20(d) of the Securities Act and
Section 21(d)(3) of the Exchange Act.

The U.S. Attorney's Office for the Southern District of New York
announced February 15, that Mr. Bennett has pleaded guilty to
all twenty counts of a superseding indictment previously
returned against him and charging him with conspiracy,
securities fraud, making false filings with the Commission, wire
fraud, making false statements to Refco's auditors, bank fraud,
and money laundering, for his actions in connection with the
Refco fraud.

The Commission acknowledged the assistance and cooperation of
the Office of the United States Attorney for the Southern
District of New York, the United States Postal Inspection
Service, and the Commodity Futures Trading Commission.

The Commission's investigation is continuing.

                    About Refco Inc.

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

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

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

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


ROADRUNNERS TRANSPORT: Hires Liquidators from Vantis
----------------------------------------------------
Paul Atkinson and Glyn Mummery of Vantis Business Recovery
Services were appointed joint liquidators of Roadrunners
Transport Ltd. on Feb. 14 for the creditors' voluntary winding-
up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England

The company can be reached at:

         Roadrunners Transport Ltd.
         Unit 1D Hastingwood Trading Estate
         Harbet Road
         Edmonton
         London
         N18 3HT
         England


RUTLAND RATED: Moody's Junks Rating on S. 55 Class B-2L Notes
-------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade one class of notes issued by Rutland Rated
Investments.

This rating action is a response to severe credit deterioration
in the underlying portfolio.  This transaction is a managed
synthetic CDO of ABS repacked from Mill Reef SCDO 2005-1
referencing a portfolio which contains 49% US RMBS and 18% US
ABS CDOs of the 2005, 2006, and 2007 vintages.  In addition,
2.6% of the portfolio by volume (all US ABS CDOs) is currently
rated Ca.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.

The rating action is:

Rutland Rated Investments:

    (1) The US$22,500,000 Series 55 Class B-2L due 2039

        Current Rating: Ca, on review for downgrade
        Prior Rating: B3, on review for downgrade


R W GIBBS: Calls In Liquidators from Tenon Recovery
---------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of R W Gibbs
Contamination Control Ltd. on Feb. 15 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


SCOTTISH RE: S&P's 'B' Rating Unaffected by New Strategic Focus
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
CreditWatch negative status on Scottish Re Group Ltd. (B/Watch
Neg/--) and related entities were not affected by the company's
announcement of a new strategic focus recognizing its
deteriorated financial strength.
   
On Jan. 31, 2008, Standard & Poor's lowered its ratings on
Scottish Re and placed them on CreditWatch with negative
implications because of the company's continuing exposure to
increasing investment losses and meaningful risk of losing some
reserve credits secured through Ballantyne Re plc.  These
concerns are not affected by the company's announcement.  As
previously stated, Standard & Poor's will resolve the
CreditWatch when it completes the process of refining its view
of expected losses and assesses the risk of the company
incurring loss of reserve credits.
   
If and when the company disposes of certain lines of business,
the proceeds would likely provide only a modest offset to the
erosion of capital caused by its investments in subprime and
Alt-A MBS.  In addition, in Standard & Poor's recent action, it
noted that the "deterioration in the company's financial
condition has severely disrupted Scottish Re's ability to
generate new [insurance] business&."  This observation
anticipated the company's prospective focus on leveraging its
non-risk-taking competencies to drive shareholder value.


TATA MOTORS: Concludes Meeting with Jaguar & Land Rover Union
-------------------------------------------------------------
According to a CNBC-TV 18 report, Tata Motors Limited's meeting
with the main trade union of Jaguar and Land Rover is over.  
CNBC's unnamed sources asserted that the meeting was conclusive.

The Troubled Company Reporter-Asia Pacific reported about the
meeting on Feb. 8, 2008, which signaled that Tata Motors is
nearing a deal with Ford Motor Co.

Tata Motors became the front-runner to buy Jaguar and Land Rover
when Ford announced on Jan. 3, that it has entered into "focused
negotiations at a more detailed level" with the company.  Tata
Motors outbid Mahindra & Mahindra in collaboration with buyout
firm Apollo; and One Equity Partners LLC.

The last nuts and bolts are now falling into place, the CNBC
report states.  CNBC's sources expect a Memorandum of Agreement
between Ford and Tata Motors by March 5 or 6.

                     About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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


TATA MOTORS: Mandates Banks to Raise US$2.5 Bil., Report Says
-------------------------------------------------------------
Tata Motors Ltd. has kick-started the process of raising
US$2.5 billion by giving the mandate to various local and
foreign banks, the Economic Times reports.

According to ET, the list of banks includes Citigroup Inc., JP
Morgan Chase & Co., Standard Chartered Plc, BNP Paribas S.A. and
the State Bank of India.

The amount that will be raised is believed to be used mostly for
the acquisition of Ford Motor Co.'s Jaguar and Land Rover units.  
Merrill Lynch analysts originally evaluated Jaguar and Land
Rover at around US$1.5 billion but later consultants estimate it
to cost between US$2 billion to US$3 billion, ET relates.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 31, 2008, Tata Motors is closing in on an agreement with
Ford's two luxury brands.  On Feb. 8, Tata Motors met with the
main trade union of the two brands.

Tata Motors became the front-runner to buy the two brands when
Ford announced on Jan. 3, that it has entered into "focused
negotiations at a more detailed level" with the company.  Tata
Motors outbid Mahindra & Mahindra in collaboration with buyout
firm Apollo; and One Equity Partners LLC.

A Reuters report on Friday quoted Dave Osborne, national
secretary for vehicle building at the Unite union, as saying,
"We are confident our members' long-term future is best served
by Tata."

The Economic Times noted that the fund-raising coincides with
the announcement of Ford's British workers' union that its is
satisfied with the discussions with Tata Motors over the
latter's proposed acquisition of the marquee brands.

The entire fund is expected to be raised against the balance
sheet of Tata Motors, ET states cites an unnamed banker close to
the fund-raising exercise.  The debt will therefore have an
impact on the balance sheet of Jaguar and Land Rover, the news
agency explains.

In a Jan. 9 report, TCR-AP said that Tata Motors' bond risk rose
to a record.  The increase of the risk of Tata Motors defaulting
on its bonds was brought about by the concern that it will
borrow to fund its acquisition of Jaguar and Land Rover.

Standard & Poor's Ratings Services, on Jan. 7, 2008, placed on
CreditWatch with negative implications Tata Motors' BB+ ratings.
S&P Credit Analyst Anshukant Taneja said that the acquisition of
the Ford brands could potentially have a negative impact on the
corporate credit ratings on the company, especially if it is
heavily funded by debt.

                     About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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


VIRGIN MEDIA: Appeals Competition Commission's ITV Stake Ruling
---------------------------------------------------------------
Virgin Media Inc. filed on Monday, February 25, 2008, an appeal
with the Competition Appeal Tribunal requesting a review of the
recent conclusions of the Competition Commission and the
Secretary of State for Business Enterprise & Regulatory Reform
relating to British Sky Broadcasting plc's acquisition of a
17.9% stake in ITV plc.

Together with its work in relation to Ofcom's ongoing
investigation into the pay TV market, the appeal is an important
part of Virgin Media's commitment to fight for a more dynamic
and competitive media landscape in the U.K.

Virgin Media has consistently argued that BSkyB's actions were
intended for the sole purpose of preventing the emergence of a
stronger competitor and are against the public interest.  The
Competition Commission has determined that BSkyB's shareholding
confers the ability to exert material influence over ITV's
decision-making and that this has significantly compromised
ITV's independence.  The result is both a substantial lessening
of competition and, in Virgin Media's view, an insufficient
plurality in the U.K.'s media, notably in relation to the
provision of news.

While Virgin Media strongly supports the Competition
Commission's conclusions that the acquisition has led to a
substantial lessening of competition, it is appealing the
Competition Commission's recommendation that a reduction of
BSkyB's stake in ITV to 7.5% is adequate to address this
problem.

Virgin Media is also appealing the Competition Commission's
conclusions that the acquisition has not materially affected the
sufficiency of plurality in the U.K.'s media.  BSkyB, together
with its leading shareholder News International, and ITV are
both very significant providers of news in the U.K.  BSkyB's
stake in ITV is exactly the kind of scenario that the media
plurality provisions of the Enterprise Act 2003 were designed to
address.  This is the first time that these rules have been
tested and Virgin Media believes the Competition Commission has
made significant errors in interpreting and applying these
rules.  If not corrected, this error will undermine the future
efficacy and objectives of the public interest regime set out in
the Act.

                         About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

In November 2007, Standard & Poor's Ratings Services affirmed
its 'B+' corporate credit rating on U.K.-based
telecommunications provider Virgin Media Inc. and related
entities.  The ratings were also removed from CreditWatch with
negative implications where they were placed on July 3, 2007.  
The outlook is stable.

In August 2007, Moody's Investors Service changed the outlook on
the ratings of Virgin Media Inc. to negative from stable.

The ratings affected are:  Virgin Media Inc.'s Ba3 Corporate
Family Rating; Virgin Media Investment Holdings Ltd.'s Ba2 rated
Tranches A / B senior secured facility and B2 rated Trance C
second lien facility; and Virgin Media Finance plc.'s B2 rated
Senior notes.

The company carries Moody's Ba3 Probability-of-Default rating.


YVONNE PALMER: Names Joint Administrators from PKF
--------------------------------------------------
Edward T. Kerr and  Ian J. Gould of  PKF (UK) LLP were appointed
joint administrators of Yvonne Palmer Associates Ltd. (Company
Number 01948148) on Feb. 14, 2008.

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

The company can be reached at:

          Yvonne Palmer Associates Ltd.
          27-29 Lister Gate
          Nottingham
          Nottinghamshire
          NG1 7DE
          England
          Tel: 0115 958 8577
          Fax: 0115 948 4205


* Moody's Take Various Ratings Actions on US$550MM European CDOS
----------------------------------------------------------------
Moody's Investors Service downgraded or placed on review for
downgrade US$550 million of European CDOs. The rating actions
are a response to credit deterioration of the underlying
portfolios, which include significant exposure to CDOs of US ABS
and to downgraded US subprime RMBS securities.

A total of 20 tranches from five CDOs are affected, with
defaults suffered ranging 1.25% to 9% in the individual
portfolios.  The average exposures of the affected CDOs to US
RMBS securities and CDOs of ABS from the second half of 2005 to
2007 are 14.5% and 21% respectively.

Moody's will continue to monitor all deals with exposure to US
subprime RMBS and will take further actions in respect of all
CDOs placed under review for downgrade once the full extent of
actual downgrades to 2005 and 2007 US RMBS and ABS CDO vintages
becomes known.

The rating actions are:

Cheyne ABS Investments I PLC:

      (1) US$56,000,000 Class A-1 Senior Floating Rate Notes
          due 2045

          Current Rating: Aaa, on review for downgrade
          Prior Rating: Aaa

      (2) US$23,000,000 Class A-2 Senior Floating Rate Notes due
          2045

          Current Rating: Aa1, on review for downgrade
          Prior Rating: Aaa, on review for downgrade

      (3) US$43,000,000 Class B Deferrable Floating Rate Notes
          due 2045

          Current Rating: A1, on review for downgrade
          Prior Rating: Aa1, on review for downgrade

      (4) US$20,000,000 Class C Deferrable Floating Rate Notes
          due 2045;

          Current Rating: Baa2, on review for downgrade
          Prior Rating: Aa3, on review for downgrade

      (5) US$19,000,000 Class D Deferrable Floating Rate Notes
          due 2045;

          Current Rating: Ba2, on review for downgrade
          Prior Rating: A3, on review for downgrade

     (6) US$20,000,000 Class P Combination Notes due 2045

          Current Rating: A3, on review for downgrade
          Prior Rating: Aa2, on review for downgrade

Menton II CDO PLC:

      (1) US$40,000,000 Class A1 Secured Floating Rate Credit
          Linked Notes due 2053

          Current Rating: Aaa, on review for downgrade
          Prior Rating: Aaa

      (2) US$10,000,000 Class A2 Secured Floating Rate Credit
          Linked Notes due 2053

          Current Rating: Aa2, on review for downgrade
          Prior Rating: Aaa

      (3) US$26,000,000 Class B Secured Floating Rate Credit
          Linked Notes due 2053

          Current Rating: Baa3, on review for downgrade
          Prior Rating: Aa2

      (4) US$10,000,000 Class C Secured Floating Rate Credit
          Linked Notes due 2053

          Current Rating: Ca, on review for downgrade
          Prior Rating: A1, on review for downgrade

      (5) US$14,000,000 Class D Secured Floating Rate Credit
          Linked Notes due 2053

          Current Rating: C
          Prior Rating: Baa2, on review for downgrade

      (6) US$4,500,000 Class E Secured Floating Rate Credit
          Linked Notes due 2053

          Current Rating: C
          Prior Rating: Ba2, on review for downgrade

Menton III CDO PLC:

      (1) US$54,000,000 Class A-1 Secured Floating Rate Notes
          due 2057

          Current Rating: B3, on review for downgrade
          Prior Rating: Ba1, on review for downgrade

      (2) US$15,000,000 Class A-2 Secured Floating Rate Notes
          due 2057

          Current Rating: Caa3, on review for downgrade
          Prior Rating: Ba2, on review for downgrade

      (3) US$37,000,000 Class B Secured Floating Rate Notes due
          2057

          Current Rating: C
          Prior Rating: Ba2, on review for downgrade

      (4) US$30,000,000 Class C Secured Floating Rate Notes due
          2057

          Current Rating: C
          Prior Rating: Ba3, on review for downgrade

      (5) US$27,700,000 Class D Secured Floating Rate Notes due
          2057

          Current Rating: C
          Prior Rating: B3, on review for downgrade

      (6) US$19,800,000 Class E Secured Floating Rate Notes due
          2057

          Current Rating: C
          Prior Rating: Caa3, on review for downgrade

Salisbury International Investments Limited Series 2006-1:

      (1) The Series 2006-1 US$41,000,000 Class M-2 Secured
          Floating Rate Portfolio Credit Linked Notes due 2046

          Current Rating: B1, on review for downgrade
          Prior Rating: Ba1, on review for downgrade

Salisbury International Investments Limited Series 2006-16:

      (1) The Series 2006-16 US$41,000,000 Class M-2 Secured
          Floating Rate Portfolio Credit Linked Notes due 2051,

          Current Rating: C
          Prior Rating: B3, on review for downgrade


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *