TCREUR_Public/080228.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, February 28, 2008, Vol. 9, No. 44

                            Headlines


A U S T R I A

SADOVNIK KEG: Claims Registration Period Ends March 10
SCHIKRAD LLC: Claims Registration Period Ends March 17
SCHUTZGITTER VERTRIEB: Claims Registration Period Ends March 10
ZMS BAU: Claims Registration Period Ends March 10


B E L G I U M

CHIQUITA BRANDS: S&P Junks Rating on US$200 Million Senior Notes


F R A N C E

ALCATEL-LUCENT SA: Inks Major Network Deal with Brasil Telecom
AKERYS HOLDINGS: Weak Results Prompt S&P's Negative Watch
DOLE FOOD: Moody's Corp. Cuts Rating to 'B3' on Weak Performance
PRIDE INTERNATIONAL: Closes Sale of Three Rigs for US$213 Mil.
PRIDE INTERNATIONAL: Names David Hager to Board of Directors

SPANSION INC: Fitch Holds Issuer Default Rating at B-


G E R M A N Y

DIENSTLEISTUNGS GMBH: Claims Registration Period Ends March 20
ENTER.TV GMBH: Claims Registration Period Ends March 20
ETTEPLAN ENGINEERING: Claims Registration Period Ends March 20
FABA TRANSPORTGERATE: Claims Registration Period Ends March 20
FERRINOX METALLBAU: Claims Registration Period Ends March 21

GLADSTONE MEDIASERVICE: Claims Registration Period Ends March 20
GO SPORTS: Claims Registration Period Ends March 20
GUSTAV LANGE: Claims Registration Period Ends March 20
HENNEN ROHRLEITUNGSBAU: Claims Registration Ends March 24
HKF PLANEN: Claims Registration Ends March 24

IZLO GMBH: Claims Registration Period Ends March 24
LICH BVF: TA Triumph-Adler Can Purchase Assets
LOKALE NETZWERKE: Claims Registration Ends March 22
PAPIERFABRIK GRAFENDORF: Claims Registration Ends March 20
PHOTRONICS INC: Moody's Holds Ratings But Says Outlook is Neg.

PLANTAGE SYSTEMGASTRONOMIE: Claims Registration Ends March 20
PRODOMO EINRICHTUNGEN: Claims Registration Period Ends March 20
ROHRBAU-MAISEL GMBH: Claims Registration Period Ends March 14
SIAN BAU: Claims Registration Period Ends March 20
SKIN CARE: Claims Registration Period Ends March 20

SPEICHER AM FISCHMARKT: Claims Registration Period Ends March 20
TELEBROKERS GMBH: Claims Registration Period Ends March 18
VISTEON CORP: Steven Hamp to Rejoin Board of Directors
WESTLB AG: Proposed Helaba Merger Faces Setback
WINKELMANN GMBH: Claims Registration Ends March 22

WORMSER SCHLACHTHOF: Claims Registration Ends March 20
WORMSER SCHLACHTHOFBETRIEBS: Claims Registration Ends March 20


I R E L A N D

INT'L SECURITIES: Creditors Likely to Get at Most 10% of Claims
MAGNOLIA FINANCE: Defaults on US$40 Mln Series 2006-11 Notes
MAGNOLIA FINANCE: Defaults on US$40 Mln Series 2007-1 Notes
VALENCE TECH: Inks Agreement to Sell US$1 Million Common Shares


I T A L Y

ALITALIA SPA: Luigi Pacifico Quits as Audit Panel Chairman
FIAT SPA: Board Approves Incentive Plan for Key Employees
FIAT SPA: In Talks with BMW on Engine and Gear Box Tie-Up


K A Z A K H S T A N

AL TRADE: Creditors Must File Claims by April 11
ALATAU TSEMENT: Claims Deadline Slated for April 11
ALLIANCE BUSINESS: Claims Filing Period Ends April 11
ALMATINSKAYA BAZA: Creditors' Claims Due on April 11
KAZAKHMARGANETS JSC: Claims Registration Ends April 11

KAZSERVICESTROY JSC: Creditors Must File Claims by April 11
MONTAGE ELECTRO: Claims Deadline Slated for April 11
ORDA CREDIT: S&P Puts CCC+/C Ratings with Stable Outlook
WORDON LLP: Claims Filing Period Ends April 11


K Y R G Y Z S T A N

AL-NUR-TRANS LLC: Creditors Must File Claims by March 21
E-LINE STUDIO: Claims Filing Period Ends March 21


L I T H U A N I A

EKRANAS AB: Unknown Bidder Offers to Buy Real Estate


L U X E M B O U R G

AMERICAN AXLE: UAW Labor Contract Ends Sparking Workers' Strike


N E T H E R L A N D S

CARMEUSE HOLDING: S&P Puts B+ Rating on Senior Sec. Facilities
VAN HOORN: Files EUR2.6 Million Damages Suit Against Heineken


P O L A N D

CENTRALWINGS: Parent to Determine Fate at Next Board Meeting
FIAT SPA: Resumes Production of Multijet Engine in Polish Plant
GOODYEAR TIRE: To Increase TC Debica Stake to 65.99%
GOODYEAR TIRE: Supports TC Debica Truck Tire Expansion in Poland
GREENBRIER COS: Unit Applies Receivership in Nova Scotia Court

OWENS CORNING: Moody's Downgrades Debt Ratings to Ba1


R O M A N I A

FORD MOTOR: European Commission Orders Return of EUR27 Mln Aid


R U S S I A

ADONIS LLC: Creditors Have Until April 16 to File Claims
BUR-GAS-SERVICE: Creditors Must File Claims by March 16
D.P.KUROPYATNIKOV: Creditors Must File Claims by April 16
DESNITSA CJSC: Creditors Must File Claims by March 16
DINAMO LLC: Creditors Must File Claims by March 16

EAR LLC: Creditors Must File Claims by April 16
HAYDITE OJSC: Creditors Must File Claims by April 16
KONFI CJSC: Creditors Must File Claims by March 16
MONOLITH CJSC: Creditors Must File Claims by April 16
NIZHNEKAMSKNEFTEKHIM: Moody's Affirms B1 Ratings

NOVO-SHIPOVSKIY WOOD: Creditors Must File Claims by April 16
OGK-5 OAO: Names Dominique Fache as Board of Directors Chairman
RECHITSA LLC: Kursk Bankruptcy Hearing Slated for April 23
RYAZAN-OIL-GAS-STROY: Creditors Must File Claims by March 16
STARODUBSKIY HEMP: Asset Sale Slated for March 17

VIST-MKD LLC: Orel Bankruptcy Hearing Slated for May 21
ZOLSKOE ROAD: Court Starts Bankruptcy Supervision Procedure


S P A I N

HABITAT: Reaches Refinancing Deal with Banks; Averts Bankruptcy
MADRID ACTIVOS: Moody's Rates EUR96.75 Million Notes at Ba3


S W E D E N

GRAPHIC PACKAGING: Reports US$0.7 Mln Net Loss for 2007 4th Qtr.


S W I T Z E R L A N D

BEYOND THE HORIZON: Creditors' Liquidation Claims Due by Feb. 29
EXCLUSIVE LIFE: Zug Court Starts Bankruptcy Proceedings
EXPOSMART (SCHWEIZ): Zug Court Starts Bankruptcy Proceedings
GEMA LANDMASCHINEN: Creditors' Liquidation Claims Due by Mar. 4
GISLER JSC: Creditors' Liquidation Claims Due by Mar. 4

IMPEX PHARMA: Creditors' Liquidation Claims Due by Feb. 28
INTAG IMMOBILIEN: Creditors' Liquidation Claims Due by Feb. 29
LS GASTRO: Lucerne Court Starts Bankruptcy Proceedings
MAYSOFT JSC: Creditors' Liquidation Claims Due by Feb. 29
PSL GROUP: Creditors' Liquidation Claims Due by Feb. 29

RHEINTAL AMPREIS: Zug Court Starts Bankruptcy Proceedings
TEBARO LLC: Creditors' Liquidation Claims Due by Mar. 4
TRIMUNA JSC: Creditors' Liquidation Claims Due by Feb. 29


U K R A I N E

GRADING LLC: Creditors Must File Claims by March 6
KRASNOARMEYSK COMBINE: Creditors Must File Claims by March 7
MASTER-CLASS LLC: Creditors Must File Claims by March 6
PODOLYE LLC: Proofs of Claim Filing Deadline Set March 7
SOKOL AGRICULTURAL: Proofs of Claim Filing Deadline Set March 7

SPECIAL BUILDING: Proofs of Claim Filing Deadline Set March 7
SPHERE LLC: Creditors Must File Claims by March 7
TAVRIYA TRANSPORT: Creditors Must File Claims by March 6
VOSKHOD LLC: Proofs of Claim Filing Deadline Set March 7


U N I T E D   K I N G D O M

BAA LTD: Stephen Nelson Quitting as Chief Executive Officer
CHRYSLER LLC: Streamlines Production; Won't Sell Car Clones
CLEAR CHANNEL: Wachovia's Case May Derail Amended TV Sale Deal
COLT TELECOM: Posts Net Profit of EUR39.2 Million for Year 2007
DOUBLEMARK DUNDEE: Claims Filing Period Ends March 31

DOUBLEMARK LTD: David Elliott Leads Liquidation Procedure
FLAMETECT FABRICS: Brings In Administrators from Tenon Recovery
FORD MOTOR: Nudges Woodhaven Workers to Accept Buyout Options
GENERAL MOTORS: In Talks with BMW on Possible Tie-Up
GENERAL MOTORS: Supplier Workers Strike Unmoved on Assembly

GENERAL MOTORS: Fitch Holds IDR at 'B' with Negative Outlook
GETTY IMAGES: US$2.4MM Hellman Deal Cues Moody's Rating Review
GETTY IMAGES: S&P Cuts Rating on US$2.4B Hellman & Friedman Deal
HERBERT ROBERTS: Brings In Liquidators from Tenon Recovery
INTERNATIONAL DIAMALT: Appoints Joint Administrators from KPMG

MAXJET AIRWAYS: Files Schedules of Assets and Liabilities
METRONET RAIL: Moody's Revises Outlook on Ratings to Positive
MORGAN-GRUNFELD LTD: Calls In Liquidators from BDO Stoy Hayward
NORTHERN ROCK: Branson Says Virgin's Rescue Plan Saves More Jobs
PETROLEOS DE VENEZUELA: Receivables Increases to US$310 Mil.

PETROLEOS DE VENEZUELA: Offers to Withdraw Stake in Chalmette
RUSSELLS RESTAURANTS: Taps Administrators from Tenon Recovery
SELECT RETAIL: 800 Employees Likely to Face Job Cuts

* Upcoming Meetings, Conferences and Seminars


                            *********


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

SADOVNIK KEG: Claims Registration Period Ends March 10
------------------------------------------------------
Creditors owed money by KEG Sadovnik (FN 146905m) have until
March 10, 2008, to file written proofs of claim to court-
appointed estate administrator Friedrich Filzmaier at:

          Mag. Friedrich Filzmaier
          Herrengasse 22/2
          8010 Graz
          Austria
          Tel: 0316/820202
          Fax: 0316/820202-20
          E-mail: filzmaier@mekf.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:35 p.m. on March 27, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 230
          Hall L
          Graz
          Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Feb. 5, 2008 (Bankr. Case No. 25 S 10/08w).  


SCHIKRAD LLC: Claims Registration Period Ends March 17
------------------------------------------------------
Creditors owed money by LLC Schikrad (FN 81467f) have until
March 17, 2008, to file written proofs of claim to court-
appointed estate administrator Johannes Jaksch at:

          Dr. Johannes Jaksch
          Landstrasser Hauptstrasse 1/2
          1030 Vienna
          Austria
          Tel: 713 44 33, 713 34 05
          Fax: 713 10 33
          E-mail: kanzlei@jsr.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on March 17, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 6, 2008 (Bankr. Case No. 38 S 9/08p).  


SCHUTZGITTER VERTRIEB: Claims Registration Period Ends March 10
---------------------------------------------------------------
Creditors owed money by LLC Schutzgitter Vertrieb (FN 30931m)
have until March 10, 2008, to file written proofs of claim to
court-appointed estate administrator Michael Troethandl at:

          Dr. Michael Troethandl
          Hauptplatz 9-13
          2500 Baden bei Wien
          Austria
          Tel: 02252/86580
          Fax: 02252/86580-3
          E-mail: troethandl@lexacta.com    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 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 Ebreichsdorf, Austria, the Debtor declared
bankruptcy on Feb. 5, 2008 (Bankr. Case No. 10 S 14/08z).  


ZMS BAU: Claims Registration Period Ends March 10
-------------------------------------------------
Creditors owed money by LLC ZMS Bau (FN 242721v) have until
March 10, 2008, to file written proofs of claim to court-
appointed estate administrator Helmut Caks at:

          Mag. Helmut Caks
          Friedrichgasse 6/I/8
          8010 Graz
          Austria
          Tel: 0316/811455
          Fax: 0316/811455-14
          E-mail: caks@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:50 p.m. on March 27, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Romm 230
          Hall L
          Graz
          Austria

Headquartered in Feldkirchen, Austria, the Debtor declared
bankruptcy on Feb. 5, 2008 (Bankr. Case No. 25 S 11/08t).  


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


CHIQUITA BRANDS: S&P Junks Rating on US$200 Million Senior Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC' senior
unsecured rating to Chiquita Brands International Inc.'s US$200
million convertible senior notes due 2016.  Net proceeds from
the issuance were used to repay a portion of the US$375 million
term loan C (US$132 million outstanding at Dec. 31, 2007, pro
forma for this notes offering) of its senior secured credit
facility.  About US$820 million of debt was outstanding at Dec.
31, 2007.
   
The ratings on Cincinnati, Ohio-based Chiquita reflect the
company's high debt leverage, weak credit measures, and its
product concentration in bananas and packaged salad.  The
company competes in the fruit and vegetable industry, which is
mature and faces uncontrollable factors such as global supply,
world trade policies, political risk, currency swings, weather,
and disease.

                           Ratings List

                Chiquita Brands International Inc.

    Corporate Credit Rating           B-/Negative/--

                          Rating Assigned

                Chiquita Brands International Inc.

    US$200 Million 4.25%
     Convertible Notes Due 2016       CCC


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


ALCATEL-LUCENT SA: Inks Major Network Deal with Brasil Telecom
--------------------------------------------------------------
Alcatel-Lucent S.A. has signed a major contract with Brasil
Telecomto provide Operations and Maintenance services for the
carrier internal plant (including wireless, wireline and data
networks), as well as their outside plant.

This project reinforces the strategic partnership between Brasil
Telecom and Alcatel-Lucent, and solidifies the company’s
leadership in providing operations and maintenance services for
fixed, mobile and data networks in Brazil.

This contract represents a milestone in Latin America as no
other company in the region is responsible for the whole
infrastructure of an operator. Brasil Telecom is pioneering this
field by selecting an experienced and capable supplier as its
partner to simplify and expand its business.

Based on the agreement Alcatel-Lucent will take care of 100% of
Brasil Telecom infrastructure, including:

    * detailed O&M for the operator’s wireless network (voice,
      data and core);

    * switches and transmission (for fixed land line);

    * data communications and ADSL (core and access);

    * satellite platform;

    * infrastructure (building, AC/DC energy, air conditioning,
      towers and poles);

    * network management systems; and

    * technical support for all levels.

"This is the biggest contract signed by Brasil Telecom in the
last few years and we look forward to an exceptionally close
working relationship with Alcatel-Lucent as we strive to bring
out customers the most reliable and highest quality
communications services available," said Francisco Santiago,
Brasil Telecom Operations Vice-President. "Alcatel-Lucent will
take care of the whole operation and maintenance of our fixed-
line and wireless telephony infrastructure and we trust their
capacity for that. For us it’s a new way of working, creating a
package of services that spans maintenance, engineering,
installation and operations to attain OPEX and CAPEX reduction."

This new contract demonstrates the breadth and depth of Alcatel-
Lucent services portfolio, as it encompasses network consulting
and planning, network operations, optimization and maintenance.
Alcatel-Lucent is the main equipment and solution supplier for
Brasil Telecom and has also provided O&M services for the
operator since 2002.

Alcatel-Lucent plans to create a centralized technical
management center, implement process and organizational
improvements between outside plant and internal infrastructure,
and improve productivity at central management center level
through application of workforce management, improving existing
OSS (Operation System Support) tools to better apply fault
correlation and automatic dispatching.

"This network services contract with Brasil Telecom builds upon
our long-term relationship with them, which is built on trust,
confidence and a spirit of partnership. Their decision to have a
single partner responsible for the operation and maintenance of
their network is quite visionary and is a pioneering strategy by
the operator, both in Brazil and the region," said Victor
Agnellini, President of Alcatel-Lucent’s activities in the
Caribbean and Latin America region. "We are committed on
delivering the best services and an excellent experience for
Brasil Telecom and its customers by ensuring the reliability and
quality of the carrier’s entire infrastructure.  And we look
forward to welcoming the talented employees from Brasil Telecom
who will be joining Alcatel-Lucent to ensure we can leverage
their expertise to maintain the high quality of the service
Brasil Telecom provides."

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                          *     *     *

As reported in the TCR-Europe Nov. 9, 2007, Moody's Investors
Service downgraded to Ba3 from Ba2 the Corporate Family Rating
of Alcatel-Lucent.  The ratings for senior debt of the group
were equally lowered to Ba3 from Ba2 and the trust preferred
notes of Lucent Technologies Capital Trust I have been
downgraded to B2 from B1.  At the same time, Moody's affirmed
its Not-Prime rating for short-term debt of Alcatel-Lucent.
Moody's said the outlook for the ratings is stable.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


AKERYS HOLDINGS: Weak Results Prompt S&P's Negative Watch
---------------------------------------------------------
Standard & Poor's Rating Services placed the 'BB' credit rating
on France-based homebuilder Akerys Holdings S.A. on CreditWatch
with negative implications.  Accordingly, Standard & Poor's also
placed the 'BB-' rating on Akerys' EUR300 million floating-rate
notes due 2014 on CreditWatch with negative implications.

"The CreditWatch placement follows the company's announcement
today of weaker-than-expected half-year results, as well as a
downward revision in its operating profit guidance for the
fiscal year ending June 30, 2008," said Standard & Poor's credit
analyst Pierre Georges.

Mr. Georges added, "This poorer performance reflects a weakening
operating margin in the company's real estate development
division and more challenging housing market conditions in
France (the only market in which Akerys operates).  This could
result in a lower assessment of the company's business profile
and credit ratios, which might no longer be in line with our
expectations for a 'BB' rating."

In resolving the CreditWatch, Standard & Poor's will have
further discussions with management regarding Akerys' future
operating performance and potential actions that could be
implemented to improve operations and restore
financial ratios; focus on the detailed accounts that should be
released tomorrow; and review the company's financial
flexibility.

The rating continues to reflect the company's aggressive
financial profile and lack of geographic diversity, as well as
the property development industry's cyclicality, working-
capital-intensity, low barriers to entry, and highly fragmented
nature.  These negative factors are partly mitigated by Akerys'
good cost management and prudent risk policies and the added
benefits derived from providing ancillary financial services.


DOLE FOOD: Moody's Corp. Cuts Rating to 'B3' on Weak Performance
----------------------------------------------------------------
Moody's Investors Service lowered Dole Food Company, Inc.'s
corporate family rating and probability of default ratings to B3
from B2, and downgraded the ratings of the company's unsecured
shelf filings. Dole's other debt ratings were confirmed.  The
rating outlook is stable.

                        Ratings Lowered

                    Dole Food Company, Inc.

-- Corporate family rating to B3 from B2

-- Probability of default rating to B3 from B2

-- Senior unsecured shelf, senior subordinated shelf and junior
    subordinated shelf to (P)Caa2 (LGD6,97%) from (P)Caa1
    (LGD6,97%)

                       Ratings Confirmed

                    Dole Food Company, Inc.

-- Senior secured term loan B at Ba3 (LGD2,23%)

-- Senior secured prefunded letter of credit facility at Ba3
    (LGD2,23%)

                        Solvest. Ltd.

-- Senior secured term loan C at Ba3 (LGD2,23%)

-- Senior secured prefunded letter of credit facility at Ba3
    (LGD2,23%)

           Ratings confirmed, LGD percentage adjusted

                   Dole Food Company, Inc.

-- Senior unsecured notes at Caa1 (LGD5). LGD percentage to 77%
    from 78%

"The downgrade in the corporate family rating and probability of
default rating reflects Dole's weaker than anticipated operating
performance in its fresh vegetable segment, margin pressure in
packaged foods, and the lack of success in turning around its
small flowers business", noted Elaine Francolino, Vice
President, Senior Credit Officer.  As a result, Dole's credit
metrics are weaker than those appropriate for its prior rating
level -- debt to EBITDA at October 6, 2007 was still high at 8.2
times, and unlikely to improve in the near term to the 7.5 times
threshold articulated in Moody's January 2007 credit opinion as
appropriate for the company's prior (B2) rating level.  Free
cash flow has been negative since the end of fiscal 2004,
stemming from low profitability.

The shelf instruments that were also downgraded are assumed to
be unguaranteed in the loss-given-default model, and
consequently have a low priority ranking in the liabilities
waterfall.  The ratings of these instruments were negatively
impacted by the higher level of accounts payable, perhaps
resulting from rising input prices and from company growth.

Headquartered in Westlake Village, California, Dole Food
Company, Inc. is the world's largest producer of fresh fruit,
fresh vegetables and fresh-cut flowers.  The company also sells
value-added fruits and vegetables.  Sales for the twelve months
ended Oct. 2, 2007 exceeded US$6.7 billion.

The company's European Ripening & Distribution business
distributes DOLE and non-DOLE branded fresh produce in Europe.
This business operates 37 sales and distribution centers in
eleven countries, predominantly in Western Europe.  European
Ripening and Distribution accounted for approximately 38% of our
fresh fruit business segment’s revenues in 2006.

The company maintains its European headquarters in Paris, France
and regional offices in Antwerp, Belgium, Athens, Greece,
Hamburg, Germany, Milan, Italy, Stockholm, Sweden and Cape Town,
South Africa, which are leased from third parties.  The company
also has offices in Madrid, Spain, Rungis, France, Lubeck,
Germany and Dartford, England.


PRIDE INTERNATIONAL: Closes Sale of Three Rigs for US$213 Mil.
--------------------------------------------------------------
Pride International Inc. has completed the previously announced
sale of its three self-erecting, tender-assist rigs, the Al
Baraka I, Alligator and Barracuda, for US$213 million in cash.

Proceeds from the sale are expected to be utilized for general
corporate and strategic purposes, including potential funding
for the construction of the company's three ultra-deepwater
drillships and other future growth opportunities.

                  About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                        *     *     *

Pride International Inc. carries Standard & Poor's Ratings
Service's BB+ corporate credit and unsecured debt ratings with a
stable outlook.


PRIDE INTERNATIONAL: Names David Hager to Board of Directors
------------------------------------------------------------
Pride International Inc. has appointed David A. Hager to the
company's board of directors, effective immediately.

Over the past 29 years, Mr. Hager has served in numerous senior
management positions in the oil and gas industry, most recently
as the chief operating officer for Kerr-McGee Corporation until
his retirement in August 2006 following the merger of Kerr-McGee
with Anadarko Petroleum Corporation.

Mr. Hager began his career in the oil and gas industry in 1979
as an exploration geophysicist with Mobil Corporation and in
1981, he joined Sun Oil Company (predecessor of Oryx Energy
Company).  Mr. Hager joined Kerr-McGee as vice president of Gulf
of Mexico operations following the company's merger with
Oryx in 1999, became vice president of international operations
in April 2000 and was named vice president of worldwide
deepwater exploration and production in October 2000.  Mr. Hager
became vice president of Gulf of Mexico and worldwide deepwater
exploration and production in 2001, was named vice president of
exploration and production in 2002 and became senior vice
president (oil and gas exploration and production) in March
2003.  He was named chief operating officer of Kerr-McGee in
July 2005.

Mr. Hager currently serves as a director of Devon Energy
Corporation.

In addition, the company announced that David B. Robson will
retire from the Pride International board of directors effective
on the date of the company's 2008 Annual Meeting of
Stockholders.  Mr. Robson's service dates back to May 1998, when
he joined the board of directors of Marine Drilling Companies,
Inc.  He has served on the Pride International board since the
company's merger with Marine Drilling in September 2001.

Louis A. Raspino, President and Chief Executive Officer of Pride
International, Inc., stated, "On behalf of the board of
directors, stockholders and employees of Pride, I would like to
sincerely thank Dave for his dedicated service on the board.  We
wish Dave all the best in his retirement."

                  About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                        *     *     *

Pride International Inc. carries Standard & Poor's Ratings
Service's BB+ corporate credit and unsecured debt ratings with a
stable outlook.


SPANSION INC: Fitch Holds Issuer Default Rating at B-
-----------------------------------------------------
Fitch Ratings has affirmed Spansion Inc.'s (Nasdaq: SPSN) Issuer
Default Rating (IDR) at 'B-' while downgrading these issue-level
ratings due to lower recovery prospects:

    -- US$175 million senior secured revolving credit facility
       due 2010 to 'B/RR3' from 'B+/RR2';

    -- US$625 million senior secured floating rating notes due
       2013 to 'B/RR3' from 'B+/RR2';

    -- US$225 million of 11.25% senior unsecured notes due 2016
       to 'CCC/RR6' from 'CCC+/RR5'; and

    -- US$207 million of 2.25% convertible senior subordinated
       debentures due 2016 to 'CCC-/RR6' from 'CCC/RR6'.

The Rating Outlook remains Negative. Approximately US$1.2
billion of debt is affected.

The Negative Outlook mainly reflects Fitch's expectations that:

     * the company's financial flexibility and liquidity
       position will remain relatively weak;

     * Spansion's free cash flow will be negative again in 2008,
       despite the anticipation of significantly lower capital
       spending, further pressuring the company's liquidity
       position or resulting in higher debt levels; and

     * ongoing industry-wide excess capacity, which continues to
       pressure average selling prices in all but the highest
       bit-density products and should constrain the company's
       ability to meaningfully expand gross margins and,
       therefore, achieve operating profitability over the near-
       term.

Ratings concerns mainly center on:

     * substantial ongoing capital spending and research and
       development requirements, which should exceed 30% of
       sales in 2008, (at the higher end for the industry),
       while recognizing that Spansion's capital spending has
       been accelerated to support solid unit growth prospects
       and gain a sustainable cost leadership position;

     * Spansion's current lack of diversification beyond NOR
       flash memory markets (although emerging products are
       expected to address certain NAND and DRAM markets), which
       Fitch believes limits the company's tolerance for
       shortfalls in the commercial success of its technology
       roadmap or delays in transitioning to ever smaller
       circuitry nodes.  Fitch notes that Spansion's key
       competitors have stronger financial flexibility, enabling
       them to withstand a challenging operating environment
       over the intermediate-term.

The ratings are supported by Fitch's expectations that:

    * Spansion will continue to outgrow the NOR flash memory
       market over the next few years, driven by ongoing
       industry consolidation, including an opportunity to
       become a second source supplier for customers of Intel
       Corp. and STMicroelectronics N.V., which are forming a
       NOR flash memory joint venture (JV) currently expected to
       close March 28, 2008;

     * beyond the near-term, Spansion's significant recent
       investments in leading edge manufacturing technology and
       ongoing transition to smaller circuit geometries, as well
       as development of foundry partnerships, should enable the
       company to achieves sustainable operating profitability
       through a normalized cycle;

     * Spansion's technology roadmap, including its MirrorBit
       and ORNAND architectures, will expand the company's
       addressable market beyond NOR flash memory, potentially
       strengthening Spansion's longer-term unit growth and
       profitability prospects.

The Recovery Ratings and notching reflect Fitch's expectation
that Spansion's enterprise value, and hence recovery rates for
its creditors, will be maximized as a going concern rather than
as in liquidation under a distressed scenario.  The lower
recovery ratings incorporate Spansion's meaningful decline in
operating EBITDA and increased debt levels over the past several
quarters, as well as a greater proportion of secured debt within
the capital structure.  Fitch's analysis assumes Spansion is not
restricted by covenants or borrowing bases to fully draw down on
its existing bank credit facilities.

Given the erosion of Spansion's profitability to nearly
distressed levels over the past several quarters, Fitch has
reduced the discount to operating EBITDA (in estimating
distressed operating EBITDA) for 2007 to 25% from the previous
discount of 55%.  Fitch believes of USUS$800 million of rated
senior secured debt, including US$625 million of senior secured
floating rate notes and a fully drawn US$175 million U.S.
revolving bank credit facility, would recover 51%-70% in a
reorganization scenario, resulting in a 'RR3' recovery rating.  

A waterfall analysis provides 0%-10% recovery for the
approximately US$225 million of rated senior unsecured debt and
US$207 million of senior subordinated notes, both resulting in a
recovery rating of 'RR6'.

As of Dec. 31, 2007, Fitch believes Spansion's liquidity was
weak but sufficient to meet Fitch's anticipated near-term short-
fall in free cash flow and supported by: approximately US$416
million of cash and cash equivalents and ii) approximately
US$236 million in total availability under various existing
credit facilities (subject to certain borrowing base
limitations), including Spansion's undrawn US$175 million senior
secured U.S. revolving credit facility expiring 2010.  A portion
of Spansion's additional availability is related to credit
facilities at the company's wholly-owned subsidiary, Spansion
Japan.

Total debt as of Dec. 31, 2007 was US$1.4 billion and consisted
primarily of: i) approximately US$260 million outstanding under
a JPY 48.8 billion (approximately US$400 million as of Dec. 31,
2007) Spansion Japan's, a wholly-owned subsidiary of Spansion
Inc., senior secured credit facility expiring 2012; ii)
approximately US$625 million of floating rate senior secured
notes due 2013; iii) approximately US$225 million of 11.25%
senior unsecured notes due 2016; iv) US$207 million of 2.25%
exchangeable senior subordinated debentures due 2016; and iv)
approximately US$80 million of other debt, including capital
leases.

                    About Spansion Inc.

Headquartered in Sunnyvale, California, Spansion Inc. (NASDAQ:
SPSN) -- http://www.spansion.com/-- designs, develops,
manufactures, markets and sells flash memory solutions for
wireless, automotive, networking and consumer electronics
applications.

The company has European operations in France, Asia-Pacific
facilities in Japan, China, Malaysia and Thailand, as well as
sales offices in Latin American countries including Brazil and
Mexico.


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


DIENSTLEISTUNGS GMBH: Claims Registration Period Ends March 20
--------------------------------------------------------------
Creditors of Dienstleistungs-GmbH Dortmund have until
March 20, 2008, to register their claims with court-appointed
insolvency manager Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Gerichtsplatz 22
         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:

         Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

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

The Debtor can be reached at:

         Dienstleistungs-GmbH Dortmund
         Uhlandstrasse 165
         44147 Dortmund
         Germany

         Attn: Dora Schoebel, Manager
         Groppenbrucher Strasse 83
         44359 Dortmund
         Germany


ENTER.TV GMBH: Claims Registration Period Ends March 20
-------------------------------------------------------
Creditors of enter.tv GmbH have until March 20, 2008, to
register their claims with court-appointed insolvency manager
Stefan Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Stefan Denkhaus
         Jungfernstieg 30
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         enter.tv GmbH
         Alter Wandrahm 15
         20457 Hamburg
         Germany


ETTEPLAN ENGINEERING: Claims Registration Period Ends March 20
--------------------------------------------------------------
Creditors of Etteplan Engineering GmbH have until March 20,
2008, to register their claims with court-appointed insolvency
manager Frank Imberger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on April 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Frank Imberger
         Huestrasse 34
         44787 Bochum
         Germany

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

The Debtor can be reached at:

          Etteplan Engineering GmbH
          Wittenerstr. 2
          44789 Bochum
          Germany


FABA TRANSPORTGERATE: Claims Registration Period Ends March 20
--------------------------------------------------------------
Creditors of FABA Transportgerate GmbH & Co. KG have until
March 20, 2008, to register their claims with court-appointed
insolvency manager Thomas Georg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on April 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Thomas Georg
         Juelicher Strasse 116
         52070 Aachen
         Germany
         Tel: 0241/94618-0
         Fax: 0241/533562

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

The Debtor can be reached at:

          FABA Transportgerate GmbH & Co. KG
          Attn: Franz Dieter Wirtz, Manager
          Hamm-Muehle 1-5
          52222 Stolberg
          Germany


FERRINOX METALLBAU: Claims Registration Period Ends March 21
------------------------------------------------------------
Creditors of Ferrinox Metallbau GmbH have until March 21, 2008,
to register their claims with court-appointed insolvency manager
Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 16
         Kaiserstrasse 60
         31134 Hildesheim
         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:

         Helge Wachsmuth
         Alexanderstr. 2
         30159 Hannover
         Germany  
         Tel: 0511/325095
         Fax: 0511/329934

The District Court of Hildesheim opened bankruptcy proceedings
against Ferrinox Metallbau GmbH on Feb. 12, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Ferrinox Metallbau GmbH
         Am Bahnhof 4
         31061 Alfeld
         Germany

         Attn: Gabriele Foersterling, Manager
         Mittelstr. 3
         31061 Alfeld
         Germany


GLADSTONE MEDIASERVICE: Claims Registration Period Ends March 20
----------------------------------------------------------------
Creditors of Gladstone Mediaservice GmbH have until March 20,
2008, to register their claims with court-appointed insolvency
manager Moritz Hansberg.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Moritz Hansberg
         Huestrasse 34
         44787 Bochum
         Germany

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

The Debtor can be reached at:

         gladstone mediaservice GmbH
         Berlinerstr. 88
         44867 Bochum
         Germany


GO SPORTS: Claims Registration Period Ends March 20
---------------------------------------------------
Creditors of Go Sports Management Promotion GmbH have until
March 20, 2008, to register their claims with court-appointed
insolvency manager Thomas Schaefer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 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:

         Thomas Schaefer
         Fuggerstr. 16
         86150 Augsburg
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against Go Sports Management Promotion GmbH on Feb. 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Go Sports Management Promotion GmbH
         c/o Martin Schueler
         Am Hasenberg 9
         86482 Aystetten
         Germany


GUSTAV LANGE: Claims Registration Period Ends March 20
------------------------------------------------------
Creditors of Gustav Lange GmbH + Co. KG have until March 20,
2008, to register their claims with court-appointed insolvency
manager Dr. Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Gustav Lange GmbH + Co. KG on Feb.1 , 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Gustav Lange GmbH + Co. KG
          Kaiserstr. 117
          42477 Radevormwald
          Germany


HENNEN ROHRLEITUNGSBAU: Claims Registration Ends March 24
---------------------------------------------------------
Creditors of Hennen Rohrleitungsbau GmbH have until March 24,
2008 to register their claims with court-appointed insolvency
manager Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 24, 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 Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Str. 101
         50939 Cologne
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Jana Dettmer
         Weyerstrasse 54
         50676 Cologne
         Germany

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

The Debtor can be reached at:

         Hennen Rohrleitungsbau GmbH
         Attn: Peter Jakob Hennen, Manager
         Firmenichstr. 8
         50354 Huerth
         Germany


HKF PLANEN: Claims Registration Ends March 24
---------------------------------------------
Creditors of HKF Planen + Bauen GmbH have until March 24, 2008
to register their claims with court-appointed insolvency manager
Dr. Stefanie Kuche.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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. Stefanie Kuche
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

The District Court of Hannover opened bankruptcy proceedings
against HKF Planen + Bauen GmbH on February 6, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HKF Planen + Bauen GmbH
         Attn: Stephan Stracke, Manager
         Brabeckstrasse 112
         30539 Hannover
         Germany


IZLO GMBH: Claims Registration Period Ends March 24
---------------------------------------------------
Creditors of izlo GmbH have until March 24, 2008, to register
their claims with court-appointed insolvency manager Frank M.
Welsch.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Frank M. Welsch
         Barkeystrasse 30
         33330 Guetersloh
         Germany

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

The Debtor can be reached at:

         izlo GmbH
         Attn: Sueleyman Oezcelik, Manager
         Maximilian-Ulrich-Str. 21
         33397 Rietberg
         Germany


LICH BVF: TA Triumph-Adler Can Purchase Assets
----------------------------------------------
TA Triumph-Adler AG has been granted to purchase the essential
assets of Rabenau, Germany-based Lich BVF GmbH from the
insolvency administrator of the company which had filed for an
insolvency proceeding as of November 20, 2007.   This was now
resolved by the committee of creditors.  The deciding factor was
the concept presented by TA Triumph-Adler how to restructure the
Lich operations in order to return them to profitability at
short notice.  The details of the purchase will be laid down in
a purchasing contract.

Lich is a specialist dealer active in the field of office
communication (document business).  The company generated around
EUR7 million of revenue in 2007 and manages over 3.500 machines
as part of long-term agreements.  The major part of its
operations will be continued in the framework of a separate
company within the TA Triumph-Adler Group.  TA Triumph-Adler
expects to markedly increase the sales revenue of the new
company over the next years and lift operating margins to levels
customary within the Group.

Consent has been reached with the insolvency administrator that
TA Triumph-Adler will also purchase the customer base of
Eberhard Lich Gmbh & Co. KG, also located in Rabenau.  This
agreement is still subject to the consent of the committee of
creditors.  The company is also under insolvency administration.
It operates in the office equipment and stationery segment.
Lich and Eberhard have common shareholders.


LOKALE NETZWERKE: Claims Registration Ends March 22
---------------------------------------------------
Creditors of Lokale Netzwerke Steinke GmbH & Co. KG have until
March 22, 2008 to register their claims with court-appointed
insolvency manager Manfred Gottschalk.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Meeting Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Manfred Gottschalk
         Kirchender Dorfweg 14
         58313 Herdecke
         Germany

The District Court of Bochum opened bankruptcy proceedings
against Lokale Netzwerke Steinke GmbH & Co. KG on Jan. 30, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Lokale Netzwerke Steinke GmbH & Co. KG
         Attn: Hartmut Steinke, Manager
         Konrad-Zuse-Str. 4
         44801 Bochum
         Germany


PAPIERFABRIK GRAFENDORF: Claims Registration Ends March 20
----------------------------------------------------------
Creditors of Papierfabrik Grafendorf Pawlowsky GmbH 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 9:30 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
          Hall 14/II
          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: 0931/359800

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

The Debtor can be reached at:

          Papierfabrik Grafendorf Pawlowsky GmbH
          Attn: Walter Pawlowsky, Manager
          Schondratal 42
          97782 Grafendorf
          Germany


PHOTRONICS INC: Moody's Holds Ratings But Says Outlook is Neg.
--------------------------------------------------------------
Moody's Investors Service affirmed Photronics, Inc.'s B1
corporate family rating, but revised its ratings outlook to
negative from stable.  The outlook revision reflects Moody's
concern over Photronics' liquidity given the pending maturity of
the $150 million convertible subordinated notes on April 15,
2008.

Although the company should have the capacity to redeem these
notes, the commensurate reduction in cash and increase in
revolving credit facility borrowings will likely pressure
covenant compliance and diminish the company's financial
flexibility at a time when access to new capital is uncertain.

The outlook revision also reflects weaker than expected
operating performance relative to Moody's expectations.  The
company has experienced significant margin erosion due to
average selling price declines as well as an increased
manufacturing base.  Moody's notes that high capital spending
levels for the U.S. nanofab facility in Boise will likely result
in negative free cash flow for the current fiscal year.  The
rating is supported by the potential for improved operating
performance in the remainder of fiscal 2008, the relative
stability of business volumes, and the company's moderate
leverage with debt-to-EBITDA at 2.5 times for the twelve months
ended January 27, 2008; however, Moody's recognizes that a
material portion of the company's earnings and cash flows are
derived from overseas.

These ratings were affirmed:

    -- Corporate Family Rating at B1;

    -- Probability of Default Rating at B1;

    -- $150 million 2.25% convertible subordinated notes due
       2008 at B3 (LGD5, 83%). Point estimate revised from
       (LGD5, 86%).

To the extent Photronics' redeems the full amount of the
convertible subordinated notes, Moody's will withdraw the
company's ratings.

Brookfield, CT-based Photronics, Inc. is a leading manufacturer
of photomasks, which are high precision photographic quartz
plates containing microscopic images of electronic circuits used
to transfer circuit patterns onto semiconductor wafers and flat
panel substrates during front-end fabrication.  Sales for the
twelve months ended January 27, 2008 were $419 million.

In Europe, the company maintains operations in Dresden, Germany
and Manchester, U.K.


PLANTAGE SYSTEMGASTRONOMIE: Claims Registration Ends March 20
-------------------------------------------------------------
Creditors of Plantage Systemgastronomie GmbH & Co. KG have until
March 20, 2008, to register their claims with court-appointed
insolvency manager Christian Plail.

Creditors and other interested parties are encouraged to attend
the meeting at 2:05 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 Noerdlingen
          Meeting Hall F/I
          Kaisheimer House
          Tandelmarkt 5
          Noerdlingen
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Christian Plail
          Eserwallstrasse 1-3
          86150 Augsburg
          Germany
          Tel: 0821/509330
          Fax: 0821/5093333

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

The Debtor can be reached at:

          Plantage Systemgastronomie GmbH & Co. KG
          Attn: Thomas Hitzler, Manager
          Windtschmidtstrasse 9
          89423 Gundelfingen
          Germany


PRODOMO EINRICHTUNGEN: Claims Registration Period Ends March 20
---------------------------------------------------------------
Creditors of PRODOMO Einrichtungen GmbH have until March 20,
2008, to register their claims with court-appointed insolvency
manager Paul Wieschemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Kaiserslautern
          Hall 11
          Bahnhofstr. 24
          67655 Kaiserslautern
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

          PRODOMO Einrichtungen GmbH
          Attn: Markus Hofmann, Manager
          Osterstr. 7
          67655 Kaiserslautern
          Germany


ROHRBAU-MAISEL GMBH: Claims Registration Period Ends March 14
-------------------------------------------------------------
Creditors of Rohrbau-Maisel GmbH have until March 14, 2008, to
register their claims with court-appointed insolvency manager
Thomas Krafft.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Cottbus
         Hall 220
         platz 2
         Cottbus
         Germany

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

The insolvency manager can be reached at:

         Thomas Krafft
         Jager-allee 37 H
         14469 Potsdam
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against Rohrbau-Maisel GmbH on Feb. 11, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Rohrbau-Maisel GmbH
         Wil-helm-Pieck-Strasse 18
         04916 Schoenewalde
         Germany


SIAN BAU: Claims Registration Period Ends March 20
--------------------------------------------------
Creditors of SiAn Bau GmbH & Co KG have until March 20, 2008, to
register their claims with court-appointed insolvency manager
Romy Metzger.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 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 Erfurt
          Hall 12
          Judicial Center
          Rudolfstr. 46
          99092 Erfurt
          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. Romy Metzger
          Steigerstr. 30
          99096 Erfurt
          Germany

The District Court of Erfurt opened bankruptcy proceedings
against SiAn Bau GmbH & Co KG on Jan. 18, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          SiAn Bau GmbH & Co KG
          Attn: Thomas Siegel, Manager
          Hirtenberg 23
          98716 Geraberg
          Germany


SKIN CARE: Claims Registration Period Ends March 20
---------------------------------------------------
Creditors of Skin Care Professional Beauty GmbH have until
March 20, 2008, to register their claims with court-appointed
insolvency manager Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 8:35 a.m. on April 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Nordhorn
          Hall 42
          Seilerbahn 15
          48529 Nordhorn
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Nordhorn opened bankruptcy proceedings
against Skin Care Professional Beauty GmbH on Jan. 24, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Skin Care Professional Beauty GmbH
          Lindenallee 54
          48527 Nordhorn
          Germany


SPEICHER AM FISCHMARKT: Claims Registration Period Ends March 20
----------------------------------------------------------------
Creditors of Speicher am Fischmarkt GmbH have until March 20,
2008, to register their claims with court-appointed insolvency
manager Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Hamburg
          Hall B 405
          Fourth Floor Annex
          Civil Justice Bldg.
          Sievkingplatz 1
          20355 Hamburg
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Olaf Buechler
          Herrengraben 3
          20459 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against Speicher am Fischmarkt GmbH on Jan. 29, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Speicher am Fischmarkt GmbH
          Attn: Dieter Luebke, Manager
          Baurstrasse 2
          22605 Hamburg
          Germany


TELEBROKERS GMBH: Claims Registration Period Ends March 18
----------------------------------------------------------
Creditors of TELEBROKERS GmbH have until March 18, 2008, to
register their claims with court-appointed insolvency manager
Thomas Gerstenberger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Leipzig
         Hall 145
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Thomas Gerstenberger
         Wittgensdorfer Strasse 153a
         09114 Chemnitz
         Germany  

The District Court of Leipzig opened bankruptcy proceedings
against TELEBROKERS GmbH on Feb. 12, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         TELEBROKERS GmbH
         Karl-Liebknecht-Strasse 61
         04275 Leipzig
         Germany


VISTEON CORP: Steven Hamp to Rejoin Board of Directors
------------------------------------------------------
The board of directors of Visteon Corporation elected Steven K.
Hamp to rejoin the board, effective March 1, 2008.  Mr. Hamp
previously served on Visteon's board from January 2001 to
November 2005.

Mr. Hamp, 59, has been the principal of Hamp Advisors LLC, a
strategy consulting firm, since March 2007.  Before that, he was
vice president and chief of staff at Ford Motor Co., a position
he held from November 2005 to October 2006.  Prior to joining
Ford, Hamp served as president of The Henry Ford, a non-profit
organization sponsoring historic exhibits.  He is also a
director of McKinley Corporation, a private real estate
investment company located in Ann Arbor, Michigan.

"Steve has keen knowledge of Visteon and our business
environment, and we are pleased that the company again will
benefit from his insight and leadership," Michael F. Johnston,
Visteon chairman and chief executive officer, said.

Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC)
-- http://www.visteon.com/-- is a global automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company's other
corporate offices are in Shanghai, China; and Kerpen, Germany.
The company has facilities in 26 countries and employs
approximately 43,000 people.

                          *     *     *

Moody's Investor Service placed Visteon Corp.'s long term
corporate family and probability of default ratings at 'B3' in
November 2006.  The ratings still hold to date with a negative
outlook.


WESTLB AG: Proposed Helaba Merger Faces Setback
-----------------------------------------------
Landesbank Hessen-Thueringen's owners (Helaba) may not push
through concrete merger talks with WestLB AG's owners after
deliberating on the risks and opportunities, the Financial Times
reports, quoting Alois Riehl, economy minister of Hesse.

The municipal savings bank of Hesse and Thuringia, Helaba's
majority owners, will meet today, February 28, 2008, to discuss
the proposed merger, which FT says will prop up WestLB's shaky
business model.

According to AFX News, citing Thomson Financial, the relevant
panels of the Sparkassen association, which owns 85% of Helaba,
will decide on whether to go ahead with the merger talks.

The state of Hesse, AFX discloses, has a 10% stake in Helaba,
while the state of Thuringia holds the remaining 5%.

                        About WestLB

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

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

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

                          *     *     *

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


WINKELMANN GMBH: Claims Registration Ends March 22
--------------------------------------------------
Creditors of Winkelmann GmbH have until March 22, 2008 to
register their claims with court-appointed insolvency manager
Dr. Marc d'Avoine.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on April 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Str. 101
         50939 Cologne
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Marc d'Avoine
         Doeppersberg 19
         42103 Wuppertal
         Germany
         Tel: 0202/245070
         Fax: +492022450777

The District Court of Cologne opened bankruptcy proceedings
against  Winkelmann GmbH on Jan. 21, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Winkelmann GmbH
         Fritz-Kotz-Str. 3
         51674 Wiehl
         Germany

         Attn: Roland Berger, Manager
         Stahlberg 18
         51647 Gummersbach
         Germany


WORMSER SCHLACHTHOF: Claims Registration Ends March 20
------------------------------------------------------
Creditors of Wormser Schlachthof Bistro GmbH 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 2:00 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 Wormser Schlachthof Bistro GmbH on February 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wormser Schlachthof Bistro GmbH
         Attn: Peter Christian Jeckel, Manager
         Vangionenstrasse 5
         67547 Worms
         Germany


WORMSER SCHLACHTHOFBETRIEBS: Claims Registration Ends March 20
--------------------------------------------------------------
Creditors of Wormser Schlachthofbetriebsgesellschaft mbH have
until March 20, 2008 to register their claims with court-
appointed insolvency manager Stefan Roth.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 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:

         Stefan Roth
         Bachstrasse 5-7
         68165 Mannheim
         Germany
         Tel: 0621/440040
         Fax: 0621/44004-33

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

The Debtor can be reached at:

         Wormser Schlachthofbetriebsgesellschaft mbH
         Attn: Peter Christian Jeckel, Manager
         Vangionenstrasse 5
         67547 Worms
         Germany


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


INT'L SECURITIES: Creditors Likely to Get at Most 10% of Claims
---------------------------------------------------------------
Following the takeover of Collins Stewart Plc, creditors of
International Securities Trading Corporation are expected to
receive at most 10% of their claims, David Clerkin of the Sunday
Business Post reports.

As reported in yesterday's Troubled Company Reporter-Europe,
Collins Stewart Plc entered into an agreement to acquire 100% of
the company and will inject EUR5,000,000 in fresh capital.

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 decided to defer certain payments under financing
obligations.


MAGNOLIA FINANCE: Defaults on US$40 Mln Series 2006-11 Notes
------------------------------------------------------------
Credit Suisse, Cayman Islands Branch has delivered to Magnolia
Finance VI plc in respect of the Series 2006-11 US$40 million
ABS Portfolio Variable Rate Notes due December 2046, a notice of
Floating Amount dated February 22, 2008 relating to Reference
Entity TABS 2006-5, Tranche B2 and the Reference Obligation
identified by CUSIP 87337W AF 7 in accordance with the Credit
Swap Transaction relating to the Notes dated December 20, 2006
between CS and the Issuer.  

In the notice, Party A has notified Party B that it understands
that a Floating Amount Event has occurred due to a Failure to
Pay Principal with respect to the Reference Obligation on 8
February 2008.  In particular, according to the Notice, the
Floating Amount in respect of such Floating Amount Event is
equal to the "Floating Amount" shown in Annex A (attached to the
Notice) and will be due to the Buyer under the Transaction.
Party A has determined that a Failure to Pay Principal occurred
in respect to the Reference Obligation based on:

   (i) the Notice of Final Distribution, delivered by the
       trustee of the Reference Obligation, dated January 29,
       2008, indicating that the proceeds from the liquidation
       of the assets underlying the Reference Obligation were
       distributed on February 8, 2008; and

  (ii) the Note Valuation Report related to the February 8, 2008
       Payment Date indicating no principle payment made in
       respect of the Reference Obligation.  

The amount of the Floating Amount payable in respect of this
Failure to Pay Principal was, according to the notice, based on
the Trustee Notice and the Trustee Report, which indicate that
no Available Funds are available to make payments on any class
of notes issued by the Reference Entity other than the class A-
1S notes and that no final distribution of principle was made in
respect of the Reference Obligation.

Copies of the Notice will be available for physical inspection
and collection free of charge during usual business hours on any
weekday (Saturdays, Sundays and public holidays excepted) at the
specified office of the Issuer, the Principal Paying Agent in
London and the specified office of the Irish Paying Agent for so
long as any of the Notes shall remain outstanding (unless
otherwise indicated).


MAGNOLIA FINANCE: Defaults on US$40 Mln Series 2007-1 Notes
-----------------------------------------------------------
Credit Suisse, Cayman Islands Branch has delivered to  Magnolia
Finance VI plc in respect of the Series 2007-1 US$40 million ABS
Portfolio Variable Notes due February 2052, a notice of Floating
Amount dated February 22, 2008 relating to Reference Entity
CACDO 2006-1A C1 and the Reference Obligation identified by
CUSIP 142146AE9 in accordance with the Credit Swap Transaction
relating to the Notes dated February 21, 2007 between CS and the
Issuer.  

In the Notice, CS has notified the Issuer that, based on the
Notice of Status of Liquidation and Distribution delivered by
the trustee of the Reference Obligation, it understands that

   (i) an event of default has occurred under the indenture for
       the Reference Obligation under the relevant Transaction,

  (ii) liquidation of assets of the issuer of such Reference
       Obligation has been completed and

(iii) no Available Funds are available to make payments on any
       class of notes issued by the Reference Entity other than    
       class A-1 notes.

In particular, according to the Notice, based on the most recent
Servicer Report, the assets of the Issuer are not expected to be
sufficient to repay the principal of the Reference Obligation
under each Transaction in full following liquidation.  
Accordingly, although the exact timing of the final distribution
of the Issuer's assets is still uncertain (the specific date
will be the Final Amortization Date under the Confirmation for
each Transaction), Party A expects that, upon the occurrence of
the Final Amortization Date, there will be a Failure to Pay
Principal for the relevant Transaction and, as a result, a
Floating Amount equal to the Initial Face Amount shown in Annex
A to the Notice will be due to the Issuer under the relevant
Transaction.

According to the Notice, Party A may update the Notice as
further information as to the occurrence of the Final
Amortization Date and the amount of the Principal Shortfall
Amount becomes available to CS.  Such information may not become
available to CS until after the Final Amortization Date.

Copies of the Notice will be available for physical inspection
and collection free of charge during usual business hours on any
weekday (Saturdays, Sundays and public holidays excepted) at the
specified office of the Issuer, the Principal Paying Agent in
London and the specified office of the Irish Paying Agent for so
long as any of the Notes shall remain outstanding (unless
otherwise indicated).


VALENCE TECH: Inks Agreement to Sell US$1 Million Common Shares
---------------------------------------------------------------
Valence Technology Inc. entered into an agreement on Feb. 21,
2008, to sell US$1 million of its common stock to Berg & Berg
Enterprises LLC, an affiliate of the company's chairman Carl E.
Berg.  

The proceeds will be used to fund corporate operating needs and
working capital.  Under the terms of the agreement, the company
will issue US$1.0 million of its shares of common stock at a
price to be determined based on the closing bid price on
Feb. 27, 2008, in a private placement transaction exempt from
the registration requirements of the Securities Act of 1933, as
amended, pursuant to Section 4(2) thereof.  

                    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

As reported in the Troubled Company Reporter on June 21, 2007,
PMB Helin Donovan LLP, in Austin, Tex., 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 Dec. 31, 2007, the company had US$20.06 million in total
assets, US$8.61 million in redeemable convertible preferred
stock, and US$81.23 million in total liabilities, resulting in a
US$69.78 million total stockholders' deficit.


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


ALITALIA SPA: Luigi Pacifico Quits as Audit Panel Chairman
----------------------------------------------------------
Luigi Pacifico has handed in his resignation as Chairman of
Alitalia S.p.A.'s Board of Statutory Auditors, with immediate
effect, following the deliberation by the State Auditors’
Department, of which he is a board member, not authorizing him
to continue the full term of his post with the company.

In compliance with current statutory dispositions, Alessandra
Dal Verme takes up the post of effective Statutory Auditor in
order to complete the composition of the Board of Statutory
Auditors.

In compliance with the Company’s current Articles of
Association, Enrico Laghi is in charge as Chairman of the Board
of Statutory Auditors.

                          About Alitalia

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

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

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


FIAT SPA: Board Approves Incentive Plan for Key Employees
---------------------------------------------------------
The Board of Directors of Fiat S.p.A. met Tuesday to discuss a
new incentive plan to be authorized by the Stockholders Meeting
of March 31, 2008.

According to a press release, the company says that on the basis
of the recommendation of the Compensation Committee and in view
of current capital market conditions, the Board approved an
Incentive Plan to address attraction and retention of key
employees.

The plan – which will be submitted, pursuant to Article 114bis
of the Consolidated Financial Act to the next Stockholders’
Meeting – will be fashioned similarly to the Nov. 3, 2006 stock
option grant in terms of achievement of predetermined
performance criteria, vesting period, and the period available
to exercise (from 2011 through 2014).

The plan, if approved, will give Fiat the flexibility to grant a
maximum aggregate amount of 4 million financial instruments
either in the form of stock options or of Stock Appreciation
Rights (SARs) to be awarded periodically through the end of
2010.  SARs, subject to the vesting condition being satisfied,
entitle the beneficiaries to a cash compensation based on the
increase in the company’s ordinary stock price.

Each SAR will give right to a compensation (to be settled either
in cash or in ordinary shares) equal the difference between the
company’s ordinary stock official price at the exercise date and
the strike price at the granting date.  Such SAR strike price
will be equal to the arithmetical average of the official prices
posted on the Italian Stock Exchange in the thirty calendar days
prior to the grant date.

Similarly, under the plan the company will be authorized to
grant up to a maximum of 4 million stock options on a maximum 4
million of underlying ordinary shares (in the event no SARs are
granted) or a number which together with the number of SARs
issued will not exceed 4 million.  Such stock options will be
offered at a strike price equal to the arithmetical average of
the official prices posted on the Italian Stock Exchange in the
thirty calendar days prior to the grant date.  The Plan will be
serviced through treasury shares without issuance of new shares.

                       About Fiat S.p.A.

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

                        *     *     *

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

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

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


FIAT SPA: In Talks with BMW on Engine and Gear Box Tie-Up
---------------------------------------------------------
Bayerische Motoren Werke AG is in talks with General Motors Corp
and Fiat SpA on a possible tie-up on engines and gear boxes, the
Thomson Financial reports citing a Financial Times Deutschland
pre-release.

According to the report, BMW is also in talks with Daimler AG's
Mercedes-Benz on a possible tie-up for the joint development of
new gear systems and automotive components.  The talks however
are tuning out to be difficult than expected, the report adds.

                        About BMW

Bayerische Motoren Werke AG, better known as BMW -–
http://www.bmw.com/-- is one of Europe's top automakers.  BMW's  
car offerings include sedans, coupes, convertibles, and sport
wagons in the 3 Series, 5 Series, 6 Series, and 7 Series model
groups. Other models include the M3 coupe and convertible; the
X5 sport utilities; and the Z4 roadster.  In addition to its BMW
automobiles, the company's operations include motorcycles (K
1200 GT, R 1200 RT, and F 800 S models, among others), the MINI
automotive brand, Rolls-Royce Motor Cars, and software (softlab
GmbH).  BMW's motorcycle division also offers a line of
motorcycling apparel such as leather suits, gloves, and boots.

                    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.

                       About Fiat S.p.A.

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


                        *     *     *

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

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

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


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


AL TRADE: Creditors Must File Claims by April 11
------------------------------------------------  
LLP Al Trade Company declares about its insolvency.  Creditors
have until April 11, 2008, to submit written proofs of claims
to:

         LLP Al Trade Company
         Office 23
         Seifullin Str. 180
         Almaty
         Kazakhstan


ALATAU TSEMENT: Claims Deadline Slated for April 11
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Alatau Tsement (RNN 600700570609) declared
insolvent.

Creditors have until April 11, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Room 203
         Baizakov Str. 273b
         Almaty
         Kazakhstan


ALLIANCE BUSINESS: Claims Filing Period Ends April 11
-----------------------------------------------------  
LLP Alliance Business Consult has declared insolvency.  
Creditors have until April 11, 2008, to submit written proofs of
claims to:

         LLP Alliance Business Consult
         Rozybakiev Str. 153a
         Almaty
         Kazakhstan

ALMATINSKAYA BAZA: Creditors' Claims Due on April 11
----------------------------------------------------  
State Utility Enterprise Almatinskaya Baza Stetsmedsnabjeniya
has declared insolvency.  Creditors have until April 11, 2008,
to submit written proofs of claims to:

         State Utility Enterprise
         Almatinskaya Baza Stetsmedsnabjeniya
         Aitykov Str. 8
         Taldykorgan
         Almaty
         Kazakhstan


KAZAKHMARGANETS JSC: Claims Registration Ends April 11
------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Karaganda has
declared JSC Kazakhmarganets insolvent.

Creditors have until April 11, 2008, to submit written proofs of
claims to:

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


KAZSERVICESTROY JSC: Creditors Must File Claims by April 11
-----------------------------------------------------------  
Atyrau Branch of JSC Kazservicestroy has declared insolvency.  
Creditors have until April 11, 2008, to submit written proofs of
claims to:

         JSC Kazservicestroy
         Satybaldiev Str. 47
         Atyrau
         Kazakhstan


MONTAGE ELECTRO: Claims Deadline Slated for April 11
----------------------------------------------------  
LLP Montage Electro has declared insolvency.  Creditors have
until April 11, 2008, to submit written proofs of claims to:

         LLP Montage Electro
         Gogol Str. 57/2-15
         Karaganda
         Kazakhstan


ORDA CREDIT: S&P Puts CCC+/C Ratings with Stable Outlook
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+/C' long-
and short-term counterparty credit and 'kzB+' Kazakhstan
national scale ratings to ORDA Credit.  The outlook is stable.

"The ratings on ORDA Credit are constrained by its very small
domestic franchise with a developing strategy, a limited and
concentrated borrower and
depositor base, and limited access to wholesale funding," said
Standard & Poor's credit analyst Magar Kouyoumdjian.

Its relatively strong regional position, tight control over
credit underwriting systems and good knowledge of borrowers,
stable management team, and good capitalization and
profitability are supporting rating factors.

ORDA Credit is a small credit union/cooperative with a balance
sheet of less than Kazakhstani tenge 4 billion (US$33 million)
at Sept. 30, 2007.  This gives it a 2.5% share of loans among
credit unions, with a much higher 31% in the south of the
country.  It does not have its own distribution network and
reaches customers through the eight branches of its microfinance
subsidiary, Arnour Credit (not rated).  The latter, as well as
strong interaction with microcredit organizations, allows ORDA
Credit to broaden its client base outside its members, to render
credit services to different classes of the population.

"The stable outlook balances ORDA Credit's very small absolute
size and developing strategy, with its good niche position and
good knowledge of its customers," added Mr. Kouyoumdjian.  Any
potential upgrade will depend on a longer track record and
successful implementation of establishing a more solid market
presence, success of widening its shareholder and client base
and potentially attracting a strategic investor, and maintenance
of adequate capitalization levels and good asset quality.
Conversely, deterioration in liquidity, capitalization, and
asset quality could put downward pressure on the ratings.  If
ORDA Credit succeeds in acquiring a banking license, it could
face significant challenges to grow outside its comfort zone and
compete against much larger and established banks.  This could
exert pressure on its ratings, particularly if done without the
backing of a strong strategic shareholder.


WORDON LLP: Claims Filing Period Ends April 11
----------------------------------------------  
LLP Microcredit Organization Wordon has declared insolvency.  
Creditors have until April 11, 2008, to submit written proofs of
claims to:

         LLP Microcredit Organization Wordon
         Erubaev Str. 34
         Karaganda
         Kazakhstan


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


AL-NUR-TRANS LLC: Creditors Must File Claims by March 21
--------------------------------------------------------
LLC Al-Nur-Trans has declared insolvency.  Creditors have until
March 21, 2008 to submit written proofs of claim to:

         LLC Al-Nur-Trans
         Kensai
         Savai
         Karasuusky District
         Osh
         Kyrgyzstan


E-LINE STUDIO: Claims Filing Period Ends March 21
-------------------------------------------------
LLC E-Line Studio has declared insolvency.  Creditors have until
March 21, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 40-23-78.


=================
L I T H U A N I A
=================


EKRANAS AB: Unknown Bidder Offers to Buy Real Estate
----------------------------------------------------
After two years being in bankruptcy, Ekranas AB received an
offer from an unknown foreign bidder for its real estate,
Thomson Financial reports Sekunde regional daily.

According to Sekunde, citing BNS news service, the offer made
was higher than what the company had previously received.

Creditors, according to the report, have already demanded a
prepayment of LTL300,000 or EUR86,886 and expects that amount to
be in the creditors' account by the end of the month.

Creditors included SEB Vilniaus Bankas which is owed
LTL73 million.  The State Social Insurance Fund and the State
Tax Inspectorate meanwhile is owed LTL26.7 million while
employees disclosed claims of more than LTL7 million.

Based in Lithuania, AB Ekranas, has been manufacturing products
of a highly sophisticated technology: glass components – (panels
and funnels), colour TV tubes and electron gun systems.


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


AMERICAN AXLE: UAW Labor Contract Ends Sparking Workers' Strike
---------------------------------------------------------------
United Auto Workers union president Ron Gettelfinger and Vice
President James Settles disclosed that members at American Axle
and Manufacturing Inc. began an unfair labor practices strike at
12:01 a.m. on Feb. 26, 2008, following expiration of a four-year
master labor agreement with the company.

The master agreement expired at 11:59 p.m., Feb. 25, 2008.  The
master agreement covered approximately 3,650 associates at five
facilities in Michigan and New York.

Talks broke off Monday with major issues unresolved.  The
company is demanding wage reductions of up to US$14 an hour as
well as elimination of future retiree health care and defined
benefit pensions for active workers.

Pursuant to the master agreement with the UAW, AAM's all-in
labor cost is well in excess of US$70 per hour.  This is
approximately three times the market rate of the auto supplier's
peers and competitors in the United States.

AAM's primary objective in the current negotiations with the UAW
is to achieve a market competitive labor cost structure in the
United States.  The market competitive labor cost structure in
the United States automotive supply industry is in the range of
US$20 to US$30 per hour all-in cost.

In formal and informal discussions that have occurred for more
than two years, AAM management proposed labor rates and other
contract terms that many UAW-represented automotive suppliers
already have in place.  This includes AAM's principal driveline
competitors in the United States: Dana and the in-house axle-
making operations of Ford and Chrysler.  To date, AAM has been
unable to attain these structural changes and continues to work
under an uncompetitive OEM-style labor agreement with the UAW,
even though AAM is not, and never has been, an OEM.

AAM is a Tier 1, Tier 2 and Tier 3 supplier to the automotive
industry.

Since the company was founded in 1994, AAM has invested more
than US$3 billion in plant facilities, equipment and training
for our associates to create a safe, modern, efficient and
productive work environment at our original U.S. locations.  If
a market competitive labor cost structure is attained, AAM plans
to continue to invest in these locations in the future.  Without
the necessary structural changes, AAM's ability to compete for
future business or retain existing business at these locations
is in immediate jeopardy, the company said.

"It is unfortunate that a market competitive labor agreement
for AAM's original U.S. locations could not be reached," AAM
Co-Founder, Chairman and CEO Richard E. Dauch, said.  "All of
the changes we have proposed have been accepted by the UAW in
agreements with our competitors in the United States.  I have no
idea why AAM is being singled out for a different set of
economic conditions.  We look forward to continued negotiations
with the UAW to resolve these most pressing labor and economic
matters."

"The UAW has a proven record of working with companies to
improve their competitive position and secure jobs," UAW
President Ron Gettelfinger, said.  "But cooperation does not
mean capitulation.  Our members cannot be expected to make the
extreme sacrifices American Axle is asking for with nothing in
return."

Despite demanding that workers accept substantial reductions in
benefits, the company has failed to provide the union with the
information it needs to evaluate the merits of its proposals.

This unfair labor practice forced the UAW to implement a work
stoppage.

The union has made comprehensive proposals that would reduce
AAM's labor costs significantly and grant it operational
flexibility.  AAM, however, continues to move work to Mexico if
the union does not agree to its demands.

"We've been negotiating in good faith for some time now," said
Mr. Settles, who directs the union's American Axle and
Manufacturing Department.  "We want a settlement that works for
everybody.  But the company does not appear to be on the same
page."

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.


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


CARMEUSE HOLDING: S&P Puts B+ Rating on Senior Sec. Facilities
--------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB+' long-
term corporate credit rating on Carmeuse Holding S.A.,
reflecting an expected improvement in financial profile
in 2008 after the recent, debt-funded Oglebay Norton
acquisition.  All ratings were removed from CreditWatch, where
they had been placed on Oct. 15, 2007, with negative
implications.  The outlook is negative.

Standard & Poor's assigned its loan and recovery ratings to
Carmeuse Holding S.A.'s senior secured credit facilities, which
consist of a:

    -- US$450 million multicurrency term facility,
    -- EUR195 million revolving facility, and
    -- EUR350 million bridge loan.

S&P rates these issues 'BB+', in line with the corporate credit
rating on Carmeuse, with a recovery rating of '3', indicating
that lenders can expect meaningful (50%-70%) recovery in the
event of a payment default.

In addition, S&P assigned a '3' recovery rating to the existing
'BB+' issue ratings on the EUR250 million notes issued by
Calcipar S.A., guaranteed on a senior basis by the parent
company Carmeuse Holding S.A.

"The affirmation and removal from CreditWatch reflect our
expectations that Carmeuse's financial profile -- although
currently weaker than normally expected due to the large debt-
funded Oglebay Norton acquisition -- will improve in 2008," said
Standard & Poor's credit analyst Lucas Sevenin.  This
expectation is based on management's commitment to restore
financials and the likelihood of noncore asset disposals that
would reduce leverage.

"The negative outlook reflects the potential for a one-notch
downgrade if key credit metrics do not materially improve in the
next 12 months," said Mr. Sevenin.  This scenario could appear
if the company fails to successfully complete asset disposals or
refinance the bridge loan maturing in December 2008.


VAN HOORN: Files EUR2.6 Million Damages Suit Against Heineken
-------------------------------------------------------------  
Van Hoorn has filed a EUR2.6 million damaged suit against
Heineken NV, Thomson Financial reports citing Het Financieele
Dagblad.  The company underwent bankruptcy after Heineken
canceled a music festival in Rotterdam on 2003.

A hearing is set for March 19, 2008, the report adds.


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


CENTRALWINGS: Parent to Determine Fate at Next Board Meeting
------------------------------------------------------------
Centralwings' fate is expected to be decided on at the next
supervisory board meeting of its parent, LOT Polish Airlines,
the News.pl reports citing the Wall Street Journal Polska.

According to the report, LOT will determine if Centralwings will
be liquidated or if its aircraft will be chartered to other
carriers.  LOT had liquidated its Air Polonia unit three years
ago, the report adds.

Centralwings reported PLN73 million loss in 2007, compared with
PLN65 million loss in 2006, the News.pl relates.  Waldemar
Krolikowski, Centralwings director cited competition, aggressive
fare pricing, lack of aircraft, high fuel prices and growing
costs of airport fees as causes for the loss, News.pl said.

Mr. Krolikowski admitted that the airline was not in a good
position to compete against a growing number of foreign cheap
carriers, the report discloses.  Mr. Krolikowski is expected to
present Centralwings' status and propose ways to improve the
situation of the company at LOT's next supervisory board
meeting.

Headquartered in Warsaw, Poland, Centralwings     
http://www9.centralwings.com/-- is a low-cost charter operator  
owned by LOT.  Polskie Lineie Lotnicze LOT (aka LOT Polish
Airlines) -- http://www.lot.com/--  serves about a dozen cities  
in Poland and about 120 destinations across Europe and North
America.  Subsidiaries include regional carrier EuroLOT and
charter operator Centralwings.

LOT and its affiliates maintain a fleet of about 55 aircraft,
consisting of Embraer regional jets, Boeing 767s and 737s, and
ATR turboprops.  The Polish government owns 68% of the company.


FIAT SPA: Resumes Production of Multijet Engine in Polish Plant
---------------------------------------------------------------
Fiat S.p.A. disclosed in its website that anomalies related to
an externally-supplied component of the 1.3 Multijet engine have
been resolved and production of the engines resumed last
Saturday in the Bielsko Biala plant in Poland.

Production of cars that mount this engine was expected to resume
last Tuesday, February 26.

The suspension of production activities involved certain
production lines of the Mirafiori, Melfi, Termini Imerese, Tychy
and Bursa plants, where models equipped with 1.3 Multijet
engines are produced.  All of these plants resumed normal
activity yesterday, February 27.

The company relates that it made every possible effort to speed
up controls and adaptations that became necessary as well as to
reduce delays in delivery to customers to the minimum.

Although Fiat is aware that this suspension of production, which
has now been resolved, will have repercussions on its delivery
volumes for the month of February, it nonetheless decided to
adopt an uncompromising and rigorous approach so as to guarantee
the highest levels of product quality to its customers.

Despite the cost that these measures will have, the Group
confirms its targets for 2008.

                   Suspension of Production

The company had earlier disclosed that as a result of the
constant quality controls carried out on all the components of
Fiat Group Automobiles cars, a number of anomalies have emerged
with regard to an externally-supplied component for the 1.3
Multijet engine.

In order to verify that this supply of components meets the
quality standards requested by Fiat, the company decided to
suspend production of the engines and cars on which they are
mounted.

                       About Fiat S.p.A.

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

                        *     *     *

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

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

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


GOODYEAR TIRE: To Increase TC Debica Stake to 65.99%
----------------------------------------------------
The Goodyear Tire & Rubber Company and PZU disclosed an
agreement that will significantly enhance the value of Polish
tire company TC Debica for all of its shareholders and allow for
greater transparency to and input from investors.

As part of an agreement reached Tuesday with PZU Asset
Management S.A., acting on behalf of Powszechny Zaklad
Ubezpieczen S.A., Powszechny Zaklad Ubezpieczen na Zycie S.A.
and two PZU investment funds, Goodyear S.A. will increase its
stake in TC Debica up to 65.99% through a tender offer for 6.12%
of all outstanding shares at a price of 120 PLN, that was
announced Tuesday.  Luxembourg-headquartered Goodyear S.A.
currently owns 59.87% of TC Debica's shares.  TC Debica will
remain listed on the Warsaw Stock Exchange.  The investment in
the tender by Goodyear totals approximately US$40 million to
US$45 million.

"This agreement, which is consistent with our stated strategies,
is another example of Goodyear's clear commitment to TC Debica's
long-term value and stability," said Darren R. Wells, senior
vice president of finance and strategy for Goodyear S.A.'s
parent, The Goodyear Tire & Rubber Company.  "Since Goodyear
became the majority shareholder 13 years ago, TC Debica's
operations have grown dramatically -- nearly doubling the number
of tires manufactured daily -- and it has evolved from being a
largely domestic manufacturer of low-cost tires to a provider of
increasingly high-value tires to markets throughout Europe and
elsewhere in the world."

"The agreement between our two companies is our joint success.
Both parties were open to discussions and proposals, which
allowed us to reach the agreement in a very short time, to the
satisfaction of all the parties concerned. Goodyear, beyond any
doubt, is a commendable partner to talk to, following the
principles of corporate governance and their shareholders'
interests," said Piotr Osiecki, the former deputy president of
the Management Board of PZU AM and chief negotiator for PZU.

In addition to the tender offer, Goodyear will support and
cooperate with TC Debica to nearly triple its daily commercial
truck tire production -- to up to 5,000 tires a day -- to meet
increasing demand in Europe. Dependent on TC Debica obtaining
appropriate tax incentives under Debica's Special Economic Zone,
this would make TC Debica one of Goodyear's largest suppliers of
commercial truck tires in the world and provide TC Debica with
additional state-of-the-art technology from Goodyear.  It also
would provide significant opportunity to increase TC Debica's
earnings, beginning in 2008.

"We concur with TC Debica's earnings forecast that, with the
opportunity Goodyear has offered for commercial truck tire
expansion, its earnings should increase in 2008 to about 90
million PLN, with further prospects for improvement in 2009,"
said Wells. "This is a market where we are pleased to increase
our presence."

The terms also include:

    -- The agreement that two members to the TC Debica
       Supervisory Board will be designated by the minority
       shareholders.

    -- The agreement that a neutral committee within the
       internal structure of the TC Debica Supervisory Board
       will be formed to review transactions between TC Debica
       and Goodyear with regard to transfer pricing, intra-group
       charges and licensing fees.

    -- The agreement that Goodyear will support the
       implementation of quarterly conference calls by TC Debica
       management for investors and an annual investor meeting
       that will include an optional tour of the Debica
       manufacturing facility.

    -- Goodyear's agreement to support a dividend policy that
       would result in payment of no less than 50 percent of net
       income.

    -- Goodyear's agreement to use reasonable best efforts, over
       the next 18 months, to announce a tender for the
       remaining shares of the company.

"What is particularly important to us is the core issue of
improving Debica's financial prospects through Goodyear's
declarations concerning the expansion of the commercial truck
tire plant, reflected in the forecast of a 50 percent increase
in net income.  It is of fundamental importance to implement
transparent and market-based principles of corporate governance,
in particular through establishing an independent and neutral
committee to review transactions between Debica and Goodyear. We
are glad that within the next 18 months Goodyear will use its
reasonable best efforts to announce a tender offer for the
remaining shares of the company. This is very good news for the
market," said Osiecki.

In wake of these significant moves, PZU will withdraw the
motions previously submitted for Debica's Extraordinary
Shareholders Meeting, as the actions outlined in the agreement
address the concerns expressed by the minority shareholders.

"Seldom is it possible to see a dispute settled so fast, where
all parties are satisfied. Most frequently such situations would
last for months or even years, due to prolonged court
procedures. Together, we have managed to avoid such troubles,
thanks to our openness and trust in our partners," said Osiecki.

"Goodyear has an excellent record of successful cooperation with
minority shareholders in its operations worldwide," said Wells.
"This agreement is an example of how shareholders can work
together to everyone's benefit -- the shareholders, the
associates and management at TC Debica, the city of Debica and
the Polish business community. It also protects Goodyear's
ability to maintain its planned investment program to increase
high-value-added capacity and increase low-cost production
capacity globally."

TC Debica is a contract manufacturer for Goodyear, producing 15
million tires per year. Approximately 86 percent of the tires
manufactured there are sold to Goodyear or Goodyear subsidiaries
under various Goodyear brands. Most of the rest are sold by TC
Debica in Poland under the Debica brand.

PZU Asset Management SA is the largest asset management company
in Poland. It has over 25 bn PLN under management allocated in
treasury bonds, domestic and foreign equity and structure
investments. PZU AM SA manages PZU Group funds and PZU TFI --
that is mutual fund investing individual investors money.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear's operations are located in Argentina,
Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica,
Peru, Russia, among others.  Goodyear employs more than 80,000
people worldwide.

                          *     *     *

In June 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'.  The ratings still apply to
date.


GOODYEAR TIRE: Supports TC Debica Truck Tire Expansion in Poland
----------------------------------------------------------------
The Goodyear Tire & Rubber Company will ask Polish tire company
TC Debica -- in which it is the majority shareholder -- to
nearly triple its commercial tire production for Goodyear, from
1,700 to 5,000 tires per day, to meet the increasing demand for
technically advanced, high-quality commercial truck tires in
Europe.

Goodyear has had a majority ownership interest in TC Debica,
Poland's largest tiremaker, since 1995.

TC Debica's management board will decide whether to make the
necessary investment to expand production there.  Goodyear
estimates that the expansion would require an investment of more
than US$200 million.  The investment, which would likely involve
assistance from Polish national and regional authorities, would
create 350 to 400 new jobs at TC Debica.

"This additional capacity would make TC Debica one of our
largest suppliers of tires in the world," said Michel Rzonzef,
president of Goodyear's Eastern Europe, Middle East and Africa
countries.  "Goodyear, of course, will share the necessary
technology and expertise to assure that TC Debica is producing
the highest-quality and most advanced commercial truck tires
possible."

The expansion, if approved, would be made adjacent to the
existing factory in Debica, located in southern Poland. TC
Debica currently employs 2,500 at the plant.  The majority of
the tires currently produced at the plant are sold to Goodyear
or Goodyear affiliates, and are sold under the Goodyear, Debica,
Dunlop, Fulda and Sava brands.

Previously, TC Debica and Goodyear announced in April 2007 a
more limited proposal to increase truck tire production at
Debica with an US$8.5 million investment. That project is
continuing and will be in addition to the expansion plans
announced Tuesday.

In addition, Goodyear currently produces truck tires at European
plants in Luxembourg, Germany and Turkey.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear's operations are located in Argentina,
Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica,
Peru, Russia, among others.  Goodyear employs more than 80,000
people worldwide.

                          *     *     *

In June 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'.  The ratings still apply to
date.


GREENBRIER COS: Unit Applies Receivership in Nova Scotia Court
--------------------------------------------------------------
The Greenbrier Companies's non-operating subsidiary,
TrentonWorks Ltd., has applied to the Supreme Court of Nova
Scotia for the appointment of a Receiver to take control of its
assets.

In April 2007, Greenbrier disclosed the closure of the railcar
manufacturing operation, located in Trenton, Nova Scotia,
Canada.  The operation had become uncompetitive as a result of
appreciation of the Canadian dollar and other cost
disadvantages.  Since then, TrentonWorks Ltd. has worked with
Ernst & Young to market the facility and, in the process,
directly contacted over 200 potential buyers, nationally and
internationally.

That process was not successful, and TrentonWorks has asked the
Court to appoint a Receiver to administer the assets in the best
interest of its creditors.  TrentonWorks expects the appointment
of a Receiver to eliminate any ongoing costs associated with
this operation.

Greenbrier regrets the closing of the plant and the subsequent
loss of employment, but, unfortunately, the plant was not cost
competitive in the North American marketplace.

              About Greenbrier Companies Inc.

Headquartered in Lake Oswego, Oregon, Greenbrier (NYSE: GBX) -
http://www.gbrx.com/-- is a supplier of transportation  
equipment and services to the railroad industry.  The company
builds new railroad freight cars in its three manufacturing
facilities in the U.S. and Mexico and marine barges at its U.S.
facility.  It also repairs and refurbishes freight cars and
provides wheels and railcar parts at 38 locations across North
America.  Greenbrier also builds new railroad freight cars and
refurbishes freight cars for the European market through both
its operations in Poland and various subcontractor facilities
throughout Europe.  Greenbrier owns approximately 9,000
railcars, and performs management services for approximately
138,000 railcars.

                         *     *     *

The Greenbrier Cos. Inc. continues to carry Moody's Investors
Service's 'B1' long-term corporate family rating, which was
placed in March 2007.


OWENS CORNING: Moody's Downgrades Debt Ratings to Ba1
-----------------------------------------------------
Moody's Investors Service has downgraded the debt ratings of
Owens Corning to Ba1.  The ratings downgrade was prompted by the
adverse effects of the homebuilding contraction on Owens
Corning's financial performance and credit profile. At the same
time a corporate family rating of Ba1 and a speculative grade
liquidity rating of SGL-2 were assigned. This concludes the
review that began on December 5, 2007. The ratings outlook is
negative.

These debt ratings were downgraded or assigned:

     -- US$1 billion Revolving Credit Facility, due 2011,
        downgraded to Ba1 (LGD4, 55%) from Baa3;

     -- US$600 million Term Loan, due 2011, downgraded to Ba1
        (LGD4, 55%) from Baa3;

     -- US$650 million 6.5% Senior Unsecured Notes, due 2016,
        downgraded to Ba1 (LGD4, 55%) from Baa3;

     -- US$550 million 7.0% Senior Unsecured Notes, due 2036,
        downgraded to Ba1 (LGD4, 55%) from Baa3;

     -- Corporate family rating, assigned at Ba1;

     -- Speculative grade liquidity rating, assigned at SGL-2.

The Issuer Rating, has been withdrawn.

The ratings downgrade reflects the company's financial
performance and weak outlook due to the homebuilding
contraction.  Although the company has divested a couple of
businesses including Siding Solutions and Fabwel that were tied
to the housing market and has also made progress in expanding
into businesses that are not tied to homebuilding and
remodeling, the company continues to derive a significant
proportion of its cash flow from the residential market.  The
expectation that housing starts will fall in 2008 to under 1
million from almost 1.3 million in 2007, suggest that 2008 will
be a difficult year for the company in terms of its financial
performance.  The company's sales into the repair and remodeling
market will likely come under additional pressure as home equity
extraction declines due to lower consumer confidence, tighter
credit, concerns related to home values, and low home resale
turnover.

The assignment of an SGL-2 rating reflects expected good
liquidly over the next 12 months and takes into consideration
the company's internal liquidity, external liquidity, covenant
compliance, as well as alternative liquidity sources.

The company's US$1 billion revolver is expected to have over
US$600 million in availability (including letters of credit)
during 2008.  There is significant room under the company's
covenants and the company's debt is unsecured in nature thereby
allowing for asset sales as a possible alternative source of
liquidity.

The negative ratings outlook reflects the company's revenue and
profit composition.  The company's insulation business
represents over 30% of revenues and is significantly affected by
homebuilding and remains under pressure.  The negative outlook
also reflects the possibility that 2008 will be weaker than
currently projected and that the company will therefore under-
perform Moody's current estimates.  Additionally, the company's
financial metrics are more in line with a mid Ba rated
manufacturing company as opposed to a high Ba rated entity or an
investment grade company.

Headquartered in Toledo, Ohio, Owens Corning, is a global
producer of residential and commercial building materials, glass
fiber reinforcements and engineered materials for composite
systems.  Revenues for the trailing twelve month period ended
Sept. 30, 2007 were almost US$6 billion, including various
discontinued operations.

The company has European operations in the Czech Republic,
Sweden and Poland.


=============
R O M A N I A
=============


FORD MOTOR: European Commission Orders Return of EUR27 Mln Aid
--------------------------------------------------------------
The European Commission has ordered the government of Romania to
recover EUR27 million in illegal state aid from Ford Motor Co.,
Reuters reports.

The European Union executive ruled that Romania handed illegal
state aid to Daewoo Craiova, formerly Daewoo Automobile Romania
S.A., during the car's sale to Ford in September 2007, Reuters
relates.  

Following a five-month probe, EC said that conditions binded to
the sale of a 72% stake in Craiova -- including minimum
production level and employment guarantees -- resulted to lower
price than if the sale was unconditional, which amounted to
illegal aid.

"Regional development, which the Commission supports, must not
allow distortions of competition," Commissioner Neelie Kroes was
quoted by Reuters as saying.

Meanwhile, Romania's Prime Minister Calin Tariceanu said he was
"unpleasantly surprised" by the decision, but ruled out an
appeal, noting that the government was rushing to close the
deal, Reuters relates.

                     Ford's Statement

In its website, Ford of Europe said that it welcomes the
announcement by the European Commission that it has closed its
investigation into the privatisation process of Automobile
Craiova in Romania, thus clearing the way for Ford's purchase of
the vehicle manufacturing facility.

The purchase of the plant will be finalised following the
ratification of the special law for the privatisation of
Automobile Craiova which is before the Romanian Parliament.  The
special law is expected to be ratified on March 4, 2008.

"I am pleased that the European Commission has concluded its
investigation in such a short period of time," said Ford of
Europe President and CEO, John Fleming.  "We worked with the
Romanian authorities around the clock to provide all the
necessary information to help the Commission come to its
decision.

"Nothing has changed in our exciting plans for the Craiova
plant", said Fleming.  "Our goal is now to assume full ownership
of the plant as quickly as possible and turn it into a world-
class manufacturing complex."

                       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.


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


ADONIS LLC: Creditors Have Until April 16 to File Claims
--------------------------------------------------------
Creditors of LLC Adonis (TIN 6832040888) have until April 16,
2008, to submit proofs of claim to:

         S. Agapov
         Insolvency Manager
         Stroitelej Avenue 3a
         Tambov
         Russia

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A64-3537/07-21.

The Debtor can be reached at;

         LLC Adonis
         Stroitelej Avenue 3a
         Tambov
         Russia


BUR-GAS-SERVICE: Creditors Must File Claims by March 16
-------------------------------------------------------
Creditors of CJSC Bur-Gas-Service (TIN 6204005576) have until
March 16, 2008, to submit proofs of claim to:

         A. Popov
         Temporary Insolvency Manager
         Post User Box 345
         115230 Moscow-230
         Russia

The Arbitration Court of Ryazan will convene at 12:30 p.m. on
April 29, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A54-619/
2007S20.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Bur-Gas-Service
         Kasimov
         Ryazan
         Russia


D.P.KUROPYATNIKOV: Creditors Must File Claims by April 16
---------------------------------------------------------
Creditors of OJSC Lgovskiy Factory Auto-Special-Equipment Named
After D.P.Kuropyatnikov have until April 16, 2008, to submit
proofs of claim to:

         N. Svetovtsev
         Insolvency Manager
         Post User Box 58
         305000 Kursk
         Russia

The Arbitration Court of Kursk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A35-3486/06g.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Lgovskiy Factory Auto-Special-Equipment Named
         After D.P.Kuropyatnikov
         Lgov
         Kursk
         Russia


DESNITSA CJSC: Creditors Must File Claims by March 16
-----------------------------------------------------
Creditors of CJSC Desnitsa have until March 16, 2008, to submit
proofs of claim to:

         V. Goncharov
         Insolvency Manager
         Post User Box 61
         115230 Moscow 230
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-30967/07-71-80B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Desnitsa
         Povarskaya 52
         Moscow
         Russia


DINAMO LLC: Creditors Must File Claims by March 16
--------------------------------------------------
Creditors of LLC Dinamo have until March 16, 2008, to submit
proofs of claim to:

         L. Tarasova
         Temporary Insolvency Manager
         To be called for Ms. L. Tarastova
         308001 Belgorod-1
         Russia

The Arbitration Court of Belgorod will convene on May 6, 2008,
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A08-6649/07-14B.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         LLC Dinamo
         Vesenniy Location 2/93
         Staryj Oskol
         309500 Belgorod
         Russia


EAR LLC: Creditors Must File Claims by April 16
-----------------------------------------------
Creditors of LLC Agricultural Company Ear have until April 16,
2008, to submit proofs of claim to:

         I. Gorn
         Insolvency Manager
         Post User Box 1530
         634006 Tomsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-14003/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Company Ear
         Tsentralnaya Str. 12
         Zapasnoj Imbezh
         Partizanskiy
         663544 Krasnoyarsk
         Russia


HAYDITE OJSC: Creditors Must File Claims by April 16
----------------------------------------------------
Creditors of OJSC Haydite (TIN 3605000900) have until April 16,
2008, to submit proofs of claim to:

         D. Zygankov
         Insolvency Manager
         Office 71
         Revolyutsii Pr. 1a
         394036 Voronezh
         Russia

The Arbitration Court of Voronezh commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A14-8897/2007 46/16b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Haydite
         Sovkhoznaya Str. 19
         Buturlinovka
         Voronezh
         Russia


KONFI CJSC: Creditors Must File Claims by March 16
--------------------------------------------------
Creditors of CJSC Konfi have until March 16, 2008, to submit
proofs of claim to:

         V. Ponomarev
         Insolvency Manager
         Severnaya Str. 309
         350015 Krasnodar
         Russia

The Arbitration Court of Kursk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A35-4970/07g.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Konfi
         Malykh Str. 35
         Kursk
         Russia


MONOLITH CJSC: Creditors Must File Claims by April 16
-----------------------------------------------------
Creditors of CJSC Building-Assembly Enterprise Monolith have
until April 16, 2008, to submit proofs of claim to:

         A. Taranenko
         Insolvency Manager
         Post User Box 1530
         634006 Tomsk
         Russia

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

The Court is located at:

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

The Debtor can be reached at:

         CJSC Building-Assembly Enterprise Monolith
         Building 16
         Kvartal 5
         Yuzhnaya Promzona
         Achinsk
         662150 Krasnoyarsk
         Russia


NIZHNEKAMSKNEFTEKHIM: Moody's Affirms B1 Ratings
------------------------------------------------
Moody's Investors Service affirmed the B1 ratings of
Nizhnekamskneftekhim in conjunction with upgrading its baseline
credit assessment, which forms one of the four rating inputs in
accordance with Moody's methodology for Government-Related
Issuers, to 15 from 16 which would map to a B2 rating on Moody's
global ratings scale.

The other factors, support, dependence and the rating of NKNK's
major shareholder, the Republic of Tatarstan (Russia), currently
rated Ba1, remain unchanged.  The final ratings remain unchanged
at B1, and therefore have been affirmed, given that the
differential between the sovereign and underlying BCA has
narrowed in the context of the support and dependency
assumptions having remained unchanged.

The change in the BCA -- which is expressed on a scale of 1 to
21, where 1 represents the lowest credit risk, and which
measures the likelihood that an issuer will require an
extraordinary bailout -- was prompted by the following positive
developments:

     i) a substantial increase in the company's size since the
        first rating assignment;

    ii) a reduction in the degree of credit concerns pertaining
        to the investment programme implementation (as of end
        2007, the US$889 million programme was 60% completed
        without major delays and cost overruns capped at 10% of
        budget);

   iii) the launch of Polypropylene and Polystyrene plants with
        a capacity of 180Ktpa and 100 Ktpa, respectively, and
        the increase of Halobutyl rubbers production to 50Ktpa
        in 2006-2007 providing for an increase in sales of
        higher value-added products by 11% to 59% of sales in
        2007;

    iv) the significant savings on energy costs achieved by
        deploying the company's own power generation unit,
        covering up to 25% of company's energy requirements;

     v) a decrease in leverage driven both by debt reduction and
        EBITDA growth;

    vi) the demonstrated ability to defend profitability margins
        despite the abandonment of the legacy preferential
        pricing arrangements with suppliers and customers
        controlled by the same shareholder (TAIF).

Moody's positively notes that the company's intention to
increase its capital via an additional stock issue for
approximately US$1.0 billion in the near to medium term might
enhance the company's financial flexibility and provide a base
for capital expenditure undertakings beyond the current
investment programme.  Moody's takes comfort in the Government
of Tatarstan and TAIF's confirmed undertakings to retain their
respective interests in the company by proportionate
participation in the issue should it materialise.

Based in Nizhnekamsk in the Republic of Tatarstan (Russia),
Nizhnekamskneftekhim (NKNK) is one of the key producers of
monomers, rubbers, plastics and other petrochemicals.  Its 9
core production units are located in one site. The company
reported sales of RUR 53.0 billion (approximately USD 2.0
billion) and EBITDA of RUR 7.6 billion (approximately USD 252
million) in 2006.  Approximately half of the company's revenues
are derived from export activities.


NOVO-SHIPOVSKIY WOOD: Creditors Must File Claims by April 16
------------------------------------------------------------
Creditors of OJSC Novo-Shipovskiy Wood Processing Plant have
until April 16, 2008, to submit proofs of claim to:

         Y. Lyashko
         Insolvency Manager
         1st Maya Str. 26
         Pavlovsk
         Voronezh
         Russia
         Tel: 8 (47362) 24701

The Arbitration Court of Voronezh commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A14-10468/2007 49/16b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Novo-Shipovskiy Wood Processing Plant
         Klepovka
         Buturlinskiy
         Voronezh
         Russia


OGK-5 OAO: Names Dominique Fache as Board of Directors Chairman
---------------------------------------------------------------
The Board of Directors of OAO OGK-5 elected on Feb. 26, 2008,
Dominique Fache as new Chairman of the Board of Directors.

Eldar Orudzhev, who previously chaired the Board of Directors of
the Company, was elected Deputy Chairman.

The new Board Chairman and his deputy will enter upon their
duties on March 1, 2008.

                           About OGK-5

Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.

                          *     *     *

As of Nov. 20, 2007, OAO OGK-5 carries Ba3 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service.
Moody's said the Outlook is Stable.


RECHITSA LLC: Kursk Bankruptcy Hearing Slated for April 23
----------------------------------------------------------
The Arbitration Court of Kursk will convene at 10:40 a.m. on
April 23, 2008, to hear the bankruptcy supervision procedure on
LLC Rechitsa (TIN 4633007931).  The case is docketed under Case
No. A12-15733/07-s55.

The Temporary Insolvency Manager is:

         S. Vereshagin
         Post User Box 822
         308001 Belgorod-1
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Rechitsa
         Mira Str. 48
         Zheleznogorsk
         307171 Kursk
         Russia


RYAZAN-OIL-GAS-STROY: Creditors Must File Claims by March 16
------------------------------------------------------------
Creditors of OJSC Ryazan-Oil-Gas-Stroy have until March 16,
2008, to submit proofs of claim to:

         S. Kozlovtsev
         Temporary Insolvency Manager
         Office 4
         Leningradskaya Str. 2a
         Rasskazovo
         Tambov
         Russia

The Arbitration Court of Ryazan commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A54-4620/2007 S20.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Ryazan-Oil-Gas-Stroy
         Prizheleznodorozhnaya Str. 44
         Ryazan
         Russia


STARODUBSKIY HEMP: Asset Sale Slated for March 17
-------------------------------------------------
The insolvency manager and bidding organizer for Federal State
Unitary Enterprise Starodubskiy Hemp Factory, will open a public
auction for the company's properties at 10:00 a.m. on March 17,
2008, at:

         Insolvency Manager and Bidding Organizer
         Office 14
         Zelenaya Str. 2v
         Dubovoe
         308501 Belgorod
         Russia

The company has set a RUR8,250,000 starting price for the assets
in auction.

Insterested participants have until March 16, 2008, to deposit
an amount equivalent to 10% of the starting price to:

         Federal State Unitary Enterprise Starodubskiy Hemp
         Factory
         Settlement Account 40502810600000070085
         Correspondent Account 30101810700000000754
         BIK 041501754
         OJSC Uralsib
         Bryansk
         Russia

Bidding documents must be submitted to:

         Insolvency Manager and Bidding Organizer
         Office 14
         Zelenaya Str. 2v
         Dubovoe
         308501 Belgorod
         Russia

The Debtor can be reached at:

         Federal State Unitary Enterprise Starodubskiy Hemp
         Factory
         Krestyanskaya Str. 116
         Starodub
         243240 Belgorod
         Russia


VIST-MKD LLC: Orel Bankruptcy Hearing Slated for May 21
-------------------------------------------------------
The Arbitration Court of Orel will convene on May 21, 2008, to
hear the bankruptcy supervision procedure on LLC Vist-MKD.
The case is docketed under Case No. A48-4930/07-16b.

The Temporary Insolvency Manager is:

         S. Lukin
         K. Marksa Str. 106
         Livny
         303850 Orel
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Vist-MKD
         K. Marksa Square 1/3
         Orel
         Russia


ZOLSKOE ROAD: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Kabardino Balkariya commenced
bankruptcy supervision procedure on OJSC Zolskoe Road
Repair-Building Board.  The case is docketed under Case No.
A20-3404/2007.

The Temporary Insolvency Manager is:

         A. Popov
         Tsiolkovskogo Str. 7
         Nalchik
         Kabardino Balkariya
         Russia

The Debtor can be reached at:

         OJSC Zolskoe Road Repair-Building Board
         Promyushlennaya Str. 5
         Zalukokuazhe
         Zolskiy
         361711 Kabardino Balkariya
         Russia


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


HABITAT: Reaches Refinancing Deal with Banks; Averts Bankruptcy
---------------------------------------------------------------
Habitat, a real estate company in Spain, has been rescued from
near bankruptcy after reaching a EUR1.59 billion (US$2.38
billion) refinancing deal with its banks, Elena Moya and Zaida
Espana write for Reuters.

Under the deal, Habitat's debt will be consolidated into a
single facility, which has a maturity of around seven years,
Reuters discloses.

A source close to the deal told Reuters that the banks, which
includes Banco Popular, Banco Sabadell, Banesto, BBVA, Caixa
Catalunya, Caja Madrid, La Caixa and Santander, granted Habitat
a 30-month moratorium on capital repayment of the syndicated
loan it used to acquire the real estate unit of Ferrovial.

Reuters relates Habitat defaulted on the loan after being hit by
Spain's housing sector slowdown.

"The deal opens a new phase for Habitat, with a financial
situation adapted to the change in the real estate market and a
strong business plan for the next few years," Habitat was quoted
by Reuters as saying.


MADRID ACTIVOS: Moody's Rates EUR96.75 Million Notes at Ba3
-----------------------------------------------------------
Moody's Investors Service has assigned these final ratings to
the notes issued by Madrid Activos Corporativos I, Fondo de
Titulización de Activos:

   -- Aaa to the EUR1,342,000,000 Class A notes,
   -- Aa3 to the EUR120,250,000 Class B notes,
   -- A1 to the EUR86,800,000 Class C notes;
   -- Baa2 to the EUR36,000,000 Class D notes; and
   -- Ba3 to the EUR96,750,00 Class E notes.

The ratings address the expected loss posed to investors by the
legal final maturity (in December 2040).

Moody's based the ratings primarily on:

    (i) the credit quality and the diversity of the underlying
        corporate loans portfolio acquired by the issuer;

   (ii) the credit enhancement provided through a 6.35% reserve
        fund and the subordination of the most junior notes; and

  (iii) the legal and structural integrity of the transaction.

Given the high concentration of the corporate portfolio (12
names represent 72%), for the analysis of the transaction
Moody's used its CDOROM model to generate stochastic default and
recovery scenarios for each name in the pool.  On the basis of
these scenarios, Moody's built a cash-flow model that replicates
all deal-specific characteristics in order to determine the
expected loss of notes under each scenario.  Weighting each
scenario by its probability of occurrence, Moody's calculated
the expected loss for each class of notes which, combined with
each class' expected average life, is consistent with the
ratings assigned.


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


GRAPHIC PACKAGING: Reports US$0.7 Mln Net Loss for 2007 4th Qtr.
----------------------------------------------------------------
Graphic Packaging Corporation reported net loss for fourth
quarter 2007 ended Dec. 31 was US$0.7 million.  This compares to
a fourth quarter 2006 net loss of US$35.9 million.

Net Loss in the fourth quarter 2007 was positively impacted by
an impairment adjustment of US$6.6 million for the non-cash
currency translation adjustments related to the sale of the
company's operations in Sweden.

Net sales in the fourth quarter of US$601.9 million, an increase
of 6.4% over the same period last year of US$565.7 million.  
Loss from continuing operations was US$7.1 million compared to a
loss from continuing operations of US$34.0 million in the fourth
quarter of 2006.
   
For the full year 2007 ended Dec. 31, net loss was US$74.6
million.  This compares to a 2006 net loss of US$100.5 million.  
Net Loss in 2007 was negatively impacted by an US$18.6 million
non-cash impairment charge to the company's operations in
Sweden.

Net sales increased 6.4% to US$601.9 million during fourth
quarter 2007, compared to fourth quarter 2006 net sales of
US$565.7 million.  
Full year 2007 net sales were US$2,421.2 million, 4.3% higher
than 2006 net sales of US$2,321.7 million.

Net interest expense was US$40.3 million for fourth quarter
2007, as compared to net interest expense of US$44.0 million for
fourth quarter 2006.  For the full year 2007, net interest
expense was US$167.8 million compared to US$171.4 in 2006.  The
decrease was primarily due to lower interest rates resulting
from the second quarter 2007 refinancing of the Company's senior
secured credit facility.
   
During the fourth quarter of 2007, the company's total debt
decreased by US$71.3 million to US$1,878.4 million, as compared
to US$1,949.7 million at the end of the third quarter.  Full
year debt reduction for 2007 was US$44.3 million.  The company
contributed US$3.4 million to its U.S. pension plans in the
fourth quarter and US$24.9 million for the full year 2007.
   
The company incurred US$4.8 million of income tax expense in the
fourth quarter, primarily related to a non-cash expense
associated with the amortization of goodwill for tax purposes.  
The company has a US$1.4 billion net operating loss that is
available to offset future taxable income in the United States.    

Capital expenditures for fourth quarter 2007 were US$34.3
million compared to US$30.7 million in the fourth quarter of
2006.  For the full year 2007, capital expenditures were US$95.9
million compared to US$94.5 million in 2006.
   
"I'm extremely pleased with fourth quarter results, particularly
the strong growth in the top line," David W. Scheible, president
and chief executive officer, said.  "The approximate six-and-
half percent increase in net sales represents the largest
quarter over prior-year quarter increase since the merger that
formed the Company in 2003."
   
"Although we are still being negatively impacted by higher input
costs, we were able to more than offset both fourth quarter and
full year cost inflation through a combination of increased
pricing and our ongoing cost cutting programs," Mr. Scheible
added.  "Specifically, we took another US$12 million of costs
out of the system this quarter, bringing full year 2007 benefits
from our continuous improvement efforts to approximately US$46
million."

At Dec. 31, 2007, the company's balance sheet reflected total
assets of US$3.1 billion, total liabilities of US$2.9 billion
and a total shareholders' equity of US$100,000,000.

                     About Graphic Packaging

Headquartered in Marietta, Georgia, Graphic Packaging
Corporation (NYSE:GPK) -- http://www.graphicpackaging.com/-- is  
a provides paperboard packaging solutions for a variety of
products to multinational and other consumer products companies.  
The company provides its customers paperboard, cartons and
packaging machines, either as an integrated solution or
separately.  Its packaging products are made from a variety of
grades of paperboard.  GPC manufactures its packaging products
from coated unbleached kraft paperboard and coated recycled
paperboard that it produces at its mills, and a portion from
paperboard purchased from external sources.  The company
operates in four geographic areas: the United States, Central
and South America, Europe and Asia-Pacific.   GPC conducts its
business in two segments, paperboard packaging and
containerboard/other.

                         *     *     *

In April 2007, Fitch Ratings assigned a 'BB-' rating on Graphic
Packaging Corp.'s bank loan debt rating with a stable outlook.
This rating action still holds to date.


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


BEYOND THE HORIZON: Creditors' Liquidation Claims Due by Feb. 29
----------------------------------------------------------------
Creditors of LLC Beyond The Horizon have until Feb. 29, 2008, to
submit their claims to:

         Thomas Bringolf
         Rotackerstrasse 24
         8304 Wallisellen
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC Beyond The Horizon
         Wallisellen
         Bulach ZH
         Switzerland


EXCLUSIVE LIFE: Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC exclusive life on Jan. 8, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC exclusive life
         Zugerstrasse 76B
         6340 Baar ZG
         Switzerland


EXPOSMART (SCHWEIZ): Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Exposmart (Schweiz)on Jan. 23, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Exposmart (Schweiz)
         Hertizentrum 14
         6300 Zug
         Switzerland


GEMA LANDMASCHINEN: Creditors' Liquidation Claims Due by Mar. 4
---------------------------------------------------------------
Creditors of JSC Gema Landmaschinen have until Mar. 4, 2008, to
submit their claims to:

         Erich Beck
         Baselstrasse 13
         4533 Riedholz
         Lebern SO
         Switzerland

The Debtor can be reached at:

         JSC Gema Landmaschinen
         Munsingen
         Konolfingen BE
         Switzerland


GISLER JSC: Creditors' Liquidation Claims Due by Mar. 4
-------------------------------------------------------
Creditors of JSC Gisler have until Mar. 4, 2008, to submit their
claims to:

         Martin Gisler Breite
         6147 Altburon
         Willisau LU
         Switzerland

The Debtor can be reached at:

         JSC Gisler
         Willisau LU
         Switzerland


IMPEX PHARMA: Creditors' Liquidation Claims Due by Feb. 28
----------------------------------------------------------
Creditors of JSC Impex Pharma have until Feb. 28, 2008, to
submit their claims to:

         Olivier-J. Moulin
         Liquidator
         Tellenmattstrasse 23
         6317 Oberwil b. Zug
         Switzerland

The Debtor can be reached at:

         JSC Impex Pharma
         Zug
         Switzerland


INTAG IMMOBILIEN: Creditors' Liquidation Claims Due by Feb. 29
--------------------------------------------------------------
Creditors of JSC Intag Immobilien have until Feb. 29, 2008, to
submit their claims to:

         Anna Meier
         JSC Interholmes
         Poststrasse 30
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Intag Immobilien
         Zug
         Switzerland


LS GASTRO: Lucerne Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Hochdorf in Lucerne commenced
bankruptcy proceedings against LLC LS Gastro on Jan. 10, 2008.

The Bankruptcy Service of Hochdorf can be reached at:

         Bankruptcy Service of Hochdorf
         6020 Emmenbrucke
         Hockdorf LU
         Switzerland

The Debtor can be reached at:

         LLC LS Gastro
         Listrighalde 7
         6020 Emmenbrucke
         Hockdorf LU
         Switzerland


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

         Wolfgang Schinagl
         Liquidator
         Buechstrasse 21
         8645 Rapperswil-Jona
         See-Gaster SG
         Switzerland

The Debtor can be reached at:

         JSC Maysoft
         Rapperswil-Jona
         See-Gaster SG
         Switzerland


PSL GROUP: Creditors' Liquidation Claims Due by Feb. 29
-------------------------------------------------------
Creditors of JSC PSL Group Europe have until Feb. 29, 2008, to
submit their claims to:

         JSC PSL Group Europe
         Dreikonigstrasse 31a
         8002 Zurich
         Switzerland


RHEINTAL AMPREIS: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against JSC Rheintal Ampreis on Jan. 23, 2008.

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

         Bankruptcy Service of St. Gallen
         Branch Buchs
         Arthur Kollegger
         9471 Buchs
         Werdenberg SG
         Switzerland

The Debtor can be reached at:

         JSC Rheintal Ampreis
         Jacob Schmidheinystrasse 240
         9435 Heerbrugg AG
         Switzerland


TEBARO LLC: Creditors' Liquidation Claims Due by Mar. 4
-------------------------------------------------------
Creditors of LLC Tebaro have until Mar. 4, 2008, to submit their
claims to:

         Volker Grassle
         Thuringstrasse 21
         3018 Bern
         Switzerland

The Debtor can be reached at:

         LLC Tebaro
         Bern
         Switzerland


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

         JSC Bankrevision und Treuhand
         Gerardo Moscariello
         Zurlindenstrasse 134
         8036 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Trimuna
         Zurich
         Switzerland


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


GRADING LLC: Creditors Must File Claims by March 6
--------------------------------------------------
Creditors of LLC Building Firm Grading (code EDRPOU 33600904)
have until March 6, 2008, to submit written proofs of claim to:

         Eugene Kondra
         Liquidator
         Apartment 48
         Kazatskaya Str. 14
         Energodar
         71500 Zaporozhje
         Ukraine
         
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 21, 2008.  
The case is docketed under Case No. 49/6-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Building Firm Grading
         Apartment 272
         Sviatoshynskaya Str. 1
         03115 Kiev
         Ukraine


KRASNOARMEYSK COMBINE: Creditors Must File Claims by March 7
------------------------------------------------------------
Creditors of OJSC Krasnoarmeysk Combine of Large-Panel
Housebuilding (code EDRPOU 30853166) have until March 7, 2008,
to submit written proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/106b.

The Debtor can be reached at:

         OJSC Krasnoarmeysk Combine of
         Large-Panel Housebuilding
         Krasnoarmeysk
         Solnechny Micro District 2B
         Apartment 3
         85300 Donetsk
         Ukraine


MASTER-CLASS LLC: Creditors Must File Claims by March 6
-------------------------------------------------------
Creditors of LLC Master-Class (code EDRPOU 33237680) have until
March 6, 2008, to submit written proofs of claim to:

         Liudmila Kondra
         Liquidator
         Apartment 48
         Kazatskaya Str. 14
         Energodar
         71500 Zaporozhje
         Ukraine
         
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 21, 2008.  
The case is docketed under Case No. 49/5-b.

The Debtor can be reached at:

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

The Debtor can be reached at:

         LLC Master-Class
         Sosneny Family Str. 3
         03148 Kiev
         Ukraine


PODOLYE LLC: Proofs of Claim Filing Deadline Set March 7
--------------------------------------------------------
Creditors of Agricultural LLC Podolye (code EDRPOU 03731879)
have until March 7, 2008, to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company on Jan. 15, 2008.  The case is docketed
under Case No. 5/8-08.

The Debtor can be reached at:

         Agricultural LLC Podolye
         Babchintsy
         Chernovetsky District
         24132 Vinnica
         Ukraine


SOKOL AGRICULTURAL: Proofs of Claim Filing Deadline Set March 7
---------------------------------------------------------------
Creditors of Sokol Agricultural LLC (code EDRPOU 30050506)have
until March 7, 2008, to submit written proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company on Jan. 10, 2008.  The case is docketed
under Case No. 5/615-07.

The Debtor can be reached at:

         Sokol Agricultural LLC
         Chernovetsky District
         Sokol
         24124 Vinnica
         Ukraine


SPECIAL BUILDING: Proofs of Claim Filing Deadline Set March 7
-------------------------------------------------------------
Creditors of OJSC Special Building Assembly (code EDRPOU
00233537) have until March 7, 2008, to submit written proofs of
claim to:

         Nadlonok Andrew
         Temporary Insolvency Manager
         Zubrovskaya Str. 25a/33
         79066 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy supervision
procedure on the company.  

The Court is located at:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         OJSC Special Building Assembly
         Koniushynnaya Str. 7
         Lvov
         Ukraine


SPHERE LLC: Creditors Must File Claims by March 7
-------------------------------------------------
Creditors of LLC Sphere (code EDRPOU 03373492) have until
March 7, 2008, to submit written proofs of claim to:

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

The Debtor can be reached at:

         LLC Sphere
         P.O. Box 354
         Pavlograd
         51402 Dnipropetrovsk
         Ukraine


TAVRIYA TRANSPORT: Creditors Must File Claims by March 6
---------------------------------------------------------
Creditors of State Enterprise Tavriya Transport have until
March 6, 2008, to submit written proofs of claim to:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 15, 2008.  
The case is docketed under Case No. 5/26-B-06.

The Debtor can be reached at:

         State Enterprise Tavriya Transport
         Yantarny Lane 2         
         Herson
         Ukraine


VOSKHOD LLC: Proofs of Claim Filing Deadline Set March 7
--------------------------------------------------------
Creditors of Agricultural LLC Voskhod (code EDRPOU 00856706)
have until March 7, 2008, to submit written proofs of claim to:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
6/276-B-07.

The Debtor can be reached at:

         Agricultural LLC Voskhod
         Molodezhnaya Str. 1         
         Ptakhovka
         Skadovsk District
         75740 Herson
         Ukraine


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


BAA LTD: Stephen Nelson Quitting as Chief Executive Officer
-----------------------------------------------------------
Stephen Nelson is resigning as BAA Ltd.'s Chief Executive
Officer, following criticism over failing service standards at
the company's Heathrow, Gatwick and Stansted airports in 2007,
Kevin Done writes for The Financial Times.

According to the FT, the resignation was part of BAA chairman
Sir Nigel Rudd's plans to change the company's management and
bolster its image.

BAA will replace Mr. Nelson with Colin Matthews on April 1.  
According to FT, Mr. Matthews was former chief executive of
Severn Trent, which was radically restructured under his
leadership, and a former director of technical operations at
British Airways Plc.

                            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.


CHRYSLER LLC: Streamlines Production; Won't Sell Car Clones
-----------------------------------------------------------
Chrysler LLC intends to ditch the "car cloning" concept so often
used in the automotive industry and concentrate on selling its
remaining models, The Wall Street Journal reports.

Cloning cars, or creating different brands of the same basic car
design or a "common platform", is a common ploy used by most
automakers to increase sales and profitability, says WSJ.  
Chrysler said, however, that it won't employ this sales
technique anymore, and instead will focus on selling unique car
models.

The company's decision came after it lost its tooling battle
with Plastech Engineered Products Inc.  As reported in the
Troubled Company Reporter on Feb. 20, 2008, the U.S. Bankruptcy
Court for the Eastern District of Michigan denied the company's
request to pull out tooling equipment from Plastech's plants.  
However, the parties already agreed to extend their interim
production pact, under which Plastech will continue to
manufacture and deliver component parts to Chrysler until
Feb. 27, 2008.

                   About Plastech Engineered

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

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

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

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

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.

                      About Chrysler LLC

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

                        *     *     *

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


CLEAR CHANNEL: Wachovia's Case May Derail Amended TV Sale Deal
---------------------------------------------------------------
Wachovia Corp.'s lawsuit filed on Friday with the North Carolina
Superior Court could thwart a sale deal between Clear Channel
Communications Inc. and Providence Equity Partners Inc., various
sources report.

Wachovia filed for a declaratory judgment to liberate itself
from funding the sale after the parties amended the terms of the
transaction, dropping the price from US$1.2 billion to US$1.1
billion, the Wall Street Journal recounts.

Wachovia, which agreed in April to finance US$500 million of the
deal, contends that the revision of the original transaction
terms nullified its financing commitment, according to WSJ.

Reuters discloses that a Wachovia spokeswoman said Providence
demanded that the lenders be held to the terms of the deal it
had rejected.  The bank's efforts to resolve the issue were
unsuccessful.  Wachovia believes that it is in the best interest
of its shareholders to ask a court to confirm its nulled pledge.

A Providence spokesman called the suit "baseless," WSJ relates.

As reported in the Troubled Company Reporter-Europe on Feb. 20,
2008, Clear Channel filed a lawsuit against Providence Equity to
compel the private equity firm to complete its acquisition of
Clear Channel's Television Group, which includes 56 television
stations, including 18 digital multicast stations, located in 24
markets across the United States, after Providence disclosed in
November 2007 that it had reservations about the transaction.  
Providence said it may try to renegotiate the purchase price,
and should the deal fails, it would have to pay a US$45 million
break-up fee.

UBS AG and Goldman Sachs Group Inc., which are part of the group
funding the sale deal will carry out their original financing
commitments, WSJ says citing a person familiar with the matter
said.

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 31,
2008, Standard & Poor's Ratings Services said its ratings on
Clear Channel Communications Inc., including the 'B+' corporate
credit rating, remain on CreditWatch with negative implications.
S&P originally placed them on CreditWatch on Oct. 26, 2006,
following the company's announcement that it was exploring
strategic alternatives to enhance shareholder value.


COLT TELECOM: Posts Net Profit of EUR39.2 Million for Year 2007
---------------------------------------------------------------
COLT Telecom Group S.A. released financial results for the year
ended Dec. 31, 2007.

COLT reported EUR39.2 million in net profit on EUR1.68 billion
in revenues for the year ended Dec. 31, 2007, compared with
EUR18.8 million in net loss on EUR1.08 billion in revenues for
the same period in 2006.

The group's net debt at Dec. 31, 2007, was EUR31.1 million
compared with EUR65.9 million net debt for Dec. 31, 2006.

At Dec. 31, 2007, COLT's balance sheet showed EUR1.83 billion in
total assets, EUR892.1 million in total liabilities and EUR936.7
million in shareholders' equity.

"We continued to make good progress in 2007.  We reorganized the
business into three customer facing divisions - Major
Enterprise, SME and Wholesale - more closely aligning our
organization to the market," Rakesh Bhasin, COLT's chief
executive disclosed.

"I am particularly pleased to report that Data revenue growth
continues to accelerate, with growth of 9.8%  in 2007, up from
6.9% in 2006.  Data revenue represented over 50% of Group
revenue.  During the year we invested in four new Data centers
bringing the total number of COLT Data centers to 18 across
Europe. This was our first full financial year of
profitability," Mr. Bhasin added.

"The results for the fourth quarter also show sustained
progress: Data revenues grew by 10% , margins were up by 3.7
percentage points, EBITDA was up 1.3%  and profit grew by EUR4.6
million.  During the quarter we opened our second site in India,
this time in Bangalore; and our new Data centers in London and
Amsterdam.  We expect 2008 to be another year of progress for
our business," Mr. Bhasin concluded.

A full-text copy of COLT's financial results is available at
no charge at http://ResearchArchives.com/t/s?2884

Headquartered in London, England, COLT Telecom Group S.A. (fka
COLT Telecom Group plc) -- http://www.colt.net/-- offers  
business communication services across Europe.  Through its
fiber optic network, the Company offers voice, bandwidth, e-
business and managed network services to finance, industry and
service sector customers and governments.

                        *     *     *

As of Feb. 27, 2008, Colt Telecom Group S.A. carries Moody's B2
long-term corporate family rating.  Moody's said the outlook is
stable.

Standard & Poor's rates Colt Telecom's long-term foreign issuer
credit and long-term local issuer credit at B.  S&P said the
outlook is stable.


DOUBLEMARK DUNDEE: Claims Filing Period Ends March 31
-----------------------------------------------------
Creditors of Doublemark Dundee Ltd. have until March 31, 2008 to
send in their full names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         David Elliott
         Liquidator
         Moore Stephens LLP
         First Floor
         Victory House
         Quayside
         Chatham Maritime
         Kent
         ME4 4QU
         England

David Elliott of Moore Stephens LLP was appointed liquidator of
the company on Feb. 19 for the creditors' voluntary winding-up
procedure.


DOUBLEMARK LTD: David Elliott Leads Liquidation Procedure
---------------------------------------------------------
David Elliott of Moore Stephens LLP was appointed liquidator of
Doublemark Ltd. on Feb. 19 for the creditors' voluntary winding-
up procedure.

The liquidator can be reached at:

         Moore Stephens LLP
         First Floor
         Victory House
         Quayside
         Chatham Maritime
         Kent
         ME4 4QU
         England


FLAMETECT FABRICS: Brings In Administrators from Tenon Recovery
---------------------------------------------------------------
S.J. Parker and T.J. Binyon of Tenon Recovery were appointed
joint administrators of Flametech Fabrics Ltd. (Company Number
02201038) on Feb. 13, 2008.

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

The company can be reached at:

         Flametect Fabrics Ltd.  
         Tafarnaubach Industrial Estate
         Tafarnaubach
         Tredegar
         Gwent
         NP22 3AA
         Wales
         Tel: 01495 725 577
         Fax: 01495 725 588


FORD MOTOR: Nudges Woodhaven Workers to Accept Buyout Options
-------------------------------------------------------------
Ford Motor Company has been asserting a successful outlook to
former employees who have the company after accepting its
compensation packages, which provides educational opportunities,
buyout offers and career prospects activities, Bill Blasic of
the New York Times reports.

NY Times relates that a job fair for workers of Ford's sheet-
metal stamping plant in Woodhaven, Detroit, was held on Friday,
offering work options from truck driving to electrician work at
the local utility to franchise opportunities at the Little
Caesars pizza chain.

Younger workers may be more open to the idea of a new career,
however, older workers seemed sentimental in leaving the company
they have worked for many years, according to NY Times.

So, Ford, NY Times says, is offering rich buyout packages to
factory workers, including one-time cash payments of US$140,000
or college tuition plans for an entire family.

As reported in the Troubled Company Reporter-Europe on Feb. 14,,
2008, Ford intended to offer another round of buyout packages to
14% of its entire plant workforce in North America to restore
profitability.  Roughly 9,000 workers will be displaced in
addition to 33,000 employees who availed the compensation
packages in 2006 and 2007.

Last month, United Auto Workers union representatives and the
automaker agreed to compensation offers higher than those
offered in 2006, including an education package, health benefits
and a lump sum payment.  Pursuant to the agreement, an
additional US$35,000 will be given to qualified retirees as they
leave, the payout totaling US$70,000.

NY Times suggests that Ford has not given out the estimates of
those who would accept the buyouts by a March 18 deadline.  
However, Wall Street analysts say company aim is 8,000 workers.

General Motors Corp. is offering buyout proposals to all of its
74,000 hourly workers, while Chrysler LLC is proposing the same
option to workers by plants per region, NY Times discloses.  The
Big Three automakers decided to cut corners after years of
depressing market share and rising competition from foreign car
companies like by Toyota.

"It's not going to get any easier -- at least for awhile," Jim
Farley, Ford's group vice president, Marketing and
Communications, said.  "Recent monetary actions and the proposed
stimulus package may help the economy later this year, but we're
not pinning our hopes on that.  Our plan is based on
restructuring our business to be profitable at lower demand and
changed mix while also accelerating the development of new
products people want to buy."

As previously reported, Ford reported a 2007 full-year net loss
of US$2.7 billion.  This compares with a 2006 full-year net loss
of US$12.6 billion.

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.


GENERAL MOTORS: In Talks with BMW on Possible Tie-Up
----------------------------------------------------
Bayerische Motoren Werke AG is in talks with General Motors Corp
and Fiat SpA on a possible tie-up on engines and gear boxes, the
Thomson Financial reports citing a Financial Times Deutschland
pre-release.

According to the report, BMW is also in talks with Daimler AG's
Mercedes-Benz on a possible tie-up for the joint development of
new gear systems and automotive components.  The talks however
are tuning out to be difficult than expected, the report adds.

                          About BMW

Bayerische Motoren Werke AG, better known as BMW -–
http://www.bmw.com/-- is one of Europe's top automakers.  BMW's  
car offerings include sedans, coupes, convertibles, and sport
wagons in the 3 Series, 5 Series, 6 Series, and 7 Series model
groups. Other models include the M3 coupe and convertible; the
X5 sport utilities; and the Z4 roadster.  In addition to its BMW
automobiles, the company's operations include motorcycles (K
1200 GT, R 1200 RT, and F 800 S models, among others), the MINI
automotive brand, Rolls-Royce Motor Cars, and software (softlab
GmbH).  BMW's motorcycle division also offers a line of
motorcycling apparel such as leather suits, gloves, and boots.

                       About Fiat S.p.A.

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

                    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.


GENERAL MOTORS: Supplier Workers Strike Unmoved on Assembly
-----------------------------------------------------------
Although the strike of union workers at its supplier American
Axle and Manufacturing Inc. does not affect General Motors
Corp.'s plant production yet, the auto maker says it is
following the protest closely, Terry Kosdrosky of Dow Jones
Newswires reports.

The Associated Press points out that GM has a large inventory of
pickups and sport utility vehicles, which are equipped with
American Axle's products.

However, if the strike lasts longer than the backlog, GM's
assembly lines would suffer, AP relates citing industry
analysts.

United Auto Workers union president Ron Gettelfinger and Vice
President James Settles disclosed that members at American Axle
and Manufacturing Inc. began an unfair labor practices strike at
12:01 a.m. on Feb. 26, 2008, following expiration of a four-year
master labor agreement.

Talks broke off Monday with major issues unresolved.

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.


GENERAL MOTORS: Fitch Holds IDR at 'B' with Negative Outlook
------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Rating of General
Motors at 'B', with a Rating Outlook Negative.

Fitch projects that despite significant cost reduction programs
that have occurred at GM's North American operations, negative
cash flows at GM are expected to increase in 2008, leading to
more pronounced liquidity drains.  Weak economic conditions in
the U.S., continuing restructuring costs, high commodity costs
and supplier issues (including Delphi) will more than offset
healthy results from international operations.  In the absence
of improvement in North American economic conditions or access
to additional capital, Fitch projects that GM's liquidity could
drop below US$20 billion within the next year.  As a result,
Fitch expects that further restructuring will be required in
addition to the current employee buyout program.  The persistent
lack of profitability, even with a lower fixed cost base,
indicates that GM will have to further prune low-margin vehicles
and production capacity.  Fitch expects that this will lead to
the closure of at least three more assembly plants over the
intermediate term than has been announced to date.

GM has made very substantial improvement in its North American
cost structure and over the past five years has significantly
mitigated risks and liabilities associated with its pension and
OPEB obligations.  The terms of the recent UAW agreement,
including the transfer of healthcare cost inflation from GM to
the UAW trust, will realize meaningful cash savings beginning in
2010.  However, this has come at a cost.  GM's debt is expected
to total approximately US$45 billion (including US$8.4 billion
issued as part of the UAW VEBA trust agreement that will not
appear on GM's balance sheet until 2010), up more than US$32
billion since yearend 2002, despite a healthy level of asset
sales.  This figure may increase as GM seeks additional
financing opportunities to sustain liquidity. Interest expense
will represent an increasing claim on cash flows in 2008 and
2009, while declining income from GM's shrinking cash and
securities portfolio will provide less of an offset.  GM's loss
of market share and sale of assets (GMAC, Allison Transmission)
also provide a reduced earnings base with which to meet future
debt obligations.  As a result, Fitch does not expect GM to be
in a position to reduce debt obligations over the next three
years. GM retains access to approximately US$7 billion in
committed credit lines in the U.S.

Although GM has a manageable maturity schedule over the next
several years, repayment of maturities from cash holdings would
accelerate the expected decline in liquidity.  Given the
existing state of the capital markets, GM may have limited
access to external capital for refinancing purposes.  The recent
change to the VEBA funding plan, replacing US$4 billion in cash
with US$4 billion in a two-year note, will provide a helpful,
but temporary boost to liquidity.  In the absence of a rebound
in second-half economic conditions or access to additional
capital, Fitch projects that liquidity could drop below US$20
billion within the next year.  Upon a rebound in the U.S.
housing market, contribution margins will benefit from improved
volume and margins in the key pickup truck market.

Fitch forecasts that GM's projected cost savings from the 2007
UAW agreement will be insufficient to reverse consolidated
negative cash flows through 2009 without revenue stabilization.  
Given weak economic conditions, this is not projected to occur
in 2008.  Despite a string of recent successful product
offerings, the decline in the remainder of GM's product
portfolio has prevented consolidated improvement.  Over the near
term, GM's North American strategy currently relies on replacing
uncompetitive products with newly competitive products, which
will be a severe challenge as GM struggles to find niches for a
number of overlapping products and brands.

Fitch expects that GM will have to make meaningful reductions in
brand/product/segment offerings over the intermediate term.  
Accordingly, Fitch expects that GM could close an additional 3-4
assembly plants.

Shareholder considerations may also encourage a reduction in
exposure to the U.S. market, potentially allowing the company's
stronger, higher growth international operations to represent a
more material component of GM's consolidated valuation.

Commodity prices will continue to hurt GM's margins, although
the rate of increase is likely to slow in comparison to 2007,
allowing more of the company's manufacturing efficiencies to
benefit margin performance.  However, GM is likely to face
escalating costs and required financial support for second and
third-tier suppliers that will continue to face bankruptcy (and
potential liquidation) from lower Detroit Three production and
lack of access to capital.

GM's international operations have transitioned into a material
positive factor for the ratings.  The company's growth in China,
Latin America and a number of developing markets provide an
increasing offset to the company's North American operations,
but also are now producing free cash flow that can be applied to
consolidated debt or restructuring obligations.  However, the
4th quarter loss in GM's European operations and the
extraordinary profitability that the industry has enjoyed in
Latin America question the sustainability of 2007 results into
2008.

These events could result in a downgrade of GM:

     -- Consolidated cash drains in excess of US$8 billion,
        which results in liquidity dropping below US$20 billion;

     -- Lack of progress in reducing fixed costs, combined with
        a reduction in international profitability;

     -- Double-digit production cuts in North America throughout
        2008 resulting from a more severe decline in economic
        conditions or a deterioration in GM's product
        competitiveness.

Attempts to resolve the Delphi situation have become
increasingly extended and expensive to GM.  GM took an
additional US$1.5 billion in reserves in 2007, and will continue
to incur expenses over the medium term.  With Delphi currently
unable to raise the financing required to exit bankruptcy, the
situation remains highly uncertain.  An extended stay in
bankruptcy and increasing costs accruing to GM could result in
the event that the agreement with Apaloosa is unable to be
closed.  Although resolution of GM's price penalty to Delphi
represents an opportunity for further cost reductions over the
intermediate term, Delphi will remain a meaningful competitive
disadvantage.

Deteriorating performance at GMAC has materially reduced
estimated recovery valuations from this asset.  Fitch does not
expect that GM will provide additional capital to support GMAC's
ResCap operations, given GM's liquidity position and its primary
focus on GMAC's auto finance operations.  Any additional capital
contributed to GMAC by GM would be viewed as a negative.  Fitch
remains concerned about asset quality deterioration, funding
costs and ABS market conditions at GMAC and the industry in
2008.

Recovery ratings remain in the same category, although projected
recovery valuations have moved modestly lower.  Negative
movements include a significant deterioration in the asset value
of GM's 49% stake in GMAC, and higher debt levels, which are
offset by increased valuations for the company's international
holdings in Latin America and Asia (primarily China).

Fitch has affirmed the following ratings:

General Motors

    -- IDR at 'B';
    -- Senior unsecured debt at 'B-/RR5'
    -- Senior Secured at 'BB/RR1'.

General Motors of Canada

    -- IDR at 'B';
    -- Senior unsecured at 'B-/RR5'.


GETTY IMAGES: US$2.4MM Hellman Deal Cues Moody's Rating Review
--------------------------------------------------------------
Moody's Investors Service placed all the credit ratings of Getty
Images, Inc. on review for possible downgrade following its
announcement that it entered into a definitive agreement to be
acquired by affiliates of the private equity firm Hellman &
Friedman LLC for a total enterprise value of US$2.4 billion,
including the assumption of existing debt.

The transaction has been approved by the Board of Directors of
Getty.  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.  The company
disclosed that financing commitments have been provided by
Barclays Capital, GE Commercial Finance and RBS Greenwich
Capital.

Getty's announcement did not disclose the mix of debt and equity
to be utilized to finance the acquisition.  The review for
possible downgrade anticipates that leverage and free cash flow
metrics will weaken significantly post-acquisition.

Moody's review will focus on the expected capital structure,
liquidity position and operating strategy of Getty upon
completion of the buyout transaction.  In particular, Moody's
will review the company's plans for growing or stabilizing the
business despite pressure from declining demand for traditional
creative still imagery.

Getty's US$265 million of convertible subordinated debentures
will be convertible at the option of the holders on June 9,
2008.  Moody's anticipates that cash, cash equivalents and short
term investments (about US$364 million at Dec. 31, 2007) and
available bank credit lines will provide the company with
sufficient liquidity to fund the cash conversion price.  If
substantially all of the subordinated debentures are converted,
then Moody's may withdraw all of Getty's credit ratings.

These ratings were placed on review for possible downgrade:

-- US$265 million series B convertible subordinated notes due
    2023, Ba2

-- Corporate family rating, Ba1

-- Probability of default rating, Ba1

Headquartered in Seattle, Washington, Getty is a leading creator
and distributor of high quality imagery and related services to
creative professionals at advertising agencies, graphic design
firms, corporations, and film and broadcasting companies;
editorial customers involved in newspaper, magazine, book, CD-
ROM and online publishing; and corporate marketing departments
and other business customers.  Revenues for the year ended
Dec. 31, 2007 were US$858 million.


GETTY IMAGES: S&P Cuts Rating on US$2.4B Hellman & Friedman Deal
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Seattle, Washington-based visual imagery company Getty
Images Inc. to 'BB-' from 'BB' and placed it on CreditWatch with
negative implications.  At the same time, S&P affirmed the 'B+'
rating on the company's subordinated debt.
   
The rating action is based on the announcement that Getty has
entered into a definitive agreement to be acquired by Hellman &
Friedman LLC, in a transaction valued at US$2.4 billion.  "We
believe this deal will raise financial risk as the company is
addressing business challenges," said Standard & Poor's credit
analyst Tulip Lim.  The transaction value includes existing
debt.  Getty Images currently expects the transaction to close
in the second quarter of 2008.


HERBERT ROBERTS: Brings In Liquidators from Tenon Recovery
----------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Herbert Roberts Ltd. on
Feb. 19 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         33 George Street
         Wakefield
         WF1 1LX
         England


INTERNATIONAL DIAMALT: Appoints Joint Administrators from KPMG
--------------------------------------------------------------
David James Costley-Wood and Richard James Philpott of KPMG LLP
were appointed joint administrators of International Diamalt
Company Ltd. (Company Number FC015216) 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:

         International Diamalt Company Ltd.  
         Maltkiln Lane
         Newark
         Nottinghamshire
         NG24 1HN
         England
         Tel: 01636 614 730


MAXJET AIRWAYS: Files Schedules of Assets and Liabilities
---------------------------------------------------------
MAXjet Airways Inc. delivered to the United States Bankruptcy
Court for the District of Delaware its schedules of assets and
liabilities disclosing:

  Name of Schedule                   Assets      Liabilities
  ----------------                -----------    -----------
  A. Real Property                
  B. Personal Property            US$14,836,147
  C. Property Claimed
     as Exempt
  D. Creditors Holding                           US$7,028,894
     Secured Claims
  E. Creditors Holding                                283,551
     Unsecured Priority
     Claims
  F. Creditors Holding                             16,289,378
     Unsecured Nonpriority
     Claims
                                  -----------   -------------
     TOTAL                        US$14,836,147 US$23,601,824

                      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.


METRONET RAIL: Moody's Revises Outlook on Ratings to Positive
-------------------------------------------------------------
Moody's Investors Service changed the outlook on the B2 senior
secured un-guaranteed debt ratings of both Metronet Rail BCV
Finance plc and Metronet Rail SSL Finance plc to positive from
negative.

At the same time, the Aaa ratings of the BCV Finance and SSL
Finance bonds guaranteed by Financial Security Assurance (U.K.)
Limited are affirmed with their stable outlook, while the Aaa
ratings of the BCV Finance and SSL Finance bonds guaranteed by
Ambac Assurance UK Limited remain on review for possible
downgrade.  Moody's has also withdrawn the ratings of all bank
loans provided to BCV Finance and SSL Finance.

The change in outlook to positive reflects two key factors.
Firstly, the bonds guaranteed by Ambac Assurance UK Limited and
Financial Security Assurance (U.K.) Limited (together the
"Guaranteed Bonds") are now secured by cash deposits in an
amount sufficient to repay all outstanding principal at par
value together with accrued interest if FSA and Ambac (as the
case may be) choose to exercise their right to redeem the bonds
at par in the near term.  Secondly, in the event that Guaranteed
Bonds are not redeemed at par, their underlying credit quality
will depend on an effective hedging and investment programme
over their expected remaining life but their expected loss
characteristics in such circumstances may suggest a rating
higher than B2.

The bank loan ratings have been withdrawn due to the provision
of inadequate information to enable Moody's to maintain the
ratings on these debt instruments.

On Feb. 5, 2008, the BCV Finance and SSL Finance debt creditors
instructed BCV Finance and SSL Finance to exercise the option
they had to put their BCV and SSL loans to London Underground
Limited in exchange for a Put Option price determined in
accordance with the terms of the relevant Put Option.

On Feb. 12, 2008, the Put Options were settled and a sum
totalling GBP1.74 billion (full amount not disclosed) was paid
by LUL in full and final settlement for all BCV Finance and SSL
Finance outstanding loans to BCV and SSL, respectively.

A proportion of the GBP1.74 billion Put Option proceeds were
paid to the order of the Guaranteed Bonds, with the balance
being applied to meet other obligations of BCV Finance and SSL
Finance, including outstanding BCV Finance and SSL Finance bank
loans.  Moody's has been unable to identify whether or not
amounts paid to the bank lenders have been sufficient to repay
all outstanding principal and accrued interest without
impairment and, if the bank loans have not been repaid in full,
what their prospects for future impairment might be.

Consequently these ratings have been withdrawn.

The positive outlook on the B2 senior secured un-guaranteed debt
ratings of BCV Finance and SSL Finance reflects the possibility
that the expected loss characteristics of the Guaranteed Bonds
may, in the absence of the relevant financial guarantees,
warrant a rating higher than B2, but that, in the absence of an
understanding of any proposed defeasance structure, it is not
possible to determine an appropriate rating level if the
Guaranteed Bonds remain outstanding for an extended period of
time.  Moody's will withdraw the ratings of the Guaranteed Bonds
if the bonds are redeemed at par.

Following this rating action, Metronet Rail BCV Finance plc has
the following guaranteed debt ratings outstanding:

    -- GBP350 million Guaranteed Secured Fixed-Rate Bonds due
       2032: Aaa, review for downgrade (guaranteed by Ambac
       Assurance UK Limited).

    -- GBP165 million Guaranteed Secured Index Linked Bonds due
       2032: Aaa (guaranteed by Financial Security Assurance
       (U.K.) Limited).

These ratings of Metronet Rail BCV Finance plc are outstanding
with a positive outlook:

    -- Underlying Ratings of the above two bonds: B2.

Further to this rating action, Metronet Rail SSL Finance plc has
these guaranteed debt ratings outstanding:

    -- GBP350 million Guaranteed Secured Fixed-Rate Bonds due
       2032: Aaa (guaranteed by Financial Security Assurance
       (U.K.) Limited)

    -- GBP165 million Guaranteed Secured Index Linked Bonds due
       2032: Aaa, review for downgrade (guaranteed by Ambac
       Assurance UK Limited)

These ratings of Metronet Rail SSL Finance plc are outstanding
with a positive outlook:

    -- Underlying Ratings of the above two bonds: B2.

Metronet Rail BCV Finance plc is a financing conduit that raised
finance and lent the proceeds to Metronet Rail BCV Limited, and
Metronet Rail SSL Finance plc is a financing conduit that raised
finance and lent the proceeds to Metronet Rail SSL Limited.  
Metronet Rail BCV Limited and Metronet Rail SSL Limited are
companies that provide infrastructure upgrade, operation and
maintenance services to London Underground Limited under the
terms of the Service Contracts which form part of the London
Underground Public Private Partnership.


MORGAN-GRUNFELD LTD: Calls In Liquidators from BDO Stoy Hayward
---------------------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint liquidators of Morgan-Grunfeld
Ltd. (formerly T. Grunfeld Ltd.) on Feb. 19 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         BDO Stoy Hayward LLP
         One Victoria Street
         Bristol
         BS1 6AA
         England


NORTHERN ROCK: Branson Says Virgin's Rescue Plan Saves More Jobs
----------------------------------------------------------------
Virgin Group's Richard Branson told Sky News that he could have
secured most of Northern Rock Plc's jobs had the government  
opted for Virgin Money to take over the bank, BreakingNews.ie
reports.

"We would have saved most of the jobs, which sadly is unlikely
to be the case under nationalization," Mr. Branson told Sky
News.

Mr. Branson said that the expenses incurred mounting the
takeover bid were considerable but he now wanted to move forward
to build up Virgin Money, BreakingNews.ie relates.

As reported in the TCR-Europe on Feb. 6, 2008, a Virgin-led
consortium submitted to the Tripartite Authorities a formal
proposal to recapitalize and refinance Northern Rock.

The consortium's intention is that the company continues as a
going concern and a listed entity -- rebranded as Virgin Bank.

Northern Rock was nationalized on Feb. 22, 2008, after MPs
rejected three amendments put forward by peers.

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

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

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

                     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.


PETROLEOS DE VENEZUELA: Receivables Increases to US$310 Mil.
------------------------------------------------------------
El Universal reports that Petroleos de Venezuela SA's long-term
receivables, based on the published interim balance sheet, have
increased to US$310 million in six months.

According to the report, PDVSA has supplied oil to Cuba and
Argentina under the agreements, which are Venezuela's two
integral cooperation deals, with certain financial terms.  In
addition, Bolivia, Uruguay, and Paraguay have been supplied with
oil under Caracas Energy Agreement.  PDVSA, since 2005,
committed a comprehensive pact for hydrocarbons deliveries to 15
countries in the Caribbean and Central America including
Nicaragua, under Petrocaribe.

Under the terms governing such agreements, except for Argentina,
includes funding of the oil bill with a one-year or two-year
grace period, while annual interest rates not greater than 2
percent, and the term for repayment ranged from 15 to 25 years,
the report adds.

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

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: Offers to Withdraw Stake in Chalmette
-------------------------------------------------------------
Venezuelan Deputy Oil Minister Bernard Mommer told reporters
that the country has offered to withdraw Petroleos de Venezuela
SA's stake in the Chalmette refinery to resolve its
nationalization dispute with Exxon Mobil.

Analysts suggested that Venezuela could offer Exxon Mobil its
50% stake in Chalmette, Business News Americas relates.

As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2008, Petroleos de Venezuela SA's head Rafael Ramirez
said that the company could sell its 50% stake in the Chalmette
plant.  Petroleos de Venezuela operates the Chalmette plant with
Exxon Mobil.  The plant was not affected when Petroleos de
Venezuela decided to stop making oil sales to Exxon Mobil.  

Surrendering Chalmette had been "on the table" when the
Venezuelan government took over Cerro Negro, BNamericas notes,
citing Mr. Mommer.

Mr. Mommer commented to El Universal, "With Exxon the solution
was obvious from the beginning: if we position ourselves in the
area of production, we withdraw our position in refining and
those two amounts are similar."

Venezuela's demand that future contracts not contain
international arbitration clauses caused the conflict with Exxon
Mobil, BNamericas says, citing Mr. Mommer.

Experts told Prensa Latina that actions taken by Exxon Mobil
against Petroleos de Venezuela to freeze the Venezuelan firm's
assets abroad lack legal foundations.  Experts also noted to
Prensa Latina that the International Center for Settlement of
Investment Disputes "has not ruled that assets must be frozen as
a previous step to arbitration."

Mr. Mommer told El Universal that Petroleos de Venezuela's
partnership accord with Exxon Mobil for Cerro Negro "provides
for the possibility to resort to two separate international
arbitration bodies."  The agreement also "admits a third
arbitration body."

"It was an overambitious clause.  In the event that arbitration
was dismissed, Pdvsa [Petroleos de Venezuela] undertook to
resort to another court.  In other words, arbitration will come
for sure.  However, I believe it is hard that the new Pdvsa
cooperates with Exxon to find a third court," Mr. Mommer
commented to El Universal.

Ecuadorian Oil and Mining Minister Galo Chiriboga told Dow Jones
Newswires that the Ecuadorian government will ask the
Organization of the Petroleum Exporting Countries to create a
group of lawyers to support Venezuela in its legal dispute
against Exxon Mobil.  Ecuador also has offered Venezuela a team
of Ecuadorian attorneys.  Minister Chiriboga commented to Dow
Jones, "On March 4, in a seminar before the official meeting,
I'll propose to the cartel to name a special commission of
lawyers to support Venezuela."

Venezuela has received support from a conglomerate of Arab and
Latin American nations in its conflict with Exxon Mobil, Kerry
Laird at Rigzone reports, citing Venezuela's President Hugo
Chavez.  According to Rigzone, President Chavez thanked in a
television program the Arab and Latin American foreign ministers
that met in Buenos Aires.  Arab League Secretary General Amir
Moussa told Rigzone that the consortium represented "an enormous
market with great possibilities."

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 U.S.

                          *     *     *

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.


RUSSELLS RESTAURANTS: Taps Administrators from Tenon Recovery
-------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint administrators of Russels Restaurants Plc
(Company Number 012588116) on Feb. 13, 2008.

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

The company can be reached at:

         Russells Restaurants Plc
         28 Market Square
         Melrose
         Roxburghshire
         TD6 9PP
         Scotland
         Tel: 01896 822 335


SELECT RETAIL: 800 Employees Likely to Face Job Cuts
----------------------------------------------------  
Around 800 employees of Select Retail are likely to face jobs
cuts after a management-led buyout managed to save only 125 of
the company's 250 stores, Helen Power of the Telegraph reports.

The company was put into administration after lender HboS
refused to renew its overdraft facility and brought it UHY
Hacker Young, the Telegraph adds.

Administrator Andrew Andonikou is currently looking for buyers
for the remaining 125 stores.  According to Breakingnews, about
half a dozen parties have expressed interest in the remaining
stores.

Based in Hertfordshire, U.K., Select Retail is a small ladies
wear retailer.  The company only operates in Great Britain.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                    *      *      *

                  Featured Conferences

Beard Conferences presents:

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

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

                    *      *      *
                    
The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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



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