TCREUR_Public/080229.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, February 29, 2008, Vol. 9, No. 43

                            Headlines


A U S T R I A

ABA-SYSTEM: Claims Registration Period Ends March 26
ALOIS RESCH: Claims Registration Period Ends March 3
AT & A ANLAGENTECHNIK: Claims Registration Period Ends March 17
ERWIN WITTMANN: Claims Registration Period Ends March 26
FENSTERSTUDIO LLC: Claims Registration Period Ends April 8

MM JEKLIC: Claims Registration Period Ends March 20


B E L G I U M

SOLUTIA INC: Emerges from Chapter 11 Bankruptcy Protection
SOLUTIA INC: New Stock to Trade on NYSE Effective March 3


F I N L A N D

NOVELL INC: To Acquire PlateSpin for US$205 Million


F R A N C E

FRESH DEL MONTE: Earns US$179.8 Million in Fiscal Year 2007
LAZARD LTD: Gets Okay for Additional US$100MM Share Repurchase
SMOBY-MAJORETTE SA: Court to Select New Buyer on March 3
SOTHEBY'S: Earnings Rise to US$102 Mln in Quarter Ended Dec. 31


G E R M A N Y

AUTOHAUS GOETTINGEN: Claims Registration Period Ends March 25
AUTOHAUS UNGETHUEM: Claims Registration Period Ends March 25
GARTEN DESIGN: Claims Registration Ends March 25
GIG-BREMEN: Creditors' Meeting Slated for March 13
GOLDEN FOOD: Creditors' Meeting Slated for March 20

H+F HOCH: Claims Registration Period Ends March 24
HAMMER MODE: Creditors' Meeting Slated for March 19
IKB DEUTSCHE: European Commission Probes Germany’s Measures
INOVA COMPUTERS: Claims Registration Ends March 25
KNICKMEIER GMBH: Claims Registration Period Ends March 5

MATRIX GMBH: Claims Registration Period Ends March 18
MCBEE GMBH: Claims Registration Ends March 25
MEDICOR DEUTSCHLAND: Claims Registration Period Ends March 3
MEGA MOEBEL: Claims Registration Ends March 25
NEGLIUS GMBH: Claims Registration Period Ends March 20

OSTROGA EDELSTAHLVERARBEITUNG: Claims Period Ends March 15
PPD PRIVATER: Claims Registration Ends March 25
PROVIDE-VR 2002-1: Moody's Cuts Rating on Class D Notes to B2
TELECASS GMBH: Claims Registration Period Ends March 14
YAYCI GMBH: Claims Registration Period Ends March 24


H U N G A R Y

FLEXTRONICS: To Increase Workforce in Hungary by 10%


I C E L A N D

NAVISTAR INTERNATIONAL: Re-Files Breach of Contract Suit vs Ford


I R E L A N D

ELAN CORP: Moody's Changes Outlook to Positive; Holds B3 Ratings
LUNAR FUNDING V: Moody's Junks Ratings on Two Notes Series
WELLMAN INC: Wants Kirkland & Ellis as Bankruptcy Counsel
WELLMAN INC: Wants to Employ Edwards Angell as Conflicts Counsel


I T A L Y

FIAT SPA: Linea Line to Start Production in India on August
INTERNATONAL RECTIFIER: Elects O. Khaykin and R. Dahl to Board


K A Z A K H S T A N

DELTA ITALY: Creditors Must File Claims by March 21
DJ-H LLP: Claims Deadline Slated for March 28
EX-INTERIER LLP: Claims Filing Period Ends March 28
EUROBRAND LLP: Creditors' Claims Due on March 28
GOLDEN MIDDLE: Claims Registration Ends March 28

KAINAR-D LLP: Creditors Must File Claims by March 28
MAYAK LLP: Claims Deadline Slated for March 21
MGM LIMITED: Claims Filing Period Ends March 28
SAMET-2000 LLP: Creditors' Claims Due on March 28
SEVER-7 LLP: Claims Registration Ends March 25


K Y R G Y Z S T A N

AI HAN: Creditors Must File Claims by March 21
ALMAZ SERVICE: Claims Filing Period Ends March 21
TSENTRALNOAZIATSKY ANGLISKY: Claims Registration Ends March 21


L U X E M B O U R G

AMERICAN AXLE: UAW's Work Stoppage Won't Affect S&P's BB Rating
CA INC: Will Pay US$0.04 Per Share Dividend Due on March 28
PIN GROUP: To Cut Jobs at Insolvent Units
PIN GROUP: Administrator Dismisses Claims of Splitting Company


N E T H E R L A N D S

FIRST DATA: Inks Multi-Year Contract With Wells Fargo


R U S S I A

ARMIDA CJSC: Creditors Must File Claims by April 16
EAST-ENERGY LLC: Creditors Must File Claims by March 16
FEDERAL-SERVICE: Court Starts Bankruptcy Supervision Procedure
FIN-STARS LLC: Creditors Must File Claims by March 16
FLEXTRONICS: To Buy Elcoteg's St. Petersburg Factory for EUR3MM

GAZENERGOPROMBANK: Moody's Puts Bank Financial Strength at E+
INMOR CJSC: St. Petersburg Bankruptcy Hearing Slated for June 17
INT'L INDUSTRIAL: S&P Lifts LT Counterparty Credit Rating to BB-
MOSCOW BANK: Securitizes RUR1.499 Billion Car Loan Portfolio
PKK VOZROZHDENIE: Creditors Must File Claims by April 16

PROM-TORG-WOOD: Creditors Must File Claims by April 16
RAMENSKIY TEXTILE: Under Bankruptcy Supervision Procedure
ROS-MED-STRAKH: Creditors Must File Claims by April 16
RUS’ CJSC: Court Names V. Lukyanov as Insolvency Manager
TATNEFT OAO: Oil Output Hikes to 25.74 Million Tons in 2007

TORG-RESOURCE LLC: Creditors Must File Claims by April 16
VOLZHSKIE CANNED: Moscow Bankruptcy Hearing Slated for June 24
VOSKHOD LLC: Creditors Must File Claims by April 16
VYSHNE-VOLOTSKAYA TEXTILE: Claims Filing Period Ends April 16


S W I T Z E R L A N D

ARCHTECH PARTNER: Creditors' Liquidation Claims Due by March 31
AVA CAD: Creditors' Liquidation Claims Due by March 31
ECOMPTRADE LLC: Creditors' Liquidation Claims Due by April 9
FABIO REAL: Creditors' Liquidation Claims Due by March 20
GALDAN INVESTMENT: Creditors' Liquidation Claims Due by March 20

HERCULES INC: Appoints Allan H. Cohen to Board of Directors
MOBITRADE LLC: Creditors' Liquidation Claims Due by March 5
PETROPLUS HOLDINGS: Robert J. Lavinia Appointed as CEO
PETROPLUS HOLDINGS: Ties Up with Blackstone and First Reserve
PETROPLUS HOLDINGS: S&P Says Ratings Unchanged Despite Buy Plans

RAB LLC: Creditors' Liquidation Claims Due by March 31
SEDICO-IT JSC: Creditors' Liquidation Claims Due by April 23
TREND SHM: Creditors' Liquidation Claims Due by April 1
WIKO KRONBUHL: Creditors' Liquidation Claims Due by March 31


U K R A I N E

ALFA-EXPORT LLC: Proofs of Claim Filing Deadline Set March 10
COLLATING-TRANSPORT ENTERPRISE: Proofs of Claim Due March 10
GRAN-IMPEKS LLC: Creditors Must File Claims by March 10
GREBENKOVSKOYE OJSC: Claims Filing Deadline Set March 10
IVANO-FRANKOVSK STOA: Creditors Must File Claims by March 10

MILEKSA LLC: Creditors Must File Claims by March 10
SOLE LLC: Proofs of Claim Filing Deadline Set March 10
SOUTH-UKRAINIAN LEASING: Claims Filing Deadline Set March 10


U N I T E D   K I N G D O M

CABLE & WIRELESS: CitiGroup Seeks Demerger of Two Businesses
CONSTELLATION BRANDS: Appoints Peter Perez as Board Director
COTT CORP: Unable to Meet Deadline; Delays Filing of Form 10-K
COTT CORP: In Talks with Wal-Mart on Shelf Space Allocation
COTT CORP: Wal-Mart Negotiations Cue Moody's to Review Ratings

COTT CORP: Wal-Mart Negotiations Cue S&P’s Negative CreditWatch
DUDLEY INKWELL: Brings In Liquidators from Menzies
DURA AUTOMOTIVE: Creditor Opposes Confirmation of Chap. 11 Plan
FEBREY LTD: Taps Joint Administrators from Grant Thornton
FORD MOTOR: Navistar Re-Files Breach of Contract Suit

FURNITURE LOGISTICS: Calls In Liquidators from Tenon Recovery
K.W. BEARD: Creditors' Meeting Slated for March 17
MICROGISTIX UK: Hires Liquidators from Mazars
OAK LTD: Appoints Neil Francis Hickling as Liquidator
ODYSSEY RE: Names Brian Young as CEO of London Market Operations

PELOTON PARTNERS: Liquidates US$2 Billion ABS Fund
PENTAGON FLEXIBLES: Claims Filing Period Ends May 19
QUEBECOR WORLD: To Convert Series 5 Preferred Shares on March 1
QUEBECOR WORLD: Names A. Caille as Restructuring Panel Chairman
SEA CONTAINERS: Court Stretches Plan-Filing Period to April 15

SECOND CITY: M. H. Abdulali Leads Liquidation Procedure
SWADDLERS LTD: Taps Liquidators from Vantis Business Recovery
TVONICS LTD: Appoints Milner Boardman to Administer Assets

BOOK REVIEW: Inside Investment Banking: Second Edition


                            *********


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


ABA-SYSTEM: Claims Registration Period Ends March 26
----------------------------------------------------
Creditors owed money by LLC ABA-System & Co. (FN 126398f) have
until March 26, 2008, to file written proofs of claim to court-
appointed estate administrator Christian Bachmann at:

          Dr. Christian Bachmann
          c/o Dr. Eva-Maria Bachmann-Lang
          Opernring 8
          1010 Vienna
          Austria
          Tel: 512 87 01-Serie
          Fax: 513 82 50
          E-mail: bachmann.rae@aon.at

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1707
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 7, 2008 (Bankr. Case No. 2 S 17/08z).  Eva-Maria
Bachmann-Lang represents Dr. Bachmann in the bankruptcy
proceedings.


ALOIS RESCH: Claims Registration Period Ends March 3
----------------------------------------------------
Creditors owed money by LLC Alois Resch (FN 78073p) have until
March 3, 2008, to file written proofs of claim to court-
appointed estate administrator Erich Gugenberger at:

          Dr. Erich Gugenberger
          Attergaustrasse 30
          4880 St. Georgen im Attergau
          Austria
          Tel: 07667/20980
          Fax: 07667/20980-20
          E-mail: office@drgugenberger.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on March 13, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in St. Georgen im Attergau, Austria, the Debtor
declared bankruptcy on Feb. 7, 2008 (Bankr. Case No. 20 S
11/08f).


AT & A ANLAGENTECHNIK: Claims Registration Period Ends March 17
---------------------------------------------------------------
Creditors owed money by LLC AT & A Anlagentechnik und Automation
(FN 172439m) have until March 17, 2008, to file written proofs
of claim to court-appointed estate administrator Josef Hofinger
at:

          Mag. Josef Hofinger
          Rossmarkt 20
          4710 Grieskirchen
          Austria
          Tel: 07248/66347, 61990
          Fax: 07248/62013
          E-mail: anwaelte@hofinger-menschick.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 27, 2008,  for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Grieskirchen, Austria, the Debtor declared
bankruptcy on Feb. 7, 2008 (Bankr. Case No. 20 S 9/08m).


ERWIN WITTMANN: Claims Registration Period Ends March 26
--------------------------------------------------------
Creditors owed money by LLC Erwin Wittmann (FN 116844f) have
until March 26, 2008, to file written proofs of claim to court-
appointed estate administrator Ute Toifl at:

          Dr. Ute Toifl
          c/o Mag. Astrid A. Haider
          Tuchlauben 12/20
          1010 Vienna
          Austria
          Tel: 01/535 46 11
          Fax: 01/535 46 11 11
          E-mail: office@thr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 9, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Korneuburg
          Room 204
          Second Floor
          Korneuburg
          Austria

Headquartered in Strasshof an der Nordbahn, Austria, the Debtor
declared bankruptcy on Feb. 7, 2008 (Bankr. Case No. 36 S
17/08d).  Astrid A. Haider represents Dr. Toifl in the
bankruptcy proceedings.


FENSTERSTUDIO LLC: Claims Registration Period Ends April 8
----------------------------------------------------------
Creditors owed money by LLC FENSTERSTUDIO (FN 166834w) have
until April 8, 2008, to file written proofs of claim to court-
appointed estate administrator Gernot Faber at:

          Mag. Gernot Faber
          Neunkirchner Strasse 34
          2700 Wiener Neustadt
          Austria
          Tel: 02622/82 1 18
          Fax: 02622/82 1 18-6
          E-mail: kanzlei@ra-faber.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on April 22, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on Feb. 7, 2008 (Bankr. Case No. 11 S 3/08i).


MM JEKLIC: Claims Registration Period Ends March 20
---------------------------------------------------
Creditors owed money by OEG MM Jeklic Bau have until
March 20, 2008, to file written proofs of claim to court-
appointed estate administrator Kurt Hirn at:

          Dr. Kurt Hirn
          Dr. Arthur Lemisch Platz 2
          9020 Klagenfurt
          Austria
          Tel: 0463/504770
          Fax: 0463/504771
          E-mail: dr.kurt.hirn@chello.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 1, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Klagenfurt
          Room 225
          Second Floor
          Klagenfurt
          Austria

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Feb. 7, 2008 (Bankr. Case No. 40 S 8/08d).


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


SOLUTIA INC: Emerges from Chapter 11 Bankruptcy Protection
----------------------------------------------------------
Solutia Inc. esterday emerged from Chapter 11 reorganization.
"Solutia has emerged as a well-positioned specialty chemicals
and performance materials company with market-leading global
positions and a diverse portfolio of high potential businesses,"
said Jeffry N. Quinn, chairman, president and chief executive
officer.  "We believe we are a stronger, healthier and more
competitive company than at any point in our history. Over the
past four years, we have transformed our portfolio through
strategic acquisitions, internal investments, asset
dispositions, and the re-deployment of significant nylon assets
to higher-value uses."

During its time in Chapter 11, Solutia has diversified from both
an end-market and a geographic perspective.  In 2007, the
company's net sales from outside the United States were 55% of
the total revenue, compared to 39% in 2003.  The increase has
been driven primarily by Solutia's Asian growth strategy, as
well as significant growth in Europe.

"During this period, we have made great strides in improving our
financial position by reducing legacy liabilities, enhancing and
focusing the business portfolio and delivering strong revenue
and operating earnings growth and momentum," said James M.
Sullivan, senior vice president and chief financial officer.
"With a strong balance sheet and more than 50% of our portfolio
growing at greater than two times global GDP, we believe we are
positioned to deliver increased shareholder value."

On Nov. 29, 2007, the U.S. Bankruptcy Court for the Southern
District of New York confirmed Solutia's plan of reorganization
and approved the company's exit from bankruptcy subject to
certain conditions including the funding of an exit financing
facility.  Solutia's $2.05 billion exit financing facility was
funded by Citigroup Global Markets Inc., Goldman Sachs Credit
Partners L.P., and Deutsche Bank Securities Inc.  This exit
financing is being used to pay certain creditors, and for
ongoing operations.

                 About Solutia Inc.

Solutia Inc. (NYSE:SOA-WI) -- http://www.solutia.com/--
is a performance materials and specialty chemicals company.  The
company focuses on providing solutions for a better life through
a range of products, including Saflex(r) interlayer for
laminated glass, CPFilms(r) aftermarket window films, high-
performance nylon polymers and fibers sold under brands
including Vydyne(r) and Wear-Dated(r), Flexsys(r) chemicals for
the rubber industry, and specialty products such as Skydrol(r)
aviation hydraulic fluid and Therminol(r) heat transfer fluid.
Solutia's businesses are world leaders in each of their market
segments. With its headquarters in St. Louis, Missouri, USA, the
company operates globally with approximately 6,000 employees in
more than 60 countries that includes Malaysia, China, Singapore,
Belgium, and Colombia.

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

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

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

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 11,
2007, Standard & Poor's Ratings Services assigned its 'B+' loan
rating to Solutia Inc.'s (D/--/--) proposed $1.2 billion senior
secured term loan and a '3' recovery rating, indicating the
likelihood of a meaningful (50%-70%) recovery of principal in
the event of a payment default.  The ratings are based on
preliminary terms and conditions.  S&P also assigned its 'B-'
rating to the company's proposed $400 million unsecured notes.

Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.
S&P expect the outlook to be stable.


SOLUTIA INC: New Stock to Trade on NYSE Effective March 3
---------------------------------------------------------
Solutia Inc. disclosed that the new common stock of reorganized
Solutia is scheduled to begin trading on the New York Stock
Exchange under the ticker symbol SOA on Monday, March 3, 2008.
(Currently the stock symbol also includes the "WI" notation).

The "old" Solutia stock, which was trading over-the-counter
under the SOLUQ ticker symbol, together with warrants or options
to purchase old common stock, were canceled as of Feb. 28, 2008.

                    About Solutia Inc.

Solutia Inc. (NYSE:SOA-WI) -- http://www.solutia.com/--
is a performance materials and specialty chemicals company.  The
company focuses on providing solutions for a better life through
a range of products, including Saflex(r) interlayer for
laminated glass, CPFilms(r) aftermarket window films, high-
performance nylon polymers and fibers sold under brands
including Vydyne(r) and Wear-Dated(r), Flexsys(r) chemicals for
the rubber industry, and specialty products such as Skydrol(r)
aviation hydraulic fluid and Therminol(r) heat transfer fluid.
Solutia's businesses are world leaders in each of their market
segments. With its headquarters in St. Louis, Missouri, USA, the
company operates globally with approximately 6,000 employees in
more than 60 countries that includes Malaysia, China, Singapore,
Belgium, and Colombia.

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

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

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


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F I N L A N D
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NOVELL INC: To Acquire PlateSpin for US$205 Million
---------------------------------------------------
Novell Inc. entered into a definitive agreement to acquire
PlateSpin Ltd. for US$205 million.  The acquisition will extend
Novell's leadership position in the next-generation data center
by providing the only solution to dynamically deliver business
critical services across both physical and virtual
infrastructures.

PlateSpin offers extensive solutions for the management of
heterogeneous workloads that encapsulate data, applications and
operating systems residing on a physical or virtual host.  These
solutions improve the speed and quality of server consolidation,
data center relocation and disaster recovery.  Novell and
PlateSpin will deliver unparalleled support for mixed
infrastructure environments offering products for complete
workload lifecycle management and optimization for Linux, UNIX
and Windows operating systems in the physical and virtual data
center.  The combined solutions will deliver superior value by
helping customers reduce costs, improve service levels and
respond to fluctuating business requirements.

"Flexible, automated management products that fully leverage
server resources and allow the movement of workloads are
necessary for optimizing the data center," said Stephen Elliot,
research director, Enterprise Systems Management Software and
ITMS at IDC.  "Over the next three years, heterogeneous
virtualization architectures will be the norm for most IT
organizations; as such they must purchase data center management
solutions that offer an ongoing opportunity for lowering
operational costs as well as integrating and managing VMs across
both server and storage infrastructures for greater control and
visibility between hardware and the virtual software tiers."

"The PlateSpin acquisition will be a cornerstone of our two-
pronged enterprise Linux and IT management software strategy,"
Ron Hovsepian, president and CEO of Novell, said.  "With the
addition of the PlateSpin product portfolio, Novell will be
uniquely positioned to deliver the next generation
infrastructure software that is at the core of the data center.
Together, we will have the most comprehensive workload
management solution that allows customers to monitor and analyze
what to virtualize, provide the tools to seamlessly virtualize
and unvirtualize workloads, automate the management of
workloads, and provide the leading open source platform from
which to run virtualized work."

"PlateSpin's ability to manage workloads is unparalleled and is
an essential part of making the data center truly respond to the
needs of the business," Stephen Pollack, founder and CEO of
PlateSpin, said.  "Combined with ZENworks Orchestrator and
virtualization from Novell, we are very excited about the
synergies that this acquisition will give to customers."

                        Financial Overview

Novell will acquire PlateSpin for US$205 million using current
cash.  The acquisition is expected to close during Novell's
second fiscal quarter 2008 subject to the satisfaction of
closing conditions.  PlateSpin will be integrated into Novell's
Systems and Resource Management business unit.  As part of this
business unit, PlateSpin will continue to develop and market its
solutions to a global customer base.  This will be done through
the continued operation of PlateSpin's Toronto facility as well
as through a combination of PlateSpin and Novell offices and
facilities around the globe.

                      About Novell Inc.

Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq:
NOVL) -- http://www.novell.com/-- delivers infrastructure
software for the Open Enterprise.  Novell provides desktop to
data center operating systems based on Linux and the software
required to secure and manage mixed IT environments.

The company has offices in Australia, Argentina, Austria,
Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong
Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia,
Netherlands, New Zealand, Norway, Philippines, Poland,
Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan,
Thailand and United Kingdom.

                          *     *     *

Novell Inc.'s subordinated debt carries Moody's Investors
Service's B1 rating.


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F R A N C E
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FRESH DEL MONTE: Earns US$179.8 Million in Fiscal Year 2007
-----------------------------------------------------------
Fresh Del Monte Produce Inc. released a strong financial and
operating results for the fourth quarter and year ended
Dec. 28, 2007.

Net income for the fourth quarter of 2007 increased to
US$34.4 million, compared with a net loss of US$58.8 million in
the fourth quarter of 2006.  The increase in net income for the
quarter was driven by improvements in gross profit; reduction in
selling general and administrative expense; gains from favorable
foreign exchange rates; lower asset impairment and other
charges; and the sale of nonperforming assets.  For the full
year, the company reported net income of US$179.8 million,
compared with a net loss of US$142.2 million in 2006.

Results for the fourth quarter of 2007 exclude charges totaling
US$7.3 million from asset impairment, restructuring and other
charges, net, primarily associated with exit activities in the
United Kingdom and Italy.  Full year results include charges
totaling US$9.5 million from asset impairment, restructuring and
other charges, net.

Net sales for the fourth quarter of 2007 increased 15 percent to
US$848.2 million, compared with US$737.6 million in the prior
year fourth quarter.  The significant increase in net sales was
due to strong sales performance in all of the company’s product
segments driven by product price increases in the company’s gold
pineapple, canned pineapple and melon product lines; higher
worldwide banana selling prices; increased demand for bananas,
especially in emerging markets; and favorable foreign exchange
rates.  Net sales for the year increased 5 percent to
US$3.4 billion, compared with US$3.2 billion in 2006.

Gross profit for the fourth quarter of 2007 increased to
US$78.4 million, compared with gross profit of US$57.4 million
in the fourth quarter of 2006.  The US$21.0 million rise in
gross profit for the quarter was driven by higher selling prices
in the Company’s major product lines; operational improvements
in key business segments; favorable foreign exchange rates; and
increased sales in the company’s Prepared Food business segment,
a direct result of lower canned pineapple supply in the
marketplace.  These gains were partially offset by significantly
higher costs associated with the growing and procurement of
fruit, packaging, labor, fuel and transportation during the
quarter.  Gross profit for the year was US$364.9 million,
compared with gross profit of US$189.4 million in 2006.

"We delivered the best fourth quarter in our history, driven by
the improvements made in our business segments," said Mohammad
Abu-Ghazaleh, Chairman and Chief Executive Officer.  "In spite
of the fact that we experienced dramatic increases in fruit
production, procurement and logistics costs that exceeded
previous record highs, we were still able to remain flexible and
use strategically creative methods to address these factors.  We
focused our sales of fruit to markets with the greatest demand,
focused our fresh-cut line on the highest value products,
capitalized on health and wellness and convenience trends, and
achieved higher selling prices in key product lines.  These
accomplishments were achieved without sacrificing product
quality, freshness and reliability – characteristics associated
with Fresh Del Monte Produce and the Del Monte(R) brand."

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading
vertically integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.

                        *     *     *

As reported in the Troubled Company Reporter- Europe on
Nov. 23, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit rating on Fresh Del Monte Produce Inc.,
and removed the rating from CreditWatch, where it was placed
with positive implications on Nov. 1, 2007.  S&P said the
outlook is stable.


LAZARD LTD: Gets Okay for Additional US$100MM Share Repurchase
--------------------------------------------------------------
Lazard Ltd's Board of Directors has approved an additional share
repurchase authorization of US$100 million, for purchases prior
to June 30, 2009.  Lazard also has US$32 million under a
previously disclosed authorization.

Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a
preeminent financial advisory and asset management firms, that
operates from 32 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides advice on mergers and
acquisitions, restructuring and capital raising, well as asset
management services to corporations, partnerships, institutions,
governments, and individuals.  The company has locations in
Australia, Brazil, China, France, Germany, India, Japan, Korea
and Singapore.

The company's consolidated balance sheet at Sept. 30, 2007,
showed US$3.51 billion in total assets, US$3.54 billion in total
liabilities, and US$49.0 million minority interest, resulting in
a US$74.5 million total shareholders' deficiency.


SMOBY-MAJORETTE SA: Court to Select New Buyer on March 3
--------------------------------------------------------
The Commercial Court of Lons-le-Saunier will rule March 3, 2008,
on the buyer for Smoby-Majorette S.A., various reports say.

Leading bidders for Smoby are the consortium of Abcia S.A. and
Caravelle, and German toy-maker Simba, Le Monde reports.

Meanwhile, around 500 employees staged a demonstration at
several of the Smoby's plants, asking for reduction of job cuts
from 600 to 250, Les Echos reports.  Abcia and Simba both
offered to keep around between 44% to 47%  of the comany's
employees.

MGA Entertainment, which bought 51% of Smoby in May 2007, said
it failed to reach an agreement with Smoby's creditors, Thomson
Merger News relates.  MGA didn't make an offer for Smoby.

As reported in the TCR-Europe on Jan. 8, 2008, the Court of
Appeal in Besancon rejected the recovery plan presented by MGA
Entertainment Inc. for Smoby-Majorette, maintaining the decision
of the Commercial Court of Lons-le-Saunier to place the company
under receivership on Oct. 9, 2007.

The appellate court gave interested parties until at latest
Jan. 20, 2008, to submit offers for Smoby.  Around 30 parties
have sought information on Smoby and its units.

                        About Smoby

Headquartered in Lavans les Saint-Claude, France, Smoby --
http://www.smoby.fr/-- specializes in the creation,
development, production and distribution of toys for children
from birth to age 10.  Smoby has a presence in over 90 countries
globally, with commercial and/or industrial operations in South
America, Asia and throughout Europe.  The Company's products are
sold worldwide through a network of 18 subsidiaries, with 65% of
sales generated outside of France.  In France, the Company
employs 1, 300 workers.  Its Latin America operations are found
in Argentina, Brazil and Mexico.

The Commercial Court of Lons-le-Saunier opened bankruptcy
proceedings against Smoby on March 19, 2007, upon the Debtor's
request.  Smoby was hoping to snag an investor who will inject
fresh capital yet remain a minority, as the company grapples
with a EUR330-million debt.  The company reported a net loss of
EUR15.87 million for the year ended March 31, 2006, compared
with a net profit of EUR1.56 million in 2005.


SOTHEBY'S: Earnings Rise to US$102 Mln in Quarter Ended Dec. 31
---------------------------------------------------------------
Sotheby's reported results for the fourth quarter and full year
ended Dec. 31, 2007.

The company's net income for the fourth quarter of 2007 was a
record US$102.4 million compared to US$70.3 million for the
prior period, a 46%, or US$32.1 million improvement, due to
growth in auction commission revenues.  These results include a
US$32.2 million, or 49%, increase in salaries and related costs,
due to higher incentive compensation costs attributable to the
strong results for the period well as higher full time salaries.

For the quarter ended Dec. 31, 2007, the company reported record
revenues of US$345.8 million, an US$82.6 million, or 31%,
increase over the prior fourth quarter, due to higher auction
commission revenues.

Net income for the full year 2007 totaled US$213.1 million,
about double the 2006 figure of US$107 million.  These results,
due to the revenue increases mentioned above, are partially
offset by a 30% rise in salaries and related costs from higher
incentive compensation costs due to the exceptional financial
performance for the year well as increased full time salaries
and stock compensation expense over the period.

Total revenues were US$917.7 million which is US$252.9 million,
or 38%, higher than the prior year due to a US$210 million, or
38%, improvement in auction commission revenues.  This increase
in total revenues is attributable to a 51% increase in
Consolidated Sales, which rose to US$6.2 billion in 2007.
Operating income of US$275.8 million was US$78.6 million, or
40%, ahead of the prior year.

Also, general and administrative expenses increased by 22%
partly due to a 33% increase in professional fees and a 28%
increase in travel and entertainment costs over the period.

The company's results for the full year 2007 were significantly
impacted by a one-time benefit of US$20 million related to an
insurance recovery from the key man life insurance policy
covering Robert Noortman, who died unexpectedly in January 2007,
and a US$4.8 million gain on the sale of our former
Billingshurst salesroom property in the United Kingdom,
partially offset by a US$15 million impairment charge related to
intangible assets and goodwill of Noortman Master Paintings,
B.V.

"2007 was a record year for Sotheby's, significantly exceeding
the company's outstanding performance in 2006," Bill Ruprecht,
president and chief executive officer of Sotheby's, said.

"Over the past five years, the number of clients buying at the
top end of our business has increased by more than 200% and
their geographical diversity has expanded by over 60%," he
added.  "In 2003 our top buyers -- purchasing lots of US$500,000
and above -- came from 36 countries; in 2007 they came from 58
countries.  Our increased global focus on our top clients is
delivering excellent results -- for our business, for our
clients, our employees and for our shareholders."

The company related that many areas were noteworthy in 2007.
For the first time, Contemporary Art became Sotheby's largest
category with auction sales of US$1.34 billion, an increase of
107% from the prior year.  Sales of Impressionist and Modern Art
rose by 24% to US$1.16 billion.  Emerging markets performed
strongly as well.  Russian Paintings and Works of Art brought
US$190.9 million, a 25% increase from the prior year.

Sales in Asia totaled US$400.7 million, a 41% increase from the
prior year and worldwide sales of Contemporary Asian Art brought
US$140 million, 99% above the prior year level.  Traditional
categories also fared extremely well with Antiquities bringing
US$112.2, million a ten-fold increase from the prior year, due
to the sale of two masterpieces, and Old Master Paintings,
Jewelry, British Paintings, French Furniture and European Works
of Art each experienced over 40% growth in their respective
categories.

                       About Sotheby's

Headquartered in New York City, Sotheby's --
http://www.sothebysrealty.com/(NYSE: BID) engages in
art auction, private sales and art-related financing activities.
The company operates in 40 countries, with principal salesrooms
located in New York, London, Hong Kong and Paris.  The company
also regularly conducts auctions in six other salesrooms around
the world.

                         *     *     *

Moody's Investors Service placed Sotheby's long term corporate
family rating and probability of default rating at 'Ba2' in
August 2007.  The ratings still hold to date with stable
outlook.


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


AUTOHAUS GOETTINGEN: Claims Registration Period Ends March 25
-------------------------------------------------------------
Creditors of Autohaus Goettingen-Ost GmbH & Co KG have until
March 25, 2008, to register their claims with court-appointed
insolvency manager Peter Staufenbiel.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on April 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Goettingen
          Hall B 11
          Berliner Strasse 8
          37073 Goettingen
          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. Peter Staufenbiel
          Dransfelder Strasse 19 A
          37079 Goettingen
          Germany
          Tel: 0551/9000950
          Fax: 0551/9000955
          E-mail: info@hauter.com

The District Court of Goettingen opened bankruptcy proceedings
against Autohaus Goettingen-Ost GmbH & Co KG on Jan. 31, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Autohaus Goettingen-Ost GmbH & Co KG
          Hannover Strasse 42
          37075 Goettingen
          Germany


AUTOHAUS UNGETHUEM: Claims Registration Period Ends March 25
------------------------------------------------------------
Creditors of Autohaus Ungethuem in Zwickau GmbH have until
March 25, 2008, to register their claims with court-appointed
insolvency manager Andreas Schenk.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Chemnitz
          Hall 27
          Fuerstenstrasse 21-23
          09130 Chemnitz
          Germany

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

The insolvency manager can be reached at:

          Andreas Schenk
          Schumannstrasse 9
          08056 Zwickau
          Germany
          Tel: (0375) 211 857 0
          Fax: (0375) 211 857 28
          E-mail: zwickau@scharl-schenk-scheuffler.de

The District Court of Chemnitz opened bankruptcy proceedings
against Autohaus Ungethuem in Zwickau GmbH on Jan. 31, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Autohaus Ungethuem in Zwickau GmbH
          Crimmitschauer Strasse 82-84
          08058 Zwickau
          Germany


GARTEN DESIGN: Claims Registration Ends March 25
------------------------------------------------
Creditors of Garten Design Paul Flender Garten- und
Landschaftsbau GmbH have until March 25, 2008 to register their
claims with court-appointed insolvency manager Stephan
Heinrichsmeyer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.205
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Stephan Heinrichsmeyer
         Spiekergasse 6-8
         33330 Guetersloh
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Garten Design Paul Flender Garten- und Landschaftsbau
GmbH on Jan. 25, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Garten Design Paul Flender Garten- und
         Landschaftsbau GmbH
         Duererstr. 3
         59069 Hamm
         Germany

         Attn: Achim Bahne, Manager
         Alte Landwehrstr. 7
         59077 Hamm
         Germany


GIG-BREMEN: Creditors' Meeting Slated for March 13
--------------------------------------------------
The court-appointed insolvency manager for GIG-Bremen
Gesellschaft fuer innovative Gebaudetechnik mbH, Edgar Groenda
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:45 a.m. on March 13,
2008.

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

          The District Court of Bremen
          Hall 115
          Ostertorstr. 25-31
          28195 Bremen
          Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on May 8, 2008, at the same
venue.

Creditors have until March 25, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Edgar Groenda
          Domshof 18-20
          28195 Bremen
          Germany
          Tel: 0421-3686-0
          Fax: 0421-3686-100
          E-mail: InsOBremen@schubra.de
          Web site: http://www.schubra.de/

The District Court of Bremen opened bankruptcy proceedings
against GIG-Bremen Gesellschaft fuer innovative Gebaudetechnik
mbH on Feb. 1, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

          GIG-Bremen Gesellschaft fuer innovative
          Gebaudetechnik mbH
          Attn: Wolfgang Palecki, Manager
          Otto-Lilienthal-Str. 27
          28199 Bremen
          Germany


GOLDEN FOOD: Creditors' Meeting Slated for March 20
---------------------------------------------------
The court-appointed insolvency manager for Golden Food GmbH,
Ruediger Wienberg will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:15 a.m. on
March 20, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:05 a.m. on May 8, 2008, at the same venue.

Creditors have until March 25, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Ruediger Wienberg
          Giesebrechtstr. 1
          10629 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Golden Food GmbH on Jan. 25, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Golden Food GmbH
          Eschenallee 25
          14050 Berlin
          Germany


H+F HOCH: Claims Registration Period Ends March 24
--------------------------------------------------
Creditors of H+F Hoch- und Ausbau GmbH have until
March 24, 2008, to register their claims with court-appointed
insolvency manager Ulrich Hauter.

Creditors and other interested parties are encouraged to attend
the meeting at 2:50 p.m. on April 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Jena
          Hall 91
          Jena
          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:

          Ulrich Hauter
          Untermarkt 12
          99974 Muehlhausen
          Germany

The District Court of Jena opened bankruptcy proceedings against
H+F Hoch- und Ausbau GmbH on Jan. 21, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          H+F Hoch- und Ausbau GmbH
          Attn: Ursula Hauptvogel, Manager
          Torstrasse 3
          98762 Neustadt/Harz
          Germany


HAMMER MODE: Creditors' Meeting Slated for March 19
---------------------------------------------------
The court-appointed insolvency manager for Hammer Mode GmbH,
Joachim Exner will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 1:00 p.m. on
March 19, 2008.

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

         The District Court of Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 1:00 p.m. on April 22, 2008 at the same
venue.

Creditors have until March 25, 2008 to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Joachim Exner
         Ludwigstr. 50
         95028 Hof
         Germany
         Tel: 09281/8331080
         Fax: 09281/8331089

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


The Debtor can be reached at:

         Hammer Mode GmbH
         Kirchenlamitzer Str. 71
         95213 Muenchberg
         Germany


IKB DEUTSCHE: European Commission Probes Germany’s Measures
-----------------------------------------------------------
The European Commission has commenced a probe into whether the
German government's financial measures to IKB Deutsche
Industriebank AG constitutes violation of European Union
competition laws, Bloomberg News reports.

"The commission has to ensure that such interventions do not
unduly distort trade in the markets," Competition Commissioner
Neelie Kroes was quoted by Bloomberg News as saying.  "[The
commission] has to assess whether these measures constitute
state aid and, if so, whether they can be found compatible with
EU rules for rescuing and restructuring firms in difficulties."

IKB is reportedly needing up to EUR2 billion in fresh capital,
EUR500 million of which is needed in the short term.  KfW may
have to bail out IKB for the third time after the bank's
other shareholders refused to finance the company's
restructuring.

As previously reported in the TC-Europe, the German government
has decided to infuse EUR1.5 billion in fresh capital into IKB,
pledging to provide EUR1 billion of the rescue fund, while the
local banking industry will furnish EUR500 million.

KfW had agreed in July 2007 to take over all of IKB's
obligations related to Rhineland Funding when the vehicle's
commercial paper couldn't be sold to investors following the
U.S. subprime crisis.

In December 2007, a KfW-led banking pool agreed to cover
US$520 million in risks for IKB, which brought the cost of the
rescue to EUR6.15 billion.

IKB had notified Bundesbank and BaFin that it could face more
liquidity problems if it fails to secure necessary financing.
IKB warned in September 2007 that it may post EUR700 million in
losses for fiscal year ending March 31, 2008.

Mr. Kroes noted that IKB "would not have been able to continue
their business without the measures."

Meanwhile, Finance Ministry spokeswoman Ulrike Abratis told
Bloomberg News that the government assumed that the financial
measures doesn't qualify as state aid.

Ms. Abratis said the government will work closely with the
commission and provide all required documents..

                       About IKB Deutsche

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

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

                         *     *     *

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

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

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


INOVA COMPUTERS: Claims Registration Ends March 25
--------------------------------------------------
Creditors of INOVA Computers GmbH have until March 25, 2008 to
register their claims with court-appointed insolvency manager
Michael Pluta.

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 Kempten
         Meeting Hall 169
         First Floor
         Residenzplatz 4-6
         87435 Kempten
         Germany

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

The insolvency manager can be reached at:

         Michael Pluta
         Karlstr. 31 - 33
         89073 Ulm
         Germany
         Tel: 0731/96880-0
         Fax: 0731/96880-50

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

The Debtor can be reached at:

         INOVA Computers GmbH
         Innovapark 20
         87600 Kaufbeuren
         Germany


KNICKMEIER GMBH: Claims Registration Period Ends March 5
--------------------------------------------------------
Creditors of Knickmeier GmbH have until March 5, 2008, to
register their claims with court-appointed insolvency manager
Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on March 26, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Ulrich Zerrath
         Lange Wanne 57
         45665 Recklinghausen
         Tel: 02361/4884-0
         Fax: +492361488499

The District Court of Feb. 13, 2008, opened bankruptcy
proceedings against Knickmeier GmbH on DATE.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Knickmeier GmbH
         Dreiboemerweg 8
         46419 Isselburg
         Germany

         Attn: Ewald Foecking
         Verdistr. 5
         46414 Rhede
         Germany


MATRIX GMBH: Claims Registration Period Ends March 18
-----------------------------------------------------
Creditors of Matrix GmbH have until March 18, 2008, to register
their claims with court-appointed insolvency manager Holger
Bluemle.

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 Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         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:

         Holger Bluemle
         Kriegsstr. 113
         76135 Karlsruhe
         Germany
         Tel: (07 21) 91 95 70

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

The Debtor can be reached at:

         Matrix GmbH
         Attn: Thomas Heeger, Manager
         Bannwaldallee 46
         76185 Karlsruhe
         Germany


MCBEE GMBH: Claims Registration Ends March 25
---------------------------------------------
Creditors of McBee GmbH have until March 25, 2008 to register
their claims with court-appointed insolvency manager Dr. Hans
von Gleichenstein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Hans von Gleichenstein
         Rottmannstr. 11a
         80333 Munich
         Germany
         Tel: 089/5427300
         Fax: 089/54273015

The District Court of Munich opened bankruptcy proceedings
against McBee GmbH on Jan. 4, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         McBee GmbH
         Attn: Roland Horend, Manager
         Moosfeld 3
         81829 Munich
         Germany


MEDICOR DEUTSCHLAND: Claims Registration Period Ends March 3
------------------------------------------------------------
Creditors of MediCor Deutschland GmbH have until March 3, 2008,
to register their claims with court-appointed insolvency manager
Dr. Kurt Bruder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Kurt Bruder
         Herzog-Wilhelm-Str. 17
         80331 Muenchen
         Germany
         Tel: 089/236858-0
         Fax: 089/2603440

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

The Debtor can be reached at:

         MediCor Deutschland GmbH
         Attn: Markus Halfpap, Manager
         Alte Landstr. 27
         85521 Ottobrunn
         Germany


MEGA MOEBEL: Claims Registration Ends March 25
----------------------------------------------
Creditors of MEGA MOEBEL MAGAZIN GmbH have until March 25, 2008
to register their claims with court-appointed insolvency manager
Manfred Vellmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Muenster
         Meeting Hall 119 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Manfred Vellmer
         Adalbertstr. 8
         48565 Steinfurt
         Germany
         Tel: 02552/638710
         Fax: +4925526387111

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

The Debtor can be reached at:

         MEGA MOEBEL MAGAZIN GmbH
         Roemerstrasse 17
         48429 Rheine
         Germany

         Attn: Peter Lorenschat, Manager
         Salzdahlumer Str. 128 D
         38302 Wolfenbuettel
         Germany


NEGLIUS GMBH: Claims Registration Period Ends March 20
------------------------------------------------------
Creditors of Neglius GmbH have until March 20, 2008, to register
their claims with court-appointed insolvency manager Stefan
Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 11, 1008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Room 14
         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:

         Stefan Beck
         Kuerschnerhof 4
         97070 Wuerzburg
         Germany
         Tel. 0931/3229656

The District Court of Wuerzburg opened bankruptcy proceedings
against Neglius GmbH on Feb. 13, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Neglius GmbH
         Friedrich-Bergius-Ring 34
         97076 Wuerzburg
         Germany


OSTROGA EDELSTAHLVERARBEITUNG: Claims Period Ends March 15
----------------------------------------------------------
Creditors of OSTROGA Edelstahlverarbeitung GmbH have until
March 15, 2008, to register their claims with court-appointed
insolvency manager Stefan Haas.

Creditors and other interested parties are encouraged to attend
the meeting at 8:35 a.m. on March 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Hall 9/I
         Maximilianstrasse 22-24
         Landshut
         Germany

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

The insolvency manager can be reached at:

         Stefan Haas
         Rennweg 119 a
         84028 Landshut
         Germany
         Tel: 0871/9655326
         Fax: 0871/9655325

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

The Debtor can be reached at:

         OSTROGA Edelstahlverarbeitung GmbH
         Hartbeckerforst 41
         84172 Buch am Erlbach
         Germany


PPD PRIVATER: Claims Registration Ends March 25
-----------------------------------------------
Creditors of PPD Privater Postdienst GmbH have until March 25,
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 10:20 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 Cologne
         Meeting Hall 1240
         12th 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
         Tel: 0221/650 660
         Fax: +49221650661

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

The Debtor can be reached at:

         PPD Privater Postdienst GmbH
         Attn: Karsten Knaup, Manager
         Haferwende 29 a
         28357 Bremen
         Germany


PROVIDE-VR 2002-1: Moody's Cuts Rating on Class D Notes to B2
-------------------------------------------------------------
Moody's Investors Service downgraded this Class of Notes issued
by Provide-VR 2002-1 plc:

    -- EUR23,000,000 Class D Floating Rate Credit Linked Notes,
       downgraded to B2 from Ba1.

This downgrade concludes the review process of Class D Notes
that was started on 30 January 2008.  Moody's rating action was
prompted by a worse-than-expected performance of the underlying
portfolio.

The performance analysis primarily considered:

      (1) the level of outstanding credit events reported as of
          February 2008 totaling at EUR15.7 million; and

      (2) the average recovery rate reported for already worked-
          out reference claims of 32.3%.

One of the reasons for the relatively low recovery rate
experienced so far is the fact that the securitised portfolio
mainly consists of second lien mortgage loans (i.e. loan parts
above 60 per cent loan-to-lending-value).

Moody's considered in its analysis that EUR3.2 million of
reported credit events are re-performing and are currently not
in arrears.  Nevertheless, both performance indicators suggest
that additional losses will materialise going forward at levels
higher than Moody's initially expected.  Next to reviewing the
performance indicators, Moody's assessed also updated loan-by-
loan information on the outstanding reference claims to
determine the volatility of the future losses.

Based on this available loan-by-loan information and the limited
additional information provided, Moody's decided to use the so
far experienced recovery rate as a best estimate for the
expected future recovery rate for the monitoring of this
transaction.  Taking into account the current amount of
outstanding credit events and a roll rate analysis for the non-
defaulted portion of the portfolio, Moody's expects additional
future losses to exceed EUR11 million.  In case losses equal to
this Moody's expected future loss assumption should materialise,
this would mean a total loss of principal for Class E Notes and
a significant loss of principal for Class D Notes, which are
currently supported by about EUR 9 million of subordination.

The Class F Notes, which constitutes the first loss piece in
this transaction, have an outstanding balance of EUR5.7 million
as of February 2008.  In the recent reporting period
EUR0.95 million of losses were allocated to the transaction, so
that a total of EUR6.6 million of losses have been allocated to
Class F since closing. The Class E Notes have an outstanding
balance of EUR3.3 million.

Provide-VR 2002-1 is a transaction by DG HYP (95.21 per cent of
the initial portfolio), which - together with five co-operative
banks (4.79 per cent of the initial portfolio) - transferred the
credit risk of approximately 20,876 residential mortgage loans
to investors.  At closing the total portfolio amounted to EUR
623.3 million (EUR343.0 current portfolio balance) and had a
weighted average loan-to-market-value of 74 per cent.  The
portfolio has an above average concentration in the Northern
Laender of Germany.

The realised loss definition includes principal and external
work-out costs.  Accrued interest is excluded from the realised
loss definition of the transaction.  Losses will be allocated in
a reverse sequential order, first to the unrated Class F Notes.
The portfolio is static and the credit linked notes amortise
sequentially, starting with the Class A+ Notes, which rank pro-
rata with the Senior Credit Default Swap.  The ratings address
the ultimate payment of principal on or before final legal
maturity of the Notes.


TELECASS GMBH: Claims Registration Period Ends March 14
-------------------------------------------------------
Creditors of Telecass GmbH have until March 14, 2008, to
register their claims with court-appointed insolvency manager
Anton Rosenauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on April 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 178
         Hauffstr. 5
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Anton Rosenauer
         Industriestr. 3
         70565 Stuttgart
         Germany
         Tel: 0711/2317593

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

The Debtor can be reached at:

         Telecass GmbH
         Albstr. 14
         70597 Stuttgart
         Germany


YAYCI GMBH: Claims Registration Period Ends March 24
----------------------------------------------------
Creditors of Yayci GmbH have until March 24, 2008, to register
their claims with court-appointed insolvency manager Martin
Moderegger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Hannover
          Hall 226
          Second 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. Martin Moderegger
          Schiffgraben 23
          30159 Hannover
          Germany
          Tel: 0511 763529-0
          Fax: 0511 763529-43

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

The Debtor can be reached at:

          Yayci GmbH
          Arndtstr. 2
          30167 Hannover
          Germany


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


FLEXTRONICS: To Increase Workforce in Hungary by 10%
----------------------------------------------------
Flextronics International Ltd. is planning to increase its
manufacturing in Hungary and will increase its local workforce
by approximately 10%, EE Times Europe reports, citing
Hungarian business daily news.

Flextronics, the report relates, employs 10,000 workers in five
production plants in Hungary.  As well as increasing
manufacturing with some particular product lines the company
wants to develop its service base in Zalaegerszeg, which is one
of the largest regional service centers in Central and Eastern
Europe, the report adds.

Production is set to start in May, report adds.

                     About Flextronics

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

                        *     *     *

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

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


=============
I C E L A N D
=============


NAVISTAR INTERNATIONAL: Re-Files Breach of Contract Suit vs Ford
----------------------------------------------------------------
Navistar International Corp. has re-filed a lawsuit against Ford
Motor Co. for violating a diesel engine contract in which Ford
promised that Navistar would be Ford's primary manufacturer and
supplier of V-6 and V-8 diesel engines in North America,
including diesel engines for Ford's F-150 pickup trucks.

The suit, filed in the Circuit Court of Cook County, Ill., seeks
"at least hundreds of millions of dollars."

Navistar originally sued Ford alleging breach of the contract in
June 2007.  Cook County Circuit Court Judge Dennis Burke
dismissed that suit to allow for mediation of the dispute by a
third-party.  Navistar and Ford were unable to resolve the
dispute through mediation, so Navistar now has re-filed the
lawsuit.

According to the lawsuit, Ford will introduce a 4.4 liter diesel
engine for production in North America by late 2009 or 2010 or
possibly earlier.  Ford intends to produce the engine itself for
use in the F-150, and possibly other vehicles.  The lawsuit
states that Ford cannot manufacture the engine without violating
its contract with Navistar. Reportedly, Ford will produce the
engines at a Ford facility in Chihuahua, Mexico.

The lawsuit states that Navistar spent millions of dollars and
devoted years of its employees' time to develop a next
generation diesel engine named "Lion" for use in F-150 pickup
trucks and other vehicles in which Ford had not previously
offered diesel engines.  Ford agreed that Navistar, which has
been the exclusive diesel engine supplier for Ford's heavy-duty
pickup trucks since 1979, would be the manufacturer and supplier
of the new engines for the North American vehicle market.

The lawsuit, filed Feb. 26, 2008, is separate from previously
reported litigation between the two companies.  In 2007, Ford
filed a lawsuit against Navistar involving engine pricing and
warranty claims on Power Stroke diesel engines.  Navistar
counter-sued, stating that pricing was consistent with
contractual agreements, that the warranty claims were entirely
without merit and that Ford has stopped honoring the terms of an
agreement under which the engines were built.  Navistar amended
its counter-suit in May 2007 and asked for in excess of
US$2 billion in damages.

                       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.

               About Navistar International

Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent
company of Navistar Financial Corp. and International Truck and
Engine Corp.  The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market.  The company
also provides truck and diesel engine parts and service sold
under the International brand.  A wholly owned subsidiary offers
financing services.  The company has operations in Brazil,
Iceland and India.

                        *     *     *

The company carries Standard & Poor's Ratings Services' 'BB-'
corporate credit ratings with a negative outlook.  The company's
subsidiary, Navistar Financial Corp. also carries S&P's BB-
rating.


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


ELAN CORP: Moody's Changes Outlook to Positive; Holds B3 Ratings
----------------------------------------------------------------
Moody's Investors Service revised the rating outlook for Elan
Corporation, plc and Elan Finance plc to positive from stable.
At the same time, Moody's affirmed Elan's existing ratings
including the B3 Corporate Family Rating.

Moody's last rating action on Elan was an affirmation of the
ratings with a stable rating outlook on Nov. 9, 2006 in
conjunction with a B3 rating assignment to a senior note
offering.

"The change in Elan's rating outlook to positive reflects steady
market acceptance of Tysabri approximately 18 months after the
re-launch," stated Moody's Senior Vice President Michael
Levesque.   Other positive developments include the recent FDA
approval of Tysabri in moderate to severe Crohn's disease, and
the initiation of Phase III clinical trials of bapineuzumab in
Alzheimer's disease in a collaboration with Wyeth.

"However, thee B3 rating remains constrained by uncertainty that
Elan will attain positive free cash flow, especially if any
additional PML cases arise," continued Levesque.

Elan's B3 Corporate Family Rating reflects the criteria outlined
in Moody's Global Pharmaceutical Rating Outlook including size
and scale (where Elan maps to the "B" category), cash flow
relative to debt ("Caa"), and cash coverage of debt ("Ba").
Elan's rate of cash use is still significant, reflecting higher
spending on R&D, and generic pressures affecting the Maxipime
franchise.

A rating upgrade could result from additional market acceptance
of Tysabri, leading Moody's to conclude that Elan is on a clear
path to generating positive free cash flow.  Negative rating
pressure could develop if Moody's believes that Elan is unlikely
to ever achieve positive earnings and cash flow.

Ratings affirmed:

Elan Corporation plc:

  -- B3 Corporate Family Rating
  -- B2 Probability of Default Rating

Elan Finance plc:

  -- B3 (LGD4, 65%) fixed rate senior notes of $850 million due
     2011 (guaranteed by Elan Corporation, plc and subsidiaries)

  -- B3 (LGD4, 65%) floating rate senior notes of $300 million
     due 2011 (guaranteed by Elan Corporation, plc and
     subsidiaries)

  -- B3 (LGD4, 65%) fixed rate senior notes due 2013 (guaranteed
     by Elan Corporation, plc and subsidiaries)

Elan Corporation, plc is a specialty biopharmaceutical company
headquartered in Dublin Ireland, with areas of expertise in
neurological and autoimmune disease, and drug delivery
technology.  The company reported US$759 million of total
revenue in 2007.


LUNAR FUNDING V: Moody's Junks Ratings on Two Notes Series
----------------------------------------------------------
Moody's has taken rating actions on these Series of notes issued
by Lunar Funding V PLC:

    -- Downgraded to C, the Series 16 EUR4,250,000 Secured
       Asset-Backed Notes due 2053; and

    -- Downgraded to Caa3 (on watch for possible downgrade), the
       Series 17 EUR11,050,000 Secured Asset-Backed Notes due
       2053.

Series 17 represents the repackaging of the US$13,000,000 Class
C Secured Floating Rate Credit-Linked Notes due 2053 of Marc CDO
I plc, while Series 16 represents the repackaging of the USD
14,000,000 Class D Secured Floating Rate Credit-Linked Notes due
2053 of Marc CDO I plc.  The equivalent rating actions have been
taken on both Class C & D.

The rating actions on the underlying Marc CDO I Notes are a
response to severe credit deterioration in the underlying
portfolio.  Marc CDO I plc is a managed synthetic CDO of ABS
referencing a portfolio which contains 55% US RMBS and 15% US
ABS CDOs of the 2005, 2006, and 2007 vintages.  In addition,
0.25% of the portfolio by volume is wrapped by monoline insurer
FGIC, whilst 2.26% of the portfolio by volume (one US ABS CDO)
is currently in default.

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

Lunar Funding V PLC is a special purpose company located in
Ireland and established for the purpose of repackaging debt
securities.


WELLMAN INC: Wants Kirkland & Ellis as Bankruptcy Counsel
---------------------------------------------------------
Wellman Inc. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Southern District of New York to
employ Kirkland & Ellis, LLP, as their primary bankruptcy
counsel, nunc pro tunc Feb. 22, 2008.

The Debtors selected Kirkland & Ellis because of the firm's
expertise and extensive experience in the field of debtors'
protections, creditors' rights and business reorganizations
under Chapter 11 of the Bankruptcy Code.

As primary counsel, Kirkland is expected to:

  (a) advise the Debtors with respect to their powers and duties
      as debtors-in-possession in the continued management and
      operation of their business and properties;

  (b) advise and consult on the conduct of Chapter 11
      including all of the legal and administrative requirements
      of operating in the bankruptcy case;

  (c) attend meeting and negotiate with representatives of the
      creditors and other parties-in-interest;

  (d) take all action to protect and preserve the Debtors'
      estates including prosecuting actions on the Debtors'
      behalf, defending any action commenced against the
      Debtors, among other things;

  (e) prepare all Court pleadings, reports and other papers
      necessary to the administration of The Debtors' estates;

  (f) represent the Debtors in connection with obtaining
      postpetition financing;

  (g) advise the Debtors in connection with any potential sale
      of their assets or business;

  (h) appear before the Court and any appellate courts to
      represent the interests of the Debtors' estates;

  (i) consult with the Debtors regarding tax, environmental,
      employment, pension, real estate and other matters;

  (j) take any necessary action on behalf of the Debtors to
      negotiate, prepare and obtain approval of a Chapter 11
      plan and all related documents; and

  (h) perform all other necessary or otherwise beneficial legal
      services for the Debtors in connection with the
      prosecution of their cases.

In exchange for Kirkland's services, the firm will be paid on an
hourly basis and reimbursed for the expenses incurred related to
any work undertaken.  The firm's professionals and their hourly
rates are:

               Partners            US$520 - US$975
               Of Counsel          US$330 - US$595
               Associates          US$295 - US$600
               Paraprofessionals   US$150 - US$265

Jonathan S. Henes, a partner at Kirkland, assures the Court that
the firm does not have any connection with any of the Debtors or
parties-in-interest.  He adds that the firm is a "disinterested
person" as that phrase is defined in Section 101(14) of the
Bankruptcy Code, as modified by Section 1107(b).

                      About Wellman Inc.

Headquartered in Fort Mill, South Carolina, Wellman Inc. --
http://www.wellmaninc.com/-- manufactures and markets packaging
and engineering resins used in food and beverage packaging,
apparel, home furnishings and automobiles.  They manufacture
resins and polyester staple fiber a three major production
facilities.  Wellman has recycling facilities in the U.S.,
Ireland, the Netherlands and France.

The company and its debtor-affiliates filed for Chapter 11
protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No. 08-
10595).  Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP, in
New York City, represents the Debtors.

Wellman Inc., in its bankruptcy petition, listed total assets
of US$124,277,177 and total liabilities of US$600,084,885, as of
Dec. 31, 2007, on a stand-alone basis.  Debtor-affiliate ALG,
Inc., listed assets between US$500 million and US$1 billion on a
stand-alone basis at the time of the bankruptcy filing.
Debtor-affiliates Fiber Industries Inc., Prince Inc., and
Wellman of Mississippi Inc., listed assets between US$100
million and US$500 million at the time of their bankruptcy
filings.

On a consolidated basis, Wellman Inc., and its debtor-affiliates
listed US$498,867,323 in assets and US$684,221,655 in
liabilities as of Jan. 31, 2008.

(Wellman Bankruptcy News, Issue No. 2; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


WELLMAN INC: Wants to Employ Edwards Angell as Conflicts Counsel
----------------------------------------------------------------
Wellman Inc. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Southern District of New York to
employ Edwards Angell Palmer & Dodge LLP, as conflicts and
special counsel, nunc pro tunc to Feb. 22, 2008.

Edwards Angell Palmer & Dodge has acted as general corporate
counsel to the Debtors since 1985.  EAPD is entirely familiar
with the Debtors' businesses and operations.  Thus, the Debtors
have asked EAPD to continue to represent them as special general
corporate counsel in their Chapter 11 cases.

The Debtors believe that EAPD's proposed employment is in the
best interest of the Debtors, their estates and creditors.

EAPD will render these services to the Debtors:

  a. advise on matters such as general corporate, tax, labor and
     employment, intellectual property, patent and trademark,
     and patent prosecution and defense, securities,
     environment, and  litigation;

  b. give assistance to Debtors in management and coordination
     of other litigation counsel;

  c. appear before courts to protect the interests of the
     Debtors' estates within the scope of EAPD's retention;

  d. act as bankruptcy conflicts counsel; and

  e. perform all other necessary legal services and provide all
     other necessary legal advice to the Debtors.

The principal attorneys and paralegals to represent the Debtors
and their rates are:

         Professional                  Hourly Rate
         ------------                  -----------
         D. Roger Glenn                   US$630
         Shmule Vasser                    US$625
         Stuart M. Brown                  US$580
         James I. Rubens                  US$575
         William E. Chapman, Jr.          US$525
         Scott D. Wolfsy                  US$525
         Patricia A. Sullivan             US$525
         Douglas G. Gray                  US$515
         Paul J. Labov                    US$400
         Brian R. Pollack                 US$390
         Mark D. Olivere                  US$315
         Timothy D. Watson                US$305
         Carolyn Fox                      US$180

Other attorneys and paralegals who will be serving from time to
time are paid  at these hourly rates:

       Partners                         US$315 to US$755
       Counsel                          US$275 to US$600
       Associates                       US$125 to US$480
       Legal Assistants/Paralegals       US$90 to US$265

The firm will also seek reimbursement of out-of-pocket expenses.

William Chipman Jr., a partner at EAPD, assures the Court that
the firm does not hold or represent any interest adverse to the
Debtors or their Chapter 11 cases, their creditors, or any other
party in this case.  Mr. Chipman says the firm is a
"disinterested person," as that term is defined in Section
101(14) of the Bankruptcy Code, as modified by Section 1107(b).

                     About Wellman Inc.

HHeadquartered in Fort Mill, South Carolina, Wellman Inc. --
http://www.wellmaninc.com/-- manufactures and markets packaging
and engineering resins used in food and beverage packaging,
apparel, home furnishings and automobiles.  They manufacture
resins and polyester staple fiber a three major production
facilities.  Wellman has recycling facilities in the U.S.,
Ireland, the Netherlands and France.

The company and its debtor-affiliates filed for Chapter 11
protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No. 08-
10595).  Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP, in
New York City, represents the Debtors.

Wellman Inc., in its bankruptcy petition, listed total assets
of US$124,277,177 and total liabilities of US$600,084,885, as of
Dec. 31, 2007, on a stand-alone basis.  Debtor-affiliate ALG,
Inc., listed assets between US$500 million and US$1 billion on a
stand-alone basis at the time of the bankruptcy filing.
Debtor-affiliates Fiber Industries Inc., Prince Inc., and
Wellman of Mississippi Inc., listed assets between US$100
million and US$500 million at the time of their bankruptcy
filings.

On a consolidated basis, Wellman Inc., and its debtor-affiliates
listed US$498,867,323 in assets and US$684,221,655 in
liabilities as of Jan. 31, 2008.

(Wellman Bankruptcy News, Issue No. 2; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


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


FIAT SPA: Linea Line to Start Production in India on August
-----------------------------------------------------------
Fiat SpA Chief Executive Officer Rajeev Kapoor said that the
company’s Linea will start production in August 2008 at its
joint venture plant in Ranjangaon, India, Thomson Financial News
reports.

The plant is a 50:50 joint venture between Fiat and Tata Motors
Ltd's and has a 100,000-car and 200,000-engine and transmission
parts manufacturing capacity.

                       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.

                        *     *     *

In November 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.

In October 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.


INTERNATONAL RECTIFIER: Elects O. Khaykin and R. Dahl to Board
--------------------------------------------------------------
International Rectifier Corporation elected Oleg Khaykin, the
company's appointed chief executive officer, and Richard J. Dahl
to its board of directors.

Mr. Dahl, 56, has since 2004 served as a director of the NYSE-
listed IHOP Corporation where he presides as chairman of the
audit committee and was chairman of the special committee of the
board formed to oversee IHOP's successful bid to acquire
Applebee's International.

From 2002 to 2007, he was employed by the Dole Food Company.  He
held various executive level positions with Dole including
president, chief operating officer and director from 2004 to
2007, and senior vice president, chief financial officer and
director positions from 2002 to 2004.  Prior to his work at
Dole, Mr. Dahl was president and chief operating officer of NYSE
listed Bank of Hawaii Corporation.

"As an accomplished leader with extensive managerial and
financial experience and expertise, Richard will be a strong
addition to our board," International Rectifier's lead director
Jack Vance, said.  "His unique and broad perspective on driving
operational excellence and international growth, and his deep
understanding of finance and audit will greatly benefit the
Board in addition to the entire IR organization."

Mr. Dahl was elected to serve with a board term expiring at the
company's 2008 annual meeting.  Mr. Khaykin, 43, appointed chief
executive officer effective March 1, 2008, was elected to serve
with a board term expiring at the company's 2009 annual meeting.

                   About International Rectifier

International Rectifier Corporation (NYSE:IRF) --
http://www.irf.com/-- provides power management technology.
IR's analog, digital, and mixed signal ICs, and other advanced
power management products, enable high performance computing and
save energy in a wide variety of business and consumer
applications.  Manufacturers of computers, energy efficient
appliances, lighting, automobiles, satellites, aircraft, and
defense systems rely on IR's power management solutions to power
their next generation products.  The company has manufacturing
facilities in the U.S., Mexico, United Kingdom, Germany and
Italy; and has subsidiaries in Japan and Singapore.

                          *     *     *

In September 2007, Standard & Poor's Ratings Services said that
its 'BB' corporate credit rating on International Rectifier
Corp. remains on CreditWatch with negative implications.


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


DELTA ITALY: Creditors Must File Claims by March 21
---------------------------------------------------
LLP Delta Italy & Co. has declared insolvency.  Creditors have
until March 21, 2008, to submit written proofs of claims to:

         LLP Delta Italy & Co
         Gagarin Str. 69/57
         Kokshetau
         Akmola
         Kazakhstan


DJ-H LLP: Claims Deadline Slated for March 28
---------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Company DJ-H (RNN 600400551810).

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

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


EX-INTERIER LLP: Claims Filing Period Ends March 28
---------------------------------------------------
LLP Ex-Interier has declared insolvency.  Creditors have until
March 28, 2008, to submit written proofs of claims to:

         LLP Ex-Interier
         Shark Str. 85
         Shymkent
         South Kazakhstan
         Kazakhstan


EUROBRAND LLP: Creditors' Claims Due on March 28
------------------------------------------------
LLP Eurobrand has declared insolvency.  Creditors have until
March 28, 2008, to submit written proofs of claims to:

         LLP Eurobrand
         Office 424
         Jybek joly Str. 50
         Almaty
         Kazakhstan



GOLDEN MIDDLE: Claims Registration Ends March 28
------------------------------------------------
LLP Golden Middle has declared insolvency.  Creditors have until
March 28, 2008, to submit written proofs of claims to:

         LLP Golden Middle
         Pushkin Str. 129-67
         Almaty
         Kazakhstan


KAINAR-D LLP: Creditors Must File Claims by March 28
----------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Kainar-D (RNN 090200211530).

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

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


MAYAK LLP: Claims Deadline Slated for March 21
----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Mayak insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Frunze Str. 52-52
         Zyryanovsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7233) 54-01-07
         Fax: 8 (7233) 56-03-83


MGM LIMITED: Claims Filing Period Ends March 28
-----------------------------------------------
LLP MGM Limited has declared insolvency.  Creditors have until
March 28, 2008, to submit written proofs of claims to:

         LLP MGM Limited
         Poletayev Str. 6/12
         Karaganda
         Kazakhstan


SAMET-2000 LLP: Creditors' Claims Due on March 28
-------------------------------------------------
LLP Samet-2000 has declared insolvency.  Creditors have until
March 28, 2008, to submit written proofs of claims to:

         LLP Samet-2000
         Azerbayev Str. 8
         Taraz
         Jambyl
         Kazakhstan


SEVER-7 LLP: Claims Registration Ends March 25
----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Sever-7 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Pervogo Maya Str. 9/14
         Shymkent
         South Kazakhstan
         Kazakhstan


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


AI HAN: Creditors Must File Claims by March 21
----------------------------------------------
LLC Ai Han Telecom has declared insolvency.  Creditors have
until March 21, 2008 to submit written proofs of claim to:

         LLC Ai Han Telecom
         Tabaldiyev Str. 5
         Bishkek
         Kyrgyzstan


ALMAZ SERVICE: Claims Filing Period Ends March 21
-------------------------------------------------
LLC Almaz Service Company has declared insolvency.  Creditors
have until March 21, 2008 to submit written proofs of claim to:

         LLC Almaz Service Company
         Mahatmy Gandi Str. 23-1
         Bishkek
         Kyrgyzstan
         Tel: (0-515) 79-41-29


TSENTRALNOAZIATSKY ANGLISKY: Claims Registration Ends March 21
--------------------------------------------------------------
LLC Tsentralnoaziatsky Anglisky Centre has declared insolvency.
Creditors have until March 21, 2008 to submit written proofs of
claim.

Inquiries can be addressed to (0-772) 94-99-79.


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


AMERICAN AXLE: UAW's Work Stoppage Won't Affect S&P's BB Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
American Axle and Manufacturing Holdings Inc. (BB/Negative/--)
are not immediately affected by yesterday's reports that the
United Auto Workers, the company's main labor union, elected to
conduct a work stoppage at the expiration of its four-year
master labor agreement with American Axle.  The agreement
covered roughly 3,650 associates at five facilities in Michigan
and New York.  S&P expects American Axle and the UAW to reach an
agreement soon that will reflect more competitive labor costs.

In fact, S&P believes that despite this work stoppage, the two
sides will continue to negotiate, and S&P remains mindful of the
positives that could result.  Still, if the work stoppage were
to persist beyond a brief and largely symbolic period, S&P could
place the ratings on American Axle on CreditWatch with negative
implications.  S&P estimates that American Axle has about
US$344 million in cash and marketable securities.  The company
also has access to US$572 million under a revolving credit
facility and US$60 million of uncommitted lines of credit.  And
even if the strike were to persist, the company has substantial
cushion in regard to existing financial covenants.


CA INC: Will Pay US$0.04 Per Share Dividend Due on March 28
-----------------------------------------------------------
CA Inc.'s Board of Directors has declared a regular, quarterly
cash dividend of US$0.04 per share.  The dividend will be paid
on March 28, 2008, to stockholders of record at the close of
business on March 14, 2008.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                        *     *     *

In December 2007, Fitch Ratings affirmed these ratings of CA,
Inc.: Issuer Default Rating at 'BB+'; Senior unsecured revolving
credit facility at 'BB+'; and Senior unsecured debt at 'BB+'.

Additionally, Fitch revised the Rating Outlook on CA Inc. to
Stable from Negative.  Fitch's actions affect approximately
US$2.8 billion of total debt, including the company's US$1.0
billion revolving credit facility.


PIN GROUP: To Cut Jobs at Insolvent Units
-----------------------------------------
PIN Group AG said that it will cut jobs in its 37 insolvent
unit, the Thomson Financial reports.  The company however didn't
give out specific details on the job cuts.

The company's insolvent units, the report says, has around 7,000
employees.

Headquartered in Luxembourg, PIN Group AG
-- http://www.pin-group.net/-- provides postal services across
Germany.  The group has more than 60 regional subsidiaries, and
in 2006 became a national integrated provider by setting up an
efficient nationwide distribution network.

As previously reported in the TCR-Europe report, PIN Group's
units filed for insolvency after Axel Springer AG, which holds a
71% stake, decided to stop funding the company.  Axel Springer
said the business in unviable following the German government's
decision to introduce minimum wages of EUR8-EUR9.80 for the
postal industry, which would PIN, which has 9,000 employees, up
to EUR45 million, although "most of the costs are expected to be
covered by a form of state reimbursement."


PIN GROUP: Administrator Dismisses Claims of Splitting Company
--------------------------------------------------------------
Bruno Kuebler, PIN Group AG's insolvency administrator,
dismissed media claims that the company will likely be split up,
Thomson Financial reports.  The company, the report adds, is
still looking for investors who will either buy the company as a
whole or buy as many units as possible.

Mr. Kuebler however said that talk with possible investors is
not yet likely to end although he confirmed that there were many
interested buyers, the report says.

Headquartered in Luxembourg, PIN Group AG
-- http://www.pin-group.net/-- provides postal services across
Germany.  The group has more than 60 regional subsidiaries, and
in 2006 became a national integrated provider by setting up an
efficient nationwide distribution network.

As previously reported in the TCR-Europe report, PIN Group's
units filed for insolvency after Axel Springer AG, which holds a
71% stake, decided to stop funding the company.  Axel Springer
said the business in unviable following the German government's
decision to introduce minimum wages of EUR8-EUR9.80 for the
postal industry, which would PIN, which has 9,000 employees, up
to EUR45 million, although "most of the costs are expected to be
covered by a form of state reimbursement."


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


FIRST DATA: Inks Multi-Year Contract With Wells Fargo
-----------------------------------------------------
First Data Corp. has signed a multi-year contract extension with
to provide debit processing services to Wells Fargo Bank for its
19.6 million debit cards.

First Data also provides Wells Fargo with consumer credit and
small business card processing services, statement production
and mailing, plastic card personalization and fraud detection
services.

"First Data is pleased Wells Fargo has extended our longstanding
relationship," said Matt Lewis, president of First Data
Financial Institution Services.  "Wells Fargo is an innovator,
and we continue to support them with technologies that help them
build stronger, more valuable customer relationships."

"Wells Fargo has enjoyed a long relationship with First Data,
and we are pleased to announce the extension of our agreement,"
said Ed Kadletz, executive vice president and Debit Card
business manager of Wells Fargo Card Services.

Wells Fargo has been a First Data client since 1971.  Through
the years, Wells Fargo and First Data have worked closely
together to drive innovation in the payments industry.

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/--
provides  electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico.  The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
receivables management solutions; electronic check acceptance
services through TeleCheck; as well as Internet commerce and
mobile payment solutions.  The company's STAR Network offers
PIN-secured debit acceptance at 2 million ATM and retail
locations.

                        *     *     *

In February 2008, Moody's Investors Service lowered First Data
Corporation's untendered senior unsecured stub notes rating to
Caa1 from A2.  Upon completion of the tender process, First Data
had approximately US$200 million of the pre-LBO senior unsecured
notes outstanding at the end of December 2007, of which
US$68 million will be due in August 2008.


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


ARMIDA CJSC: Creditors Must File Claims by April 16
---------------------------------------------------
Creditors of CJSC Armida have until April 16, 2008, to submit
proofs of claim to:

         L. Kadobnov
         Insolvency Manager
         Office 1
         Saltykova-Shedrina Str. 23
         248002 Kaluga
         Russia

The Arbitration Court of Kaluga commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A23-2042/07B-8-88.

The Court is located at:

         The Arbitration Court of Kaluga
         Staryj Torg Square 4
         Kaluga
         Russia

The Debtor can be reached at:

         CJSC Armida
         Chekhova Str. 49
         Maloyaroslavets
         Kaluga
         Russia


EAST-ENERGY LLC: Creditors Must File Claims by March 16
-------------------------------------------------------
Creditors of LLC Investment Company East-Energy (OGRN
1042501605046) have until March 16, 2008, to submit proofs of
claim to:

         S. Savin
         Insolvency Manager
         Post User Box 153
         Nakhodka-10
         Primorye
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51-8788/2007 15-175 B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Investment Company East-Energy
         Nakhodka
         Primorye
         Russia


FEDERAL-SERVICE: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Tambov commenced bankruptcy supervision
procedure on LLC Federal-Service.  The case is docketed under
Case No. A64-7288/07-25.

The Temporary Insolvency Manager is:

         O. Kiselev
         Derzgavinskaya Str. 16a, 605
         392000 Tambov
         Russia

The Debtor can be reached at:

         LLC Federal-Service
         L. Tolstogo Square 4, 210a
         392020 Tambov
         Russia


FIN-STARS LLC: Creditors Must File Claims by March 16
-----------------------------------------------------
Creditors of LLC Fin-Stars (TIN 7710346398, OGRN
1027739259503) have until March 16, 2008, to submit proofs of
claim to:

         M. Dyakonov
         Temporary Insolvency Manager
         Post User Box 481
         111141 Moscow
         Russia

The Arbitration Court of Moscow will convene at 10:00 a.m. on
July 2, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A40-63252/
07-86-175B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Fin-Stars
         Tverskaya Str. 7
         103009 Moscow
         Russia


FLEXTRONICS: To Buy Elcoteg's St. Petersburg Factory for EUR3MM
---------------------------------------------------------------
Flextronics International Ltd. had signed a deal to purchase
Finnish electronics contract manufacturer Elcoteq's factory in
St. Petersburg in Russia, STT News reports.

According to the report, Elcoteq sold the factory as part of the
plan to restore profitability and competitiveness.

Elcoteq said it expected to book a one-off gain of about
EUR3 million from the sale in its second-quarter figures, the
report adds.

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

                        *     *     *

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

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


GAZENERGOPROMBANK: Moody's Puts Bank Financial Strength at E+
-------------------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
Gazenergoprombank:

    -- a bank financial strength rating of E+ and

    -- long-term and short-term local and foreign currency
       deposit ratings of Ba3/Not Prime.

Concurrently, Moody's Interfax Rating Agency assigned a long-
term national scale rating of Aa3.ru to Gazenergoprombank.
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.  The outlook on the global scale
ratings is stable, while the national scale rating carries no
specific outlook.

According to Moody's and Moody's Interfax, the Ba3/Not Prime/E+
global scale ratings reflect Gazenergoprombank's global default
and loss expectation, while the Aa3.ru national scale rating
reflects the standing of the bank's credit quality relative to
that of its domestic peers.

According to Moody's, Gazenergoprombank's ratings reflect its
entrenched positions in the central region of Russia stemming
from its strong links with Gazprom and, in particular, with
local gas distribution companies, as well as its adequate
liquidity, good asset quality to date and recent considerable
improvement in profitability and operating efficiency.  However,
the ratings are constrained by the bank's significant reliance
on a highly concentrated funding coming from the single group of
clients in the gas and utility sectors, as well as an
insufficient capital adequacy level, which is restricting the
growth of the bank, and a certain susceptibility to political
risks.  In addition, the bank's still significant business
concentration related to gas sector companies exerts further
pressure on its ratings.

Moody's notes that Gazenergoprombank would be unlikely to
receive support from the Russian government in case of distress.
However, Gazenergoprombank's Ba3/NP global local currency
deposit ratings reflect Moody's assessment of a moderate
probability of support in the event of need from the bank's
ultimate controlling shareholder Gazprom.  Although
Gazenergoprombank is legally owned by Mezhregiongaz, an unrated
domestic gas distribution subsidiary of Gazprom, Moody's used
the Ba1 Baseline Credit Assessment of Gazprom as the rating of
Gazenergoprombank's supporting parent.  Moody's notes
Gazenergoprombank's key role as the settlement bank for
Mezhregiongaz. Consequently, Gazenergoprombank's global local
currency deposit ratings enjoy a two-notch uplift from its
Baseline Credit Assessment of B2.

Moody's notes that an upgrade of Gazenergoprombank's deposit
ratings might be possible in the event of a material
strengthening of the bank's franchise, provided this is
accompanied by visible improvements in business diversification
and a decreasing dependence on a limited number of customers,
together with a solid track record of internal capital
generation and the maintenance of an adequate financial
performance.  At the same time, any evidence of a material
strengthening in parental support from the bank's ultimate
shareholder Gazprom might also lead to an upgrade of the bank's
deposit ratings.

Conversely, any material adverse changes in the bank's risk
profile, particularly growth in market risks or increase in
single-name borrower concentration, or a weakening liquidity
position might have a negative impact on the bank's ratings.
Gazenergoprombank's deposit ratings could be also downgraded if
any actions of Gazprom were to prompt Moody's to lower its
current perception of the probability of parental support.

Headquartered in Moscow, Gazenergoprombank had total assets of
US$900 million and shareholders' equity of US$43.3 million as at
YE2006.  According to unaudited financials prepared in
accordance with local accounting standards, in 2007 the bank
more than doubled both its total assets and shareholders' equity
figures compared to the previous year.


INMOR CJSC: St. Petersburg Bankruptcy Hearing Slated for June 17
----------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad will
convene at 11:00 a.m. on June 17, 2008, to hear the bankruptcy
supervision procedure on CJSC Inmor (TIN 7825447138).  The case
is docketed under Case No. A56-35795/2007.

The Temporary Insolvency Manager is:

         O. Gonzharov
         Apt. 66
         Pyatnitskoe Shosse 38
         115432 Moscow
         Russia

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Inmor
         5th Sovetskaya Str. 44
         St. Petersburg
         Russia


INT'L INDUSTRIAL: S&P Lifts LT Counterparty Credit Rating to BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on  Russia-based International
Industrial Bank to 'BB-' from 'B+'.  At the same time, the
short-term counterparty credit rating was affirmed at 'B'.  The
outlook is stable.

"The upgrade reflects the bank's progress in building its
lending and asset base while maintaining financial performance,
liquidity, and  capitalization at healthy levels," said Standard
& Poor's credit analyst Elena Romanova. "It also reflects IIB's
reduction of concentrations in lending, funding, and related
parties."

The ratings are constrained by the bank's weak funding structure
and strategy, characterized by still-high single-name
concentrations and lack of stable, long-term sources.  An
unclear diversification strategy, particularly in retail
banking; underdeveloped risk management; and vulnerabilities
associated with Russia's overall risky operating environment
also constrain the ratings.

These negative factors are somewhat mitigated by IIB's
historically strong capitalization, ability to maintain
sufficient liquidity and decent growth under adverse market
conditions, healthy revenue structure, and efficient cost
management.

IIB ranks among Russia's top 20 banks by assets and top 10 by
capital, with Russian ruble (RUR) 133 billion (US$5.3 billion)
in assets at Dec. 31, 2007.

"We expect IIB to benefit in the medium-term from its expanding
geographic presence, business diversification, and franchise,"
said Ms. Romanova.  "The bank will also face growing credit,
funding, and operational risks as a result of this strategy,
however."

The ratings could be raised if the bank shows good progress in
meeting its strategic aims and improves its funding structure
toward more long-term and stable sources, while maintaining
financial performance and capitalization at adequate levels.

The ratings could come under pressure, however, if the bank's
financial or commercial profiles or funding structure
deteriorate significantly, or concentrations on the asset or
liability sides post a visible increase, or capital comes under
severe pressure.


MOSCOW BANK: Securitizes RUR1.499 Billion Car Loan Portfolio
------------------------------------------------------------
Moscow Bank for Reconstruction and Development has securitized
part of its car loan portfolio.  This deal will provide the bank
with the funding in the amount of RUR1.499 billion.

The issuer may increase the borrowing of up to US$200 million in
the next 12 months.  All notes are denominated in rubles and the
transaction implies a unique interest rate hedging scheme.

Bayerische Hypo- und Vereinsbank AG, member of UniCredit Group,
was the sole arranger and sole lead manager for the bank in this
deal.

Class A Notes were rated by Fitch Ratings international rating
agency as "BBB+", and Class B Notes as "BBB".

"We hope that this deal will let us offer our clients more
attractive car loan rates in the nearest future", Sergey
Zaytsev, MBRD chairman of the management board disclosed.

Headquartered in Moscow, Russia, Moscow Bank for Reconstruction
and Development (MBRD) -- http://www.sistema.ru/_en/-- is a
medium-sized Russian bank that ranked 32nd by total
assets in Russia by end of 2006.  MBRD's core focus has been on
servicing the needs of Sistema, although it is now seeking to
develop third-party business and diversify into the retail
segment. At end of 2006 it had a network of 110 outlets.

                           *    *    *

As of Feb. 28, 2008, Moscow Bank for Reconstruction and
Development (MBRD) carries Moody's Outlook Positive, Foreign
Long-term bank deposits of B1, Local Long-term bank deposits of
B1, bank financial strength of E+ with positive outlook.

Fitch Ratings' assigned Stable outlook, Long- term Issuer
Default Rating of B+, Senior Unsecured Debt rating
of B+, Short-term Issuer Default rating of B, Individual Rating
of D/E and Support rating of 4 for MBRD.


PKK VOZROZHDENIE: Creditors Must File Claims by April 16
--------------------------------------------------------
Creditors of CJSC PKK Vozrozhdenie (TIN 7701009237) have until
April 16, 2008, to submit proofs of claim to:

         O. Matveeva
         Temporary Insolvency Manager
         Apt. 64
         Building 1
         Polotskaya Str. 29
         121351 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A40-59842/07-88-159B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC PKK Vozrozhdenie
         Myasnitskaya Str. 22
         Moscow
         Russia


PROM-TORG-WOOD: Creditors Must File Claims by April 16
------------------------------------------------------
Creditors of CJSC Prom-Torg-Wood have until April 16, 2008, to
submit proofs of claim to:

         A. Terlyakov
         Insolvency Manager
         Room 358
         Marshala Timoshenko Str. 17/2
         121359 Moscow
         Russia

The Arbitration Court of Kaluga commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A23-4093/07B-17-189.

The Court is located at:

         The Arbitration Court of Kaluga
         Staryj Torg Square 4
         Kaluga
         Russia

The Debtor can be reached at:

         CJSC Prom-Torg-Wood
         1st Leninskiy Per. 21
         Duminichi
         249300 Kaluga
         Russia


RAMENSKIY TEXTILE: Under Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Moscow will convene at 2:00 p.m. on
June 30, 2008, to hear the bankruptcy supervision procedure on
CJSC Ramenskiy Textile.  The case is docketed under Case No.
A41-K2-22760/07.

The Temporary Insolvency Manager is:

         I. Lavrushenkova
         Post User Box 48
         127560 Moscow
         Russia
         Tel: 8-926-526-66-96

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ramenskiy Textile
         K. Marksa Str. 5
         Ramenskoe
         140100 Moscow
         Russia


ROS-MED-STRAKH: Creditors Must File Claims by April 16
------------------------------------------------------
Creditors of OJSC Ros-Med-Strakh have until April 16, 2008, to
submit proofs of claim to:

         V. Yakimov
         Insolvency Manager
         Building 2
         Stolovyj Per. 6
         121069 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-59746/06-103-1083 B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Ros-Med-Strakh
         Building 1
         Novoalekseevskaya  Str. 20A
         129626 Moscow
         Russia


RUS’ CJSC: Court Names V. Lukyanov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Volgograd appointed V. Lukyanov as
Insolvency Manager for CJSC Rus’.  He can be reached at:

         V. Lukyanov
         7th Gvardeyskaya Str. 2-215
         Volgograd-5
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-283/08-s27.

The Debtor can be reached at:

         CJSC Rus’
         Kommunalnaya Str. 95
         Alekseevskaya St.
         403241 Volgograd
         Russia


TATNEFT OAO: Oil Output Hikes to 25.74 Million Tons in 2007
-----------------------------------------------------------
OAO Tatneft's Board of Directors discussed the information
regarding the results of the oil production plan implementation
for 2007.

Tatneft produced over 25,740,000 tons of crude oil from its
fields in 2007 that is 101.3% to the level of 2006.

Around 44.7% of the total volume were produced through the
application of advanced tertiary oil recovery methods and
hydrodynamic production methods.  All oil and gas producing
units of the company exceeded their oil production plan targets
for 2007.

In 2007, two oil fields, the Zapadno-Khrustalinskoye and the
Nyrtinskoye fields, were put into pilot operation.

The company put on stream 349 new operating wells with the
average flow rate of 8.1 tons/day.

The company completed 223 wells were completed for water
injection.

The company put into operation:

    * 62 wells using sidetracking and lateral drilling
      techniques; and

    * 133 wells using hydrofracturing and acid hydrofracturing
      operations.

The executive management was instructed to proceed with the
implementation of effective geological and engineering
operations to achieve the oil production volume planned for the
year 2008.

The Board of Directors reviewed the track record of Tatneft\'s
Internal Audit Department for 2007, and approved the work plan
for 2008.

                         About Tatneft

Headquartered in Tatartan, Russia, OAO Tatneft --
http://www.tatneft.ru/eng/-- explores for, produces, refines
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                          *     *     *

Tatneft continues to carry Fitch's B+ Issuer Default rating.
Its Short-Term rating stands at B.  Fitch said the outlook is
positive.


TORG-RESOURCE LLC: Creditors Must File Claims by April 16
---------------------------------------------------------
Creditors of LLC Torg-Resource (TIN 7326021256) have until
April 16, 2008, to submit proofs of claim to:

         S. Berezov
         Insolvency Manager
         Office 37
         Krymova Str. 12
         432071 Ulyanovsk
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A72-8475/07-17/30-b.

The Court is located at:

         The Arbitration Court of Ulyanovsk
         Zheleznodorozhnaya Str. 14
         432063 Ulyanovsk
         Russia

The Debtor can be reached at:

         LLC Torg-Resource
         50 letiya VLKSM Pr. 23a
         432028 Ulyanovsk
         Russia


VOLZHSKIE CANNED: Moscow Bankruptcy Hearing Slated for June 24
--------------------------------------------------------------
The Arbitration Court of Moscow will convene at 11:00 a.m. on
June 24, 2008, to hear the bankruptcy supervision procedure on
LLC Volzhskie Canned Goods (TIN/KPP 7709329951/770901001, OGRN
1027700189175).  The case is docketed under Case No. A40-55289/
07-86-159 B.

The Temporary Insolvency Manager is:

         M. Fonarev
         Post User Box 123
         107014 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Volzhskie Canned Goods
         Building 2
         Bolshoj Fakelnyj Per. 3
         109004 Moscow
         Russia


VOSKHOD LLC: Creditors Must File Claims by April 16
---------------------------------------------------
Creditors of LLC Voskhod have until April 16, 2008, to submit
proofs of claim to:

         E. Mikhaylov
         Insolvency Manager
         Priborostroitelnaya Str. 13
         302040 Orel
         Russia

The Arbitration Court of Orel commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A48-3262/07-17b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Voskhod
         Vysokovoltnaya Str. 5
         Naberezhnyj
         Livenskiy
         Orel
         Russia


VYSHNE-VOLOTSKAYA TEXTILE: Claims Filing Period Ends April 16
-------------------------------------------------------------
Creditors of CJSC Vyshne-Volotskaya Textile Company have until
April 16, 2008, to submit proofs of claim to:

         O. Gonzharov
         Insolvency Manager
         Apt. 66
         Pyatnitskoe Shosse 39
         125310 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-33319/07-73-120B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Vyshne-Volotskaya Textile Company
         Building 1
         5th Magistralnaya Str. 12
         123007 Moscow
         Russia


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

ARCHTECH PARTNER: Creditors' Liquidation Claims Due by March 31
---------------------------------------------------------------
Creditors of LLC Archtech Partner have until March 31, 2008, to
submit their claims to:

         Pascal Locher
         CSL Architekten
         Baarerstrasse 133
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Archtech Partner
         Zug
         Switzerland


AVA CAD: Creditors' Liquidation Claims Due by March 31
------------------------------------------------------
Creditors of JSC Ava cad cam have until March 31, 2008, to
submit their claims to:

         JSC Ava cad cam
         Kornhausstrasse 26
         9001 St. Gallen
         Switzerland


ECOMPTRADE LLC: Creditors' Liquidation Claims Due by April 9
------------------------------------------------------------
Creditors of LLC eCompTrade have until April 9, 2008, to submit
their claims to:

         Marc Mathis
         Chappelihof 4
         9050 Appenzell
         Switzerland

The Debtor can be reached at:

         LLC eCompTrade
         Rute AI
         Switzerland


FABIO REAL: Creditors' Liquidation Claims Due by March 20
---------------------------------------------------------
Creditors of LLC FABIO Real Estate have until March 20, 2008, to
submit their claims to:

         LLC FABIO Real Estate
         Dorfstrasse 6
         8835 Feusisberg
         Hofe SZ
         Switzerland


GALDAN INVESTMENT: Creditors' Liquidation Claims Due by March 20
----------------------------------------------------------------
Creditors of LLC GALDAN Investment & Trading have until
March 20, 2008, to submit their claims to:

         LLC GALDAN Investment & Trading
         Dorfstrasse 6
         8835 Feusisberg
         Hofe SZ
         Switzerland


HERCULES INC: Appoints Allan H. Cohen to Board of Directors
-----------------------------------------------------------
The board of directors of Hercules Incorporated elected Allan H.
Cohen, Ph.D. to the Hercules board of directors effective
immediately.  With his election, the Hercules board has expanded
from nine to ten members.

Until August 2007, Dr. Cohen was a managing director with First
Analysis Corporation, a research driven investment organization,
where he was employed for fifteen years.  During his career, he
has held executive and senior management positions at The
Valspar Corporation and The Enterprise Companies, a unit of
Insilco, and planning and chemical research management positions
with The Sherwin-Williams Company and Champion International
Corp.  Dr. Cohen also serves on the boards of directors of
Intertape Polymer Group Inc., Doe and Ingalls Management LLC,
and IGI Holding Corporation.

The board of directors also declared a quarterly cash dividend
of five cents per common share, payable on April 18, 2008, to
shareholders of record at the close of business on March 28,
2008.

Hercules will hold its Annual Meeting of Shareholders on
Thursday, April 17, 2008, at its corporate headquarters in
Wilmington, Delaware.  Shareholders of record on March 3, 2008,
will be entitled to vote at the Annual Meeting.

                       About Hercules Inc

Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE:HPC)
-- http://www.herc.com/-- manufactures and markets chemical
specialties globally for making a variety of products for home,
office and industrial markets.  The company has its regional
headquarters in China and Switzerland, and a production facility
in Brazil.

                     *     *     *

Standard & Poor's BB rating on the company's long-term foreign
and local issuer credits still hold to date.  S&P says that
outlook is positive.


MOBITRADE LLC: Creditors' Liquidation Claims Due by March 5
-----------------------------------------------------------
Creditors of LLC Mobitrade have until March 5, 2008, to submit
their claims to:

         Peter Muller
         Liquidator
         Gyrhaldenstrasse 10
         8963 Kindhausen ZH
         Switzerland

The Debtor can be reached at:

         LLC Mobitrade
         Bergdietikon
         Baden AG
         Switzerland


PETROPLUS HOLDINGS: Robert J. Lavinia Appointed as CEO
------------------------------------------------------
Petroplus Holdings AG said that Robert J. Lavinia, currently
Petroplus's President, has been appointed Chief Executive
Officer of the Company, effective March 1, 2008.  In this
capacity he succeeds Thomas D. O'Malley, who will continue as
Chairman of the Board of Directors.

Thomas D. O'Malley, Petroplus's current Chief Executive Officer,
said, "The addition of Bob Lavinia to our management team in
July 2007 as President was an important step in the
consolidation of the management structure of the Company.
Petroplus has grown from a small, privately held refiner in May
2006 to Europe's largest publicly-held independent refiner.  The
continued projected growth, including the acquisition of Shell's
Petit Couronne and Reichstett refineries in France, requires the
Company to focus very carefully on day-to-day operations.  Mr.
Lavinia's broad operating background will provide the Company
with needed expertise and management.  I have complete
confidence in Mr. Lavinia's ability to run and optimize
Petroplus's growing portfolio of refineries."

Mr. O'Malley further stated, "My area of expertise, and indeed
my desired role in Petroplus, is to continue to grow the
enterprise.  In my role as Chairman of the Board of Directors at
Petroplus, I look forward, in particular, to focusing my efforts
on growth initiatives for the Company which will contribute to
the company's future development and generation of shareholder
value."

Robert J. Lavinia, Petroplus's current President, said, "This is
truly an exciting opportunity for me.  I have spent my entire
career in the oil industry, and now have a chance to manage this
quality set of refining assets, and I intend to concentrate on
improving every part of our operation.  Refining is safe and
environmentally sensitive when operations are reliable, and
reliability brings added profitability."

Patrick Monteiro de Barros, the company's Vice Chairman, said,
'This change brings the Company broadly in line with best
business practices in Europe by separating the roles of Chairman
and Chief Executive Officer.  We are pleased that Mr. O'Malley
has committed to the Board to remain as its Chairman for a
minimum of an additional 3 years."

                About Petroplus Holdings

Headquartered in Zug, Switzerland, Petroplus Holdings AG --
http://www.petroplusholdings.com/-- (SWX:PPHN) is an
independent refiner and wholesaler of petroleum products in
Europe.  Petroplus focuses on refining and currently owns and
operates five refineries across Europe: the Coryton refinery on
the Thames Estuary in the United Kingdom, the Ingolstadt
refinery in Ingolstadt, Germany, the Belgium Refining Company
refinery in Antwerp, Belgium, the Cressier refinery in the
canton of Neuchatel, Switzerland, and the Teesside refinery in
Teesside, United Kingdom.  The refineries have a combined
throughput capacity of approximately 625,000 bpd.  Petroplus has
signed a letter of intent to acquire the Petit Couronne and
Reichstatt refineries, located in France, from Shell
International Petroleum Company Limited.  The refineries have a
total nameplate crude capacity of 239,000 barrels per day.


PETROPLUS HOLDINGS: Ties Up with Blackstone and First Reserve
-------------------------------------------------------------
Petroplus Holdings AG said Wednesday that that, effective
March 1, 2008, it has entered into a partnership with the
Blackstone Group and First Reserve, to pursue acquisitions of
crude oil refineries in the United States.  Each partner has
committed US$667 million in equity to this venture.

PBF will assemble a small group of highly experienced
professionals in the U.S. to examine potential opportunities.
Thomas O'Malley, Chairman of Petroplus, will act as the Chief
Executive Officer of the Partnership.

Commenting on the new venture, Mr. O'Malley said "there are
interesting opportunities in the U.S., and Petroplus's Board of
Directors is extremely pleased that we were able to assemble
partners with two outstanding organizations, both of whom are
familiar with the refining and energy business and bring to the
partnership extraordinary talents and financial support.  This
investment vehicle gives Petroplus accretive expansion
opportunities, without the need to significantly lever up the
balance sheet or issue equity to support a U.S. growth vehicle.
This initiative opens up a new geographic area of growth for
Petroplus and should allow for Petroplus to add to earnings per
share and free cash flows without distraction from its current
operations."

Petroplus's Chief Executive Officer, Mr. Robert Lavinia, said
"while we continue to be focused on our business in Europe, we
are excited about the possibility of providing our shareholders
with another avenue of growth.  Mr. O'Malley has great
experience in this area and Petroplus, we believe, will enjoy
success from this venture."

Stephen Schwarzman, Blackstone's Chairman and CEO, said "Tom
O'Malley's track record in creating value for his shareholders
through buying and integrating refining assets is outstanding.
We know him well from when Blackstone invested in Premcor and
Tom served as its Chairman and CEO from 2002 until its sale to
Valero in 2005.  Blackstone is delighted to be in a partnership
involving Tom and the Company he Chairs, Petroplus."

William Macaulay, CEO and Chairman of First Reserve Corporation,
said, "Tom O'Malley is a world class executive with a consistent
record of finding and creating value in the refining industry.
We are very pleased to have the opportunity to partner with him
and the Company he Chairs, Petroplus, to acquire US refining
assets.  As the largest energy-focused private equity firm, we
look forward to supporting this excellent management team to
develop its next refining platform."

               About The Blackstone Group

The Blackstone Group (NYSE:BX) – http://www.blackstone.com/--
is a leading global alternative asset manager and provider of
financial advisory services.  Its alternative asset management
businesses include the management of corporate private equity
funds, real estate opportunity funds, funds of hedge funds,
mezzanine funds, senior debt funds, proprietary hedge funds and
closed-end mutual funds.  The Blackstone Group also provides
various financial advisory services, including mergers and
acquisitions advisory, restructuring and reorganization advisory
and fund placement services.

                  About First Reserve

First Reserve -– http://www.firstreserve.com/-- is the world's
leading private equity firm in the energy industry.  Throughout
its 25-year history of investing solely in the global energy
industry, First Reserve has developed a strong franchise,
utilizing its broad base of specialized industry knowledge as an
advantage.  First Reserve believes that strategic
diversification across a wide range of energy industry sectors
has been a major contributor to the long-term, superior
investment record achieved by the First Reserve Funds across
economic cycles.

                About Petroplus Holdings

Headquartered in Zug, Switzerland, Petroplus Holdings AG --
http://www.petroplusholdings.com/-- (SWX:PPHN) is an
independent refiner and wholesaler of petroleum products in
Europe.  Petroplus focuses on refining and currently owns and
operates five refineries across Europe: the Coryton refinery on
the Thames Estuary in the United Kingdom, the Ingolstadt
refinery in Ingolstadt, Germany, the Belgium Refining Company
refinery in Antwerp, Belgium, the Cressier refinery in the
canton of Neuchatel, Switzerland, and the Teesside refinery in
Teesside, United Kingdom.  The refineries have a combined
throughput capacity of approximately 625,000 bpd.  Petroplus has
signed a letter of intent to acquire the Petit Couronne and
Reichstatt refineries, located in France, from Shell
International Petroleum Company Limited.  The refineries have a
total nameplate crude capacity of 239,000 barrels per day.


PETROPLUS HOLDINGS: S&P Says Ratings Unchanged Despite Buy Plans
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Switzerland-based Petroplus Holdings AG (BB/Stable/--) remain
unchanged following Wednesday's announcement that the company
will enter a partnership to pursue acquisitions of U.S.-based
refineries.  Petroplus will provide $667 million for a 33% stake
in the acquisitions, with the remainder coming from private
equity firms.

The company has not committed to the arrangement at this stage
and S&P does not expect any major cash outlay by Petroplus over
the short term.  In the event that a large cash injection is
required, S&P understands that Petroplus would fund it partly
with equity (as it funded acquisitions in 2007) to maintain
moderate leverage.  Equity finance may be needed as headroom is
currently very limited; Petroplus is on the point of completing
an US$875 million debt-financed acquisition of two French
refineries from Royal Dutch Shell AG. The joint-venture
announcement underlines Petroplus' continuing growth appetite,
while reducing the risk that the company will fund multi-billion
U.S. refinery acquisitions on its own.


RAB LLC: Creditors' Liquidation Claims Due by March 31
------------------------------------------------------
Creditors of LLC Mobitrade have until March 31, 2008, to submit
their claims to:

         Peter Muller
         Liquidator
         Gyrhaldenstrasse 10
         8963 Kindhausen ZH
         Switzerland

The Debtor can be reached at:

         LLC Mobitrade
         Bergdietikon
         Baden AG
         Switzerland


SEDICO-IT JSC: Creditors' Liquidation Claims Due by April 23
------------------------------------------------------------
Creditors of JSC SEDICO-IT have until April 23, 2008, to submit
their claims to:

         Andreas Ronchetti
         Liquidator
         Grundstrasse 14
         6343 Rotkreuz ZG
         Switzerland

The Debtor can be reached at:

         JSC SEDICO-IT
         Risch ZG
         Switzerland


TREND SHM: Creditors' Liquidation Claims Due by April 1
-------------------------------------------------------
Creditors of JSC Trend SHM Swiss have until April 1, 2008, to
submit their claims to:

         Friedrich Tschan
         Tschan & Partner
         Rankackerweg 26
         4133 Pratteln
         Liestal BL
         Switzerland

The Debtor can be reached at:

         JSC Trend SHM Swiss
         Pratteln
         Liestal BL
         Switzerland


WIKO KRONBUHL: Creditors' Liquidation Claims Due by March 31
------------------------------------------------------------
Creditors of LLC WIKO Kronbuhl have until March 31, 2008, to
submit their claims to:

         Anton Koller
         Liquidator
         Tobel
         9302 Kronbuhl SG
         Switzerland

The Debtor can be reached at:

         LLC WIKO Kronbuhl
         Wittenbach SG
         Switzerland


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


ALFA-EXPORT LLC: Proofs of Claim Filing Deadline Set March 10
-------------------------------------------------------------
Creditors of LLC Alfa-Export (code EDRPOU 30667059) have until
March 10, 2008, to submit written proofs of claim to:

         Garan Semen
         Temporary Insolvency Manager
         Voenny Passage 6
         Apartment 1
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy supervision
procedure on the company on Dec. 10, 2007.  The case is docketed
under Case No. 5/1-B-08.

The Court is located at:

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


COLLATING-TRANSPORT ENTERPRISE: Proofs of Claim Due March 10
------------------------------------------------------------
Creditors of State Collating-Transport Enterprise (code EDRPOU
00112453) have until March 10, 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 supervision
procedure on the company on Jan. 17, 2008.  The case is docketed
under Case No. 45/272B.

The Debtor can be reached at:

         State Collating-Transport Enterprise
         Vostochnaya Str. 1
         Dobropoliye
         85000 Donetsk
         Ukraine


GRAN-IMPEKS LLC: Creditors Must File Claims by March 10
-------------------------------------------------------
Creditors of LLC Gran-Impeks (code EDRPOU 32873142) have until
March 10, 2008, to submit written proofs of claim to:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-21/266.

The Debtor can be reached at:

         LLC Gran-Impeks
         I. Makukha Str. 2
         76000 Ivano-Frankovsk
         Ukraine


GREBENKOVSKOYE OJSC: Claims Filing Deadline Set March 10
--------------------------------------------------------
Creditors of OJSC Grebenkovskoye (code EDRPOU 00384911) have
until March 10, 2008, to submit written proofs of claim to:

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

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company on Jan. 22, 2008.  The case is docketed
under Case No. 4/158.

The Debtor can be reached at:

         OJSC Grebenkovskoye
         Topolevo
         Grebenkovsky District
         Poltava
         Ukraine


IVANO-FRANKOVSK STOA: Creditors Must File Claims by March 10
------------------------------------------------------------
Creditors of CJSC Ivano-Frankovsk Stoa (code EDRPOU 00435459)
have until March 10, 2008, to submit written proofs of claim to:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-14/136-6/217.

The Debtor can be reached at:

         CJSC Ivano-Frankovsk Stoa
         Dekabristov Str. 45-a
         Ivano-Frankovsk
         Ukraine

MILEKSA LLC: Creditors Must File Claims by March 10
---------------------------------------------------
Creditors of LLC Mileksa (code EDRPOU 33896878) have until
March 10, 2008, to submit written proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 30, 2008.
The case is docketed under Case No. 5/41/08.

The Debtor can be reached at:

         LLC Mileksa
         Potemkinskaya Str. 15
         54030 Nikolaev
         Ukraine


SOLE LLC: Proofs of Claim Filing Deadline Set March 10
------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company on Dec. 18, 2007.  The case is docketed
under Case No. 10/348.

Creditors of LLC Sole have until March 10, 2008, to submit
written proofs of claim to:

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Debtor can be reached at:

         LLC Sole
         Sovetskaya Str. 42a
         Alexandriya
         28000 Kirovograd
         Ukraine


SOUTH-UKRAINIAN LEASING: Claims Filing Deadline Set March 10
------------------------------------------------------------
Creditors of LLC South-Ukrainian Leasing Company (code EDRPOU
33471793) have until March 10, 2008, to submit written proofs of
claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company on Feb. 1, 2008.  The case
is docketed under Case No. 21/08/08.

The Debtor can be reached at:

         LLC South-Ukrainian Leasing Company
         Kosmicheskaya Str. 122
         69050 Zaporozhje
         Ukraine


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


CABLE & WIRELESS: CitiGroup Seeks Demerger of Two Businesses
------------------------------------------------------------
Citigroup's telecoms team is urging Cable & Wireless Plc to
demerge its UK and international divisions, declaring it will
take a "dim view" of the company if it decides otherwise,
Dominic White writes for the Daily Telegraph.

According to the report, Cable & Wireless, which is preparing
for an investor day next week, is contemplating a demerger.

However, Michael Williams, an analyst at Citigroup, noted the
telecoms company's management may opt to maintain the combined
group structure instead after a successful turnaround of the UK
business, whose GBP2 billion revenue and GBP400 million
underlying earnings target the Daily Telegraph says are crucial
to its ability to operate as a standalone business.

"We call on management to confirm its plans in this respect on
or before the H1 results in November 2008," Mr. Williams told
the paper.

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units –- International and Europe, Asia & US.

The International business unit operates integrated
telecommunications companies in 33 countries offering mobile,
broadband, domestic and international fixed line services to
residential and business customers, with principal operations in
the Caribbean, Panama, Macau, Monaco and the Channel Islands.

The Europe, Asia & U.S. business unit provides enterprise and
carrier solutions to the largest users of telecoms services
across the U.K., U.S., continental Europe and Asia -- and
wholesale broadband services in the U.K.

                        *     *     *

As of Feb. 12, 2008, Cable & Wireless Plc carries a Ba3 long-
term corporate family rating, a B1 senior unsecured debt rating
and a Ba3 probability of default rating from Moody's, which said
the outlook is stable.

The company also carries a BB- long-term local and foreign
issuer credit ratings from Standard & Poor's, which said the
outlook is stable.  S&P rates its short-term local and foreign
issuer credit at B.


CONSTELLATION BRANDS: Appoints Peter Perez as Board Director
------------------------------------------------------------
Constellation Brands Inc.'s board of directors authorized an
increase in board positions from nine to 10, and approved Peter
Perez, 54, to fill the new board seat effective Feb 19, 2008.

Mr. Perez is executive vice president of human resources for
ConAgra Foods Inc., a US$12 billion, international packaged
foods company based in Omaha, Nebraska.

"Peter has a wealth of human resources experience with large,
international, food, beverage and service companies, and his
unique point of view and strategic thinking will complement our
board," Richard Sands, Constellation Brands chairman, said.  "In
particular, his efforts to build a diverse and inclusive
corporate culture align well with Constellation's long-held
values."

A native of Aurora, Illinois, Mr. Perez joined ConAgra in 2003
as senior vice president of human resources.  He held a similar
position with W. W. Grainger Inc., after holding senior human
resource positions at Pepsi-Cola General Bottlers and the Kraft
General Food division of Philip Morris Companies Inc.  He began
his career with Emerson Electric as a production supervisor in
1979.

Mr. Perez has a Bachelor of Science degree in Production and
Personnel Management from Eastern Illinois University, and a
Master of Management in Human Resources Management and
Organizational Behavior from Northwestern University's Kellogg
Graduate School of Management.

                 About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- has more than 250
brands in its portfolio, sales in approximately 150 countries
and operates approximately 60 wineries, distilleries and
distribution facilities.  The company has market presence in
the U.K., Australia, Canada, New Zealand; Mexico.

Barton Brands Ltd. is the spirits division of Constellation
Brands Inc. is a producer, importer and exporter of a wide range
of spirits products, including brands such as Black Velvet
Canadian Whisky, Ridgemont Reserve 1792 bourbon, and Effen
vodka.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 4,
2007, Fitch Ratings assigned a 'BB-' rating to a note registered
by Constellation Brands Inc. to fund the purchase price of Beam
Wine Estates Inc., a subsidiary of Fortune Brands Inc: US$500
million 8.375% senior unsecured note due Dec. 15, 2014.  The
rating outlook is negative.


COTT CORP: Unable to Meet Deadline; Delays Filing of Form 10-K
--------------------------------------------------------------
Cott Corporation filed a Form 12b-25 Wednesday notifying the
U.S. Securities and Exchange Commission that it was unable to
meet the Feb. 27, 2008 deadline to file its Annual Report on
Form 10-K for the fiscal year ended Dec. 29, 2007.

The company anticipates filing its Form 10-K on or before
March 13, 2008.

The company is unable to file its Form 10-K by the deadline
because it requires additional time to complete the preparation
of its consolidated financial statements and to complete its
assessment of the company's internal control over financial
reporting as of December 29, 2007.  This delay is principally
due to the previously announced transition of its executive
offices, including corporate accounting and control functions,
from Toronto, Ontario to new offices in Tampa, Florida.

As a result, the company did not have an appropriate complement
of accounting personnel during the year-end financial closing
process.  The company expects to report material weaknesses in
its internal control over financial reporting as a result of
such shortage.  The company has taken and is continuing to take
actions to remedy this issue as soon as practicable.

                 About Cott Corporation

Headquartered in Toronto, Ontario, Cott Corporation (NYSE:
COT)(TSX: BCB) -- http://www.cott.com/-- is a non-alcoholic
beverage company and a retailer brand soft drink company.  The
company commercializes its business in over 60 countries
worldwide, with its principal markets being the United States,
Canada, the United Kingdom and Mexico.  Cott markets or supplies
over 200 retailer and licensed brands, and company-owned brands
including Cott, RC, Vintage, Vess and So Clear.  Its products
include carbonated soft drinks, sparkling and flavored waters,
energy drinks, sports drinks, juices, juice drinks and
smoothies, ready-to-drink teas, and other non-carbonated
beverages.


COTT CORP: In Talks with Wal-Mart on Shelf Space Allocation
-----------------------------------------------------------
Cott Corporation, in response to recent reports of reallocation
of shelf space by Wal-Mart, confirmed that it has received
notice of a reduction in shelf space and merchandising support
for Wal-Mart's private label carbonated soft drinks in the U.S.,
including Sam's Choice, which would be significant to Cott's
business plans.

However, the 2008 programs have not yet been finalized and Cott
is still actively negotiating with Wal-Mart appropriate space
allocation and other merchandising programs associated with
Sam's Choice brands.  Wal-Mart is Cott's biggest customer and
Cott is fully committed to deploying the necessary efforts to
maintain a mutually satisfactory relationship for the long-term.
Cott further confirmed that Wal-Mart's notice did not indicate
any potential shelf space reduction for Sam's Choice water.

Conversations between Cott and Wal-Mart are on-going and the
final outcome of the 2008 merchandising, shelf allocation and
other support programs for Sam's Choice carbonated soft drinks
at Wal-Mart has yet to be determined.  Regardless of the
outcome, Cott will work hard to continue to diversify its
customer base and to offset the potential impact on its
profitability.

                 About Cott Corporation

Headquartered in Toronto, Ontario, Cott Corporation (NYSE:
COT)(TSX: BCB) -- http://www.cott.com/-- is a non-alcoholic
beverage company and a retailer brand soft drink company.  The
company commercializes its business in over 60 countries
worldwide, with its principal markets being the United States,
Canada, the United Kingdom and Mexico.  Cott markets or supplies
over 200 retailer and licensed brands, and company-owned brands
including Cott, RC, Vintage, Vess and So Clear.  Its products
include carbonated soft drinks, sparkling and flavored waters,
energy drinks, sports drinks, juices, juice drinks and
smoothies, ready-to-drink teas, and other non-carbonated
beverages.


COTT CORP: Wal-Mart Negotiations Cue Moody's to Review Ratings
--------------------------------------------------------------
Moody's Investors Service placed Cott Corporation's B1 CFR and
B2 subordinated ratings on review for possible downgrade.

The rating action follows a very difficult year in which Cott's
revenues and profitability were negatively affected by shrinking
carbonated soft drink volumes, higher than expected commodities
costs and the need to take impairment charges to write down all
of the goodwill relating to the U.S. business.  This week, Cott
also announced that it is currently negotiating with Wal-Mart to
avoid a possible reduction in shelf space and merchandising
support for Wal-Mart's private label carbonated soft drinks
produced by Cott in the U.S. Cott also announced that it would
be late filing its 2007 10K and that it will report a material
weakness in financial controls due to lack of an appropriate
complement of accounting personnel.

Moody's last lowered Cott's ratings in November, 2007, leaving
the outlook negative.

The review will focus on the ultimate resolution of negotiations
with Wal-Mart concerning appropriate merchandising support
including shelf space, for brands produced by Cott, the
resolution of material weaknesses, the expectation for
performance in 2008 and the ability of the company to adequately
bolster its liquidity position in the short run, which is under
pressure because current covenant levels for Q1 will be
breeched, absent waivers or closing a new ABL facility.

These ratings were placed on review for downgrade:

Cott Corporation:

   -- Corporate Family Rating of B1
   -- Probability of Default Rating of B1

Cott Beverages Inc:

   -- $275 million 8% senior subordinated notes due 2011 at B2
      LGD 5; 74%

Headquartered in Toronto, Ontario, Cott Corporation is one of
the word's largest retailer-brand soft drink suppliers with a
leading position in take-home carbonated soft drink markets in
the U.S. Canada, and the UK.  Sales in 2007 were approximately
$1.8 billion.


COTT CORP: Wal-Mart Negotiations Cue S&P’s Negative CreditWatch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit and 'CCC+' subordinated debt ratings on
Toronto-based beverage manufacturer Cott Corp. on CreditWatch
with negative implications.

"The CreditWatch listing follows Cott's announcement that
ongoing negotiations with Wal-Mart Stores Inc. could result in a
reduction of shelf space and merchandising support for its
private label carbonated soft drinks in the U.S.," said Standard
& Poor's credit analyst Lori Harris.

Wal-Mart (AA/Stable/A-1+) is Cott's most important customer,
representing about 40% of Cott's total revenues.  The company
provides private label carbonated soft drinks and water to
Wal-Mart; however, CSD is its most important product line.

Standard & Poor's is concerned about a potential significant
volume reduction and its impact on Cott's profitability, which
is already pressured by elevated raw material costs.  S&P will
keep the ratings on Cott on CreditWatch until the 2008
merchandising and shelf space for Sam's Choice CSD is finalized
and S&P obtains better visibility regarding forecast volumes and
profitability.


DUDLEY INKWELL: Brings In Liquidators from Menzies
--------------------------------------------------
Paul John Clark and Jason James Godefroy of Menzies Corporate
Restructuring were appointed joint liquidators of Dudley Inkwell
Ltd. on Feb. 29 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

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


DURA AUTOMOTIVE: Creditor Opposes Confirmation of Chap. 11 Plan
---------------------------------------------------------------
Johnson Electric North America, Inc., asked the U.S. Bankruptcy
Court for the District of Delaware to deny confirmation of Dura
Automotive Systems Inc. and its debtor-affiliates' Joint Plan of
Reorganization.

Charlene D. Davis, Esq., at The Bayard Firm, in Wilmington,
Delaware, says the Plan is unconfirmable because it provides for
the assumption of a contract between with Debtors and Johnson
Electric without proposing to cure the existing default of
US$2,078,859, under the contract.

Failure to cure existing default violates Sections 365(b),
1123(b) and 1123(d) of the Bankruptcy Code, thus rendering the
Plan unconfirmable, Ms. Davis asserts.

Johnson Electric asked that, if the Court confirms the Plan, the
Court should compel the Debtors to pay the US$2,078,859 Cure
Amount.

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

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

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

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

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

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


FEBREY LTD: Taps Joint Administrators from Grant Thornton
---------------------------------------------------------
Trevor O'Sullivan and Nigel Morrison of Grant Thornton U.K. LLP
were appointed joint administrators of Febrey Ltd. (Company
Number 02256417) on Feb. 15, 2008.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

         Febrey Ltd.
         120 Burcott Road
         Bristol
         Avon
         BS11 8AD
         England
         Tel: 0117 982 8125
         Fax: 0117 982 8127


FORD MOTOR: Navistar Re-Files Breach of Contract Suit
-----------------------------------------------------
Navistar International Corp. has re-filed a lawsuit against Ford
Motor Co. for violating a diesel engine contract in which Ford
promised that Navistar would be Ford's primary manufacturer and
supplier of V-6 and V-8 diesel engines in North America,
including diesel engines for Ford's F-150 pickup trucks.

The suit, filed in the Circuit Court of Cook County, Ill., seeks
"at least hundreds of millions of dollars."

Navistar originally sued Ford alleging breach of the contract in
June 2007.  Cook County Circuit Court Judge Dennis Burke
dismissed that suit to allow for mediation of the dispute by a
third-party.  Navistar and Ford were unable to resolve the
dispute through mediation, so Navistar now has re-filed the
lawsuit.

According to the lawsuit, Ford will introduce a 4.4 liter diesel
engine for production in North America by late 2009 or 2010 or
possibly earlier. Ford intends to produce the engine itself for
use in the F-150, and possibly other vehicles. The lawsuit
states that Ford cannot manufacture the engine without violating
its contract with Navistar.  Reportedly, Ford will produce the
engines at a Ford facility in Chihuahua, Mexico.

The lawsuit states that Navistar spent millions of dollars and
devoted years of its employees' time to develop a next
generation diesel engine named "Lion" for use in F-150 pickup
trucks and other vehicles in which Ford had not previously
offered diesel engines.  Ford agreed that Navistar, which has
been the exclusive diesel engine supplier for Ford's heavy-duty
pickup trucks since 1979, would be the manufacturer and supplier
of the new engines for the North American vehicle market.

The lawsuit, filed Feb. 26, 2008, is separate from previously
reported litigation between the two companies.  In 2007, Ford
filed a lawsuit against Navistar involving engine pricing and
warranty claims on Power Stroke diesel engines.  Navistar
counter-sued, stating that pricing was consistent with
contractual agreements, that the warranty claims were entirely
without merit and that Ford has stopped honoring the terms of an
agreement under which the engines were built.  Navistar amended
its counter-suit in May 2007 and asked for in excess of
US$2 billion in damages.

               About Navistar International

Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent
company of Navistar Financial Corp. and International Truck and
Engine Corp.  The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market.  The company
also provides truck and diesel engine parts and service sold
under the International brand.  A wholly owned subsidiary offers
financing services.  The company has operations in Brazil,
Iceland and India.

                       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.


FURNITURE LOGISTICS: Calls In Liquidators from Tenon Recovery
-------------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Furniture Logistics
Ltd.(t/a New Move & Barrett Distribution) (formerly Barrett
Distribution Ltd.) on Feb. 19 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

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


K.W. BEARD: Creditors' Meeting Slated for March 17
--------------------------------------------------
Creditors of K.W. Beard Ltd. (Company Number 01487858) will meet
at 11:00 a.m. on March 17, 2008, at:

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

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on March 14, 2008, at:

         G. Randall
         Joint Administrative Receiver
         BDO Stoy Hayward LLP
         One Victoria Street
         Bristol
         BS1 6AA
         England

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.


MICROGISTIX UK: Hires Liquidators from Mazars
---------------------------------------------
Roderick John Weston and Nigel Heath Sinclair of Mazars LLP were
appointed joint liquidators of Microgistix UK Ltd. (formerly
Point Group UK Ltd.) on Feb. 19 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Tower Bridge House
         St. Katharine's Way
         London
         E1W 1DD
         England


OAK LTD: Appoints Neil Francis Hickling as Liquidator
-----------------------------------------------------
Neil Francis Hickling of Smith & Williamson Ltd. was appointed
liquidator of The Oak (Hockley Heath) Ltd. on Feb. 20 for the
creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Smith & Williamson Ltd.
         No. 1 St. Swithin Street
         Worcester
         WR1 2PY
         England


ODYSSEY RE: Names Brian Young as CEO of London Market Operations
----------------------------------------------------------------
Odyssey Re Holdings Corp. appointed Brian Young as chief
executive officer of its global insurance and London market
operations effective April 1, 2008.  Mr. Young manages Odyssey
Re's London Market Division.  In his new position, Mr. Young
will have overall responsibility for Odyssey Re's U.S. Insurance
and London Market Divisions.

The present management structure of Odyssey Re's U.S. Insurance
Division will remain in place, with Jim Migliorini, chief
executive officer - U.S. insurance, reporting to Mr. Young.
Through its Hudson Insurance Group, the division provides
underwriting capacity on an admitted and non-admitted basis to
medical malpractice and specialty insurance markets nationwide.

Mr. Young will be relocating from London to New York in
connection with his new responsibilities.  Carl Overy will
assume local senior management responsibility in London as
Odyssey Re's new chief executive officer - London market
division, and report to Mr. Young.

Mr. Overy is the chief actuary of the London market division,
and has been a member of Odyssey Re's management team in London
for the past six years.  The division underwrites casualty
insurance and treaty reinsurance on a worldwide basis through
Odyssey Re's London branch, Newline Insurance Company Limited
and Newline Syndicate 1218 at Lloyd's.

"Unifying the reporting structure of our London and U.S.
platforms is an important step in optimizing the development of
Odyssey Re's insurance activities on a global basis," Andrew A.
Barnard, Odyssey Re's chief executive officer, commented.
"Brian's proven management skills, and the variety and depth of
his industry experience, make him well-suited for this important
new position."

                About Odyssey Re Holdings Corp.

Headquartered in Stamford, Connecticut, Odyssey Re Holdings
Corp. (NYSE: ORH) -- http://www.odysseyre.com/-- is an
underwriter of property and casualty treaty and facultative
reinsurance, as well as specialty insurance.  The company
operates through its subsidiaries, Odyssey America Reinsurance
Corporation, Hudson Insurance Company, Hudson Specialty
Insurance Company, Clearwater Insurance Company, Newline
Underwriting Management Limited, Newline Asia Services Pte. Ltd.
and Newline Insurance Company Limited.  The company underwrites
through offices in the United States, London, Paris, Singapore,
Toronto and Latin America.

                       *     *     *

Odyssey Re Holdings Corp. continues to carry Standard & Poor's
'BB' preferred stock rating, which was placed in October 2005.


PELOTON PARTNERS: Liquidates US$2 Billion ABS Fund
--------------------------------------------------
Peloton Partners LLP said that it is liquidating its US$2
billion ABS Fund citing a drop in the value of highly rated
mortgage securities as well as being unable to meet the “margin
calls” made by banks, published reports say.

Peloton founders Ron Beller and Geoff Grant, former Goldman
Sachs Group Inc. partners, told investors that they would be
selling off the assets of the fund, stating that it was the
“best solution” in order to “stabilize the situation,” reports
say.

Peloton also stopped redemptions from its US$1.6 billion Multi-
Strategy Fund, which according to reports, has a sizable stake
in the ABS Fund.

Citing a person familiar, The Wall Street Journal reports that
Messrs. Beller and Grant lost about US$120 million of personal
money invested in Peloton.

Headquartered in London, England, Peloton Partners LLP --
http://www.pelotonpartners.com/-- is a hedge fund manager that
was recognized as one of the best performers in London's hedge
fund community for 2007.  The fund employs around 60 people in
London and another 10 in Montecito, California.


PENTAGON FLEXIBLES: Claims Filing Period Ends May 19
----------------------------------------------------
Creditors of Pentagon Flexibles Ltd. have until May 19, 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:

         M. H. Abdulali
         Liquidator
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         England

M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on Feb. 19 for the creditors' voluntary winding-up
procedure.


QUEBECOR WORLD: To Convert Series 5 Preferred Shares on March 1
---------------------------------------------------------------
Quebecor World Inc. determined the final conversion rate
applicable to the 3,975,663 Series 5 Cumulative Redeemable First
Preferred Shares (TSX: IQW.PR.C) that will be converted into
Subordinate Voting Shares effective as of March 1, 2008.

Taking into account all accrued and unpaid dividends on the
Series 5 Preferred Shares up to and including March 1, 2008,
Quebecor World has determined that, in accordance with the
provisions governing the Series 5 Preferred Shares, each Series
5 Preferred Share will be converted on March 1, 2008 into
12.93125 Subordinate Voting Shares.

Registered holders of Series 5 Preferred Shares who submitted
notices of conversion on or prior to Dec. 27, 2007, will receive
in the coming days from Quebecor World's transfer agent and
registrar, Computershare Investor Services Inc., certificates
representing their Subordinate Voting Shares resulting from the
conversion.

Approximately 51,400,000 new Subordinate Voting Shares will thus
be issued by Quebecor World to holders of Series 5 Preferred
Shares on March 1, 2008.  Quebecor World will apply to list the
51,400,000 Subordinate Voting Shares on The Toronto Stock
Exchange(TSX), although there can be no assurance that the TSX
will accept the listing of [the] shares.

                      About Quebecor World

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

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

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

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

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

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

                       *     *     *

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


QUEBECOR WORLD: Names A. Caille as Restructuring Panel Chairman
---------------------------------------------------------------
Quebecor World Inc. provides an update on its restructuring
under the Canadian Companies' Creditors Arrangement Act(CCAA)
and under Chapter 11 of the U.S. Bankruptcy Code:

The Board of Directors of Quebecor World Inc. has created a
restructuring committee of the board as referenced in the most
recent Monitor's report.  The Committee is chaired by Andre
Caille.

The Committee will facilitate and supervise the work of
management of the Corporation and its advisors in developing
[the] plan or plans as may be necessary or desirable to effect:

   (i) a restructuring of the Corporation's financial affairs
       including, without limitation, the liabilities and
       obligations to [the] creditors of the Corporation and
       its subsidiaries as the Committee may deem necessary or
       appropriate, and

  (ii) a recapitalization of the Corporation and its
       subsidiaries and to report thereon, from time-to-time,
       with its recommendations to the Board of Directors of
       the Corporation.

In addition, Quebecor World appointed Jacques Mallette,
President and Chief Executive Officer of Quebecor World, to the
Board of Directors and will serve on the Committee.  Other
members include Jean LaCouture, Michele Desjardins, and Jean
Neveu.

                     About Quebecor World

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

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

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

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

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

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

                       *     *     *

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


SEA CONTAINERS: Court Stretches Plan-Filing Period to April 15
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware further
extended, until April 15, 2008, Sea Containers Ltd. and its
debtor-affiliates' exclusive period to file a plan of
reorganization.

The Court also fixed June 16, 2008, as the deadline for the
Debtors to solicit acceptances of that plan.

As reported in the Troubled Company Reporter-Europe on Feb. 19,
2008, the Debtors told the Court that this will be their last
request for an extension of the Exclusive Periods, in accordance
with Section 1121(d)(2) of the U.S. Bankruptcy Code.

The Debtors related that since filing their last exclusivity
request, they have made substantial progress on the (i) change
of control arbitration, and (ii) treatment of claims arising on
account of the Debtors' pension scheme liabilities.  The Debtors
also hope to engage in discussions with GE to resolve open
disputed issues between them with respect to GE SeaCo.

The Debtors related that they obtained a favorable result in the
change of control arbitration.  The arbitrator ruled in favor of
Sea Containers Ltd. by finding that a change of control did not
occur as a result of the resignation of Jim Sherwood, its
president, chief executive officer, and chairman of the board.

The Debtors also related that they have reached agreement on the
terms of a settlement with the Official Committee of Unsecured
Creditors for Sea Containers Services Ltd. and the Pension
Trustees with respect to the Debtors' pension scheme
liabilities.  The Debtors expect to file a request to approve
the settlement in the near term.

Maintaining exclusivity will allow the Debtors to focus on
obtaining approval of the Pension Settlement, which the Debtors'
view as a prerequisite to filing a Chapter 11 plan.  Failure to
obtain the extension can lead only to unnecessary distraction
and delay in resolving the Debtors' pension scheme liabilities,
a task that must be completed before a viable Plan can be
presented to the Court, the Debtors said.

The Debtors believe that the requested extension will also
facilitate the arrangement of exit financing.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/ -- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court previously gave the Debtors until Feb. 20, 2008 to
file a plan of reorganization.


SECOND CITY: M. H. Abdulali Leads Liquidation Procedure
-------------------------------------------------------
M. H. Abdulali of Moore Stephens was appointed liquidator of
Second City (Manchester) Ltd. on Feb. 21 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         ST1 5TL
         England


SWADDLERS LTD: Taps Liquidators from Vantis Business Recovery
-------------------------------------------------------------
Paul Atkinson and Glyn Mummery of Vantis Business Recovery
Services were appointed joint liquidators of Swaddlers Ltd. on
Feb. 19 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


TVONICS LTD: Appoints Milner Boardman to Administer Assets
----------------------------------------------------------
Darren Brookes and Colin Burke of Milner Boardman & Partners
were appointed joint administrators of Tvonics Ltd. (Company
Number 05087575) on Feb. 18, 2008.

Milner Boardman -- http://www.milnerboardman.co.uk/-- provides
financial accounting and business advisory services.

The company can be reached at:

         Tvonics Ltd.
         Technium Digital@Sony
         Pencoed Technology Park
         Bridgend
         CF35 5HZ
         Wales
         Tel: 01656 868 520
         Fax: 01656 868 526


BOOK REVIEW: Inside Investment Banking: Second Edition
------------------------------------------------------
Author:     Ernest Bloch
Publisher:  Beard Books
Softcover:  440 Pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587982684/internetbankru
pt

Even though Bloch states that "no last word may ever be written
about the investment banking industry," he nonetheless has
written a definitive book on the subject.

Bloch wrote Inside Investment Banking after discovering that no
textbook on the subject was available when he began teaching a
course on investment banking.  Bloch's book is like a textbook,
though one not meant to be limited to classroom use.  It's a
complete, knowledgeable study of the structure and operations of
the field of investment banking.  With a long career in the
field, including work at the Federal Reserve Bank of New York,
Bloch has the background for writing the book.  He sought the
input of many of his friends and contacts in investment banking
for material as well as for critical guidance to put together a
text that would stand the test of time.

While giving a nod to today's heightened interest in the
innovative securities that receive the most attention in the
popular media, Inside Investment Banking concentrates for the
most part on the unchanging elements of the field.  The book
takes a subject that can appear mystifying to the average person
and makes it understandable by concentrating on its central
processes, institutional forms, and permanent aims.  The author
shows how all aspects of the complex and ever-changing field of
investment banking, including its most misunderstood topic of
innovative securities, leads to a "financial ecology" which
benefits business organizations, individual investors in
general, and the economy as a whole.  "[T]he marketplace for
innovative securities becomes, because of its imitators, a
systematic mechanism for spreading risk and improving efficiency
for market makers and investors," says Bloch.

For example, Bloch takes the reader through investment banking's
"market making" which continually adapts to changing economic
circumstances to attract the interest of investors.  In doing
so, he covers the technical subject of arbitrage, the role of
the venture capitalist, and the purpose of initial public
offerings, among other matters.  In addition to describing and
explaining the abiding basics of the field, Bloch also takes up
issues regarding policy (for example, full disclosure and
government regulation) that have arisen from the changes in the
field and its enhanced visibility with the public.  In dealing
with these issues, which are to a large degree social issues,
and similar topics which inherently have no final resolution,
Bloch deals indirectly with criticisms the field has come under
in recent years.

Bloch cites the familiar refrain "the more things change, the
more they remain the same" and then shows how this applies to
investment banking. With deregulation in the banking industry,
globalization, mergers among leading investment firms, and the
growing number of individuals researching and trading stocks on
their own, there is the appearance of sweeping change in
investment banking.  However, as Inside Investment Banking
shows, underlying these surface changes is the efficiency of the
market.

Anyone looking for an authoritative work covering in depth the
fundamentals of the field while reflecting both the interest and
concerns about this central field in the contemporary economy
should look to Bloch's Inside Investment Banking.

After time as an economist with the Federal Reserve Bank of New
York, Ernest Bloch was a Professor of Finance at the Stern
School of Business at New York University.

                            *********

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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