TCREUR_Public/080303.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, March 3, 2008, Vol. 9, No. 44

                            Headlines


A U S T R I A

ABT OTTO: Claims Registration Period Ends April 15
CS INNENBAU: Claims Registration Period Ends April 2
ESZET ROHSTOFFHANDEL: Claims Registration Period Ends March 18
FALKNER MASCHINENPUTZ: Claims Registration Period Ends March 25
FENSTERSERVICE UND MALERBETRIEB: Claims Filing Ends March 24

MFB MALER: Claims Registration Period Ends March 26
WATZ & WATZ: Claims Registration Period Ends March 10


B E L G I U M

CHIQUITA BRANDS: Moody's Holds B3 Corporate Family Rating
FLOWSERVE CORP: Reports US$255.7 Million Net Income in FY 2007
FLOWSERVE CORP: To Repurchase US$300-Million Common Stock
SOLUTIA INC: S&P Ups Credit Rating to B+ on Bankruptcy Emergence


F R A N C E

PERNOD RICARD: Net Sales Up 5.9% in 2007/2008 First Half
PRIDE INTERNATIONAL: Bags Contract Extensions from Petrobras


G E R M A N Y

CCC PROCURES: Claims Registration Period Ends March 18
DUERR AG: Better Profitability Prompts S&P's Positive Outlook
EUROLAB EUROPEAN: Claims Registration Ends March 20
FOSSURA TIEFBAU: Claims Registration Ends March 25
GRAPACH ORIENTIERUNGSMITTEL: Claims Period Ends March 11

INLO GMBH: Claims Registration Period Ends March 26
JOHANN LORENZ: Claims Registration Period Ends March 26
JUGENDWERKSTATT BAUHOF: Claims Registration Ends March 26
KARL KUEHN: Claims Registration Period Ends March 10
MAROC EXPRESS: Claims Registration Period Ends March 26

MARTEN GMBH: Claims Registration Ends March 18
MIKLA WARENHANDELS: Claims Registration Period Ends March 18
NEUBAU GMBH: Claims Registration Ends March 25
PHOENIX IMMOBILIEN: Claims Registration Period Ends March 26
PRESTIGE BAUTREUHAND: Claims Registration Ends March 25

PROMOTIONAL INDUSTRIES: Creditors Must File Claims by March 25
S.A.M. - FACTORY: Creditors Must File Claims by March 25
SCHAAL HAUSBAU: Creditors Must File Claims by March 25
SCHWEDTER INDUSTRIEVERWERTUNGSGESELLSCHAFT: Claims Due March 25
SSB GMBH: Claims Registration Ends March 25

STOCKERT BEDACHUNGEN: Claims Registration Period Ends March 20
TAUNUS GMBH: Claims Registration Period Ends March 20
TBA GRUNER: Claims Registration Period Ends March 5
TILES & MORE: Claims Registration Period Ends March 26
TRANSPORT LOGISTIK: Claims Registration Period Ends March 20

TRINCZEKS HOLZHOF: Claims Registration Period Ends March 20
UHLEMANN GMBH: Creditors Must File Claims by March 25
VERKEHRS-SYSTEM: Claims Registration Period Ends March 20
W. U. H. PAWLOWSKY: Claims Registration Period Ends March 20
WASSER & WARME: Creditors Must File Claims by March 25

WERMERS BAUGESCHAFT: Claims Registration Period Ends March 11


I R E L A N D

COLTRANE CLO: KPMG Appointed as Joint Receivers


I T A L Y

ALITALIA SPA: Lazio Court Says Exclusive Sale Talks Legitimate
BERICA 6: Moody's Affirms B1 Rating on Class C Notes
FIAT SPA: Government Approves Equal Partnership with Tata Motors
TISCALI SPA: Mario Rosso Replaces Tommaso Pompei as CEO


K A Z A K H S T A N

ASIA CONSTRUCTOR: Creditors Must File Claims by March 25
ASPASIA-LTD LLP: Claims Deadline Slated for March 21
ECO PLUS: Claims Filing Period Ends March 21
KALIOPPA LLP: Creditors' Claims Due on March 21
KDA-1 LLP: Claims Registration Ends March 21

LIKA STYLE: Creditors Must File Claims by March 28
NUR-MAK REMSTROY: Claims Deadline Slated for March 28
STROM-ELIT LLP: Claims Filing Period Ends March 28
TECHECO PLUS: Creditors' Claims Due on March 25
ZHIGER LLP: Claims Registration Ends March 28


K Y R G Y Z S T A N

AYA LLC: Creditors Must File Claims by March 21
STROYMIG LLC: Claims Filing Period Ends March 21


L A T V I A

LATVIJAS KRAJBANKA: Fitch Cuts Long-Term Issuer Rating to B


L U X E M B O U R G

EVRAZ GROUP: Plans EUR500 Mln Investment to Boost Rail Output


N E T H E R L A N D S

MEXX: Shuts Down 61 UK Retail Outlets; Sheds 300 Jobs


N O R W A Y

OCEAN RIG: Improved Contract Structure Cues S&P to Up Ratings


R U S S I A

BATUSHEVSKOE CJSC: Creditors Must File Claims by March 16
COMSTAR-UNITED: Completes Russia's Long-Distance Telecom Network
DAG-TELECOMS: Creditors Must File Claims by April 16
ENERGO-REMONT OJSC: Creditors Must File Claims by March 16
EVRAZ GROUP: Plans EUR500 Mln Investment to Boost Rail Output

IZHEVSKAYA DRILLING: Creditors Must File Claims by March 16
JAM TEXTILE: Creditors Must File Claims by March 16
JOINT COAL: Creditors Must File Claims by March 16
TOLYATTI TRANS: Court Starts Bankruptcy Supervision Procedure


S W I T Z E R L A N D

COMATIC RESEARCH: Creditors' Liquidation Claims Due by March 6
HARA LLC: Creditors' Liquidation Claims Due by March 6
HELVETICA GRUNDWERT: Zug Court Starts Bankruptcy Proceedings
HOCHULI BAUPARTNER: Zug Court Starts Bankruptcy Proceedings
JUSTORE JSC: Creditors' Liquidation Claims Due by March 6

KLEINER VERKAUF: Creditors' Liquidation Claims Due by March 6
LIECHTI INNENAUSBAU: Creditors Must File Claims by March 6
MEDICO INTER: Zug Court Closes Bankruptcy Proceedings
RAB LLC: Creditors' Liquidation Claims Due by March 31


U K R A I N E

MATUSIV LLC: Creditors Must File Claims by March 13
NPF GTSS-INVEST: Proofs of Claim Filing Deadline Set March 13
STAKHANOVCOALRESOURCES: Creditors Must File Claims by March 13
VALENA LTD: Creditors Must File Claims by March 13


U N I T E D   K I N G D O M

CASCOS UK: Brings In Liquidators from Vantis
DECO 6: Fitch Holds BB Rating on GBP24.09 Million Class D Notes
EGERTON KITCHENS: Joint Liquidators Take Over Operations
FLEX INVESTMENTS: Taps Joint Administrators from Grant Thornton
IDMOS PLC: Current Capital Can Finance Operations Until March 1

IVAN J COOPER: Barclays Bank Taps Begbies Traynor as Receivers
J L FRENCH: Taps Liquidators from BDO Stoy Hayward
KENDLE INT'L: Net Income Increases to US$18.7 Million in 2007
LADBROKES PLC: Dec. 31 Balance Sheet Upside-Down by GBP450.8 Mln
MCE ENTERPRISES: Colin Nicholls Leads Liquidation Procedure

MERRY PRINTERS: Appoints Michael Young as Liquidator
METRONET BANK: S&P Cuts & Then Withdraws GBP810MM Loan's Rating
MEXX: Shuts Down 61 UK Retail Outlets; Sheds 300 Jobs
NORTH WEST: Claims Filing Period Ends March 28
PETROLEOS DE VENEZUELA: Court May Rule on Asset Freeze This Week

PETROLEOS DE VENEZUELA: To Set Up Joint Venture with Borets
RANK GROUP: Inks Deal to Transfer Pension Plan to Rothesay Life
RBJ LTD: Calls In Liquidators from Tenon Recovery
RENTOKIL INITIAL: Brian McGowan Quits as Board Chairman
STEVLITE MOULDINGS: Appoints Tenon Recovery as Administrators

TURNERGRAPHIC LTD: Brings In Administrators from Grant Thornton
VIRGIN MEDIA: Posts GBP163.2 Mln Net Loss for 4th Quarter 2007
XCITE HEALTH: Hires Liquidators from Grant Thornton


* BOND PRICING: For the Week Feb. 25 to Feb. 29, 2008


                            *********


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


ABT OTTO: Claims Registration Period Ends April 15
--------------------------------------------------
Creditors owed money by Abt Otto Sicherheitstechnik have until
April 15, 2008, to file written proofs of claim to court-
appointed estate administrator Martin Koroschetz at:

          Dr. Martin Koroschetz
          Hauptstrasse 8
          2540 Bad Voeslau
          Austria
          Tel: 02252/251 251
          Fax: 02252/251251-5
          E-mail: dr.koroschetz@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 29, 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 Alland, Austria, the Debtor declared bankruptcy
on Feb. 11, 2008 (Bankr. Case No. 11 S 127/07y).


CS INNENBAU: Claims Registration Period Ends April 2
----------------------------------------------------
Creditors owed money by LLC CS Innenbau & Baubetreuung (FN
284299m) have until April 2, 2008, to file written proofs of
claim to court-appointed estate administrator Peter Freiberger
at:

          Mag. Peter Freiberger
          Wienerstrasse 50-54
          8680 Muerzzuschlag
          Austria
          Tel: 03852/30 0 80
          Fax: 03852/30080-80
          E-mail: office@rpt.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on  April 16, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Leoben
          Hall IV
          First Floor
          Leoben
          Austria

Headquartered in Rottenmann, Austria, the Debtor declared
bankruptcy on Feb. 11, 2008 (Bankr. Case No. 18 S 1/08k).


ESZET ROHSTOFFHANDEL: Claims Registration Period Ends March 18
--------------------------------------------------------------
Creditors owed money by LLC ESZET Rohstoffhandel (FN 188961i)
have until March 18, 2008, to file written proofs of claim to
court-appointed estate administrator Wolfgang Strasser at:

          Dr. Wolfgang Strasser
          Hauptplatz 11
          4300 St. Valentin
          Austria
          Tel: 07435/52 4 37
          Fax: 07435/52 4 37-21
          E-mail: st-valentin@advocat24.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on April 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Ennsdorf, Austria, the Debtor declared
bankruptcy on Feb. 8, 2008 (Bankr. Case No. 14 S 14/08m).


FALKNER MASCHINENPUTZ: Claims Registration Period Ends March 25
---------------------------------------------------------------
Creditors owed money by LLC Falkner Maschinenputz (FN 151710d)
have until March 25, 2008, to file written proofs of claim to
court-appointed estate administrator Erhard Hackl at:

          Dr. Erhard Hackl
          Hofgasse 7
          4020 Linz
          Austria
          Tel: 0732/776234
          Fax: 0732/77623422
          E-mail: hackl.hatak@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Hall 522
          Fifth Floor
          Linz
          Austria

Headquartered in Walding, Austria, the Debtor declared
bankruptcy on Feb. 11, 2008 (Bankr. Case No. 17 S 10/08g).


FENSTERSERVICE UND MALERBETRIEB: Claims Filing Ends March 24
------------------------------------------------------------
Creditors owed money by LLC Fensterservice und Malerbetrieb (FN
281806x) have until March 24, 2008, to file written proofs of
claim to court-appointed estate administrator Michael Neuhauser
at:

          Mag. Michael Neuhauser
          Fanny Elssler-Gasse 4
          7000 Eisenstadt
          Austria
          Tel: 02682/61394
          Fax: 02682/68339
          E-mail: eisenstadt@snwlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:45 a.m. on April 7, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Eisenstadt
          Hall F
          Eisenstadt
          Austria

Headquartered in Wiesen am Rosaliengebirge, Austria, the Debtor
declared bankruptcy on Feb. 8, 2008 (Bankr. Case No. 26 S
13/08a).


MFB MALER: Claims Registration Period Ends March 26
---------------------------------------------------
Creditors owed money by LLC MFB Maler & Farbenhandel have until
March 26, 2008, to file written proofs of claim to court-
appointed estate administrator Martin Honemann at:

          Mag. Martin Honemann
          c/o Dr. Annemarie Kosesnik-Wehrle
          Oelzeltgasse 4
          1030 Wien
          Austria
          Tel: 01/713 61 92
          Fax: 01/713 61 92 22
          E-mail: martin.honemann@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 Hainburg an der Donau, Austria, the Debtor
declared bankruptcy on Feb. 8, 2008 (Bankr. Case No. 36 S
16/08g).  Annemarie Kosesnik-Wehrle  represents Mag. Honemann in
the bankruptcy proceedings.


WATZ & WATZ: Claims Registration Period Ends March 10
-----------------------------------------------------
Creditors owed money by LLC Watz & Watz  have until
March 10, 2008, to file written proofs of claim to court-
appointed estate administrator Emanuel Dolezal at:

          Mag. Emanuel Dolezal
          c/o Mag. Andrea Prochaska
          Elisabethstr. 2
          2340 Moedling
          Austria
          Tel: 02236/42210
          Fax: 02236/42210-25
          E-mail: emanuel.dolezal@bkb-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 20, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Moedling, Austria, the Debtor declared
bankruptcy on Feb. 11, 2008 (Bankr. Case No. 10 S 16/08v).


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


CHIQUITA BRANDS: Moody's Holds B3 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service rated the proposed new senior secured
guaranteed bank agreements of Chiquita Brands, LLC at Ba3.  The
ratings on CBLLC's existing bank revolving credit agreement and
term loan C are upgraded to Ba3 from B1, and will be withdrawn
when the new bank agreements are executed.  Parent Chiquita
Brands International, Inc.'s ratings are affirmed, including its
B3 corporate family rating and B3 probability of default rating.
The rating outlook remains negative.

Ratings upgraded:

Chiquita Brands, LLC

     -- Existing US$200 million senior secured revolving credit
        agreement to Ba3 (LGD2,18%) from B1 (LGD2, 26%)

     -- Existing senior secured Term Loan C, reduced to
        US$132 million, to Ba3 (LGD2,18%) from B1 (LGD2, 26%)

Ratings assigned:

Chiquita Brands, LLC

     -- New US$200 million senior secured revolving credit
        agreement at Ba3 (LGD2,19%)

     -- New US$200 million senior secured term loan at Ba3
        (LGD2,19%)

Ratings affirmed

Chiquita Brands International, Inc.

     -- Corporate family rating at B3
     -- Probability of default rating at B3
     -- Ratings affirmed, and LGD percentages revised

Chiquita Brands International, Inc.

     -- US$250 million 7.5% senior unsecured notes due 2014 at
Caa2 (LGD5); LGD % to 82% from 89%

     -- US$225 million 8.875% senior unsecured notes due 2015 at
        Caa2 (LGD5); LGD % to 82% from 89%

The upgrade in the ratings of CBLLC's existing senior secured
bank facilities is the result of the application of proceeds
from the recent unrated US$200 million senior unsecured
convertible notes issuance at the holding company to the partial
repayment of Term Loan C.  This increase in the amount of debt
that is effectively subordinated to the senior secured bank
facility and simultaneous reduction in the amount of senior
secured bank debt resulted in a lower expected loss on the
existing bank facilities.  CBLLC's proposed new bank revolving
credit and term loan will be secured by a first lien on the
collateral pledged to the existing agreements; however, the
current separation of collateral by facility under the existing
agreements will be eliminated.  The new bank facilities will be
guaranteed by the holding company and by material direct and
indirect domestic operating subsidiaries and by certain material
non-US operating subsidiaries.

The affirmation of the holding company's ratings is based on the
fact that fiscal year 2007 reported EBIT stabilized at a level
close to that of fiscal 2006, adding back certain non-recurring
charges in both years; and that the 2007 restructuring is
expected to generate cost savings of $60 million to $80 million
in fiscal 2008, which should soften the impact of rising costs
across the industry.

Chiquita's B3 corporate family rating incorporates the company's
weak credit metrics and challenged operating performance.
Ratings also reflect continued uncertainty with regard to long
term structural changes occurring in the company's key European
Union banana market, the need to improve results at the
company's salads and healthy snacks to historical levels, and
continued pressure from rising input costs.  Ratings are
supported by Chiquita's solid franchise as one of the largest
global fresh fruit and vegetable companies with strong market
shares and good diversification in terms of product offerings,
geographic reach, and raw material supply.

Chiquita Brands International, Inc. is a global producer and
marketer of bananas, other fresh fruit and vegetables with
revenues of approximately US$4.7 billion for the fiscal year
ended December 31, 2007.

           About Chiquita Brands International Inc.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.   The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.


FLOWSERVE CORP: Reports US$255.7 Million Net Income in FY 2007
--------------------------------------------------------------
Flowserve Corp. earned US$95.9 million for the three months
ended Dec. 31, 2007, compared to US$33.5 million of net income
for the same period in 2006.  For the full year of 2007, the
company reported US$255.7 million of net income compared to
US$115 million in 2006.  Flowserve also posted record full
year and fourth quarter bookings of US$4.32 billion and
US$1.12 billion, respectively, up 19% for both the full year and
the fourth quarter as the company continued to see robust end
markets.

Cash flow from operations increased to US$417 million, up US$254
million or 156% as a result of strong performance and working
capital improvement, including increased advance customer
payments for large project orders.  This strong cash flow
supported, in 2007, the repurchase of 700,000 shares of common
stock for US$45 million, US$32 million of pension plan
contributions, common stock dividends of US$26 million and US$89
million of capital expenditures, which helped support improved
operational capabilities and the company’s expanded global
footprint.

Sales increased significantly to US$3.76 billion, up US$702
million or 23%.  This increase includes currency benefits of
approximately US$178 million.  The strong sales growth reflects
broad strength in the company’s key markets across the globe, as
well as strong conversion of earlier bookings into shipments.

Gross profit increased to US$1.25 billion, up US$240 million or
24%.  Gross margin increased by 30 basis points to 33.2%. The
increase reflected higher sales volumes, which positively
impacted fixed cost absorption, and the success of the company’s
operational excellence initiatives.

SG&A expenses as a percentage of sales improved 280 basis points
to 22.8%.  The improvement was primarily attributable to
leverage from higher sales, leverage of selling resources and
effective ongoing cost containment efforts.  The improvement was
also impacted by a US$6 million gain on the sale of the
company’s TKL rail assets in the fourth quarter of 2007, and the
non-recurrence of 2006 stock modification and realignment
charges of US$6 million and US$12 million respectively.  Legal
fees and accrued resolution costs related to the previously
announced foreign subsidiaries’ involvement with the United
Nations Oil-for-Food Program of approximately US$11 million in
the first three quarters of 2007 were partially offset by the
net gain from other favorable discrete legal developments in the
fourth quarter of 2007.  SG&A expenses increased to US$857
million, up US$74 million or 10%, while sales increased 23%,
demonstrating the company’s effective cost leverage in 2007.

Operating income increased significantly to US$410 million, up
US$170 million or 71%, benefiting from significantly higher
sales, improved gross profit and reduced SG&A expenses as a
percentage of sales.  Operating margin increased 310 basis
points from 7.8% to 10.9%.

                        2007 Fiscal Year

Sales improved significantly to US$1.11 billion, up
US$226 million or 26%.  This increase included currency benefits
of approximately US$69 million.  Increased sales growth
reflected strong conversion of earlier bookings into shipments
in the quarter and strong demand in the oil and gas market.

Gross profit increased to US$366 million, up US$79 million or
28% . Gross margin increased by 50 basis points to 33.0%.  This
increase reflected higher sales volumes, which positively
impacted fixed cost absorption, and the success of the company’s
ongoing operational excellence initiatives.

SG&A expenses as a percentage of sales decreased 470 basis
points to 21.0%.  The improvement was primarily attributed to
leverage from higher sales, as well as ongoing cost containment
efforts.  The improvement included the previously discussed
impact of the sale of TKL rail assets and favorable resolutions
of certain discrete legal matters in the fourth quarter of 2007,
as well as the non-recurrence of approximately US$10 million of
realignment costs in 2006.  In addition, the fourth quarter in
2007 included increased broad-based employee incentive
compensation expenses, due to continued strong company
performance in the quarter, which increased awards under company
incentive plans.  SG&A expenses increased to US$233 million, up
US$6 million or 3%, while sales increased 26%.

Operating income increased significantly to US$137 million, up
US$74 million or 117%, benefiting from significantly higher
sales, improved gross profit and reduced SG&A expenses as a
percentage of sales.  Operating margin increased 520 basis
points from 7.2% to 12.4%.

                          2008 Outlook

"2007 was truly an outstanding year for Flowserve," said Lewis
M. Kling, Flowserve President and Chief Executive Officer.  "We
set out to achieve a number of aggressive goals for the company,
and our team executed extremely well across all fronts.  As we
enter 2008, we continue to see excellent opportunities for the
company.  Our end markets remain strong, and our initiatives to
further improve execution at the company continue to gain
significant traction.  As a result, we reiterate our previous
2008 guidance range for EPS of US$5.10 to US$5.40 and look
forward to another successful year for the company," said
Mr. Kling.

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

                         *     *     *

To date, Flowserve Corporation carried Moody's Investors
Service's corporate family rating at Ba3, bank loan debt rating
at Ba2 and probability of default at B1.


FLOWSERVE CORP: To Repurchase US$300-Million Common Stock
---------------------------------------------------------
Flowserve Corp.'s board of directors has authorized a program to
repurchase up to US$300 million of its outstanding common stock.
Shares may be repurchased from time to time by the company at
its discretion in the open market or through privately
negotiated transactions, depending on prevailing market
conditions, alternative uses of capital and other factors.  The
share repurchase program does not have an expiration date and
may be limited or terminated at any time without notice.  As of
Feb. 26, 2008, the company had 57,324,322 shares outstanding.

The company’s board of directors also authorized an increase in
the quarterly cash dividend to US$0.25 per share.  The quarterly
dividend increased from US$0.15 per share, or 67% over the
previous quarterly rate. The declared dividend is payable on
April 9, 2008 to shareholders of record as of the close of
business on March 26, 2008.

"These uses of cash demonstrate our confidence in the company’s
ability to deliver strong cash flows in the future, as well as
the sharp focus we have on providing solid returns to our
shareholders," said Lewis Kling, Flowserve President and Chief
Executive Officer.

While Flowserve currently intends to pay regular quarterly
dividends for the foreseeable future, any future dividends will
be reviewed individually and declared by the board at its
discretion, dependent on the board’s assessment of the company’s
financial condition and business outlook at the applicable time.

                       About Flowserve

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

                         *     *     *

To date, Flowserve Corporation carried Moody's Investors
Service's corporate family rating at Ba3, bank loan debt rating
at Ba2 and probability of default at B1.


SOLUTIA INC: S&P Ups Credit Rating to B+ on Bankruptcy Emergence
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.

S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.

"Our rating actions on Solutia factor in recent changes to the
company's financing plan, including the increase of the unrated
asset-backed revolving credit facility to US$450 million from
US$400 million, revised debt pricing, and the decision to fund
the US$400 million bridge loan facility in the company's capital
structure," said Standard & Poor's credit analyst Paul Kurias.

The bridge facility initially existed as a contingency measure.
The facility has an initial maturity of one-year, and will
rollover automatically so long as there is no event of default.

Solutia has utilized proceeds from the term loan, unsecured
bridge loan, the unrated US$450 million asset-backed revolving
credit facility, and a US$250 million rights equity issue to pay
certain creditors following its emergence from bankruptcy,
including creditors at a Belgium-based subsidiary, Solutia
Europe S.A./N.V. (B/Watch Dev/B).  Accordingly, S&P will
withdraw its ratings on Solutia Europe.  Proceeds are also
expected to be used to reduce underfunded levels in
postretirement employee benefit liabilities.

Total adjusted debt, pro forma for the transaction, including
the present value of capitalized operating leases, tax-adjusted
unfunded postretirement employee benefits, and environmental
reserves, is estimated at US$2.2 billion for the fiscal year
ended Dec. 31, 2007.

The ratings reflect Solutia's highly leveraged financial profile
and a business mix that includes a large commodity-oriented
nylon segment that is somewhat vulnerable to economic and
cyclical downturns and volatility in raw material,
transportation, and energy costs.  These risks are tempered by
meaningful contributions of relatively stable specialty
businesses in the company's portfolio, good market shares in
most businesses, geographic diversity, and an ongoing portfolio
restructuring effort aimed at improving Solutia's cost
competitiveness and profitability.

                     About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc.
(OTCBB:SOLUQ)(NYSE:SOA- WI) -- http://www.solutia.com/-- and
its subsidiaries, engage in the manufacture and sale of
chemical-based materials, which are used in consumer and
industrial applications worldwide.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead 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.


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


PERNOD RICARD: Net Sales Up 5.9% in 2007/2008 First Half
--------------------------------------------------------
Pernod Ricard S.A. recorded historic sales growth and
accelerated profitability growth for the 2007/2008 first half
year (July 1 to December 31, 2007).  These performances were
achieved thanks to the success of its 15 strategic brands, in
particular in emerging markets, as well as to the dynamic sales
in mature markets.  Volume growth, significant price increases
and a markedly improved mix resulted in a very substantial rise
in operating profit from ordinary activities, in spite of
significantly increased advertising and promotion expenditure.

                   2007/2008 Interim Sales

Pernod Ricard consolidated net sales (excluding duties and
taxes) for the 2007/2008 first half-year increased by 5.9% to
EUR3.7 billion, being 10.1% organic growth (2.5% negative
foreign exchange effect, 1.5% negative group structure effect).

The 15 strategic brands were the main drivers of this growth.
They grew +7% in volume and +13% in value(1), thereby
demonstrating the very positive impact of price increases and
mix effects.  In particular, premium(3) spirits grew +17%(1).

All geographic regions contributed to consolidated sales growth,
with an accelerated contribution from emerging countries
(+25%(1)).  China, India and Russia were, in that order, the
leading three contributors to the sales growth.

            Improved Contribution Margin from Portfolio

Gross margin after logistics costs increased by +12.8%(1) to
EUR2.1 billion, due to sales growth and a very significant
improvement in gross margin ratio, which rose from 56% to 58% on
sales, on a constant foreign exchange basis.  This resulted from
the larger relative size of premium and Top 15 brands and from
the implementation of the value strategy throughout the whole
portfolio.

This performance enabled the Group to accelerate advertising and
promotion expenditure growth by +14.8%(1) to EUR623 million,
which was primarily focused on premium brands and emerging
countries.  The Top 15 benefited notably from 80% of such
expenditure growth in the 2007/2008 first half year.

Overall, the contribution after advertising and promotion
expenditure grew +12%(1) to EUR1.5 billion, and represented
40.5% of sales, an increase of 110 bp on a constant foreign
exchange basis compared to the previous financial year.

          Decrease in Structure Costs/Sales ratio

Structure costs increased by 6.5%(1) to EUR538 million.  This
growth was focused on emerging countries, in particular China,
Russia and India.  Strong sales growth enabled a further
reduction in the structure costs/sales ratio to 14.5%, a
decrease of 30 bp on a constant foreign exchange basis compared
to the previous financial year, in line with Group targets.

               Operating Profit from Ordinary Activities

Operating profit from ordinary activities increased by 15.3%(1)
to EUR966 million, along with a 26% operating profit margin, an
improvement of 140 bp compared to the previous financial year,
on a constant foreign exchange basis.

All geographic regions reported double-digit organic growth in
operating profit from ordinary activities:

    * Particularly dynamic growth in Asia/Rest of World and
      Europe.  The spectacular development of these two regions
      was notably due to the significant growth of premium
      brands in emerging markets.

    * In France, growth was accelerated by well-controlled
      structure costs and advertising and promotion expenditure.

    * The foreign exchange and group structure effects
      primarily concerned the Americas region, whose relative
      size in the Group's sales and profits decreased, in spite
      of organic growth similar to other regions.

Negative currency fluctuations (primarily US$ and currencies
tied to the US$) reduced the growth of operating profit from
ordinary activities by EUR49 million in the first half year.

            Net profit from Ordinary Activities

Financial expense from ordinary activities totaled EUR176
million, comprising EUR168 million of debt finance charges
(average borrowing cost of about 5%, stable compared to the
previous financial year), the structuring costs for the funding
arrangements for EUR6 million, as well as EUR2 million in other
expenses.

The tax charge on ordinary activities was EUR183 million,
representing an average rate of 23.1%, slightly down from the
previous financial year (23.9%).  Finally, the share of minority
interests in net profit from ordinary activities was stable at
EUR13 million.

Overall, net profit from ordinary activities Group share totaled
EUR594 million, being a 18.6% increase on a constant foreign
exchange basis compared to the first half of 2006/2007, and
diluted earnings per share from ordinary activities was
EUR 2.76, being an increase of 18.1% on a constant foreign
exchange basis.

                          Net Profit

Other operating income/(expense) was a EUR5 million income while
non-current financial items mainly related to exchange losses
comprised a charge of EUR9 million.  The tax charge in respect
of the non-current result amounted to EUR2 million.

As a result, net profit (Group share) totaled EUR588 million, a
17.7% increase compared to the 2006/2007 financial year.

                             Debt

Net debt at December 31, 2007 amounted to EUR6.6 billion, stable
compared to June 30, 2007 (EUR6.5 billion).  In the first half
year, the debt was, as expected, impacted by the cognac
restocking program, the rise in trade receivables due to higher
sales at the end of the year in 2007 and the payment of cash
dividends.

This resulted in an improved Net Debt (excluding treasury
shares)/EBITDA ratio of 3.8 compared to 3.9 at June 30, 2007.

                   Conclusion and Outlook

"The first half of our 2007/2008 year was exceptional both in
terms of the strength of sales and the growth in margins.  The
increase in profit was such that we decided to accelerate the
growth in advertising and marketing expenditure, thus
strengthening our growth prospects.  This enables us to revise
upwards, once again, our 2007/2008 full year guidance and to aim
at a growth in operating profit from ordinary activities of at
least 12%(4) on a like-for-like basis (foreign exchange and
group structure)," Patrick Ricard, chairman and CEO of the
Group, stated.

    (1) Organic growth

    (2) GNP/capita < USD 10,000

    (3) Spirits with a price positioning higher or equal to that
        of Chivas Regal 12 year old or Martell VS, champagne and
        wines > US$ 10 per bottle

    (4) Versus about 12%

                      About Pernod Ricard

Headquartered in Paris, France, Pernod Ricard --
http://www.pernod-ricard.com/-- produces and distributes
spirits and wines.  The Company operates in Europe, North
America, Central and South America, and the Asia-Pacific region.

                          *   *   *

Pernod Ricard carries Standard & Poor's BB+ ratings on its
5.245% floating rate notes and 4-5/8% unsubordinated notes.


PRIDE INTERNATIONAL: Bags Contract Extensions from Petrobras
------------------------------------------------------------
Pride International Inc. has been awarded contract extensions
from Petroleo Brasileiro S.A. for the deepwater, dynamically
positioned semisubmersible rigs Pride Rio de Janeiro and Pride
Portland.

The contract extensions, representing six years per rig, are
expected to commence during late 2010 to early 2011, in direct
continuation of each rig's current contract commitment and a
scheduled shipyard program to complete a regulatory survey.
Estimated contract revenues which could be generated from
each six-year contract extension are approximately US$768
million, inclusive of a performance bonus opportunity for each
rig of up to 15 percent, or approximately US$1.5 billion in
total revenues.  The contract extensions also provide for a cost
escalation provision from the signing date through the six-year
term.

Louis A. Raspino, President and Chief Executive Officer of Pride
International Inc., commented, "The extensions of these two
dynamically positioned, deepwater semisubmersibles through 2016
are further evidence of the continuing need by clients for
deepwater rigs and reflect the long-term nature of the present
deepwater drilling cycle.  With these extensions, Pride will
remain one of the largest contractors of floating rigs to
Petrobras in support of their exploration and development
drilling needs.  Accordingly, our company is in an advantageous
position to potentially benefit from additional deepwater rig
requirements for Petrobras in Brazil, as well as in their
international deepwater operations."

As previously disclosed, consideration received under the
contract extensions will be subject to an earn-out provision
with the company's previous joint venture partner.  The company
expected payments, if any, under the earn-out provision to be
less then US$10,000 per day, per rig over the term of the
contract extensions, which would be capitalized as additional
purchase price.

The Pride Rio de Janeiro and Pride Portland are two of eight
deepwater rigs currently in the Pride International fleet, six
of which are dynamically positioned deepwater rigs. The two
semisubmersibles have operated offshore Brazil for Petrobras
since entering service in 2004.  Both units are expected to
continue operations offshore Brazil throughout the extension
period.

                         About Petrobras

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp-
- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil.  Petrobras has operations in China, India, Japan, and
Singapore.

                  About Pride International

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

                        *     *     *

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


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


CCC PROCURES: Claims Registration Period Ends March 18
------------------------------------------------------
Creditors of CCC pROcures GmbH have until March 18, 2008, to
register their claims with court-appointed insolvency manager
Michael Bremen.

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

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against CCC pROcures GmbH on Feb. 15, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         CCC pROcures GmbH
         Attn: Oliver Oelschlager, Manager
         Vollmerswerther Strasse 20
         40221 Duesseldorf


DUERR AG: Better Profitability Prompts S&P's Positive Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to
positive from stable on Duerr AG, a German manufacturer of paint
shops and assembly lines for automakers.  At the same time, S&P
affirmed its 'B' long-term corporate credit rating on the
group.

"The outlook revision reflects Duerr's improved profitability
and cash generation," said Standard & Poor's credit analyst
Barbara Castellano.  "Moreover, the group has strengthened its
order book, which gives us confidence that it can sustain this
improvement over time."

Duerr has so far reported only preliminary results for 2007, but
there are clear signs of improvement in operating performance --
especially the increase in orders.  Duerr is gaining new orders
in different geographic areas and from a growing number of
customers.

After the deep restructuring started in 2005, the group is now
controlling costs and order intake more stringently.

Consequently, operating profit has increased and risk
diversification has improved.  Although profitability remains
weak -- the 2007 reported operating margin was 3.7% -- Duerr's
positive order momentum sustains the group's expectation of an
improvement in 2008 toward its stated target of a 5% EBIT
margin.

Cash generation finally turned positive in 2007.  Duerr's
improving operating results, should play a growing role in
enhancing cash generation.  S&P expects Duerr to continue
focusing on debt reduction and to adopt a prudent
dividend policy.

The rating reflects Duerr's weak profitability, track record of
negative free operating cash flow generation, and challenging
position as a supplier to price-aggressive original equipment
manufacturers.  Positive rating factors
include Duerr's leading global position and widely recognized
expertise in its core markets, as well as its increasing
geographic diversification.

"We expect Duerr to continue to strengthen its operating
performance, thanks to its healthy order intake," said Ms.
Castellano.  "This should lead to continued improvement in cash
measures from the very weak levels of recent years."

Standard & Poor's expects Duerr to maintain a ratio of funds
from operations to debt of about 15% and EBITDA interest
coverage ratio above 2x.

"If the group sustains these targets in 2008, we could raise the
rating," said Ms. Castellano.

In contrast, Standard & Poor's could revise the outlook back to
stable if Duerr fails to meet these targets or if there are
clear signs of a negative shift in its business profile.


EUROLAB EUROPEAN: Claims Registration Ends March 20
---------------------------------------------------
Creditors of EuroLab European IT Services GmbH have until
March 20, 2008 to register their claims with court-appointed
insolvency manager Dr. Per Hendrik Heerma.

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

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B 405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Per Hendrik Heerma
         Jungfernstieg 50
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against EuroLab European IT Services GmbH on Feb. 8, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         EuroLab European IT Services GmbH
         Attn: Jost Klimas, Manager
         Winterhuder Weg 31
         22085 Hamburg
         Germany


FOSSURA TIEFBAU: Claims Registration Ends March 25
--------------------------------------------------
Creditors of Fossura Tiefbau GmbH have until March 25, 2008 to
register their claims with court-appointed insolvency manager
Klaus W. Gerling.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on April 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Str. 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Klaus W. Gerling
         Mediapark 6 B
         50670 Cologne
         Germany

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

The Debtor can be reached at:

         Fossura Tiefbau GmbH
         Attn: Guenther Reim, Manager
         Kempener Str. 54
         50733 Cologne
         Germany


GRAPACH ORIENTIERUNGSMITTEL: Claims Period Ends March 11
--------------------------------------------------------
Creditors of GRAPACH Orientierungsmittel GmbH have until
March 11, 2008, to register their claims with court-appointed
insolvency manager Christian Graf Brockdorff.

Creditors and other interested parties are encouraged to attend
the meeting at 11:40 a.m. on April 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Christian Graf Brockdorff
         Friedrich-Ebert-Strase 36
         14469 Potsdam
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against GRAPACH Orientierungsmittel GmbH on
Feb. 13, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         GRAPACH Orientierungsmittel GmbH
         Handwerkerstrasse 15
         15366 Dahlwitz-Hoppegarten
         Germany


INLO GMBH: Claims Registration Period Ends March 26
---------------------------------------------------
Creditors of INLO GmbH have until March 26 to register their
claims with court-appointed insolvency manager Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 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 Potsdam
          Hall 301
          Third Floor
          Nebenstelle Lindenstrasse 6
          14467 Potsdam
          Germany

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

The insolvency manager can be reached at:

          Dr. Dirk Wittkowski
          Kirchblick 11
          14129 Berlin
          Germany

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

The Debtor can be reached at:

          INLO GmbH
          Attn: Johann Sacher, Manager
          Dortustrasse 68 a
          14467 Potsdam
          Germany


JOHANN LORENZ: Claims Registration Period Ends March 26
-------------------------------------------------------
Creditors of Johann Lorenz GmbH & Co. have until March 26, 2008,
to register their claims with court-appointed insolvency manager
Ulrich Pfeifer.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Fuerth
          Room 216
          II Dienstgebaude
          Baumenstrasse 28
          Fuerth
          Germany

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

The insolvency manager can be reached at:

          Ulrich Pfeifer
          Stadtpark 2
          90409 Nuremberg
          Germany
          Tel: 0911/9990990
          Fax: 0911/99909950

The District Court of Fuerth opened bankruptcy proceedings
against Johann Lorenz GmbH & Co. on Feb. 5, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Johann Lorenz GmbH & Co.
          Breiter Steig 16
          90768 Fuerth
          Germany


JUGENDWERKSTATT BAUHOF: Claims Registration Ends March 26
---------------------------------------------------------
Creditors of Jugendwerkstatt Bauhof des evangelischen
Kirchenkreises in den Franckeschen Stiftungen GmbH have until
March 26, 2008, to register their claims with court-appointed
insolvency manager Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Feb. 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 Halle-Saalkreis
          Hall 1.043
          Judicial Center
          Thueringer Str. 16
          06112 Halle
          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. Lucas F. Floether
          Hansering 1
          D 06108 Halle
          Germany
          Tel: 0345/212220
          Fax: 0345/2122222

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Jugendwerkstatt Bauhof des evangelischen
Kirchenkreises in den Franckeschen Stiftungen GmbH on Jan. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Jugendwerkstatt Bauhof des evangelischen
          Kirchenkreises in den Franckeschen Stiftungen GmbH
          Franckeplatz 1
          06110 Halle
          Germany


KARL KUEHN: Claims Registration Period Ends March 10
----------------------------------------------------
Creditors of Karl Kuehn, Bauunternehmung GmbH have until
March 10, 2008, to register their claims with court-appointed
insolvency manager Marc Schmidt-Thieme.

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

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.312
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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:

         Marc Schmidt-Thieme
         Soldnerstr. 2
         68219 Mannheim
         Germany
         Tel: 0621/87708-0
         Fax: 0621/8770820

The District Court of Darmstadt opened bankruptcy proceedings
against Karl Kuehn, Bauunternehmung GmbH on Feb. 14, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Karl Kuehn, Bauunternehmung GmbH
         Attn: Karlheinz Kuehn, Manager
         Edith-Stein-Strasse 6
         68642 Buerstadt
         Germany


MAROC EXPRESS: Claims Registration Period Ends March 26
-------------------------------------------------------
Creditors of Maroc Express GmbH have until March 26, 2008, to
register their claims with court-appointed insolvency manager
Wolfgang Delhaes.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Cologne
          Meeting Hall 14
          Ground 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. Wolfgang Delhaes
          Media Park 6 A
          50670 Cologne
          Germany

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

The Debtor can be reached at:

          Maroc Express GmbH
          Wetzlarer Str. 1
          51105 Cologne
          Germany


MARTEN GMBH: Claims Registration Ends March 18
----------------------------------------------
Creditors of Marten GmbH have until March 18, 2008 to register
their claims with court-appointed insolvency manager Olaf
Handschuh.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Bueckeburg
         Hall 4117
         Herminenstrasse 30
         31675 Bueckburg
         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:

         Olaf Handschuh
         Mindener Str. 6
         31675 Bueckeburg
         Germany
         Tel: 05722/1016
         Fax: 05722/9667410

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

The Debtor can be reached at:

         Marten GmbH
         Attn: Heike Marten, Manager
         Bleekebrink 22
         31737 Rinteln
         Germany


MIKLA WARENHANDELS: Claims Registration Period Ends March 18
------------------------------------------------------------
Creditors of Mikla Warenhandels GmbH have until March 18, 2008,
to register their claims with court-appointed insolvency manager
Markus Ernestus.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.310
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Markus Ernestus
         O 3, 11+12
         68165 Mannheim
         Germany
         Tel: 0621 / 5339220
         Fax: 0621 / 53392211

The District Court of Darmstadt opened bankruptcy proceedings
against Mikla Warenhandels GmbH on DATE.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Mikla Warenhandels GmbH
         Bahnstrasse 18-20
         69483 Wald-Michelbach
         Germany

         Attn: Karl-Heinz Schwanz, Manager
         Am Sonnigen Hang 28
         69483 Wald-Michelbach
         Germany


NEUBAU GMBH: Claims Registration Ends March 25
----------------------------------------------
Creditors of Neubau GmbH WICO & Co. Anlagen KG have until
March 25, 2008 to register their claims with court-appointed
insolvency manager Goetz Lautenbach.

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

The meeting of creditors will be held at:

         The District Court of Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         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:

         Goetz Lautenbach
         Zeilweg 42, D
         60439 Frankfurt (Main)
         Germany
         Tel: 069/963761-0
         Fax: 069/963761145

The District Court of Frankfurt am Main opened bankruptcy
proceedings against Neubau GmbH WICO & Co. Anlagen KG on
Feb. 6, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Neubau GmbH WICO & Co. Anlagen KG
         Attn: Dr. Juergen Wilkendorf, Manager
         Nr. 1
         Darmstadter Landstrasse 199
         60598 Frankfurt (Main)
         Germany


PHOENIX IMMOBILIEN: Claims Registration Period Ends March 26
------------------------------------------------------------
Creditors of PHOENIX Immobilien & Service GmbH have until
March 26, 2008, to register their claims with court-appointed
insolvency manager Thomas Illy.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Wiesbaden
          Hall E 36 A
          Third Floor
          Building E
          Moritzstrasse 5
          65185 Wiesbaden
          Germany

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

The insolvency manager can be reached at:

          Thomas Illy
          Kanzlei Thierhoff, Illy + Partner
          Taunusanlage 17
          60325 Frankfurt/Main
          Germany
          Tel: 069/97 99 53-0
          Fax: 069/97 99 53-99

The District Court of Wiesbaden opened bankruptcy proceedings
against PHOENIX Immobilien & Service GmbH on Jan. 24, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          PHOENIX Immobilien & Service GmbH
          Marktstr. 10
          65183 Wiesbaden
          Germany


PRESTIGE BAUTREUHAND: Claims Registration Ends March 25
-------------------------------------------------------
Creditors of Prestige Bautreuhand GmbH have until March 25, 2008
to register their claims with court-appointed insolvency manager
Hildegard A. Hoevel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 5, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         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:

         Hildegard A. Hoevel
         Raimundstr. 98, D
         60320 Frankfurt/Main
         Germany
         Tel: 069/9454846-0
         Fax: 069/945484677
         Web site: http://www.rahuc.de/

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against  Prestige Bautreuhand GmbH on Feb. 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Prestige Bautreuhand GmbH
         Hanauer Landstr. 423a
         60314 Frankfurt (Main)
         Germany

         Attn: Markus Kisser, Manager
         Graube 11
         38539 Mueden/Aller
         Germany


PROMOTIONAL INDUSTRIES: Creditors Must File Claims by March 25
--------------------------------------------------------------
Creditors of Promotional Industries Promosyon Ticaret GmbH have
until March 25, 2008, to register their claims with court-
appointed insolvency manager Wilhelm Klaas.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Krefeld
         Meeting Hall H 131
         First Floor
         Nordwall 131
         47798 Krefeld
         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:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld
         Germany
         Tel: (02151) 80 58 0
         Fax: +4902151805858

The District Court of Krefeld opened bankruptcy proceedings
against Promotional Industries Promosyon Ticaret GmbH on Jan.
18, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Promotional Industries Promosyon Ticaret GmbH
         Moltkestr. 16
         47877 Willich
         Germany

         Attn: Frank Peter Cronau, Manager
         Norfer Weg 91
         41468 Neuss
         Germany


S.A.M. - FACTORY: Creditors Must File Claims by March 25
--------------------------------------------------------
Creditors of S. A. M. - Factory GmbH  have until March 25, 2008,
to register their claims with court-appointed insolvency manager
Ute Jacob.

Creditors and other interested parties are encouraged to attend
the meeting at 11:01 a.m. on April 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Flensburg
         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:

         Ute Jacob
         Lorentzendamm 19
         24103 Kiel
         Germany

The District Court of Flensbug opened bankruptcy proceedings
against S. A. M. - Factory GmbH on Jan. 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         S. A. M. - Factory GmbH
         Attn: Wolfgang Mosler, Manager
         Nordring 5
         24850 Schuby
         Germany


SCHAAL HAUSBAU: Creditors Must File Claims by March 25
------------------------------------------------------
Creditors of Schaal Hausbau GmbH & Co. KG have until
March 25, 2008, to register their claims with court-appointed
insolvency manager Stephan Hoeltershinken.

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

The meeting of creditors will be held at:

         The District Court of Bueckeburg
         Hall 504
         Schulstr. 2
         31675 Bueckburg
         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 Hoeltershinken
         Marienstr. 126
         32425 Minden
         Germany

The District Court of Bueckeburg opened bankruptcy proceedings
against Schaal Hausbau GmbH & Co. KG on Feb.1 .  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Schaal Hausbau GmbH & Co. KG
         Bahnhofstr. 76
         Helpsen
         Germany

         Attn: Olaf Schaal, Manager
         Teichstr. 7
         31691 Helpsen
         Germany


SCHWEDTER INDUSTRIEVERWERTUNGSGESELLSCHAFT: Claims Due March 25
---------------------------------------------------------------
Creditors of Schwedter Industrieverwertungsgesellschaft mbH &
Co.KG have until March 25, 2008, to register their claims with
court-appointed insolvency manager Falk Eppert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on April 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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:

         Falk Eppert
         Vietmannsdorfer Strasse 23
         17268 Templin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Schwedter Industrieverwertungsgesellschaft
mbH & Co.KG on Jan. 28, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Schwedter Industrieverwertungsgesellschaft mbH & Co.KG
         Bahnhofstrasse 1
         16303 Schwedt
         Germany


SSB GMBH: Claims Registration Ends March 25
-------------------------------------------
Creditors of SSB GmbH Autogen-Schneidbetrieb have until
March 25, 2008 to register their claims with court-appointed
insolvency manager Hans Wilhelm Bauer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on May 6, 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 Regensburg
         Hall 105
         Augustenstr. 5
         Regensburg
         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:

         Hans Wilhelm Bauer
         Emmeramsplatz 6
         93047 Regensburg
         Germany
         Tel: 0941/29680-46
         Fax: 0941/2968045

The District Court of Regensburg opened bankruptcy proceedings
against SSB GmbH Autogen-Schneidbetrieb on Feb. 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         SSB GmbH Autogen-Schneidbetrieb
         Alte Straubinger Str. 27
         93055 Regensburg
         Germany


STOCKERT BEDACHUNGEN: Claims Registration Period Ends March 20
--------------------------------------------------------------
Creditors of Stockert Bedachungen GmbH have until March 20,
2008, to register their claims with court-appointed insolvency
manager Jan-Hendrik Pannenborg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on April 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nordhorn
         Hall 42
         Seilerbahn 15
         48529 Nordhorn
         Germany

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

The insolvency manager can be reached at:

         Jan-Hendrik Pannenborg
         Prollstrasse 1
         48529 Nordhorn
         Germany
         Tel: 05921/88750
         Fax: 05921/88752

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

The Debtor can be reached at:

          Stockert Bedachungen GmbH
          Lingener Strasse 133
          48531 Nordhorn
          Germany


TAUNUS GMBH: Claims Registration Period Ends March 20
-----------------------------------------------------
Creditors of Taunus GmbH have until March 20, 2008, to register
their claims with court-appointed insolvency manager Helge
Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         Germany

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Taunus GmbH
         Brunker Stieg 7
         31061 Alfeld
         Germany


TBA GRUNER: Claims Registration Period Ends March 5
---------------------------------------------------
Creditors of  GmbH have until March 5, 2008, to register their
claims with court-appointed insolvency manager Volker Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 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:

         Volker Schmidt
         Bahnhofstr. 29
         70372 Stuttgart
         Germany
         Tel: 0711/25 35 913
         Fax: 0711/25 35 91 55

The District Court of Stuttgart opened bankruptcy proceedings
against  GmbH on Feb. 14, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         TBA Gruner GmbH
         Lindenackerstr. 11
         71334 Waiblingen
         Germany


TILES & MORE: Claims Registration Period Ends March 26
------------------------------------------------------
Creditors of Tiles & More GmbH & Co. KG have until March 26,
2008, to register their claims with court-appointed insolvency
manager Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court 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:

          Andreas Sontopski
          Gnoiener Platz 10
          48493 Wettringen
          Germany
          Tel: 02557/9384-0
          Fax: +492557938450

The District Court of Muenster opened bankruptcy proceedings
against Tiles & More GmbH & Co. KG on Jan. 30, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Tiles & More GmbH & Co. KG
          Gronauer Strasse 176
          48599 Gronau
          Germany


TRANSPORT LOGISTIK: Claims Registration Period Ends March 20
------------------------------------------------------------
Creditors of Transport Logistik Union Frachtkontor und Handels
GmbH have until March 20, 2008, to register their claims with
court-appointed insolvency manager Dr. Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on April 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Transport Logistik Union Frachtkontor und Handels GmbH
on Feb. 5, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Transport Logistik Union Frachtkontor und Handels GmbH
          Fuehlinger Weg 10
          50765 Cologne
          Germany


TRINCZEKS HOLZHOF: Claims Registration Period Ends March 20
-----------------------------------------------------------
Creditors of Trinczeks Holzhof GmbH Gross- und Einzelhandel have
until March 20, 2008, to register their claims with court-
appointed insolvency manager Hans-Peter Valentiner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Celle
         Hall 014
         First Floor
         Muehlenstrasse 4
         29221 Celle
         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:

          Hans-Peter Valentiner
          Bahnhofstr. 30 A
          29221 Celle
          Germany
          Tel: 05141/28011
          Fax: 05141/24722
          E-mail: Rae_valentiner_blaha_buchholz@gmx.de

The District Court of Celle opened bankruptcy proceedings
against Trinczeks Holzhof GmbH Gross- und Einzelhandel on
Jan. 24, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Trinczeks Holzhof GmbH Gross- und Einzelhandel
         Hermannsburger Strasse 55
         29348 Eschede
         Germany


UHLEMANN GMBH: Creditors Must File Claims by March 25
-----------------------------------------------------
Creditors of Uhlemann GmbH have until March 25, 2008, to
register their claims with court-appointed insolvency manager
Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Bruno Kuebler
         Konrad-Zuse-Platz 1
         81829 Munich
         Germany

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

The Debtor can be reached at:

         Uhlemann GmbH
         Bahnhofstr. 12
         82299 Tuerkenfeld
         Germany


VERKEHRS-SYSTEM: Claims Registration Period Ends March 20
---------------------------------------------------------
Creditors of Verkehrs-System Consult GmbH have until March 20,
2008, to register their claims with court-appointed insolvency
manager Stephan Poppe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on April 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Halle (Saale)
         Hall 1.043
         Justizzentrum
         Thueringer Strasse 16
         06112 Halle (Saale)
         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 Poppe
          Emil-Eichhorn-Str. 1
          06114 Halle
          Germany
          Tel: 0345/530490
          Fax: 0345/5304926

The District Court of Halle (Saale) opened bankruptcy
proceedings against Verkehrs-System Consult GmbH on Jan. 31,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Verkehrs-System Consult GmbH
         Reichardtstr. 21
         06114 Halle
         Germany


W. U. H. PAWLOWSKY: Claims Registration Period Ends March 20
------------------------------------------------------------
Creditors of W. u. H. Pawlowsky GmbH & Co. KG have until
March 20, 2008, to register their claims with court-appointed
insolvency manager Bruno FRAAS.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on April 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Meeting Hall 2
         Second Stock
         Virchowstr. 14
         Wuerzburg
         Germany

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

The insolvency manager can be reached at:

          Bruno FRAAS
          Heinestr. 7b
          97070 Wuerzburg
          Germany
          Tel: 0931/359800

The District Court of Wuerzburg opened bankruptcy proceedings
against W. u. H. Pawlowsky GmbH & Co. KG on Feb. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         W. u. H. Pawlowsky GmbH & Co. KG
         Schondratal 42
         97782 Grafendorf
         Germany


WASSER & WARME: Creditors Must File Claims by March 25
------------------------------------------------------
Creditors of Wasser & Warme Heizung-Sanitar GmbH have until
March 25, 2008, to register their claims with court-appointed
insolvency manager Susanne Mueller.

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

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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:

         Susanne Mueller
         Trade Center
         Zehmeplatz 11
         15230 Frankfurt (Oder)
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Wasser & Warme Heizung-Sanitar GmbH on
Feb. 4, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Wasser & Warme Heizung-Sanitar GmbH
         Kastanienalle 50
         15344 Strausberg
         Germany


WERMERS BAUGESCHAFT: Claims Registration Period Ends March 11
-------------------------------------------------------------
Creditors of Wermers Baugeschaft GmbH have until March 11, 2008,
to register their claims with court-appointed insolvency manager
Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on April 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court 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:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke
         Germany
         Tel: 05741-337300
         Fax: +495741337338

The District Court of Muenster opened bankruptcy proceedings
against  Wermers Baugeschaft GmbH on Feb. 15, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Wermers Baugeschaft GmbH
         Erlenstiege 2
         48369 Saerbeck
         Germany

         Attn: Udo Wermers, Manager
         Erlenstiege 1
         48369 Saerbeck
         Germany


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


COLTRANE CLO: KPMG Appointed as Joint Receivers
-----------------------------------------------
Richard Heis and Ray Jackson of KPMG were appointed joint
receivers Coltrane CLO plc.  The appointment followed a fall in
the market value of the company's assets which led to the
triggering of default clauses under the terms of its bonds.

Coltrane plc has no employees and was set up as a market value
CLO (collateralized loan obligation) with a face value of EUR498
million, consisting of loans sold to a number of institutional
investors.

Receivers have been appointed to look at the various options for
Coltrane CLO plc and its assets.

"We look forward to discussing the various options for Coltrane
and its assets with creditors over the coming days, with a view
to maximizing the value of the portfolio," Richard Heis
disclosed.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

Headquartered in Dublin, Ireland, Coltrane CLO plc is a
collateralized loan company.


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


ALITALIA SPA: Lazio Court Says Exclusive Sale Talks Legitimate
--------------------------------------------------------------
The Italian Regional Administration Court of Lazio has confirmed
the legitimacy of the exclusive talks to sell the Italian
government's 49.9% stake in Alitalia S.p.A. to Air France-KLM
S.A., various reports say.

The ruling rejected an appeal filed by AirOne S.p.A. to the
Feb. 20, 2008, decision by the Italian Regional Administration
Court of Lazio that rejected it petition to declare null and
void a Dec. 28, 2007, decision of Italy's Ministry of Economy
and Finance to commence exclusive talks with Air France.

As reported in the TCR-Europe on Jan. 17, 2008, Alitalia and
Italy commenced exclusive sale talks with Air France-KLM.  The
carriers have until mid-March to reach an agreement, which
would be approved by the government.  Air France said it will
seek approval from the new Italian government chosen following
the April 13-14, 2008, snap elections, for any agreement to
acquire Italy's stake in Alitalia.

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

AirOne said it would present a binding offer once it wins its
appeal, adding that its offer would be financially backed by
Intesa Sanpaolo S.p.A., Goldman Sachs Group Inc., Morgan Stanley
and Nomura Holdings Plc.

TPG Inc. and Pirelli & S.p.A. chairman Marco Tronchetti Provera
may join AirOne in its Alitalia bid.  Reuters said MyChef may
also participate in the offer.  AirOne chairman Carlo Toto is
inviting businessmen from the Lombardy region to join the
airline's bid.

                          About Alitalia

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

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

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


BERICA 6: Moody's Affirms B1 Rating on Class C Notes
----------------------------------------------------
Moody's Investors Service downgraded the Class C Notes and has
confirmed the ratings of Class D Notes issued by Berica 6
Residential MBS S.r.l.

     -- Class C Notes, Current Rating Baa1, downgraded to Baa2
     -- Class D Notes, Current Rating B1, rating confirmed.

This rating action concludes the review process of Class C and
Class D Notes that started on 20 December 2007, when the Class D
Notes were downgraded from Ba2 to B1 and placed on review for
further downgrade and Class C Notes were placed on review for
downgrade.  The rating action reflects (i) the persistent
divergence between Moody's original assumptions and the actual
performance of the transaction, (ii) the draw in the reserve
fund for the last four periods, and (iii) the potential impact
of higher interest rates on debtors performance.

Updated performance data reported in January 2008 have confirmed
that the portfolio is continuing to show a worse-than-expected
performance compared to the assumptions as of closing.  In
particular, in the last quarter the mortgages more than 60 and
more than 90 days in arrears have reached approximately 3.60%
and 2.50% of the current portfolio balance respectively.  The
cumulative defaults amount to 1.10% of the original pool
balance, which corresponds to 1.06% net of recoveries.  This has
led to the fourth consecutive drawing in the reserve fund, which
is currently equal to approximately EUR 14,751,000
(corresponding to 79% of the target level).  However the current
performance is still in line with Moody's increased loss
assumption revised as of last December.  Accordingly to the
current assumptions modeled by Moody's, further drawings in the
reserve funds might be expected. Moody's will continue to
monitor this transaction closely.

Berica 6 Residential MBS S.r.l. closed in February 2006.  In
this transaction, the Originators (Banca Popolare di Vicenza,
Banca Nuova, Cariprato) have securitised a combined portfolio of
14,022 Italian residential mortgage loans, extended to 13,986
obligors, for an overall amount of EUR 1,427,671,162.  All loans
were "in bonis" (performing) at issuance and 100% of the loans
benefited from an economic first lien mortgage.  This is the 6th
RMBS securitisation sponsored by the Banca Popolare di Vicenza
Group.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


FIAT SPA: Government Approves Equal Partnership with Tata Motors
----------------------------------------------------------------
Partners Fiat Group Automobiles S.p.A and Tata Motors Ltd's
joint venture, Fiat India Automobiles Pvt Ltd, has been given
permission by the Maharashtra Government to restructure the
present 51:49 equity to an equal partnership with each one
holding a 50:50 share.

Fiat SpA and Tata Motors have committed to invest an estimated
amount of RS4,000 crore to be delivered in phases depending on
the requirements.  The project aims to manufacture cars for the
two companies, Fiat engines and power trains for the local
market and for the global market in the future.

                      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.


TISCALI SPA: Mario Rosso Replaces Tommaso Pompei as CEO
-------------------------------------------------------
Tiscali S.p.A.'s Board of Directors has asked Mario Rosso to
oversee and coordinate new strategic phase for the Company, by
appointing him as Chief Executive Officer.

Also following the successful completion of the capital increase
transaction, the Board has determined that the phase of
strategic repositioning and financial strengthening of the last
two years is completed.

Tommaso Pompei, in agreement with the Company, has therefore
renounced his powers, intending to remain as Director until the
ordinary expiration of the term of the entire Board, and as
such, until the approval of the 2007 financial statements.  The
Directors Gabriele Racugno and Rocco Sabelli have resigned with
immediate effect.

The Company warmly thanks Mr. Pompei for his activity in the
past two years, which has allowed the Company to achieve
important targets in key markets.

The Board of Directors of Tiscali has confirmed the intention of
the Company to pursue the objectives of the Strategic Plan and
in the same time evaluate every strategic alternative to
generate further value for shareholders, in relation with the
ongoing consolidation process in the telecommunication arena in
Europe.

Mr. Rosso, with a long standing managerial experience in large
industrial corporations, has a deep knowledge of the Tiscali
Group and of its potential, by holding managerial and planning
roles in the Group through its development phase and,
ultimately, by becoming a Director.

                         About Tiscali

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

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

                         *     *     *

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

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

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


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


ASIA CONSTRUCTOR: Creditors Must File Claims by March 25
--------------------------------------------------------
LLP Asia Constructor Astana has declared insolvency.  Creditors
have until March 25, 2008, to submit written proofs of claims
to:

         LLP Asia Constructor Astana
         21 Str. 6-1
         Micro District Karaotkel-2
         Saryarka
         Astana
         Kazakhstan


ASPASIA-LTD LLP: Claims Deadline Slated for March 21
----------------------------------------------------
LLP Aspasia-Ltd has declared insolvency.  Creditors have until
March 21, 2008, to submit written proofs of claims to:

         LLP Aspasia-Ltd
         Jubanovyh Str. 290/3-54
         Aktobe
         Aktube
         Kazakhstan


ECO PLUS: Claims Filing Period Ends March 21
--------------------------------------------
LLP Eco Plus has declared insolvency.  Creditors have until
March 21, 2008, to submit written proofs of claims to:

         LLP Eco Plus
         Tsementnaya Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (7132) 52-06-36
              8 (7132) 76-91-20


KALIOPPA LLP: Creditors' Claims Due on March 21
-----------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Kalioppa insolvent.

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

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


KDA-1 LLP: Claims Registration Ends March 21
--------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP KDA-1 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Sholpan Str. 1
         Shymkent
         South Kazakhstan
         Kazakhstan


LIKA STYLE: Creditors Must File Claims by March 28
--------------------------------------------------
LLP Lika Style has declared insolvency.  Creditors have until
March 28, 2008, to submit written proofs of claims to:

         LLP Lika Style
         Abai Str. 20/1-20
         Almaty
         Kazakhstan


NUR-MAK REMSTROY: Claims Deadline Slated for March 28
-----------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Nur-Mak Remstroy (RNN 090400217482).

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


STROM-ELIT LLP: Claims Filing Period Ends March 28
--------------------------------------------------
LLP Strom-Elit has declared insolvency.  Creditors have until
March 28, 2008, to submit written proofs of claims to:

         LLP Strom-Elit
         Turkebayev Str. 9
         Almaty
         Kazakhstan


TECHECO PLUS: Creditors' Claims Due on March 25
-----------------------------------------------
LLP Company Techeco Plus has declared insolvency.  Creditors
have until March 25, 2008, to submit written proofs of claims
to:

         LLP Company Techeco Plus
         Lermontov Str. 83-29
         Pavlodar
         Kazakhstan


ZHIGER LLP: Claims Registration Ends March 28
---------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Zhiger (RNN 090400217565).

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

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


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


AYA LLC: Creditors Must File Claims by March 21
-----------------------------------------------
LLC Tourist Firm Aya has declared insolvency.  Creditors have
until March 21, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 59-40-61.


STROYMIG LLC: Claims Filing Period Ends March 21
------------------------------------------------
LLC Construction Company Stroymig has declared insolvency.
Creditors have until March 21, 2008 to submit written proofs of
claim.

Inquiries can be addressed to(0-772) 34-00-79.


===========
L A T V I A
===========


LATVIJAS KRAJBANKA: Fitch Cuts Long-Term Issuer Rating to B
-----------------------------------------------------------
Fitch Ratings downgraded Latvia-based Latvijas Krajbanka's Long-
term Issuer Default to 'B' from 'B+' and Individual rating to
'D/E' from 'D'.  Krajbanka's Short-term IDR is affirmed at 'B'
and Support rating is affirmed at '4'.  The Outlook for the
Long-term IDR remains Stable.

The downgrade reflects Krajbanka's rapid growth in the loan
portfolio in a slowing domestic economy.  It also takes into
account a growing proportion of past due and impaired loans in
the loan portfolio, and the volatility and operational risk
generated by the bank's acceptance of non-resident deposits.  On
the other hand, the ratings also consider Krajbanka's improving
revenue generation.

The bank's strategy is to increase corporate loans, which tend
to be loans to small- to medium-sized companies.  As a result,
the bank's loan portfolio grew higher than the Latvian banking
sector average in 2007.  Its low reserve coverage for past due
and impaired loans reflects a high reliance on collateral and
may put pressure on the bank's equity.  Furthermore, the bank
may need to increase impairment provisions as loans season,
pressuring profitability.

Krajbanka's non-resident deposits increased rapidly to represent
39% of its total customer deposits at end-2007.  These deposits
are short-term and concentrated. Although similar amounts are
kept in interbank placements, the short-term nature of these
deposits generates unnecessary volatility in funding and balance
sheet management, and increases operational risk.

Revenue generation is improving, driven by higher interest
income. However, non-interest expenses are also rising, which is
reflected by a high cost/income ratio.  Costs are expected to
remain high, given Krajbanka's planned investments in IT, mini
banks and personnel, and likely impairment losses.

Krajbanka, established as the Latvian Postal Service Savings
Bank in 1924, is the oldest bank in Latvia.  It has the largest
branch network in the country and was the 10th-largest bank by
assets at end-2007.  Lithuania-based Bankas Snoras (rated BB-(BB
minus)/Outlook Stable) became the majority owner in 2005 and
held a 75.9% stake at end-2007.  Krajbanka is a universal bank
serving mainly SME and individuals.  Krajbanka and Bankas Snoras
share the same risk management policies, human resources and
information about Russian/CIS clients.


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


EVRAZ GROUP: Plans EUR500 Mln Investment to Boost Rail Output
-------------------------------------------------------------
Evraz Group S.A. is planning a EUR500 million investment until
2011 to double its output at its rail mills, Bloomberg News
reports, citing chief executive Alexander Frolov.

The company, Mr. Frolov said, the upgrade of its Novokuznetsky
and Nizhnetagilsky metallurgic plants, expected to be completed
by 2011, will hike the company's rail output to around 2 million
tons a year.

Evraz is anticipating large orders from OAO Russian Railways,
which announced US$400 billion worth of contracts with metal,
construction and timber companies through 2030 as it builds new
tracks and buys trains.

"Russian Railways remains our biggest partner and our biggest
buyer," Mr. Frolov was quoted by Bloomberg News as saying.
"Russian Railways buys about 700,000 tons of rails a year from
Evraz."

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on Feb. 26, 2008, Standard &
Poor's Ratings Services affirmed its 'BB-' long-term corporate
credit and senior unsecured debt ratings on Evraz Group S.A. and
its core subsidiary Mastercroft Ltd., following Evraz's
announcement of the planned acquisition of a majority stake in
Singapore-listed steel producer Delong Holdings Ltd.  At the
same time, the Russia national scale rating on Evraz and
Mastercroft was affirmed at 'ruAA'.  The outlook is positive.

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

As reported in the TCR-Europe on Feb. 26, 2008, Fitch Ratings
affirmed Evraz Group SA's Long-term Issuer Default and senior
unsecured ratings at 'BB' and Short-term IDR at 'B'.

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

As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family
and Probability-of-Default ratings and B2 Senior Unsecured Debt
rating from Moody's Investor Service.  Moody's said the Outlook
is Positive.


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


MEXX: Shuts Down 61 UK Retail Outlets; Sheds 300 Jobs
-----------------------------------------------------
Netherland-based fashion and accessories chain Mexx is closing
its 61 retail outlets across the U.K., affecting about 300 jobs,
Andrew Bolger writes for the Financial Times.

According to the report, the move was in line with the company's
strategy to divest the non-profitable elements of its portfolio
to focus on more sustainable opportunities.

The closures, the FT relates, include 3 stores on London's
Oxford Street and Covent Garden and Edinburgh's Princes Street,
38 outlets within House of Fraser stores and 20 concessions
within John Lewis outlets.

Mexx, however, will continue to operate its 15 factory outlets
in the U.K.  The company will also retain its wholesale business
in the U.K. and Ireland, FT adds.

FT reveals Mexx, which employs 6,000 people in 65 countries,
failed to keep up with competition against European fashion
chain rivals Zara of Spain and H&M of Sweden.

Mexx is a a wholly-owned subsidiary of the Liz Claiborne fashion
company.


===========
N O R W A Y
===========


OCEAN RIG: Improved Contract Structure Cues S&P to Up Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit ratings on marine contract drilling company
Ocean Rig Norway A.S., a wholly owned subsidiary of Ocean Rig
A.S.A. (unrated), to 'B' from 'B-'.  The outlook is stable.

"The rating action reflects an improved contract structure, a
large backlog, and major refinancing planned over the next few
months," said Standard & Poor's credit analyst Per Karlsson.

Ocean Rig recently signed a new contract for one of its two
semisubmersibles at very favorable rates, improving its backlog
to US$1.06 billion.  Under the three-year contract with Tullow
Oil PLC (not rated) Ocean Rig's Eirik Raude semisubmersible will
undertake development drilling in offshore Ghana for US$637,000
a day, a sharp rise from the current rates of US$395,000 -
US$445,000.  Accordingly, S&P expects a clear improvement in
cash flow generation.  As the contract is in place, Ocean Rig
will be able to use a fully underwritten seven-year bank
facility of US$1.04 billion to refinance existing
bank debt and bonds.

The ratings continue to reflect the Ocean Rig's aggressive
shareholder focus and high debt.  The company's vulnerable
business risk profile results from its low asset diversity with
only two offshore drilling units, and highly cyclical industry
conditions.  However, the rigs are technically advanced fifth-
generation units and the current structural shortage of
semisubmersibles has enabled record contract day-rates that
should provide strong profitability over the next three years.

The outlook is stable and reflects our expectations that Ocean
Rig's cash flow generation will vastly improve as a result of
its improved contract structure.


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


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

         E. Murashkina
         Temporary Insolvency Manager
         Promyshlennyj Proezd 1
         Saransk
         Mordoviya
         Russia

The Arbitration Court of Mordoviya will convene at 9:30 a.m. on
June 2, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A39-4275/
07-152/7.

The Court is located at:

         The Arbitration Court of Mordoviya
         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya
         Russia

The Debtor can be reached at:

         CJSC Batushevskoe
         Batushevo
         Atyashevskiy
         Mordoviya
         Russia


COMSTAR-UNITED: Completes Russia's Long-Distance Telecom Network
----------------------------------------------------------------
Comstar–United TeleSystems JSC has completed building its inter-
city and international network.  The total volume of capital
investments in the project amounted to around US$14 million.

Comstar applied to the Ministry for Information Technologies and
Communications of the Russian Federation to receive access codes
for providing long distance services.

The project involved the organization of points of presence in
all Russian subjects and installation of seven inter-city
transit connection nodes in all federal districts of Russia, as
well as four international connection nodes.  Comstar has also
signed interconnect agreements with all Russian zonal operators
as well as international providers.  All the Company’s nodes and
points of presence are connected with the channels, including
the rented ones.

Comstar built the network according to practices and codes
adopted by the telecommunications industry.  Comstar’s local and
international network is based on NGN technology used for
providing voice services and new multi-media solutions. The NGN
network runs on Nortel switches and media gateways.  The
universal platform allows for centralized management of the
whole network and deployment of new services in the shortest
possible time.

Comstar’s long distance network will be used for transmission of
the Company’s own traffic and provision of inter-city and
international connection services to Comstar’s subscribers.

"Upon the receipt of the access codes, Comstar will be able to
provide integrated telecommunications services in one package
which serves as an additional competitive advantage for us as a
universal telecommunications operator, as well as a necessary
condition for a successful and large scale regional
development," Sergey Pridantsev, President and Chief Executive
Officer of Comstar UTS.  "Our clients will benefit from an
integrated service offering, unified billing, attractive tariffs
and convenient payment options.  We are confident that this will
help us increase our subscribers’ loyalty."

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

                           *    *    *

As of Dec. 10, 2007, Comstar-United TeleSystems carries Moody's
long-term corporate family rating of Ba3 with positive outlook.

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


DAG-TELECOMS: Creditors Must File Claims by April 16
----------------------------------------------------
Creditors of OJSC Dag-Telecoms have until April 16, 2008, to
submit proofs of claim to:

         R. Gamidov
         Insolvency Manager
         Room 36
         Lenina Str. 2
         Makhachkala
         367012 Dagestan
         Russia

The Arbitration Court of Dagestan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A15-2143/2007.

The Debtor can be reached at:

         OJSC Dag-Telecoms
         Akushinksogo Str. 109
         Makhachkala
         Dagestan
         Russia


ENERGO-REMONT OJSC: Creditors Must File Claims by March 16
----------------------------------------------------------
Creditors of OJSC Energo-Remont (TIN 5249071136) have until
March 16, 2008, to submit proofs of claim to:

         V. Samsonov
         Temporary Insolvency Manager
         Internatsionalnaya Str. 96
         603002 Nizhniy Novgorod
         Russia
         Tel: (831) 246-78-07
         Fax: (831) 277-57-73

The Arbitration Court of Nizhniy Novgorod commenced
bankruptcy supervision procedure on the company.  The case is
docketed under Case No. A43-24546/2007 36-215.

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         OJSC Energo-Remont
         Rechnoe Shosse 15/304
         Dzerzhinsk
         606000 Nizhniy Novgorod
         Russia


EVRAZ GROUP: Plans EUR500 Mln Investment to Boost Rail Output
-------------------------------------------------------------
Evraz Group S.A. is planning a EUR500 million investment until
2011 to double its output at its rail mills, Bloomberg News
reports, citing chief executive Alexander Frolov.

The company, Mr. Frolov said, the upgrade of its Novokuznetsky
and Nizhnetagilsky metallurgic plants, expected to be completed
by 2011, will hike the company's rail output to around 2 million
tons a year.

Evraz is anticipating large orders from OAO Russian Railways,
which announced US$400 billion worth of contracts with metal,
construction and timber companies through 2030 as it builds new
tracks and buys trains.

"Russian Railways remains our biggest partner and our biggest
buyer," Mr. Frolov was quoted by Bloomberg News as saying.
"Russian Railways buys about 700,000 tons of rails a year from
Evraz."

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on Feb. 26, 2008, Standard &
Poor's Ratings Services affirmed its 'BB-' long-term corporate
credit and senior unsecured debt ratings on Evraz Group S.A. and
its core subsidiary Mastercroft Ltd., following Evraz's
announcement of the planned acquisition of a majority stake in
Singapore-listed steel producer Delong Holdings Ltd.  At the
same time, the Russia national scale rating on Evraz and
Mastercroft was affirmed at 'ruAA'.  The outlook is positive.

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

As reported in the TCR-Europe on Feb. 26, 2008, Fitch Ratings
affirmed Evraz Group SA's Long-term Issuer Default and senior
unsecured ratings at 'BB' and Short-term IDR at 'B'.

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

As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family
and Probability-of-Default ratings and B2 Senior Unsecured Debt
rating from Moody's Investor Service.  Moody's said the Outlook
is Positive.


IZHEVSKAYA DRILLING: Creditors Must File Claims by March 16
-----------------------------------------------------------
Creditors of LLC Izhevskaya Drilling Company have until
March 16, 2008, to submit proofs of claim to:

         R. Gabadullin
         Temporary Insolvency Manager
         Post User Box 3497
         Izhevsk
         426034 Udmurtiya
         Russia

The Arbitration Court of Udmurtiya will convene at 9:00 a.m. on
June 17, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A71-10326/
2007-G26.

The Court is located at:

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

The Debtor can be reached at:

         LLC Izhevskaya Drilling Company
         Sosnovyj Bor 6
         Izhevsk
         Udmurtiya
         Russia


JAM TEXTILE: Creditors Must File Claims by March 16
---------------------------------------------------
Creditors of CJSC Jam Textile have until March 16, 2008, to
submit proofs of claim to:

         A. Osobov
         Temporary Insolvency Manager
         Rakhmaninova Str. 1
         440066 Penza
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A-32-13122/2007-37/379-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Jam Textile
         Sochi
         Krasnodar
         Russia


JOINT COAL: Creditors Must File Claims by March 16
---------------------------------------------------
Creditors of LLC Joint Coal Concern have until March 16, 2008,
to submit proofs of claim to:

         P. Zilev
         Temporary Insolvency Manager
         Room 202
         Volodarskogo Str. 9
         440026 Penza
         Russia

The Arbitration Court of Moscow commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A40-33449/07-95-108B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Joint Coal Concern
         Room 7
         Marksistskaya Str. 34
         109544 Moscow
         Russia


TOLYATTI TRANS: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Samara commenced bankruptcy
supervision procedure on LLC Tolyatti Trans Leasing.  The case
is docketed under Case No. A55-12933/2007-33.

The Temporary Insolvency Manager is:

         B. Yun
         Post User Box 6415
         Stara-Zagora 25
         443090 Samara
         Russia

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         443045 Samara
         Russia

The Debtor can be reached at:

         LLC Tolyatti Trans Leasing
         Avtozavodskoe Shosse 17
         Tolyatti
         445004 Samara
         Russia


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


COMATIC RESEARCH: Creditors' Liquidation Claims Due by March 6
--------------------------------------------------------------
Creditors of JSC Comatic Research have until March 6, 2008, to
submit their claims to:

         Hans Peter Gerhard
         Liquidator
         Kornweg 45
         4852 Rothrist
         Zofingen AG
         Switzerland

The Debtor can be reached at:

         JSC Comatic Research
         Rothrist
         Zofingen AG
         Switzerland


HARA LLC: Creditors' Liquidation Claims Due by March 6
------------------------------------------------------
Creditors of LLC Hara have until March 6, 2008, to submit their
claims to:

         Dr. Jean-Louis von Planta
         Pfluggasslein 2
         4001 Basel
         Switzerland

The Debtor can be reached at:

         LLC Hara
         Basel
         Switzerland


HELVETICA GRUNDWERT: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Helvetia Grundwert Holding on Jan. 15, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Helvetia Grundwert Holding
         Schmidgasse 4
         6301 Zug
         Switzerland


HOCHULI BAUPARTNER: Zug Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC Hochuli Baupartner on Jan. 15, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Hochuli Baupartner
         Badenerstrasse 698
         8048 Zurich
         Switzerland


JUSTORE JSC: Creditors' Liquidation Claims Due by March 6
---------------------------------------------------------
Creditors of JSC JuStore have until March 6, 2008, to submit
their claims to:

         Matthias Blom
         Liquidator
         JSC Buchhaltung und Revision
         Bundesstrasse 3
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC JuStore
         Thalwil
         Horgen ZH
         Switzerland


KLEINER VERKAUF: Creditors' Liquidation Claims Due by March 6
-------------------------------------------------------------
Creditors of JSC Kleiner Verkauf have until March 6, 2008, to
submit their claims to:

         Alfred Bosch
         Steimurliweg 1
         8335 Hitnau ZH
         Switzerland

The Debtor can be reached at:

         JSC Kleiner Verkauf
         Zurich
         Switzerland


LIECHTI INNENAUSBAU: Creditors Must File Claims by March 6
----------------------------------------------------------
Creditors of JSC Liechti Innenausbau have until March 6, 2008,
to submit their claims to:

         Daniel Haldemann
         Bahnhofstrasse 24
         3507 Biglen
         Konolfingen BE
         Switzerland

The Debtor can be reached at:

         JSC Liechti Innenausbau
         Biglen
         Konolfingen BE
         Switzerland


MEDICO INTER: Zug Court Closes Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Service of Zug entered Jan. 22, 2008, an order
closing the bankruptcy proceedings of JSC Medico Inter Services.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Medico Inter Services
         Industriestrasse 11
         6343 Rotkreuz
         Gemeinde Risch ZG
         Switzerland


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

         H-U. Gurber
         Liquidator
         Feldblumenstr. 111
         8134 Adliswil
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         LLC RAB
         Adliswil
         Horgen ZH
         Switzerland


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


MATUSIV LLC: Creditors Must File Claims by March 13
---------------------------------------------------
Creditors of Agricultural LLC Matusiv (code EDRPOU 03790480)
have until March 13, 2008, to submit written proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 5, 2008.
The case is docketed as 1/5868.

The Debtor can be reached at:

         Agricultural LLC Matusiv
         Matusiv
         Shpola District
         Cherkassy
         Ukraine



NPF GTSS-INVEST: Proofs of Claim Filing Deadline Set March 13
-------------------------------------------------------------
The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company.  The case is docketed as
25/300/07.

Creditors of LLC NPF GTSS-Invest (code EDRPOU 31189887) have
until March 13, 2008, to submit written proofs of claim to:

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

The Debtor can be reached at:

         LLC NPF GTSS-Invest
         Teplichnaya Str. 5
         69009 Zaporozhje
         Ukraine


STAKHANOVCOALRESOURCES: Creditors Must File Claims by March 13
--------------------------------------------------------------
Creditors of State Enterprise Stakhanovcoalresources (code
EDRPOU 24183488) have until March 13, 2008, to submit written
proofs of claim to:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 29, 2008.
The case is docketed as 22/3b.

The Debtor can be reached at:

         State Enterprise Stakhanovcoalresources
         Dzerzhynsky Str. 5
         Stakhanov
         Lugansk
         Ukraine


VALENA LTD: Creditors Must File Claims by March 13
--------------------------------------------------
Creditors of LLC Valena Ltd. (code EDRPOU 33994668) have until
March 13, 2008, to submit written proofs of claim to:

         Yaroslav Vanzhula
         Office 18
         Bogomolets Str. 4
         01601 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 14, 2008.
The case is docketed as 49/245-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Valena Ltd.
         Novokonstantinovskaya Str. 4-a
         04080 Kiev
         Ukraine


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


CASCOS UK: Brings In Liquidators from Vantis
--------------------------------------------
P. Atkinson and G. Mummery of Vantis Business Recovery Services
were appointed joint liquidators of Cascos UK Ltd. on Feb. 25
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


DECO 6: Fitch Holds BB Rating on GBP24.09 Million Class D Notes
---------------------------------------------------------------
Fitch Ratings affirmed the ratings for classes A1, A2, B, C and
D of DECO 6 - UK Large Loan 2 plc (DECO 6), as:

    -- GBP63.65m class A1 due July 2017 (XS0235682845):
       affirmed at 'AAA'; Outlook Stable

    -- GBP208.04m class A2 due July 2017 (XS0235683223):
       affirmed at 'AAA'; Outlook Stable

    -- GBP34.42m class B due July 2017 (XS0235683736):
       affirmed at 'AA'; Outlook Stable

    -- GBP39.30m class C due July 2017 (XS0235684114):
       affirmed at 'A'; Outlook Negative

    -- GBP24.09m class D due July 2017 (XS0235684544):
       affirmed at 'BB'; Outlook Negative

Since the downgrade in September 2007, the underlying collateral
has not experienced significant change.  Total rental income has
declined by 4% to GBP35.2m from GBP36.9m at closing.  (The
closing amount excludes the rental income of the Canary Wharf
loan that prepaid in March 2006).  The decrease is reflected in
the weighted average vacancy rate of 7%.  In the quarter to
January 2008, there has been a slight increase in the net rental
income, but this is primarily due to a reduction in non-
recoverable expenses, in the form of marketing costs for the
development, which are now excluded from the calculation.

The Outlooks for the class C and D notes remain Negative due to
the relative risk associated with two of the three loans in the
portfolio.  The Brunel Shopping Centre loan (Brunel), located in
south west England, and St Enoch Shopping Centre loan (St
Enoch), located in Glasgow, have short loan maturities. They are
also both retail properties that are experiencing development
works.  These factors could potentially cause a stress at the
'BB' rating level for the Class D notes.

The interest coverage ratio (ICR) covenant in St Enoch and the
debt service coverage ratio (DSCR) covenant in Brunel have been
suspended at the request of the borrower.  In the case of
Brunel, the DSCR is suspended throughout the duration of the
development works.  For St Enoch, the ICR has been suspended for
four quarters and will be reviewed when those four quarters
expire.  Both properties have experienced net rental income
declines since closing, as vacancy rates generally increase when
development works commence.  In previous quarters, the ability
of both sponsors being able to make the debt service payments
has been reliant on their own equity.  Although the quarter to
January 2008 shows improved ratios for both loans, they are
still below the 1.1x mark.

The anticipated development works at the Brunel Shopping Centre
should have a positive impact on shopping centre as a whole.
The building of an extension is scheduled to begin in March 2008
and will create four large retail units with an aim of securing
discount operators to drive footfall in the arcade.

At the St Enoch Shopping Centre, the occupancy rate is 84.88%.
Fitch will continue to monitor any progress made on lettings, as
this will be key to maintaining its ratings.

In the light of the current market conditions and the declining
value of the commercial properties, this transaction has a loan
maturity exposure in early 2012.  Whether the loans get
refinanced on loan maturity or the property is sold is measured
by the exit debt yield, an estimate of future rental income
against the outstanding debt due.  The development work
currently ongoing at the shopping centres should ultimately
increase the value of the properties.  However, Fitch is
concerned that the property capital values may be insufficient
to allow final principal repayments at loan maturity.


EGERTON KITCHENS: Joint Liquidators Take Over Operations
--------------------------------------------------------
Kerry Bailey and Jonathan D. Newell of PKF (UK) LLP were
appointed joint liquidators of Egerton Kitchens Ltd. on Feb. 20
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


FLEX INVESTMENTS: Taps Joint Administrators from Grant Thornton
---------------------------------------------------------------
Daniel Robert Whiteley Smith and Martin Gilbert Ellis of Grant
Thornton UK LLP were appointed joint administrators of Flex
Investments Ltd. (Company Number 3013539) on Feb. 20, 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:

          Flex Investments Ltd.
          209 London Road
          Mitcham
          Surrey
          CR4 2JD
          England
          Tel: 02086482211


IDMOS PLC: Current Capital Can Finance Operations Until March 1
---------------------------------------------------------------
IDMoS plc disclosed that with current capital resources, and in
the absence of additional capital from a financing, a corporate
transaction or an alternative form of funding, the board
estimates the company's current reserves will finance the
company's operations until March 1, 2008.

The company announced on Feb. 8, 2008, that it was contemplating
a range of transactions with a private, profitable company, the
company's directors have identified a number of potential
opportunities to release value for the company's shareholders.

The directors are actively pursuing all such opportunities
including seeking buyers for the entire issued shared capital of
the company, although there can be no certainty that an offer or
any other transaction will be forthcoming.

Headquartered in Dundee, England, IDMoS plc --
http://www.idmos.com/-- is engaged in research, development and
commercialisation of its disease detection and monitoring
technology. Its major products include CarieScan and CarieScan
Plus.


IVAN J COOPER: Barclays Bank Taps Begbies Traynor as Receivers
--------------------------------------------------------------
Barclays Bank Plc appointed Paul Finnity and Robert M. Young of
Begbies Traynor joint administrative receivers of Ivan J. Cooper
Ltd. (Company Number 00860668) on Feb. 8, 2008.

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

The company can be reached at:

          Ivan J. Cooper Ltd.
          Moorside Works
          Ellastone Road
          Cauldon Lowe
          Stoke-On-Trent
          Staffordshire
          ST10 3ET
          England
          Tel: 01538 702282
          Fax: 01538 702662
          Web site: http://www.ivanjcooperltd.co.uk/


J L FRENCH: Taps Liquidators from BDO Stoy Hayward
--------------------------------------------------
Geoffrey Stuart Kinlan and Christopher Kim Rayment of BDO Stoy
Hayward LLP were appointed joint liquidators of J L French UK
Ltd. on Feb. 13 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         J L French UK Ltd.
         c/o BDO Stoy Hayward LLP
         8 Baker Street
         London
         W1U 3LL
         England


KENDLE INT'L: Net Income Increases to US$18.7 Million in 2007
-------------------------------------------------------------
Kendle reported financial results for the fourth quarter and
full year ended Dec. 31, 2007.

Net service revenues for fourth quarter 2007 were approximately
US$104.3 million, an increase of 21 percent over net service
revenues of approximately US$86.4 million for fourth quarter
2006.

Income from operations for fourth quarter 2007 was approximately
US$15.2 million, or 14.6 percent of net service revenues,
compared to a loss of approximately US$1.8 million in fourth
quarter 2006.  Net income was approximately US$6.4 million in
fourth quarter 2007 compared to a loss of US$4.7 million in the
fourth quarter of 2006.  Net service revenues by geographic
region for the fourth quarter of 2007 were 50 percent in North
America, 40 percent in Europe, 6 percent in Latin America and 4
percent in the Asia/Pacific region.  The top five customers
based on net service revenues accounted for 29 percent of net
service revenues for fourth quarter 2007 compared to 26 percent
of net service revenues for fourth quarter 2006.

New business awards were US$174 million for fourth quarter 2007,
which represents a 6 percent increase over the same quarter last
year.  Contract cancellations for the quarter were approximately
US$32 million.  Total business authorizations amounted to US$869
million at Dec. 31, 2007, up 5 percent from Sept. 30, 2007, and
an all-time company high.

"2007 was a year of significant growth for Kendle highlighted by
record backlog and a strong increase in revenues and operating
margin," said Chairperson and Chief Executive Officer, Candace
Kendle, PharmD.  "Demonstrating our continued focus on project
delivery and operational excellence in support of our customers'
clinical development goals, we grew above the market for the
fourth consecutive year.  In particular, our increased scale and
competitiveness in winning and executing megatrials was a
significant contributor to our success and positions us well to
deliver improved earnings and profitability for our shareholders
as we move forward."

Reimbursable out-of-pocket revenues and expenses were
approximately US$50.4 million for fourth quarter 2007 compared
to approximately US$31.7 million in the same quarter a year ago.

Cash flow from operations for fourth quarter of 2007 was
approximately US$23.8 million compared with US$462,000 for the
same period of the prior year. Cash and marketable securities at
Dec. 31, 2007 totaled approximately US$46.4 million, including
US$844,000 of restricted cash, compared with US$22.3 million,
which included US$2.4 million of restricted cash, at Dec. 31,
2006.  Days sales outstanding in accounts receivable were 33
days for fourth quarter 2007, compared with 46 days for the same
period of the prior year, and capital expenditures for fourth
quarter 2007 totaled US$5.4 million, compared with US$2.7
million for the same period of the prior year.

                       Full Year Results

Net service revenues for the year ended Dec. 31, 2007, were
approximately US$397.6 million, an increase of 40 percent over
net service revenues of US$283.5 million for the year ended Dec.
31, 2006.  Interest expense in the year ended Dec. 31, 2007, was
approximately US$14.9 million, primarily related to debt
incurred to finance the CRLCS acquisition, compared to interest
expense of approximately US$6.8 million in the year 2006.

Income from operations for the year ended Dec. 31, 2007, was
approximately US$52.8 million, or 13.3 percent of net service
revenues, compared with US$20 million or 7.1 percent of net
service revenues for the same period of the prior year.
Excluding the amortization charge referenced previously,
proforma income from operations for the year ended Dec. 31, 2007
was approximately US$57 million or 14.3 percent of net service
revenues.  Excluding the amortization charge, acquisition-
related expenses and the intangible impairment charge referenced
previously, in the year ended Dec. 31, 2006, proforma income
from operations was US$31.7 million, or 11.2 percent of net
service revenues.  Net income for the year 2007 was
approximately US$18.7 million compared to net income of
approximately US$8.5 million in the year 2006.  Excluding the
amortization of acquired intangibles and the write-off of
deferred financing costs, net income for the year 2007 was
approximately US$24 million.  Excluding the amortization of
acquired intangibles, acquisition-related expenses and
intangible impairment charge in 2006, net income was
approximately US$15.9 million.

Net service revenues by geographic region for the year ended
Dec. 31, 2007, were 50 percent in North America, 42 percent in
Europe, 5 percent in Latin America and 3 percent in the
Asia/Pacific region.  The top five customers based on net
service revenues accounted for 25 percent of net service
revenues for the year 2007 compared to 28 percent of net service
revenues for the year 2006.

Cash flow from operations for the year ended Dec. 31, 2007, was
US$61.9 million, compared with a positive US$17.6 million for
the same period of 2006.  Capital expenditures for the 12-month
period ended Dec. 31, 2007 totaled US$16.2 million, compared
with US$8.8 million for the 12-month period in 2006.

                        2008 Guidance

For the full year 2008, the company is projecting net service
revenues in the range of US$450 to US$460 million and earnings
per share on a GAAP basis of US$1.90 to US$2.07.

                        About Kendle

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL)
-- http://www.kendle.com/-- is a global clinical research
organization and provides Phase II-IV clinical development
services worldwide.  The company's global clinical development
business is focused on five regions - North America, United
Kingdom, Asia/Pacific, Africa and Latin America including
Brazil.

                        *     *     *

In December 2007, Standard & Poor's Rating Services revised its
outlook on Kendle International Inc. to positive from stable.
S&P also revised its issue rating on the company's amended
US$53.5 million revolver to 'BB' with a recovery rating of '1',
indicating the expectation of very high (90%-100%) recovery of
principal in the event of default.  At the same time, S&P
affirmed all existing ratings, including its 'B+' corporate
credit rating, on the company.


LADBROKES PLC: Dec. 31 Balance Sheet Upside-Down by GBP450.8 Mln
----------------------------------------------------------------
Ladbrokes plc released preliminary financial results for the
year ended December 31, 2007.

Ladbrokes reported a net profit of GBP340.8 million on revenue
of GBP1.2 billion for the year ended December 31, 2007, compared
with a net profit of GBP617.2 million on revenue of
GBP947.4 million for the same period in 2006.

At December 31, 2007, the Group's balance sheet showed GBP1.1
billion in total assets, GBP1.5 billion in total liabilities and
GBP450.8 million in equity shareholders' deficit.

The Group's December 31 balance sheet also showed strained
liquidity with GBP205.3 million in total current assets to pay
GBP561.5 million in total liabilities coming due within the next
12 months.

                            Dividend

The Board has recommended a final dividend of 9.05 pence per
share, representing an increase of 5.2%, payable on June 2, 2008
to shareholders on the register on March 7, 2008.  This final
dividend, together with the interim dividend of 4.85 pence,
gives a total dividend of 13.90 pence.

                        Performance Review

A strong performance from its Telephone Betting business has
helped to drive Ladbrokes' highest ever profit of GBP420 million
in 2007.  The Group's established European shop businesses
produced solid overall performances against tough comparatives
and eGaming again saw double digit growth, following the
acquisition of Sponsio in January 2007.  International
development plans are primarily focused on the establishment of
new businesses in Italy and Spain and opportunities in China and
Vietnam.

European Retail

Total gross win in European Retail increased by 5.3%, including
growth of 3.3% in UK Retail and 26.4% in Ireland.

Over the Counter (OTC) gross win comparatives were tough in the
UK, with a football World Cup in 2006 and the start of the 2007
domestic football season having seen the worst run of results in
six years.  Additionally, 2007 experienced the wettest July
since 1766, with abnormally high horse and greyhound racing
cancellations.  Overall OTC gross win declined by 3.8%.

By October 2007, Ladbrokes' 8,190 machines were completely
renewed with the latest dual screen Laras, which have proved
very popular with its customers.  The improved reliability has
also significantly reduced machine downtime and machine gross
win increased by 21%.  Following the introduction of the
Gambling Act in September, Ladbrokes' machines now feature
GBP500 payout jackpots, Blackjack and Poker.  In the last
quarter of 2007, with the benefit of these machine developments
and winter evening opening, UK Retail gross win increased by
10.6%, with OTC and gaming machine gross win up by 1.2% and
33.6% respectively.

Ladbrokes became the first bookmaker to advertise sports betting
on TV in October 2007.  It is encouraged by the customer
response to the campaign, which achieved a positive impact on
customers' perception of brand values and their choice of brand.
It will be launching further advertising campaigns during 2008,
with the first two campaigns, supporting its online bingo and
casino products, planned to commence in March and April
respectively.

A strong emphasis remains on cost control in 2008, with good
progress made in 2007, when costs increased by 7.9%, much less
than the budgeted amount.  Key initiatives in 2008 include the
introduction of a new staff scheduling system and
rationalization of certain areas of service provision.  In order
to ensure that the Group's customers can continue to watch all
live horse racing in its UK and Irish shops it concluded a five
year supply contract with Turf TV on January 1, 2008, at
significant incremental cost.  Excluding Turf TV, 2008 UK Retail
cost growth is projected to be less than in 2007.

During 2007, Ladbrokes relocated, refurbished and extended 103
UK shops, bringing the total to 1,089 over the past five years,
representing approximately half of the UK estate.  It also
opened 22 new licenses and closed 30 shops.

Following the acquisition on February 6, 2008 of the Eastwood
chain of 54 shops in Northern Ireland for GBP117.5 million, the
Group is now the market leaders in Ireland with 271 shops.  The
Irish business performed well in 2007, growing operating
profit by 43.6%.

The Group continued to invest in its Italian business following
re-regulation of the betting and gaming environment in 2006
through the Bersani decree.  It now has 26 shops and seven
Bersani corner licenses, which are trading in line with
its expectations.  In the short term, its Italian management
team remains focused on the challenging exercise of identifying
and opening suitable premises for its Bersani licenses and in
making further shop acquisitions.  Ladbrokes' Italian
language Web site began trading in November.

Remote Betting and Gaming

eGaming showed good profit growth for the seventh consecutive
year, driven by growth in Sportsbook, Games and Casino products,
with Sportsbook in particular delivering a buoyant performance.
The competitive landscape remains tough for Poker with high
customer acquisition costs and margins squeezed by rakeback and
other promotional offers. Unique active players across the
Group's range of products increased 9.4% to 601,000.  The
acquisition of Sponsio, the Group's Nordic marketing partner in
January 2007 helped it to increase its profit conversion from
33% of net gaming revenue in 2006 to 38.3% in 2007.

The Group's objective for eGaming remains the achievement of
continued profit growth through product innovation and market
development, while respecting jurisdictional barriers.  Moving
forward, it intends to increase its investment levels in
customer acquisition which will maintain profitability levels in
the short term but drive profit growth in future years.

The Group's Telephone Betting business increased its profits
from GBP17.3 million to GBP183.6 million, as it saw increased
activity from its High Rollers for much of the year which
contributed significantly to cash flow and profits.

                       International Development

Preparations continue in Spain, where Ladbrokes expects to be
awarded an operating license in the Madrid region in the near
future.  The Group's Sportium business, a Joint Venture between
Ladbrokes and Cirsa Slot, has over 60 outlets which will be
ready to begin trading in the months following the award.  It
will await further de-regulation in other regions during 2008.

Ladbrokes continues to explore opportunities in Asia,
particularly in Vietnam and China.

                        Regulatory Environment

September 2007 saw the full implementation of the 2005 UK
Gambling Act and following comprehensive preparation, Ladbrokes'
UK shops have already incorporated many of the changes allowed
under the new legislation.

On February 20, 2008, the Minister of State at DCMS announced
his determination of the Levy (the amount payable by UK
bookmakers to horseracing via the Horserace Betting Levy Board).
His decision was to leave the rate at 10% of UK horseracing
gross win.  However, he has also called for discussions to take
place between the racing and the betting industry to find a
replacement for the outdated horserace betting levy.  With
British racing now generating significant income from commercial
sources outside of the levy, including horseracing media
rights, Ladbrokes agrees that the time has come to replace the
current system of statutory subsidies.

Following an internal review and as previously reported, the
decision was taken not to pursue any of the new 16 casinos which
may be allowed under the 2005 Gambling Act, as returns could not
be expected prior to 2012.

                        Capital Structure

In August 2007, the Board announced the start of a share buy
back program and it is intended that, over time, it will
repurchase shares in order to move towards its stated target net
debt to EBITDA range of 3.5 to 3.75 times (excluding Telephone
High Rollers), while continuing to invest in growth
opportunities.  At the year end, 19.9 million shares had been
bought back under this program.

                                 Outlook

The Board is mindful of general concerns about the state of the
UK economy but is pleased to report that, following a strong
finish in 2007, Ladbrokes has made a positive start to the year
with gross win and operating profit ahead of last year in each
of European Retail, eGaming and Telephone Betting.  The Group
is encouraged by the positive response to the initiatives which
have been implemented in the UK Retail estate, while the
Telephone High Rollers have maintained their momentum from last
year, with operating profit from Telephone High Rollers of GBP36
million in the seven week period to February 18, 2008.  Total
gross win excluding Telephone High Rollers for the same period
increased by 16%.

In eGaming, the Group is intent on maximizing its brand and
technology advantage in its key online markets and consequently,
it is increasing the investment levels in 2008 to accelerate the
new customer acquisition rate.  It expects to maintain eGaming
profitability levels in 2008 but with an objective to reach
profitability of GBP80-90 million in 2010.

                      About Ladbrokes

Headquartered in Watford, United Kingdom, Ladbrokes plc --
http://www.ladbrokesplc.com/-- engages in fixed odds betting.
The company is comprised of Ladbrokes, the biggest retail
bookmaker in the U.K. and Ireland, Ladbrokes.com, a world-
leading provider of interactive betting and gaming services,
Vernons, the leading football pools operator and Ladbrokes
Casinos, which opened its first casino at the Hilton London
Paddington in July 2006.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors in April 2007,
the rating agency confirmed its Ba2 Corporate Family Rating for
Ladbrokes Plc.

Moody's also assigned a Ba2 Probability-of-Default rating to the
company.

As of Jan. 2, 2008, Ladbrokes' Long-Term Foreign and Local
Issuer Credit carry BB ratings from Standard & Poor's.


MCE ENTERPRISES: Colin Nicholls Leads Liquidation Procedure
-----------------------------------------------------------
Colin Nicholls of Tenon Recovery was appointed liquidator of MCE
Enterprises Ltd. (t/a Castle Catering & Just Weddings) on
Feb. 20 for the creditors' voluntary winding-up procedure.

The  liquidator can be reached at:

         Tenon Recovery
         6 College Yard
         Worcester
         WR1 2LA
         England

The company can be reached at:

         MCE Enterprises Ltd.
         31 Foxglove Road
         Worcester
         WR5 3HG
         England


MERRY PRINTERS: Appoints Michael Young as Liquidator
----------------------------------------------------
Michael Young of Vantis was appointed liquidator of Merry
Printers Ltd. on Feb. 22 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire
         AL1 1HD
         England


METRONET BANK: S&P Cuts & Then Withdraws GBP810MM Loan's Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CC' its
long-term debt rating on the GBP810 million senior secured bank
loan facilities due 2030 issued by U.K.-based underground rail
infrastructure financing companies Metronet Rail BCV Finance
PLC and Metronet Rail SSL Finance PLC.

S&P also removed the ratings from CreditWatch, where they were
placed on May 22, 2007.  S&P revised the recovery rating on the
bank loan to '3' from '1', reflecting its expectation of
meaningful (50%-70%) recovery of principal in the event of a
payment default.  S&P subsequently withdrew the bank loan and
recovery ratings.  The downgrade reflects S&P's  understanding
that the cash received under the "put option" from London
Underground Ltd. is insufficient to pay the entire
outstanding principal and any accrued interest on the loan
facilities.

At the same time, Standard & Poor's raised to 'B' from 'CC' its
long-term underlying senior secured debt ratings on the
GBP165 million index-linked bonds and the GBP350 million fixed-
rate bonds due 2032.  The ratings remain on CreditWatch with
positive implications, where they were placed on Feb. 19,
2008.  The CreditWatch status reflects the cash backing of the
guaranteed obligations through the cash proceeds received from
the payment of the underpinned amount under the put option.

In addition, Standard & Poor's affirmed its 'AAA' insured debt
ratings on the fixed-rate and index-linked bonds guaranteed by
Financial Security Assurance (U.K.) Ltd. (FSA; AAA/Stable/--).
The 'AAA' insured debt ratings on the fixed-rate and index-
linked bonds guaranteed by Ambac Assurance U.K. Ltd.
(Ambac; AAA/Watch Neg/--) remain on CreditWatch with negative
implications, where they were placed on Jan. 22, 2008,
reflecting the CreditWatch status of Ambac.  The insured debt
ratings reflect the unconditional and irrevocable guarantees of
payment of scheduled principal and interest by FSA and Ambac.

On Feb. 5, 2008, the Metronet companies' senior funders
exercised the put option available under the public-private
partnership contracts, which required LUL to pay an "underpinned
amount" to meet termination liabilities.  Following this, on
February 12, Transport for London (AA/Stable/--) paid
approximately GBP1.74 billion in settlement of the underpinned
amount, as set out in the contracts.  Subsequently, Ambac
received GBP617 million and FSA GBP619 million with respect to
their outstanding guaranteed obligations.

The remaining GBP504 million of the GBP1.74 billion was
disbursed to other financial creditors, including the commercial
banks and the European Investment Bank with respect to their
outstanding loan obligations.

It is S&P's understanding that the underpinned amount received
to settle the GBP300 million EIB loan and GBP510 million
commercial bank loans within each of the Metronet companies is
insufficient to meet the outstanding obligations, although this
has not been confirmed by relevant transaction parties despite
requests from Standard & Poor's. (On Sept. 10, 2007, there was a
combined GBP627 million bank debt outstanding.)

On Feb. 19, 2008, Standard & Poor's indicated that unless
information to the contrary was provided by Feb. 26, the ratings
on the bank loans would be lowered to 'D'.

"So far, we have not received clarification as to the
calculation of the underpinned amount or confirmation as to the
final disbursement of the underpinned amount between the senior
finance parties," said Standard & Poor's credit analyst Jonathan
Manley.

In view of this deficiency and the fact that the maximum
recovery from the underpinned amount attributable to the bank
loans is GBP504 million, it is S&P's understanding that the bank
debtholders appear to have incurred a capital loss.  S&P expects
the recovery of principal on the bank debt to be, at least,
meaningful (50%-70%), however.

The raised underlying rating on the bonds reflects S&P's view
that there is no longer the risk of an imminent default because
of the cash collateralization provided by the payment of the
underpinned amount.

"We will continue to monitor developments affecting the
underlying ratings on the outstanding debt obligations as
proposals are brought forward and information is disclosed to
us, such as the legal status of the relevant accounts and the
investments in which the cash is held," said Mr. Manley.

The guaranteed ratings on the bonds continue to reflect the
ratings on the respective guarantors and will be revised in line
with any changes to the ratings on those guarantors.  In the
event that the cash collateral supports higher ratings on the
bonds than the guaranteed rating, then the former will reflect
the unsupported credit quality.


MEXX: Shuts Down 61 UK Retail Outlets; Sheds 300 Jobs
-----------------------------------------------------
Netherland-based fashion and accessories chain Mexx is closing
its 61 retail outlets across the U.K., affecting about 300 jobs,
Andrew Bolger writes for the Financial Times.

According to the report, the move was in line with the company's
strategy to divest the non-profitable elements of its portfolio
to focus on more sustainable opportunities.

The closures, the FT relates, include 3 stores on London's
Oxford Street and Covent Garden and Edinburgh's Princes Street,
38 outlets within House of Fraser stores and 20 concessions
within John Lewis outlets.

Mexx, however, will continue to operate its 15 factory outlets
in the U.K.  The company will also retain its wholesale business
in the U.K. and Ireland, FT adds.

FT reveals Mexx, which employs 6,000 people in 65 countries,
failed to keep up with competition against European fashion
chain rivals Zara of Spain and H&M of Sweden.

Mexx is a a wholly-owned subsidiary of the Liz Claiborne fashion
company.


NORTH WEST: Claims Filing Period Ends March 28
----------------------------------------------
Creditors of North West Continuous Ltd. have until March 28 to
send in their full names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses
of their solicitors (if any) to:

         Christopher Ratten
         Joint Liquidator
         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England

Christopher Ratten and Martin Shaw of Tenon Recovery were
appointed joint liquidators of the company on Feb. 17 for the
creditors' voluntary winding-up proceeding.


PETROLEOS DE VENEZUELA: Court May Rule on Asset Freeze This Week
----------------------------------------------------------------
John Fordham, Petroleos de Venezuela's legal representative and
head of commercial litigation at law firm Stephenson Harwood,
told Tom Bergin at Reuters that a U.K. court may rule on the
freeze order on the company's assets this week.

As reported in the Troubled Company Reporter-Latin America on
Feb. 26, 2008, Petroleos de Venezuela asked the London High
Court to revoke an injunction freezing the company's US$12-
billion assets.  Petroleos de Venezuela is barred from taking or
disposing of up to US$12 billion in petroleum assets worldwide
after courts in Britain and the U.S. ordered freezing of those
assets.

Reuters relates that the asset-freeze order against Petroleos de
Venezuela was made so that Exxon Mobil Corp. would be able to
extract compensation should it win arbitration it has sought
over the fields.

Petroleos de Venezuela has appealed the asset-freeze order.  A
hearing was scheduled to start on Thursday, Reuters says, citing
Mr. Fordham.

Reuters notes that Petroleos de Venezuela is arguing that the
U.K. court didn't have the authority to award the injunction
because the case involved U.S. and Venezuelan firms.  "The
arbitration would be held in New York, under the auspices of a
unit of the World Bank," Reuters says.

Mr. Fordham told Reuters that a U.K. judge could rule as early
as Friday but was more likely to do so next week.  "He has
allocated two and a half days to hear the case, so if it runs
its course, it will be Thursday afternoon, Friday and Monday,"
the lawyer commented to Reuters.

The judge could even delay his ruling for another week, Reuters
says, citing Mr. Fordham.  "It is an important case for our
freezing order jurisdiction so he might think he needs to give a
considered judgment," Mr. Fordham told Reuters.

Venezuelan Oil Vice Minister Bernard Mommer told Dow Jones
Newswires that the country will find a way to defeat Exxon Mobil
and that the ongoing dispute is "not a big deal for either
party".

"We will not leave London cowing from a loss, because if Exxon
wins it would set a bad legal precedent," Mr. Mommer told
Venezuelan news daily El Universal.

Mr. Mommer told Dow Jones that Exxon Mobil first rejected an
offer as a minority partner in Venezuelan operations because the
new contracts gave no allowance for arbitration overseas.

"I want to reiterate that the disagreement with Exxon wasn't
economic, it was because Exxon didn't want to accept that there
was no arbitration clause included in the new companies," Mr.
Mommer explained to Dow Jones.

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

RUHR OEL GMBH, a German refinery in 50% run by PDVSA.   The
company has a one million-barrel refining capacity per day, of
which around 250,000 belong to the Venezuelan corporation.  The
company also provides the German market with 20% of its by-
products and petrochemicals needs.

PDVSA runs 50 % of this company in association with Veba Oel,
which has four refineries, that makes it the biggest company
refining oil products in Germany. It has a one million-barrel
refining capacity per day, of which around 250,000 belong to the
Venezuelan corporation.  Besides this, RUHR OEL GMBH provides
the German market with 20% of its by-products and petrochemicals
needs.

PDVSA and the Finnish Neste Corporation are partners, with a
share 50% each of the corporation AB NYNAS PETROLEUM, which runs
refineries in Sweden, Belgium and The United Kingdom.

                          *     *     *

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


PETROLEOS DE VENEZUELA: To Set Up Joint Venture with Borets
-----------------------------------------------------------
Petroleos de Venezuela SA subsidiary PDVSA Industrial has signed
an accord with Russian plant Borets to form a joint venture to
manufacture and assemble oil and gas equipment, Russian Oil &
Gas Equipment and Services reports.

According to Russian Oil & Gas, a plant will be constructed in
Venezuela to supply subsea equipment to Petroleos de Venezuela.

Russian Oil & Gas notes that Petroleos de Venezuela will own 60%
of the joint venture, while Borets will have a 40% stake.

                          About Borets

Based in Moscow, Russia, the Borets plant is a member of the
Association of Oil and Gas Equipment Manufacturers.  It
specializes in designing and manufacturing of oilfield and
compressor equipment.  The company has been operating for 110
years, since 1897 when it was established by the German
businessman Gustav List.

                     About PDVSA Industrial

PDVSA Industrial is a subsidiary of the Venezuelan state-
controlled oil company Petroleos de Venezuela SA.  It designs,
manufactures and supplies oil and gas equipment.

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

RUHR OEL GMBH, a German refinery in 50% run by PDVSA.   The
company has a one million-barrel refining capacity per day, of
which around 250,000 belong to the Venezuelan corporation.  The
company also provides the German market with 20% of its by-
products and petrochemicals needs.

PDVSA runs 50 % of this company in association with Veba Oel,
which has four refineries, that makes it the biggest company
refining oil products in Germany. It has a one million-barrel
refining capacity per day, of which around 250,000 belong to the
Venezuelan corporation.  Besides this, RUHR OEL GMBH provides
the German market with 20% of its by-products and petrochemicals
needs.

PDVSA and the Finnish Neste Corporation are partners, with a
share 50% each of the corporation AB NYNAS PETROLEUM, which runs
refineries in Sweden, Belgium and The United Kingdom.

                          *     *     *

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


RANK GROUP: Inks Deal to Transfer Pension Plan to Rothesay Life
---------------------------------------------------------------
The Rank Group Plc has entered into a series of agreements with
the Trustee of the Rank Pension Plan and Rothesay Life, an
Federal Services Authority-regulated insurance company and
wholly owned subsidiary of Goldman Sachs, to transfer the assets
and liabilities of the Pension Plan to Rothesay Life.

The transfer will secure the accrued benefits for the members of
the Pension Plan and will remove the remaining financial risks
and liabilities in relation to the Pension Plan from Rank.  As a
result of the transfer, Rank will no longer be required to make
remaining scheduled contributions totaling GBP30.8 million,
which the Group agreed with the Pension Trustee at the time of
the sale of Deluxe Film Services in 2006.

Upon completion of the transfer Rank expects to receive a cash
payment of at least GBP20 million, representing the company's
allocation of the expected surplus within the Pension Plan after
an appropriate sharing with the Pension Plan's members and any
anticipated costs, including tax, associated with the transfer.
The cash payment will be used to reduce Group borrowings.

The transfer is subject to clearance from HM Revenue & Customs
regarding the tax treatment of the transfer.  Rank expects this
clearance to be obtained by May 2008 with completion of the
transfer expected in June 2008.

"The transfer of all the obligations and financial risk of
Rank's defined benefit pension plan to an insurer is in step
with the changes we have made to reposition the Group in recent
years.  With the financial benefits that this transfer provides,
Rank will be better placed to address its near-term challenges
and to grasp its long-term opportunities.  In addition, members
of the pension plan will benefit from the high level of security
provided by Rothesay Life," Peter Gill, finance director of Rank
said.

"This transfer is the result of an extensive review that
included consideration of several options and discussions with a
number of interested parties.  We believe that the chosen option
and the transfer represent the best outcome for all concerned,"
Mr. Gill added.

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                          *     *     *

In November 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on U.K. gaming group The Rank
Group PLC to 'B+' from 'BB-'.  S&P said the outlook is negative.

At the same time, the debt ratings on Rank's three public bond
issues were lowered to 'B' from 'BB-', one notch lower than the
corporate credit rating to reflect structural subordination, and
the 'B' short-term corporate credit rating was withdrawn at the
company's request.

In October 2007, Moody's Investors Service downgraded to B1
(from Ba3) the corporate family rating of Rank Group Plc.

Moody's concurrently downgraded ratings of the US$100 million
guaranteed notes due 2008 and US$14.3 million guaranteed notes
due 2018 at Rank Group Finance Plc to B3/LGD5/85% from
B2/LGD5/84%.  Ratings have been placed on review for possible
further downgrade.


RBJ LTD: Calls In Liquidators from Tenon Recovery
-------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of RBJ Ltd. on Feb. 20
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


RENTOKIL INITIAL: Brian McGowan Quits as Board Chairman
-------------------------------------------------------
Rentokil Initial Plc disclosed that after 11 years as a director
and almost four years as chairman, Brian McGowan has decided to
step down from the board on May 14, 2008.  A process has already
started to find a new chairman with the right credentials.

"Brian’s decisive action and strong leadership have been of
immense value to the board, the company and its shareholders
over the last 11 years," Doug Flynn, chief executive of Rentokil
Initial, said.  "He has never been slow to take difficult
decisions, demonstrated most notably by his willingness to step
up to the mark and take on the role of executive chairman in
2004.  More recently, as non-executive chairman, my board
colleagues and I have valued his advice and experience through
what has been a challenging period. We will all miss him."

"Rentokil Initial is a world class business with strong brands
and powerful capabilities," Mr. McGowan said.  "The last few
years have been challenging but Doug and the team can now point
to a demonstrable operational turnaround in the vast majority of
the group’s businesses.  I have enjoyed my time with the group
but have decided that the time has come for the board to look
for a new chairman to help guide Rentokil Initial through the
next stage in its development."

                         About Rentokil

Headquartered in London, United Kingdom, Rentokil Initial PLC
-- http://www.rentokil-initial.com/-- provides services
including pest control, package delivery, interior landscaping,
catering, cleaning, washroom solutions and textiles. The company
has some 90,000 employees providing a range of support services
in over 40 countries, which include Australia, Austria, France,
Germany, Hong Kong, Italy, Japan, Netherlands, Philippines,
Thailand and United Kingdom.

At June 30, 2007, the company's consolidated balance sheet
showed GBP1.9 billion in total assets, GBP2.5 billion in total
liabilities and GBP559.7 million in stockholders' deficit.


STEVLITE MOULDINGS: Appoints Tenon Recovery as Administrators
-------------------------------------------------------------
S.J. Parker and T.J. Binyon of Tenon Recovery were appointed
joint administrators of Stevlite Mouldings (Sales) Ltd. (Company
Number 2207468) on Feb. 21, 2008.

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

The company can be reached at:

          Stevlite Mouldings (Sales) Ltd
          Unit A-C
          Daux Road
          Billingshurst
          West Sussex
          RH14 9SJ
          England
          Tel: 01403 784 813
          Fax: 01403 783 075


TURNERGRAPHIC LTD: Brings In Administrators from Grant Thornton
---------------------------------------------------------------
David Dunckley and Andrew Hosking of Grant Thornton UK LLP were
appointed joint administrators of Turnergraphic Ltd. (Company
Number 05010136) on Feb. 19, 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:

          Turnergraphic Ltd.
          Rutherford Road
          Basingstoke
          Hampshire
          RG24 8PD
          England
          Tel: 01256359252
          Fax: 01256 351 501


VIRGIN MEDIA: Posts GBP163.2 Mln Net Loss for 4th Quarter 2007
--------------------------------------------------------------
Virgin Media Inc. released its unaudited financial results for
the fourth quarter ended Dec. 31, 2007.

Virgin Media reported GBP163.2 million in net losses on
GBP1.05 billion in net revenues for the fourth quarter ended
Dec. 31, 2007, compared with GBP122.1 million in net losses in
GBP1.08 billion in revenues for the same period in 2006.

The company also posted GBP463.5 million in net losses on
GBP4.07 billion in net revenues for full year 2007, compared
with GBP533.9 million in net losses on GBP3.6 billion in net
revenues in 2006.

                      Continuing Operations

Operating loss for fourth quarter 2007 was GBP17.8 million with
the decrease mainly due to the decrease in OCF, higher other
charges and an increase in depreciation expense.  In addition,
other charges in the previous quarter had included certain
benefits.  Other charges were also higher due to increased
involuntary employee termination and related costs, primarily in
connection with the closure of our venue sales channel, and
revisions to estimates concerning lease exit costs for
commercial properties included in our restructuring programs.

In the fourth quarter, interest income and other, net, includes
gains on disposal of investments, that were more than offset by
losses on disposal of fixed assets. Accordingly, a net charge of
GBP6.1 million has resulted.

Net loss from continuing operations was GBP163.2 million and
compares with a net loss from continuing operations of
GBP88.1 million in the fourth quarter of 2006.  The increase in
net loss compared to the previous quarter and to the same
quarter last year was mainly due to reduced operating income,
reduced interest income and other, increased interest expense
and increased foreign currency transaction losses.

                       Capital Expenditure

Fixed asset additions (accrual basis) were GBP140.3 million for
the fourth quarter and GBP579.6 million for the full year.

Compared to the fourth quarter of 2006, fixed asset additions
were down GBP38.3 million.

The total purchase of fixed assets and intangible assets was
GBP112.2 million in the fourth quarter, compared to quarter and
GBP157.8 million in the same quarter 2006.  The total purchase
of fixed assets and intangible assets was GBP536.2 million for
the full year.

Fixed asset additions (accrual basis) is a non-GAAP financial
measure. See Appendix E for reconciliations of non-GAAP
financial measures to their nearest GAAP equivalents.

                               Debt

As of Dec. 31, 2007, long term debt (net of current portion) was
GBP5,929 million.  This consisted of GBP4,805 million
outstanding under our Senior Credit Facility, GBP1,032 million
of Senior Notes, and GBP92 million of capital leases and other
indebtedness.  Cash and cash equivalents were GBP321 million.

During the fourth quarter, we made a voluntary prepayment of
GBP200 million relating to our Senior Credit Facility utilizing
available cash reserves.

Cash interest paid (exclusive of amounts capitalized) was
GBP106.1 million in the quarter and GBP486.9 million for the
last 12 months.

                          Balance Sheet

As of Dec. 31, 2007, Virgin Media had GBP10.467 billion in total
assets, GBP7.66 billion in total liabilities and GBP2.81 billion
in shareholders' equity.

                        About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

As of Feb. 29, 2008, Virgin Media Inc. carries Ba3 Long-Term
Corporate Family and Probability-of-Default ratings from
Moody's Investors Service, which said the outlook is negative.

The company also carries B+ Local and Foreign Issuer Credit
ratings from Standard & Poor's Ratings Services, which said the
outlook is stable.

Virgin Media carries B+ Long-Term Issuer Default rating and B
Short-Term Issuer Default rating from Fitch, which said the
outlook is positive.


XCITE HEALTH: Hires Liquidators from Grant Thornton
---------------------------------------------------
David Matthews and Nigel Morrison of Grant Thornton UK LLP were
appointed joint liquidators of Xcite Health and Fitness Ltd. on
Feb. 20 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Grant Thornton UK LLP
         Kennet House
         80 Kings Road
         Reading
         Berkshire
         RG1 3BJ
         England


* BOND PRICING: For the Week Feb. 25 to Feb. 29, 2008
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

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

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


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

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

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


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

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

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

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

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


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

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

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

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

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


                            *********

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

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
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may look like the definitive compilation of stocks that are
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Each Friday's edition of the TCR includes a review about a book
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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,
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Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes
Tovilla, Kristina Godinez, Patrick Abing and Marites Claro,
Editors.

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

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                 * * * End of Transmission * * *