TCREUR_Public/080304.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, March 4, 2008, Vol. 9, No. 45

                            Headlines


A U S T R I A

AIR KERALA: Claims Registration Period Ends March 25
AYDO TRADING: Claims Registration Period Ends April 8
EHMANN + SALLMUTTER: Claims Registration Period Ends March 31
ELEKTRO-PROFI: Claims Registration Period Ends March 17
PADMA GROUP: Claims Registration Period Ends March 17

SCIENTIFIC GAMES: Earns US$16.4 Million in Fourth Quarter 2007
WUS METALLBAU: Claims Registration Period Ends March 10


B E L G I U M

CHIQUITA BRANDS: To Hold Annual Shareholders' Meeting on May 22
SOLUTIA EUROPE: S&P Lifts and Then Withdraws Ratings
SOLUTIA INC: Can Pay DTE US$773,364 to Cure PrePetition Default
SOLUTIA INC: Moody's Assigns B2 Rating on US$400 Mln Facility


F I N L A N D

FREESTAR TECH: Posts US$4.5 Mil. Net Loss in Qtr. Ended Dec. 31


F R A N C E

ENERSYS INC: Holders Agree to Sell 5 Mln Shares to Goldman Sachs
PERNOD RICARD: To Reopen Braeval Distillery in July 2008


G E R M A N Y

ALM GMBH: Creditors' Meeting Slated for March 14
DEMAPA VERWALTUNGS: Claims Registration Ends March 20
E & S SIEBRAND: Claims Registration Ends March 20
EM BAU: Claims Registration Period Ends March 20
FROM GMBH: Claims Registration Period Ends March 19

H & S SPEDITION: Claims Registration Period Ends March 25
HANSEN-BAU GMBH: Claims Registration Period Ends March 19
HKB TRAUMHAUS: Claims Registration Period Ends March 26
HOHEISEL & BENNER: Claims Registration Period Ends March 26
INIT NETWORKS: Claims Registration Ends March 20

KAYA HEIMBAU: Claims Registration Period Ends March 25
KDV GMBH: Claims Registration Period Ends March 26
LIMIT GMBH: Claims Registration Period Ends March 10
MOLKEREI MIEHE: Claims Registration Period Ends March 20
METALLBAU MEHLICH: Claims Registration Period Ends March 26

METALLVERARBEITUNG WEIHERHAMMER: Claims Filing Ends March 26
MOECKEL FEUERUNGSTECHNIK: Claims Registration Ends March 25
NICK NAME: Claims Registration Period Ends March 25
NORBERT BRANDT: Creditors' Meeting Slated for March 20
SCHULDNERIN BIOCONNECT: Claims Registration Ends March 24

VICTORIA HAUSHALTSMASCHINEN: Claims Period Ends March 10


H U N G A R Y

PROPEX INC: Section 341(a) Creditors' Meeting Set for March 11
PROPEX INC: Wants Court Nod on Sale Process of Dalton Property


I R E L A N D

BALLANTYNE RE: Fitch Holds Ratings on US$300 Million Notes
COLTRANE CLO: Fitch Cuts Ratings to "CC" on 4 Classes of Notes
WELLMAN INC: Organizational Meeting Scheduled for March 10
WELLMAN INC: Wants to Employ Lazard Freres as Financial Advisor


I T A L Y

ALITALIA SPA: Hikes Net Debt to EUR1.28 Billion in January 2008
ALITALIA SPA: Air France-KLM to Offer for Part of AZ Servizi
MILACRON INC: Dec. 31 Balance Sheet Upside-Down by US$51.1 Mil.


K A Z A K H S T A N

ARMA INVESTMENT: Creditors Must File Claims by April 4
KOKJAR LLP: Claims Deadline Slated for April 4
LEKO-KAZAKHSTAN LLP: Claims Filing Period Ends April 1
PAVLODARSKAYA PROMYVOCHNO: Creditors' Claims Due on April 4
SAEZ-MARKET LLP: Claims Registration Ends March 28

SK SOVREMENNY: Creditors Must File Claims by March 28
STROYTRANS-ASIA LLP: Claims Deadline Slated for April 4


K Y R G Y Z S T A N

KELECHEK PAHTA: Creditors Must File Claims by March 28
PANFILOVSKAYA TSENTRALNAYA: Claims Filing Period Ends April 1


L U X E M B O U R G

AMERICAN AXLE: Union Members Rally to Preserve Well-Paying Jobs


N E T H E R L A N D S

BIOMET INC: Taps Jon Serbousek as President for Orthopedics Unit
X5 RETAIL: Names Marina Yanina as Government Relations VP


P O R T U G A L

MYLAN INC: J. Dore' Joins as Matrix Labs CEO & Managing Director


R U S S I A

ALLIANCE-3 LLC: Creditors Must File Claims by April 16
BAYKAL LLC: Creditors Must File Claims by March 16
BUILDER OJSC: Court Names K. Garkanov as Insolvency Manager
EVROFINANCE MOSNARBANK: Fitch Holds Ratings with Stable Outlook
EXPOBANK: Moody's Puts B3 Deposit Ratings Under Review

ISAKLINSKAYA OJSC: Court Names E. Kasatkin as Insolvency Manager
PSB FINANCE: Fitch Rates US$100 Million 12.5% Notes at B-
RUSí LLC: Creditors Must File Claims by April 16
SARATOV-AGRO-PROM-ENERGO: Creditors Must File Claims by April 16
STAROKULATKINSK-AGRO-TEKH-SNAB: Claims Filing Set March 16

X5 RETAIL: Names Marina Yanina as Government Relations VP


S W I T Z E R L A N D

BAR VENEZIA: Creditors' Liquidation Claims Due by March 10
DORFZENTRUM WILEN: Creditors' Liquidation Claims Due by March 31
DRIESSEN SERVICES: Creditors' Liquidation Claims Due by March 25
FC FASHION: Creditors' Liquidation Claims Due by March 28
HI HANDELS: Creditors' Liquidation Claims Due by March 10

INCONSULT MANAGEMENT: Zug Court Starts Bankruptcy Proceedings
NP LLC: Zug Court Starts Bankruptcy Proceedings
ST. GALLER: Creditors' Liquidation Claims Due by March 11
TERRA DIGITAL: Creditors' Liquidation Claims Due by March 18


U K R A I N E

AVIKTON 77: Creditors Must File Claims by March 13
CATRAN-MANAGEMENT LLC: Creditors Must File Claims by March 13
ENTERPRISE GOSPODAR: Creditors Must File Claims by March 13
LOGISTIC GROUP: Creditors Must File Claims by March 13


U N I T E D   K I N G D O M

BAA LTD: Investors Eye Company's Scottish Airports
CHRYSLER LLC: Idles Plant in Ontario Due to TRW's Workers Strike
CONSTELLATION BRANDS: Completes US$134 Mln Sale of Wine Brands
DARCY INDUSTRIES: Brings In Liquidators from KPMG
GMAC (U.K.): Fitch Holds Short-Term Issuer Default Rating at B

INTELSAT LTD: ViewAfrica Extends Contract to Up Channel Offering
MCGRATH PLANT: Appoints Begbies Traynor as Administrators
MYATT MUSIC: Brings In Administrators from Vantis
NEMUS II: Fitch Holds Rating on GBP1.13 Million Class F Notes
NORTHERN ROCK: David Baker Set to Retire in May 2

SOUTH MIDLANDS: Taps Liquidators from Grant Thornton
TOTAL MORTGAGE: Calls In Liquidators from KPMG
WILLIAM COCHRANE: Taps Joint Administrators from Begbies Traynor

* Large Companies with Insolvent Balance Sheet


                            *********

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


AIR KERALA: Claims Registration Period Ends March 25
----------------------------------------------------
Creditors owed money by LLC Air Kerala (FN 209842t) have until
March 25, 2008, to file written proofs of claim to court-
appointed estate administrator Alexander Illedits at:

          Dr. Alexander Illedits
          Gonzagagasse 14
          1010 Vienna
          Austria
          Tel: 533 77 04
          Fax: 533 77 05
          E-mail: office@law-wire.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 Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 12, 2008 (Bankr. Case No. 4 S 18/08m).


AYDO TRADING: Claims Registration Period Ends April 8
-----------------------------------------------------
Creditors owed money by LLC AyDo Trading (FN 272549h) have until
April 8, 2008, to file written proofs of claim to court-
appointed estate administrator Hubert Just at:

          Dr. Hubert Just
          c/o Dr. Erich Bernoegger
          Hauptplatz 7
          4560 Kirchdorf/Krems
          Austria
          Tel: 07582/62 0 74
          E-mail: kanzlei@hubertjust.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:45 p.m. on April 22, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Steyr
          Hall 7
          Second Floor
          Steyr
          Austria

Headquartered in Wartberg an der Krems, Austria, the Debtor
declared bankruptcy on Feb. 12, 2008 (Bankr. Case No. 14 S
15/08s).  Erich Bernoegger  represents Dr. Just in the
bankruptcy proceedings.


EHMANN + SALLMUTTER: Claims Registration Period Ends March 31
-------------------------------------------------------------
Creditors owed money by LLC Ehmann + Sallmutter (FN 211070y)
have until March 31, 2008, to file written proofs of claim to
court-appointed estate administrator Regina Schedlberger at:

          Dr. Regina Schedlberger
          Andritzer Reichsstrasse 42
          8045 Graz
          Austria
          Tel: 0316/69 51 00
          Fax: 0316/69 51 00-9
          E-mail: regina.schedlberger@chello.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on April 15, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Feb. 12, 2008 (Bankr. Case No. 40 S 9/08h).


ELEKTRO-PROFI: Claims Registration Period Ends March 17
-------------------------------------------------------
Creditors owed money by LLC Elektro-Profi (FN 141570t) have
until March 17, 2008, to file written proofs of claim to court-
appointed estate administrator Thomas Humer at:

          Dr. Thomas Humer
          Ringstrasse 4
          4600 Wels
          Austria
          Tel: 07242/47240
          Fax: 07242/68650
          E-mail: office@hofer-humer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on March 27, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Marchtrenk, Austria, the Debtor declared
bankruptcy on Feb. 12, 2008 (Bankr. Case No.  20 S 14/08x).


PADMA GROUP: Claims Registration Period Ends March 17
-----------------------------------------------------
Creditors owed money by LLC padma group & textiles (FN 279516d)
have until March 17, 2008, to file written proofs of claim to
court-appointed estate administrator Peter Heigenhauser at:

          Dr. Peter Heigenhauser
          Wiesinger Strasse 3
          4820 Bad Ischl
          Austria
          Tel: 06132/25581
          Fax: 06132/25581-5
          E-mail: dr.peter.heigenhauser@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on March 27, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Bad Ischl, Austria, the Debtor declared
bankruptcy on Feb. 12, 2008 (Bankr. Case No. 20 S 13/08z).


SCIENTIFIC GAMES: Earns US$16.4 Million in Fourth Quarter 2007
--------------------------------------------------------------
Scientific Games Corporation reported fourth quarter 2007
revenues of US$268 million, up 15 percent from US$232.1 million
in the fourth quarter of 2006.  Net income was US$16.4 million
up from net income of US$7.9 million in the fourth quarter of
2006.  Non-GAAP adjusted net income excluding a net loss from
the start-up in Mexico, Peru lottery disposal costs, employee
termination costs, the reversal of purchase accounting reserves
and stock compensation expense, was US$25.5 million compared to
non-GAAP adjusted net income of US$24 million in the fourth
quarter of 2006.

EBITDA for the fourth quarter of 2007 was US$73.7 million, up 53
percent from US$48.3 million in the fourth quarter of 2006.
Adjusted EBITDA increased 29 percent to US$84.6 million for the
fourth quarter of 2007, compared to adjusted EBITDA of US$65.7
million for the fourth quarter of 2006.

During the quarter ended Dec. 31, 2007, the company reported a
net loss of US$2.8 million from its Mexican operations, a
benefit of US$3.9 million from the reversal of purchase
accounting reserves and US$6.9 million in charges for stock
compensation costs.  In addition, following the rationalization
of its global Printed Products Group operations in Germany and
Peru in the third quarter 2007, the company reported additional
disposal costs and asset impairment charges of US$3 million in
the fourth quarter, and employee termination costs of US$3.6
million.

For the full year ended Dec. 31, 2007, revenues were US$1,046.7
million, compared to US$897.2 million for the full year ended
Dec. 31, 2006, an increase of 17 percent.  Net income was
US$65.4 million compared to US$66.8 million in 2006.  Non-GAAP
adjusted net income, excluding a net loss from the company's
Mexican operations, Peru lottery disposal costs, employee
termination costs, the reversal of purchase accounting reserves,
asset impairment charges and stock compensation expense, was
US$111 million compared to non-GAAP adjusted net income of
US$98.8 million for the full year ended Dec. 31, 2006.

For the full year ended Dec. 31, 2007, EBITDA increased 28
percent to US$307.5 million, compared to US$239.5 million in
2006.  Adjusted EBITDA increased 25 percent to US$340.6 million,
compared to US$273 million in 2006.

                       Printed Products

Printed Products Group revenue increased by 17 percent overall
to US$137.7 million in the fourth quarter of 2007.  Printed
Product service revenue for the quarter of 2007 was US$127.5
million, 23 percent ahead of the fourth quarter of 2006.
Excluding the impact of licensed products, the re-pricing of the
Pennsylvania cooperative services program contract and revenues
from Oberthur Gaming Technologies (OGT) of US$24.6 million,
"same store" sales growth in the quarter was just under 8%.
International instant ticket sales, especially in the United
Kingdom and Italy, were particularly strong.  Licensed product
sales, which tend to exhibit far more quarter-to-quarter
volatility than core instant tickets sales, declined by US$5.6
million in the fourth quarter of 2007 due primarily to the
seasonality of some brands in the fourth quarter 2006.
Conversely, the company believes that 2008 promises to be a very
strong year for licensed products in general with nearly a 50
percent increase in the total number of licensed games,
including Major League Baseball(R), Deal or No Deal(TM) and the
World Poker Tour(R) games in particular.

Overall margins in the Printed Products Group declined from 45
percent in the fourth quarter of 2006 to 39 percent in the
fourth quarter of 2007.  However, if the impact of both OGT and
phone cards is eliminated from revenue and gross margin, then
the resulting overall gross margin for the quarter was 45
percent.  As of the end of the fourth quarter of 2007, OGT's
annualized San Antonio production of 4.5 billion tickets had
been relocated to Alpharetta, Georgia, a consolidation that is
expected to yield improved margins throughout 2008.

Rationalization of Printed Products operations in Germany and
Peru, which was initiated in the third quarter of 2007, is
expected to further improve margins in 2008.  In the third
quarter the company recorded a depreciation and amortization
charge of US$26.1 million related to asset write-downs in these
operations and in the fourth quarter the company recorded an
additional charge of US$6.6 million for associated shutdown and
employee termination expenses. Overall, the rationalization of
the German and Peru operations negatively impacted 2007 earnings
per share by approximately US$0.25, most of which was non-cash.

After the close of the fourth quarter, the company announced two
important agreements involving the China Sports Lottery.
Scientific Games will design, install and operate a national
instant ticket network comprising a central monitoring and
control system, a national call center, and 90,000 validation
terminals, for which it will be paid on the basis of a
percentage of retail sales.  Sales are expected to begin during
the first quarter of 2008 in four of the wealthiest provinces in
China.  In one of these provinces, Shandong, the company will be
providing traditional "cooperative services" support through a
joint-venture partnership.  The company also is working with
China Sports Lottery Printing, Ltd. to establish a state-of-the-
art instant ticket production facility in China that is expected
to supply tickets to all 30 Sports Lottery operations in China.

Additionally, in connection with the company's activities in
China, the company has broadened its relationship with
REXCAPITAL Financial Holdings Limited, its partner in the Guard
Libang joint venture that services the China Welfare Lottery, to
include a strategic alliance to pursue other gaming and lottery
related opportunities in China.

Management intends to discuss the range of activities in China
in considerable detail during tomorrow's conference call.

                     Lottery Systems Group

Lottery Systems revenue and gross margins for the fourth quarter
increased by 21 percent and 31 percent, respectively, year over
year, with the largest increase coming in the international
market.  Lottery Systems international revenue increased by 41
percent to US$30.5 million in the fourth quarter of 2007. A sale
of terminals to Golden Casket in Australia was an important
contributor to international revenue growth.  Overall Lottery
Systems margins improved from 43 percent in 2006 to 47 percent
in 2007.

Notwithstanding these improvements, the Televisa Mexican lottery
contract continued to be a significant drag on earnings in 2007.
The fourth quarter and full year impacts on the company were
approximately US$0.03 and US$0.10, respectively, in earnings per
share, including an allocation of interest expense. As the
company has previously indicated, it believes that the launch of
instant tickets is the key to the eventual turnaround of this
venture.  At the present time, the company has begun to see
meaningful progress in this regard and is cautiously optimistic
that there will be a launch of instant tickets in the second
half of 2008.

                      Diversified Gaming

As previously disclosed at the end of the third quarter, the
change in gaming regulations that were introduced in Great
Britain in September 2007 continued to have a very positive
impact on Global Draw in the fourth quarter, and this has
carried over into the first quarter of 2008.  Global Draw's
"same store" sales were up 17% in the fourth quarter of 2007
versus 2006; in January of this year, Global Draw's average
gross win per shop and per terminal were up 40 percent and 20
percent respectively over January 2007.  On the strength of this
performance, Global Draw was awarded a contract by William Hill
PLC to supply a minimum of 548 betting shops with approximately
2,100 new state-of-the-art dual screen Nevada(TM) terminals,
which are specifically designed to allow both the legacy B2
and newly introduced B3 games on all terminals.  The terminals
are being installed during the first quarter of 2008 and should
be 100% operational by the beginning of the second quarter.
Also during the fourth quarter, Global Draw expanded importantly
outside of the U.K. by signing a contract to supply 1,500 multi-
game server-based gaming terminals to Corporacion Interamericana
de Entretenimiento in Mexico.  Given the very high fixed cost
nature of this business, the company expects that these
additional 3,600 terminals will have very high levels of
marginal profitability.

Games Media has announced agreements to supply an integrated
digital gaming and entertainment solution for commercial
distribution with six of the largest public house retailers in
the U.K. -- Enterprise Inns, Spirit Group, Orchid Group, Admiral
Taverns, Greene King and Marston's -- which together control
approximately 16,000 venues representing approximately 30
percent of the total U.K. pub market.  Installations took place
during October and November 2007 in a total of 63 pub retail
outlets, incorporating 275 machines, including gaming and
entertainment terminals and digital juke boxes.  Performance
from all products was in line with management's expectations and
ahead of comparable competitive offers, and the company is
confident that as it continues to hit target performance levels,
the base of machines will continue to expand.

Racing-related revenues and gross margin declined slightly in
the fourth quarter, reflecting the continued secular decline in
racetrack-based attendance and wagering handle.  Several
important developmental opportunities were completed during the
fourth quarter, suggesting that expansion via non-traditional
products, markets and distribution channels has the potential to
reverse the recent revenue trend.  During the fourth quarter the
company was awarded a racebook contract by the Oneida Bingo &
Casino in Wisconsin, a contract to provide an internet wagering
platform and an interactive voice response telephone wagering
system for New Jersey Account Wagering LLC and a tote/keno
agreement with Loteria Electronica Internacional Dominicana,
S.A. throughout the Dominican Republic.  In addition, the
company was awarded its first contract in Brazil by Comtech
Telecommunications Corp. calling initially for three upscale
off-track wagering facilities growing potentially to 30 sites by
2009, and potentially to include sports betting as well.

                  Convertible Debentures

A market price event did not occur for the quarter ended Dec.
31, 2007, and accordingly, the Convertible Debentures are not
convertible during the current quarter ending March 31, 2008.
During the fourth quarter of 2007, the average price of the
company's common stock exceeded the specified conversion price
of US$29.10 of the Convertible Debentures.  Because of this,
1,506,960 shares of common stock underlying the Convertible
Debentures have been included in the weighted average number of
diluted shares for the fourth quarter of 2007.  For the full
year 2007, the company has included 1,357,207 shares of common
stock in its weighted average number of diluted shares.
Although the company purchased a hedge in December 2004 to
mitigate the potential dilution from the conversion of the
Convertible Debenture, the company is precluded from reflecting
this hedge in the GAAP weighted average number of diluted shares
because the effect would be anti-dilutive.  However, to the
extent the Convertible Debentures are converted during the term
of the hedge, the diluted share amount will decrease because the
hedge will offset the dilution from conversion of the
Convertible Debentures.

                     About Scientific Games

Headquartered in New York City, Scientific Games Corporation
(Nasdaq: SGMS) - http://www.scientificgames.com/-- is an
integrated supplier of instant tickets, systems and services to
lotteries worldwide.  The company is a supplier of fixed odds
betting terminals and systems, amusement and skill with prize
betting terminals, interactive sports betting terminals and
systems, and wagering systems and services to pari-mutuel
operators.  It is also a licensed pari-mutuel gaming operator in
Connecticut, Maine and the Netherlands and is a supplier of
prepaid phone cards to telephone companies.  Scientific Games'
customers are in the United States and more than 60 other
countries.  The company has additional productions and operating
facilities located in Austria, Brazil, Peru, Mexico and the
United Kingdom.

                         *     *     *

On Jan. 4, 2007, Moody's Investor Services assigned a Ba1 rating
to Scientific Games Corp.'s term loan and affirmed its Ba2
Corporate Family Rating.  Moody's said the rating outlook is
stable.


WUS METALLBAU: Claims Registration Period Ends March 10
-------------------------------------------------------
Creditors owed money by LLC Wus Metallbau, Fassadenbau und
Schmiede (FN 262264h) have until March 10, 2008, to file written
proofs of claim to court-appointed estate administrator Axel
Reckenzaun at:

          Dr. Axel Reckenzaun
          Annenstrasse 10/1
          8020 Graz
          Austria
          Tel: 0316/713353
          Fax: 0316/713353-30
          E-mail: office@boehm-reckenzaun.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:40 p.m. on March 27, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Room 230
          Hall L
          Graz
          Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Feb. 12, 2008 (Bankr. Case No. 25 S 15/08f).


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


CHIQUITA BRANDS: To Hold Annual Shareholders' Meeting on May 22
---------------------------------------------------------------
Chiquita Brands International Inc. will hold its Annual Meeting
of Shareholders on May 22, 2008, at the Hilton Cincinnati
Netherland Plaza.  The record date for determining shareholders
entitled to vote at the meeting will be April 1, 2008.  The
company will mail to shareholders of record in mid-April a
notice of the meeting and related proxy materials.

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.

                         *     *     *

Chiquita Brands International Inc. continues to carry Moody's
Investors Service's B3 long term corporate family and Caa2
senior unsecured debt ratings which were placed on Nov. 6, 2006.
The outlook is negative.


SOLUTIA EUROPE: S&P Lifts and Then Withdraws Ratings
----------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Belgium-based specialty chemicals
group Solutia Europe S.A./N.V. to 'B+' from 'B'.  The rating has
been equalized with that of parent company Solutia Inc.
(Solutia; B+/Stable/NR) following Solutia's successful emergence
from Chapter 11 bankruptcy.

At the same time, all ratings, including the 'B' short-term
corporate credit rating, were removed from CreditWatch, where
they were originally placed on Dec. 4, 2007.  The outlook is
stable.  The ratings on SESA were subsequently withdrawn at the
company's request.

"Concerns that the bankruptcy could have a negative impact on
the financial risk profile of SESA have been resolved by Solutia
Inc.'s successful emergence from Chapter 11," said Standard &
Poor's credit analyst Sophia Dedemadis.

Solutia Inc. was able to reach an agreement with lead arrangers
of the bank syndicate providing the exit financing, who at one
stage had sought to cancel their obligations, to provide
Solutia's credit facilities, citing that an adverse change in
the credit markets had impaired their ability to syndicate. As
part of the exit financing package, the EUR160 million senior
secured loan issued by subsidiary Solutia Services International
SCA was paid out and cancelled.


SOLUTIA INC: Can Pay DTE US$773,364 to Cure PrePetition Default
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the stipulation between Solutia Inc., and Detroit
Edison Company, doing business as DTE Energy.

As previously reported, Solutia Inc. and DTE are parties to:

   -- an energy purchase agreement for the sale and supply of
      electric power, as amended;

   -- a general service water agreement; and

   -- an amended and restated steam services agreement.

Solutia wanted to assume the DTE Contracts with a proposed
cure amount of US$327,917.  DTE objected to Solutia's assumption
of the contracts and asserted that US$773,364 was the
prepetition amount due and owing by Solutia under the DTE
contracts.

The parties have agreed that Solutia will pay US$773,364 to cure
any and all remaining prepetition defaults under the DTE
contracts.  Upon approval from the Court of the Stipulation,
DTE's objection will be deemed withdrawn, with prejudice,
without any further action from the parties.

                       About Solutia Inc.

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  (Solutia Bankruptcy News, Issue No. 118;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SOLUTIA INC: Moody's Assigns B2 Rating on US$400 Mln Facility
-------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to a US$400
million, unsecured bridge facility of Solutia Inc., a company
headquartered in St. Louis, Missouri.

Moody's also affirmed Soultia's existing ratings and withdrew
its rating on a proposed senior unsecured note that will be
replaced by the bridge facility.  The ratings outlook is stable.
The ratings assigned are subject to a complete review by Moody's
of the credit facility, term loan and senior note documents and
are also subject to the transactions being closed in a manner
and with terms that are substantially identical to those that
have been shared with Moody's.

Issuer: Solutia Inc.

Assignments:

-- Senior Unsecured Bridge Facility, B2 (LGD5, 70%)

Ratings Affirmed:

-- Corporate Family Rating, B1
-- Probability of Default Rating, B1
-- Speculative Grade Liquidity Rating, SGL-3
-- Senior Secured Bank Credit Facility, Ba1 (LGD2, 16%)
-- Senior Secured Bank Term Loan, B1 (LGD4, 54%)

Ratings Withdrawn:

-- Senior Unsecured Note, B2 (LGD4, 69%)

The B1 corporate family rating reflects the company's initially
high leverage and weak credit metrics along with the material
uncertainty surrounding its environmental remediation activities
upon exiting bankruptcy.  An additional concern centers on the
high proportion of Solutia's revenue base that is concentrated
in low margin commodity businesses and a material percentage of
EBITDA that is derived from a single product with concentrated
customers.  Following the refinancing and exit from bankruptcy,
Solutia will be highly leveraged, particularly after adjusting
debt for rent and pensions, which adds roughly US$60 million and
US$180 million, respectively.  Moody's projected coverage for
fiscal year 2008 (based on Moody's adjusted debt model), as
measured by EBITDA/Interest, is only 2.1 times while projected
leverage as measured by adjusted Debt/EBITDA is 5.2 times.  In
Moody's model, adjusted debt is estimated at slightly above
US$1.9 billion and pro forma adjusted debt to book capital would
be just above 62% at Dec. 31, 2007.  Moody's notes that even
with fresh start accounting, tangible net worth is likely to be
negative.

While Moody's recognizes that good progress has been made in the
elimination, classification and/or sharing of environmental,
legal and pension liabilities, there remains a noteworthy level
of uncertainty as to the ultimate scope of these liabilities,
particularly the environmental liabilities.  Moody's believes
that these environmental liabilities are subject to changing
governmental policy and regulations, discovery of unknown
conditions, judicial proceedings, method and extent of
remediation, existence of other potentially responsible parties
and future changes in both measurement and remediation
technologies.

Moody's also has some concerns over Solutia's business profile
as a high percentage of revenues, about 55%, are generated by
the relatively low margin (7%-8% EBITDA) integrated nylon
business, a sector that is going through a fair amount of
turmoil.  Moody's also note that a significant percentage of pro
forma 2007 EBITDA is derived from a single reasonably stable
product line, Crystex(R), that also has a high degree of
customer concentration with the bulk of EBITDA being derived
from tire manufacturers.
Positive factors supporting the ratings include:

--  strong geographic, product and operational diversity;

--  sizeable market leadership in the markets Solutia serves;

--  sizeable revenue base - projected to exceed US$3.5 billion
     in 2007;

--  the reduction in pre-bankruptcy liability exposure in the
     range of US$1.3 billion;

--  improvement in pro forma revenues and EBITDA over the last
     four years excluding reorganization costs;

--  the ability to share on a 50/50 basis with Monsanto
     environmental liabilities at certain sites if the costs
     exceed US$325 million.

Moody's views management's track record and actions to
effectively cut costs and to improve Solutia's business profile
during the bankruptcy period as positive factors supporting the
ratings.  Moody's also believes that the acquisition of Flexsys
was a logical and strong strategic fit for the company.  Moody's
believes that a continued focus on efficiencies and maintaining
market share is critical to succeeding in the company's highly
competitive markets, which Moody's expects may face some pricing
pressures in the face of a potentially weaker global market,
particularly in the construction and automotive markets.

The Ba1 rating recognizes that the asset-based credit facilities
are secured by a first lien on inventory and receivables and a
second lien on assets securing the term loan.  The B1 rating on
the term loan recognizes the high proportion of the term loan in
Solutia's capital structure and the limited security provided
the first lien on assets not securing the asset-based credit
facility and the second lien on inventories and receivables.  In
Moody's opinion the collateral package for the term loan may not
adequately cover the loan in a default scenario.  The B2 rating
on the unsecured bridge facility reflects their junior position
in the capital structure and the prospect of limited protection
after the first and second lien lenders have been provided for
in a distressed scenario.

The speculative grade liquidity SGL-3 rating reflects the
company's adequate liquidity and Moody's expectation of
reasonable retained cash flow, in excess of US$150 million, for
the fiscal year ending 2008.  The rating is supported by
Solutia's favorable debt maturity profile and flexibility under
the financial covenants for the company's asset backed credit
facility.  A factor limiting the SGL rating is that the only
external source of liquidity is the revolving credit facility,
although the size has been increased from US$400 million to
US$450 million.  Moody's anticipates that this facility will
initially have modest outstandings in 2008.  Revolver borrowings
are dictated by a borrowing base formula.

Solutia's stable outlook considers the strength of its franchise
in terms of its market positions and long-lived customer
relationships.  If operating performance is weaker than
anticipated or material increases in environmental liabilities
were to occur, the outlook or rating could turn negative.  To
the extent that Solutia reduces debt faster than expected, such
that debt/EBITDA metrics improve to less than 4.0 times on a
permanent basis or if environmental liabilities were deemed to
be much improved a positive change in outlook or rating could
occur.

Solutia, headquartered in St. Louis, Missouri, produces and
sells a diverse portfolio of performance materials and specialty
chemicals.  End markets for Solutia's products include
automotive, architectural (residential and commercial),
aerospace, process manufacturing, construction,
electronic/electrical, and industrial.  Net sales for 2007 were
US$3.5 billion. Solutia filed a voluntary petition for
reorganization under Chapter 11 of the U.S. Bankruptcy Code in
January of 2004 and emerged from bankruptcy on Feb. 28, 2008.


=============
F I N L A N D
=============


FREESTAR TECH: Posts US$4.5 Mil. Net Loss in Qtr. Ended Dec. 31
---------------------------------------------------------------
FreeStar Technology Corp. recorded a net loss of US$4,568,270
for the second quarter ended Dec. 31, 2007, compared to a net
loss of US$3,124,456 for the three months ended Dec. 31, 2006,
an increase of US$1,443,814 or approximately 46%.

Ciaran Egan, FreeStar's chief financial officer, commented that
"approximately US$2,300,000 of this amount consisted of non-cash
compensation in the form of stock, stock options, and warrants
issued to consultants and employees.  We continue to launch new
innovative products and expand our geographical market for
increased growth opportunities in 2008.  We believe that our
investment program in our product and sales and marketing
programs together with our growing pipelines will drive revenue
growth in 2008."

Revenue for the three months ended Dec. 31, 2007, was
US$1,448,713 compared to US$811,902 for the three months ended
Dec. 31, 2006, an increase of US$636,811 or approximately 78%.
Revenue consisted of transaction processing and related revenue
of US$512,782; consulting services revenue of US$683,862 and
hardware and related revenue of US$252,069.

FreeStar Technology president and chief executive officer Paul
Egan said, "We expect to see continued increased hardware
related sales to our expanding customer base, but also recognize
increasing revenue streams from annual maintenance fees and
service initiation fees.

"Our cross border payments processing has now expanded to Spain,
Iceland, Denmark, Sweden and the U.K.  We are seeing a steady
increase in DCC (Dynamic Currency Conversion) Transactions from
our partner, Global Refunds.  We have successfully deployed
terminals in Dominican Republic and see continuing growth in the
region.  Our International projects are nearing deployment and
can expect to see a large increase in processing revenues
throughout the remainder of fiscal 2008."

                         Balance Sheet

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$8,201,305 in total assets, US$3,509,597 in total
liabilities, US$407,398 in minority interest, and US$4,284,310
in total stockholders' equity.

The company's consolidated balance sheet at Dec. 31, 2007, also
showed strained liquidity with US$1,945,907 in total current
assets available to pay US$3,509,597 in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended Dec. 31, 2007, are available
for free at http://researcharchives.com/t/s?288f


                    Going Concern Disclaimer

As reported in the Troubled Company Reporter on Oct. 4, 2007,
New York-based RBSM LLP expressed substantial doubt about
FreeStar Technology Corp.'s ability to continue as a going
concern after auditing the company's financial statements for
the year ended June 30, 2007.  The auditing firm said the
company is experiencing difficulty in generating sufficient cash
flow to meet its obligations and sustain its operations.

                   About FreeStar Technology

Based in Dublin, Ireland, FreeStar Technology Corp. (OTC BB:
FSRT) -- http://www.freestartech.com/-- provides electronic
payment processing services, including credit and debit card
transaction processing, point-of-sale related software
applications and other value-added services.  The company was
incorporated in the State of Nevada.  The company also has
offices in Helsinki, Finland; Stockholm, Sweden; Geneva,
Switzerland; and Santo Domingo, the Dominican Republic.


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


ENERSYS INC: Holders Agree to Sell 5 Mln Shares to Goldman Sachs
----------------------------------------------------------------
EnerSys Inc. disclosed that certain of its stockholders,
including affiliates of Metalmark Capital LLC and certain other
institutional stockholders, have agreed to sell 5,000,000 shares
of its common stock to Goldman Sachs & Co.

All net proceeds from the sale of the common stock will be
received by the selling stockholders.  EnerSys will not receive
any of the proceeds.

The shares are being sold by the selling stockholders in an
at-the-market offering pursuant to an effective shelf
registration
statement.

The copy of the prospectus relating to these securities may be
obtained, when available, from:

    Goldman Sachs & Co.
    Attn: Prospectus Dept.
    85 Broad Street
    New York, NY 10004
    Fax (212) 902-9316
    Email prospectus-ny@ny.email.gs.com

For more information, contact:

    Richard Zuidema
    Executive Vice President, EnerSys
    P.O. Box 14145
    Reading, PA 19612-4145
    Tel (800) 538-3627

                        About EnerSys Inc.

Headquartered in Reading, Pennsylvania, EnerSys Inc. (NYSE: ENS)
-- http://www.enersys.com/-- manufactures industrial battery
through 21 manufacturing and assembly facilities worldwide.  The
company provides expertise in designing, building, installing
and maintaining a comprehensive stored energy solution for
industrial applications throughout the world.  The company's
products and services are focused on two primary markets: Motive
Power (North & South America) or (Europe) and Reserve Power
(Worldwide), (Aerospace & Defense) or (Speciality Batteries).
The company's facilities are located at China, France, Mexico,
Germany, and the United Kingdom, among others.

                         *     *     *

Standard & Poor's Ratings Services placed EnerSys Inc.' long
term foreign and local issuer credit ratings at 'BB' in August
2004.  The ratings still hold to date with a stable outlook.


PERNOD RICARD: To Reopen Braeval Distillery in July 2008
--------------------------------------------------------
Pernod Ricard S.A. plans to reopen its Braeval distillery, near
Tomintoul, Scotland, in July 2008 to boost its Speyside whisky
production, the Scotsman reports.

According to the report, Pernod, whose first half profits soared
18% to EUR588 million, opted to reopen the distillery following
a surge in demand for its premium whisky brands.

The company, the Scotsman relates, intends to install a new mash
tun, six new stills and eight new "washbacks" at the Braeval
plant, which has lain dormant for the past six years, the
Scotsman relates.

"Demand for Scotch whisky is at a record high.  This latest
investment will enable us to meet our growing demand as well as
demonstrate our commitment to developing our business in
Scotland," Chivas chief executive Christian Porta was quoted by
the Scotsman as saying.

The expansion plans are yet to submitted to Moray Council, the
paper adds.

                       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 local and foreign
currency ratings of BB+/Stable/B.


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


ALM GMBH: Creditors' Meeting Slated for March 14
------------------------------------------------
The court-appointed insolvency manager for alm GmbH, Dr. Udo
Michalsky will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:00 a.m. on
March 14, 2008.

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

         The District Court of Saarbruecken
         Meeting Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany


The Court will also verify the claims set out in the insolvency
manager's report at 8:55 a.m. on April 15, 2008 at:

         The District Court of Saarbruecken
         Meeting Hall 24
         Second Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

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

The insolvency manager can be reached at:

         Dr. Udo Michalsky
         Kaiserstrasse 77
         66386 St. Ingbert
         Germany
         Tel: (06894) 3876 311
         Fax: (06894) 382 185

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

The Debtor can be reached at:

         alm GmbH
         Attn: Dr. Hans-Wolfgang Seeliger, Manager
         Gewerbepark Eschberger Weg
         Building 10
         66121 Saarbruecken
         Germany


DEMAPA VERWALTUNGS: Claims Registration Ends March 20
-----------------------------------------------------
Creditors of DeMaPa Verwaltungs GmbH have until March 20, 2008,
to register their claims with court-appointed insolvency manager
Thomas Bueckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C207
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Thomas Bueckmann
         Kohlenkamp 39
         45468 Muelheim an der Ruhr
         Germany

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

The Debtor can be reached at:

         DeMaPa Verwaltungs GmbH
         Attn: Nikolaos Patidis, Manager
         Parsevalstr. 115
         45470 Muelheim an der Ruhr
         Germany


E & S SIEBRAND: Claims Registration Ends March 20
-------------------------------------------------
Creditors of E & S Siebrand Bodenbelage GmbH have until
March 20, 2008 to register their claims with court-appointed
insolvency manager Veit Schwierholz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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:

         Veit Schwierholz
         Heuberg 1
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against E & S Siebrand Bodenbelage GmbH on Feb. 13, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         E & S Siebrand Bodenbelage GmbH
         Walddoerferstrasse 416
         22047 Hamburg
         Germany


EM BAU: Claims Registration Period Ends March 20
------------------------------------------------
Creditors of EM Bau GmbH have until March 20, 2008, to register
their claims with court-appointed insolvency manager Mechthild
Bruche.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Nuernberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuernberg
         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:

         Mechthild Bruche
         Stahlstrasse 17
         90411 Nuernberg
         Germany
         Tel: 0911/951285-0
         Fax: 0911/951285-10

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

The Debtor can be reached at:

         EM Bau GmbH
         Attn: Meesmann und Andreas Bartl, Managers
         Schweiggerstrasse 19
         90478 Nuernberg
         Germany


FROM GMBH: Claims Registration Period Ends March 19
---------------------------------------------------
Creditors of FROM GmbH have until March 19, 2008, to register
their claims with court-appointed insolvency manager Dr. Heiner
Buss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on April 11, 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 Leer
         Hall 101
         Woerde 5
         26789 Leer
         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. Heiner Buss
         Hauptstr. 169
         26639 Wiesmoor
         Germany
         Tel: 04944/1033
         Fax: 04944/912035

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

The Debtor can be reached at:

         FROM GmbH
         Zinnstrasse 12
         26789 Leer
         Germany

         Attn: Dirk Hamel, Manager
         Eschenweg 10
         26789 Leer
         Germany


H & S SPEDITION: Claims Registration Period Ends March 25
---------------------------------------------------------
Creditors of H & S Spedition Buschow GmbH have until March 25,
2008, to register their claims with court-appointed insolvency
manager Bruno M. Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on April 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of 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. Bruno M. Kuebler
          Einemstrasse 24
          10785 Berlin
          Germany

The District Court of Potsdam opened bankruptcy proceedings
against H & S Spedition Buschow GmbH on Feb. 13, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          H & S Spedition Buschow GmbH
          Wald 9
          14715 Markisch Luch OT Buschow
          Germany


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

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

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse 18057
         Rostock
         Germany

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

The insolvency manager can be reached at:

         Dirk Decker
         Stampfmuellerstrasse 39
         18057 Rostock
         Germany

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

The Debtor can be reached at:

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


HKB TRAUMHAUS: Claims Registration Period Ends March 26
-------------------------------------------------------
Creditors of HKB Traumhaus GmbH have until March 26, 2008, to
register their claims with court-appointed insolvency manager
Michael Krause.

Creditors and other interested parties are encouraged to attend
the meeting at 8:10 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 Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         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 Krause
          Putlitzer Strasse 30
          16928 Pritzwalk
          Germany

The District Court of Neuruppin opened bankruptcy proceedings
against HKB Traumhaus GmbH on Jan. 28, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         HKB Traumhaus GmbH
         Attn: Frau Helga Kasemann
         Ziegeleiweg 4
         16727 Oberkramer OT Neu Vehlefanz
         Germany


HOHEISEL & BENNER: Claims Registration Period Ends March 26
-----------------------------------------------------------
Creditors of Hoheisel & Benner Personalmanagement GmbH have
until March 26, 2008, to register their claims with court-
appointed insolvency manager Stephan Neubauer.

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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Stephan Neubauer
         Spitalerstrasse 4
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Hoheisel & Benner Personalmanagement GmbH on Jan. 30,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Hoheisel & Benner Personalmanagement GmbH
         Oberwerder Damm 6
         20539 Hamburg
         Germany


INIT NETWORKS: Claims Registration Ends March 20
------------------------------------------------
Creditors of init networks gmbH Planungsbuero fuer
Computervernetzung have until March 20, 2008, to register their
claims with court-appointed insolvency manager Franz-Joachim
Sessig.

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 Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         Germany

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

The insolvency manager can be reached at:

         Franz-Joachim Sessig
         Fuggerstr. 9
         86150 Augsburg
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against init networks gmbH Planungsbuero fuer Computervernetzung
on Feb. 12, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         init networks gmbH Planungsbuero fuer
         Computervernetzung
         Attn: Erich Bauer and Michael Petermann, Manager
         Muenchener Str. 1
         86949 Windach
         Germany


KAYA HEIMBAU: Claims Registration Period Ends March 25
------------------------------------------------------
Creditors of Kaya Heimbau GmbH have until March 25, 2008, to
register their claims with court-appointed insolvency manager
Karina Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 23, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Karina Schwarz
         Ernst-August-Platz 10
         30159 Hannover
         Germany
         Tel: 0511 475339-0
         Fax: 0511 475339-9

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

The Debtor can be reached at:

         Kaya Heimbau GmbH
         Am Hafen 23
         30629 Hannover
         Germany

         Attn: Nurettin Yavsan, Manager
         Harburgerstr. 27
         29303 Bergen
         Germany


KDV GMBH: Claims Registration Period Ends March 26
--------------------------------------------------
Creditors of KDV GmbH have until March 26, 2008, to register
their claims with court-appointed insolvency manager Stephan
Michels.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Osnabrueck
          Hall N 301
          Kollegienwall 10
          49074 Osnabrueck
          Germany

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

The insolvency manager can be reached at:

          Stephan Michels
          c/o PLUTA Rechtsanwalts GmbH
          Ludgeristr. 54
          48143 Muenster
          Germany
          Tel: 0251/162830
          Fax: 0251/16283-11
          E-mail: muenster@pluta.net

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

The Debtor can be reached at:

          KDV GmbH
          Attn:  Andreas Kramer, Manager
          Franz Lenzstr. 6
          49084 Osnabrueck
          Germany


LIMIT GMBH: Claims Registration Period Ends March 10
----------------------------------------------------
The court-appointed insolvency manager for Limit GmbH, Christoph
Goergen, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:30 a.m. on
March 10, 2008.

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

         The District Court of Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:45 a.m. on April 21, 2008, at the same
venue.

Creditors have until March 26, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christoph Goergen
         Beethovenstrasse 13
         66606 St. Wendel
         Germany
         Tel: (06851) 4066
         Fax: (06851) 4068

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

The Debtor can be reached at:

         Limit GmbH
         St. Annen-Strasse 18
         66606 St Wendel
         Germany


MOLKEREI MIEHE: Claims Registration Period Ends March 20
--------------------------------------------------------
Creditors of Molkerei Miehe Frischdienst GmbH have until
March 20, 2008, to register their claims with court-appointed
insolvency manager Dr. Martin Moderegger.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Dr. Martin Moderegger
         Schiffgraben 23
         30159 Hannover
         Germany
         Tel: 0511 763529-0
         Fax: 0511 763529-43

The District Court of Hannover opened bankruptcy proceedings
against Molkerei Miehe Frischdienst GmbH on Feb. 15, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Molkerei Miehe Frischdienst GmbH
         Siemensstrasse 3
         30916 Isernhagen
         Germany

         Attn: Ursula Miehe, Manager
         C/o Stiemerling Senioren-Residenz Hattorf
         Gerhart-Hauptmann-Weg 5
         37197 Hattorf
         Germany


METALLBAU MEHLICH: Claims Registration Period Ends March 26
-----------------------------------------------------------
Creditors of Metallbau Mehlich GmbH have until March 26, 2008,
to register their claims with court-appointed insolvency manager
Carsten Morgenstern.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Chemnitz
          Hall 24
          Fuerstenstrasse 21-23
          09130 Chemnitz
          Germany

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

The insolvency manager can be reached at:

          Carsten Morgenstern
          Michaelstrasse 71
          09116 Chemnitz
          Germany
          Tel: (0371) 381770
          Fax: (0371) 3817730
          E-mail: chemnitz@hww-kanzlei.de

The District Court of Chemnitz opened bankruptcy proceedings
against Metallbau Mehlich GmbH on Feb. 18, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Metallbau Mehlich GmbH
          Attn: Frank Strangmueller, Manager
          Zwoenitzufer 9
          09125 Chemnitz
          Germany


METALLVERARBEITUNG WEIHERHAMMER: Claims Filing Ends March 26
------------------------------------------------------------
Creditors of Metallverarbeitung Weiherhammer Weigend GmbH have
until March 26, 2008, to register their claims with court-
appointed insolvency manager Christian Adolf.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Weiden
         Room 219/II
         Ledererstrasse 9
         92637 i.d.OPf.
         Germany

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

The insolvency manager can be reached at:

          Christian Adolf
          Stahlstrasse 17
          90411 Nuremberg
          Germany
          Tel: 0911 / 951285-0
          Fax: 0911 / 951285-10

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

The Debtor can be reached at:

          Metallverarbeitung Weiherhammer Weigend GmbH
          Attn: Weigend Horst, Manager
          Parksteiner Weg 15
          92655 Grafenwoehr-Huetten
          Germany


MOECKEL FEUERUNGSTECHNIK: Claims Registration Ends March 25
-----------------------------------------------------------
Creditors of Moeckel Feuerungstechnik fuer
Hochgeschwindigkeitsluftreaktoren GmbH have until March 25,
2008, to register their claims with court-appointed insolvency
manager Robert Wartenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Bamberg
          Meeting Hall 317
          Synagogenplatz 1
          96047 Bamberg
          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:

          Robert Wartenberg
          Friedrichstrasse 15
          96047 Bamberg
          Germany
          Tel: 0951/29743-0
          Fax: 0951/29743-29

The District Court of Bamberg opened bankruptcy proceedings
against Moeckel Feuerungstechnik fuer
Hochgeschwindigkeitsluftreaktoren GmbH on Feb. 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Moeckel Feuerungstechnik fuer
          Hochgeschwindigkeitsluftreaktoren GmbH
          In der Au 5
          96154 Burgwindheim
          Germany


NICK NAME: Claims Registration Period Ends March 25
---------------------------------------------------
Creditors of Nick Name Fashion GmbH Woman Sportswear & Designer
Mode have until March 25, 2008, to register their claims with
court-appointed insolvency manager Frank Imberger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.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 Bochum
          Hall A29
          Ground Floor
          Main Building
          Viktoriastrasse 14
          44787 Bochum
          Germany

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

The insolvency manager can be reached at:

          Frank Imberger
          Huestrasse 34
          44787 Bochum
          Germany

The District Court of Bochum opened bankruptcy proceedings
against Nick Name Fashion GmbH Woman Sportswear & Designer Mode
on Feb. 13, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Nick Name Fashion GmbH Woman Sportswear &
          Designer Mode
          Huestr. 17- 19
          44787 Bochum
          Germany


NORBERT BRANDT: Creditors' Meeting Slated for March 20
------------------------------------------------------
The court-appointed insolvency manager for Norbert Brandt
Malereibetrieb GmbH, Susanne Oelbermann will present her first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:15 a.m. on March 20, 2008.

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

         The District Court of Bremen
         Old Building
         Hall 50
         Domsheide 16
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on May 8, 2008 at:

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

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

The insolvency manager can be reached at:

         Susanne Oelbermann
         Ostertorsteinweg 74/75
         28203 Bremen
         Germany
         Tel: 792570
         Fax: 7925757

The District Court of Bremen opened bankruptcy proceedings
against Norbert Brandt Malereibetrieb GmbH on Feb. 15, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Norbert Brandt Malereibetrieb GmbH
         Muenchener Str. 7
         28215 Bremen
         Germany

         Attn: Norbert Brandt, Manager
         Osterdeich 144
         28205 Bremen
         Germany


SCHULDNERIN BIOCONNECT: Claims Registration Ends March 24
---------------------------------------------------------
Creditors of Schuldnerin BioConnect Grafts & Implants GmbH & Co
KG have until March 24, 2008 to register their claims with
court-appointed insolvency manager Bardo M. Sigwart.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Bingen am Rhein
         Hall 9
         Mainzer Strasse 52
         55411 Bingen am Rhein
         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:

         Bardo M. Sigwart
         Ahornweg 12
         55218 Ingelheim
         Germany
         Tel: 06132/88949
         Fax: 06132/896498

The District Court of Bingen am Rhein opened bankruptcy
proceedings against Schuldnerin BioConnect Grafts & Implants
GmbH & Co KG on Feb. 15, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Schuldnerin BioConnect Grafts & Implants GmbH & Co KG
         Mainzer Str. 346
         55411 Bingen am Rhein
         Germany

         Attn: Richard Donaca, Manager
         Heinrich-Becker-Str. 19
         55411 Bingen/Rhein
         Germany


VICTORIA HAUSHALTSMASCHINEN: Claims Period Ends March 10
--------------------------------------------------------
Creditors of Victoria Haushaltsmaschinen Vertriebsgesellschaft
mbH have until March 10, 2008, to register their claims with
court-appointed insolvency manager Hans-Peter Burghardt.

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

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         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 Burghardt
         Bunsenstr. 3
         32052 Herford
         Germany

The District Court of Detmold opened bankruptcy proceedings
against Victoria Haushaltsmaschinen Vertriebsgesellschaft mbH on
DATE.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Victoria Haushaltsmaschinen Vertriebsgesellschaft mbH
         Attn: Michael Delker Lemgo und
               Lars Kinkeldey Steinheim, Managers
         Max-Planck-Str. 62-64
         32107 Bad Salzuflen
         Germany


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


PROPEX INC: Section 341(a) Creditors' Meeting Set for March 11
--------------------------------------------------------------
Richard F. Clippard, the U.S. Trustee for Region 8, will convene
a meeting of creditors of Propex, Inc., and its debtor-
affiliates on Tuesday, March 11, 2008, at 10:00 a.m. prevailing
Eastern Time, at the U.S. Bankruptcy Court, Basement Room 18, 31
East 11th Street, Chattanooga, Tennessee.

The meeting may be continued until April 8, 2008, and is
expected to conclude after the filing of the Debtors' Schedules
and Statements of Financial Affairs.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in the Debtors' bankruptcy cases.

The Section 341 meeting in the Debtors' cases was originally set
for March 4.

Attendance by the Debtors' creditors at the meeting is welcome,
but not required.  The Sec. 341(a) meeting offers the creditors
a one-time opportunity to examine the Debtors' representative
under oath about the Debtors' financial affairs and operations
that would be of interest to the general body of creditors.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in
Brazil, Mexico, Germany, Hungary, and the United Kingdom.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  (Propex Bankruptcy News, Issue
No. 4; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Wants Court Nod on Sale Process of Dalton Property
--------------------------------------------------------------
Propex Inc. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Eastern District of Tennessee to:

  (a) after an initial and interim hearing, approve the proposed
      auction and sale process for a proposed Dalton Property
      sale;

  (b) authorize them to modify and assume an Auction Listing
      Contract with Potts Brothers;

  (c) after a final hearing, authorize the sale of the Dalton
      Property to the highest bidder;

  (d) allow them to pay a real estate commission to Potts
      Brothers in the event the Dalton Property is successfully
      consummated; and

  (e) rule that a sale arising from the proposed sale process be
      deemed to be exempt from any sales or transfer taxes.

The Debtors own a certain real property located at 821-835
Shugart Road, in Dalton, Whitfield County, Georgia.  The Dalton
Property is comprised of approximately 12.5 acres of real
property, where three industrial buildings that were formerly
used by the Debtors as a warehousing and distribution center are
located.

In early 2007, the Debtors determined that the Dalton Property
is not necessary or beneficial to their business and operations.
Thereafter, they ceased operations at the Dalton Property, and
since then, the property has been largely unused and vacant.
The Debtors though currently store a small amount of inventory
at the Dalton Premises.

Mark W. Wege, Esq., at King & Spalding, LLP, in Houston, Texas,
asserts that a sale of the Dalton Property would permit the
Debtors to monetize the asset for distribution to creditors and
would facilitate a successful reorganization.  The Debtors
believe that a sale of the Dalton Property would yield
significant benefits for their creditors and estates.

                     Potts Brothers Contract

In connection with their efforts to sell the Dalton Property to
the highest bidder, the Debtors entered into an auction listing
contract with Potts Brothers Land and Auction, LLC, on Sept. 28,
2007.  Potts Brothers agreed to "provide necessary auction
personnel, labor, sales information, plats, property packages,
photos and signs" related to the auction of the Dalton Property.
In compensation for its efforts, the parties agreed that Potts
Brothers would receive an 8% "buyer's premium" from the proceeds
of the auction sale.  In the event of a "No Sale," the Debtors
would reimburse Potts Brothers for advertising costs and any
costs related to surveying the Dalton Property.

Potts Brothers then advertised and marketed the Dalton Property
for a Jan. 31, 2008 auction pursuant to an advertising and
marketing plan it agreed upon with the Debtors.  As a result of
those marketing efforts, 11 potential buyers expressed interest
in the Dalton Property, with eight of those potential buyers
conducting some preliminary due diligence with respect to the
Property.

However, prior to the scheduled Auction, the Debtors filed for
bankruptcy protection and instructed Potts Brothers to cancel
the January 31 Auction and to temporarily cease its advertising
and marketing efforts pending further instructions from the
Court.

Mr. Wege states that the Auction Listing Contract currently sets
March 1, 2008 as the "outside date" for closing the sale of the
Dalton Property to the successful bidder at auction.

Because the Debtors' proposed sale process contemplates a
Closing Date after March 1, 2008, the Debtors and Potts Brothers
desire for the outside date to be amended to June 30, 2008.
This amendment should ensure that the sale of the Dalton
Property will be closed before the outside date under the
Auction Listing Contract.

                     Proposed Sale Process

To fully maximize the value to be realized from the proposed
sale, the Debtors developed a process for auctioning the Dalton
Property.

The Debtors seek to sell and transfer the Dalton Property to a
prevailing bidder, on an "as is" and "where is" basis.

Potts Brothers will implement a marketing process for the sale
of the Dalton Property until the Auction date.

Potts Brothers will conduct an auction with respect to the sale
of the Dalton Property on May 16, 2008, at 10:00 a.m.  The
Dalton Property has been divided into three tracts pursuant to a
survey conducted by Allied Surveying Inc. in October 2007 at the
behest of Potts Brothers and the Debtors.

  * At the Auction, the Potts Brothers will first offer for
    bidding each of the three separate tracts on an individual
    basis.

  * After Potts Brothers determines the highest or best bid for
    each of the three individual tracts, it will offer for
    bidding the three tracts together.

  * After the bidding is complete for the three tracts together,
    Potts Brothers will determine, subject to Bankruptcy Court
    approval, the bid or combination of bids for the Dalton
    Property that represent the highest or best offer for the
    Dalton Property and the determination will be announced by
    Potts Brothers at the Auction, together with the final bid
    amount inclusive of the 8% "buyer's premium" covering Potts
    Brothers' commission.

  * On the day of the Auction, each party submitting a
    Prevailing Bid will pay by cashiers' or certified check a
    deposit equal to 10% of the amount of its Prevailing Bid.

  * All bidding for the Dalton Property will be concluded at the
    Auction and there will be no further bidding at the Sale
    Hearing.

The Debtors propose that the Auction will be conducted as a
"reserve auction."  In the event that no bid or combination of
bids are received at the Auction that are satisfactory to the
Debtors in their sole and absolute discretion, Potts Brothers
will announce that there is no successful bidder for the Dalton
Property and no Prevailing Bid will be presented to the Court.

If the Debtors select a Prevailing Bid or Bids at the Auction,
within one day of completion of the Auction, the Debtors will
(a) file a notice with the Court setting forth the identity of
each Prevailing Bidder and the amount of each Prevailing Bid,
and (b) serve the Bid Notice on the parties on the master
service list in the case.

Prior to a sale hearing, the Debtors will provide the Official
Committee of Unsecured Creditors with information made available
to it at the Auction regarding the Prevailing Bidders, and will
confer and consult with the Creditors Committee regarding the
Prevailing Bids after the Debtors' acceptances.

The Debtors further ask the Court to set a hearing on May 21,
2008, at 9:00 a.m. local time in Chattanooga, Tennessee, to
consider approval of the Dalton Property sale.  The Debtors
intend to present the Prevailing Bid or Bids for approval at the
Sale Hearing.

The Debtors will be deemed to have accepted a bid only when that
bid has been approved by the Court at the Sale Hearing.  Upon
the failure to consummate a sale of the Dalton Property after
the Sale Hearing because of the occurrence of a breach or
default under the terms of the Prevailing Bid:

  (1) the next highest or otherwise best bid, as disclosed at
      the Sale Hearing, will be deemed the Prevailing Bid
      without further Court order, and the parties will be
      authorized and directed to consummate the transaction
      contemplated by the backup Prevailing Bid; and

  (2) the Debtors will be entitled to retain the defaulting
      bidder's deposit as liquidated damages.

At all times during the Proposed Sale Process, the Debtors seek
to retain full discretion and right to determine, in their sole
discretion, which bid or bids constitute the highest or
otherwise best offer for the purchase of the Dalton Property,
and which bid or bids should be selected as Prevailing Bid or
Bids, if any, all subject to final approval by the Court.

The Debtors reserve their rights to, at any time before the
entry of a Court order approving a Prevailing Bid, reject any
bid that they determine is (i) inadequate or insufficient, (ii)
contrary to the requirements of the Bankruptcy Code or the
Proposed Sale Process, or (iii) contrary to the best interests
of their estates and creditors.

The Debtors propose that all closings related to the sale of the
Dalton Property will take place no later than 30 days after the
Court approves the sale.

                    About Propex Inc.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in
Brazil, Mexico, Germany, Hungary, and the United Kingdom.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The debtors' has selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  As of Sept. 30, 2007, the
debtors' balance sheet showed total assets of US$585,700,000 and
total debts of US$527,400,000.  (Propex Bankruptcy News, Issue
No. 4; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


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


BALLANTYNE RE: Fitch Holds Ratings on US$300 Million Notes
----------------------------------------------------------
Fitch Ratings affirmed the ratings of Ballantyne Re Plc as:

    -- US$250,000,000 class A-1 floating-rate notes at 'BB';

    -- US$10,000,000 class B-1 subordinated notes at 'B';

    -- US$40,000,000 class B-2 subordinated floating-rate notes
       at 'B'.

Ballantyne Re holds significant amounts of subprime residential
asset- and mortgage-backed (ABS/RMBS) securities in the asset
portfolios supporting its reserves.  These assets have
experienced material mark-to-market declines, which previously
resulted in the deferral and accrual of interest on the class B-
1 and B-2 notes and a substantial write-down of the accrued
interest and principal of Ballantyne Re's class C notes.

Fitch notes that the rate of decline in the market value of
residential ABS/RMBS has slowed in recent months and remains
within the range Fitch anticipated when the Ballantyne Re
securities were last reviewed in December 2007.  Fitch continues
to be concerned that the life insurance reserves on Ballantyne
Re's block of business have not yet reached their peak.  If the
market values of Ballantyne Re's assets continue to decline as
its reserves continue to grow, there is increasing potential
that funds may not be available for payment of interest to the
class A-1 notes.

The 'AAA' ratings of Ballantyne Re's class A-2 floating-rate
guaranteed notes series B are not affected.  The 'AA' ratings of
Ballantyne Re's class A-2 series A and its A-3 floating-rate
guaranteed notes are not affected and remain on Rating Watch
Negative. Those ratings are linked to the financial strength of
the relevant financial guarantors.

Ballantyne Re is a special purpose public limited company
incorporated and registered in Ireland.  The company was
established for the limited purpose of entering into a
reinsurance agreement with Scottish Re (US) Inc., and conducting
activities related to the notes' issuance.  Under the
reinsurance agreement, SRUS ceded a block of business to
Ballantyne Re.  Ballantyne Re issued the notes to finance excess
reserve requirements under Regulation XXX for the ceded block of
business.


COLTRANE CLO: Fitch Cuts Ratings to "CC" on 4 Classes of Notes
--------------------------------------------------------------
Fitch Ratings has downgraded 4 classes of notes issued by
Coltrane CLO p.l.c.  All classes remain on Rating Watch Negative
by Fitch.  These rating actions are effective immediately:

  -- EUR26,000,000 class B notes to 'CC' from 'CCC';
  -- EUR45,000,000 class C notes to 'CC' from 'CCC';
  -- EUR1,750,000 class D-1 notes to 'CC' from 'CCC';
  -- EUR2,000,000 class D-2 notes to 'CC' from 'CCC'.

On Feb. 25, 2008, Fitch received notice that Coltrane CLO p.l.c.
had entered into an Event of Default as a result of a Threshold
Value Event which remained uncured for five business days.
Fitch has not received confirmation that the Controlling Class
or the Trustee plan to liquidate the underlying loan collateral
in the immediate near term.  In the event that the Controlling
Class or the Trustee chooses to liquidate the underlying loan
collateral, subsequent rating action may be taken.

Of note, since the last rating action on Feb. 20, 2008 in which
Fitch downgraded 24 classes from nine total rate of return
collateralized loan obligations, loan prices in the secondary
market, as reported by the Loan Syndications and Trading
Association, have remained relatively stable, slightly
increasing to 86.84 as of Feb. 26, 2008 from 86.27 as of Feb.
15, 2008.  As a result, the cushions in the transactions which
have not yet breached their TRS termination or liquidation
triggers remain relatively stable.  Also, Fitch has confirmed
that three transactions have enacted amendments or entered into
agreements outside of the transaction to avoid breaching a
termination trigger, or to prevent a liquidation of the
portfolio in the case where a termination trigger has been
breached.


WELLMAN INC: Organizational Meeting Scheduled for March 10
----------------------------------------------------------
Diana G. Adams, the U.S. Trustee for Region 2, has scheduled an
organizational meeting of creditors in the Chapter 11 cases of
Wellman, Inc., and its debtor-affiliates, on March 10, 2008,
1:00 p.m. at the U.S. Trustee's Meeting Room, 80 Broad Street,
4th floor, in New York City.

The sole purpose of the meeting will be to form a committee or
committees of creditors in the Debtors' case.

The meeting is not a meeting of creditors pursuant to Section
341 of the Bankruptcy Code.  A representative of the Debtor,
however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

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

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

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

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

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


WELLMAN INC: Wants to Employ Lazard Freres as Financial Advisor
---------------------------------------------------------------
Wellman Inc. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Southern District of New York to
employ Lazard Freres & Co. LLC, as their investment bankers and
financial advisors.

The Debtors selected Lazard because of its extensive experience
in providing high quality financial advisory and investment
banking services to debtors and creditors in Chapter 11 cases
and other restructuring.

The firm is also familiar with the Debtors' financial affairs,
debt structure, operations and related matters as a result of
the prepetition work performed on behalf of the Debtors.

As investment bankers and financial advisors, Lazard is expected
to:

  (a) review and analyze the Debtors' business, operations and
      financial projections;

  (b) evaluate the Debtors' potential debt capacity in light of
      its projected cash flows;

  (c) assist in determining a capital structure for the Debtors;

  (d) assist in the determination of a range of values for
      the Debtors on a going concern basis;

  (e) advise the Debtors on tactics and strategies for
      negotiating with the stakeholders;

  (f) rendering financial advice and participate in meetings or
      negotiations with the stakeholders, rating agencies or
      other parties in connection with any restructuring;

  (g) advise the Debtors on the timing, nature and terms of new
      securities, other consideration or other inducements to be
      offered pursuant to the restructuring;

  (h) assist the Debtors in preparing documentation within
      Lazard's area of expertise required in connection with the
      restructuring;

  (i) assist in identifying and evaluating candidates for a
      potential sale transaction, advise in connection with
      negotiations and aiding in the consummation of a sale
      transaction;

  (j) attend meetings of Wellman Inc.'s Board of Directors and
      its committees with respect to matters on which Lazard has
      been engaged to advise the Debtors;

  (k) provide testimony, as necessary, with respect to matters
      on which Lazard has been engaged to advise Wellman in any
      proceeding before the Court; and

  (l) provide the Debtors with other financial restructuring
      advice.

In exchange for the services, the Debtors will pay Lazard a
US$150,000 monthly fee on March 1, 2008, and on the first day of
each month thereafter until the earlier of the completion of the
restructuring or the termination of Lazard's engagement.

Lazard will also receive a US$5,000,000 restructuring fee,
payable upon the consummation of a restructuring.  If the
Debtors consummate a sale transaction, Lazard will be paid a fee
equal to the greater of

  (i) the fee calculated based on the aggregate consideration,
      or

(ii) the restructuring fee.

The Debtors won't be required to pay both the restructuring and
the sale transaction fees, provided, that no sale transaction
fee should be less than US$5,000,000.

The Debtors will reimburse Lazard for expenses incurred related
to work undertaken.  The Debtors will also indemnify, provide
contribution and reimbursement, and hold Lazard, its affiliates,
officers, employees and others, from losses, damages or claims.

Barry Ridings, managing director of Lazard, assures the Court
that neither the firm nor any of its professional employee has
any interest adverse to the Debtors, their creditors, or any
other party-in-interest.  Mr. Ridings says the firm is a
"disinterested person," as that term is defined in Section
101(14) of the Bankruptcy Code.

                      About Wellman Inc.

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

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

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

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

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


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


ALITALIA SPA: Hikes Net Debt to EUR1.28 Billion in January 2008
---------------------------------------------------------------
The Alitalia Groupís net debt as of Jan. 31, 2008, amounted to
EUR1.28 billion, showing an increase in net indebtedness of
EUR81 million compared to the situation on Dec. 31, 2007, this
trend is due to the typical seasonality of this monthís proceeds
and payments, which are substantially in line with Budget
targets.

The net debt of the parent Alitalia S.p.A. including short-term
financial credits for subsidiaries on Jan. 31, 2008, including
short-term financial credits of subsidiaries, amounted to
EUR1.265 billion showing an increase of EUR78 million compared
to net debt as of Dec. 31, 2007.

The Groupís cash-to-hand and short-term financial credits as of
Jan. 31, 2008, at the Group level and for Alitalia, amounted to
EUR282 million and EUR297 million respectively (the
corresponding figures on Dec. 31, 2007 were EUR367 million and
EUR379 million).

It should be noted that as of Jan. 31, 2008, there were several
leasing contracts at the Group level (referring almost entirely
to fleet aircraft mostly held by the parent company
amounting to EUR82 million) whose capital share, including lease
closure value, amounted to EUR94 million (of which EUR12 million
represent the current capital share falling due within 12 months
of the reference date, with EUR10 million held by the parent
company).

By comparison, the same figure as of Dec. 31, 2007, amounted to
EUR95 million (of which EUR12 million falling due in the 12
months from the reference date); the corresponding figures for
the parent company on Dec. 31, 2007, amounted to EUR82 million
and EUR10 million respectively.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal.  None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During Jan. 2008, repayments were made of medium/long-term
financing amounting to about EUR3 million.  Regarding debts of a
financial, fiscal and social welfare nature, there were no
outstanding sums or payment irregularities on Jan. 31, 2008,
both for the parent company and for the other companies in the
Group.

As far as debts of a commercial nature are concerned, decisions
are still pending for the petitions filed by Alitalia regarding:

    * an injunction related to supposed different pricing
      policies, issued by a carrier for EUR6 million (two
      decrees);

    * injunction issued by a supplier of on-board movies for
      EUR1.2 million (two decrees);

    * injunction issued by an IT services supplier for
      EUR812,000;

    * injunction issued by an Italian subsidiary of an air
      carrier bankruptcy for EUR288,000;

    * injunction has been issued by a maintenance services
      supplier for EUR492,000;

    * injunction issued by the special manager of a firm for
      presumed debts relating to air ticket sales, for
      EUR3.2 million;

    * injunction issued by a fuel supplier for EUR1 million;

    * injunction issued by an airport management company for
      limited failure to pay handling fees for EUR375,000;

    * injunction issued by three suppliers, for EUR76,000.

There are no other injunction orders or executive actions
undertaken by creditors notified as of Jan. 31, 2008, nor are
there any threats by suppliers to suspend operations.
Furthermore, it should be noted that the Company, in
its ordinary running of the business, constantly focuses on
maintaining commercial relations with its clients and suppliers
that -- absent particular issues or operational distress --
offer enough financial flexibility to support its liquidity.

As reported in the TCR-Europe on Jan. 17, 2008, Alitalia and
Italy have 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.

                          About Alitalia

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

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

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


ALITALIA SPA: Air France-KLM to Offer for Part of AZ Servizi
------------------------------------------------------------
Air France-KLM S.A. plans to present a binding offer for
Alitalia S.p.A.'s AZ Fly unit and a fraction of AZ Servizi,
Thomson Financial reports, citing FILT-CGIL union secretary
general Fabrizio Solari.

Mr. Solaris told Thomson Financial thats Air France is only
interested in AZ Servizi's maintenance and part of its handling
operations.  AZ Fly and AZ Servizi handles Alitalia's flight and
ground operations respectively.

The union official added Air France will seek approval of its
offer from Alitalia's board before presenting it to the finance
ministry, Thomson Financial adds.

As reported in the TCR-Europe on Jan. 17, 2008, Alitalia and
Italy have 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.

                          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.

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.


MILACRON INC: Dec. 31 Balance Sheet Upside-Down by US$51.1 Mil.
---------------------------------------------------------------
Milacron Inc. released its results for the fourth quarter ended
Dec. 31, 2007.  The company's balance sheet showed total assets
of US$592.9 million and total liabilities of US$644 million,
resulting in a US$51.1 million stockholders' deficit.  Deficit,
at Dec. 31, 2006, was US$21.3 million.

The company reported a net loss in the fourth quarter of 2007 of
US$73.4 million, caused primarily by a non-cash writedown of
deferred tax assets of US$63.0 million associated with the
change of ownership of the majority of the company's preferred
stock, as announced in October.  The loss also included
US$7.4 million in restructuring charges, US$1.9 million in one-
time costs related to the curtailment of the company's U.S.
pension plan, as well as US$1.4 million in expenses related to
the preferred stock transaction.  This compared to a net loss in
the fourth quarter of 2006 of US$8.6 million, which included
US$5.1 million in restructuring costs and US$1.8 million in
refinancing charges.

"We continue to make solid progress throughout the company in
terms of our restructuring and other cost reduction
initiatives," Ronald D. Brown, chairman, president and chief
executive officer, said.  "Our manufacturing margins and
operating cash flow or EBITDA are both up significantly from the
year-ago quarter.  And our efforts to expand Milacron's presence
in faster-growing markets of the world are also paying off.  In
fact, our sales to markets outside the U.S., Canada and Western
Europe are up well in excess of 20% and now represent about 25%
of our total sales."

These gains in non-traditional markets helped offset declines in
North America, as fourth quarter 2007 sales reached
US$217 million, up 10% from US$198 million in the year-ago
quarter.  About half of the sales increase came as a result of
favorable currency translation effects.  New orders in the
quarter were US$213 million, up from US$203 million in 2006,
entirely due to currency translation.

Aided by favorable resolutions of long-standing product
liability claims and the benefits of restructuring and product
cost reduction initiatives, manufacturing margins in the quarter
rose to 22.3%, up from 19.4% in the year ago quarter.

Net cash provided by operations during the quarter was
US$9.6 million, compared to a use of cash by operations of
US$800,000 in the fourth quarter of 2006.  At the end of the
quarter, Milacron had US$41 million in cash, up US$3 million
from the beginning of the quarter.  The company also had US$34
million in borrowing availability under its North American
revolving credit agreement, down from US$42 million at the
beginning of the quarter.

                            Year 2007

Milacron's net loss for the year was US$88.8 million, or
US$19.59 per share.  This included the writedown of tax assets
of US$63.0 million, restructuring charges of US$12.5 million,
US$1.9 million in one-time costs for pension plan curtailment,
as well as US$1.9 million in expenses for the preferred stock
transaction.  In 2006, Milacron lost US$39.7 million, or
US$10.15 per share, which included US$17.4 million in
restructuring costs and US$1.8 million in refinancing charges.
Operating earnings in 2007 improved to US$3.1 million, up from a
loss of US$7.2 million in 2006.  Sales in 2007 fell to US$808
million from US$820 million in 2006, while new orders were
US$826 million, down slightly from US$828 million in the prior
year. 2007 sales and new orders were helped by approximately
US$29 million in favorable currency translation effects.

Throughout 2007, Milacron faced severe declines in two of its
largest markets in North America: injection molding machinery
and mold technologies, which have been impacted by the shakeout
in U.S. auto parts suppliers and the decline in new housing
starts.  During the year, however, restructuring measures helped
reduce overall operating expenses by US$12 million, while global
redesign and sourcing initiatives cut product costs by
US$6 million.  To further soften the impact of the downturn in
capital spending in North America, Milacron focused on growing
aftermarket sales, which approached US$200 million and grew to
represent 36% of total machinery sales.  The company also
accelerated efforts to further penetrate markets outside the
U.S., Canada and Western Europe.  As a result, sales to these
non-traditional markets rose to US$187 million in 2007, up 27%
over 2006.

Continued cost reductions and efficiency improvements helped
raise manufacturing margins in 2007 to 20.2%, a significant
increase over 18.5% in 2006.

Net cash provided by operations for the year was US$9.6 million,
compared to a use of cash by operations of US$19.2 million in
2006.

                             Outlook

"The economic outlook for 2008 is mixed," Mr. Brown said.  "We
expect to see continued growth in most of our markets outside of
North America, particularly in China, India and other faster-
growing economies.  Due to uncertainty in the automotive and
housing sectors, however, we are not anticipating any market
growth in North America.

"We entered the year with a solid backlog for the first quarter.
This should enable us to show significant year-over-year
improvement in sales and operating results compared to the first
quarter of 2007.

"We continue to work hard to make 2008 a significantly better
year for Milacron," Mr. Brown said.  "In addition to improved
operating results from restructuring efforts, our cash flow will
benefit from the U.S. pension plan freeze we implemented at the
end of last year, from lower insurance costs going forward and
from the ongoing sale of redundant or non-core assets.  We are
also in the process of negotiating an asset-based loan in
Europe, which will increase our overall liquidity."

                     Annual Meeting Date Set

Milacron's board of directors set May 8, 2008 as the date of the
annual meeting of shareholders to be held in Cincinnati, Ohio,
and March 12, 2008 as the record date for determination of
shareholders entitled to notice of and to vote at the annual
meeting.

                         About Milacron

Headquartered in Cincinnati, Ohio, Milacron Inc. --
http://www.milacron.com/-- is a global manufacturer and
supplier of plastics-processing equipment and related supplies.
Milacron is also one of the largest global manufacturers of
synthetic water-based industrial fluids used in metalworking
applications.  The company has major manufacturing facilities in
Brazil, North America, Belgium, Canada, Italy, and South Korea.


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


ARMA INVESTMENT: Creditors Must File Claims by April 4
------------------------------------------------------
JSC Arma Investment has declared insolvency.  Creditors have
until April 4, 2008, to submit written proofs of claims to:

         JSC Arma Investment
         Fonvizin Str. 33
         Almaty
         Kazakhstan


KOKJAR LLP: Claims Deadline Slated for April 4
----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Kokjar insolvent.

Creditors have until April 4, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Polzunov Str. 86
         Shymkent
         South Kazakhstan
         Kazakhstan


LEKO-KAZAKHSTAN LLP: Claims Filing Period Ends April 1
------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Leko-Kazakhstan insolvent on Nov. 15, 2007.

Creditors have until April 1, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Saraishyk Str. 19-92
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (7112) 50-02-73


PAVLODARSKAYA PROMYVOCHNO: Creditors' Claims Due on April 4
--------------------------------------------------------------
Branch of JSC National Company - Kazakhstan Temir Joly -
Pavlodarskaya Promyvochno-Proparochnaya Stantsiya has declared
insolvency.

Creditors have until April 4, 2008, to submit written proofs of
claims to:

         Pavlodarskaya Promyvochno-
         Proparochnaya Stantsiya
         Severnaya promzona
         Pavlodar
         Kazakhstan


SAEZ-MARKET LLP: Claims Registration Ends March 28
--------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Saez-Market (RNN 090400013179).

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


SK SOVREMENNY: Creditors Must File Claims by March 28
-----------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP SK Sovremenny Dom (RNN 090400214246).

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


STROYTRANS-ASIA LLP: Claims Deadline Slated for April 4
-------------------------------------------------------
LLP Stroytrans-Asia has declared insolvency.  Creditors have
until April 4, 2008, to submit written proofs of claims to:

         LLP Stroytrans-Asia
         Jabaev Str. 3a
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


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


KELECHEK PAHTA: Creditors Must File Claims by March 28
------------------------------------------------------
OJSC Kelechek Pahta has declared insolvency.  Creditors have
until March 28, 2008 to submit written proofs of claim to:

         OJSC Kelechek Pahta
         Aral
         Nookensky District
         Djalal-Abad
         Kyrgyzstan


PANFILOVSKAYA TSENTRALNAYA: Claims Filing Period Ends April 1
-------------------------------------------------------------
OJSC Panfilovskaya Tsentralnaya Raionnaya Apteka has declared
insolvency.  Creditors have until April 1, 2008 to submit
written proofs of claim.

Inquiries can be addressed to (0-773) 72-70-73.


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


AMERICAN AXLE: Union Members Rally to Preserve Well-Paying Jobs
---------------------------------------------------------------
United Auto Workers union members on strike at American Axle &
Manufacturing Inc. are fighting to preserve well-paying U.S.
manufacturing jobs at the company.

"Our union is a responsible organization, and we've worked
through complex problems at Chrysler LLC, Ford Motor Co.,
General Motors Corp., Delphi Corp., Dana Corp. and other
companies," UAW President Ron Gettelfinger said.  "But
negotiations can't be a one-way street."

"We have repeatedly proven that we will work with this company,
during these negotiations and during previous negotiations," UAW
Vice President Jimmy Settles, who directs the union's American
Axle Department, said.

"The plain fact is, the company has not appropriately responded
to our significant and serious proposals, and that's what caused
this labor dispute," Erv Heidbrink, president of UAW Local 2093
said, representing some 800 UAW members at American Axle's
manufacturing facility in Three Rivers, Michigan.

"Nobody likes a strike," Mr. Heidbrink said, "but the company
continues to make unreasonable and unnecessary demands which
attack our wages, pensions and health care and they haven't
provided us the information we need to evaluate their proposals.

"Our members are getting terrific support from all over the UAW
and we're standing strong," Mr. Heidbrink said.  "We're ready
for serious bargaining at any time, and we want to get this
dispute resolved as soon as we can."

American Axle was created in 1994 when GM spun off five U.S.
plants making axles and drive line components, employing
approximately 6,500 UAW members.

Since 1994 industry-leading quality and greatly increased
productivity in UAW-represented facilities has created
significant profits for AAM, leading to expansion of the company
to 29 facilities worldwide.  But operations at facilities in
North America covered by the UAW American Axle master agreement
have been reduced, now employing approximately 3,500 workers.

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

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 29,
2008, Standard & Poor's Ratings Services said that its ratings
on American Axle and Manufacturing Holdings Inc.
(BB/Negative/--) are not immediately affected by reports that
the UAW elected to conduct a work stoppage at the expiration of
its four-year master labor agreement with American Axle.

In November 2007, American Axle carries Moody's Investors
Service's Corporate Family rating of Ba3.  The company's notes
and term loan also carries Moody's senior unsecured rating of
Ba3.  The outlook is stable and the Speculative Grade Liquidity
rating of SGL-1 is renewed.


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


BIOMET INC: Taps Jon Serbousek as President for Orthopedics Unit
----------------------------------------------------------------
Biomet Inc. has appointed Jon Serbousek as President of Biomet
Orthopedics, Inc., effective March 3, 2008.  Mr. Serbousek will
lead Biomet's efforts in continuing the success and growth of
the U.S. total joint reconstruction business.

During the past eight years, Mr. Serbousek has held diverse
general management roles with Medtronic in the areas of Spinal
Reconstruction, International, New Technology Development and
most recently, worldwide Vice-President and General Manager,
Biologics.  Prior to Medtronic, Mr. Serbousek spent 13 years
with DePuy, holding positions of Vice President of Marketing and
Product Development Joint Reconstruction, Vice President, Spinal
Operations; Vice President and General Manager, Arthroscopy &
Sports Medicine and a series of Product Development and
Engineering Management positions.

Jeff Binder, Biomet President and CEO, stated, "I have worked
closely with Jon in the past and he fits perfectly with Biomet's
culture and heritage.  He shares our company's commitment to
clinical excellence and innovation, extraordinary service,
personalized patient care and surgeon prominence in the
healthcare system."

"I am very excited about joining the Biomet team," Mr. Serbousek
said.  "The company's track record of innovation, clinical
performance, and growth is unmatched, and I am honored to have
the opportunity to contribute to its future."

                        About Biomet

Based in Warsaw, Indiana, Biomet Inc. (NASDAQ: BMET) and its
subsidiaries design, manufacture, and market products used
primarily by musculoskeletal medical specialists in both
surgical and non-surgical therapy.  Biomet and its subsidiaries
currently distribute products in more than 100 countries,
including the Netherlands, Argentina and Korea.

Biomet Inc. and its subsidiaries design, manufacture, and market
products used primarily by musculoskeletal medical specialists
in both surgical and non-surgical therapy.  Biomet's product
portfolio encompasses reconstructive products, fixation
products, spinal products, and other products.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
Oct. 1, 2007, Moody's Investors Service assigned final
debt ratings to Biomet, Inc. (B2 Corporate Family Rating) in
conjunction with the close of the leveraged buy-out transaction
by a consortium of equity sponsors.  Moody's said the rating
outlook is negative.


X5 RETAIL: Names Marina Yanina as Government Relations VP
---------------------------------------------------------
X5 Retail Group N.V. has appointed Marina Yanina as Vice
President of Government Relations.

Ms. Yanina will be responsible for supporting and maintaining
the companyís relations with state and public organizations,
such as associations and unions.  Within the company, Ms. Yanina
will be subordinate to Yuri Kobaladze, X5 Retail Groupís
Managing Director of Corporate Relations.

Ms. Yanina graduated from Moscow Commercial University with a
degree in Management and, in 2000, she graduated from Moscow
State Legal Academy (MGYUA).  She is a licensed lawyer
specializing in jurisprudence and holds a Masters degree in
Economic Science.

From 1996 to 2000, Ms. Yanina was the director of an association
of companies that produced and sold household appliances. In
2002, she joined M.Video, where, starting in 2005 she headed the
companyís PR department. From 2006 to 2008, she was M.Videoís
Director of Corporate Relations and Communications.

In terms of active development of the retail branch of the
economy, itís necessary to have a steady dialog with government
representatives," Yuri Kobaladze, X5 Retail Groupís Managing
Director of Corporate Relations, said.  "Iím positive that
Marinaís multiyear experience will help strengthen this area of
our companyís activities."

"I accepted the post of Vice President of Government Relations
at Russiaís leading retail company with optimism," Ms. Yanina
said.  "I hope that my knowledge and experience in the area of
maintaining relations with the government, as well as
associations and unions, will help the company reach its
ambitious goals."

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. --
http://www.x5.ru/en/-- operates a large store network largely
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.

                          *     *     *

X5 Retail Group N.V. carries a B1 Corporate Family Rating from
Moody's Investors Service.  Moody's said the outlook is
positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


===============
P O R T U G A L
===============


MYLAN INC: J. Dore' Joins as Matrix Labs CEO & Managing Director
----------------------------------------------------------------
Mylan Inc. has appointed Jagdish Viswanath Dore' as Chief
Executive Officer and Managing Director of Matrix Laboratories
Limited.  Mr. Dore' will assume the responsibilities of Rajiv
Malik who became Executive Vice President and Head of Global
Technical Operations for Mylan in October 2007 and has been
serving as interim CEO for Matrix, a majority-owned subsidiary
of Mylan.  Mr. Malik will relocate to the United States in
connection with his employment by Mylan.

Mr. Dore' joins Matrix after a distinguished 29 year career with
Sandoz most recently as Managing Director and India Country
Head.  In this role, Mr. Dore' was responsible for all of
Sandoz's operations in India including global development and
manufacturing; local and export sales; day-to-day operations;
and technical operations in the Asia Pacific region.  He was
previously responsible for business operations in the Asia
Pacific cluster and involved in the startup of Novartis
Enterprises Private Limited (now Sandoz), Novartis Consumer
Health India Private Limited and Master Builders Technology
India Private Limited, India.

Matrix Chairperson and Mylan Vice Chairperson and Chief
Executive Officer, Robert J. Coury said:  "Jagdish's impressive
industry reputation is well known, and I believe he will be a
huge asset to Matrix as it continues to expand its integral role
in support of Mylan's global platform.  I have every confidence
that Jagdish will ensure that Matrix continues its strong growth
and supports Mylan in becoming the world's leading, fully-
integrated generic pharmaceuticals company."

Matrix's Vice Chairperson, N. Prasad commented, "I have known
Jagdish for some time, and I am absolutely delighted that he
will be assuming Rajiv's role as CEO of Matrix.  During his
tenure at Sandoz, Jagdish was responsible for managing the
company's 1,800 employees based in India along with developing a
rapidly growing business across the Asia Pacific region.  He
brings a great deal of experience on a strategic and operational
level that will be invaluable to Matrix as it strengthens its
leadership in active pharmaceutical ingredients (API), further
develops its finished dosage form (FDF) capabilities and
continues to grow its antiretroviral (ARV) business."

Mr. Dore' said:  "Matrix is an established, highly respected and
high-quality company in the pharmaceuticals industry both in
India and world-wide.  It is only enhanced by being part of
Mylan.  I look forward to leading Matrix into the next phase of
its growth and working with the Mylan and Matrix senior
management teams to further align our organizations and leverage
the opportunities available to us in the global generics
market."

Mr. Dore' earned a Bachelor of Technology degree from the Indian
Institute of Technology, Chennai, and a postgraduate degree in
business management from the Xavier Institute in Jamshedpur
specializing in marketing.

                        About Mylan Inc.

Mylan Inc., formerly known as Mylan Laboratories Inc. (NYSE:
MYL), -- http://www.mylan.com/-- is a global pharmaceutical
company with market leading positions in generic
pharmaceuticals, transdermal technology and unit dose packaged
products.  Mylan operates through three principal subsidiaries:
Mylan Pharmaceuticals, a world leader in generic
pharmaceuticals; Mylan Technologies, the largest producer of
generic and branded transdermal patches for the U.S. market; and
UDL Laboratories, the top U.S.-supplier of unit dose
pharmaceuticals.

Mylan also owns a controlling interest in Matrix Laboratories,
one of the world's premier suppliers of active pharmaceutical
ingredients.  Mylan also has a European platform through
Docpharma, a Matrix subsidiary, which is a marketer of branded
generics in Europe.  The company also has a production facility
in Puerto Rico.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 19,
2007, Moody's Investors Service assigned B1 ratings to the new
senior secured credit facilities of Mylan Inc.  In addition,
Moody's lowered Mylan's Corporate Family Rating to B1 from Ba1,
concluding a rating review for possible downgrade initiated on
May 14, 2007 and lowered the speculative grade liquidity rating
to SGL-2 from SGL-1.


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


ALLIANCE-3 LLC: Creditors Must File Claims by April 16
------------------------------------------------------
Creditors of LLC Alliance-3 have until April 16, 2008, to submit
proofs of claim to:

         A. Poboshenko
         Insolvency Manager
         Nikitinskaya Str. 8a
         394036 Voronezh
         Russia
         Tel.: (4732) 63-32-04

The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A36-3311/07.

The Court is located at:

         The Arbitration Court of Lipetsk
         Skorokhodova Str. 2
         398019 Lipetsk
         Russia

The Debtor can be reached at:

         LLC Alliance-3
         Eletskaya Str. 67a
         Lipetsk
         Russia


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

         S. Khhistnyj
         Insolvency Manager
         Office 75
         Zootekhnicheskiy Per. 15
         355000 Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63-18859/2006-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         LLC Baykal
         Mineralnye Vody
         Russia


BUILDER OJSC: Court Names K. Garkanov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Saratov appointed K. Garkanov as
Insolvency Manager for OJSC Builder.  He can be reached at:

         K. Garkanov
         Post User Box 4166
         443110 Samara-110
         Russia
         Tel.: 8-902-293-65-04

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A57-235B/06-12.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Builder
         Novye Burasy
         Saratov
         Russia


EVROFINANCE MOSNARBANK: Fitch Holds Ratings with Stable Outlook
---------------------------------------------------------------
Fitch Ratings today affirmed Russia-based Evrofinance
Mosnarbank's ratings at Long-term Issuer Default (IDR) 'B',
Short-term IDR 'B', Support '5', Individual 'D' and National
Long-term 'BBB(rus)'.  The Support Rating Floor is also affirmed
at 'No Floor'.  The Outlooks for the Long-term IDR and National
Long-term rating remain Stable.

The ratings reflect EVMB's limited franchise, concentrated
balance sheet and earnings volatility.  At the same time, they
reflect the generally good quality of the bank's borrowers,
adequate risk controls, low loan impairment and sound capital
levels.

Asset growth has been below-market rate and the franchise
remains reliant on several groups of corporate clients,
including those from the finance (mainly leasing), oil and gas
and energy sectors.  However, some business diversification has
taken place as a result of underwriting of local corporate bonds
and moderate regional expansion.  The asset concentrations (top
20 borrowers/equity ratio of about 155% at end-Q307), while on a
downward trend since 2005, are likely to remain high given the
focus on selected corporate clients and segments.  Risk appetite
in the retail segment remains low and individuals represent only
a small proportion of loans.  Asset quality has been controlled,
supported by the benign economic environment and also due to
client selection.

The funding base is largely short-term and client accounts are
relatively concentrated (top 20 depositors/liabilities ratio of
26% at end-Q307), potentially putting pressure on the bank's
liquidity; this, however, has been manageable so far with a
sizeable liquidity cushion maintained.

The bank's operating results were previously underpinned by
trading gains, although the latter have proven to be rather
volatile and profitability was lower in 9M07 than 2006.
Improvements in performance will depend on the bank's ability to
diversify business and maintain credit quality and cost
controls.

Rating upside is limited given the business concentrations and
moderate core earnings, although greater diversification of the
franchise and stronger performance would be positive for the
bank's profile.  Downward pressure is unlikely at present, but
could arise from significant asset quality deterioration as a
result of loan growth, turbulence in the Russian capital or
money markets, or weakening of the liquidity position.

EVMB was formed in 2003 after the acquisition of Mosnarbank by
Evrofinance; the latter was founded in 1993.  At end-Q307, EVMB
was the 40th-largest bank by asset size in Russia.  Its network
currently includes 11 branches and 5 additional offices in 14
cities of Russia. It has a predominantly corporate focus,
although it plans some diversification into SME and retail
operations.  EVMB's shareholder structure is fragmented, with
JSC VTB Bank ('BBB+'/Stable), controlling 35.86% of shares. The
bank may pursue efforts to attract a strategic foreign investor,
although this is unlikely in the short-term.


EXPOBANK: Moody's Puts B3 Deposit Ratings Under Review
------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the B3 long-term global-scale local and foreign currency deposit
ratings of Expobank.  Concurrently, Moody's Interfax Rating
Agency placed Expobank's Baa2.ru National Scale Rating and the
Baa2.ru National Scale Rating of its ruble-denominated bonds on
review for possible upgrade. Moscow-based Moody's Interfax is
majority-owned by Moody's, a leading global rating agency.
Expobank's bank financial strength rating of E+, as well as Not
Prime global scale short-term deposit ratings were affirmed with
a stable outlook.

Moody's noted that the review for possible upgrade was prompted
by the announcement on March 3, 2008 that Barclays Bank PLC - a
leading global banking group domiciled in the UK and rated
Aa1/Prime-1(stable outlook)/B+(negative outlook) - has entered
into an agreement with Petropavlovsk Finance (Limited Liability
Company) to acquire 100% of Expobank's shares for a
consideration of approximately US$745 million (GBP373 million),
which Barclays will finance out of existing cash resources.  The
finalisation of the transaction is subject to appropriate
regulatory approvals, which are expected to be obtained by
summer 2008.

Moody's said that the review for possible upgrade will focus on
the implicit commitment and support that Barclays can be
expected to provide to Expobank, including intended parental
management and oversight of Expobank's strategy, corporate
governance practices and operational activities, Barclays' brand
policy as relates to Expobank, as well as the parent's support
in raising necessary funds by its Russian subsidiary.  Moody's
added that, upon completion of the review and subject to its
conclusion, Expobank's deposit ratings would be likely to enjoy
an upgrade of more than one notch from their current levels.
Moody's expects to complete its review within six months.

"Going forward, full control by a new shareholder -- i.e.
Barclays -- that boasts sophisticated corporate governance and
risk management standards and much greater financial and
operational flexibility than its Russian subsidiary is likely to
improve Expobank's risk positioning and financial fundamentals,
which may be reflected in an upgrade of Expobank's stand-alone
financial strength ratings in the longer term," said Olga
Ulyanova, lead analyst for Expobank at Moody's.

These ratings of Expobank were placed on review for possible
upgrade:

   -- B3 long-term local and foreign currency deposit ratings

   -- Baa2.ru National Scale Rating

   -- Baa2.ru National Scale Rating of Expobank's ruble-
      denominated bonds

These ratings were affirmed:

   -- E+ Bank Financial Strength Rating (stable outlook)

   -- Not Prime short-term global-scale local and foreign
      currency deposit ratings (stable outlook)

Barclays Bank plc is headquartered in London, United Kingdom,
and had total assets of GBP1,158 billion at 30 June 2007.
Barclays operates in over 50 countries and employs 135,000
people, it is engaged in retail and commercial banking, credit
cards, investment banking, wealth management and investment
management services.

Expobank is headquartered in Moscow, Russia, and at 31 December
2006 reported total IFRS assets of US$934 million, capital of
US$104 million and net income of US$4 million.  Expobank's
distribution network comprises 32 branches, 12 cash desks and
one of the largest ATM networks in Moscow.


ISAKLINSKAYA OJSC: Court Names E. Kasatkin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Samara appointed E. Kasatkin as
Insolvency Manager for OJSC Agricultural Company Isaklinskaya.
He can be reached at:

         E. Kasatkin
         Post User Box 15626
         443016 Samara
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-6881/2007-36.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Agricultural Company Isaklinskaya
         Leninskaya Str. 53
         Isakly
         Samara
         Russia


PSB FINANCE: Fitch Rates US$100 Million 12.5% Notes at B-
---------------------------------------------------------
Fitch Ratings assigned PSB Finance S.A.'s US$100m 12.5%
subordinated loan participation notes due 2018 final ratings of
Long-term 'B-' and Recovery 'RR6'.

The notes are issued for the sole purpose of financing a
subordinated loan to Russia-based Promsvyazbank (PSB), rated
Long-term Issuer Default (IDR) 'B+' with a Positive Outlook,
Short-term IDR 'B', Individual 'D' and Support '5'.

PSB is one of the largest Russian privately held banks, and is
majority-owned by the Ananiev brothers (84.7%).  Commerzbank AG
holds 15.3% of voting shares; however, Fitch has been informed
that it is not involved in operational or strategic management
of the bank.  PSB's current customer franchise focuses on large-
and mid-sized corporate clients and their workforce, which it
serves through a network of over 250 outlets in more than 30 of
Russia's largest regions.  The bank's current strategic focus
envisages further regional diversification and franchise
expansion into the retail and SME segments.


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

         S. Romanov
         Insolvency Manager
         Office 317
         Serafimovicha 58
         Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A53-8797/2007-S1-51.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         LLC Agricultural Company Rusí
         Molodezhnaya Str. 19-1
         Volchenskiy
         Kamenskiy
         Rostov
         Russia


SARATOV-AGRO-PROM-ENERGO: Creditors Must File Claims by April 16
----------------------------------------------------------------
Creditors of CJSC Saratov-Agro-Prom-Energo have until April 16,
2008, to submit proofs of claim to:

         L. Nikonov
         Insolvency Manager
         Barnaulskaya Str. 34
         410049 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A-57-3583/07-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Saratov-Agro-Prom-Energo
         Podstantsiya 23
         Sokurskiy Trakt
         Saratov
         Russia


STAROKULATKINSK-AGRO-TEKH-SNAB: Claims Filing Set March 16
----------------------------------------------------------
Creditors of OJSC Starokulatkinsk-Agro-Tekh-Snab have until
March 16, 2008, to submit proofs of claim to:

         E. Shirokova
         Insolvency Manager
         Post User Box 1068
         432026 Ulyanovsk
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A72-5012/07-26/6-B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Starokulatkinsk-Agro-Tekh-Snab
         Kirova Str. 133
         Staraya Kulatka
         Ulyanovsk
         Russia


X5 RETAIL: Names Marina Yanina as Government Relations VP
---------------------------------------------------------
X5 Retail Group N.V. has appointed Marina Yanina as Vice
President of Government Relations.

Ms. Yanina will be responsible for supporting and maintaining
the companyís relations with state and public organizations,
such as associations and unions.  Within the company, Ms. Yanina
will be subordinate to Yuri Kobaladze, X5 Retail Groupís
Managing Director of Corporate Relations.

Ms. Yanina graduated from Moscow Commercial University with a
degree in Management and, in 2000, she graduated from Moscow
State Legal Academy (MGYUA).  She is a licensed lawyer
specializing in jurisprudence and holds a Masters degree in
Economic Science.

From 1996 to 2000, Ms. Yanina was the director of an association
of companies that produced and sold household appliances. In
2002, she joined M.Video, where, starting in 2005 she headed the
companyís PR department. From 2006 to 2008, she was M.Videoís
Director of Corporate Relations and Communications.

In terms of active development of the retail branch of the
economy, itís necessary to have a steady dialog with government
representatives," Yuri Kobaladze, X5 Retail Groupís Managing
Director of Corporate Relations, said.  "Iím positive that
Marinaís multiyear experience will help strengthen this area of
our companyís activities."

"I accepted the post of Vice President of Government Relations
at Russiaís leading retail company with optimism," Ms. Yanina
said.  "I hope that my knowledge and experience in the area of
maintaining relations with the government, as well as
associations and unions, will help the company reach its
ambitious goals."

                         About X5 Retail

Headquartered in the Netherlands, X5 Retail Group N.V. --
http://www.x5.ru/en/-- operates a large store network largely
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.

                          *     *     *

X5 Retail Group N.V. carries a B1 Corporate Family Rating from
Moody's Investors Service.  Moody's said the outlook is
positive.

X5 Retail and its subsidiaries also carries a 'BB-' long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is stable.


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


BAR VENEZIA: Creditors' Liquidation Claims Due by March 10
----------------------------------------------------------
Creditors of LLC BAR VENEZIA have until March 10, 2008, to
submit their claims to:

         Moreno Pedrazzoli
         Liquidator
         Laupenstrasse 17
         3011 Berne
         Switzerland

The Debtor can be reached at:

         LLC BAR VENEZIA
         Berne
         Switzerland


DORFZENTRUM WILEN: Creditors' Liquidation Claims Due by March 31
----------------------------------------------------------------
Creditors of JSC Dorfzentrum Wilen have until March 31, 2008, to
submit their claims to:

         Martin Giger
         Chorb 9
         9535 Wilen TG
         Switzerland

The Debtor can be reached at:

         JSC Dorfzentrum Wilen
         Wilen TG
         Switzerland


DRIESSEN SERVICES: Creditors' Liquidation Claims Due by March 25
----------------------------------------------------------------
Creditors of LLC Driessen Services (Switzerland) have until
March 25, 2008, to submit their claims to:

         JSC TREVAG Treuhand u. Verwaltung
         Ackerstrasse 2
         8180 Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC Driessen Services (Switzerland)
         Hori
         Bulach ZH
         Switzerland


FC FASHION: Creditors' Liquidation Claims Due by March 28
---------------------------------------------------------
Creditors of LLC FC Fashion Creation have until March 28, 2008,
to submit their claims to:

         LLC FC Fashion Creation
         Bodenackerstrasse 6
         Mail box: 454
         4410 Liestal BL
         Switzerland


HI HANDELS: Creditors' Liquidation Claims Due by March 10
---------------------------------------------------------
Creditors of JSC HI Handels und Investment have until March 10,
2008, to submit their claims to:

         Reto Diggelmann
         Neugasse 14
         9401 Rorschach
         Wahlkreis Rorschach SG
         Switzerland

The Debtor can be reached at:

         JSC HI Handels und Investment
         Rorschach
         Wahlkreis Rorschach SG
         Switzerland


INCONSULT MANAGEMENT: Zug Court Starts Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC Inconsult Management on Jan. 8, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Inconsult Management
         6340 Baar ZG
         Switzerland


NP LLC: Zug Court Starts Bankruptcy Proceedings
-----------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC NP on Jan. 22, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC NP
         Windwurfstrasse 14
         6314 Unterageri ZG
         Switzerland


ST. GALLER: Creditors' Liquidation Claims Due by March 11
---------------------------------------------------------
Creditors of LLC St. Galler Zentrum fur Zukunftsforschung have
until March 11, 2008, to submit their claims to:

         Scheiwiler, Joos & Kobelt
         Marktplatz 4
         9004 St.Gallen
         Switzerland

The Debtor can be reached at:

         LLC St. Galler Zentrum fur Zukunftsforschung
         St.Gallen
         Switzerland


TERRA DIGITAL: Creditors' Liquidation Claims Due by March 18
------------------------------------------------------------
Creditors of LLC Terra Digital have until March 18, 2008, to
submit their claims to:

         Alejandro Lozano
         Liquidator
         Gutstrasse 100
         8055 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Terra Digital
         Zurich
         Switzerland


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


AVIKTON 77: Creditors Must File Claims by March 13
--------------------------------------------------
Creditors of LLC Avikton 77 (code EDRPOU 33440786) have until
March 13, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 28, 2008.
The case is docketed as 15/908-b.

The Debtor can be reached at:

         LLC Avikton 77
         Zhukovsky Str. 22-a
         Vasil
         04127 Kiev
         Ukraine


CATRAN-MANAGEMENT LLC: Creditors Must File Claims by March 13
-------------------------------------------------------------
Creditors of LLC Catran-Management (code EDRPOU 33446369) have
until March 13, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 26, 2007.
The case is docketed as 43/759.

The Debtor can be reached at:

         LLC Catran-Management
         Tupolev Str. 17
         Kiev
         Ukraine


ENTERPRISE GOSPODAR: Creditors Must File Claims by March 13
-------------------------------------------------------------
Creditors of OJSC Hmelnik Agricultural Machinery Trading-
Commerce Subsidiary Company Enterprise Gospodar (code EDRPOU
20108372) have until March 13, 2008, to submit written proofs of
claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 24, 2008.
The case is docketed as 10/311-07.

The Debtor can be reached at:

         OJSC Hmelnik Agricultural Machinery
         Trading-Commerce Subsidiary Company Enterprise Gospodar
         Lenin Str. 56
         Hmelnik
         22000 Vinnica
         Ukraine


LOGISTIC GROUP: Creditors Must File Claims by March 13
------------------------------------------------------
Creditors of LLC Logistic Group (code EDRPOU 34185094) have
until March 13, 2008, to submit written proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 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 49/247-b.

The Debtor can be reached at:

         LLC Logistic Group
         Tychina Avenue 20
         02152 Kiev
         Ukraine


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


BAA LTD: Investors Eye Company's Scottish Airports
--------------------------------------------------
Scottish investors are ready to acquire one or more of BAA
Ltd.'s airports in the region should the Competition Commission
compel the company to sell its assets in the area, The Scotsman
reports.

Several banks, including Credit Suisse, Goldman Sachs, UBS AG
and Macquarie, are reportedly holding talks with investors for
possible acquisition of any of BAA's assets, which include
Edinburgh, Aberdeen and Glasgow airports, The Scotsman relates.

In 2007, the Commission commenced a probe into whether BAA's
ownership of U.K.'s seven main airports restricts competition in
the country.  A study by the Office of Fair Trading showed that
BAA handle 90% of passenger traffic in the South East and over
80% in Scotland.

The commission, according to The Scotsman, will present its
final report at the end of the year.

                            About BAA

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

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

                             *   *   *

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


CHRYSLER LLC: Idles Plant in Ontario Due to TRW's Workers Strike
----------------------------------------------------------------
A Chrysler LLC assembly plant in Windsor, Ontario was forced to
temporarily shut down after Canadian Auto Workers union members
of TRW Automotive Inc. went on strike Thursday due to failed
wage increase talks, according to various papers.

TRW supplies Chrysler suspension modules for Dodge Caravan and
Town & Country minivans, Dow Jones Newswires relates.

Reuters discloses citing Chrysler spokeswoman Michele Tinson
that the automaker's assembly plant in Windsor has 4,475 hourly
workers as of December 2007.  A Chrysler assembly plant in St.
Louis that also produces minivans is not affected by the rally
because it doesn't use TRW's products.

Dow Jones Newswires relates that TRW and Canadian Auto Workers
union representatives failed to reach an agreement on salary
increases, spurring the protest.

Reuters discloses that TRW spokesman John Wilkerson proposes to
maintain TRW plant production using salaried workers and hopes
to continue negotiations with the union as soon as possible.

                            About TRW

Headquartered in Livonia, Michigan, TRW Automotive, Inc.,
supplies automotive systems, modules, and components to global
vehicle manufacturers and related aftermarket.  The company has
three operating segments; Chassis Systems, Occupant Safety
Systems, and Automotive Components.  Its primary business lines
encompass the design, manufacture and sale of active and passive
safety related products.

                        About Chrysler LLC

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

                        *     *     *

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


CONSTELLATION BRANDS: Completes US$134 Mln Sale of Wine Brands
--------------------------------------------------------------
Constellation Brands Inc. completed the sale of the Almaden and
Inglenook wine brands, and the Paul Masson winery located in
Madera, California, to The Wine Group LLC for US$134 million in
cash.

As reported in the Troubled Company Reporter-Europe on Jan. 28,
2008, the transaction is expected to result in a pre-tax loss of
approximately US$27 million or an after-tax loss of US$0.13
diluted earnings per share on a reported basis, and will be
excluded from the company's comparable basis earnings per share.
The loss on the disposal is driven by the higher write-off of
goodwill unrelated to these brands as required by generally
accepted accounting principles in the U.S. and the low tax basis
associated with goodwill.

Proceeds from the transaction will be used to reduce borrowings.
The impact of this transaction is expected to be slightly
dilutive to ongoing reported basis and comparable basis diluted
earnings per share for fiscal 2009.  The Almaden and Inglenook
wine brands are expected to generate approximately US$130
million of net sales for fiscal 2008, and represent
approximately 10 million 9-liter cases of the company's U.S.
wine volume.

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

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

                          *     *     *

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


DARCY INDUSTRIES: Brings In Liquidators from KPMG
-------------------------------------------------
Paul Nicholas Dumbell and Brian Green of KPMG LLP were appointed
joint liquidators of Darcy Industries Ltd. on Feb. 13 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         8 Princes Parade
         Liverpool
         L3 1QH
         England


GMAC (U.K.): Fitch Holds Short-Term Issuer Default Rating at B
--------------------------------------------------------------
Fitch Ratings has downgraded and removed from Rating Watch
Negative the long-term Issuer Default Rating GMAC LLC and
related subsidiaries to 'BB' from 'BB+'.

Fitch has also affirmed the 'B' short-term ratings. Fitch
originally placed GMAC on Rating Watch Negative on Nov. 14,
2007.  The Rating Outlook is Negative.  Approximately $100
billion of unsecured debt is affected by this action.

The downgrade of GMAC's LT IDR reflects in part the company's
financial support for its wholly-owned subsidiary ResCap, which
generated considerable losses in 2007.  In addition, the
downgrade reflects Fitch's view that some of the operating
momentum, in the form of increased business diversification from
General Motors (GM), that was expected from GMAC's separation
from GM has lessened due to the broad challenges the company is
facing.

The Negative Outlook reflects the more challenging economic and
financing environment that GMAC will face throughout 2008.
Fitch believes that while the automotive finance and insurance
businesses produced acceptable results in 2007, this will likely
weaken in 2008 due to increased funding and credit costs, and
lower new car sales.  Rising funding cost primarily reflect
weaker execution from securitization transactions, while rising
credit costs reflect Fitch's view that both default frequency
and loss severity will increase in the retail automotive finance
portfolio.

Fitch may downgrade ratings further if automotive credit quality
were to weaken beyond historical averages for GMAC or if GMAC
were to provide additional and material financial support to
ResCap.

Fitch has downgraded these ratings and removed them from Rating
Watch Negative:

GMAC LLC
GMAC International Finance B.V.
GMAC Bank GmbH
GMAC Canada Ltd.
General Motors Acceptance Corp. of Canada Ltd.
General Motors Acceptance Corp. of Australia

    -- Long-term IDR to 'BB' from 'BB+';
    -- Senior debt to 'BB' from 'BB+'.

General Motors Acceptance Corp. (N.Z.) Ltd.

    -- Long-term IDR to 'BB' from 'BB+'.

Fitch has also affirmed these ratings:

GMAC LLC
GMAC International Finance B.V.
GMAC Bank GmbH
General Motors Acceptance Corp. of Canada Ltd.
General Motors Acceptance Corp. of Australia
GMAC Australia (Finance) Ltd.
General Motors Acceptance Corp. (U.K.) Plc
General Motors Acceptance Corp. (N.Z.) Ltd.

    -- Short-term IDR 'B';
    -- Short-term debt 'B'.

GMAC Canada Ltd.

    -- Short-term IDR 'B'.


INTELSAT LTD: ViewAfrica Extends Contract to Up Channel Offering
----------------------------------------------------------------
Intelsat Ltd. reported that U.K.-based ViewAfrica has contracted
for additional capacity on the Intelsat 10 satellite for
increased channel distribution.  ViewAfrica Network is
distributing free-to-air programming bouquets reaching all the
Sub-Saharan countries.

"The Intelsat 10 satellite is the most attractive payload for
us, containing multiple high-powered beams focused on the
regions we seek to grow our business," said Awaes Jaswal, CEO,
ViewAfrica Network.  "We have once again turned to Intelsat
because its industry-leading reliability and video penetration
enables us to efficiently expand as market opportunities present
themselves."

"The IS-10 Ku-band service is ideally suited for DTH
applications.  We are working closely with customers like
ViewAfrica in building and growing some of the most popular
broadcast communities worldwide," said Jean Philippe Gillet,
Intelsat's Regional Vice President, Europe and Middle East
Sales.  "The Intelsat 10 satellite, is Intelsat's premier video
neighborhood for Africa."

ViewAfrica Network, uplinking out of Stellar in Germany, carries
a free-to-air bouquet of religious and general entertainment
programming that currently includes the following networks:
Daystar, LoveWorld, Press TV and Supreme Master TV.  ViewAfrica
is among 27 DTH platforms built on the global Intelsat system.

                         About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed
satellite service operator in the world and is owned by Apollo
Management, Apax Partners, Madison Dearborn, and Permira.
Intelsat has offices in Brazil, China, Hong Kong, France,
Germany, India, Singapore, South Africa, the United Arab
Emirates, the United Kingdom and the United States.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 19, 2008, Standard & Poor's Ratings Services lowered its
corporate credit rating on Bermuda-based Intelsat Ltd. to 'B'
from 'B+' and removed the ratings from CreditWatch.  S&P said
the outlook is stable.


MCGRATH PLANT: Appoints Begbies Traynor as Administrators
---------------------------------------------------------
Kevin Coates and Paul Stanley of Begbies Traynor were appointed
joint administrators of McGrath Plant Hire Ltd. (Company Number
04930626) on Feb. 19, 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:

          Mcgrath Plant Hire Ltd.
          Printworks Lane
          Manchester
          M19 3JP
          England
          Tel: 0161257266


MYATT MUSIC: Brings In Administrators from Vantis
-------------------------------------------------
Peter Hollis and Michael William Young of Vantis Business
Recovery were appointed joint administrators of Myatt Music Ltd.
(Company Number 02203729) on Feb. 22, 2008.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.

The company can be reached at:

          Myatt Music Ltd.
          57 Nightingale Road
          Hitchin
          Hertfordshire
          SG5 1RQ
          England
          Tel: 01462 420 057
          Fax: 01462 435 464


NEMUS II: Fitch Holds Rating on GBP1.13 Million Class F Notes
-------------------------------------------------------------
Fitch Ratings affirmed Nemus II (Arden) p.l.c.'s notes as :

    -- GBP203.97m Class A (XS0278300487): affirmed at 'AAA',
       Outlook Stable

    -- GBP16.55m Class B (XS0278300560): affirmed at 'AAA',
       Outlook Stable

    -- GBP11.21m Class C (XS0278300727): affirmed at 'AA',
       Outlook Stable

    -- GBP10.14m Class D (XS0278301295): affirmed at 'A',
       Outlook Stable

    -- GBP16.81m Class E (XS0278301378): affirmed at 'BBB',
       Outlook Stable

    -- GBP1.13m Class F (XS0278301535): affirmed at 'BB',
       Outlook Stable

Nemus is a multi-borrower transaction of six loans secured by 22
properties.  All properties are located throughout the UK and
Jersey and the transaction closed at end-2006.  Since closing
the overall rent has slightly increased to GBP20.13m in February
2008 from GBP19.84m.  The vacancy rate has been decreasing or
has remained constant since closing to currently stand at 0.39%.

The deal has also benefited from a loan-to-value (LTV) covenant
within the Castle properties loan, which represents 4.3% of the
pool.  A covenant of 75% became operative on the transaction's
second anniversary, resulting in a new valuation of the
properties.  The properties were valued GBP15.2m on 8 February
2008, up from GBP14.3m at closing in October 2005.  This
resulted in a LTV of 74.7%, down from 79.2%, making the loan now
covenant compliant. In the third year the LTV of the loan should
go down to 73% and on the loan's fourth anniversary a final
covenant of 70% will be put in place.  These LTV reductions
should occur through the disposal of assets or further injection
of cash by the sponsor.  If this does not happen a cash trap
should sweep the excess spread until the covenant is compliant.

Despite falling commercial property values across the UK, a
Fitch study concludes that Nemus has sufficient exit debt yield
(EDY) to mitigate refinancing risk, notwithstanding Nemus's high
property concentration in the country and valuations based on
the property market's peak in 2006/2007 (which Fitch has taken
into account in its study).  Fitch's study has concluded that
loans maturing prior or in 2011 are most at risk from default,
and Nemus has only two such loans, the Castle Properties and the
Somerfield loans.  Even then, their respective EDY are high at
10.95% and 8.5%.


NORTHERN ROCK: David Baker Set to Retire in May 2
-------------------------------------------------
Mr. David Baker, Northern Rock's deputy chief executive, is set
to take an early retirement on May 2, 2008.  Mr. Baker served
the bank for 34 years.  He assumed his deputy chief executive
position in September 2005.

In a BBC report, Mr. Baker is quoted saying, "This was entirely
a personal decision.  Northern Rock has recently entered a new
phase under temporary public ownership and I think this is the
right thing to do at the right time."

Mr. Baker was a member of the management team that put up a bid
for the bank's takeover.

                     About Northern Rock plc

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

                          *     *     *

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

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


SOUTH MIDLANDS: Taps Liquidators from Grant Thornton
----------------------------------------------------
David Mattews and Nigel Morrison of Grant Thornton UK LLP were
appointed joint liquidators of South Midlands Motorcyles Ltd. on
Feb. 15 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


TOTAL MORTGAGE: Calls In Liquidators from KPMG
----------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint liquidators of Total Mortgage Solutions Ltd.
(formerly Mirrorway Ltd.) on Feb. 18 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


WILLIAM COCHRANE: Taps Joint Administrators from Begbies Traynor
----------------------------------------------------------------
David Moore and Donald Bailey of Begbies Traynor were appointed
joint administrators of William Cochrane Ltd. (Company Number
00299997) on Feb. 19, 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:

          William Cochrane Ltd.
          37 The Arcade Corner
          Bridge Street Row East
          Chester City Centre
          Chester
          CH1 1PH
          England
          Tel: 01244 324 979
          Fax: 01244 346 373


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

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


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


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


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


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

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


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

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

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

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


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


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


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


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


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


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


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


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


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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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