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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, March 5, 2008, Vol. 9, No. 46

                            Headlines


A U S T R I A

FAST & COOL: Claims Registration Period Ends April 15
FLAMEX BRANDSCHUTZTECHNIK: Claims Registration Ends March 20
HP REIFENVERTRIEB: Claims Registration Period Ends March 17
RENTUS LLC: Claims Registration Period Ends March 28
SYNERGY CONSULTING: Creditors' Meeting Slated for March 13

TKL BAU: Claims Registration Period Ends March 28

B E L G I U M


CHIQUITA BRANDS: Enters into Commitment Letter to Refinance Loan
CHIQUITA BRANDS: Moody's Rates New Senior Bank Agreements at Ba3


B U L G A R I A

BIO-RAD LABS: Earns US$12.3 Million in 4th Qtr. Ended Dec. 31
KREMIKOVTZI AD: Turkish Company May Buy Majority Stake


C Z E C H   R E P U B L I C

CENTRAL EUROPEAN MEDIA: Moody's Lifts Corporate Family Rating


F I N L A N D

M-REAL CORP: Closes New Thames Sale to DS Smith Plc


F R A N C E

DELPHI CORP: Wants Plan-Filing Period Further Extended to May 31
DELPHI CORP: Court Extends Effectiveness of Letters of Credit
LEAR CORP: Court Allows Amended Complaint Over US$2 Bln Sale
LEAR CORP: Earns US$241.5 Million for Year Ended Dec. 31, 2007
SR TELECOM: Quebec Court Extends CCAA Stay Proceedings to May 2

TEMBEC INC: Moody's Probability of Default Rating Tumbles to 'D'


G E R M A N Y

A & R CONSULTING: Claims Registration Period Ends March 27
AETD PARKETT: Claims Registration Period Ends March 25
AH AUTO-HIFI: Claims Registration Period Ends March 28
ASTROH KUECHEN: Claims Registration Period Ends March 28
AUREUM CONSILIUM: Claims Registration Period Ends March 28

AWT ABWASSER: Creditors' Meeting Slated for March 13
BAUUNTERNEHMUNG GOETTER: Claims Period Ends March 20
BILLI DISCOUNT: Claims Registration Period Ends March 28
ESTRICH TECHNIK: Claims Registration Period Ends March 31
HANS A BUNTENBACH: Claims Registration Period Ends March 26

HASANI GMBH: Claims Registration Ends March 28
HAUS + HEIM: Claims Registration Period Ends March 27
HEINRICH VORMWALD: Claims Registration Ends March 28
HGM GRANIT: Claims Registration Ends March 28
HK BAU: Creditors Must File Claims by March 27

IKB DEUTSCHE: Investors Express Interest on Portfolio
INTERIEUR DESIGN: Creditors Must File Claims by March 27
IRFA LEBENSMITTEL: Claims Registration Period Ends March 20
KSC STRASSENBAU: Claims Registration Ends March 28
LITZ UNITED: Creditors Must File Claims by March 27

LUCAS JUSTEN: Creditors Must File Claims by March 27
LUT-VERWALTUNGS-GMBH: Claims Registration Ends March 28
MIA MA: Claims Registration Period Ends March 26
MMC TECHNOLOGIES: Claims Registration Ends March 28
NICKELODEON IMMOBILIEN: Creditors Must File Claims by March 27

RICOE: May File for Insolvency If Financing Talks Fail
ROLLIX GMBH: Creditors Must File Claims by March 27
SCHOENFELD KFZ: Creditors Must File Claims by March 27
SCHOENING-RETAIL GMBH: Creditors Must File Claims by March 27
TRANSPORT- UND LOGISTIKGESELLSCHAFT: Claims Due March 27

V-TEAM GMBH: Claims Registration Period Ends March 26
VERMOEGEN HOFMANN'S: Claims Registration Period Ends March 28
ZELLER KERAMIK: Creditors' Meeting Slated for March 3


G R E E C E

ARMSTRONG WORLD: Completes Strategic Review Following Evaluation
ARMSTRONG WORLD: S&P Changes Outlook to Stable; Holds BB Rating
ELECTRONIC DATA: M. Blackburn Replaces M. Koehler as EMEA Head


H U N G A R Y

VALEANT PHARMA: Incurs US$20.2 Million Net Loss in Fourth Qtr.


I T A L Y

PARMALAT SPA: Increases Fully Paid Up Share Capital to EUR1.6BB
TISCALI SPA: Unveils Revised Document for Stock Option Plan


K A Z A K H S T A N

AK-JOLY LLP: Creditors Must File Claims by April 4
BALI LLP: Claims Deadline Slated for April 4
BRAND BUILDING: Claims Filing Period Ends April 4
ELISTAR-XXI LLP: Creditors' Claims Due on April 4
KAZNEFTEPROVODMONTAGE LLP: Claims Registration Ends April 4

PTP TECHNIKI I: Creditors Must File Claims by March 28
RAHAT-TRANSSERVICE LLP: Claims Deadline Slated for April 4
SHT ELECTRO: Claims Filing Period Ends April 4
SOYAK CONSTRUCTION: Creditors' Claims Due on April 4
YUKNA COMPANY: Claims Registration Ends March 28


K Y R G Y Z S T A N

IMPERIAL SERVICE: Claims Registration Ends April 1
NTK LIMITED: Claims Filing Period Ends March 25


N E T H E R L A N D S

EXIDE GLOBAL: Moody's Holds B1 Rating on US165 Million Term Loan
KHAMSIN CREDIT: Moody's Junks Rating on Series 6 Notes
KRATON POLYMERS: Increases U.S. Produce Price Effective April 1


N O R W A Y

NOVELL INC: Earns US$16.8 Million in First Fiscal Quarter 2008


R O M A N I A

CENTRAL EUROPEAN MEDIA: Moody's Lifts Corporate Family Rating


R U S S I A

ALLIANCE-SV OJSC: Creditors Must File Claims by March 16
ATOM-LEASING-INVEST: Creditors Must File Claims by March 16
COMSTAR-UNITED: Board of Directors Approve New Strategy
FEDERAL GRID: S&P Lifts Ratings to Investment Grade Level
GLORIA OJSC: Creditors Must File Claims by March 16

KIROV-TELEKOM CJSC: Creditors Must File Claims by March 16
METAL-SNAB-URAL: Chelyabinsk Court Hearing Slated for May 15
OKTYABRSKIY FACTORY: Asset Sale Slated for March 18
SIBUR HOLDINGS: Fitch Places Ratings Under Negative Watch
SISTEMA JSCF: Clarifies Info on RUR6 Billion Bond Issue

ZABUDOVA CJSC: Creditors Must File Claims by April 16


S P A I N

BANKINTER 16 FONDO: Moody's Puts (P)Ba2 Rating on Series D Notes


S W E D E N

BOMBARDIER INC: S&P Keeps Positive Watch Posting of 'BB' Rating


U N I T E D   K I N G D O M

ACE CLUB: Claims Filing Period Ends April 28
AMBASSADOR CARPETS: Brings In Liquidators from Tenon Recovery
CHRYSLER LLC: February 2008 Sales Down 14%, Fleet Sales Reduced
D B ELECTRICAL: Andrew Appleyard Leads Liquidation Procedure
FORD MOTOR: Discloses Plans to Return to Profitability by 2009

FORD MOTOR: Likely to Close Sale Deal with Tata in 2nd Quarter
FORD MOTOR: February 2008 Sales Decreases 7% to 196,681
FORD MOTOR: February 2008 Sales in Canada Increases 4.1%
GENERAL MOTORS: Appoints Frederick Henderson as President & COO
GENERAL MOTORS: February 2008 Sales Drop 13% Compared to 2007

GENERAL MOTORS: Likely to Close Seventh Plan by Next Week
GROSVENOR LTD: Joint Liquidators Take Over Operations
LASER LTD: Taps Liquidators from Abbot Fielding and BDO Stoy
LEAR CORP: Shutting Down U.S. Facilities Owe to GM Closures
MULTICLEAN UK: Calls In Liquidators from Moore Stephens

NCO GROUP: Completes US$325 Mln Buyout of Outsourcing Solutions
NORTHERN ROCK: Small Shareholders Group to Join Legal Fray
ONEIDA LTD: Court Says PBGC Claims Were Discharged Under Plan
PETROLEOS DE VENEZUELA: Has No Assets in UK, Says Gordon Pollock
PHONES 2 U: Claims Filing Period Ends May 21

RANK GROUP: Posts Net Loss of GBP5.3 Million for Year Ended 2007
SCOTTISH RE: May Sell Life Reinsurance & Wealth Management Units
SEA CONTAINERS: Wants to Hire Navigant Consulting as Consultants
TEXOL TECHNICAL: Goes Into Administration
WINGS LTD: Appoints Liquidators from Tenon Recovery

* Baker Tilly Announces Three Senior Appointments


                            *********


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


FAST & COOL: Claims Registration Period Ends April 15
-----------------------------------------------------
Creditors owed money by LLC Fast & Cool Logistic (FN 262815v)
have until April 15, 2008, to file written proofs of claim to
court-appointed estate administrator Michael Kadlicz at:

          Mag. Michael Kadlicz
          Domplatz 16
          2700 Wiener Neustadt
          Austria
          Tel: 02622/81624
          Fax: 02622/81624-2
          E-mail: office@auer-kadlicz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 29, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on Feb. 13, 2008  (Bankr. Case No. 11 S 19/08t).


FLAMEX BRANDSCHUTZTECHNIK: Claims Registration Ends March 20
------------------------------------------------------------
Creditors owed money by LLC Flamex Brandschutztechnik FXP (FN
195097h) have until March 20, 2008, to file written proofs of
claim to court-appointed estate administrator Klaus Mitzner at:

          Dr. Klaus Mitzner
          Hans-Gasser-Platz 3/II
          9500 Villach
          Austria
          Tel: 04242/21223
          Fax: 04242/21223-33
          E-mail: mitzner-krautzer@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 31, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Klagenfurt
          Meeting Room 225
          Second Floor
          Klagenfurt
          Austria

Headquartered in Villach, Austria, the Debtor declared
bankruptcy on Feb. 12, 2008 (Bankr. Case No. 41 S 11/08b).


HP REIFENVERTRIEB: Claims Registration Period Ends March 17
-----------------------------------------------------------
Creditors owed money by LLC HP Reifenvertrieb (FN 256556p) have
until March 17, 2008, to file written proofs of claim to court-
appointed estate administrator Erich Gugenberger at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 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 Nussdorf am Attersee, Austria, the Debtor
declared bankruptcy on Feb. 12, 2008 (Bankr. Case No. 20 S
15/08v).


RENTUS LLC: Claims Registration Period Ends March 28
----------------------------------------------------
Creditors owed money by LLC RENTUS (FN 213116g) have until
March 28, 2008, to file written proofs of claim to court-
appointed estate administrator Michael Neuhauser at:

          Mag. Michael Neuhauser
          Esslinggasse 7
          1010 Vienna
          Austria
          Tel: 90 333
          Fax: 90333-55
          E-mail: wien@snwlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on April 11, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 12, 2008 (Bankr. Case No. 28 S 24/08w).


SYNERGY CONSULTING: Creditors' Meeting Slated for March 13
----------------------------------------------------------
Creditors owed money by LLC Synergy Consulting & Engineering
(FN 216486m) are encouraged to attend the creditors' meeting at
9:30 a.m. on March 13, 2008.

The creditors' meeting will be held at:

          The Land Court of Feldkirch
          Meeting Room 45
          First Floor
          Feldkirch
          Austria

Headquartered in Dornbirm, Austria, the Debtor declared
bankruptcy on Feb. 13, 2008 (FN 216486m).  Gernot Klocker serves
as the court-appointed estate administrator of the bankrupt's
estate.

The estate administrator can be reached at:

          Dr. Gernot Klocker
          Mozartstrasse 18
          6850 Dornbirn
          Austria
          Tel: 05572/386869
          Fax: 05572/386869-2
          E-mail: office@kgk.co.at


TKL BAU: Claims Registration Period Ends March 28
-------------------------------------------------
Creditors owed money by LLC TKL Bau + Sanierung (FN 270345t)
have until March 28, 2008, to file written proofs of claim to
court-appointed estate administrator Clemens Richter at:

          Mag. Clemens Richter
          Esteplatz 4
          1030 Vienna
          Austria
          Tel: 712 33 30
          Fax: 712 33 3030
          E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on April 11, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 12, 2008 (Bankr. Case No. 28 S 22/08a).


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


CHIQUITA BRANDS: Enters into Commitment Letter to Refinance Loan
----------------------------------------------------------------
Chiquita and its main operating subsidiary, Chiquita Brands LLC
entered into a commitment letter, dated Feb. 4, 2008, with
Cooperatieve Centrale Raiffeisen - Boerenleenbank B.A.,
"Rabobank Nederland", New York Branch to refinance a CBL
existing senior secured revolving credit facility and a portion
of its outstanding term loan C with a new six-year secured
credit facility, including a US$200 million revolving credit
facility and a US$200 million term loan.

On Feb. 12, 2008, Chiquita issued US$200 million of 4.25%
convertible senior notes due Aug. 15, 2016, the net proceeds of
which were used to repay a portion of term loan C.

Chiquita said the commitment letter contains financial
maintenance covenants that provide greater flexibility than
those in CBL's existing senior secured credit facility.  The
company expects this new credit facility and term loan to close
by March 31, 2008.

The company is currently in compliance with the amended
covenants under the CBL facility and it expects to remain in
compliance with the existing CBL credit facility.

Chiquita said in a regulatory filing with the Securities and
Exchange Commission that in the event the company is unable to
complete the refinancing and its business performance
deteriorates compared to current expectations, or even if it
completes the refinancing, its financial performance
deteriorates significantly below current expectations, it could
default under the applicable financial covenants.

As of Dec. 31, 2007, Chiquita's indebtedness was approximately
US$814 million.  Chiquita said its high level of indebtedness
limits its ability to borrow additional funds and requires it to
dedicate a substantial portion of its cash flow from operations
to service debt, thereby reducing the availability of its cash
flow to fund working capital, capital expenditures and other
general corporate expenditures.

                    About Chiquita Brands

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 80 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.


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

Ratings upgraded:

Chiquita Brands, LLC

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

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

Ratings assigned:

Chiquita Brands, LLC

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

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

Ratings affirmed:

Chiquita Brands International, Inc.

-- Corporate family rating at B3

-- Probability of default rating at B3

Ratings affirmed, and LGD percentages revised:

Chiquita Brands International, Inc.

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

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

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

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

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

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


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


BIO-RAD LABS: Earns US$12.3 Million in 4th Qtr. Ended Dec. 31
-------------------------------------------------------------
Bio-Rad Laboratories Inc. reported net income for the 2007
fourth quarter was US$12.3 million compared to US$16.6 million
during the fourth quarter of the prior year.  For the full 2007
fiscal year, the company's net income is US$92.9 million,
compared to US$103.2 million net income for 2006.

These results reflect non-cash charges of US$12.9 million, which
includes a one-time charge of US$7.7 million for purchased in-
process R & D, and approximately US$5.2 million in amortization
of intangibles related to DiaMed.  Including the DiaMed
acquisition, fourth-quarter basic earnings from operations were
US$0.46 per share, compared to US$0.63 during the same period
last year.  Fourth-quarter gross margin was 50.8% compared to
54.1% during the same quarter last year.  The lower margin in
the most recent quarter reflects the impact of the DiaMed
acquisition including foregone profit margin and the
amortization of intangibles.

Fourth-quarter revenues were US$459.6 million, up 34% compared
to US$343.0 million reported for the fourth quarter of 2006.
For the full year, sales grew by 14.7% to US$1,461.0 million
compared to US$1,273.9 million in 2006.  Excluding revenue from
the DiaMed acquisition, Bio-Rad sales grew by 9.8%, or 5.2%
after normalizing for the impact of currency effects.  Full-year
gross margin was 54.2% compared to last year's figure of 55.9%.
Revenues, earnings, and gross margin for 2006 were all favorably
impacted by one-time additional revenue of US$11.7 million which
was the result of a licensing settlement agreement reached with
bioMerieux SA in 2006.

This increase was due to a combination of organic growth across
Bio-Rad's two main product areas, the Life Science and Clinical
Diagnostics segments, as well as the addition of DiaMed Holding
AG products to the company's portfolio in the fourth quarter,
which resulted in additional revenue of US$62.0 million and
impacted fourth-quarter and full-year results.  Excluding the
revenue from the DiaMed acquisition, fourth-quarter revenues
were up 15.9%, or 9.0% on a currency-neutral basis, compared to
the same quarter last year.

"Operationally, 2007 was another year of progress for Bio-Rad
and one of investment as we welcomed DiaMed Holding AG into our
organization," Norman Schwartz, Bio-Rad president and chief
executive officer, said.  "As 2008 moves forward, we will
continue to explore opportunities to expand our business and
improve our operational efficiencies."

As of Dec. 31, 2007, the company's balance sheet reflected a
total assets of US$1,971.5 million, total liabilities of
US$999.9 million resulting to a total stockholders' equity of
US$971.6 million.

                   About Bio-Rad Laboratories

Headquartered in Herculed, California, Bio-Rad Laboratories Inc.
(AMEX:BIO) -- http://www.bio-rad.com/-- manufactures and
supplies the life science research, healthcare, analytical
chemistry and other markets with a range of products and systems
used to separate chemical and biological materials, and to
identify, analyze and purify their components.  Bio-Rad operates
through two segments: life science and clinical diagnostics.
Each operates in both the United States and international
markets.  Each of Bio-Rad's segments maintains a sales force to
sell its products on a direct basis.  On Sept. 7, 2006, the
company acquired the medical diagnostics business of Provalis
plc.  In October 2006, Bio-Rad acquired Blackhawk BioSystems
Inc.  In November 2006, it acquired Ciphergen Biosystems Inc.'s
ProteinChip systems business and worldwide technology rights to
its surface enhanced laser desorption and ionization.

Aside from the United States, the company maintains operations
in Bulgaria, Canada, Denmark, Greece, India, Philippines,
Taiwan, and The Netherlands, Brazil, El Salvador, Mexico and
Puerto Rico.

                      *     *     *

Bio-Rad Laboratories continues to carry Moody's Investor's
Service's 'Ba2' corporate family rating and 'Ba3' senior
subordinate debt rating, assigned in July 2003.


KREMIKOVTZI AD: Turkish Company May Buy Majority Stake
------------------------------------------------------
A company in Turkey is interested in buying a majority stake in
Kremikovtzi AD, Bulgarian economy and energy minister Petar
Dimitrov disclosed in parliament, Seeurope.net reports.

Mr. Dimitrov did not reveal the identity of the potential
investor upon its request, seeurope relates.

According to the report, four potential investors have declared
interest in buying Kremikovtzi, among them, Konstantyn Zhevago
US Steel company, Lakshmi Mittal and Rinat Akhmetov.

Mr. Dimitrov assured that the state will demand that every
potential investor guarantee the implementation of a turnaround
plan that would upgrade the plant to EU environmental standards,
improve productivity, quality and margins.

"The anticipated sale of Bulgaria's biggest steel mill
Kremikovtzi has been delayed as bond holders must also approve
the deal," Mr. Dimitrov was quoted by seeurope as saying.

Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a single-site steel producer
in Bulgaria that reported BGN896 million in revenues in 2006.
It explores and produces iron and ore fields.

                       *    *    *

Kremikovtzi AD carries Moody's Long-term corporate family rating
of Caa1 and probability of default rating of Caa1 with negative
outlook.


===========================
C Z E C H   R E P U B L I C
===========================


CENTRAL EUROPEAN MEDIA: Moody's Lifts Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of Central European Media Enterprises Ltd to Ba2 from Ba3.

Concurrently, the ratings on the company's senior unsecured
notes were also upgraded to Ba2 from Ba3.  The outlook for all
ratings is stable.

Moody's says that the rating upgrade reflects these factors:

    -- CME's recent guidance at the publication of its 2007
       year-end results of its intention to maintain leverage at
       around 3.0x Net Debt/EBITDA (as reported by the company)
       over the medium term and the reduced appetite to increase
       leverage beyond that other than on a temporary basis.
       Moody's notes that the rating was previously constrained
       by considerations regarding the expected use of financial
       flexibility, but the revised guidance signals a more
       conservative stance towards gearing levels.

    -- CME's sound operational and financial performance since
       the upgrade to Ba3 in June 2006.  For the year ended
       December 2007, the company reported a net revenue
       increase of 39% and a segment EBITDA increase of 46%,
       while the segment EBITDA margin improved to 38%,
       reflecting strong growth in the core TV business, a
       successful pricing strategy and good cost control
       measures.  In addition, the company's financial strategy
       has been conservative, which allowed CME to report solid
       credit metrics such as Total Debt/EBITDA (as adjusted by
       Moody's) of 2.3x and RCF/Debt of 22.4% as of December
       2007.

    -- CME's track record in delivering a consistent M&A
       strategy, which is focused on buying out minority stakes
       in controlled subsidiaries with the aim of streamlining
       the group's structure and improving the performance of
       the stations by applying the group's best practices.

According to Moody's, the Ba2 rating positively reflects CME's
leading positions in the TV broadcasting market in most of the
six Central and Eastern European countries where it operates.
The rating also reflects the expected significant growth
potential of the TV advertising markets in these countries, as
well as the company's solid and sustainable audience share
levels, supported by its multi-channel offerings and successful
programming strategy focused on own local productions.

However, the rating continues to factor (i) broad-based country
risks relating to the countries where CME is present (and in
particular, the expected increased contribution from Ukraine --
rated B1 -- over the medium term); (ii) the expected increasing
competition in some of the countries as a result of the analogue
TV broadcasting switch-off and the transition to digital
terrestrial television; (iii) the potential for ongoing
acquisitions, although the company has developed a track record
of a prudent acquisition strategy and has reduced its appetite
for increased leverage; (iv) the expected slowdown in the
economy, which can impact some of CME's countries; and (v) the
continued high dependence on broadcast advertising revenues
despite an increased focus on new media initiatives.

The ratings upgrade also factors CME's sound liquidity profile,
which is supported by the company's cash on balance sheet, the
availability of cash under its EUR150 million revolving facility
and other facilities at local subsidiaries, and the limited debt
amortisations scheduled until the company's bonds mature in
2012.  Moody's notes that CME intends to offer, subject to
market considerations, US$425 million aggregate principal amount
of senior convertible notes due 2013, which will be senior
obligations of CME and will rank equally in right of payment
with its existing senior notes and the revolving credit
facility.  The convertible notes will not be rated by Moody's.
CME intends to use net proceeds from the offering to purchase
the additional ownership interests in CME's operations in the
Ukraine for a maximum amount of US$329 million and for general
corporate purposes.  Moody's believes that a successful
completion of the convertible bond issuance will further
strengthen the group's liquidity profile.  Despite the expected
increase in debt resulting from the completion of the
convertible bond offering, it is Moody's expectation that
leverage will remain within the revised guidance of Net debt /
EBITDA (as reported by the company) of around 3.0x.

Moody's says that further upward pressure is limited at this
stage in part because the rating agency does not expect
significant further deleveraging, and because free cash flow
generation over the short term is likely to be constrained by
the company's sizeable capex plans.  Factors that could result
in positive pressure on the ratings over the medium term include
continued maintenance of CME's solid operational performance
combined with more conservative leverage levels, as reflected in
a Debt/EBITDA ratio (as adjusted by Moody's) well below 2x on a
sustainable basis and solid free cash flow generation.

Conversely, Moody's cautions that downward pressure could be
exerted on CME's ratings in the event that there is a deviation
from the company's revised leverage guidance.  In addition,
there could be negative pressure on the rating if the operating
performance deteriorated significantly or the company altered
its acquisition strategy or made a greater-than-anticipated
investment in new ventures and acquisitions, resulting in
increasing leverage on a Debt/EBITDA basis (as adjusted by
Moody's), well above 3.5x on a sustainable basis.

Central European Media Enterprises Ltd., a Bermuda-based company
is a TV broadcasting company with leading networks in six
Central and Eastern European countries.  Launched in 1994, CME
and its partners now operate 16 channels in six countries,
including TV Nova, Nova Cinema and Galaxie Sport in the Czech
Republic; PRO TV, PRO Cinema, Pro International, Sport.ro, MTV
and Acasa in Romania; Nova TV in Croatia, TV Markiza in the
Slovak Republic; POP TV and Kanal A in Slovenia; and Studio 1+1,
Kino and Citi in Ukraine.  For the year ending on 31 December
2007, CME generated segment revenues of US$840 million and
segment EBITDA of US$320 million.


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


M-REAL CORP: Closes New Thames Sale to DS Smith Plc
---------------------------------------------------
M-real Corp. disclosed that the transaction selling New Thames
paper mill in the U.K. to DS Smith Plc was closed and came into
effect on Feb. 29, 2008.

The agreement concerning the uncovered pension liabilities of
M-real's U.K. operations is aimed to be finalized during the
current quarter of this year.

                   About the M-real Oyj

Headquartered in Espoo, Finland, M-real Corp. --
http://www.M-Real.com/-- produces and distributes coated and
uncoated fine papers for printing and packaging industries.  The
company has operations in Brazil and Mexico.

                        *     *     *

As of Feb. 8, 2008, M-real Oyj carries a B2 long-term corporate
family rating and a B2 senior unsecured debt rating from
Moody's, which said the outlook is negative.

Standard & Poor's rates the company's long-term foreign and
local issuer credit at B+ and  its short-term foreign and local
issuer credit at B.  The outlook is negative.


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


DELPHI CORP: Wants Plan-Filing Period Further Extended to May 31
----------------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to further extend
their exclusive periods to:

  (a) file a plan of reorganization through and including
      May 31, 2008; and

  (b) solicit acceptance of that plan through and including
      July 31, 2008.

As reported in the Troubled Company Reporter-Europe on Jan. 29,
2008, the Court confirmed the Debtors' First Amended Joint Plan
of Reorganization.  The Debtors anticipate having the Plan
become effective as soon as reasonably practicable.  Out of an
abundance of caution, however, the Debtors are seeking an
extension of the Exclusive Periods to prevent any lapse in
exclusivity.

A further extension of the Exclusive Periods is justified by the
significant progress the Debtors have made toward emerging from
Chapter 11, John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, in Chicago, Illinois, relates.  The Debtors,
he notes, have developed, solicited, and achieved confirmation
of a reorganization plan that was accepted by 81% of their
creditors and 78% of their stockholders.  Upon the effective
date of the Plan, the Debtors' comprehensive settlements with
General Motors Corp., Delphi's U.S. labor unions, and other
settling parties will be implemented.  "All of this was the
result of diligent work by the Debtors over many months," Mr.
Butler avers.

The Debtors' efforts, according to Mr. Butler, were affected by
severe dislocations in the capital markets that began late in
the second quarter of 2007 and that have continued through the
first quarter of 2008.  "This turbulence in the capital markets
was a principal cause of the delay in the Debtors' emergence
from Chapter 11 before the end of 2007," he explains.  The
continued turbulence constitutes an additional factor justifying
a further extension of the Exclusive Periods, he asserts.

Although the Court has confirmed the Plan, the Debtors must
still procure fully committed exit financing that will support
implementation of the Plan and consummate all of the
transactions contemplated by the Plan and Delphi's investment
agreement with its Plan investors.  The tasks of securing exit
financing and satisfying all other conditions to the
effectiveness of the Plan and Investment Agreement are
significant for both their magnitude and complexity and also
justify an extension of the Exclusive Periods, Mr. Butler adds.

The size and complexity of the Debtors' Chapter 11 cases alone
constitute sufficient cause to extend the Exclusive Periods,
Mr. Butler points out.

The Debtors' request for an extension of the Exclusive Periods
is not a negotiation tactic, Mr. Butler clarifies.  He assures
the Court that the Debtors are paying their bills as they come
due, including the statutory fees paid quarterly to the U.S.
Trustee.

                      About Delphi Corp.

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

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

As of March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

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

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

                         *     *     *

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

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

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


DELPHI CORP: Court Extends Effectiveness of Letters of Credit
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has authorized Delphi Corp. and its debtor-affiliates to:

  (a) extend the effectiveness of the letters of credit issued
      by Delphi to the Pension Benefits Guaranty Corp. until
      April 15, 2008; and

  (b) increase the aggregate amount outstanding under the PBGC
      Letters of Credit by an additional US$10 million.

As reported in the Troubled Company Reporter-Europe on May 23,
2007, the Debtors sought and obtained the Court's permission to
perform under two sets of pension funding waivers issued by the
United States Internal Revenue Service and provide the PBGC with
letters of credit in connection with the IRS Waivers.  The PBGC
Letters of Credit may be drawn upon by the PBGC in favor of the
Debtors' pension plans in the event the conditions set forth in
the IRS Waivers are not satisfied.

The IRS Waivers' main purpose was to facilitate the transfer of
certain of the Debtors' hourly pension obligations to General
Motors Corp. under Section 414(l) of the Internal Revenue Code,
as set forth in the Debtors' confirmed Joint Plan of
Reorganization.

Under the First Waivers, the IRS waived the minimum funding
requirements for Delphi's pension plan year ended Sept. 30,
2006.

Under the Second Waivers, the IRS temporarily waived Delphi's
minimum funding obligations concerning Delphi's hourly pension
plan for the pension plan year ended Sept. 30, 2007.

In return, the Debtors committed to make:

  * an accelerated US$10 million contribution to the Delphi
    Hourly Plan upon their emergence from Chapter 11;

  * a US$10 million contribution to the Hourly Plan as a partial
    prepayment of Delphi's post-emergence minimum funding
    obligations; and

  * a US$20 million contribution to the Hourly Plan within five
    days after the Effective Date of their Joint Plan of
    Reorganization.

By their terms, the IRS Waivers will expire if Delphi has not
emerged from Chapter 11 by Feb. 29, 2008.  If the Waivers are
permitted to expire, the Debtors may face an excise tax claim
aggregating more US$1.4 billion for the pension plan year ended
Sept. 30, 2006, John Wm. Butler, Jr., Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, in Chicago, Illinois, notes.  In
addition, for the pension plan year ended Sept. 30, 2007, the
Debtors will have to make redundant cash contributions that will
result in projected overfunding of the Hourly Plan.

The Debtors are unlikely to emerge from Chapter 11 by Feb. 29,
2008.  Consequently, the Debtors initiated discussions with the
PBGC to extend the expiration date for the IRS Waivers.

After arm's-length negotiations, the PBGC agreed to recommend to
the IRS that the IRS Waivers be extended from Feb. 29, 2008,
through and including March 31, 2008, in exchange for (i) the
extension of the PBGC Letters of Credit from March 15, 2008,
through and including April 15, 2008; and (ii) a US$10 million
increase in the aggregate amount outstanding under the Letters
from US$150 million to US$160 million.

On Feb. 27, 2008, IRS and the PBGC extended the IRS Waivers
until March 31, 2008, Delphi Corp. vice president and chief
restructuring officer John D. Sheehan disclosed in a regulatory
filing with the U.S. Securities and Exchange Commission.

The PBGC Settlement is fair, equitable, in the best interests of
the Debtors and their estates, Mr. Butler avers.  He maintains
that the Settlement will assist the Debtors in efficiently
effecting the Section 414(l) Transfer of the Hourly Plan to GM,
and allow Delphi to emerge from Chapter 11 successfully.

                     About Delphi Corp.

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

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

As of March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

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

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

                         *     *     *

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

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

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


LEAR CORP: Court Allows Amended Complaint Over US$2 Bln Sale
------------------------------------------------------------
The Delaware Court of Chancery granted a motion for leave to
file a fourth amended complaint in the purported class action
that sought to block Lear Corp.'s acquisition by billionaire
investor Carl Icahn, according to the company's Feb. 15, 2008
form 10-K filing with the U.S. Securities and Exchange
Commission for the quarter ended Dec. 31, 2007.

Between Feb. 9 and Feb. 21, 2007, certain stockholders filed
three purported class action lawsuits against the company,
certain members of our Board of Directors and American Real
Estate Partners, L.P., and certain of its affiliates
(collectively, AREP) in the Delaware Court of Chancery.

The amended complaint in the consolidated action generally
alleges that the Agreement and Plan of Merger with AREP Car
Holdings Corp., and AREP Car Acquisition Corp. unfairly limited
the process of selling Lear and that certain members of our
Board of Directors breached their fiduciary duties in connection
with the Merger Agreement and acted with conflicts of interest
in approving the Merger Agreement.

The amended complaint in the consolidated action further alleges
that Lears preliminary and definitive proxy statements for the
Merger Agreement were misleading and incomplete, and that Lears
payments to AREP as a result of the termination of the Merger
Agreement constituted unjust enrichment and waste.

On Feb. 23, 2007, the plaintiffs filed a motion for expedited
proceedings and a motion to preliminarily enjoin the
transactions contemplated by the Merger Agreement.  On March 27,
2007, the plaintiffs filed an amended complaint.

On June 15, 2007, the Delaware court issued an order entering a
limited injunction of Lears planned shareholder vote on the
Merger Agreement until the Company made supplemental proxy
disclosure.  That supplemental proxy disclosure was approved by
the Delaware court and made on June 18, 2007.

In June 2007, the Delaware court allowed the plaintiffs to file
a second amended complaint.  Later, a third amended complaint
was then filed by the plaintiffs.

On Jan. 30, 2008, the Delaware court granted the plaintiffs
motion for leave to file a fourth amended complaint leaving only
derivative claims against the Lear directors and AREP based on
the payment by Lear to AREP of a termination fee pursuant to the
Merger Agreement.  The plaintiffs were also granted leave to
file an interim petition for an award of fees, and expenses
related to the supplemental proxy disclosure.

                    About Lear Corporation

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear operates in Europe (France, Czech Republic, United Kingdom,
France, Germany, Hungary, Poland, Portugal, Romania, Russia,
Slovakia, Spain, Sweden), Latin America (Argentina, Mexico, and
Venezuela), and Asia (Singapore, China, India, Japan,
Philippines, South Korea, and Thailand).

                         *     *     *

As of March 4, 2008, Lear Corp. carries B2 Corporate Family,
Bank Loan Debt and Probability-of-Default ratings, and B3 Senior
Unsecured Debt rating from Moody's Investors Service, which said
the outlook is stable.

The company also carries B+ Long-Term Foreign and Local Issuer
Credit ratings from Standard & Poor's, which said the outlook is
negative.


LEAR CORP: Earns US$241.5 Million for Year Ended Dec. 31, 2007
--------------------------------------------------------------
Lear Corporation released its amended annual report for the year
ended Dec. 31, 2007.

Lear posted US$241.5 million in consolidated net income on
US$15.99 billion in consolidated net revenues for 2007, compared
with US$707.5 million in consolidated net losses on
US$17.84 billion in consolidated net revenues for 2006.

As of Dec. 31, 2007, Lear had US$7.8 billion in total assets,
US$6.7 billion in total liabilities and US$1.09 billion in total
shareholders equity.

                    About Lear Corporation

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear operates in Europe (France, Czech Republic, United Kingdom,
France, Germany, Hungary, Poland, Portugal, Romania, Russia,
Slovakia, Spain, Sweden), Latin America (Argentina, Mexico, and
Venezuela), and Asia (Singapore, China, India, Japan,
Philippines, South Korea, and Thailand).

                         *     *     *

As of March 4, 2008, Lear Corp. carries B2 Corporate Family,
Bank Loan Debt and Probability-of-Default ratings, and B3 Senio
Unsecured Debt rating from Moody's Investors Service, which said
the outlook is stable.

The company also carries B+ Long-Term Foreign and Local Issuer
Credit ratings from Standard & Poor's, which said the outlook is
negative.


SR TELECOM: Quebec Court Extends CCAA Stay Proceedings to May 2
---------------------------------------------------------------
SR Telecom obtained an order from the Quebec Superior Court to
extend to May 2, 2008, the period of the court-ordered stay of
proceedings against SR Telecom under the Companies' Creditors
Arrangement Act.

The purpose of the stay of proceedings is to provide SR Telecom
with an opportunity to develop a plan of arrangement to propose
to its creditors.  SR Telecom filed for creditor protection
under the CCAA on Nov. 19, 2007.

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  The company has offices in Mexico, France and
Thailand.

SR Telecom Inc.'s consolidated balance sheet at June 30, 2007,
showed CDN$83.9 million in total assets and CDN$97.9 million
in total liabilities, resulting in a CDN$14.0 million total
stockholders' deficit.


TEMBEC INC: Moody's Probability of Default Rating Tumbles to 'D'
----------------------------------------------------------------
Moody's Investors Service lowered the probability-of-default
rating of Tembec Inc.'s key operating subsidiary, Tembec
Industries Inc., to D from Caa3.  Additionally, Moody's lowered
the company's corporate family rating to Ca from Caa3.  The
ratings on the senior unsecured notes remain unchanged at Ca.

The rating action was prompted by Tembec's announcement that its
plan of arrangement under the Canada Business Corporations Act
relating to the recapitalization transaction announced on
Dec. 19, 2007 has been approved and sanctioned by the Ontario
Superior Court of Justice.  The company indicated that the court
approval of the plan of arrangement was the final outstanding
approval requirement prior to implementation of the
recapitalization which is expected to close on Feb. 29, 2008.

The plan of arrangement included the conversion of all of the
debt that Moody's rates.  Following these rating actions,
Moody's will withdraw all of the ratings.

Downgrades:

Issuer: Tembec Industries Inc.

-- Probability of Default Rating, Downgraded to D from Caa3
-- Corporate Family Rating, Downgraded to Ca from Caa3

Headquartered in Montreal, Quebec, Tembec is an integrated paper
and forest products company with operations in North America and
France.


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


A & R CONSULTING: Claims Registration Period Ends March 27
----------------------------------------------------------
Creditors of a & r Consulting GmbH have until March 27, 2008, to
register their claims with court-appointed insolvency manager
Sylvia Rhein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Sylvia Rhein
         Walther-Rathenau-Str. 24
         64646 Heppenheim
         Germany
         Tel: 06252/6877-0
         Fax: 06252/6877-11

The District Court of Darmstadt opened bankruptcy proceedings
against a & r Consulting GmbH on Feb. 11, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         a & r Consulting GmbH
         Bachring 1
         64397 Modautal
         Germany


AETD PARKETT: Claims Registration Period Ends March 25
------------------------------------------------------
Creditors of AETD Parkett GmbH have until March 25, 2008, to
register their claims with court-appointed insolvency manager
Marc Daniel Schulz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Bersenbrueck
         Room E 11
         Main Building
         Stiftshof 8
         49593 Bersenbrueck
         Germany

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

The insolvency manager can be reached at:

         Marc Daniel Schulz
         Ludgeristrasse 54
         48143 Muenster
         Germany
         Tel: 0251/162830
         Fax: 0251/1628311
         E-Mail: muenster@pluta.net

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

The Debtor can be reached at:

         AETD Parkett GmbH
         Attn: Martin Dierker, Manager
         Lerchenstrasse 34
         49577 Kettenkamp
         Germany


AH AUTO-HIFI: Claims Registration Period Ends March 28
------------------------------------------------------
Creditors of AH Auto-Hifi GmbH have until March 28, 2008, to
register their claims with court-appointed insolvency manager
Tobias Kampf.

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 Hanau
          Area E03
          Engelhardstrasse 21
          63450 Hanau
          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:

          Tobias Kampf
          Gerichtsfach 28
          Philippsruher Allee 22
          63450 Hanau
          Tel: 06181-5070366
          Fax: 06181-5070344

The District Court of Hanau opened bankruptcy proceedings
against AH Auto-Hifi GmbH on Feb. 11, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          AH Auto-Hifi GmbH
          Doernigheimer Str. 5
          63452 Hanau
          Germany


ASTROH KUECHEN: Claims Registration Period Ends March 28
--------------------------------------------------------
Creditors of Astroh Kuechen GmbH & Co. KG have until March 28,
2008, to register their claims with court-appointed insolvency
manager Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of 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:

          Dr. Frank Kebekus
          Diekampstrasse 26
          44787 Bochum
          Germany

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

The Debtor can be reached at:

          Astroh Kuechen GmbH & Co. KG
          Harpener Feld 34
          44787 Bochum
          Germany


AUREUM CONSILIUM: Claims Registration Period Ends March 28
----------------------------------------------------------
Creditors of Aureum Consilium Finanz- und Wirtschaftsberatung
GmbH have until March 28, 2008, to register their claims with
court-appointed insolvency manager Patrick Wahren.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Aalen
          Hall 0.11
          Ground Floor
          Stuttgarter Strasse 7
          73430 Aalen
          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:

          Patrick Wahren
          Koenigstr. 18
          70173 Stuttgart
          Germany
          Tel: 0711/22054860
          Fax: 0711/220548699
          E-mail: patrick.wahren@schneidergeiwitz.de
          Web site: http://www.schneidergeiwitz.de/

The District Court of Aalen opened bankruptcy proceedings
against Aureum Consilium Finanz- und Wirtschaftsberatung GmbH on
Feb. 7, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Aureum Consilium Finanz- und Wirtschaftsberatung GmbH
          Attn: Matthias Heine, Manager
          Roentgenstr. 9
          73431 Aalen
          Germany


AWT ABWASSER: Creditors' Meeting Slated for March 13
----------------------------------------------------
The court-appointed insolvency manager for AWT Abwasser- und
Klartechnologie GmbH, Reni Lindemann-Deffert will present her
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:10 a.m. on March 13, 2008.

The meeting of creditors and other interested parties 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 at 9:00 a.m. on April 24, 2008, at the same
venue.

Creditors have until March 28, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Reni Lindemann-Deffert
          Niedersachsenstrasse 15a
          49074 Osnabrueck
          Germany
          Tel: 0541/357910
          Fax: 0541/3579128

The District Court of Osnabrueck opened bankruptcy proceedings
against AWT Abwasser- und Klartechnologie GmbH on Feb. 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          AWT Abwasser- und Klartechnologie GmbH
          Hermsdorfer Strasse 14
          49324 Melle
          Germany


BAUUNTERNEHMUNG GOETTER: Claims Period Ends March 20
----------------------------------------------------
Creditors of Bauunternehmung Goetter GmbH have until March 20,
2008, to register their claims with court-appointed insolvency
manager Joerg Riedemann.

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

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Joerg Riedemann
         Muehlweg 47
         D 06114 Halle
         Germany
         Tel: 0345/293900
         Fax: 0345/2939029

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Bauunternehmung Goetter GmbH on
Feb. 6, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Bauunternehmung Goetter GmbH
         Attn: Jost Goetter, Manager
         Hauptstrasse 6
         06295 Dederstedt
         Germany


BILLI DISCOUNT: Claims Registration Period Ends March 28
--------------------------------------------------------
Creditors of Billi Discount GmbH have until March 28, 2008, to
register their claims with court-appointed insolvency manager
Juergen Spliedt.

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 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. Juergen Spliedt
          Uhlandstrasse 165/166
          10719 Berlin
          Germany

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

The Debtor can be reached at:

          Billi Discount GmbH
          Attn: Joerg Wiedenhoeft, Manager
          Dorfrand 1 e
          12529 Schoenefeld OT Grossziethen
          Germany


ESTRICH TECHNIK: Claims Registration Period Ends March 31
---------------------------------------------------------
Creditors of Estrich Technik 2000 GmbH have until March 31,
2008, to register their claims with court-appointed insolvency
manager Stefan Puhlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 12:00 p.m. on April 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Amberg
         Room 115
         Meeting Hall V
         First Stock
         Baustadelgasse 1
         Amberg
         Germany

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

The insolvency manager can be reached at:

         Stefan Puhlmann
         Waisenhausgasse 3-4
         92224 Amberg
         Germany
         Tel: 09621/91 10 0
         Fax: 09621/91 10 22

The District Court of Amberg opened bankruptcy proceedings
against Estrich Technik 2000 GmbH on Feb. 20, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Estrich Technik 2000 GmbH
         Ipflheim 7
         92263 Ebermannsdorf
         Germany


HANS A BUNTENBACH: Claims Registration Period Ends March 26
-----------------------------------------------------------
Creditors of Hans A. Buntenbach GmbH have until March 26, 2008,
to register their claims with court-appointed insolvency manager
Friedrich-Wilhelm Klein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         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:

         Friedrich-Wilhelm Klein
         Turmhof 15
         42103 Wuppertal
         Germany
         Tel: 0202/49 37 00
         Fax: 0202/4937099

The District Court of Wuppertal opened bankruptcy proceedings
against Hans A. Buntenbach GmbH on Feb. 19, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Hans A. Buntenbach GmbH
         Kreuzbergstr. 55
         42899 Remscheid
         Germany

         Attn: Gerhard Mueller, Manager
         Friedrichstr. 12
         42897 Remscheid
         Germany


HASANI GMBH: Claims Registration Ends March 28
----------------------------------------------
Creditors of Hasani GmbH have until March 28, 2008 to register
their claims with court-appointed insolvency manager Stefan
Haas.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on April 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Hasani GmbH
         Sebastianiplatz 5-7
         94405 Landau
         Germany


HAUS + HEIM: Claims Registration Period Ends March 27
-----------------------------------------------------
Creditors of Haus + Heim Bautrager GmbH have until March 27,
2008, to register their claims with court-appointed insolvency
manager Andreas Schafft.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 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 Fulda
         Hall 3100
         Koenigstrasse 38
         36037 Fulda
         Germany

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

The insolvency manager can be reached at:

         Andreas Schafft
         Kanzlei Leonhardt
         Westhelle & Partner
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166-311
         Fax: 0561/3166-312

The District Court of Fulda opened bankruptcy proceedings
against Haus + Heim Bautrager GmbH on Feb. 13, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Haus + Heim Bautrager GmbH
         Petersgasse 9
         36037 Fulda
         Germany


HEINRICH VORMWALD: Claims Registration Ends March 28
----------------------------------------------------
Creditors of Heinrich Vormwald GmbH have until March 28, 2008 to
register their claims with court-appointed insolvency manager
Dr. Georg Bernsau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Room 205
         Engelhardstrasse 21
         63450 Hanau
         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. Georg Bernsau
         Zeilweg 42, D
         60439 Frankfurt/Main
         Germany
         Tel: 069963761-130
         Fax: 069963761-145
         E-mail: info@bl-law.de
         Web site: http://www.bl-law.de/

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

The Debtor can be reached at:

         Heinrich Vormwald GmbH
         Attn: Holger Lach, Manager
         Struthweg 7
         63594 Hasselroth
         Germany


HGM GRANIT: Claims Registration Ends March 28
---------------------------------------------
Creditors of HGM Granit und Marmor GmbH have until March 28,
2008 to register their claims with court-appointed insolvency
manager Werner Maier.

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

The meeting of creditors will be held at:

         The District Court of Esslingen
         Hall 1
         First Floor
         Ritterstr.5
         Eslingen
         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:

         Werner Maier
         Gansheidestr. 1
         70184 Stuttgart
         Germany
         Tel: 0711/16433-0
         Fax: 0711/16433-50

The District Court of Esslingen opened bankruptcy proceedings
against HGM Granit und Marmor GmbH on Jan. 30, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HGM Granit und Marmor GmbH
         Attn: Majd Nukta, Manager
         Max-Eyth-Str. 33
         72649 Wolfschlugen
         Germany


HK BAU: Creditors Must File Claims by March 27
----------------------------------------------
Creditors of HK Bau GmbH have until March 27, 2008, to register
their claims with court-appointed insolvency manager Ralph
Schmid.

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

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Ralph Schmid
         Duelmener Str. 92
         48653 Coesfeld
         Germany
         Tel: 02541/915-01
         Fax: 02541-915600

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

The Debtor can be reached at:

         HK Bau GmbH
         Am Burdiek 25
         48249 Duelmen
         Germany

         Attn: Ralf Lewe, Manager
         Coesfelder Strasse 131
         48249 Duelmen
         Germany


IKB DEUTSCHE: Investors Express Interest on Portfolio
-----------------------------------------------------
Several investors have express interest in acquiring the
EUR6,000,000,000 portfolio of IKB Deutsche Industriebank AG, the
Thomson Financial News discloses citing a report by the
Financial Times Deutschland.

The report discloses that investors interested include
Ripplewood, Lone Star, Cerberus, JC Flowers, and Goldman Sachs.

According to the report, KfW Bankengruppe decided to sell IKB's
small and medium enterprise financing and its investment
portfolio separately.  The enterprise financing division is
expected to be sold between EUR700-EUR800 million, the report
adds.  The investment portfolio could likely be given away for
free.

KfW also intends to sell its 43% stake in the bank, the report
adds.   Stiftung Industriesforschung is also planning to sell
its 12%.

                      Rescue Efforts

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

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

As reported in the TCR-Europe on Feb. 29, 2008, IKB said that it
needed up to EUR2 billion in fresh capital, EUR500 million of
which is needed in the short term.  KfW was likely to bail out
IKB for the third time after the bank's other shareholders
refused to finance the company's restructuring.

                      About IKB Deutsche

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

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

                         *     *     *

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

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

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


INTERIEUR DESIGN: Creditors Must File Claims by March 27
--------------------------------------------------------
Creditors of Interieur Design Management GmbH have until
March 27, 2008, to register their claims with court-appointed
insolvency manager Peter Jost.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 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 Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be reached at:

         Peter Jost
         Pfingstweidstrasse 3
         D 60316 Frankfurt/Main
         Germany
         Tel: 069/209739-0
         Fax: 069/20973929

The District Court of Frankfurt am Main opened bankruptcy
proceedings against Interieur Design Management GmbH on Feb. 14,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Interieur Design Management GmbH
         Gutleutstr. 89
         60329 Frankfurt am Main
         Germany


IRFA LEBENSMITTEL: Claims Registration Period Ends March 20
-----------------------------------------------------------
Creditors of IRFA Lebensmittel Handels GmbH have until
March 20, 2008, to register their claims with court-appointed
insolvency manager Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Stuttgart
         Room 4
         Hauffstr. 5
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Michael Pluta
         Albstr. 14
         70597 Stuttgart
         Germany
         Tel: 0711/76 96 880
         Fax: 0711/76 96 88 50

The District Court of Stuttgart opened bankruptcy proceedings
against IRFA Lebensmittel Handels GmbH on Feb. 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         IRFA Lebensmittel Handels GmbH
         Attn: Fatih Mehmet Sarikaya, Manager
         Langwiesenweg 34
         70327 Stuttgart
         Germany


KSC STRASSENBAU: Claims Registration Ends March 28
--------------------------------------------------
Creditors of KSC Strassenbau GmbH have until March 28, 2008 to
register their claims with court-appointed insolvency manager
Dr. Harald Hess.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on April 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kaiserslautern
         Hall 11
         Bahnhofstr. 24
         67655 Kaiserslautern
         Germany

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

The insolvency manager can be reached at:

         Dr. Harald Hess
         W.-Th.-Roemheld-Str. 14
         55130 Mainz
         Germany
         Tel: 06131/2850-0
         Fax: 06131/2850-28

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

The Debtor can be reached at:

         KSC Strassenbau GmbH
         Attn: Erkan Karatas, Manager
         Hetzelbornstr. 4
         67292 Kirchheimbolanden
         Germany


LITZ UNITED: Creditors Must File Claims by March 27
---------------------------------------------------
Creditors of LiTz United GmbH & Co. KG have until
March 27, 2008, to register their claims with court-appointed
insolvency manager Dietrich Hauser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Dietrich Hauser
         Edisonstrasse 19
         74076 Heilbronn
         Germany
         Tel: 07131/64281-0
         Fax: 07131/64281-28

The District Court of Heilbronn opened bankruptcy proceedings
against LiTz United GmbH & Co. KG on Feb. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         LiTz United GmbH & Co. KG
         Babstadter Strasse 16
         74906 Bad Rappenau
         Germany


LUCAS JUSTEN: Creditors Must File Claims by March 27
----------------------------------------------------
Creditors of Lucas Justen Spediton- und Handelsgesellschaft mbH
have until March 27, 2008, to register their claims with court-
appointed insolvency manager Ralf Bornemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:03 a.m. on April 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mayen
         Hall 17
         St. Veit-Strasse 38
         56727 Mayen
         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:

         Ralf Bornemann
         Godesberger Allee 125-127
         53175 Bonn
         Germany

The District Court of Mayen opened bankruptcy proceedings
against Lucas Justen Spediton- und Handelsgesellschaft mbH on
Feb. 14, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Lucas Justen Spediton- und Handelsgesellschaft mbH
         Keutelstrasse 45
         56729 Ettringen
         Germany


LUT-VERWALTUNGS-GMBH: Claims Registration Ends March 28
-------------------------------------------------------
Creditors of LUT-Verwaltungs-GmbH have until March 28, 2008 to
register their claims with court-appointed insolvency manager
Dr. Gideon Boehm.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Gideon Boehm
         Bachstrasse 85 a
         22083 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against LUT-Verwaltungs-GmbH on Feb. 5, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         LUT-Verwaltungs-GmbH
         Attn: Odin Janoske, Manager
         Nordkanalstrasse-46
         20097 Hamburg
         Germany


MIA MA: Claims Registration Period Ends March 26
------------------------------------------------
Creditors of Mia Ma GmbH have until March 26, 2008, to register
their claims with court-appointed insolvency manager Dr. Sabine
Aldermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Sabine Aldermann
         Landgrafenstr. 2a
         44139 Dortmund
         Germany

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

The Debtor can be reached at:

         Mia Ma GmbH
         Viktoriastr. 16
         44135 Dortmund
         Germany


MMC TECHNOLOGIES: Claims Registration Ends March 28
---------------------------------------------------
Creditors of MMC technologies GmbH have until March 28, 2008 to
register their claims with court-appointed insolvency manager
Manuel J. Calvo Fernandez.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Manuel J. Calvo Fernandez
         Sutthauser Str. 285
         49080 Osnabrueck
         Germany
         Tel: 0541/76007570
         Fax: 0541/76007599
         E-mail: info@bpl-recht.de

The District Court of Osnabrueck opened bankruptcy proceedings
against MMC technologies GmbH on Feb. 19, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         MMC technologies GmbH
         Bremer Str. 111
         49191 Belm
         Germany

         Attn: Guido Musch, Manager
         Westerbecker Damm 8
         49536 Lienen
         Germany


NICKELODEON IMMOBILIEN: Creditors Must File Claims by March 27
--------------------------------------------------------------
Creditors of Nickelodeon Immobilien Verwaltungsgesellschaft mbH
have until March 27, 2008, to register their claims with court-
appointed insolvency manager Tim F. Gatcke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln
         Germany

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

The insolvency manager can be reached at:

         Tim F. Gatcke
         Ger.-Fach Nr. 355
         Hans-Boeckler-Allee 26
         30173 Hannover
         Germany
         Tel: 0511-360960
         Fax: 0511-36096-90

The District Court of Hameln opened bankruptcy proceedings
against Nickelodeon Immobilien Verwaltungsgesellschaft mbH on
Feb. 11, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Nickelodeon Immobilien
         Verwaltungsgesellschaft mbH
         Hansastrasse 55A
         30592 Ronnenberg-Empelde
         Germany


RICOE: May File for Insolvency If Financing Talks Fail
------------------------------------------------------
Ricoe is currently in discussions with several banks regarding a
bridge financing, the Thomson Financial reports citing
Tagesspiegel.  The company needs to obtain the financing in
order to continue its operations.

If the company is unable to get the financing, it will likely
“file for insolvency,” Tagesspiegel relates citing a company
spokesman.

Ricoe -- http://www.ricoe.de/-- is a German logistics company
that operates in Germany and Easter Europe.  The company has
about 3,000 employees and 2,500 vehicles.


ROLLIX GMBH: Creditors Must File Claims by March 27
---------------------------------------------------
Creditors of Rollix GmbH have until March 27, 2008, to register
their claims with court-appointed insolvency manager Jens-Soeren
Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         Rollix GmbH
         Nordkanalstr. 52
         20097 Hamburg
         Germany


SCHOENFELD KFZ: Creditors Must File Claims by March 27
------------------------------------------------------
Creditors of Schoenfeld Kfz-Service GmbH & Co. KG have until
March 27, 2008, to register their claims with court-appointed
insolvency manager Martin Maletzky.

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

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         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:

         Martin Maletzky
         Hamburger Strasse 89 a
         24558 Henstedt-Ulzburg
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Schoenfeld Kfz-Service GmbH & Co. KG on Feb. 15, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schoenfeld Kfz-Service GmbH & Co. KG
         Bundesstrasse 45
         25557 Gokels
         Germany


SCHOENING-RETAIL GMBH: Creditors Must File Claims by March 27
-------------------------------------------------------------
Creditors of schoening-retail GmbH have until March 27, 2008, to
register their claims with court-appointed insolvency manager
Rainer U. Mueller.

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 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:

         Rainer U. Mueller
         Schiessstattenstr. 15
         86159 Augsburg
         Germany

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

The Debtor can be reached at:

         schoening-retail GmbH
         Lechwerkstr. 13
         86462 Langweid
         Germany


TRANSPORT- UND LOGISTIKGESELLSCHAFT: Claims Due March 27
--------------------------------------------------------
Creditors of Transport- und Logistikgesellschaft mbH have until
March 27, 2008, to register their claims with court-appointed
insolvency manager Hendrik Gittermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         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:

         Hendrik Gittermann
         Sandtorkai 62
         20457 Hamburg
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Transport- und Logistikgesellschaft mbH on Jan. 24,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Transport- und Logistikgesellschaft mbH
         Friedrichstadter Strasse 11a
         24768 Rendsburg
         Germany


V-TEAM GMBH: Claims Registration Period Ends March 26
-----------------------------------------------------
Creditors of V-Team GmbH have until March 26, 2008, to register
their claims with court-appointed insolvency manager Dr.
Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 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. Christoph Schulte-Kaubruegger
         Genthiner Strasse 48
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         V-Team GmbH
         Striewitzweg 20
         14532 Stahnsdorf
         Germany

         Attn: Herrn Klaus Bartels
         Im Langen Winkel 12
         29308 Winsen (Aller)
         Germany


VERMOEGEN HOFMANN'S: Claims Registration Period Ends March 28
-------------------------------------------------------------
Creditors of Vermoegen Hofmann's GmbH have until March 28, 2008,
to register their claims with court-appointed insolvency manager
Dr. Ralf Bornemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:09 a.m. on April 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mayen
         Hall 220
         St. Veit-Strasse 38
         56727 Mayen
         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. Ralf Bornemann
         Godesberger Allee 125-127
         53175 Bonn
         Tel: 0228 / 81 000-858
         Fax: 0228 / 81 000-820
         E-Mail: rae-bonn@dhpg.de

The District Court of Mayen opened bankruptcy proceedings
against Vermoegen Hofmann's GmbH on Feb. 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Vermoegen Hofmann's GmbH
         Niederstr. 2
         56637 Plaidt
         Germany

         Attn: Bettina Hofmann, Manager
         Am Spielplatz 6
         56637 Plaidt
         Germany


ZELLER KERAMIK: Creditors' Meeting Slated for March 3
-----------------------------------------------------
The court-appointed insolvency manager for Zeller Keramik
Betriebs GmbH, Stefano Buck will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:00 a.m. on March 3, 2008.

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

          The District Court of Offenburg
          Hall 0005
          Hindenburgstr. 5
          77654 Offenburg
          Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:15 a.m. on April 16, 2008, at the same
venue.

Creditors have until March 28, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Stefano Buck
          Eisenbahnstr. 19-23
          77855 Achern
          Germany

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

The Debtor can be reached at:

          Zeller Keramik Betriebs GmbH
          Attn: Ralf Mueller, Manager
          Hauptstr. 2
          77736 Zell a. H.
          Germany


===========
G R E E C E
===========


ARMSTRONG WORLD: Completes Strategic Review Following Evaluation
----------------------------------------------------------------
Armstrong World Industries Inc. completed its strategic review,
disclosed in February 2007, after extensive evaluation of
alternatives, including a possible sale of Armstrong World's
individual businesses and the entire company.

Based on market conditions, including continued deterioration in
the U.S. residential housing market and dramatic tightening of
the credit markets, the board of directors concluded that it is
in the best interest of Armstrong and its shareholders to
continue to execute the company's strategic operating plan under
its current structure as a publicly traded company.

The company's projected financial position would allow the
return of US$500 million of capital to shareholders in 2008, and
its credit agreements have been amended to permit this.
Seasonal cash usage is such that the board of directors has
declared a special cash dividend of US$4.50 per common share,
payable on March 31, 2008, to shareholders of record on March
11, 2008.  This special cash dividend represents an aggregate
payment of approximately US$260 million, leaving US$240 million
available to be returned to shareholders later in the year if
the business performs as expected.

The board of directors based its decision to declare a special
dividend on the substantial amount of cash generated in 2007,
and on expectations that future cash generation will more than
meet the company's needs.

"Armstrong's board of directors thoroughly explored a
comprehensive range of alternatives, weighing the interests of
our shareholders, customers and employees," Michael D. Lockhart,
Armstrong chairman and chief executive officer, said.  "We
believe that Armstrong can continue to create shareholder value
by outperforming our markets with innovative products and
services that deliver value and performance."

Armstrong also stated that the Armstrong World Industries
Asbestos Personal Injury Trust has informed the company's board
of directors that it "supports the board's decision to conclude
the strategic review and pay a special dividend."  The trust
further notified Armstrong that it "currently expects to have
sufficient liquidity to pay claims against the trust for the
foreseeable future and has no present plans to dispose of
company common stock."

                      About Armstrong World

Headquartered in Lancaster, Pennsylvania, Armstrong World
Industries, Inc. (NYSE:AWI) -- http://www.armstrong.com/-- ,
designs, manufactures and sells flooring products and ceiling
systems around the world.  It also designs, manufactures and
sells kitchen and bathroom cabinets.  Its business segments
include resilient flooring, wood flooring, building products and
cabinets.  The company has Asia-Pacific locations in Australia,
China, Hong Kong, Indonesia, Japan, Malaysia, Philippines,
Singapore, South Korea, Taiwan, Thailand and Vietnam.  It also
has locations in Colombia, Costa Rica, Greece and Iceland, among
others.  On Dec. 6, 2000, it filed a voluntary petition for
relief under Chapter 11 of the United States Bankruptcy Code in
the United States Bankruptcy Court.  On Aug. 18, 2006, it
emerged from Chapter 11.  On April 3, 2006, Armstrong World
acquired HomerWood Inc.  On May 1, 2006 it acquired Capella
Engineered Wood LLC, and its parent company, Capella Inc.  On
March 27, 2007, it entered into an agreement to sell the
principal operating companies in its European textile and sports
flooring business segment to Tapijtfabriek H. Desseaux N.V. and
its subsidiaries.  These businesses were classified as
discontinued at Oct. 2, 2006.


ARMSTRONG WORLD: S&P Changes Outlook to Stable; Holds BB Rating
---------------------------------------------------------------
Standard & Poor's Ratings Service revised its outlook on
Armstrong World Industries Inc. to stable from developing.  At
the same time, S&P affirmed the 'BB' corporate credit and 'BBB-'
senior secured ratings on the Lancaster, Pennsylavania-based
company.

"The outlook change reflects Armstrong's announcement that it
has completed its strategic review process and plans to return
US$500 million to shareholders during 2008," said Standard &
Poor's credit analyst Thomas Nadramia.

A US$260 million special cash dividend will be paid on March 31,
2008, leaving US$240 million available to be returned to
shareholders later in the year if the company performs as
expected.

"The affirmation of the corporate rating considers the company's
sizable liquidity to fund these payments, including over
US$500 million of cash balances at year-end 2007.  Therefore,
the impact on existing credit metrics is expected to be
minimal," Mr. Nadramia said.

He added, "Despite the ongoing challenging residential
construction market, Armstrong's good cash flow characteristics
and position in the ceilings segment should enable it to
maintain a combination of adequate liquidity and credit measures
consistent with the current rating.

"We could revise the outlook to negative if volumes weaken more
than expected or if economic conditions materially hurt
profitability, causing credit measures to deteriorate
significantly from current levels.  We are less likely to revise
the outlook to positive in the near term given the challenging
operating environment.  However, should Armstrong continue to
post improvements to its operating margins and maintain its
strong credit metrics through the current downturn, we could
consider an outlook revision to positive."

Armstrong produces ceiling systems, wood and vinyl flooring, and
cabinets, with 40 manufacturing plants worldwide.


ELECTRONIC DATA: M. Blackburn Replaces M. Koehler as EMEA Head
--------------------------------------------------------------
Electronic Data Systems Corp. has appointed Martin Blackburn to
the position of vice president and general manager, of the
company's Europe, Middle East and Africa (EMEA) Operations.  He
will report directly to Bill Thomas, executive vice president
for EMEA, effective April 1, 2008.

Mr. Blackburn will assume responsibility for the EMEA
operations, including the management of delivery to all clients
in the region, strategy and financial performance.  Mr.
Blackburn is replacing Mike Koehler, who will assume the
position of Electronic Data's executive vice president of Global
ITO Services.

Mr. Blackburn brings extensive knowledge and experience in
leading the operations function of major outsourcing
organizations.  Previously, he served as Chief Executive, Global
Service Delivery Logica -- a division which comprises 10,000
staff across 18 countries.  He was responsible for all business
process outsourcing, IT outsourcing, applications management and
offshore service delivery within the Logica Group.  Mr.
Blackburn re-established growth for the company -- building an
impressive client portfolio, formulating the company's off-shore
strategy and personally spearheading the change programme
underpinning the company's transformation.

"Martin brings to EDS unique experience and insight which will
be instrumental in ensuring we continue to deliver a high
quality, consistent service across our client base," said Mr.
Thomas.  "In particular, Martin's recent success building a
thriving global delivery model, offering clients the right blend
of offshore, nearshore and onshore locations, is particularly
complementary to EDS' Best Shore strategy."

Mr. Blackburn holds an BSc (Hons) Mathematics and Information
Systems.  He is also a Member of the British Computer Society,
the Institute of Electrical and Electronics Engineers, and the
Institute of Mathematics.

                  About Electronic Data System

Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS)
-- http://www.eds.com/-- is a global technology services
company delivering business solutions to its clients.  The
company founded the information technology outsourcing industry
more than 40 years ago.  The company delivers a broad portfolio
of information technology and business process outsourcing
services to clients in the manufacturing, financial services,
healthcare,  communications, energy, transportation, and
consumer and retail industries and to governments around the
world.

The company has locations in Argentina, Australia, Austria,
Brazil, China, Chile, Greece, Hong Kong, India, Japan, Malaysia,
Mexico, Puerto Rico, Singapore, Taiwan, Thailand, South Korea,
United Kingdom, among others.

                         *     *     *

Moody's placed EDS Corp.'s senior unsecured debt rating at 'Ba1'
in July 2004, and its probability of default rating at 'Ba1' in
September 2006.  Moody's said the outlook is positive.  The
ratings still hold to date.


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


VALEANT PHARMA: Incurs US$20.2 Million Net Loss in Fourth Qtr.
--------------------------------------------------------------
Valeant Pharmaceuticals International has posted US$20.2 million
of net loss for the three months ended Dec. 31, 2007, compared
to US$21.7 million of net loss for the same period in 2006.  For
the full year of 2007, the company incurred US$7.2 million of
net loss compared to US$56.5 million of net loss in 2006.

"Valeant's financial performance in the fourth quarter and the
full year is not acceptable either to me or to our investors,"
said J. Michael Pearson, chief executive officer and chairman.
"These results are the direct impact from trying to operate in
too many geographies, with too many businesses and too many
products.  We are completing a comprehensive strategic review of
the Company and expect to be in a position to talk more about
our plan during the last week of March."

                            Revenues

Product sales decreased four percent in the fourth quarter of
2007 compared to the same period last year.  Since the 2006
fourth quarter, the company has divested Reptilase product
rights, Solcoseryl product rights in Japan and the ophthalmic
business in the Netherlands.

North America product sales increased one percent in the 2007
fourth quarter, primarily due to increased sales of Cesamet(R),
Zelapar(R) and Kinerase(R), offset by declines in sales of
Efudex(R), which largely reflects the impact of stocking for the
product's authorized generic launch in the fourth quarter of
2006.

Sales in the International region declined twenty-three percent
in the 2007 fourth quarter compared to the same period last
year, due to continuing challenges in Mexico.  This included
increased accounting reserves for future product returns and
credit memos, which impacted sales as contra revenue.

Sales in the Europe, Middle East and Africa region increased
nine percent in the 2007 fourth quarter compared to the same
period last year, primarily due to the effects of foreign
currency translation.  The EMEA region also benefited from
increased sales of promoted products in Central and Eastern
Europe and new products acquired or launched in 2007.

Alliance revenue decreased eighteen percent in the 2007 fourth
quarter compared to the same period last year.  The decline
reflects competitive dynamics in the ribavirin market in Europe
and Japan and the cessation of ribavirin royalties from Roche as
a result of a loss of patent coverage in Europe.

                      Continuing Operations

The company's gross margin on product sales was 70 percent in
the 2007 fourth quarter as compared to 72 percent reported in
the 2006 fourth quarter.

Selling expense was 31 percent of product sales in the 2007
fourth quarter as compared to 27 percent recorded in the
comparable period last year.  This increase was due to bad debt
provisions in the EMEA and International regions and increased
promotional activities relating to the newly launched products
in Central Europe.  General and administrative expenses were 13
percent of product sales in the 2007 fourth quarter, the same
percentage as in 2006.

Research and development costs remained essentially flat as a
percentage of sales and were US$29.4 million in the 2007 fourth
quarter, compared to US$31.4 million in the same period in 2006.

                     Discontinued Operations

Valeant announced an agreement to sell Infergen(R) on Dec. 20,
2007.  The financial results for Infergen are reflected as
discontinued operations and prior periods were restated
accordingly. Valeant closed the sale in January 2008.

                          Divestitures

Valeant has signed a definitive agreement to sell certain
subsidiaries and product rights in certain Asian markets
including Singapore, the Philippines, Taiwan, Korea, and China.
The transaction is expected to close in March 2008.

                     Share Repurchase Update

Under the company’s repurchase program, Valeant repurchased 1.8
million shares of its common stock in the 2007 fourth quarter
for approximately US$20 million.  The fourth quarter activity
brings the total shares repurchased in 2007 to 6.5 million
shares for approximately US$100 million.

                 About Valeant Pharmaceuticals

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International -- http://www.valeant.com/-- is a global
specialty pharmaceutical company with USUS$823 million of 2005
revenues.  It has offices in Argentina, Hungary, Poland,
Singapore, Taiwan, and the United Kingdom.

                        *     *     *

In January 2007, Moody's Investors Service confirmed the ratings
of Valeant, including the B2 Corporate Family Rating, and
concluded the rating review for possible downgrade, which was
first initiated on Oct. 23, 2006.  Valeant's rating outlook is
stable, Moody's said.


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


PARMALAT SPA: Increases Fully Paid Up Share Capital to EUR1.6BB
---------------------------------------------------------------
Parmalat S.p.A. communicates that, following the allocation of
shares to creditors of the Parmalat Group, the subscribed and
fully paid up share capital has now been increased by
EUR8,741,676 to EUR1,661,207,690 from EUR1,652,466,014.  The
share capital increase is due to the assignation of 8,683,000
shares and to the exercise of 58,676 warrants.

The latest status of the share allotment is 33,162,487 shares
representing approximately 2.0% of the share capital are still
in a deposit account c/o Parmalat S.p.A., of which:

    * 13,388,617 or 0.8% of the share capital, registered in the
      name of individually identified commercial creditors, are
      still deposited in the intermediary account of Parmalat
      S.p.A. centrally managed by Monte Titoli (compared with
      13,446,885 shares as at Jan. 21, 2008);

    * 19,773,870 or 1.2% of the share capital registered in the
      name of the Foundation, called Fondazione Creditori
      Parmalat, of which:

      -- 120,000 shares representing the initial share capital
         of Parmalat S.p.A. (unchanged);

      -- 19,653,870 or 1.2% of the share capital that pertain to
         currently undisclosed creditors (compared with
         19,933,148 shares as at Jan. 21, 2008).

                          About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court Granted
Parmalat Permanent Injunction.


TISCALI SPA: Unveils Revised Document for Stock Option Plan
-----------------------------------------------------------
Tiscali S.p.A. has published a revised document related to stock
option plan, modifying the one published on April 11, 2007, and
subsequently modified.

On Feb. 27-28, 2008, the Board of Directors of Tiscali has
resolved upon the change of the strike price of the stock
options assigned to the employees by a factor of 0.896756, the
same as the one published by Borsa Italiana on Jan. 11, 2008,
and utilized to modified the options and futures contracts
following the EUR150 million capital increase concluded on
Feb. 22, 2008.

The resulting strike price of the options attributed to
employees as of today becomes EUR 2.132 per share.

Pursuant to the agreement between the Company and Tommaso
Pompei, following the renouncement of his powers during the
Board of Directors meeting on Feb. 27-28, the options assigned
to Tommaso Pompei (including the second tranche) are considered
to be fully exercisable pursuant to the terms and conditions
provided for in the stock options plan.

Pursuant to the adjustment, the strike price of the options
attributed to Tommaso Pompei becomes EUR 2.477 per share.

                         About Tiscali

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

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

                         *     *     *

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

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

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


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


AK-JOLY LLP: Creditors Must File Claims by April 4
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Grocery Corporation Ak-Joly insolvent on
Jan. 15, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Masanchi Str. 98b-42
         Almaty
         Kazakhstan
         Tel: 8 (3272) 85-49-13
              8 777 214 52-28


BALI LLP: Claims Deadline Slated for April 4
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Bali insolvent on Jan. 8, 2008,

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Balzak Str. 8b-3
         Almaty
         Kazakhstan
         Tel: 8 701 558 34-19


BRAND BUILDING: Claims Filing Period Ends April 4
-------------------------------------------------
LLP Brand Building and Marketing Services has declared
insolvency.  Creditors have until April 4, 2008, to submit
written proofs of claims to:

         LLP Brand Building and Marketing Services
         Office 202
         Seifullin Str. 404
         Almaty
         Kazakhstan


ELISTAR-XXI LLP: Creditors' Claims Due on April 4
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Elistar-XXI insolvent.

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

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


KAZNEFTEPROVODMONTAGE LLP: Claims Registration Ends April 4
-----------------------------------------------------------
LLP Kaznefteprovodmontage has declared insolvency.  Creditors
have until April 4, 2008, to submit written proofs of claims to:

         LLP Kaznefteprovodmontage
         Mishin Str. 4-2
         Aktobe
         Aktube
         Kazakhstan


PTP TECHNIKI I: Creditors Must File Claims by March 28
------------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP PTP Techniki I Technologiyi (RNN
090500031555).

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


RAHAT-TRANSSERVICE LLP: Claims Deadline Slated for April 4
----------------------------------------------------------
LLP Rahat-Transservice has declared insolvency.  Creditors have
until April 4, 2008, to submit written proofs of claims to:

         LLP Rahat-Transservice
         Office 300/1
         Micro District Samal-3, 1
         Almaty
         Kazakhstan


SHT ELECTRO: Claims Filing Period Ends April 4
----------------------------------------------
LLP SHT Electro Company has declared insolvency.  Creditors have
until April 4, 2008, to submit written proofs of claims to:

         LLP SHT Electro Company
         Kajymuhan Str. 258
         Temirlan
         Ordabasinsky District
         South Kazakhstan
         Kazakhstan


SOYAK CONSTRUCTION: Creditors' Claims Due on April 4
----------------------------------------------------
LLP Construction Company Soyak Construction Kazakhstan has
declared insolvency.  Creditors have until April 4, 2008, to
submit written proofs of claims to:

         LLP Construction Company Soyak
         Dostyk ave. 172
         Almaty
         Kazakhstan


YUKNA COMPANY: Claims Registration Ends March 28
------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Yukna Company (RNN 091700210159).

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

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


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


IMPERIAL SERVICE: Claims Registration Ends April 1
--------------------------------------------------
LLC Joint Kyrgyz-Kazakh Enterprise Imperial Service has declared
insolvency.  Creditors have until April 1, 2008 to submit
written proofs of claim.

Inquiries can be addressed to (+996 312) 93-31-66.


NTK LIMITED: Claims Filing Period Ends March 25
-----------------------------------------------
LLC International Consulting Company NTK Limited Company has
declared insolvency.  Creditors have until March 25, 2008 to
submit written proofs of claim to:

         LLC NTK Limited Company
         Fuchik Str. 49a
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 21-50-87


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


EXIDE GLOBAL: Moody's Holds B1 Rating on US165 Million Term Loan
----------------------------------------------------------------
Moody's Investors Service affirmed the Corporate Family Rating
at Caa1 for Exide Technologies, Inc. but changed the outlook to
positive from stable.  Moody's also raised the rating on the
company's asset based revolving credit facility to Ba3 from B1.
Moody's also affirmed ratings of the senior secured term loans,
at B1; and the senior secured junior-lien notes, at Caa1.  The
Probability of Default remains Caa1.

The Caa1 Corporate Family Rating continues to reflect Exide's
weak credit metrics balanced against operating performance that
is improving as a result of cost reduction initiatives and
successful pricing actions.  While Exide benefits from its
geographic and customer diversity, the company remains exposed
to cyclical industry conditions, weather uncertainties, and
commodity pricing pressures.

The positive outlook reflects the company's progress in applying
customer price increases and improved operational efficiencies
which are reflected in the company's recent quarterly
performance.  The company's recent performance further indicates
that price increases have taken hold and should further improve
the company's operating performance.  The company's capacity to
generate free cash flow in the near term should be helped by
softer global lead pricing due to softer global economic
conditions.  For the LTM period ending 12/30/07 DEBT/EBITDA
(using Moody's standard adjustments) was approximately 6.2x and
interest coverage approximated 0.7x. Exide had $71 million of
cash on hand at 12/31/2007 and $79 million of availability under
its revolving credit.  A fixed charge covenant 1.1 becomes
effective if availability falls below $40 million.

Ratings affirmed:

Exide Technologies, Inc.

    -- Caa1 Corporate Family Rating;

    -- Caa1 Probability of Default;

    -- Caa1 (LGD3, 45%) rating of US$290 million of senior
       secured junior-lien notes due March 2013;

Exide Technologies, Inc. and its foreign subsidiary Exide Global
Holdings Netherlands CV:

    -- B1 (LGD2, 16%) to the US$130 million senior secured term
       loan at Exide Technologies, Inc.;

    -- B1 (LGD2, 16%) to the US$165 million senior secured term
       loan at Exide Global Holdings Netherlands CV.;

Ratings raised:

Exide Technologies, Inc.

    -- US$200 million asset based revolving credit facility, to
       Ba3 from B1.

The last rating action was on April 26, 2007 when the senior
secured bank debt was rated.

In a January 2008 Special Comment, Moody's outlined the changes
to its Loss-Given-Default methodology to recognize the favorable
recovery experience of asset-based loans relative to other types
of senior secured first-lien loans.  The terms of Exide's ABL
meet the eligibility requirements outlined in the Special
Comment and, therefore, its rating is Ba3, which is one notch
higher than would otherwise have been indicated by the LGD
waterfall.

Exide, headquartered in Alpharetta, GA, is one of the largest
global manufacturers of lead acid batteries, with net sales
approximating US$3.5 billion.  The company manufactures and
supplies lead acid batteries for transportation and industrial
applications worldwide.


KHAMSIN CREDIT: Moody's Junks Rating on Series 6 Notes
------------------------------------------------------
Moody's Investors Service downgraded to C from B3 the Series 6
US$55,625,000 Leveraged Super Senior Portfolio Credit Linked
Notes due 2041 issued by Khamsin Credit Products (Netherlands)
B.V.  Approximately US$12 million of the original nominal value
has already amortised.

This transaction is a Leveraged Super-Senior transaction, where
the risk transferred to investors is linked to the credit
quality of the portfolio underlying the Class A US$890,000,000
Blue Heron Funding II Notes.  This portfolio contains structured
finance securities, including CDOs of ABS and US subprime RMBS.
This LSS has a Weighted Average Rating Factor (WARF) test which
has been breached following several severe downgrades in the
underlying portfolio.  As a result of this test breach, the
noteholders had the option to delever the transaction by
investing further monies (the Deleveraged Adjustment Amount).
The calculation agent did not receive the Deleveraged Adjustment
Amount from the noteholders by the cut off date, and as a
result, the transaction has unwound with a 100% loss of the
previous principal balance.


KRATON POLYMERS: Increases U.S. Produce Price Effective April 1
---------------------------------------------------------------
Kraton Polymers LLC has experienced unprecedented cost increases
associated with energy, raw materials, packaging, and logistics
costs throughout 2007.

In the first quarter of 2008 both crude oil and butadiene
monomer are moving to new record price levels, while styrene
monomer and other energy related costs are continuing to
increase as well.

As a result of these economic realities, effective
April 1, 2008, the company is implementing a general price
increase of 10 cents per pound on SBS based polymers and
compounds in the North American market.

Based in Houston, Texas, Kraton Polymers LLC --
http://www.kraton.com/-- produces styrenic block copolymers.
SBCs are highly-engineered thermoplastic elastomers, which
enhance the performance of numerous products by delivering a
variety of attributes, including greater flexibility,
resilience, strength, durability and processability.  Kraton
polymers are used in a wide range of applications including
adhesives, coatings, consumer and personal care products,
sealants, lubricants, medical, packaging, automotive, paving,
roofing, and footwear products.  Kraton has the leading position
in nearly all of its core markets and is the only producer of
SBCs with global manufacturing capability.  Its production
facilities are located in the United States, Germany, France,
The Netherlands, Brazil, and Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
Nov. 23, 2007, Moody's Investors Service affirmed Kraton
Polymers LLC's B1 corporate family rating but revised the
company's outlook to negative as Moody's expects continued
margin weakness, due to delays in passing on the full extent of
raw material cost increases to Kraton customers, which will
diminish free cash flow from operations over the next 12 to 18
months.


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


NOVELL INC: Earns US$16.8 Million in First Fiscal Quarter 2008
--------------------------------------------------------------
Novell Inc's net profit increased to US$16.8 million in its
fiscal first quarter 2008 ended Jan. 31, 2008, compared to a
US$19.9 million net loss in the same period last year.

For the quarter, Novell reported net revenue of US$231 million.
This compares to net revenue of US$218 million for the first
fiscal quarter 2007.  Income from operations for the first
fiscal quarter 2008 was US$8 million, compared to a loss from
operations of US$21 million for the first fiscal quarter 2007.
Income from continuing operations in the first fiscal quarter
2008 was US$15 million, or US$0.04 per share.  This compares to
a loss from continuing operations of US$12 million, or US$0.04
loss per share, for the first fiscal quarter 2007.  Foreign
currency exchange rates favorably impacted revenue and
unfavorably impacted operating expenses by US$7 million and did
not materially impact income from operations year-over-year.

On a non-GAAP basis, income from operations for the first fiscal
quarter 2008 was US$24 million.  This compares to non-GAAP loss
from operations of US$1 million in the year-ago quarter.  Non-
GAAP income from continuing operations for the first fiscal
quarter 2008 was US$29 million, or US$0.08 per share.  This
compares to non-GAAP income from continuing operations of US$3
million, or US$0.01 per share, for the first fiscal quarter
2007.

For the first fiscal quarter 2008, Novell reported US$30 million
of revenue from Open Platform Solutions of which US$28 million
was from Linux Platform Products, up 65% year-over-year.
Revenue from Identity and Security Management was US$32 million
of which Identity and Access Management was US$28 million, up
15% year-over-year.  Revenue from Systems and Resource
Management was US$37 million, up 5% year-over-year.  Workgroup
revenue of US$90 million was up 1% year-over-year.

"We are very pleased with our results this quarter.  We
delivered product revenue growth across all business units and
continued expense control this quarter," said Ron Hovsepian,
President and CEO of Novell.  "These results are indicative that
our strategic initiatives are yielding tangible results and that
we are on the right path to achieve long-term, sustainable
profitability."

Cash, cash equivalents, and short-term investments were US$1.8
billion at Jan. 31, 2008, consistent with the year-ago quarter.
Days sales outstanding in accounts receivable was 51 days at the
end of the first fiscal quarter 2008, down from 57 days at the
end of the year-ago quarter.  Total deferred revenue was US$723
million at the end of the first fiscal quarter 2008, down from
US$728 million at the end of the year-ago quarter.  Cash flow
from operations was a negative US$26 million for the first
fiscal quarter 2008 which includes US$31 million in special
interest and restructuring payments.  This compares to cash flow
from operations of US$348 million in the first fiscal quarter
2007 which includes the US$348 million payment from Microsoft
and US$8 million in special interest payments.

As a result of our acquisition of PlateSpin and our first fiscal
quarter 2008 performance, Novell's management issued this
financial guidance for the full fiscal year 2008:

          -- net revenue is expected to be between
             US$940 million and US$970 million exceeding
             previously stated guidance of between
             US$920 million and US$945 million.

          -- Non-GAAP operating margin is expected to be between
             7% and 9%, excluding all acquisition-related
             intangible asset amortization.

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

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

                          *     *     *

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


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


CENTRAL EUROPEAN MEDIA: Moody's Lifts Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of Central European Media Enterprises Ltd to Ba2 from Ba3.

Concurrently, the ratings on the company's senior unsecured
notes were also upgraded to Ba2 from Ba3.  The outlook for all
ratings is stable.

Moody's says that the rating upgrade reflects these factors:

    -- CME's recent guidance at the publication of its 2007
       year-end results of its intention to maintain leverage at
       around 3.0x Net Debt/EBITDA (as reported by the company)
       over the medium term and the reduced appetite to increase
       leverage beyond that other than on a temporary basis.
       Moody's notes that the rating was previously constrained
       by considerations regarding the expected use of financial
       flexibility, but the revised guidance signals a more
       conservative stance towards gearing levels.

    -- CME's sound operational and financial performance since
       the upgrade to Ba3 in June 2006.  For the year ended
       December 2007, the company reported a net revenue
       increase of 39% and a segment EBITDA increase of 46%,
       while the segment EBITDA margin improved to 38%,
       reflecting strong growth in the core TV business, a
       successful pricing strategy and good cost control
       measures.  In addition, the company's financial strategy
       has been conservative, which allowed CME to report solid
       credit metrics such as Total Debt/EBITDA (as adjusted by
       Moody's) of 2.3x and RCF/Debt of 22.4% as of December
       2007.

    -- CME's track record in delivering a consistent M&A
       strategy, which is focused on buying out minority stakes
       in controlled subsidiaries with the aim of streamlining
       the group's structure and improving the performance of
       the stations by applying the group's best practices.

According to Moody's, the Ba2 rating positively reflects CME's
leading positions in the TV broadcasting market in most of the
six Central and Eastern European countries where it operates.
The rating also reflects the expected significant growth
potential of the TV advertising markets in these countries, as
well as the company's solid and sustainable audience share
levels, supported by its multi-channel offerings and successful
programming strategy focused on own local productions.

However, the rating continues to factor (i) broad-based country
risks relating to the countries where CME is present (and in
particular, the expected increased contribution from Ukraine --
rated B1 -- over the medium term); (ii) the expected increasing
competition in some of the countries as a result of the analogue
TV broadcasting switch-off and the transition to digital
terrestrial television; (iii) the potential for ongoing
acquisitions, although the company has developed a track record
of a prudent acquisition strategy and has reduced its appetite
for increased leverage; (iv) the expected slowdown in the
economy, which can impact some of CME's countries; and (v) the
continued high dependence on broadcast advertising revenues
despite an increased focus on new media initiatives.

The ratings upgrade also factors CME's sound liquidity profile,
which is supported by the company's cash on balance sheet, the
availability of cash under its EUR150 million revolving facility
and other facilities at local subsidiaries, and the limited debt
amortisations scheduled until the company's bonds mature in
2012.  Moody's notes that CME intends to offer, subject to
market considerations, US$425 million aggregate principal amount
of senior convertible notes due 2013, which will be senior
obligations of CME and will rank equally in right of payment
with its existing senior notes and the revolving credit
facility.  The convertible notes will not be rated by Moody's.
CME intends to use net proceeds from the offering to purchase
the additional ownership interests in CME's operations in the
Ukraine for a maximum amount of US$329 million and for general
corporate purposes.  Moody's believes that a successful
completion of the convertible bond issuance will further
strengthen the group's liquidity profile.  Despite the expected
increase in debt resulting from the completion of the
convertible bond offering, it is Moody's expectation that
leverage will remain within the revised guidance of Net debt /
EBITDA (as reported by the company) of around 3.0x.

Moody's says that further upward pressure is limited at this
stage in part because the rating agency does not expect
significant further deleveraging, and because free cash flow
generation over the short term is likely to be constrained by
the company's sizeable capex plans.  Factors that could result
in positive pressure on the ratings over the medium term include
continued maintenance of CME's solid operational performance
combined with more conservative leverage levels, as reflected in
a Debt/EBITDA ratio (as adjusted by Moody's) well below 2x on a
sustainable basis and solid free cash flow generation.

Conversely, Moody's cautions that downward pressure could be
exerted on CME's ratings in the event that there is a deviation
from the company's revised leverage guidance.  In addition,
there could be negative pressure on the rating if the operating
performance deteriorated significantly or the company altered
its acquisition strategy or made a greater-than-anticipated
investment in new ventures and acquisitions, resulting in
increasing leverage on a Debt/EBITDA basis (as adjusted by
Moody's), well above 3.5x on a sustainable basis.

Central European Media Enterprises Ltd., a Bermuda-based company
is a TV broadcasting company with leading networks in six
Central and Eastern European countries.  Launched in 1994, CME
and its partners now operate 16 channels in six countries,
including TV Nova, Nova Cinema and Galaxie Sport in the Czech
Republic; PRO TV, PRO Cinema, Pro International, Sport.ro, MTV
and Acasa in Romania; Nova TV in Croatia, TV Markiza in the
Slovak Republic; POP TV and Kanal A in Slovenia; and Studio 1+1,
Kino and Citi in Ukraine.  For the year ending on 31 December
2007, CME generated segment revenues of US$840 million and
segment EBITDA of US$320 million.


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


ALLIANCE-SV OJSC: Creditors Must File Claims by March 16
--------------------------------------------------------
Creditors of OJSC Alliance-SV have until March 16, 2008, to
submit proofs of claim to:

         Y. Shubin
         Temporary Insolvency Manager
         Apt. 50
         Arkhangelskaya Str. 23
         Cherepovets
         162600 Vologda
         Russia

The Arbitration Court of Vologda commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A13-12280/2007.

The Court is located at:

         The Arbitration Court of Vologda
         Hall 4
         Gertsena Str. 1a
         Vologda
         Russia

The Debtor can be reached at:

         OJSC Alliance-SV
         Apt. 50
         Arkhangelskaya Str. 23
         Cherepovets
         162600 Vologda
         Russia


ATOM-LEASING-INVEST: Creditors Must File Claims by March 16
-----------------------------------------------------------
Creditors of CJSC Atom-Leasing-Invest (TIN 7715207341) have
until March 16, 2008, to submit proofs of claim to:

         S. Kiselev
         Temporary Insolvency Manager
         115432 Moscow
         Russia

The Arbitration Court of Moscow will convene at 10:30 a.m. on
April 15, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A40-60912/
07-38-166B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Atom-Leasing-Invest
         Building 2
         Polkovaya Str. 3
         Moscow
         Russia


COMSTAR-UNITED: Board of Directors Approve New Strategy
-------------------------------------------------------
COMSTAR–United TeleSystems JSC's Board of Directors has adopted
the Comstar Group strategy on technology, finance and marketing.

Comstar is focusing on the technological development of the
infrastructure in the regions, integration of the network of
companies, development of broadband access technologies,
increase in the capacity of its networks and creation of
technical capabilities for fast introduction of its services.

The modernization of the transport level of data transmission
network and "the last mile" based on FTTH technology are
Comstar’s technological priorities in Moscow.

The technological development of the regional network of
companies will follow the Moscow network's model and will allow
Comstar to shorten networks roll-out and reduce time required
for the introduction of new services.  Unified technological
solutions and cooperation within the Group's companies is
essential for the efficiency gains within Comstar.

The introduction of a number of initiatives with respect to the
financial strategy is expected to deliver the targeted growth,
profitability and increased market presence through higher
operational profitability, effective use of the investment
portfolio as well as optimization of the Group's ownership
structure.  Comstar's financial goals in 2008 are focused on the
introduction of management control systems for revenue
assurance, separate cost accounting and project accounting for
investments, as well as increased financial disclosure and
reduced preparation time of the Group's consolidated financial
results.

Comstar's marketing strategy is focused on increasing sales and
market share in respective businesses, dynamic regional
expansion in Russian regions and the CIS, including re-branding,
increasing loyalty among broadband customers through improving
quality of services and customer support as well as developing
the brand further.

"The execution of adopted strategies is in line with the
implementation of key strategic goals by Comstar UTS through
2011," Sergey Pridantsev, President and Chief Executive Officer
of Comstar UTS, said.  "The 'Five attack points' strategy
adopted by the Board of Directors in October 2007 is focused on:
restructuring, development of broadband access business,
development of MGTS, dynamic regional expansion and management
of the Svyazinvest stake."

                        About Comstar-UTS

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

                           *    *    *

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

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


FEDERAL GRID: S&P Lifts Ratings to Investment Grade Level
---------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Russian electricity transmission grid
operator Federal Grid Co. of the Unified Energy System to 'BBB'
from 'BB+', effectively boosting the company to the investment-
grade level.

At the same time the Russia national scale rating was raised to
'ruAAA' from 'ruAA+' and removed from CreditWatch with positive
implications.  The global scale rating remains on CreditWatch
with positive implications, where it was placed on Oct. 31,
2007, after approval by shareholders of FGC's 87.6% parent, RAO
UES of Russia (BB/Watch Pos/--; Russia national scale ruAA/Watch
Pos/--), of the second stage of RAO UES' restructuring and
merger with FGC.

"The upgrade reflects the reduced risk to FGC's liquidity linked
to the restructuring of RAO UES and FGC," said Standard & Poor's
credit analyst Eugene Korovin.  "The continued CreditWatch
placement reflects our expectation that FGC's creditworthiness
will further improve after the merger with RAO UES has been
completed."

Although the credit impact of the merger on FGC's balance sheet
should be positive, some uncertainty remains about FGC's post-
merger cash flow protection and financial leverage measures.

As of Feb. 22, 2008, the aggregate amount of claims for early
debt redemption and share buybacks received by FGC that could
have resulted in a potentially significant call on liquidity
totaled only RUR206 million.

The ratings reflect FCG's monopoly position as the electricity
transmission grid owner and operator in Russia; a supportive,
but evolving, tariff regime; ongoing and extraordinary support
from the Russian state; a strong financial profile; and a
commitment to a moderate financial policy.

These strengths are counterbalanced by FGC's large medium-term
investment program, which relies heavily on external financing
from the state and RAO UES asset sales; the risk that the
proceeds from the RAO asset sales will fall short of
expectations; and FGC's exposure to the ongoing structural
reform of the Russian power sector and to the Russian economy,
the latter of which retains some transitional features.

"We will resolve the CreditWatch status after the merger with
RAO UES is complete and when the impact of the merger on FGC's
financial profile is clear," said Mr. Korovin.

If FGC ends up with a financial profile stronger than presently
assumed, and with no significant debt taken on from RAO UES, the
ratings could be raised further.


GLORIA OJSC: Creditors Must File Claims by March 16
---------------------------------------------------
Creditors of  OJSC Gloria (TIN 2507003771) have until March 16,
2008, to submit proofs of claim to:

         A. Kolomeets
         Insolvency Manager
         Post User Box 117
         Ussuriysk
         692525 Primorye
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51-12576/2007 26-212/30 B.

The Court is located at:

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

The Debtor can be reached at:

         A. Kolomeets
         Insolvency Manager
         Post User Box 117
         Ussuriysk
         692525 Primorye
         Russia


KIROV-TELEKOM CJSC: Creditors Must File Claims by March 16
----------------------------------------------------------
Creditors of CJSC Kirov-Telekom have until March 16, 2008, to
submit proofs of claim to:

         S. Shubin
         Insolvency Manager
         Orlovskaya Str. 14-1
         610002 Kirov
         Russia
         Kirov

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A28-178/07-65/19.

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         CJSC Kirov-Telekom
         Gertsena Str. 33
         610000 Kirov
         Russia


METAL-SNAB-URAL: Chelyabinsk Court Hearing Slated for May 15
------------------------------------------------------------
The Arbitration Court of Chelyabinsk will convene on May 15,
2008, to hear the bankruptcy supervision procedure on LLC Metal-
Snab-Ural (TIN 7710346398, OGRN 1027739259503).  The case is
docketed under Case No. A76-20682/07-60-286.

The Temporary Insolvency Manager is:

         M. Dyakonov
         Post User Box 8213
         454084 Chelyabinsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Metal-Snab-Ural
         Kharlova Str. 9
         Chelyabinsk
         Russia


OKTYABRSKIY FACTORY: Asset Sale Slated for March 18
---------------------------------------------------
The insolvency manager and bidding organizer for OJSC
Oktyabrskiy Factory of Oil-Gas Mechanical Engineering, will open
a public auction for the company's properties at 3:00 p.m. on
March 18, 2008, at:

         Insolvency Manager and Bidding Organizer
         LLC PK Avtopibor
         Administration Building
         3rd Floor
         Room of insolvency manager
         Stepnaya Str. 1
         Oktyabrskiy
         Bashkortostan
         Russia
         Tel: (34767) 4-21-34, 4-21-67

Interested participants have until March 15, 2008, to deposit an
amount equivalent to 10% of the starting price.

Bidding documents must be submitted to:

         Insolvency Manager and Bidding Organizer
         LLC PK Avtopibor
         Administration Building
         3rd Floor
         Room of insolvency manager
         Stepnaya Str. 1
         Oktyabrskiy
         Bashkortostan
         Russia
         Tel: (34767) 4-21-34, 4-21-67

The Debtor can be reached at:

         OJSC Oktyabrskiy Factory of Oil-Gas Mechanical
         Engineering
         Kosmonavtov Str. 65
         Oktyabrskiy
         Bashkortostan
         Russia


SIBUR HOLDINGS: Fitch Places Ratings Under Negative Watch
---------------------------------------------------------
Fitch Ratings placed Russia-based petrochemical producer OJSC
Sibur Holding's Long-term Issuer Default rating of 'BB' on
Rating Watch Negative.  The Short-term IDR is affirmed at 'B'.

The RWN follows the company's announcement of potential private
offerings of several bond issues for a sizeable amount.  The
potential bond issues will require shareholder approval at the
general shareholders meeting on 14 March 2008.  Sibur has
announced that it will consider the necessity of the bond issues
depending on current financial requirements for implementation
of the investment programme and possible acquisition and merger
transactions.

The RWN reflects Fitch's concerns that the potential sizable
bond issues signal a deviation from Sibur's strategy of growth
while maintaining a conservative financial profile, thus putting
pressure on the current rating.  In particular, leverage of
Sibur may increase substantially what is against the company's
previous conservative financial policies to keep the leverage
low.  Fitch expects to resolve the RWN following a management
meeting with the company in the coming months.  The agency will
seek to clarify the company's acquisition strategy, financing
structure and the impact of these matters on Sibur credit
profile.

Sibur has achieved a significant operational and financial
turnaround since 2002, with the support of its sole shareholder,
Gazprom group ('BBB-' (BBB minus)/Positive).  Fitch acknowledges
Gazprom's historical support for, and its current business ties,
with Sibur, which range from Gazprom supplying some of Sibur's
feedstock to managing Sibur's export business.  At present,
Fitch views Sibur as a largely independent credit, given
Gazprom's uncertain strategy regarding the subsidiary and
Sibur's lack of integration into, and its limited strategic
importance to, the Gazprom group.  However, should there be
evidence of a change in Gazprom's view on Sibur's strategic
importance, this may put upward pressure on Sibur's rating.

Based on the company's recent FY07 earnings estimates, revenue
is expected to have increased to RUB140bn with EBITDA margin of
around 23.0%.  Sibur's FY07 leverage should remain low at under
0.5x. In FY06, Sibur reported sales of RUB121.9bn (US$4.6bn), up
14% y-o-y.  It reported strong operating EBITDAR margin of
26.5%. Sibur's credit ratios, were comfortable for the rating
with net debt/EBITDAR of 0.2x at FYE06.


SISTEMA JSCF: Clarifies Info on RUR6 Billion Bond Issue
-------------------------------------------------------
Sistema JSFC clarifies the status of certain information which
has become public in connection with a proposed offering of
Ruble-denominated bonds in Russia.  The bond issue prospectus
for the total amount of RUR6 billion was registered by Russia's
Federal Financial Markets Service on Feb. 21, 2008.

Offering materials relating to the bond offering compiled by the
banks advising on that offering contain financial projections
regarding Sistema and its quoted subsidiaries -- Mobile
TeleSystems, Comstar, Sitronics and Sistema Hals -- drawn from
primarily published analysts' reports and other publicly
available sources.  The inclusion of projections is common in
relation to such offerings in Russia.

                         About Sistema

Headquartered in Moscow, Russia, Sistema JSFC
-- http://www.sistema.com/-- develops and manages market-
leading businesses in selected service-based industries,
including telecommunications, technology, insurance,
banking, real estate, retail and media.

                         *     *     *

As of March 4, 2008, Sistema JSFC carries a Ba3 long-term
corporate family rating and a B2 senior unsecured debt rating
from Moody's, which said the outlook is positive.

The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings.  S&P said the outlook is
negative.

Sistema JSFC carries BB- Issuer Default rating from Fitch, which
said the outlook is stable.


ZABUDOVA CJSC: Creditors Must File Claims by April 16
-----------------------------------------------------
Creditors of CJSC Zabudova (TIN 7703373986) have until April 16,
2008, to submit proofs of claim to:

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

The Arbitration Court of Moscow commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A40-68024/07-36-152B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Zabudova
         Building 1a
         Strelbishenskiy Per. 30
         Moscow
         Russia



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


BANKINTER 16 FONDO: Moody's Puts (P)Ba2 Rating on Series D Notes
----------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
these classes of notes issued by Bankinter 16 Fondo de
Titulizacion de Activos:

    -- (P) Aaa to the EUR 1,882.0 million Series A notes
    -- (P) Aa2 to the EUR 46.0 million Series B notes
    -- (P) A3 to the EUR 38.0 million Series C notes
    -- (P) Ba2 to the EUR 34.0 million Series D notes
    -- (P) C to the EUR 43.0 million Series E notes.

The transaction represents the securitisation of Spanish
residential mortgage loans originated by Bankinter (Aa3/P-1).
The assets supporting the notes are prime mortgage loans secured
on properties located in Spain. The portfolio will be serviced
by Bankinter.

The ratings of the notes are based upon the analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the notes receive from credit enhancement against
defaults and arrears in the mortgage pool, the legal and
structural integrity of the issue and the credit quality of the
parties involved in the transaction.

According to Moody's, this deal benefits from strong features,
including: (1) basis swap by which the index reference rates on
the assets are exchanged against the index reference rate on the
notes; (2) a reserve fund that is fully funded upfront to cover
a potential shortfall in interest and principal; (3) an 18-month
artificial write-off mechanism; (4) Good performance on previous
Bankinter deals; However, Moody's notes that the deal also has
weaknesses, including (1) excess spread is very limited; (2)
Pro-rata amortisation of the B, C and D Series of notes leads to
reduced credit enhancement of the senior class in absolute
terms; (3) 9.19% corresponds to second-lien residential
mortgages; (4) 43.82% of the portfolio corresponds to flexible
mortgages; (5) 5.7% of the portfolio corresponds to second homes
and (6) 5.4% of the portfolio corresponds to commercial
properties.

The provisional ratings address the expected loss posed to
investors by the legal final maturity.  The structure allows for
timely payment of interest and ultimate payment of principal at
par on or before the legal final maturity date.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed but may have a
significant effect on the yield to investors.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings represent Moody's preliminary
opinion.  Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavour to assign
definitive rating to the Notes.  A definitive rating may differ
from a provisional rating.


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


BOMBARDIER INC: S&P Keeps Positive Watch Posting of 'BB' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings, including
the 'BB' long-term corporate credit rating, on Montreal-based
Bombardier Inc. remain on CreditWatch with positive
implications, pending a review of the company's future business
and financial plans.

S&P placed the ratings on CreditWatch Dec. 3, 2007, following
the company's announcement to repurchase approximately US$1.1
billion of unsecured bonds on Nov. 28, 2007.  The debt reduction
came into effect on Jan. 17, 2008.

"The combination of reduced debt, improved cash flow from all
business segments, and significant backlog should enhance the
company's financial risk profile and improve its credit
measures," said Standard & Poor's credit analyst Greg Pau.

S&P expects adjusted debt to EBITDA to improve to 3.2x for the
year ended Jan. 31, 2008, from 4.6x from the preceding fiscal
year, and funds from operations to debt to increase to 20% from
14%.

In the next few weeks, Standard & Poor's will review the
company's business and financial plans and discuss them with
Bombardier management.  This should allow S&P time to assess the
implications of Bombardier's new business initiatives, including
those related to the progress of its C-series aircraft
development, its medium-term business, and financial risk
profile.  S&P expects to complete the assessment and resolve the
CreditWatch before March 31, 2008.


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


ACE CLUB: Claims Filing Period Ends April 28
--------------------------------------------
Creditors of Ace Club Corporation Ltd. (formerly Great Club
Ltd.) have until April 28, 2008 to detail their names and
addresses (and solicitors if applicable) together with
particulars of their debts or claims, in writing, or in person,
to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on Feb. 26 for the creditors' voluntary winding-up
procedure.


AMBASSADOR CARPETS: Brings In Liquidators from Tenon Recovery
-------------------------------------------------------------
David Antony Willis and Matthew Colin Bowker of Tenon Recovery
were appointed joint liquidators of Ambassador Carpets Ltd. on
Feb. 21 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         The Exchange
         Station Parade
         Harrogate
         HG1 1TS
         England


CHRYSLER LLC: February 2008 Sales Down 14%, Fleet Sales Reduced
---------------------------------------------------------------
Chrysler LLC reported total February 2008 sales of 150,093 units
which is 14% below the same period last year.  This includes a
significant reduction in fleet and reflects the company’s
ongoing commitment to reduce daily-rental fleet vehicle sales.
All sales figures are reported as unadjusted.

"While the auto industry is experiencing the impact of slow
economic growth, Chrysler LLC February results reflect progress
within each brand," Vice Chairman and President Jim Press said.
"The positive numbers for Dodge cars, the all-new Chrysler Town
& Country and the Jeep(R) Patriot prove our renewed focus on
consumer feedback, such as the demand for good fuel economy, is
resonating and translating into sales of our New Day Value
Packages.

"While becoming a more agile company, we’re developing a more
personalized relationship with our customers and strengthening
collaboration with our dealer partners.  It’s the sum total of
their feedback that will guide the evolution of our dynamic
product lineup and really make it a New Day and a new era at
Chrysler LLC."

February sales highlight strong core products like the Dodge
Caliber offering good mileage at a low price.  Increased sales
of Dodge Caliber (up 10%), and Dodge Avenger (up 60%),
demonstrate Chrysler's strong positioning in the all-important
car market, offering customers what they are looking for now
more than ever vehicles with high quality, great performance and
tremendous value.

Chrysler brand truck sales were led by the Chrysler Town &
Country, which posted sales of 11,952 units for February,
representing a 1% increase versus the same period last year.
Chrysler Aspen sales increased 31% with 2,879 units compared
with February 2007 when sales were 2,202 units.

The all-new Jeep Patriot set a new sales record for the month of
February with 5,195 units sold.  The vehicle is one of
Chrysler's recently introduced models that achieve 28 miles per
gallon or better in highway driving.

Chrysler LLC and its Dealer Advertising Association launched the
New Day Celebration campaign last month in 55 regional markets.
Solid February sales of the 12 vehicles featuring New Day Value
Packages, including the Dodge Caliber, Dodge Avenger, and
Chrysler Sebring all developed in response to input from
customers and dealers affirm Chrysler's new direction to listen
intently, move quickly and offer the best value in the American
market.

The all-new 2009 Dodge Journey continues to arrive in showrooms
in March.  Dodge Journey is a global vehicle that meets life’s
changing demands by offering five or seven passenger seating and
a choice of four or six cylinder engines.  Dodge Journey arrives
to market with a starting U.S. Manufacturer’s Suggested Retail
Price of US$19,985 (including US$625 destination).

The Company finished the month with 436,399 units of inventory,
or a 73-day supply.  Inventory is down by 11% compared with
February 2007 when it was at 492,230 units.

                       About Chrysler LLC

Headquartered 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 on Nov. 12, 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.


D B ELECTRICAL: Andrew Appleyard Leads Liquidation Procedure
------------------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed liquidator of D
B Electrical Contractors Ltd. on Feb. 22 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         6th Floor
         The White House
         111 New Street
         Birmingham
         B2 4EU
         England


FORD MOTOR: Discloses Plans to Return to Profitability by 2009
--------------------------------------------------------------
Ford Motor Company disclosed plans to further align its capacity
with demand at four U.S. manufacturing facilities as it works to
return its North American operations to profitability by 2009.

Chicago Assembly Plant and Louisville Assembly Plant will
operate on one shift beginning this summer.  The date for the
shift reduction has not been finalized.  Cleveland Engine Plant
#2 will operate on one shift beginning in late April.
Additionally, Cleveland Engine Plant #1, which has been idled
since May 2007, will resume production in the fourth quarter.
The company had planned to resume production resume this spring.

The change to a one-shift production pattern does not affect
production volume.  Rather, it allows the plants to operate more
efficiently by running continually and reducing "down weeks."
Approximately 2,500 employees will be affected at the three
plants.

"We remain focused on our plan to return the North American
automotive business to profitability," Mark Fields, Ford’s
president of The Americas, said.  "These actions are necessary
as we align our capacity and product mix to meet real customer
demand."

Ford is currently offering its U.S. hourly workforce the
opportunity to select from one of 10 retirement and buyout
packages, including special offers that provide money for
education and a new entrepreneurial package that offer employees
interested in starting a business a lump sum payout and family
health insurance coverage.  Ford also enhanced its package
offering for retirement-eligible employees.

"The buyouts and capacity actions are designed to ensure that
our manufacturing facilities are operating in the most efficient
way," Joe Hinrichs, group vice president, Global Manufacturing,
said.  "By adjusting our operating patterns in this way, we can
produce the right volume and avoid down weeks.  The stability in
operations is better for our employees, our suppliers and the
quality of the product."

The Chicago Assembly Plant, opened in 1924, currently builds the
Ford Taurus, Taurus X, Mercury Sable and will be home to the
all-new 2009 Lincoln MKS, which will arrive in dealer showrooms
this summer.  It employs approximately 2,300 workers.  The plant
is slated to receive an additional new product as outlined in
the 2007 UAW-Ford Collective Bargaining Agreement, which expires
in 2011.

Opened in 1955, Louisville Assembly Plant produces the Ford
Explorer, Explorer Sport Trac and Mercury Mountaineer.  It
currently has approximately, 2,200 employees and is slated to
receive an investment in a new body shop and a new product as
outlined in the 2007 UAW-Ford Collective Bargaining Agreement,
which expires in 2011.

Opened in 1955, Cleveland Engine Plant #2 produces the 3.0-liter
engine.  It employs approximately 800 employees.  Cleveland
Engine Plant #1, which opened in 1951, produced the Duratec 3.5-
liter engine until it was temporarily idled in May 2007.
Production of the 3.5-liter continues at Lima Engine Plant.

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F)
-- http://www.ford.com/-- manufactures or distributes
automobiles in 200 markets across six continents.  With about
260,000 employees and about 100 plants worldwide, the company's
core and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The
company provides financial services through Ford Motor Credit
Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 18,
2008, Fitch Ratings affirmed the Issuer Default Ratings of Ford
Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.

As reported in the Troubled Company Reporter-Europe on Nov. 20,
2007, Moody's Investors Service affirmed the long-term ratings
of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured, and B3 probability of default),
but changed the rating outlook to Stable from Negative and
raised the company's Speculative Grade Liquidity rating to SGL-1
from SGL-3.  Moody's also affirmed Ford Motor Credit Company's
B1 senior unsecured rating, and changed the outlook to Stable
from Negative.  These rating actions follow Ford's announcement
of the details of the newly ratified four-year labor agreement
with the UAW.


FORD MOTOR: Likely to Close Sale Deal with Tata in 2nd Quarter
--------------------------------------------------------------
A luxury brands sale deal between Ford Motor Co. and Tata Motors
Ltd. is expected to close between April and June, according to
Ford's U.S. Securities and Exchange Commission annual report
filing.

As reported by the Troubled Company Reporter-Europe on Feb. 27,
2008, the announcement of the sale of Ford Motor's Jaguar and
Land Rover Marques brands to Tata Motors is expected to be made
on March 6 or 7.  The transaction is speculated to be at a
US$1.5 billion to US$2 billion range.

According to the Economic Times, both parties are still in talks
over issues relating to supply of engines, platforms and
technologies.

As previously reported in the TCR, Tata Motors and Ford met with
British union leaders to resolve final details before drawing up
a memorandum of understanding for the sale.  The union is
satisfied with Tata Motors assuring them, among others, of
keeping employment in the United Kingdom at its current level.

Ford committed to sell Jaguar and Land Rover in order to
restructure its core Automotive operations and build liquidity,
the SEC filing stated.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company. The Company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  Tata Motors has operations in Russia and
the United Kingdom.

                       About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 18,
2008, Fitch Ratings affirmed the Issuer Default Ratings of Ford
Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.

As reported in the Troubled Company Reporter-Europe on Nov. 20,
2007, Moody's Investors Service affirmed the long-term ratings
of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured, and B3 probability of default),
but changed the rating outlook to Stable from Negative and
raised the company's Speculative Grade Liquidity rating to SGL-1
from SGL-3.  Moody's also affirmed Ford Motor Credit Company's
B1 senior unsecured rating, and changed the outlook to Stable
from Negative.  These rating actions follow Ford's announcement
of the details of the newly ratified four-year labor agreement
with the UAW.


FORD MOTOR: February 2008 Sales Decreases 7% to 196,681
-------------------------------------------------------
Total Ford Motor Company sales, including Jaguar, Land Rover,
and Volvo, totaled 196,681, also down 7%.

Ford's new Focus and SYNC are connecting with small car buyers.
Focus retail sales were up 36% in February -- the fourth month
in a row of higher retail sales.

"The new Focus and SYNC arrived at an opportune time," Jim
Farley, Ford's group vice president, Marketing and
Communications, said.  "We needed to raise awareness and
consideration among younger buyers -- and Focus and SYNC are
getting us back in the game."

Buyers age 16-35 account for 32% of retail sales for the 2008
Focus, compared with 28% for the previous model.  Focus is one
of 12 Ford, Lincoln and Mercury models equipped with SYNC, an
affordable, in-car connectivity technology that fully integrates
most Bluetooth-enabled cell phones and MP3 players by voice
activation.

Retail car sales were 4% higher than a year ago paced by the
Focus and the three mid-size sedans -- Ford Fusion, Mercury
Milan, and Lincoln MKZ -- which combined posted a retail sales
increase of 7%.

Crossover utility vehicles continued to see higher sales in
February (up 10%).  Higher sales for the Ford Edge (up 46%) and
Lincoln MKX (up 22%) led the increase in CUVs.

The MKZ and MKX helped Lincoln post higher retail sales in
February (up 2%) although total sales were down 11%, reflecting
lower fleet sales.

Among trucks, sales for Ford's F-Series pickup totaled 52,548,
off 5% from a year ago.  Sales for Ford's compact pickup, the
Ranger, totaled 7,431, up 27%.

Sales for traditional sport utility vehicles continued to
decline in February as combined sales for the Ford Explorer and
Expedition, Mercury Mountaineer, and Lincoln Navigator were 22%
lower than a year ago.

Ford, Lincoln and Mercury sales totaled 185,294, down 7%
compared with a year ago.   Lower daily rental sales (down 20%)
accounted for 60% of the decline.

                     North American Production

In the second quarter 2008, the company plans to produce 730,000
vehicles, a level 10% lower than a year ago when the company
produced 811,000 vehicles.  The reduction reflects the current
economic conditions.

In the first quarter 2008, the company plans to produce 685,000
vehicles, unchanged from the previously announced plan.

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 18,
2008, Fitch Ratings affirmed the Issuer Default Ratings of Ford
Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.

As reported in the Troubled Company Reporter-Europe on Nov. 20,
2007, Moody's Investors Service affirmed the long-term ratings
of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured, and B3 probability of default),
but changed the rating outlook to Stable from Negative and
raised the company's Speculative Grade Liquidity rating to SGL-1
from SGL-3.  Moody's also affirmed Ford Motor Credit Company's
B1 senior unsecured rating, and changed the outlook to Stable
from Negative.  These rating actions follow Ford's announcement
of the details of the newly ratified four-year labor agreement
with the UAW.


FORD MOTOR: February 2008 Sales in Canada Increases 4.1%
--------------------------------------------------------
In February, Ford Motor Company of Canada, Ltd., overall sales
increased 4.1% to 14,054 units.  Total truck sales were up 6.1%
at 10,813 units and total car sales of 3,241 units mark a 2.1%
decline compared to last February.

February's heavy precipitation has not dampened the pace of
sales at Ford Motor Company of Canada, Ltd., with many vehicles
seeing significant double-digit increases compared to last
February.  In fact, six models hit February sales records,
including Canadian-built crossovers Ford Edge and Lincoln MKX.

"Canadians love the design and functionality of crossover
utility vehicles," Barry Engle, president and CEO, Ford of
Canada, said.  "Last year, sales of crossovers grew more quickly
than any other segment in the automotive industry, and in that
hot market, Ford sold more crossovers than any other
manufacturer.  We expect the rapid growth in crossovers to
continue this year, and we offer consumers a lot of choice with
Ford Edge, Ford Taurus X and Lincoln MKX, and coming soon, Ford
Flex."

          Six Models Set All-Time February Sales Records

   * Ford Edge sales increase 98%, for its best February on
     record;

   * Ford Escape sales rise 86%, marking its best February on
     record;

   * Ford Escape Hybrid up 66%, making this its best February
     ever;

   * Ford Fusion up 11%, for its best February ever;

   * Ford Mustang sales increase 65%;

   * Ford Ranger saw a 33% sales jump;

   * Lincoln MKX up 59%, marking its best February sales on
     record; and

   * Lincoln MKZ sales increase 9%, for its best February ever.

                  February 2008 Vehicle Sales

     Total vehicles           2008         2007      Change
     --------------           ----         ----      ------
     February               14,054       13,502        4.1%
     January & February     26,787       25,116        6.7%

     Total Cars
     ----------
     February                3,241        3,311       -2.1%
     January & February      6,103        6,326       -3.5%

     Total Trucks
     ------------
     February               10,813       10,191        6.1%
     January & February     20,684       18,790        10.1%

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F)
-- http://www.ford.com/-- manufactures or distributes
automobiles in 200 markets across six continents.  With about
260,000 employees and about 100 plants worldwide, the company's
core and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The
company provides financial services through Ford Motor Credit
Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 18,
2008, Fitch Ratings affirmed the Issuer Default Ratings of Ford
Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.

As reported in the Troubled Company Reporter-Europe on Nov. 20,
2007, Moody's Investors Service affirmed the long-term ratings
of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured, and B3 probability of default),
but changed the rating outlook to Stable from Negative and
raised the company's Speculative Grade Liquidity rating to SGL-1
from SGL-3.  Moody's also affirmed Ford Motor Credit Company's
B1 senior unsecured rating, and changed the outlook to Stable
from Negative.  These rating actions follow Ford's announcement
of the details of the newly ratified four-year labor agreement
with the UAW.


GENERAL MOTORS: Appoints Frederick Henderson as President & COO
---------------------------------------------------------------
Rick Wagoner, General Motors Corp. chairman and chief executive
officer, disclosed that the board of directors approved these
appointments, effective immediately, at its meeting yesterday:

   * Frederick (Fritz) A. Henderson, 49, vice chairman and chief
     financial officer, is elected president and chief operating
     officer;

   * Ray Young, 46, currently group vice president - finance, is
     elected executive vice president and chief financial
     officer, replacing Mr. Henderson; and

   * Thomas G. Stephens, 59, currently group vice president,
     global powertrain and global quality, is also elected
     executive vice president.

"There's a lot going on at GM today," Mr. Wagoner said.
"Besides our massive business transformations in the U.S. and
Europe, we're experiencing explosive growth in emerging markets
-- in some cases, in countries where GM doesn't have a long
history.  The industry is in the midst of the largest technology
transformation it has ever faced.  And GM continues to implement
a truly global automotive operating structure.

"It's an opportune time to further bolster our top leadership
structure; specifically, it's the right time to reestablish GM's
traditional President and Chief Operating Officer position," Mr.
Wagoner continued.  "And Fritz Henderson is the right person to
assume this role. He's had a broad range of experiences in
leading three of our regions and in a number of other GM
businesses over the years, and he's made a tremendous
contribution in each role.  I look forward to working closely
with Fritz and Bob Lutz, who so ably leads our global product
development team, as we continue to implement the plan to
transform General Motors for our second 100 years.

"Ray Young brings a wealth of finance and operating experience
to the CFO role, including leading GM do Brasil to record
business results in his most recent assignment.  Tom Stephens'
promotion recognizes the huge role that advanced propulsion
strategies will play in GM's future, as well as Tom's strong
leadership and technical skills," Mr. Wagoner added.

"GM is in the process of a remarkable transformation under Rick
Wagoner's strong leadership. Tremendous progress has been made,"
George Fisher, presiding director of the GM board of directors,
commented.  "The promotion of Fritz Henderson to president and
chief operating officer, along with Bob Lutz's continued success
at transforming our global product activities, and the
promotions of Ray Young and Tom Stephens, will further solidify
our leadership structure for today and the future.  The GM board
is excited about the direction that GM is headed and believes
these executive appointments will further support our business
strategy and the work that needs to be done to achieve our
growth, technology leadership and financial objectives."

Mr. Henderson and Young will report to Mr. Wagoner.  Reporting
to Mr. Henderson, in addition to Mr. Stephens, will be the four
regional presidents; Troy Clarke, GM North America; Carl-Peter
Forster, GM Europe; Maureen Kempston Darkes, GM Latin America,
Africa and Middle East; and Nick Reilly, GM Asia-Pacific.  Also
reporting to Mr. Henderson will be Bo Andersson, group vice
president, global purchasing and supply chain, and Gary Cowger,
group vice president, global manufacturing and labor relations.
The remaining global functional leaders and Vice Chairman Bob
Lutz will continue to report to Mr. Wagoner.

                           About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 28,
2008, Fitch Ratings has affirmed the Issuer Default Rating of
General Motors at 'B', with a Rating Outlook Negative.

As reported in the Troubled Company Reporter-Europe on Nov. 12,
2007, Moody's Investors Service affirmed its rating for General
Motors Corporation (B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured and SGL-1 Speculative Grade
Liquidity rating) but changed the outlook to Stable from
Positive.  In an environment of weakening prospects for US auto
sales GM has announced that it will take a non-cash charge of
US$39 billion for the third quarter of 2007 related to
establishing a valuation allowance against its deferred tax
assets (DTAs) in the US, Canada and Germany.

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.


GENERAL MOTORS: February 2008 Sales Drop 13% Compared to 2007
-------------------------------------------------------------
General Motors Corp. dealers in the United States delivered
270,423 vehicles in February, a decrease of 13% compared with an
unusually strong February last year.

"Our new launch vehicles, including the award-winning Chevrolet
Malibu and Cadillac CTS, had a sensational month, as did the
Chevrolet Cobalt, Saturn Aura, and the Pontiac G6," Mark LaNeve,
vice president, GM North America Vehicle Sales, Service and
Marketing, said.  "Most importantly, despite tough market
conditions, we anticipate our total retail vehicle sales share
to have remained flat for the first two months of the year
compared to 2007.  We are encouraged by our performance in the
key passenger car categories, and while the overall market for
trucks is challenging, we anticipate holding our share for full-
size pickups and utilities."

Truck sales declined 20% compared with a year ago.

GM's fuel-efficient cars saw strong growth.  Chevrolet Cobalt
total sales were up 56% with retail up 24%; Pontiac G6 was up 50
percent total and 6% retail; and Buick LaCrosse total sales were
up 12% compared with February 2007.

The Buick Enclave, GMC Acadia and Saturn Outlook together
accounted for more than 11,000 vehicle sales in the month, an
increase of 94% compared with the same month last year.  Outlook
sales were up 15%; Acadia sales increased 39%; and there were
more than 3,800 Buick Enclaves sold.

Also of note, the Chevrolet Equinox compact crossover utility
had total sales of more than 8,600 vehicles for a 15% increase,
and a retail sales increase of 8% compared to a year ago.

"Our sales increase at Cadillac shows the power of new products
to attract consumers -- even in a tough market," Mr. LaNeve
added.  "Additionally, Saturn Outlook had a 15 percent total
sales increase, illustrating that vehicle's contribution to the
mid-utility crossover segment performance.  We remain focused on
offering vehicles that have industry-leading value, great fuel
economy and the best warranty coverage of any full-line
automaker."

                    Certified Used Vehicles

February 2008 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 42,305
vehicles, down 1% from last February.  Year-to-date sales are
79,974 vehicles, down 7% from the same period last year.

GM Certified Used Vehicles, the industry's top-selling certified
brand, posted February sales of 37,716 vehicles, equivalent to
last February's results.  Cadillac Certified Pre-Owned Vehicles
sold 3,270 vehicles, up 5% from February 2007.  Saturn Certified
Pre-Owned Vehicles sold 706 vehicles, down 44%.  Saab Certified
Pre-Owned Vehicles sold 458 vehicles, down 15%, and HUMMER
Certified Pre-Owned Vehicles sold 155 vehicles, up 52%.

"Certified sales are off to a solid start in the first quarter,"
Mr. LaNeve said.  "February sales for GM Certified Used Vehicles
were up 13% from last month, but equivalent year over year to a
strong sales performance in February 2007.  Cadillac Certified
Pre-Owned Vehicles posted a 5% sales increase over last
February, while Hummer Certified Pre-Owned Vehicles rose 52%."

In February, GM North America produced 350,000 vehicles (129,000
cars and 221,000 trucks).  This is up 1,000 units or less than
1% compared to February 2007 when the region produced 349,000
vehicles (130,000 cars and 219,000 trucks).  Production totals
include joint venture production of 22,000 vehicles in February
2008 and 20,000 vehicles in February 2007.

The region's 2008 first-quarter production forecast remains
unchanged at 965,000 vehicles (357,000 cars and 608,000 trucks).
Additionally, GM North America's initial 2008 second-quarter
production forecast is set at 1.08 million vehicles (408,000
cars and 672,000 trucks), down 62,000 units or 5% from second-
quarter 2007 actuals.  In the second-quarter of 2007 the region
produced 1.142 million vehicles (402,000 cars and 740,000
trucks).

                          About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 28,
2008, Fitch Ratings has affirmed the Issuer Default Rating of
General Motors at 'B', with a Rating Outlook Negative.

As reported in the Troubled Company Reporter-Europe on Nov. 12,
2007, Moody's Investors Service affirmed its rating for General
Motors Corporation (B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured and SGL-1 Speculative Grade
Liquidity rating) but changed the outlook to Stable from
Positive.  In an environment of weakening prospects for US auto
sales GM has announced that it will take a non-cash charge of
US$39 billion for the third quarter of 2007 related to
establishing a valuation allowance against its deferred tax
assets (DTAs) in the US, Canada and Germany.

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.


GENERAL MOTORS: Likely to Close Seventh Plan by Next Week
---------------------------------------------------------
General Motors Corp. yesterday said that it will likely close a
another facility next week as a result of the United Auto
Workers strike at American Axle & Manufacturing Inc., Reuters
reports.  This will be the seventh facility that the automaker
has shutdown since the strike.

As previously reported in the Troubled Company Reporter-Europe,
the UAW began its strike after a four-year master labor
agreement with American Axle expired.  The agreement covered
approximately 3,650 associates at five facilities in Michigan
and New York.

As a result, on Feb. 28, 2008, GM ceased production of its
Chevrolet Silverado and GMC Sierra pickups at the Pontiac
Assembly Center affecting 2,500 hourly and salaried employees.
By Friday, February 29, GM also idled plants in Flint, Michigan;
Fort Wayne, Indiana; and Oshawa, Ontario, displacing a total of
9,503 hourly and salaried workers.

On Monday, GM's transmission plant in Toledo, Ohio was also
shutdown.  By mid-morning yesterday, GM closed its sixth plant
at Mishawaka, Indiana, Reuters adds.

                      About American Axle

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.

                    About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 28,
2008, Fitch Ratings affirmed the Issuer Default Rating of
General Motors at 'B', with a Rating Outlook Negative.


GROSVENOR LTD: Joint Liquidators Take Over Operations
-----------------------------------------------------
Peter John Windatt of BRI Business Recovery and Insolvency and
Nigel Fox of Tenon Recovery were appointed joint liquidators of
Grosvenor (Northampton) Ltd. (formerly Grosvenor Printers Ltd.)
on Feb. 19 for the creditors' voluntary winding-up proceeding.

Mr. Windatt can be reached at:

         BRI Business Recovery and Insolvency
         100-102 St James Road
         Northampton
         NN5 5LF
         England

Mr. Fox can be reached at:

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


LASER LTD: Taps Liquidators from Abbot Fielding and BDO Stoy
------------------------------------------------------------
Nedim Ailyan of Abbott Fielding and Malcolm Cohen of BDO Stoy
Hayward were appointed joint liquidators of Laser Ltd. on
Feb. 21 for the creditors' voluntary winding-up proceeding.

Mr. Ailyan can be reached at:

         Abbott Fielding
         Nexus House
         2 Cray Road
         Sidcup
         Kent
         DA14 5DB
         England

Mr. Cohen can be reached at:

         BDO Stoy Hayward
         8 Baker Street
         London
         W1U 7EU
         England


LEAR CORP: Shutting Down U.S. Facilities Owe to GM Closures
-----------------------------------------------------------
Lear Corp. disclosed that that four of its U.S. Facilities have
been idled while a fifth was shutdown as a result of plant
shutdowns from General Motors Corp., Reuters reports.  The
plants idled manufacture seats and other related parts for GM
trucks, the report adds.

As a result of the plant shutdowns, around 700 workers have been
laid off, Reuters relates citing a Lear spokeswoman.

                     About Lear Corporation

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations
are located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in Singapore, China, India,
Japan, Philippines, South Korea, and Thailand.

                         *     *     *

Moody's Investors Service's, in September 2007, affirmed Lear
Corporation's Corporate Family Rating of B2 with a stable
outlook.  Ratings on the company's term loan of B2 and on
its unsecured notes of B3 were similarly affirmed but with
slight revisions to their respective LGD point estimates.
The company's liquidity rating of SGL-2, designating good
liquidity was also affirmed.


MULTICLEAN UK: Calls In Liquidators from Moore Stephens
-------------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint liquidators of Multiclean UK Ltd. on Feb. 8
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


NCO GROUP: Completes US$325 Mln Buyout of Outsourcing Solutions
---------------------------------------------------------------
NCO Group Inc. completed its acquisition of Outsourcing
Solutions Inc. for US$325 million in cash, subject to certain
post-closing adjustments.

NCO funded a portion of the acquisition with a US$139 million
Add-on Term Loan B to its senior credit facility.  Additionally,
One Equity Partners, NCO management and other co-investors
provided NCO with the remainder of the funding for the
acquisition through additional equity investments.  NCO is a
portfolio company of OEP, a private equity investment fund.

The acquisition is expected to be accretive to NCO's earnings
in 2008 and beyond.  The combined company will have over 29,000
employees operating in 10 countries.

"We are excited at the opportunities created by this
acquisition, which will better enable us to service our
markets," Michael J. Barrist, chairman and chief executive
officer of NCO, said.  "The combined organization will be
uniquely positioned to offer our customers a host of new and
expanded products along with unparalleled access to advanced
technologies, industry experience, and global service
capabilities."

              About Outsourcing Solutions Inc.

Outsourcing Solutions Inc. is a provider of business process
outsourcing services, specializing in accounts receivable
management services.

                       About NCO Group Inc.

Based in Horsham, Pennsylvania, NCO Group Inc. is a global
provider of business process outsourcing services, primarily
focused on accounts receivable management and customer
relationship management.  NCO has over 25,000 full and part-time
employees who provide services through a global network of over
100 offices in the United States, Canada, the United Kingdom,
Australia, India, the Philippines, the Caribbean and Panama.

The company is a portfolio company of One Equity Partners and
reported revenues of about US$1.2 billion for the twelve month
period ended Sept. 30, 2007.

                          *     *     *

NCO Group Inc. carries Moody's Investors Service’s B2 corporate
family and probability of default ratings.  The rating outlook
is stable.


NORTHERN ROCK: Small Shareholders Group to Join Legal Fray
----------------------------------------------------------
Northern Rock Small Shareholder's Group hopes to join in the
legal battle against the government and regulators to be set in
motion this week by top hedge funds.

The small shareholder's group consists of 100,000 private
investors with less than 1,000 shares.

According to Scotsman, Robin Ashby, Small Shareholder's Group
founder and spokesman said, "We have had consultations with a
lawyer and they believe there are grounds for a legal action.
However, very small shareholders do not have the money to fund
such a course.  So we plan to ask the big shareholders (such as
SRM and RAB Capital) whether they would be prepared to fund our
action to add weight to their case of people who have been
wronged by these events."

SRM Global and RAB Capital is conferring with their legal teams
on the best actions against The Treasury, Bank of England and
Financial Services Authority.  Twenty percent of Northern Rock
is owned by SRM Global and RAB Capital.

SRM Head, Mr. John Wood, in a Scotsman report was quoted saying,
"We are expecting to file by the end of this week.  We haven't
decided whether to name individuals though we certainly plan to
call them as witnesses."

Legal experts opined that those who have lost money on the
nationalization could challenge the government's valuation of
Northern Rock's shares.

                     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.


ONEIDA LTD: Court Says PBGC Claims Were Discharged Under Plan
-------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York held in a 28-page decision that premiums, created by
the Deficit Reduction Act of 2005, payable to the Pension
Benefit Guaranty Corp. resulting from the termination of Oneida
Ltd's pension plan are pre-bankruptcy general unsecured claims
that were discharged by the Debtors' confirmed plan of
reorganization.  U.S. Bankruptcy Judge Allan L. Gropper also
held that Oneida is not estopped from refusing to pay the claims
in full.

At the time of its bankruptcy filing, Oneida and the PBGC
entered into an agreement relating to the company's pension
obligations and the liabilities resulting from the underfunding
of its three tax-qualified single-employer defined-benefit
pension plans.  The plans were underfunded by about US$40
million, triggering minimum contributions to fund the
deficiency.

Oneida and the PBGC negotiated over the pension obligations.
Oneida agreed to provide the PBGC with a US$3 million promissory
note for the PBGC's secured claim, which note would also cover
"any unsecured claim it would have arising out of the distress
termination of certain of the Debtors' pension plans."

The Debtor's agreement to provide the note was premised on
termination of all three pension plans.  Upon filing for
bankruptcy, Oneida asked the Court to find that it had satisfied
the financial requirements for distress termination of the plans
and approve termination of the plans.

The Debtor later withdrew the request with respect to the
Buffalo China Salaried and Union Plans, after further
negotiations with the PBGC.  Both plans were not terminated,
although the Debtor reserved the right to move to do so in the
future.

In May 2006, the Court entered an order granting the Debtor's
uncontested motion to terminate the Oneida Plan.

The PBGC and Oneida thereafter reached an agreement containing
the specifics of the PBGC's claims arising from termination of
the Oneida pension plan, in effect finalizing their prepetition
agreement.  The settlement agreement continued to provide the
PBGC with a US$3 million note.

The Settlement Agreement was never formally approved because of
the objection of an equity committee in Oneida's case.  The
equity panel had objected to that part of the settlement that
recited that the PBGC had a US$56,236,900 unsecured claim.  The
Equity Committee, claiming there was value for equity, argued
that it was unfairly shut out and that an unreasonably high
unsecured claim allocated to the PBGC would prejudice its
position.

Eventually, all parties stipulated that the claim was at least
US$21,075,050.  In any event, after a contested confirmation
hearing in late July 2006, the Court found that there was no
value for equity, that the Plan satisfied the absolute priority
provisions of the Bankruptcy Code and that it could be "crammed
down" against the equity.   Oneida's bankruptcy plan was
confirmed in August 2006 and became effective in September 2006.

After confirmation, the Debtor and the PBGC entered into another
stipulation relating to claims arising from termination of the
Oneida Pension Plan.

Shortly after the Court approved the stipulation, in October
2006, the Debtor commenced a declaratory action, seeking a
finding that DRA Premiums are prepetition claims that were
satisfied, along with all other PBGC claims, by the US$3 million
note and were otherwise discharged in Oneida's Plan.

The PBGC contended that the DRA Premiums were not "claims" and
accordingly were not discharged at confirmation.  In the
alternative, the PBGC argued that because the liability became
enforceable only after the distress termination of the pension
plan, and because the distress termination occurred
postpetition, the liability is at worst a postpetition claim,
entitled to be paid in full as an administrative expense of the
Chapter 11 case.

The PBGC also asked the U.S. District Court for the Southern
District of New York to withdraw the reference, on the premise
(i) that the case required "consideration of both title 11 and
other laws of the United States regulating organizations or
activities affecting interstate commerce" (mandatory withdrawal)
or, alternatively, (ii) on the basis of discretionary withdrawal
of the reference.

The parties agreed that the DRA premiums would be paid into an
escrow account while the issue was litigated.

In July 2007, the District Court declined to withdraw the
reference, finding that to resolve the dispute, "the Bankruptcy
Court will be required to do what it does on a routine basis:
determine whether the DRA Premiums are post-petition obligations
that must be paid by Oneida upon reorganization, or pre-petition
'claims' that may be discharged pursuant to the Plan of
Reorganization."

The Deficit Reduction Act of 2005 was signed into law on
February 8, 2006.  The DRA is an appropriations bill designed to
reduce the deficit in connection with the 2006 fiscal-year
budget.  One section of the legislation amended the Employee
Retirement Income Security Act of 1974 to create an additional
premium for pension plans terminated as part of an in- or out-
of-court restructuring.

According to Judge Gropper, all of the relevant facts militate
toward a finding that the "claim" was in the parties'
contemplation prior to the bankruptcy filing.  Judge Gropper
explained that the Deficit Reduction Act of 2005 was passed
before Oneida filed its bankruptcy petition.  In addition, there
does not appear to be any question that the Debtor intended to
terminate its pension plans.

Judge Gropper noted that the PBGC and Debtor met at least twice
prior to filing, "discussed effectuating a distress termination
of the Oneida Pension Plans," and they had agreed to the PBGC's
treatment in a Chapter 11 plan.  The parties had a prepetition
relationship where it can fairly be said that the "claim" was
within the parties' contemplation, Judge Gropper said.

A full-text copy of the Court's decision is available at no
charge at:

http://www.researcharchives.com/bin/download?id=080303010846

                       About Oneida Ltd.

Headquartered in Oneida, New York, Oneida Ltd. (OTC: ONEI) --
http://www.oneida.com/-- manufactures stainless steel and
silverplated flatware for both the Consumer and Foodservice
industries, and supplies dinnerware to the foodservice industry.
Oneida also supplies a variety of crystal, glassware and metal
serveware for the tabletop industries.  The Company has
operations in the United States, Canada, Mexico, the U.K., and
Australia.

The Company and its eight affiliates filed for Chapter 11
protection on March 19, 2006 (Bankr. S.D. N.Y. Case No.
06-10489).  On May 12, 2006, Judge Gropper approved the Debtors'
disclosure statement.  Their pre-negotiated plan of
reorganization was confirmed on Aug. 31, 2006.  The company
emerged from Chapter 11 on Sept. 15, 2006, as a privately held
company.

                          *     *     *

Standard & Poor's placed Oneida Ltd.'s long term foreign and
local issuer credit ratings at 'B' in June 2007.  The ratings
still hold to date with a negative outlook.


PETROLEOS DE VENEZUELA: Has No Assets in UK, Says Gordon Pollock
----------------------------------------------------------------
Petroleos de Venezuela SA's lead lawyer Gordon Pollock told
reporters that the company has no assets in the U.K.

Natalie Obiko Pearson at Dow Jones Newswires relates that
Petroleos de Venezuela argued to a U.K. court last Thursday that
an injunction obtained by Exxon Mobil Corp. to freeze up to
US$12 billion of its assets was unjustified and should be
repealed.

Petroleos de Venezuela's attorneys claimed that the London
court's asset freeze order had been beyond its jurisdiction and
is unwarranted, Dow Jones says.

Mr. Pollock told Dow Jones that the case had "no relevant
connection to the English court" because Petroleos de Venezuela
and Exxon Mobil are not English firms with considerable assets
there.

According to Dow Jones, Mr. Pollock described the London court's
involvement in the case as "inappropriate" and an example of
"exorbitant jurisdiction."

As reported in the Troubled Company Reporter-Europe on March 3,
2008, Petroleos de Venezuela's legal representative John Fordham
of Stephenson Harwood said that a U.K. court was expected rule
on the freeze order on the company's assets.  Petroleos de
Venezuela had asked the London High Court to revoke an
injunction freezing the company's US$12 billion assets.

Petroleos de Venezuela is barred from taking or disposing of up
to US$12 billion in petroleum assets worldwide after courts in
Britain and the U.S. ordered freezing of those assets.  The
asset-freeze order against Petroleos de Venezuela was made so
that Exxon Mobil would be able to extract compensation should it
win arbitration it has sought over the fields.  Mr. Fordham said
that Petroleos de Venezuela appealed the asset-freeze order.

Mr. Pollock told Dow Jones that the asset freeze is ordinarily
issued in cases of fraud.

Petroleos de Venezuela shouldn't be held directly responsible
for moves by the Venezuelan government, as the legal dispute
with Exxon Mobil was "not the result of a breach" in contract by
the Venezuelan company, but had arisen as a consequence of
"actions taken by a third party, the government of Venezuela,"
Dow Jones says, citing Mr. Pollock.

The court hearing will continue this week, Dow Jones states.

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

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                           *     *     *

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


PHONES 2 U: Claims Filing Period Ends May 21
--------------------------------------------
Creditors of phones 2 u direct.co.uk Ltd. have until May 21,
2008 to send their full names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         David Elliott
         Liquidator
         Moore Stephens LLP
         Victory House
         Admiralty Place
         Chatham Maritime
         Kent
         ME4 4QU
         England

David Elliott of Moore Stephens LLP was appointed liquidator of
the company on Feb. 21 for the creditors' voluntary winding-up
procedure.


RANK GROUP: Posts Net Loss of GBP5.3 Million for Year Ended 2007
----------------------------------------------------------------
Rank Group Plc released its preliminary financial results for
the year ended Dec. 31, 2007.

The group posted net loss of GBP5.3 million on GBP534.4 million
revenue for the year ended Dec. 31, 2007, compared with profit
of GBP114.5 on GBP549.6 million in revenue for the same period
in 2006.

At Dec. 31, 2007, Rank's balance sheet showed GBP610 million in
total assets, GBP623.3 million in total liabilities and GBP13.3
million in shareholders' deficit.

"After making a strong start to our first year as a focused
gaming business, we experienced a significant deterioration in
trading conditions in the second half for our UK retail
businesses, Mecca Bingo and Grosvenor Casinos, Ian Burke Rank
Group CEO disclosed.

Mr. Burke added, "The combination of regulatory changes,
structural increases in gaming duty and the ban on smoking in
enclosed public places had a negative effect on the Group at a
time of weakening consumer confidence.  We have responded with
vigour to these challenges, adapting our businesses to protect
revenue, addressing our cost base to preserve margin and
reviewing our capital spending plans. Nevertheless we expect
2008 to be a challenging year for Rank."

"Our priority is to overcome the near term issues facing our
businesses while retaining a long term focus on the
opportunities to create value through the growth in mainstream
gaming based leisure," Mr. Burke concluded.

A full-text copy of Rank's financial results is available at
no charge at http://ResearchArchives.com/t/s?28b9

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

                          *     *     *

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

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

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

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


SCOTTISH RE: May Sell Life Reinsurance & Wealth Management Units
----------------------------------------------------------------
Scottish Re Group Ltd. told The Royal Gazette that it may sell
its international life reinsurance and wealth management units.

According to The Gazette, Scottish Re wants to cut costs after
suffering mortgage-related losses and a credit rating downgrade.

Scottish Re told The Gazette that it is losing money from
investments tied to subprime and "Alt-A" residential mortgages.

A Jan. 31 downgrade by Standard & Poor's will also make it
harder for the company to compete and to expand its core life
reinsurance business, The Gazette says, citing Scottish Re.

Scottish Re told The Gazette that it will continue concentrating
on its North American life reinsurance business, "through
strategic alliances or other means and cut costs to preserve
capital and liquidity."

Scottish Re said it set up a financial incentive program to keep
"essential" employees, The Gazette adds.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
Feb. 5, 2008, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B' from
'B+'.   At the same time, it lowered its counterparty credit and
financial strength ratings on Scottish Re's operating companies
to 'BB' from 'BB+' and also lowered the ratings on all these
companies' dependent unwrapped securitized deals by one notch.
In addition, S&P placed the ratings on all these companies on
CreditWatch with negative implications.

As reported in the Troubled Company Reporter-Europe on
Feb. 21, 2008, Moody's Investors Service placed Scottish Re
Group Limited's Senior unsecured  shelf of (P)Ba3; subordinate
shelf of (P)B1; junior subordinate shelf of (P)B1; preferred
stock of B2; and preferred stock shelf of (P)B2 ratings on
review for downgrade.


SEA CONTAINERS: Wants to Hire Navigant Consulting as Consultants
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in Sea Containers
Ltd. and its debtor-affiliates Chapter 11 cases seeks authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ Navigant Consulting, Inc., to provide litigation
consulting services, nunc pro tunc to Feb. 15, 2008.

Ronald J. Silverman, Esq., at Bingham McCutchen LLP, in New
York, relates that Navigant Consulting has extensive experience,
knowledge and resources in the actuarial field, and in providing
testimony in court.  He adds that the firm is well-qualified to
serve the SCL Committee in providing litigation consulting
services.

As consultant, Navigant Consulting will:

  (a) advise the SCL Committee with respect to pension claims
      asserted against the Debtors, including the extent and
      validity of the claims and the calculation of claims under
      the so-called "prudent investor" rule and under other
      standards;

  (b) assist and advise the SCL Committee in its consultations
      with the Debtors and the Official Committee of Unsecured
      Creditors of Sea Containers Services Ltd. relative to the
      calculation of pension claims and the development of a
      plan of reorganization;

  (c) provide expert witness testimony, including the
      preparation of an expert report under Rule 7026 of the
      Federal Rules of Bankruptcy Procedure, and appearance for
      deposition or trial;

  (d) attend the meetings of the SCL Committee; and

  (e) perform other services as may be required and are deemed
      to be in the interests of the SCL Committee.

Navigant Consulting will be paid for professional services based
on its standard hourly rates.  Navigant Consulting
professionals, who are expected to be principally responsible
for the matters in the bankruptcy cases, will be paid in their
current hourly rate:

     Designation                  Hourly Rate
     -----------                  -----------
     Paul Braithwaite                US$650
     John Parks                      US$600
     Joseph J. DeVito                US$500
     Robert Hendel                   US$375

Mr. Silverman relates that Navigant Consulting will not seek to
be compensated separately for certain staff, clerical and
resource charges.  The firm, however, will be reimbursed for
charges and expenses.

Joseph DeVito, managing director at Navigant Consulting, assures
the Court that, except as set forth in his declaration, Navigant
Consulting, and its directors and employees do not hold or
represent any interest adverse to the Debtors' bankruptcy
estates or creditors.  He declares that Navigant Consulting is a
"disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.

                       About Sea Containers

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

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

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

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

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

The Court gave the Debtors until April 15, 2008 to file a plan
of reorganization.


TEXOL TECHNICAL: Goes Into Administration
-----------------------------------------
Texol Technical Solutions plc has called in administrators KPMG
after a period of poor trading, the Scotsman reports.

According to BBC News, orders from a major global customer
failed to materialize.

BBC adds Texol, which employs 150 people, will also implement
job cuts, stating "the board believes that the remainder of the
business represents a viable concern and intense negotiations
continue to identify potential interested parties, but at this
stage it appears inevitable that the number of employees in the
business will be significantly reduced."

Blair Nimmo, a joint administrator at KPMG, told the Scotsman he
intends to sell the business, whose latest full-year turnover
stood about GBP11 million, as a going concern.

"Our immediate priority is to conduct a comprehensive review of
the business," Mr. Nimmo was quoted by the Scotsman as saying.

Based in Dundee, Scotland, Texol Technical Solutions plc --
http://www.texol.co.uk/-- carries out electronics work, metal
fabrication and develops gas generators.  The company's products
include Midgeater and Mosquitoeater.


WINGS LTD: Appoints Liquidators from Tenon Recovery
---------------------------------------------------
Robert C. Keyes and Paul W. Ellison of Tenon Recovery were
appointed joint liquidators of Wings (Catering & Hospitality
Management Ltd.) on Feb. 8 for the creditors' voluntary winding-
up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Dukesbridge House
         23 Duke Street
         Reading
         Berkshire
         RG1 4SA
         England


* Baker Tilly Announces Three Senior Appointments
-------------------------------------------------
BAKER Tilly has announced three appointments in their Edinburgh
Quay office:

   -- Jim Burberry, partner in the tax team.
   -- Andy Baker, partner in the corporate finance department.
   -- Sheila Low, is now business development director.

According to Scotsman, the move has been designed to build on
the momentum created by last year's merger with Bruntsfield-
based Scott & Paterson and the acquisition of Lanarkshire-based
James Lockhart & Co.

                About Baker Tilly

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.


                            *********

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
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Information contained herein is obtained from sources believed
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                 * * * End of Transmission * * *