TCREUR_Public/080306.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, March 6, 2008, Vol. 9, No. 47

                            Headlines


B E L G I U M

SOLUTIA INC: Posts US$208 Mln Net Loss for Year Ended Dec. 31
SOLUTIA INC: Provides Status of Adversary Proceedings
SOLUTIA INC: DuPont Disputes Need to Reexamine BDO's Report
URS CORP: Earns US$132 Million in Fiscal Year Ended December 28


D E N M A R K

NORTEL NETWORKS: Posts US$844MM Net Loss in Fourth Quarter 2007


F R A N C E

DELPHI CORP: Court Extends Lease Decision Deadline to March 31
DELPHI CORP: Court Extends Deadline to Remove Civil Actions
DELPHI CORP: Shareholder Settlement Hearing Set for April 29
MYLAN INC: Reports Revenues of US$1.16BB Quarter Ended Dec. 31
PRIDE INTERNATIONAL: Earns US$784.3 Million in 2007

PRIDE INTERNATIONAL: Uncovers Evidence of Bribery
RHODIA SA: Earns EUR129 Million for Year Ended December 31
TEMBEC INC: Court Approves Plan of Arrangement Under CBCA
TEMBEC INC: Completes Recapitalization; New Shares Listed on TSX
TEMBEC INC: Unit’s Senior Notes Gets S&P's D Debt Issue Rating


G E R M A N Y

AIRPOINT GMBH: Creditors Must File Claims by March 31
AWVG WOHNUNGSVERWALTUNGSGESELLSCHAFT: Claims Due March 31
CAFE-RESTAURANT BREITENBERG: Claims Registration Ends March 28
CB MEZZCAP: Company No. 34 Files for Insolvency
CITYCOM IMMOBILIEN: Claims Registration Period Ends March 28

CLAUSING GMBH: Claims Registration Period Ends March 28
COMDAX24 GMBH: Claims Registration Period Ends March 28
CUCINA LEGERE: Claims Registration Period Ends March 28
FLAGGEN & WERBUNG: Creditors Must File Claims by March 31
FR. NIEBURG: Claims Registration Period Ends March 28

FULLCAN-VERWALTUNGSGESELLSCHAFT: Claims Period Ends March 18
FULLTIME GMBH: Claims Registration Period Ends March 28
GASTSTATTE KARTOFFELHAUS: Creditors' Meeting Slated for March 20
GBT GLOBAL: Creditors' Meeting Slated for March 20
GECO GESELLSCHAFT: Creditors Must File Claims by March 31

GRUNKE HOTEL: Creditors' Meeting Slated for March 20
JPL POWER: Creditors Must File Claims by March 31
K. KELLER GMBH: Claims Registration Period Ends March 22
KULTUR- UND WEGEBAU: Claims Registration Ends March 30
MEDAUS GMBH: Claims Registration Period Ends March 22

NORBERT PUETZ: Claims Registration Period Ends March 28
NUSSER GMBH: Creditors Must File Claims by March 31
POLYPORE INTERNATIONAL: Buys Microporous for US$76 Million
PROSIEBENSAT.1 MEDIA: To Buy Back Up to 1.127 Million Shares
RICHTER BAU: Claims Registration Period Ends March 28

SALESMAN ADVANCED: Claims Registration Ends March 29
SOUND & VISION: Claims Registration Period Ends March 28
SYSTECO GMBH: Claims Registration Period Ends March 28
TANKSTORE GMBH: Claims Registration Period Ends March 20
TAXI STREHLOW: Claims Registration Ends March 31

WEBER BETONWERK: Claims Registration Period Ends March 20


I T A L Y

ALITALIA SPA: State Council Nullifies Volare Group Takeover
DANA CORP: Allowed Unsecured Claims Total US$2 Billion
FIAT SPA: Delta Model Predicted to Raise Sales by Twenty Percent
GOODYEAR TIRE: Redeems US$650 Million Senior Notes Due 2011
GOODYEAR TIRE: Fitch Lifts Issuer Default Rating to BB-

HUGHES NETWORK: Net Income Up 161% to US$50 Million in 2007


K A Z A K H S T A N

AERODINAMIKA LLP: Creditors Must File Claims by April 1
AKTSIYA-VYMPEL LLP: Claims Deadline Slated for March 28
JOSALY LLP: Claims Filing Period Ends April 1
MOBIL STROY: Creditors' Claims Due on April 4
SISTEMA TECHNIC: Claims Registration Ends March 28


K Y R G Y Z S T A N

ALFA MOTORS: Creditors Must File Claims by March 28
AMAN OIL: Claims Filing Period Ends March 25


L U X E M B O U R G

AGILENT TECH: To Buy TILL Photonics; Closes Colloidal Purchase


P O L A N D

AMERICAN AXLE: Work Stoppage of UAW Members Still in Effect
SCO GROUP: Plan Proposed to Pay All Creditors in Full
SCO GROUP: Disclosure Statement Hearing Set For April 2


P O R T U G A L

BEARINGPOINT INC: Bags US$115 Million Contract from U.S. Army


R U S S I A

AKTAMYR OJSC: Bashkortostan Bankruptcy Hearing Slated for May 19
COMPANION CJSC: Creditors Must File Claims by April 16
COMSTAR-UNITED: Offering RUR36 Mln Bonds to Replace Unit's Issue
COMSTAR-UNITED: Ukraine Unit Launches IP-TV Service
MELKORM OJSC: Creditors Must File Claims by April 16

SAYANY-INVEST M: Krasnoyarsk Court Hearing Slated for May 19
SHEMAKHA CJSC: Court Names M. Lepin as Insolvency Manager
TATA MOTORS: Likely to Close Sale Deal with Ford in 2nd Qtr.
TIKHOMIROVSKOE LLC: Creditors Must File Claims by April 16
TMK: 2007 2nd Half Profitability Hit by PQF Mill Installation

VERSO LLC: Creditors Must File Claims by April 16
VOLGOTANKER OAO: Moscow Court Declares Bankruptcy
ZARYA OJSC: Creditors Must File Claims by April 16


U N I T E D   K I N G D O M

ACTUANT CORP: Acquires Superior Plant Services for US$57 Million
ARQUEST LTD: Creditors' Meeting Slated for March 13
BLENDWORTH WINDOWS: Taps Liquidators from Tenon Recovery
CHRYSLER LLC: Corrects Erroneously Reported US$2.7 Billion Loss
CITY HI: Brings In Liquidators from Moore Stephens

CLOROX COMPANY: Prices US$500 Mln Offering of 5% Senior Notes
DUDLEY ENGINEERING: Calls In Liquidators from Moore Stephens
DURA AUTOMOTIVE: Court Approves 2008 Annual Bonus Plan
DURA AUTOMOTIVE: Court Approves US$2M Nyloncraft Settlement Pact
EMI GROUP: Announces Senior Appointments to Key Units

EXCLUSIVE DISTRIBUTION: Hires Liquidators from Vantis
FKI PLC: Melrose Increases Indicative Offer to 85 Pence a Share
GENERAL MOTORS: S&P Says AAM Strike Won't Affect Ratings
KABASSA LTD: Appoints Liquidator from Mazars
MOLSONS INTERIORS: Joint Liquidators Take Over Operations

NORTHERN ROCK: FSA Head Admits Flaw in Supervision of Company
PETROLEOS DE VENEZUELA: Exxon Wants Freeze Order Upheld
PETROLEOS DE VENEZUELA: Eni to Invest Up to US$20MM in Junin 5
QUEBECOR WORLD: Creditors' Committee Taps Mesirow as Advisor
QUEBECOR WORLD: Creditors' Panel Wants Jefferies & Co. as Banker

QUEBECOR WORLD: Wants Creditor Information Protocol Approved
SCOTTISH RE: Amends Employment Terms of CEO & CFO
SCOTTISH RE: A.M. Best Cuts Issuer Credit Rating to bb from bbb-
SELECT WINDOW : Appoints Joint Administrators from Vantis

* Upcoming Meetings, Conferences and Seminars


                            *********


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


SOLUTIA INC: Posts US$208 Mln Net Loss for Year Ended Dec. 31
-------------------------------------------------------------
Solutia Inc. disclosed in its annual report for fiscal year
ended Dec. 31, 2007, that it has a net loss of US$208,000,000 on
net sales of US$3,535,000,000, compared with a net income of
US$2,000,000 on net sales of US$2,795,000,000 in 2006, and net
income of US$8,000,000 on net sales of US$2,645,000,000 in 2005.

Solutia held US$173,000,000 in cash at Dec. 31, 2007, compared
to US$150,000,000 in 2006, and US$107,000,000 in 2005.  
Solutia's net cash flow was US$23,000,000 in 2007; US$43,000,000
in 2006, and a negative cash flow of US$8,000,000 in 2005.

Deloitte & Touche LLP, the Debtors' auditors, says that the
financial statements have been prepared assuming that the
company will continue as a going concern.  However, the
company's recurring losses from operations, negative working
capital, and shareholders' deficit raise substantial doubt about
its ability to continue as a going concern, Deloitte notes.  The
financial statements do not include adjustments that might
result from the outcome of the uncertainty.

A full-text copy of Solutia's 2007 Annual Report is available
for free at http://ResearchArchives.com/t/s?28b6

As of Dec. 31, 2007, the Debtors' balance sheet showed total
assets of US$2,640,000,000, total current liabilities of
US$1,627,000,000, total liabilities not subject to compromise of
US$2,313,000,000, liabilities subject to compromise of
US$1,922,000,000, and shareholders' deficit of US$1,595,000,000.

Cash and cash equivalents at the end of the year were
US$173,000,000.

                       About Solutia Inc.

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

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

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

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

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 3,
2008, Standard & Poor's Ratings Services raised its corporate
credit rating on Solutia Inc. to 'B+' from 'D', following the
company's emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.
     
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.


SOLUTIA INC: Provides Status of Adversary Proceedings
-----------------------------------------------------
Solutia Inc. disclosed in its 2007 annual report on Form 10-K
submitted to the U.S. Securities and Exchange Commission that
due to the size and nature of its business, it is party to
numerous legal proceedings.

According to Rosemary L. Klein, Solutia's senior vice president,
general counsel and secretary, most of these proceedings have
arisen in the ordinary course of business and involve claims for
money damages.

(1) Commitment Parties Adversary Proceeding

On Feb. 6, 2008, the Debtors filed a complaint against
Citigroup Global Markets Inc., Goldman Sachs Credit Partners,
L.P., and Deutsche Bank Securities Inc., to require the lenders
to meet their commitment under the Exit Financing Facility
Commitment Letter that has been approved by the Court.

On February 25, the parties reached an agreement on the terms of
a revised exit financing package, which was approved by the
Court on February 26.

The Debtors' Effective Date was February 28.

(2) JPMorgan Adversary Proceeding

JPMorgan, as indenture trustee for debentures due 2027 and 2037,
filed a complaint against Solutia asserting causes of action
principally seeking declaratory judgment to establish the
validity and priority of the purported security interest of the
holders of the 2027 and 2037 Debentures.  The Court ruled in
favor of Solutia that the 2027/2037 Debentures were properly de-
securitized under the express terms of the Prepetition Indenture
and its related agreements.

JPMorgan, the Ad Hoc Committee of Solutia Noteholders and
individual Noteholders controlling at least US$300 in principal
amount of the 2027/2037 Notes have agreed to stay their appeals
to the Adversary Proceeding in consideration for the
Noteholders' treatment under the the Debtors' confirmed Fifth
Amended Joint Plan of Reorganization.

The Plan provides that the adversary proceeding will be deemed
dismissed and withdrawn with prejudice on the effective date of
the Plan.

(3) Equity Committee Adversary Proceeding

The Official Committee of Equity Security Holders filed a
complaint against, and objections to the proofs of claim filed
by, Pharmacia Corporation and Monsanto Company in the Debtors'
Chapter 11 cases.  The complaint alleged, among other things,
that Solutia's spin off from Pharmacia was a fraudulent transfer
because Pharmacia forced Solutia to assume excessive liabilities
and insufficient assets such that Solutia was destined to fail
from its inception.

The Equity Committee has agreed to stay the adversary proceeding
in consideration for the treatment given to Equity Holders under
the Plan.  The Plan provides that they Adversary Proceeding will
be deemed dismissed and withdrawn with prejudice on the
Effective Date.

(4) BNY Claim

Solutia has filed an objection to the claim of Bank of New York,
as indenture trustee for the 2009 Notes, seeking disallowance of
the portion of the claim that represented original issue
discount that would remain unearned as of the Effective Date.  
BNY opposed the disallowance, and further asserted that the
allowed amount of the Claim should include damages arising from,
among other things, Solutia's proposed payment of the Claim
before the stated maturity of the 2009 Notes.

The Court recently approved a settlement with BNY and the 2009
Noteholders, whereby the 2009 Noteholders will receive
US$220,500,000 in cash, plus all accrued but unpaid interest
through the Effective Date.

Ms. Klein relates that Solutia is also party to around 14 legal
proceedings outside the Debtors' Chapter 11 cases.

A full-text copy of Solutia's 2007 Annual Report is available
for free at http://ResearchArchives.com/t/s?28b6

                       About Solutia Inc.

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

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

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

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

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 3,
2008, Standard & Poor's Ratings Services raised its corporate
credit rating on Solutia Inc. to 'B+' from 'D', following the
company's emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.
     
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.


SOLUTIA INC: DuPont Disputes Need to Reexamine BDO's Report
-----------------------------------------------------------
E.I. DuPont de Nemours and Company, Inc., questions the intent
of Solutia Inc. and its debtor-affiliates to reexamine the
Aug. 24, 2007 report of their third-party auditor BDO Seidman,
LLP's, relative to DuPont's request for payment of a
US$1,394,718 administrative claim.

The Debtors objected to DuPont's payment request on the basis
that they need to conduct unspecified discovery for unspecified
reasons, Alan L. Hill, Esq., at Phillips Lytle LLP, in New York,
representing DuPont, says.  The Debtors did not set forth any
specific reason why BDO Seidman's report should be reexamined,
he says.

Mr. Hill tells the Court that the third-party audit mechanism is
set forth in the postpetition Second Amendment to the Contract
dated March 1, 2006.  The underlying contract was assumed by the
Debtors during their Chapter 11 cases.  The specific terms of
the third party audit were established by the Debtors pursuant
to a letter dated March 31, 2006.  He asserts that there is no
reason to justify allowing the Debtors a "second bite at the
apple with respect to a contractual provision that they freely
entered into" after the the bankruptcy filing.

Moreover, the BDO Report does exactly what Solutia requested.  
It examines each provision of the "Meet or Release Clause" of
the Contract in detail and provides a reason why each required
provision is either met or not met.  The BDO Report concludes
that "Solutia [Inc.] did not comply with the terms of the Meet
or Release Clause of the Contract," Mr. Hill says.

Furthermore, the BDO Report was issued nearly six months ago.  
At no time before the filing of DuPont's Motion did the Debtors
take any action to challenge the findings of the audit.  It was
the Debtors' obligation to challenge the report if they thought
it was deficient as a matter of law, and they made no timely
effort to do so, Mr. Hill points out.  Solutia's response
appears to be a delay tactic instead of a bona-fide objection to
the merits of DuPont's claim, he contends.

               Solutia Challenges DuPont's Claims

As reported in the Troubled Company Reporter on Feb. 15, 2008
E.I. DuPont de Nemours and Company, Inc., sought payment of a
US$1,394,718 administrative claim, based on a contract pursuant
to which DuPont sold certain product on an exclusive basis to
Solutia Inc.

Representing the Debtors, Thomas L. Kent, Esq., at Paul,
Hastings, Janofsky & Walker LLP, in New York, stated that
DuPont's Claim is invalid  because DuPont's basis for the Claim
is without merit.  He insisted that Solutia complied with the
requirements of the parties' contract and the second amendment
to that contract is not "null and void."

Until the Debtors have an opportunity to conduct discovery and
have an opportunity to challenge Dupont's Claim, the U.S.
Bankruptcy Court for the Southern District of New York should
not allow it, Mr. Kent asserted.  In the alternative, the
Debtors asked the Court to set a discovery schedule to allow the
Debtors to collect the necessary information to challenge BDO
Seidman's finding.

                       About Solutia Inc.

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No. 120;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 3,
2008, Standard & Poor's Ratings Services raised its corporate
credit rating on Solutia Inc. to 'B+' from 'D', following the
company's emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.
     
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.


URS CORP: Earns US$132 Million in Fiscal Year Ended December 28
---------------------------------------------------------------
URS Corporation reported its financial results for the fiscal
year ended Dec. 28, 2007.  Revenues increased 27% to US$5.38
billion from US$4.22 billion in fiscal 2006.  Net income for
fiscal 2007 was US$132.20 million, a 17% increase from US$113.0
million in fiscal 2006.

The Company's fiscal 2007 results include six weeks of
operations of the former Washington Group International, Inc.,
which URS acquired on Nov. 15, 2007.  Excluding the results of
the Washington Division, as well as costs associated with the
acquisition, URS' EPS for the year would have been US$2.58, an
18% increase from fiscal 2006.

As of Dec. 28, 2007, the Company's backlog was US$18.71 billion,
compared to US$4.64 billion as of Dec. 29, 2006.  The increase
in backlog resulted from the acquisition of Washington Group and
new contract awards during the year.

"URS performed very well in 2007," Martin M. Koffel, Chairman
and Chief Executive Officer, stated.  "Our private sector and
state and local government businesses were particularly robust
as a result of favorable trends in the power market and strong
infrastructure spending.  We generated US$311.9 million in cash
from operations.  We repaid US$239 million in bank debt during
the year, including US$125 million of the debt related to the
Washington Group acquisition."

                   Fourth Quarter 2007 Results

For the fourth quarter of fiscal 2007, the Company reported
revenues of US$1.74 billion and net income of US$26.40 million.  
For the fourth quarter of fiscal 2006, the Company reported
revenues of US$1.08 billion and net income of US$26.3 million.

                    Fiscal 2008 Earnings Outlook

URS expects its fiscal 2008 revenues to be approximately
US$9.8 billion.  The Company expects that GAAP net income will
be between US$187 and US$197 million and GAAP EPS will be in the
range of US$2.24 to US$2.36 for fiscal 2008.

                             Balance Sheet

The company's balance sheet showed total assets of US$6.92
billion and total liabilities of US$3.42 billion, resulting in
US$3.47 billion stockholders' equity.  Equity at Dec. 29, 2006
was US$1.50 billion.

                         About URS Corp.

Headquartered in San Francisco, California, URS Corp. (NYSE:URS)
-- http://www.urscorp.com/-- offers a comprehensive
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.

                        *     *     *

In December 2007, Moody's Investors Service downgraded the
Corporate Family Rating of URS Corporation to Ba2 from Ba1
following the company's acquisition of Washington Group
International, Inc.  Moody's said the ratings outlook is stable.


=============
D E N M A R K
=============


NORTEL NETWORKS: Posts US$844MM Net Loss in Fourth Quarter 2007
---------------------------------------------------------------
Nortel Networks Corp. reported financial and operating results
for the fourth quarter and full year of 2007.

The Company reported a net loss in the fourth quarter of 2007 of
US$844 million, compared to net loss of US$80 million in the
fourth quarter of 2006 and net income of US$27 million in the
third quarter of 2007.   Nortel reported a net loss for 2007 of
US$957 million, compared to net earnings of US$28 million for
the year 2006.

Revenue was US$3.2 billion for the fourth quarter of 2007
compared to US$3.3 billion for the fourth quarter of 2006 and
US$2.7 billion for the third quarter of 2007.  In the fourth
quarter of 2007, revenue increased by 18% compared to the third
quarter of 2007 and excluding the impact of the UMTS Access
divestiture, revenue increased by 2% compared with the year-ago
quarter.  For 2007, revenues were US$10.95 billion compared to
US$11.4 billion for 2006.

"Nortel continued to make strong progress in the fourth quarter
as we completed a pivotal year in our transformation," Nortel
President and CEO Mike Zafirovski said.  "In a period of
significant change for our industry, we have now reported six
consecutive quarters of strong year over year improvement in
operating margin, reflected in a 353 basis points improvement in
the second half of 2006 and a 369 basis points improvement in
2007.  Although our fourth quarter operating margin was below
our target, it is the highest in 12 quarters.  We also recorded
a 386 basis point increase in gross margin to 43.7%, also the
highest in 12 quarters.  And most importantly, customers around
the world are validating our strategic direction by signing up
for multi-year engagements that leverage both our technological
innovation and world-class know-how.  We ended the year with a
positive book to bill of 1.01 in the fourth quarter."

Gross margin was 43.7% of revenue in the fourth quarter of 2007.
This compared to gross margin of 39.8% for the fourth quarter of
2006 and 43.0% for the third quarter of 2007.  Compared to the
fourth quarter of 2006, gross margins benefited primarily from
productivity improvements and mix.

Cash balance at the end of the fourth quarter of 2007 was
US$3.5 billion, up from US$3.13 billion at the end of the third
quarter of 2007.  The increase in cash was primarily driven by
cash from operating activities of US$417 million and a positive
impact from foreign exchange of US$16 million, partially offset
by cash used in financing activities of US$23 million and cash
used in investing activities of US$6 million.

                              Outlook

Nortel provided its financial outlook for the full year 2008,
and expects:

   * Revenue to grow in the low single digits compared to 2007;

   * Gross Margin to be about our business model target of 43%   
     of revenue;

   * Operating Margin as a percentage of revenue to increase by
     about 300 basis points compared to 2007.

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$17.0 billion and total liabilities of US$13.4
billion, resulting in a US$2.7 billion, stockholders' equity.  
Equity, on Sept. 30, 2007, was US$2.9 billion and, on Dec. 31,
2006, was US$1.1 billion.

                     About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications.   Nortel's technologies are designed to help
eliminate today's barriers to efficiency, speed and performance

By simplifying networks and connecting people to the information
they need, when they need it.  Nortel Networks Limited is the
principal direct operating subsidiary of Nortel Networks
Corporation.

Nortel does business in more than 150 countries including
Indonesia, the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.

                        *     *     *

Nortel Networks Corp. still carries Moody's Investors Service
'B3' Senior Unsecured Debt rating which was placed on
March 22, 2007.


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


DELPHI CORP: Court Extends Lease Decision Deadline to March 31
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
to further extended the time within Delphi Corp. and its debtor-
affiliates may assume or reject unexpired leases of
nonresidential real property through and including the earlier
of:

  (a) the Effective Date of the Debtors' confirmed First Amended
      Joint Plan of Reorganization; and

  (b) May 31, 2008.

If the Debtors file a subsequent motion to extend the Lease
Decision Deadline before the expiration of the applicable
deadline for a particular lease, and that motion is set for
hearing on the next omnibus hearing date that is at least 20
days away or is filed in accordance with Rule 6006-1(c) of the
Local Bankruptcy Rules for the U.S. Bankruptcy Court for the
Southern District of New York, the Debtors' deadline to assume
or reject the underlying lease is automatically extended until
the later of:

  -- the date set forth in any subsequent Court order;

  -- three business days after the Court enters an order ruling
     on the Subsequent Motion; and

  -- May 31, 2008.

As reported in the Troubled Company Reporter on Feb. 11, 2008,
the Debtors are lessors or lessees with respect to roughly 80
unexpired leases of nonresidential real property, John Wm.
Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in Chicago, Illinois, relates.  Certain of the Real Property
Leases, he noted, are among the Debtors' primary assets and are
vital to their business.

The First Amended Plan provides for the assumption of all of the
Real Property Leases on the Plan Effective Date.  The Debtors'
Lease Decision Deadline expired Feb. 29, 2008.

The Proposed Lease Decision Deadline will be subject to the
terms of the Plan and Plan Confirmation Order, Mr. Butler
assured the Court.  The Proposed Deadline, he added, coincides
with the Debtors' current deadline to solicit acceptances of a
reorganization plan.

The Debtors have remained and fully intend to remain current
with respect to all outstanding postpetition rental obligations
under the Real Property Leases, Mr. Butler continues.  The non-
debtor parties to the Real Property Leases will not be
prejudiced by the proposed extension because the Debtors are
making payments under the Real Property Leases as they come due,
he said.

If the Lease Decision Deadline is not extended, the Debtors may
face uncertainty with respect to their ability to assume or
reject the Real Property Leases if the Plan does not become
effective by the current Feb. 29, 2008 Lease Decision Deadline,
Mr. Butler maintained.

                     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 Deadline to Remove Civil Actions
-----------------------------------------------------------
The Hon. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York extended Delphi Corp. and its
debtor-affiliates' deadline to remove pending judicial and
administrative proceedings through the earlier of:

  (a) 30 days after the effective date of the Debtors' Joint
      Plan of Reorganization; and

  (b) 30 days after the Court enters an order terminating the
      automatic stay with respect an action.

As reported in the Troubled Company Reporter on Feb. 11, 2008,
John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, related, the Debtors are parties
to more than 200 judicial and administrative actions pending in
various courts or administrative agencies throughout the United
States.  

The Debtors' deadline to remove Actions in accordance with
Section 1452 of the Judiciary and Judicial Procedure Code and
Rule 9027 of the Federal Rules of Bankruptcy Procedure expired
on Feb. 29, 2008.

The Debtors expect to emerge from Chapter 11 during the first
quarter of the year.

An extension, Mr. Butler asserted, was necessary in the event
that the Debtors' bankruptcy emergence date is delayed beyond
Feb. 29, 2008.  An extension, he added, will afford the Debtors
an opportunity to make fully informed and prudent decisions
concerning the possible removal of the claims and causes of
action in the Actions, thus protecting the Debtors' valuable
right to adjudicate the Actions economically if current or
future circumstances warrant their removal.

The Debtors' request will not prejudice any party whose
proceeding is removed from seeking remand under Section 1452(b)
of the Bankruptcy Code, Mr. Butler pointed out.

                     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: Shareholder Settlement Hearing Set for April 29
------------------------------------------------------------
The Hon. Gerald E. Rosen of the U.S. District Court for the
Eastern District of Michigan, Southern Division, will convene a
hearing on April 29, 2008, to decide, among other things, final
Court approval of a settlement providing for a recovery of
US$38,250,000 to be paid by Deloitte & Touche LLP, Delphi
Corp.'s outside auditor; and on the dismissal of claims against
Deloitte & Touche.

                  District Court Certifies Class

The Court has preliminarily certified a class consisting of all
persons and entities who purchased or acquired publicly traded
securities issued by Delphi Trust I and Delphi Trust II between
March 7, 2000, and March 3, 2005, inclusive, and who suffered
damages thereby, including all entities who acquired shares of
Delphi common and preferred stock in the secondary market and
debt securities in Delphi.  The case is in In re Delphi
Securities, Derivative and ERISA Litigation, MDL No. 1725, Case
No. 05-md-1725.

The District Court also preliminarily approved the Deloitte &
Touche Settlement providing for a recovery of US$38,250,000 to
be paid by Deloitte & Touche LLP, Delphi Corp.'s outside auditor
during the Class Period.  The Class will receive an interest on
the Deloitte & Touche Settlement Amount.

Copies of the full printed Deloitte & Touche Notice and the
Proof of Claim and Release form may be obtained at
http://www.delphiclasssettlement.comor by contacting:

   In re Delphi Corporation Securities Litigation Settlement
   c/o The Garden City Group, Inc.
   Claims Administrator
   P.O. Box 9185
   Dublin, OH 43017-4185

Inquiries may be made to the four co-lead counsel for the Lead
Plaintiffs in the Securities Litigation:

     * Bradley E. Beckworth, Esq.
       Nix, Patterson & Roach, L.L.P.
       205 Linda Drive
       Daingerfield, Texas 75638

     * Sean Handler, Esq.
       Schiffrin Barroway Topaz & Kessler, LLP
       280 King of Prussia Road
       Radnor, PA 19087

     * Jeffrey N. Leibell, Esq.
       Bernsten Litowitz Berger & Grossmann, LLP
       1285 Avenue of the Americas
       New York 10019

     * Stuart Grant, Esq.
       Grant & Eisenhofer P.A.
       Chase Manhattan Centre
       Suite 2100
       1201 N. Market St.
       Wilmington, DE 19801

Further information may also be obtained by writing to the
Claims Administrator or calling 1-800-918-0998 toll-free.

The Securities Litigation has been resolved with respect to the
Debtors pursuant to the Court-approved Multidistrict Litigation
Settlements between the Debtors and the Lead Plaintiffs.  Under
the terms of the MDL Settlements, the Debtors granted the Lead
Plaintiffs claims that will be satisfied through Delphi's
confirmed Plan of Reorganization.

To participate in the Deloitte & Touche Settlement, parties-in-
interest must have submitted a valid proof of claim in
connection with the MDL Settlements or submit a valid proof of
claim to the Claims Administrator postmarked not later than May
30, 2008.  The deadline for filing objection and the receipt of
requests for exclusions is April 15, 2008.

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.


MYLAN INC: Reports Revenues of US$1.16BB Quarter Ended Dec. 31
--------------------------------------------------------------
Mylan Inc. reported its financial results for the three and nine
months ended Dec. 31, 2007, provided an update on its synergy
targets for the Merck Generics acquisition, and disclosed a
number of strategic and operational initiatives.

                    Financial Highlights

   -- Adjusted diluted cash EPS of US$0.11 and US$0.92 for the
      three and nine months ended Dec. 31, 2007, respectively,
      both of which exclude the impact of purchase accounting
      items related to the Matrix acquisition completed in
      January 2007 and the acquisition of Merck Generics
      completed in October 2007, as well as other non-recurring
      items as discussed in detail below;

   -- Total revenues of US$1.16 billion for the three months
      ended Dec. 31, 2007, an increase of US$753.6 million over
      the same prior year period;

   -- Total revenues of US$2.18 billion for the nine months
      ended Dec. 31, 2007, an increase of US$1.05 billion over
      the same prior year period;

   -- On a GAAP basis, a loss per diluted share of US$5.04 and
      US$4.49 for the three and nine months ended Dec. 31, 2007,
      respectively, as a result of purchase accounting
      adjustments including the write-off of US$1.27 billion of
      acquired in-process research and development, which was
      recorded without tax effect.

Mylan's Vice Chairperson and Chief Executive Officer, Robert J.
Coury commented: "The strength of this first quarter as a
consolidated company showcases Merck Generics' contribution to
our growth.  The strong performance of Merck Generics bolstered
the solid nine-month results of the legacy Mylan operations.  
Further, these strong results were achieved while tremendous
progress was made, both on the integration and on achieving our
targeted synergies.  Looking forward, we will continue to
execute on our strategies and leverage the additional
opportunities and benefits that we see from the global platform
created by the combination of Mylan, Merck Generics and Matrix."

                       Synergy Update

Mylan confirmed that it expects to realize its stated US$100
million synergy target for the Merck Generics acquisition for
2008 and it is on track to meet or exceed the targeted recurring
annual synergies of US$300 million by the end of 2010, as
outlined by the company during its investor day on Oct. 3, 2007.

To achieve these results, the company announced that it has
initiated the necessary actions within research and development
(R&D) and manufacturing.  The actions are expected to yield 75%
of the overall US$300 million annual synergy target by the end
of 2010.

Chief Operating Officer and Chief Integration Officer, Heather
Bresch said:  "We are well ahead of our implementation schedule.  
Our efforts to date extend across all areas of the new combined
company, including strengthening our leadership and
organizational infrastructure, ensuring effective separation
from Merck KGaA, building Mylan's brand equity globally and,
most importantly, realizing value from the New Mylan by
delivering on our synergy targets."

Specific steps being taken to rationalize and optimize our
global manufacturing and research and development platforms
include:

    -- Discontinue manufacturing and R&D at Genpharm in Canada.
       The Commercial Operations, Packaging Unit, Quality
       Control Laboratory, Biopharm Department, Supply Chain
       Functions, and Regulatory Affairs at Genpharm will
       continue operation.

    -- Discontinue manufacturing of non-high potency products at
       Mylan's Puerto Rico location.  High potency manufacturing
       operations will remain and be expanded in Puerto Rico,
       creating a "center of excellence" for high potency
       manufacturing at this facility.

    -- Discontinue R&D activities at Gerard Laboratories in
       Ireland.

    -- Discontinue R&D activities in Spain.

    -- Scale down R&D activities at Generics UK.

Executive Vice President and Head of Global Technical
Operations, Rajiv Malik commented:  "The actions announced today
will allow us to leverage the scale of our expanded global
assets and optimize our operations.  We expect that our new
streamlined, consolidated and integrated R&D and manufacturing
platforms will not only deliver the promised synergies, but also
enable us to even more effectively execute on the growth
strategy for our global business."

                   Strategic Initiatives

Mylan reported a number of key initiatives to enhance its
strategic focus, specifically:

    -- Mylan has reached a definitive agreement with Forest
       Laboratories whereby Mylan will sell its rights to
       Nebivolol, a FDA approved product for the treatment of
       hypertension which is marketed by Forest under the brand
       name Bystolic(TM).  Mylan will receive a one-time cash
       payment of US$370 million and will retain royalties for
       the product through 2010.

    -- Mylan will pursue strategic alternatives for Dey,
       including the potential sale of the business, Mylan's
       specialty pharmaceutical business acquired as part of the
       Merck Generics transaction.  Dey is a leader in the
       nebulized respiratory and severe allergy markets with
       fully integrated capabilities in R&D, manufacturing and
       marketing and sales.

    -- The Board of Directors of Mylan's majority owned
       subsidiary, Matrix Laboratories, has authorized its
       management to explore strategic alternatives for
       Docpharma, its commercial operations in the Benelux
       region (Belgium, the Netherlands and Luxemburg),
       including a potential divestiture of the asset.

    -- Mylan has exercised its option with respect to Merck
       Generics' operations in Central and Eastern Europe,
       including such high-growth markets as Poland, Slovakia,
       Hungary, the Czech Republic and Slovenia.

Mr. Coury added: "After conducting a further review of our
global portfolio of businesses following the completion of the
Merck Generics acquisition, we have decided to pursue several
initiatives that will allow us to leverage the power of our
global generics platform, focus on the successful execution of
our integration, and meet our commitments to de-levering our
balance sheet."

"More specifically, during our recent post-closing review of
Dey, it became clear that the launch of Perforomist(TM), which
occurred concurrently with the closing of the Merck Generics
acquisition, requires a redefined strategic approach.  While Dey
is already in the process of addressing this issue, the delay
will result in slower growth and a longer timeframe to reach
peak sales than was originally anticipated from this product.  
While we continue to believe that the Dey business, as a whole,
represents a very exciting opportunity in specialty
pharmaceuticals, we believe that our resources would be better
allocated toward our core generics business.  As a result, we
have decided to consider a sale of Dey," Mr. Coury continued.

The slower than expected launch of Perforomist(TM) is expected
to have approximately a US$0.20 to US$0.25 negative impact on
Mylan's diluted earnings per share in 2008, 2009 and 2010.  
Although the company is not in a position to update or revise
guidance at this time, it will do so in conjunction with its
2008 first quarter earnings announcement.

Mr. Coury said: "Notwithstanding the timing issue associated
with the slower uptake of Perforomist(TM), the results of our
initial quarter with Merck Generics continues to give us great
confidence in the growth potential of our core generics business
around the world.  We continue to see strong performance across
our global generics business and we expect that the further
integration of our businesses will result in even greater
potential opportunities for growth going forward."

                  Detailed Financial Summary

Mylan previously had two reportable segments, the "Mylan
Segment" and the "Matrix Segment."  With the acquisition of
Merck Generics, Mylan now has three reportable segments:
Generics Segment, Specialty Segment (or "Specialty") and the
Matrix Segment.  The former Mylan Segment is included within the
Generics Segment. Additionally, certain general and
administrative and research and development expenses not
allocated to the segments, as well as litigation settlements and
non-operating income and expenses, are reported in
Corporate/Other.

Total revenues for the quarter ended Dec. 31, 2007, increased by
188% or US$753.6 million to US$1.16 billion from US$401.8
million in the same prior year period.  Approximately US$793.5
million represents amounts contributed through acquisitions.

Generics Segment revenues are derived from sales in Europe, the
Middle East & Africa (EMEA), North America and Asia Pacific.

Revenues from North America were US$416.3 million for the three
months ended Dec. 31, 2007, compared to US$401.8 million for the
same prior year period, representing an increase of US$14.5
million or 4%.  Revenues of approximately US$54.4 million were
realized in North America as a result of the acquisition of
Merck Generics.

Revenues from EMEA and Asia Pacific, as well as revenues from
the Specialty Segment, were all the result of the acquisition of
Merck Generics.  For EMEA, revenues for the quarter ended
Dec. 31, 2007, were US$373.1 million, the majority of which are
derived from the three largest markets; France, the United
Kingdom and Germany.

Revenues from Asia Pacific were US$170.9 million for the three
months ended Dec. 31, 2007, and were derived from Mylan's newly
acquired operations in Australia, Japan and New Zealand.

For the Specialty Segment, total revenues for the three months
ended Dec. 31, 2007, were US$102.1 million.  The Specialty
Segment consists of the Dey business that focuses on the
development, manufacturing and marketing of specialty
pharmaceuticals in the respiratory and severe allergy markets.

The Matrix Segment reported total revenues of US$107.1 million,
of which US$92.9 million represents sales to third parties.

Gross profit for the three months ended Dec. 31, 2007, was
US$356.1 million and gross margins were 30.8%.  The decrease in
gross margins is due primarily to the effects of purchase
accounting items recorded during the quarter of approximately
US$117.7 million, which consisted primarily of amortization
related to purchased intangible assets and the amortization of
the inventory step-up associated with the acquisition of Merck
Generics.  Excluding such items, gross margins were 41% compared
to 55.9% for the three months ended Dec. 31, 2006.

The company reported a loss from operations of US$1.27 billion
for the three months ended Dec. 31, 2007.  This loss from
operations for the quarter included a US$1.27 billion one-time
charge to write-off acquired in-process research and
development, which is recorded without a tax effect, and
excludes the US$117.7 million of purchase accounting items
discussed above. Excluding these amounts, earnings from
operations would have been US$118.5 million, a decrease of
US$65.1 million from the prior year.
    
Research and development (R&D) expense for the three months
ended Dec. 31, 2007 was US$80.8 million compared to US$22.9
million in the same prior year period.  R&D expense includes
approximately US$53.9 million related to newly acquired
entities, all of which was incremental to the comparable prior
year period.

The acquisition of Merck Generics and Matrix added US$170
million of incremental selling, general and administrative
(SG&A) expense to the current period.  Excluding this amount,
SG&A expense increased by US$53.1 million or 101% to US$105.7
million compared to US$52.6 million in the comparable prior year
period.  The majority of this increase was realized by Corporate
and Other and is the result of costs, such as professional and
consulting fees, associated with the integration of Merck
Generics, as well as higher payroll and related costs
principally attributable to the build-up of additional corporate
infrastructure as a direct result of the Merck Generics
acquisition.

Interest expense for the current quarter totaled US$133.4
million compared to US$10.5 million for the three months ended
Dec. 31, 2006.  The increase is due to the additional debt
incurred to finance the acquisition of Merck Generics.

Other (expense) income, net was expense of US$43.9 million for
the three months ended Dec. 31, 2007 compared to income of
US$32.4 million in the same prior year period.  The most
significant item in the current period was US$57.2 million
related to the early repayment of certain debt and expensing
certain financing fees, partially offset by other income
attributable to interest and dividends.

For the nine months ended Dec. 31, 2007 total revenues were
US$2.18 billion compared to US$1.12 billion during the
comparable nine-month period of the prior year.  Approximately
US$964.8 million of revenues for the nine-month period were
contributed through acquisitions.

For the nine-months ended Dec. 31, 2007, the Matrix Segment
reported total revenues of US$293.8 million, of which US$264.2
million represented third party sales.  As Mylan began
consolidating the results of Matrix beginning on Jan. 8, 2007,
all of this revenue is incremental to the results of the prior
year.

Gross profit for the nine months ended Dec. 31, 2007, was
US$874.4 million and gross margins were 40.1%. The decrease in
gross margins is due primarily to the effects of purchase
accounting items of approximately US$148.9 million.  Excluding
such items, gross margins were 47% compared to 54.1% for the
nine months ended Dec. 31, 2006.

The loss from operations for the nine months ended Dec. 31, 2007
was US$988.3 million as a result of the purchase accounting
items discussed above and the one-time charge to write-off
acquired in-process research and development.  Excluding these
amounts, earnings from operations would have been US$429.7
million for the nine-month period, a decrease of US$5.7 million
from the prior year.

R&D expense for the nine months ended Dec. 31, 2007, excluding
that incurred by newly acquired entities, was US$74.9 million
compared to US$66.8 million in the same prior year period, an
increase of US$8.1 million or 12%.

SG&A expense, also excluding amounts contributed by new
entities, increased by US$95.1 million or 62% to US$247.9
million compared to US$152.8 million in the comparable prior
year period.  The majority of this increase was realized by
Corporate and Other, and is the result of costs, such as
professional and consulting fees, associated with the
integration of Merck Generics, as well as higher payroll and
related costs principally attributable to the build-up of
additional corporate infrastructure as a direct result of the
Merck Generics acquisition.

Interest expense for the nine months ended Dec. 31, 2007,
totaled US$179.4 million compared to US$31.3 million for the
nine months ended Dec. 31, 2006.  The increase is due to the
additional debt incurred to finance the acquisition of Merck
Generics.

Other income (expense), net was income of US$86.6 million for
the nine months ended Dec. 31, 2007, compared to income of
US$39.8 million in the same prior year period.  The most
significant items in the current period are net foreign exchange
gains consisting mainly of US$85 million on a contract related
to the acquisition of Merck Generics and US$57.2 million of
expense related to the early repayment of certain debt and
expensing certain financing fees as discussed previously, with
the remainder of the other income attributable to interest and
dividends.

                      About Mylan Inc.

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

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

                         *     *     *

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


PRIDE INTERNATIONAL: Earns US$784.3 Million in 2007
---------------------------------------------------
Pride International Inc. reported net income of US$135.0 million
for the three months ended Dec. 31, 2007, compared to net income
of US$68.9 million for the same period in 2006.

Results for the fourth quarter of 2007 included income from
discontinued operations of US$17.3 million primarily
representing three tender-assist rigs that the company agreed to
sell in August 2007 for US$213 million in cash.  The sale of the
three units was completed during the first quarter of 2008. In
the fourth quarter of 2006, income from discontinued operations
was US$36.9 million.

For the full year of 2007, net income was a record
US$784.3 million.  The results reflected a gain of
US$268.6 million resulting from the sale of the company's Latin
America Land and E&P Services segments in August 2007.

Cash flow from operating activities totaled US$685.0 million for
the 12 months ended Dec. 31, 2007, while capital expenditures
were US$656.4 million, including US$315.9 million invested in
two advanced capability, ultra-deepwater drillships currently
under construction.  The company expected capital expenditures
for the 12 months ended Dec. 31, 2008 to be US$995 million, with
an estimated US$610 million relating to the ultra-deepwater
drillship construction projects, including a third project
announced in January 2008.

Total debt at Dec. 31, 2007 was US$1,191.5 million, while net
debt (total debt less cash and cash equivalents of US$890.4
million) was US$301.1 million.

Louis A. Raspino, President and Chief Executive Officer of Pride
International, Inc., stated, "We achieved record financial
performance in 2007, with continued excellent operational
execution and safety results.  Equally important, and specific
to our transition to a pure focus offshore drilling company, we
achieved a number of strategic initiatives during 2007 and early
2008, including the disposal of approximately US$1.3 billion of
non-strategic assets and the addition of three ultra-deepwater
drillships currently under construction, which are expected to
be available in 2010 and 2011.  With the three projects, the
company has now committed approximately US$2.8 billion since
2005 to the expansion of its deepwater presence.  In addition,
we have secured attractive, multi-year contracts on two of our
new drillships.

"We believe our investments in the deepwater market sector are
timely, as we continue to witness exceptional activity levels
with growing evidence that suggests the strong industry demand
for deepwater capacity could remain well beyond 2010.  Since the
beginning of 2008, we have secured or extended contracts for
four rigs representing revenues in excess of US$3.3 billion,
inclusive of performance bonus opportunities, and totaling 22
rig years.  With the recent contract extensions for the
semisubmersible rigs Pride Rio de Janeiro and Pride Portland, we
now have earnings visibility to 2017 and our total backlog of
contracts is approaching a record US$8 billion, before
performance bonus opportunities, representing an estimated 140
percent of our current market capitalization.  This revenue
backlog and the resulting expected cash flow represents a solid
financial base to support further growth initiatives and offers
the company valuable flexibility as we evaluate and execute
strategies that increase shareholder value."

                Offshore Drilling Segment Results

The company's Offshore Drilling Segment reported revenues for
the three months ended December 31, 2007 of US$473.8 million,
compared to US$509.7 million in the third quarter of 2007, while
earnings from operations were US$202.3 million, compared to
US$212.2 million over the same comparative period.  Results for
the quarter were negatively impacted by planned out-of-service
time, repairs and maintenance involving several rigs in the
company's deepwater, midwater and jackup fleets, resulting in a
slight decline in fleet utilization to 72 percent in the fourth
quarter of 2007 from 75 percent in the previous quarter of 2007.  
The earnings decline was partially offset by lower operating
costs, which fell to US$242.9 million in the fourth quarter of
2007, from US$250.4 million in the third quarter of 2007.  The
three percent decline was attributable to reduced activity in
both the company's jackup rig fleet, resulting in part from the
mobilizations of two jackup rigs to Mexico from the U.S. Gulf,
and the midwater rig fleet, resulting from shipyard programs on
two rigs.

                    About Pride International

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 22,
2007, Standard & Poor's Ratings Service raised its corporate
credit rating on offshore contract drilling firm Pride
International Inc. to 'BB+' from 'BB'.  At the same time, S&P
raised the rating on the company's unsecured debt to 'BB+' from
'BB-'.  S&P said the outlook is stable.


PRIDE INTERNATIONAL: Uncovers Evidence of Bribery
-------------------------------------------------
Pride International Inc. has found evidence that company
officials, from 2001 through 2005, made improper payments to
government officials of some countries, including Mexico and,
Venezuela, to handle customs, immigration and tax issues,
published reports say.

According to a U.S. Securities and Exchange Commission filing,
the payments were used to clear jack-up rig and equipment
through customs in Mexico and to get extensions on drilling
contracts in Venezuela, Bloomberg News reports.  The Venezuelan
and Mexican payments amounted to less than US$1 million.

Tom Fowler of Houston Chronicle relates that the company also
discovered evidence suggesting that payments totaling less than
US$2 million were directly or indirectly made from 2001 to 2005
to government officials in Saudi Arabia, Kazakhstan, Brazil,
Nigeria, Libya, Angola, and the Republic of the Congo.  

Reports say that Pride's management and the audit committee
deemed that senior operations management knew or should have
known the improper payments.  The company's former COO quit his
job in 2006, and will stay as a worker during the investigation
to assist inquiries and answer questions.  Others have been
terminated, resigned, or placed on leave.  

The company would likely face fines, and civil and criminal
penalties Civil penalties under anti-bribery provisions; and
fines and sanctions from foreign jurisdictions, reports state.

                  About Pride International

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 22,
2007, Standard & Poor's Ratings Service raised its corporate
credit rating on offshore contract drilling firm Pride
International Inc. to 'BB+' from 'BB'.  At the same time, S&P
raised the rating on the company's unsecured debt to 'BB+' from
'BB-'.  S&P said the outlook is stable.


RHODIA SA: Earns EUR129 Million for Year Ended December 31
----------------------------------------------------------
Rhodia S.A. released its financial report for the year ended
Dec. 31, 2007.  The company posted net profit of EUR129 million
on EUR5.081 billion net sales for the year ended Dec. 31, 2007,
compared with net profit of EUR62 million on EUR4.81 billion net
sales for the same period in 2006.

As of Dec. 31, 2007, Rhodia's net debt was EUR1.484 billion
compared with EUR1.949 billion in Dec. 31, 2006.

"In 2007 we have demonstrated that Rhodia is well positioned to
meet future challenges and to deliver its profitable growth
strategy," Jean-Pierre Clamadieu, Rhodia CEO disclosed.

"Our solid performance together with our confidence looking
ahead allows the Board to propose to shareholders the Group’s
first dividend in 5 years," Mr. Clamadieu added.

A full-text copy of Rhodia's financial results is available at
no charge at http://ResearchArchives.com/t/s?28b8

                          About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA)
-- http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil.

                         *     *     *

As of Feb. 19, 2008, Rhodia S.A. carries Moody's long-term
corporate family rating of Ba3 and senior unsecured debt rating
of B1 with positive outlook.

The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings, and B short-term foreign and
local issuer credit ratings.  The ratings outlook is stable.

Fitch Ratings assigned long-term issuer default rating at BB-
and senior unsecured debt rating at BB- with outlook positive.


TEMBEC INC: Court Approves Plan of Arrangement Under CBCA
---------------------------------------------------------
Tembec Inc. disclosed that the plan of arrangement under the
Canada Business Corporations Act, relating to the
recapitalization transaction, has been approved and sanctioned
by the Ontario Superior Court of Justice.
    
The Court determined that the Plan of Arrangement met all
statutory requirements, that it was brought in good faith and
that it was fair and reasonable in the circumstances.  
Accordingly, the Court issued a final order approving the Plan
of Arrangement.
    
"This is excellent news for the company and its stakeholders,"
James Lopez, president and CEO of Tembec, said.  "Court approval
of the Plan of Arrangement is the final step in advance of
closing the transaction.  With a secure financial footing and
solid stakeholder support, the company that will emerge from
this transaction will be very well positioned to pursue its
business strategy.  The immediate focus will be on improving the
operating and financial performance of the company with the
short-term goal of restoring free cash flow."
    
Resolutions relating to the Recapitalization were approved by in
excess of 95% of shareholders of Tembec and by in excess of 98%
of noteholders of Tembec Industries Inc. at meetings held on
Feb. 22, 2008.  

Court approval of the Plan of Arrangement was the final
outstanding approval requirement prior to implementation of the
Recapitalization.  The closing and implementation of the
Recapitalization is expected to occur today, Feb. 29, 2008.
    
The company also disclosed that these individuals will serve on
the board of directors of the new Tembec Inc. effective as at
the time of closing, on Feb 29:

   -- Norman Betts, Storytown, New Brunswick
   -- James Brumm, New York, New York
   -- Jim Chapman, Greenwich, Connecticut
   -- Jim Continenza, Lakeville, Minnesota
   -- Jim Lopez, North Bay, Ontario
   -- Luc Rossignol, Témiscaming, Québec
   -- Fran Scirrico, Cold Spring Harbor, New York
   -- David Steuart, Burlington, Ontario
   -- Lorie Waisberg, Toronto, Ontario

"I am pleased to have this accomplished group of individuals
join our board," Mr. Lopez concluded.  "The unique mix of skills
and experience they bring will be very helpful in providing the
guidance necessary as the company charts its course forward
following this very important transaction."
    
                        About Tembec

Headquartered in Montreal Quebec, Tembec Inc. (TSC:TBC) --
http://www.tembec.com/-- operates an integrated forest products      
business.  The company's operations consist of four business
segments: forest products, pulp, paper and chemicals.  The
forest products segment consists primarily of forest and
sawmills operations, which produce lumber and building
materials.  The pulp segment includes the manufacturing and
marketing activities of a number of different types of pulps.  
The paper segment consists primarily of production and sales of
newsprint and bleached board.  The chemicals segment consists
primarily of the transformation and sale of resins and pulp by-
products.  As of Sept. 29, 2007, Tembec operated manufacturing
facilities in New Brunswick, Quebec, Ontario, Manitoba, Alberta,
British Columbia, the states of Louisiana and Ohio, as well as
in Southern France.


TEMBEC INC: Completes Recapitalization; New Shares Listed on TSX
----------------------------------------------------------------
Tembec Inc. disclosed the completion of the recapitalization
transaction presented on Dec. 19, 2007 and outlined in the
company's Management Proxy Circular dated Jan. 25, 2008.

New common shares of Tembec will be listed on the Toronto Stock
Exchange "TSX" under the stock symbol "TMB".  Warrants will also
be listed and will trade under the symbol "TMB.WT".

As reported in the Troubled Company Reporter on Dec. 27, 2007,
Tembec disclosed a recapitalization transaction with these key
elements:

   -- conversion of US$1.2 billion of Tembec's debt into new
      equity;

   -- implementation of a new 4-year term loan of US$250 million
      to US$300 million, final amount to be determined by
      Tembec, to provide additional liquidity;

   -- reduction of Tembec's annual interest expense by
      approximately US$67 million;

   -- business as usual for employees, trade creditors and
      customers, the customers will not be affected by the
      recapitalization;

   -- implementation of the recapitalization is expected to
      occur by the end of February 2008.

The new capital structure will provide a stronger financial base
for the execution of Tembec's operating strategy and enhance the
long-term value of Tembec.

The TCR-Europe reported Feb. 27 that Tembec's recapitalization
transaction has been approved by the requisite majority of
shareholders of Tembec and the requisite majority of holders of
notes of Tembec Industries Inc.
    
Tembec held a Special Meeting of Shareholders and Tembec
Industries Inc. held a Meeting of Noteholders at which votes
were held on matters relating to the approval of the
Recapitalization.  The Meetings were held in accordance with the
Management Proxy Circular dated Jan. 25, 2008, and, with respect
to the Meeting of Noteholders, an Order of the Ontario Superior
Court of Justice  made on Jan. 24, 2008.

The TCR said Feb. 29 that the plan of arrangement under the
Canada Business Corporations Act, relating to the
recapitalization transaction, has been approved and sanctioned
by the Ontario Superior Court of Justice.
    
The Court determined that the Plan of Arrangement met all
statutory requirements, that it was brought in good faith and
that it was fair and reasonable in the circumstances.  
Accordingly, the Court issued a final order approving the Plan
of Arrangement.

                           About Tembec

Headquartered in Montreal Quebec, Tembec Inc. (TSC:TBC) --
http://www.tembec.com/-- operates an integrated forest products       
business.  The company's operations consist of four business
segments: forest products, pulp, paper and chemicals.  The
forest products segment consists primarily of forest and
sawmills operations, which produce lumber and building
materials.  The pulp segment includes the manufacturing and
marketing activities of a number of different types of pulps.  
The paper segment consists primarily of production and sales of
newsprint and bleached board.  The chemicals segment consists
primarily of the transformation and sale of resins and pulp by-
products.  As of Sept. 29, 2007, Tembec operated manufacturing
facilities in New Brunswick, Quebec, Ontario, Manitoba, Alberta,
British Columbia, the states of Louisiana and Ohio, as well as
in Southern France.


TEMBEC INC: Unit’s Senior Notes Gets S&P's D Debt Issue Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered the debt issue rating
on Tembec Industries Inc.'s senior unsecured notes to 'D' from
'CC', following the endorsement of the recapitalization program
by the courts, majority bondholders, and company shareholders.  
At the same time, S&P removed the notes from CreditWatch
negative where they were placed Dec. 20, 2007.

Tembec Industries is a subsidiary of Montreal-based Tembec Inc.
and issued senior unsecured notes that are part of the
recapitalization program.  The recapitalization will convert
into equity aggregate US$1.2 billion of senior unsecured debt
issues due in 2009, 2011, and 2012.  The long-term corporate
credit ratings on Tembec Inc. and Tembec Industries Inc. are
unchanged at 'CC'.
     
S&P also revised the CreditWatch implications on both companies
to positive from negative, as recapitalization will
significantly deleverage the balance sheet and reduce the
interest burden.   Tembec Inc. and Tembec Industries were placed
on CreditWatch with negative implications Dec. 20, 2007.  
Furthermore, a new US$300 million loan will provide the company
with much needed liquidity.
     
"Tembec should continue to face challenging market conditions in
its forest products and paper divisions as the U.S. heads into a
mild recession," said Standard & Poor's credit analyst Jatinder
Mall.  For the first quarter ended Dec. 29, 2007, parent Tembec
Inc. generated negative cash flows led by depressed lumber and
newsprint prices and a strong Canadian dollar.  Tembec had
US$128 million in liquidity as of Dec. 29, 2007.
    
S&P will resolve the CreditWatch once S&P has had an opportunity
to review the financial position of the recapitalized company.


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


AIRPOINT GMBH: Creditors Must File Claims by March 31
-----------------------------------------------------
Creditors of Airpoint GmbH have until March 31, 2008, to
register their claims with court-appointed insolvency manager
Jochen Wagner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Jochen Wagner
         Leonrodstr. 69
         80636 Munich
         Germany

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

The Debtor can be reached at:

         Airpoint GmbH
         Falkenweg 23
         82008 Unterhaching
         Germany


AWVG WOHNUNGSVERWALTUNGSGESELLSCHAFT: Claims Due March 31
---------------------------------------------------------
Creditors of AWVG Wohnungsverwaltungsgesellschaft mbH have until
March 31, 2008, to register their claims with court-appointed
insolvency manager Wilhelm Klaas.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Wilhelm Klaas
         Alter Posthof 15
         52062 Aachen
         Germany

The District Court of Aachen opened bankruptcy proceedings
against AWVG Wohnungsverwaltungsgesellschaft mbH on Feb. 13,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         AWVG Wohnungsverwaltungsgesellschaft mbH
         Dorfstr. 9
         52441 Linnich
         Germany


CAFE-RESTAURANT BREITENBERG: Claims Registration Ends March 28
--------------------------------------------------------------
Creditors of Cafe-Restaurant Breitenberg GmbH & Co. KG have
until March 28, 2008, to register their claims with court-
appointed insolvency manager Dr. Olaf Buechler.

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

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

The insolvency manager can be reached at:

         Dr. Olaf Buechler
         Herrengraben 3
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Cafe-Restaurant Breitenberg GmbH & Co. KG on Feb. 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Cafe-Restaurant Breitenberg GmbH & Co. KG
         Roter Hahn 40k
         22159 Hamburg
         Germany


CB MEZZCAP: Company No. 34 Files for Insolvency
-----------------------------------------------
CB MezzCAP Limited Partnership, acting through its general
partner CB MezzCAP Limited (issuer), has been informed by its
financial advisor that the company mentioned as Company No. 34
in the offering circular has filed for the opening of insolvency
proceedings on Feb. 22, 2008.

Due to the reported financial difficulties of the company it
might be the case that it defaults on its obligations to make
payments of interests and/or principal under the participation
right, which then might lead to reduced payments of the Issuer
under the Class F Notes.  The interest or principal payments of
the Class A to E Notes are not affected by this insolvency.

As stated in the last investor reports the issuer instructed the
recovery advisor in July 2007 to analyze the situation of the
company.  In its latest report the recovery advisor concluded
that the company had the potential for a successful
restructuring to overcome the critical situation but that the
banks and the company had not come to an agreement concerning
the further financial structure.

The issuer is currently trying to get detailed information
regarding the reasons for the filing for insolvency.

In compliance with applicable law, the issuer will make further
announcements after having better knowledge of the financial
situation of the company.

                                Notes

   -- EUR 119,632,413 Class A Floating Rate Notes due 2036
     (ISINXS0249999714);

   -- EUR20,000,000 Class B Floating Rate Notes due 2036
     (ISIN XS0249999987);

   -- EUR10,500,000 Class C Floating Rate Notes due 2036
     (ISIN XS0250000139);

   -- EUR14,500,000 Class D Floating Rate Notes due 2036
     (ISIN XS0250000998);

   -- EUR7,700,000 Class E Floating Rate Notes due 2036
     (ISIN XS0250001293); and

   -- EUR9,000,000 Class F 17% Notes due 2036
     (ISIN XS0250001707).

CB MezzCAP Limited Partnership is a German SME CLO transaction.


CITYCOM IMMOBILIEN: Claims Registration Period Ends March 28
------------------------------------------------------------
Creditors of CityCom Immobilien GmbH have until March 28, 2008,
to register their claims with court-appointed insolvency manager
F. Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 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:

         F. Peters
         Deichstrasse 1
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         CityCom Immobilien GmbH
         Poststrasse 33 VI
         20354 Hamburg
         Germany


CLAUSING GMBH: Claims Registration Period Ends March 28
-------------------------------------------------------
Creditors of Clausing GmbH & Co. KG have until March 28, 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 10:00 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
         Meeting Hall 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  Clausing GmbH & Co. KG on Feb. 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Clausing GmbH & Co. KG
         Am Sagewerk 6
         49565 Bramsche
         Germany


COMDAX24 GMBH: Claims Registration Period Ends March 28
-------------------------------------------------------
Creditors of COMDAX24 GmbH have until March 28, 2008, to
register their claims with court-appointed insolvency manager
Holger Zbick.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 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:

         Holger Zbick
         Marktplatz 2/4
         48712 Gescher
         Germany
         Tel: 02542/9178-0
         Fax: +492542917829

The District Court of Muenster opened bankruptcy proceedings
against COMDAX24 GmbH on Feb. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         COMDAX24 GmbH
         Schueringsweg 5
         48712 Gescher
         Germany


CUCINA LEGERE: Claims Registration Period Ends March 28
-------------------------------------------------------
Creditors of Cucina Legere GmbH & Co. KG have until March 28,
2008, to register their claims with court-appointed insolvency
manager Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at noon 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 Cucina Legere GmbH & Co. KG on Feb. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Cucina Legere GmbH & Co. KG
         Harpener Feld 34
         44787 Bochum
         Germany


FLAGGEN & WERBUNG: Creditors Must File Claims by March 31
---------------------------------------------------------
Creditors of Flaggen & Werbung Sylt GmbH have until March 31,
2008, to register their claims with court-appointed insolvency
manager Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:40 p.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 Distict Court of Niebuell
         Meeting Hall 2
         Justice Building
         Sylter Bogen 1 A
         25899 Niebuell
         
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:

         Berthold Brinkmann
         Sechslingspforte 2
         22087 Hamburg
         Germany

The District Court of Niebuell opened bankruptcy proceedings
against Flaggen & Werbung Sylt GmbH on Jan. 25, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Flaggen & Werbung Sylt GmbH
         Frank Mazzurana
         Boetticherstr. 3
         25980 Westerland
         Germany


FR. NIEBURG: Claims Registration Period Ends March 28
-----------------------------------------------------
Creditors of Fr. Nieburg Moebelfabrik GmbH & Co KG have until
March 28, 2008, to register their claims with court-appointed
insolvency manager Hans-Achim Ernst.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Bielefeld
          Hall 4065
          Fourth Floor
          Gerichtstrasse 66
          33602 Bielefeld
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Hans-Achim Ernst
          Bunsenstr. 3
          32052 Herford
          Germany
          Tel: 05221/69306-0
          Fax: +4952216930690

The District Court of Bielefeld opened bankruptcy proceedings
against Fr. Nieburg Moebelfabrik GmbH & Co KG on Feb. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Fr. Nieburg Moebelfabrik GmbH & Co KG
          Unterer Hellweg 2/4
          32584 Loehne
          Germany


FULLCAN-VERWALTUNGSGESELLSCHAFT: Claims Period Ends March 18
------------------------------------------------------------
Creditors of FULLcan-Verwaltungsgesellschaft mbH have until
March 18, 2008, to register their claims with court-appointed
insolvency manager Dieter Rasehorn.

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

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Dieter Rasehorn
         Muehlweg 16
         06108 Halle
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against FULLcan-Verwaltungsgesellschaft mbH on Feb. 18, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FULLcan-Verwaltungsgesellschaft mbH
         Attn: Axel Geyersbach und
               Frank Sobel, Manager
         Gutsstrasse 13
         99310 Dornheim
         Germany


FULLTIME GMBH: Claims Registration Period Ends March 28
-------------------------------------------------------
Creditors of Fulltime GmbH Personalservice have until March 28,
2008, to register their claims with court-appointed insolvency
manager Matthias Bott.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on April 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Konstanz
         Hall 102
         First Floor
         Gerichtstrasse 9
         78462 Konstanz
         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:

         Matthias Bott
         Bodnegger Str. 19
         88287 Gruenkraut
         Germany

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

The Debtor can be reached at:

         Fulltime GmbH Personalservice
         Byk-Gulden-Str. 18
         78224 Singen
         Germany


GASTSTATTE KARTOFFELHAUS: Creditors' Meeting Slated for March 20
----------------------------------------------------------------
The court-appointed insolvency manager for Gaststatte
Kartoffelhaus "Der Alte Fritz" Karl-Liebknecht-Strasse GmbH,
Ruediger Wienberg will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:10 a.m. on
March 20, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on May 8, 2008 at the same venue.

Creditors have until March 30, 2008 to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Gaststatte Kartoffelhaus "Der Alte Fritz"
Karl-Liebknecht-Strasse GmbH on Jan. 24, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Gaststatte Kartoffelhaus "Der Alte Fritz"
         Karl-Liebknecht-Strasse GmbH
         Karl-Liebknecht-Strasse 29
         10178 Berlin
         Germany


GBT GLOBAL: Creditors' Meeting Slated for March 20
--------------------------------------------------
The court-appointed insolvency manager for GBT Global Business
Trading GmbH, Joachim Voigt-Salus will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:25 a.m. on March 20, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:05 a.m. on May 15, 2008 at the same venue.

Creditors have until March 30, 2008 to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

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

The Debtor can be reached at:

         GBT Global Business Trading GmbH
         Kantstr. 99
         10627 Berlin
         Germany


GECO GESELLSCHAFT: Creditors Must File Claims by March 31
---------------------------------------------------------
Creditors of Geco Gesellschaft fuer Liegenschaften mbH have
until March 31, 2008, to register their claims with court-
appointed insolvency manager Christoph Rosenmueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 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 Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report 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:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Geco Gesellschaft fuer Liegenschaften mbH on
Jan. 7, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Geco Gesellschaft fuer Liegenschaften mbH
         Jessnerstr.9
         10247 Berlin
         Germany


GRUNKE HOTEL: Creditors' Meeting Slated for March 20
----------------------------------------------------
The court-appointed insolvency manager for Grunke Hotel- und
Restaurations-Betriebsgesellschaft mbH, Christian Graf
Brockdorff will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:20 a.m. on
March 20, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on May 15, 2008 at the same venue.

Creditors have until March 30, 2008 to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Graf Brockdorff
         Friedrich-Ebert-Str. 36
         14469 Potsdam
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Grunke Hotel- und Restaurations-
Betriebsgesellschaft mbH on Jan. 25, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Grunke Hotel- und Restaurations-
         Betriebsgesellschaft mbH
         Schwarzer Weg 21
         13505 Berlin
         Germany
         

JPL POWER: Creditors Must File Claims by March 31
-------------------------------------------------
Creditors of JPL Power Network GmbH have until March 31, 2008,
to register their claims with court-appointed insolvency manager
Michael W. Kuleisa.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 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:

         Michael W. Kuleisa
         Gertrudenstrasse 3
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         JPL Power Network GmbH
         Heidenkampsweg 32, 3. OG
         20097 Hamburg
         Germany


K. KELLER GMBH: Claims Registration Period Ends March 22
--------------------------------------------------------
Creditors of K. Keller GmbH have until March 22, 2008, to
register their claims with court-appointed insolvency manager
Dr. Jur. Wolfgang Maus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Kreuznach
         Hall A4
         Hofgartenstr. 2
         55545 Bad Kreuznach
         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. Jur. Wolfgang Maus
         Mannheimer Str. 254a
         D 55543 Bad Kreuznach
         Germany
         Tel: 0671-79496-13
         Fax: 0671-79496-10

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

The Debtor can be reached at:

         K. Keller GmbH
         Siemensstr. 6
         55543 Bad Kreuznach
         Germany

         Attn: Martha Keller, Manager
         Bismarckstr. 8
         55545 Bad Kreuznach
         Germany


KULTUR- UND WEGEBAU: Claims Registration Ends March 30
------------------------------------------------------
Creditors of Kultur- und Wegebau Suedheide GmbH have until
March 30, 2008 to register their claims with court-appointed
insolvency manager Jens Wilhelm V.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 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 Celle
         Hall 014
         Muehlenstrasse 4
         29221 Celle
         Germany

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

The insolvency manager can be reached at:

         Jens Wilhelm V
         Grosser Plan 8
         29221 Celle
         Germany
         Tel: 05141-9744624
         Fax: 05141-9744629
         E-mail: Kanzlei@Wilhelm-Kollegen.de  
         Web site: http://www.Wilhelm-Kollegen.de/  

The District Court of Celle opened bankruptcy proceedings
against  Kultur- und Wegebau Suedheide GmbH on Feb. 13, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kultur- und Wegebau Suedheide GmbH
         Attn: Hans-Wilhelm Bartels, Manager
         Rathberg 4
         29308 Winsen/Aller
         Germany


MEDAUS GMBH: Claims Registration Period Ends March 22
-----------------------------------------------------
Creditors of MEDAUS GmbH have until March 22, 2008, to register
their claims with court-appointed insolvency manager Dr. Harald
Schwartz.

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

The meeting of creditors will be held at:

         The District Court of Regensburg
         Room 105
         Augustenstr. 5
         Regensburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Harald Schwartz
         Merianweg 3
         93051 Regensburg
         Germany
         Tel: 0941/7803241
         Fax: 0941/7803245

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

The Debtor can be reached at:

         MEDAUS GmbH
         Lise-Meitner-Str. 4
         86156 Augsburg
         Germany


NORBERT PUETZ: Claims Registration Period Ends March 28
-------------------------------------------------------
Creditors of Norbert Puetz Haustechnik GmbH have until March 28,
2008, to register their claims with court-appointed insolvency
manager Martin Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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 Aachen
          Meeting Hall D 1.409
          First Floor
          Adalbertsteinweg 92
          52070 Aachen
          Germany

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

The insolvency manager can be reached at:

          Dr. Martin Dreschers
          Juelicher Strasse 116
          52070 Aachen
          Germany
          Tel: 0241/94618-0
          Fax: 0241/533562

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

The Debtor can be reached at:

          Norbert Puetz Haustechnik GmbH
          Attn: Norbert Puetz, Manager
          Aachener Str. 26 a
          52146 Wuerselen
          Germany


NUSSER GMBH: Creditors Must File Claims by March 31
---------------------------------------------------
Creditors of Nusser GmbH have until March 31, 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 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 Ravensburg
         Hall 3
         Herrenstr. 42
         88212 Ravensburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael Pluta
         Karlstr. 33
         89079 Ulm
         Germany

The District Court of Ravensburg opened bankruptcy proceedings
against Nusser GmbH on Feb. 8, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Nusser GmbH
         Seebachstr. 12
         88239 Wangen-Hatzenweiler
         Germany


POLYPORE INTERNATIONAL: Buys Microporous for US$76 Million
----------------------------------------------------------
Polypore International Inc., through its subsidiaries, Daramic,
LLC and Daramic Acquisition Corporation, has purchased 100% of
the stock of Microporous Holding Corporation, the parent company
of Microporous Products L.P., from Industrial Growth Partners II
L.P. and other stockholders for total consideration of
approximately US$76 million.  The acquisition was funded with a
combination of cash, assumption of debt and borrowings under
Polypore's existing credit facility.

Daramic, a global leader in the transportation and industrial
battery separator market, manufactures a broad range of high-
performance battery separator membranes.  The acquisition of
Microporous adds rubber-based battery separator technology to
the Daramic product line.  This acquisition broadens Polypore's
participation in the deep-cycle industrial battery market (e.g.
golf cart and stationary batteries), adds to the membrane
technology portfolio and product breadth, enhances service to
common customers and adds cost-effective production capacity.

                          2008 Guidance

As a result of its acquisition of Microporous, Polypore has
increased its financial guidance for fiscal 2008.  For the year
ending Jan. 3, 2009, Polypore now expects to achieve net sales
of US$580 million to US$605 million, Adjusted EBITDA of US$170
million to US$178 million and earnings per diluted share in the
range of US$0.90 to US$1.01.  These estimates are based on an
assumed full-year weighted average fully diluted share count of
40.7 million shares.  Additionally, the company estimates total
capital expenditures of approximately US$52 million in 2008.

Headquartered in Charlotte, North Carolina, Polypore
International Inc., develops, manufactures and markets
specialized polymer-based membranes used in separation and
filtration processes.  The company is managed under two business
segments.  The energy storage segment, which currently
represents approximately two-thirds of total revenues, produces
separators for lead-acid and lithium batteries.  The separations
media segment, which currently represents approximately one-
third of total revenues, produces membranes used in various
health care and industrial applications.  The company has
operations in Australia, Germany and Brazil.

                        *     *     *

In July 2007, Standard & Poor's Ratings Services revised its
outlook on Polypore International Inc. and its subsidiary
Polypore Inc. to positive from stable.  At the same time, S&P
affirmed its ratings on both companies, including the 'B'
corporate credit rating.


PROSIEBENSAT.1 MEDIA: To Buy Back Up to 1.127 Million Shares
------------------------------------------------------------
The Executive Board of ProSiebenSat.1 Media AG has decided to
repurchase up to 1,127,500 shares of non-voting preferred stock
via the stock exchange.

Such number corresponds to approximately 1% of all preferred
stock or 0.5% of the total share capital of the company.  The
share buy-back will be implemented starting as of March 7, 2008,
and is primarily intended to make available to the company the
necessary stock to service stock options of the Long-Term
Incentive Plan.  The Long-Term Incentive Plan is a stock option
plan established by the company in 2005 for members of the
Executive Board as well as other selected executives of the
ProSiebenSat.1 Group.

The Shareholders Meeting as of July 17, 2007, has authorized the
company to acquire treasury stock in the amount of up to 10% of
the share capital at the time of the authorization.  The term of
the authorization expires on Jan. 16, 2009.

In case of an acquisition via the stock exchange, the price per
share of preferred stock (not including incidental costs of
acquisition) shall not be more than 10% above or more than 20%
below the trading price.  The defining trading price for this
purpose shall be the arithmetic average of the closing prices of
the preferred stock in trading on XETRA system on the last five
days of trading on the Frankfurt Stock Exchange prior to the
obligation to purchase the stock.

The authorization may be exercised for any legally permitted
purpose; in particular, treasury shares may be used to service
stock options which have been issued in the course of the Long
Term Incentive Plan.

The share buy-back will be implemented using a financial
institution, which will decide independently from and
uninfluenced by ProSiebenSat.1 Media AG on when to repurchase
stock.

                      About ProsiebenSat.1

Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.prosiebensat1.com/-- broadcasts and produces
TV programs through 24 commercial TV stations, 24 premium Pay TV
channels and 22 radio network.  In June 2007, the ProSiebenSat.1
Group acquired SBS Broadcasting Group.  The company employs
around 6,000 Europe-wide.

                          *     *     *

As of Dec. 4, 2007, ProsiebenSat.1 Media AG carries Moody's
Investors Service's Ba1 senior unsecured and corporate family
ratings.


RICHTER BAU: Claims Registration Period Ends March 28
-----------------------------------------------------
Creditors of Richter Bau GmbH have until March 28, 2008, to
register their claims with court-appointed insolvency manager
Martin Prager.

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

The meeting of creditors will be held at:

          The District Court of Munich
          Infanteriestr. 5
          80097 Munich
          Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

          Dr. Martin Prager
          Barthstr. 16
          80339 Munich
          Germany
          Tel: 089-8589633
          Fax: 089-85896350

The District Court of Munich opened bankruptcy proceedings
against Richter Bau GmbH on Feb. 8, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Richter Bau GmbH
          Attn: Gabriele Richter, Manager
          Harrisfeldweg 33
          80939 Munich
          Germany


SALESMAN ADVANCED: Claims Registration Ends March 29
----------------------------------------------------
Creditors of SalesMan Advanced GmbH have until March 29, 2008 to
register their claims with court-appointed insolvency manager    
Rolf Weidmann.

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

The meeting of creditors will be held at:
         
         The District Court of Essen
         Meeting Hall 185
         First Floor
         Zweigertstr. 52
         45130 Essen
         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:

         Rolf Weidmann
         Alfredstr. 279
         45133 Essen
         Germany
         Tel: 0201/43776290

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

The Debtor can be reached at:

         SalesMan Advanced GmbH
         Mainstr. 16
         45768 Marl
         Germany

         Attn: Udo Herrmann, Manager
         Conzeallee 21
         45721 Haltern am See
         Germany


SOUND & VISION: Claims Registration Period Ends March 28
--------------------------------------------------------
Creditors of Sound & Vision GmbH have until March 28, 2008, to
register their claims with court-appointed insolvency manager
Daniel Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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:

          Daniel Bauch
          Steinmetzstrasse 10
          85435 Erding
          Germany
          Tel: 08122/22960-83
          Fax: 08122/22960-84

The District Court of Landshut opened bankruptcy proceedings
against Sound & Vision GmbH on Jan. 15, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Sound & Vision GmbH
          Strassfeld 13
          85461 Bockhorn/Gruenbach
          Germany


SYSTECO GMBH: Claims Registration Period Ends March 28
------------------------------------------------------
Creditors of Systeco GmbH have until March 28, 2008, to register
their claims with court-appointed insolvency manager Jochen
Sedlitz.

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 Esslingen
          Hall 1
          First Floor
          Ritterstr. 5
          Esslingen
          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:

          Jochen Sedlitz
          Raiffeisenstr. 30
          70794 Filderstadt
          Germany
          Tel: 0711/664735-0
          Fax: 0711/664735-20

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

The Debtor can be reached at:

          Systeco GmbH
          Attn: Mario Kuhn, Manager
          Aloys-Senefelder-Str. 8
          726336 Frickenhausen
          Germany


TANKSTORE GMBH: Claims Registration Period Ends March 20
--------------------------------------------------------
Creditors of TankStore GmbH have until March 20, 2008, to
register their claims with court-appointed insolvency manager
Dr. Paul Fink.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Paul Fink
         Koenigsallee 33
         40212 Duesseldorf
         Germany

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

The Debtor can be reached at:

         TankStore GmbH
         Suedring 9
         40223 Duesseldorf
         Germany

         Attn: Peter Bublinski, Manager
         Gartenstr. 61
         44869 Bochum
         Germany


TAXI STREHLOW: Claims Registration Ends March 31
------------------------------------------------
Creditors of Taxi Strehlow GmbH have until March 31, 2008 to
register their claims with court-appointed insolvency manager
Thomas Bagh.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Bielefeld
         Meeting Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Thomas Bagh
         Bunsenstr. 3
         32052 Herford
         Germany

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

The Debtor can be reached at:

         Taxi Strehlow GmbH
         Attn: Renate Strehlow, Manager
         Mergelbruch 15
         32602 Vlotho
         Germany


WEBER BETONWERK: Claims Registration Period Ends March 20
---------------------------------------------------------
Creditors of WBI Weber Betonwerk GmbH & Co. KG have until
March 20, 2008, to register their claims with court-appointed
insolvency manager Dr. Carlos Mack.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on May 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Fuerth
         Room 216
         Office Building 2
         Baumenstrasse 28
         Fuerth
         Germany

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

The insolvency manager can be reached at:

         Dr. Carlos Mack
         Hauptstr. 33
         91054 Erlangen
         Germany
         Tel: 09131/9733280
         Fax: 09131/9733299

The District Court of Fuerth opened bankruptcy proceedings
against WBI Weber Betonwerk GmbH & Co. KG on Feb. 19, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         WBI Weber Betonwerk GmbH & Co. KG
         Industriestr. 5
         97258 Ippesheim
         Germany


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


ALITALIA SPA: State Council Nullifies Volare Group Takeover
-----------------------------------------------------------
Italy's State Council, the highest administrative appeals court
in the country, confirmed its Sept. 29, 2006, ruling that
annulled with finality Alitalia S.p.A.'s EUR38-million takeover
of Volare Group S.p.A., The Financial Times relates

The court ruled that the sale was irregular and ordered the
government to restart the auction process for Volare.  The court
gave interested previous bidders for Volare -- Alitalia and Air
One S.p.A. -- 30 days to submit new bids.

In May 2006, the State Council blocked Alitalia's takeover
bid due to certain flaws in the sale process.

Air One, which made the second highest bid for Volare, had
claimed that Alitalia was an unfair competitor and that it
lacked the conditions to buy another airline following a near-
bankruptcy miss in 2005.  

Analysts told FT that the ruling complicates the current process
to sell the Italian government's 49.9% stake in Alitalia.

                          About Alitalia

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

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

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


DANA CORP: Allowed Unsecured Claims Total US$2 Billion
------------------------------------------------------
Pursuant to the Third Amended Joint Plan of Reorganization, Dana
Corp. and its debtor-affiliates filed a 38-page list of allowed
unsecured claims, which total US$2,047,009,527.

Wilmington Trust own a substantial portion of the allowed
claims, the largest of which are:

Claim No.     Claimant(Transferee)               Allowed Amount
---------     --------------------               --------------
1701        LEXINGTON ANTIOCH LLC (SPCP GROUP)    US$7,200,000
11680       AFFINIA GROUP INC (LEHMAN COMMERCIAL) US$12,700,000
1168000001  AFFINIA GROUP (WINDMILL MASTER FUND)  US$9,000,000
13650       BEAR STEARNS INVESTMENT - METALDYNE   US$9,361,174
14900       SYPRIS TECHNOLOGIES INC               US$89,900,000
14903       TOLEDO-LUCAS COUNTY PORT AUTHORITY    US$15,000,000
13800001    TOYOTA TSUSHO (TCM ALLOCATION)        US$7,519,295
12681       WILMINGTON TRUST COMPANY              US$453,510,000
12686       WILMINGTON TRUST COMPANY              US$361,501,435
12685       WILMINGTON TRUST COMPANY              US$277,743,110
12687       WILMINGTON TRUST COMPANY              US$170,441,633
12688       WILMINGTON TRUST COMPANY              US$154,550,000
12684       WILMINGTON TRUST COMPANY              US$116,148,326
12682       WILMINGTON TRUST COMPANY              US$78,279,843
12683       WILMINGTON TRUST COMPANY              US$8,773,889

The list of Allowed General Unsecured Claims is available for
free at http://bankrupt.com/misc/Dana_Class5BClaims.pdf

Corrine Ball, Esq., at Jones Day, in New York, noted that to the
extent the holder of any General Unsecured Claim on Allowed
Claims List also holds or asserts any Claim or portion of a
Claim that is not a General Unsecured Claim in Class 5B under
the Plan, that other Claim or portion of a Claim is not included
in the updated Allowed Claims List.

The Reorganized Debtors reserve their rights to amend,
supplement, modify, or correct the updated Allowed Claims List.

The Third Amended Plan projected a 72% to 86% recovery for
general unsecured claims against the Debtors, excluding EFMG
LLC, on an assumption that total general unsecured claims ranged
from US$2,500,000,000 to US$3,000,000,000.  Holders of general
unsecured claims will receive cash and stock of Dana Holding
Corp.

Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/  
-- designs and manufactures products for every major vehicle
producer in the world, and supplies drivetrain, chassis,
structural, and engine technologies to those companies.  Dana
employs 46,000 people in 28 countries.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total
assets and US$7,551,000,000 in total debts resulting in a total
shareholders' deficit of US$673,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  Judge Burton
Lifland of the U.S. Bankruptcy Court for the Southern District
of New York entered an order confirming the Third Amended Joint
Plan of Reorganization of the Debtors on Dec. 26, 2007.  (Dana
Corporation Bankruptcy News, Issue No. 70; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 13,
2008, Standard & Poor's Ratings Services assigned its 'BB-'
corporate credit rating to Toledo, Ohio-based Dana Holding Corp.
following the company's emergence from Chapter 11 on Feb. 1,
2008.  The outlook is negative.
         
At the same time, Standard & Poor's assigned Dana's US$650
million asset-based loan revolving credit facility due 2013 a
'BB+' rating (two notches higher than the corporate credit
rating) with a recovery rating of '1', indicating an expectation
of very high recovery in the event of a payment default.
   
In addition, S&P assigned a 'BB' bank loan rating to Dana's
US$1.43 billion senior secured term loan with a recovery rating
of '2', indicating an expectation of average recovery.


FIAT SPA: Delta Model Predicted to Raise Sales by Twenty Percent
----------------------------------------------------------------  
Fiat SpA forecasts an increase in sales of 20% with Lancia
division's Delta model to lead the way, Bloomberg reports.  Fiat
intends to start selling the new Delta model in May 2008.

At the unveiling of the Delta model at the Geneva International
Motor Show, Lancia Chief Executive Officer, Mr. Olivier
Francois, said that the company expects that sales will increase
to 150,000 in 2008, Bloomberg relates.

Delta's role is to speed up Lancia's turnaround by establishing
a name in the luxury car market.  It is expected to compete with
the German cars Bayerische Motoren Werke AG and Volkswagen AG.

                      About Fiat S.p.A.

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

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                        *     *     *

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

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

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


GOODYEAR TIRE: Redeems US$650 Million Senior Notes Due 2011
-----------------------------------------------------------
The Goodyear Tire & Rubber Company has completed the redemption
of its outstanding US$650 million of senior secured notes due
2011.

The redemption will result, as previously indicated, in
annualized interest expense savings of approximately US$75
million to US$80 million, of which about US$65 million will be
realized in 2008.

"Eliminating this high-cost debt is an important step in our
debt reduction plan," said Goodyear's vice president and
treasurer, Damon J. Audia.  "Since January 2007, we have removed
more than US$3 billion in debt from our balance sheet."

The senior secured notes were comprised of US$450 million of
fixed rate notes, which bore interest at 11.25%, and
US$200 million of floating rate notes, which bore interest at
LIBOR plus 825 basis points.

Mr. Audia also confirmed the company's previously announced
intention to repay US$100 million in 6-3/8 % notes when they
mature on March 17, 2008.

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


GOODYEAR TIRE: Fitch Lifts Issuer Default Rating to BB-
-------------------------------------------------------
Fitch Ratings upgraded The Goodyear Tire & Rubber Company's
Issuer Default Rating and senior unsecured debt rating as:

The Goodyear Tire & Rubber Company:

    -- IDR to 'BB-' from 'B+';
    -- Senior unsecured debt to 'B+' from 'B-/RR6'.

In addition, Fitch has affirmed these ratings:

The Goodyear Tire & Rubber Company:

    -- US$1.5 billion first lien credit facility at 'BB+';
    -- US$1.2 billion second lien term loan at 'BB+'.

Goodyear Dunlop Tires Europe B.V. (GDTE):

    -- EUR505 million European secured credit facilities at
       'BB+'.

The ratings cover approximately US$4.1 billion of outstanding
debt.  The Rating Outlook is Stable.

Furthermore, Fitch is withdrawing its ratings for GT's third
lien senior secured debt following repayment of the debt.

The two-notch rating difference between GT's secured debt and
its IDR reflect the benefit of significant collateral support.  
GT's first lien credit facility and the second lien term loan
are given the same rating due to Fitch's opinion that the
collateral package provides sufficient coverage to both
facilities even in the case of the first lien revolver being
fully drawn.  The one-notch difference between the unsecured
debt and the IDR reflects the unsecured debt's junior position
in the capital structure, as well as credit concerns described
below.

The rating upgrades reflect the positive impact on GT's balance
sheet from its continued debt reduction, significant cost
reduction in the past year, and a successful strategic shift to
selling more premium-priced products.  The senior unsecured debt
also benefits from the reduced amount of secured debt in the
capital structure after GT redeemed US$650 million of senior
secured third lien notes on March 3.  Combined with the expected
repayment of US$100 million of 6-3/8% notes that mature on
March 17, 2008, GT will have reduced its debt by US$3.2 billion
since the beginning of 2007.

The ratings and Stable Outlook for GT reflect an improving cost
structure, a more focused marketing strategy, growing
international sales, and a solid liquidity position.  GT has
exited low-margin segments of the wholesale private label tire
business and expanded its higher margin premium tire business.  
Results in GT's North American operations, while improving,
remain weaker than its international operations, and GT remains
exposed to declining vehicle sales in the U.S. and an uncertain
economy. An increasing proportion of sales outside the U.S.
should help alleviate this concern over the long term. Other
rating concerns also include high raw material costs,
competitive pricing in certain international markets and cash
requirements for capital expenditures and pension contributions.
Further upside changes in the ratings or Outlook will depend on
GT's ability to extend its recent progress in addressing
operating challenges and in building stronger credit metrics.

Cash flow from operations continued to be weak in 2007 due to
large pension contributions and higher working capital
requirements as GT recovered from the labor strike in late 2007.  
In 2008, cash flow will remain challenging but should be
favorably affected by reduced pension contributions, a better
working capital position, and lower interest expense related to
debt reduction. Cost pressures from raw materials, including
rubber, which GT estimates may rise 7%-9% in 2008, could be
mitigated by GT's ongoing cost-reduction program. At the end of
2007, GT had achieved more than half of its US$1.8 billion-US$2
billion four-year cost reduction goal.  The program involves
cost savings from higher productivity, a reduction in GT's
global footprint, and a further transition to low-cost sourcing.  
GT has been effective at reducing the negative impact of high
raw material costs by raising prices and emphasizing higher-
margin premium tires.

At the end of 2007, GT had a liquidity position of approximately
US$4.9 billion, consisting of US$3.5 billion of cash and US$1.8
billion of credit facility availability, less US$396 million of
short-term debt and current maturities.  Year-end cash balances
were used to execute the debt reduction mentioned above, and
they will be utilized to fund the planned US$1 billion
contribution to GT's Voluntary Employees' Beneficiary
Association (VEBA) trust.  The transaction would significantly
reduce OPEB liabilities and associated cash requirements in
future years.  Other cash requirements in 2008 will include
pension contributions, though at a much lower level than
previous years, increased capital expenditures, and modest debt
reduction. GT's debt-to-EBITDA ratio has declined from an
unusually high level one year ago and stood at 3 times (x) as of
Dec. 31, 2007. The company's long-term target for debt/EBITDA is
2.5x as measured by its bank facilities and differs somewhat
from Fitch's calculation. EBITDA-to-Interest coverage improved
to 3.4x at the end of 2007 compared to 2.4x at the end of 2006.

All previously assigned Recovery Ratings (RR) have been
withdrawn as a result of the IDR upgrade to 'BB-'. Fitch assigns
explicit RR's only for companies with an IDR of 'B+' or below.
Notching for companies with IDR's above 'B+' continues to be
heavily influenced by broader historical recovery patterns.


HUGHES NETWORK: Net Income Up 161% to US$50 Million in 2007
-----------------------------------------------------------
Hughes Communications, Inc. reported financial results for the
fourth quarter and year ended Dec. 31, 2007.  The company's
consolidated operations are currently classified into four
reportable segments: North America VSAT; International VSAT;
Telecom Systems; and Corporate and Other.  The North America
VSAT, International VSAT and Telecom Systems segments represent
all the operations of Hughes Network Systems, LLC, Hughes'
principal operating subsidiary.

                  Hughes Network Systems, LLC

"HNS delivered strong financial results in 2007," said president
and chief executive officer, Pradman Kaul.  "Revenues increased
by 13% over 2006 to US$970 million and our profitability in 2007
was also very strong.  Operating Income for the year was US$90
million, a growth of 56% over 2006; EBITDA increased by 28% to
US$139 million in 2007 over 2006, and Net Income increased by
161% to US$50 million.  All of the segments showed robust
growth.  The major revenue growth contributors were the
consumer, international and the mobile satellite markets with
growth rates of 13%, 11% and 77% respectively in 2007 over 2006.  
The consumer base grew to 379,900 subscribers at Dec. 31, 2007,
a growth of 16% over the subscriber base at Dec. 31, 2006.  Our
North America and International enterprise groups provided a
solid revenue base contributing in aggregate over half of HNS'
total revenue in 2007.  I am also very pleased to report that we
were awarded a record US$1.1 billion of new orders in 2007
representing a growth of 30% over 2006."

"These impressive full-year results were a result of sustained
quarterly performances, including a strong fourth quarter,"
continued Mr. Kaul.  "We grew fourth quarter 2007 Revenues by
15%, Operating Income by 39% and Net Income by 95% over the
fourth quarter of 2006.  The revenue growth engines in the
fourth quarter of 2007 were the consumer, international, and
mobile satellite markets with growth rates of 14%, 25% and 52%
respectively over the fourth quarter of 2006.  We were awarded
US$333 million of new orders in the fourth quarter of 2007,
including significant orders from Camelot, State Bank of India,
Best Western, Sherwin Williams, Walmart, Blockbuster, Hess, BP,
Harris and Hughes Telematics."

                      Selected Highlights:

   -- Hughes Network Systems, LLC accepted the in-orbit handover
      of the SPACEWAY(TM) 3 commercial communications satellite
      from Boeing. HNS will utilize the Boeing-built satellite
      to provide HughesNet(R) broadband satellite services
      throughout North America.  The satellite is currently
      going through the system testing phase and the company
      expects to commence service later in the first quarter of
      2008.

   -- Hughes Network Systems' wholly owned European subsidiary
      Hughes Network Systems Ltd. signed an amendment to the
      contract previously executed in August 2007 with U.K.
      lottery operator Camelot PLC for providing managed network
      services for over 27,000 lottery sites in the U.K.  The
      amendment extends the contract's term to 10 years and also
      provides additional functionality.  This brings the total
      value of the 10 year contract to over US$150 million
      making it the largest single order awarded to Hughes
      Network Systems in 2007.

   -- Hughes entered into a definitive agreement to acquire
      Helius, Inc., a portfolio company of Canopy Ventures. The
      acquisition will combine the skills of Helius, a
      recognized leader in providing business IPTV solutions for
      applications such as training, corporate communications
      and digital signage, with the extensive broadband
      networking experience and customer base of Hughes.  Hughes
      plans to deploy Helius' innovative IP video technologies
      to enhance its existing HughesNet service offerings.

   -- Hughes Network Systems signed an agreement with Dow
      Electronics to be a distributor of HughesNet satellite
      broadband Internet service in the Southeastern United
      States, home to many consumers who are not served by high-
      speed landline Internet providers. Under the terms of the
      agreement, Dow Electronics will market primarily to
      retailers in Florida, Alabama, Georgia, Mississippi,
      Louisiana, South Carolina, North Carolina, Arkansas,
      Tennessee, Puerto Rico and the U.S. Virgin Islands who
      will sell and install the HughesNet satellite broadband
      access service.

   -- Hughes Network Systems signed an agreement with CVS
      Systems, Inc. to be a distributor of HughesNet satellite
      broadband Internet service in the Midwest and Great Lakes
      region of the country, home to many consumers who are not
      served by high-speed landline Internet providers.  Under
      the terms of the agreement, CVS will market primarily to
      retailers in Illinois, Indiana, Kansas, Kentucky,
      Michigan, Missouri and Ohio who will sell and install the
      HughesNet satellite broadband access service.

   -- Hughes Network Systems' 9201 mobile satellite IP terminal,
      which operates over the Inmarsat Broadband Global Area
      Network system, was part of the CNN satellite
      newsgathering solution honored by the National Academy of
      Television Arts and Sciences with the Technology and
      Engineering Emmy award which was announced recently at the
      International Consumer Electronics Show in Las Vegas.

   -- Hughes' Brazilian service subsidiary was selected by Rede
      Smart, a Martins Group company, to provide HughesNet
      broadband satellite managed network services to Rede
      Smart's 930 grocery stores throughout Brazil.

   -- Hughes Network Systems signed EMBARQ(TM) to be a reseller
      of HughesNet broadband satellite Internet access.  EMBARQ
      has a comprehensive range of services designed to help
      businesses of all sizes be more productive and communicate
      with their customers.  EMBARQ's business customers in
      rural areas of the United States will now be provided with
      high-speed Internet access comparable to the services that
      are available in urban markets.

   -- Hughes India signed a contract with Comat Technologies to
      supply 10,000 broadband satellite terminals, together with
      its nationwide HughesNet satellite services and  
      applications to be delivered at rural business centers
      across multiple states in India.  Comat is the premier e-
      governance organization in India, having more than a
      decade of experience working with government, public,
      private and multi-lateral organizations.

To summarize, Mr. Kaul said, "We are very pleased with the
strong and balanced financial results that we have delivered in
2007.  We are currently at an advanced stage in the in-orbit
system testing of SPACEWAY 3 and we are looking forward to
commencing service on SPACEWAY 3 by the end of this quarter.  We
expect that SPACEWAY 3 will provide us significant cost benefits
and also open up new revenue opportunities going forward in the
North American enterprise and consumer markets.  We have a
robust orders backlog coming into 2008 as a result of an
outstanding new orders performance in 2007.  All of these have
positioned HNS very well for 2008 and beyond."

Commenting on Hughes' financial performance, executive vice
president and chief financial officer, Grant Barber said, "Our
revenue and profitability showed strong growth in the fourth
quarter of 2007.  For the twelve months ended December 2007,
Hughes delivered earnings per share of US$2.26 compared to a
loss of US$2.43 in the same period in 2006, both on a fully
diluted basis.  We also generated cash from operations of US$93
million in 2007 and closed the year with a healthy consolidated
cash and marketable securities position of US$151 million."

                   About Hughes Network Systems

Headquartered in Germantown, Maryland, Hughes Network Systems
LLC (NASDAQ:HUGH) -- http://www.hughes.com/-- a wholly owned  
subsidiary of Hughes Communications Inc., provides broadband
satellite networks and services for large enterprises,
governments, small businesses, and consumers.  Hughes offers
complete turnkey solutions, including program management,
installation, training, maintenance and support-for professional
and rapid deployment anywhere, worldwide.  The company owns and
operates a global base of HughesNet shared hub services
throughout the United States, Brazil, China, Europe, and India.  
In Europe, Hughes maintains operations facilities and/or sales
offices in Germany, U.K., Italy, Czech Republic, and Russia.

                          *     *     *

Moody's Investors Service assigned a B1 rating to Hughes Network
Systems LLC's proposed US$115 million senior unsecured term
loan, due 2014.  In addition, the ratings agency affirmed the B1
corporate family rating, the B1 rating on the existing US$450
million senior notes due 2014 and the Ba1 rating on the US$50
million senior secured revolving credit facility.  The proceeds
of the new term loan will be used primarily to fund capital
expenditures and for general corporate purposes.


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


AERODINAMIKA LLP: Creditors Must File Claims by April 1
-------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Aerodinamika insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleimenov Str. 17(11a)
         Taraz
         Jambyl
         Kazakhstan
         Tel: 8 (7262) 45-32-17


AKTSIYA-VYMPEL LLP: Claims Deadline Slated for March 28
-------------------------------------------------------  
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Aktsiya-Vympel (RNN 091800211040).

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


JOSALY LLP: Claims Filing Period Ends April 1
---------------------------------------------  
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Josaly insolvent on December 13, 2007.

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

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


MOBIL STROY: Creditors' Claims Due on April 4
---------------------------------------------  
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Mobil Stroy Service insolvent.  

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

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (31222) 32-90-02


SISTEMA TECHNIC: Claims Registration Ends March 28
--------------------------------------------------  
The Tax Committee of Almaty region has ordered the compulsory
liquidation of LLP Sistema Technic (RNN 600700557502).

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
===================


ALFA MOTORS: Creditors Must File Claims by March 28
---------------------------------------------------
LLC Alfa Motors has declared insolvency.  Creditors have until
March 28, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 64-71-41.


AMAN OIL: Claims Filing Period Ends March 25
--------------------------------------------
LLC Aman Oil has declared insolvency.  Creditors have until
March 25, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 21-14-72.


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


AGILENT TECH: To Buy TILL Photonics; Closes Colloidal Purchase
--------------------------------------------------------------
Agilent Technologies Inc. has signed an agreement to acquire
TILL Photonics GmbH and has completed the acquisition of
Colloidal Dynamics.  Both companies will join the recently
created Materials Science Solutions Unit within Agilent's Life
Science and Chemical Analysis business.  Financial details were
not disclosed.  The TILL Photonics GmbH acquisition is expected
to be final at the end of March, subject to certain closing
conditions.

In addition to the acquisitions, Agilent is announcing five
enhancements to its flagship gas chromatograph and GC/mass
spectrometer platforms, designed to improve analysis of complex
mixtures and make powerful qualitative and quantitative
capabilities accessible to a wider range of laboratories.

                  Acquisitions For Business Unit

The Agilent Materials Science Solution Unit (MSSU) was formed in
2007 under the leadership of Mike Gasparian, vice president and
general manager.  MSSU's focus is to provide microscopy,
particle analysis and optical spectroscopy solutions for the
materials testing, life sciences and chemical analysis markets,
as well as to advance nanotechnology.

"Our Materials Science Solutions Unit targets expansion of
measurement platforms for research scientists in many existing
and new market segments," said Mike Gasparian, vice president
and general manager of Agilent's Materials Science Solutions
Unit.  "When final, the TILL Photonics acquisition will position
Agilent as a premier provider of advanced optical and
fluorescence microscopy systems.  Colloidal Dynamics launches
our particle-measurement portfolio, allowing us to offer
customers unmatched zeta-potential and particle-size measurement
tools."

TILL Photonics develops and markets innovative life science
products for fluorescence microscopy.  The acquisition will
complement Agilent's atomic force microscope (AFM) platform and
is consistent with Agilent's strategy of providing customers
with comprehensive workflow solutions.  TILL Photonics employees
are expected to join Agilent when the acquisition becomes final
at the end of March.  Headquartered in Munich, Germany, the
company was founded in 1993.

"I expect the novel TILL microscopy platform will experience
optimal maturing conditions as a part of Agilent and will appeal
to a much wider base of customers leveraging a strong sales and
support function," said Dr. Rainer Uhl, founder of TILL
Photonics and professor at the BioImaging Center of the
University of Munich.

The acquisition of privately held Colloidal Dynamics enables
Agilent to have a complementary suite of particle-analysis
solutions to materials science customers in the polymer,
specialty chemical, inks/pigments, food, pharmaceutical and
materials research markets.

"Our joining Agilent allows us to continue to pioneer particle
measurements and tap into worldwide service and support for our
products," said Dave Cannon, former CEO of Colloidal Dynamics
Group.  "Joining Agilent allows us to make the most of the
synergies that exist between the two companies; there are
exciting opportunities to grow."

          New Workflow Innovations Launched At Pittcon

7890A GC and 5975C GC/MS

    * The first GC x GC configuration that doesn't use cryogen
      cooling.  This removes a great deal of cost and
      complexity, making the high peak capacity and resolving
      power of this method accessible to a much wider range of
      labs.

    * The acquisition of the Blos bead nitrogen/phosphorous
      detector technology for the GC, designed to substantially
      increase productivity and uptime.

    * The Agilent J&W High-Efficiency Capillary GC Column
      product line.  Smaller internal diameter delivers high
      resolution while shorter lengths increase speed.

    * A new Triple-Axis detector for the 5975C GC/MS, delivering
      the industry's strongest signal at any given operating
      gain.

    * An upgrade to Agilent's Deconvolution Reporting Software
      for GC/MS, used to extract MS signals from complex
      mixtures.  It is especially useful with dirty matrices.

LC

    * The high-performance 1200 Series Rapid Resolution Liquid
      Chromatography autosampler, delivering the lowest
      carryover and highest precision of any autosampler on the
       market.

    * The latest version of its popular triple quadrupole mass
      spectrometer, the Agilent 6410B.  It features faster
      polarity switching scans to allow complex samples showing
      strong fragmentation in negative polarity to be analyzed
      in a single run.  Agilent also announced the landmark sale
      of the 500th 6410 triple quad in less than two years.

                        About Agilent Tech

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                          *     *     *

In October 2007, Moody's Investors Service assigned a Ba1 rating
to Agilent Technologies, Inc.'s proposed offering of
US$500 million senior notes due 2017.


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


AMERICAN AXLE: Work Stoppage of UAW Members Still in Effect
-----------------------------------------------------------
The work stoppage implemented by American Axle & Manufacturing
Inc.'s United Auto Workers union-represented workforce at five
facilities in Michigan and New York remains in effect.

Approximately 3,650 associates are represented by the UAW at
these facilities.

At all times during these negotiations, AAM has honored its duty
to negotiate in good faith.  AAM has not engaged in unfair labor
practices nor has AAM violated any labor laws.  Allegations to
the contrary are simply not true.

AAM's UAW-represented facilities currently affected by the work
stoppage are not profitable and have not been for years.

AAM is profitable at other U.S. and non-U.S. locations,
principally because the cost structure at these operationally-
flexible regional manufacturing facilities is market
competitive.

AAM's recent proposals to the UAW feature the same changes
accepted by the UAW in agreements with its competitors in the
United States of America.  This includes AAM's principal
driveline competitors in the domestic market: Dana Corp. and the
in-house axle-making operations of Ford Motor Co. and Chrysler
LLC.

Pursuant to the expired master agreement with the UAW, AAM's
all-in labor cost is currently US$73.48 per hour.  This is
approximately three times the market rate of AAM's peers and
competitors in the United States.

"The market competitiveness of AAM's labor cost structure in the
United States of America is the key issue we are discussing with
the UAW," AAM Co-Founder, Chairman & CEO Richard E. Dauch said.  
"AAM cannot accept terms and conditions that put the company at
a significant competitive disadvantage in the U.S. automotive
supply industry.  AAM's negotiating team has never left the
bargaining table and is available at any time to resume
negotiations with the UAW."

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

                         *     *     *

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

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


SCO GROUP: Plan Proposed to Pay All Creditors in Full
-----------------------------------------------------
The S.C.O. Group Inc. and S.C.O Operations Inc. filed their
Chapter 11 Reorganization Plan and Disclosure Statement with the
United States Bankruptcy Court for the District of Delaware on
Feb. 29, 2008.

The Debtors' Plan, include:

  i) full payment with interest, if applicable of approved
     creditors' claims as allowed on the effective date of the
     Plan;

ii) full payment with interest, if applicable of all claims  
     subject to pending litigation when and to the extent the
     courts allow such claims; and

iii) distributions to equity holders.

The Plan allows the Debtors to focus its efforts on the
development, sales and support of its UNIX and mobile
technologies.  The Plan also provides for the establishment of a
new board of directors as well as the appointment of a new Chief
Executive Officer on its effective date.

"This is an important milestone in emerging from Chapter 11
bankruptcy," said Jeff Hunsaker, President and Chief Operating
Officer of SCO Operations.  "We have been working together with
the Stephen Norris Capital Partners team carefully preparing a
plan that will pay qualified creditors' claims, provide a return
to profitability, expand our business, and continue to provide
our customers and partners with the solutions and services they
need to run and grow their businesses.

"We continue to be encouraged by the feedback we are receiving
from our customers, partners and stockholders.  One large
customer in Italy announced to us this week that after having
left our UNIX platform and trying Microsoft(R) Windows(TM) and
Linux, they are returning to SCO OpenServer 6 due to its
unmatched stability and reliability," said Hunsaker.

Stephen Norris Capital Partners has, subject to continued due
diligence, committed to provide up to US$100 million to finance
the SCO Plan of reorganization and to take the Company private.

Stephen Norris said, "This reorganization plan is a positive
step for SCO's customers, partners and stockholders and a major
win for all parties.  This plan will enable it to grow its
business, especially outside the U.S., and if possible, settle
its outstanding litigation on a favorable and reasonable basis."

Mark Robbins, co-partner with Stephen Norris in SCO's investment
transaction said,  "We have a firm belief in SCO's technology
platform and its potential to be expanded especially outside of
the United States.  SCO has a solid customer base of industry
leaders. This Plan provides the necessary direction and strategy
to begin moving in a positive direction."

A full-text copy of the Disclosure Statement is available for
free at:

              http://ResearchArchives.com/t/s?28bf

              http://ResearchArchives.com/t/s?28c0

A full-text copy of the Chapter 11 Plan of Reorganization is
available for free at:

              http://ResearchArchives.com/t/s?28be

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--    
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, the United
Kingdom, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Epiq Bankruptcy Solutions, LLC, acts as the
Debtors' claims and noticing agent.  The United States Trustee
failed to form an Official Committee of Unsecured Creditors in
these cases due to insufficient response from creditors.  The
Debtors' exclusive period to file a chapter 11 plan expires on
March 12, 2008.  The Debtors' schedules of assets and
liabilities showed total assets of US$9,549,519 and total
liabilities of US$3,018,489.  The Debtors’ exclusive period to
file a Chapter 11 plan expires on May 11, 2008.


SCO GROUP: Disclosure Statement Hearing Set For April 2
-------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
scheduled a hearing on April 2, 2008, to consider approval of
the adequacy of The S.C.O. Group Inc. and S.C.O Operations
Inc.'s Disclosure Statement dated Feb. 29, 2008, explaining
their Chapter 11 Plan of Reorganization

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--    
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, the United
Kingdom, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Epiq Bankruptcy Solutions, LLC, acts as the
Debtors' claims and noticing agent.  The United States Trustee
failed to form an Official Committee of Unsecured Creditors in
these cases due to insufficient response from creditors.  The
Debtors' exclusive period to file a chapter 11 plan expires on
March 12, 2008.  The Debtors' schedules of assets and
liabilities showed total assets of US$9,549,519 and total
liabilities of US$3,018,489.    The Debtors’ exclusive period to
file a Chapter 11 plan expires on May 11, 2008.


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


BEARINGPOINT INC: Bags US$115 Million Contract from U.S. Army
-------------------------------------------------------------
BearingPoint Inc. has been awarded a contract to support the
U.S. Army Medical Research and Materiel Command (MRMC), along
with eight other firms.  BearingPoint's contract is for
one year with four annual options, and has a maximum first year
value of US$21.7 million and an initial five year ceiling of
US$115 million.

The MRMC's mission is to deliver the best possible medical
solutions to protect, treat and heal U.S. service members.  
BearingPoint will support this mission through proven enterprise
resource planning (ERP) and project management competencies
focused on the following areas:

    * medical research and logistics
    * information technology
    * product support
    * scientific and technological assessment support

The majority of the initial contract work will be performed at
Fort Detrick, Md., where MRMC is headquartered.  BearingPoint
currently supports MRMC in a variety of ways including advising
MRMC on how best to meet certain requirements mandated by the
Base Realignment and Closure Commission, and Oracle system
implementations.

"We're proud of our ongoing work for the Army, providing world-
class medical and technology consulting services," said Roger
Foxhall, managing director for BearingPoint's Defense Healthcare
team.  "We have the personnel and the track record to help MRMC
successfully meet its military medical readiness objectives."

Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE: BE)
-- http://www.BearingPoint.com/-- provides of management and
technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                        *     *     *

In December 2007, Moody's Investor Service confirmed
BearingPoint Inc.'s B2 corporate family rating and assigned a
negative rating outlook.  The rating agency also downgraded the
company's US$250 million Series A Subordinated Convertible Notes
to Caa1 from B3 (LGD5, 86%) and US$200 million Series B
Subordinated Convertible Notes to Caa1 from B3 (LGD5, 86%).


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


AKTAMYR OJSC: Bashkortostan Bankruptcy Hearing Slated for May 19
----------------------------------------------------------------
The Arbitration Court of Bashkortostan will convene at
10:00 a.m. on May 19, 2008, to hear the bankruptcy supervision
procedure on OJSC Aktamyr.  The case is docketed under Case No.
A07-16170/07-G-SVI.

The Temporary Insolvency Manager is:

         N. Teregulov
         60 Let Rajonu Str. 3
         452630 Sharan
         Russia

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         OJSC Aktamyr
         Ulyanovykh Str. 65
         Ufa
         Bashkortostan
         Russia


COMPANION CJSC: Creditors Must File Claims by April 16
------------------------------------------------------
Creditors of CJSC Consulting Company Companion have until
April 16, 2008, to submit proofs of claim to:

         M. Lepin
         Insolvency Manager
         Svobody Str. 76-2
         454091 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-15000/04-52-32.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Consulting Company Companion
         Lenina Pr. 35
         Chelyabinsk
         Russia


COMSTAR-UNITED: Offering RUR36 Mln Bonds to Replace Unit's Issue
----------------------------------------------------------------
Comstar – United TeleSystems JSC's Board of Directors has
approved the offering of RUB36 million of interest-bearing,
non-bearer, ruble-denominated bonds.

The bonds are being issued in order to replace bonds previously
issued by Comstar subsidiary Konversia-svyaz.  Konversia-svyaz
was acquired by Comstar in December 2005 and according to the
decision taken on Aug. 30, 2007, is being merged with Comstar.
The existing bonds will be converted into the newly issued bonds
on a one for one basis.

Comstar will offer 119,916 series “A” 10% bonds due November 29,
2015; 119,988 series “B” 8% bonds due August 21, 2016; and
120,000 series “C” 5% bonds due June 28, 2022.  These bonds will
have a par value of RUB100.

                       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.


COMSTAR-UNITED: Ukraine Unit Launches IP-TV Service
---------------------------------------------------
COMSTAR-Ukraine Ltd., a unit of Comstar–United TeleSystems JSC,
has launched an interactive digital TV (IP-TV) service in
Odessa.

COMSTAR-Ukraine provides IP-TV service based on its own multi-
service fiber-optical data transmission next generation network
(NGN), using IPSoft iVision software platform developed by
Netris, Russia.  Now COMSTAR-Ukraine broadband Internet
subscribers in Odessa receive a digital-format package of more
than 60 basic channels broadcast over the air, with thematic TV
channels. In future, the company plans to increase the number of
broadcast channels to as many as 90, and launch VoD service
along with other interactive services.

Before the end of 2008, COMSTAR-Ukraine plans to launch IP-TV
service in Kiev.

According to COMSTAR-UTS infrastructure development network
plans for the Ukraine, the company will upgrade its backbone
transportation network and integrate the existing metro networks
in Kiev and Odessa, with a perspective to implement similar
innovations in other cities.  As a result, the operator will be
able to provide individuals with a set of state-of-the-art
triple play telecom services (voice, data and video) on a
nation-wide basis, rendering a wide range of telecom services
for corporative clients, such as telephony, broadband Internet,
virtual private networks (VPN), etc.

"Ukraine telecom is a priority market outside Russia for
COMSTAR-UTS group," Victor Koresh, Regional Development Vice
President of COMSTAR-UTS, said.  "It has a great potential in
terms of user readiness to subscribe to new multimedia-based
services."

"Given an acute demand for such services, the launch of IP-TV in
Odessa is an important step towards large-scale triple play
package service introduction," Vladimir Petrov, CEO of COMSTAR-
Ukraine, added.  "While the country IP-TV market is being
shaped, COMSTAR has a competitive advantage providing its
subscribers with a full set of services available from a single
operator."

                       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.


MELKORM OJSC: Creditors Must File Claims by April 16
----------------------------------------------------
Creditors of OJSC Melkorm have until April 16, 2008, to submit
proofs of claim to:

         S. Besschetnova
         Insolvency Manager
         Kuznetskiy Pr. 43
         650000 Kemerovo
         Russia

The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A27-7475/2007-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         OJSC Melkorm
         Kuznetskiy Pr. 43
         650000 Kemerovo
         Russia


SAYANY-INVEST M: Krasnoyarsk Court Hearing Slated for May 19
------------------------------------------------------------
The Arbitration Court of Krasnoyarsk will convene at 2:00 p.m.
on May 19, 2008, to hear the bankruptcy supervision procedure on
LLC Sayany-Invest M.  The case is docketed under Case No.
A33-17022/2007.

The Temporary Insolvency Manager is:

         O. Uvarichev
         P. Zheleznyaka Str. 17
         660133 Krasnoyarsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Sayany-Invest M
         Verkhneusinskoe
         Ermakovskiy
         662842 Krasnoyarsk
         Russia


SHEMAKHA CJSC: Court Names M. Lepin as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed M. Lepin as
Insolvency Manager for CJSC Shemakha.  He can be reached at:

         M. Lepin
         Svobody Str. 76-2
         454091 Chelyabinsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-6711/2007-60-118.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Shemakha
         Shemakha
         Nyazepetrovskiy
         Chelyabinsk
         Russia


TATA MOTORS: Likely to Close Sale Deal with Ford in 2nd Qtr.
------------------------------------------------------------
The sale deal between Tata Motors Ltd. and Ford Motor Co. for
the latter's Jaguar and Land Rover units is expected to close in
the second quarter, according to Ford's U.S. Securities and
Exchange Commission annual report filing.

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2008, the announcement of the sale of the two Ford
marque 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, Tata Motors and Ford met with British
union leaders last month 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 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.

                        *     *     *

On Jan. 7, 2008, Standard & Poor's Ratings Services placed its
'BB+' long-term corporate credit ratings on India-based
automaker Tata Motors Ltd. on CreditWatch with negative
implications.  At the same time, Standard & Poor's placed its
'BB+' foreign currency rating on all of Tata Motor's rated debt
issues on CreditWatch with negative implications.

As reported in the TCR-Asia-Pacific on Jan. 8, 2008, Moody's
Investors Service placed the Ba1 Corporate Family Rating of Tata
Motors Ltd. on review for possible downgrade.


TIKHOMIROVSKOE LLC: Creditors Must File Claims by April 16
----------------------------------------------------------
Creditors of LLC Tikhomirovskoe (TIN 7002000640) have until
April 16, 2008, to submit proofs of claim to:

         S. Ananin
         Insolvency Manager
         Post User Box 4790
         634034 Tomsk
         Russia

The Arbitration Court of Tomsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A67-3718/07

The Court can be reached at:

         The Arbitration Court of Tomsk
         Kirova Pr. 10
         634050 Tomsk
         Russia

The Debtor can be reached at:

         LLC Tikhomirovskoe
         Tikhomirovka
         Asinovskiy
         636803 Tomsk
         Russia


TMK: 2007 2nd Half Profitability Hit by PQF Mill Installation
-------------------------------------------------------------
OAO TMK provided a trading update in advance of the publication
of its preliminary results for the year ended Dec. 31, 2007,
which will be announced in May 2008.

2007 was a successful yet challenging year for the company given
the scale of ongoing investment projects at its mills.
Nevertheless, TMK managed to continue improving its production
and overall financial results.

For FY 2007, TMK expects revenues to exceed US$4 billion, an
increase of about 20% over 2006, on the back of strong demand
for pipes and a favorable pricing environment.  Increase in
EBITDA for 2007 is expected to be in the area of 15%; EBITDA
margin for the full year is expected to be slightly lower than
for the first half of 2007 and the full year 2006.  

Profitability in the second half of 2007 was negatively affected
by the ongoing installation of a PQF mill at Tagmet.  A related
seamless rolling mill stoppage since October, necessary to
install the new mill, resulted in deteriorating product mix and
increasing share of fixed costs.

As previously stated, in 2007 TMK increased shipments of tubular
goods by 1.9% over 2006.  Seamless pipes shipments increased by
4.2% compared to 2006.  It is worth noting that this growth in
seamless pipe shipments was achieved during the extensive
upgrading of production facilities.

In 2007, TMK managed to achieve higher than expected prices for
its products.  TMK's prices for seamless OCTG pipes increased by
20% during 2007, while TMK's prices for seamless line pipes rose
by 14%.  Seamless industrial pipe prices grew by around 12%.

Growth in TMK's large diameter welded pipe prices was in the
area of 20%, above trends in the prices of coils and plates.
Prices for industrial welded pipes were relatively flat in 2007
as a result of intensifying competition.

Despite some weakness observed in the global markets,
particularly in North America, the Russian seamless pipe market
remained strong, fueled by increasing E&P spending from Russian
oil and gas companies.  The Russian pipe market grew by 13%,
while the seamless OCTG pipes market increased by 15%.

Given the more favorable situation in the Russian market, TMK
increased its domestic sales by decreasing exports from its
Russian plants by 8%.  Consequently, the share of non-Russian
sales volumes decreased to 28.5%.

The largest customers for TMK's pipes in the Russian market
remained TNK-BP, Gazprom, Surgutneftegas, Rosneft, and Lukoil.

In 2007, for the second year in a row, prices for scrap
increased considerably.  TMK prices for scrap and pig iron
increased by as much as 30%.

Increase in prices for coils and plates in the fourth quarter
2007 compared to the fourth quarter 2006 was in the area of 6-7%
with a notable spike in the middle of this period.

2008 promises to be a key year for the development of TMK
capacities with four major equipment launches in the pipeline -
a PQF mill at Tagmet, a large diameter longitudinal pipe mill
and a seamless capacity upgrade at Volzhsky and an electric arc
furnace at Seversky.  Despite significant additional capacity
coming online, TMK expects moderate growth in volumes since the
new equipment requires several months to attain operational
capacity.  This will provide for capacity debottlenecking by the
beginning of 2009.

TMK expects the situation on the global pipe markets to improve,
as the destocking in the U.S. seems to be coming to end.

As a result, the company expects visible improvements in
financials; however, rapidly rising steel prices might constrain
margins.  Launching new capacity will have a positive impact on
the company's product mix and profitability starting from 2009.

                          About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmk-group.ru/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                          *     *     *

As reported in the TCR-Europe on Nov. 16, 2007, Moody's
Investors Service changed the outlook on the Ba3 corporate
family and the Aa3.ru national scale ratings of TMK and the B1
senior unsecured rating of the loan participation
notes issued by TMK Capital S.A. to positive from stable.

As of Nov. 7, 2007, TMK's long-term foreign and local issuer
credits carry Standard & Poor's BB- ratings with a stable
outlook.


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

         N. Surtaev
         Insolvency Manager
         Diksona Str. 1-203
         660020 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-9062/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Verso
         Office 174
         Building 1
         Molokova Str. 1
         660077 Krasnoyarsk
         Russia


VOLGOTANKER OAO: Moscow Court Declares Bankruptcy
-------------------------------------------------
The Arbitration Court of Moscow has declared OAO Volgotanker
bankrupt, Bloomberg News reports, citing Interfax.

According to the report, the Court gave the company's external
manager 12 months to liquidate its assets.

The Court also upheld tax authorities' claim of RUR3.3 billion
(US$140 million) in back-taxes and fines made in August 2007,
the report adds.

Headquartered in Samara, Russia, OAO Volgotanker --
http://www.volgotanker.com/-- specializes in
the transportation of oil and petroleum products via Europe's
inland-waterway system.


ZARYA OJSC: Creditors Must File Claims by April 16
----------------------------------------------------
Creditors of OJSC Zarya have until April 16, 2008, to submit
proofs of claim to:

         A. Shepelev
         Insolvency Manager
         Vodootvodnyj Per. 14
         344034 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A53-11498/2007-S1-30.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Zarya
         Sovetskaya Str. 1
         Avilov
         Radino-Nesvetaevskiy
         Rostov
         Russia


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


ACTUANT CORP: Acquires Superior Plant Services for US$57 Million
----------------------------------------------------------------
Actuant Corporation has acquired Superior Plant Services, LLC,
for approximately US$57 million in cash.  Funding for the
completed transaction came from the company's revolving credit
facility.

SPS will operate as part of Hydratight, within Actuant's
Industrial Segment.  Brian Kobylinski, Leader of Actuant's
Industrial Segment, stated: "SPS is a great addition to our
global joint integrity platform, adding a significant presence
to our service business both in oil & gas in the important Gulf
of Mexico region and in power generation in the mid-Atlantic.  
Its long-standing customer relationships and trained workforce
of over 125 service technicians represent excellent complements
to our existing Hydratight business.  SPS President Al Shiyou
and his management team have been successful in growing their
business and we look forward to them joining the Actuant team."

                            About SPS

Headquartered in Terrytown, Louisiana, SPS is a specialized
maintenance services company serving the oil & gas and nuclear
power industries in North America, primarily in the Gulf of
Mexico and mid-Atlantic regions of the United States.  Its
services include field machining, flange weld testing, line
isolation, bolting, heat treating, and metal disintegration. SPS
generated approximately US$25 million in revenues last year.

                      About Actuant Corp.

Headquartered in Butler, Wis., Actuant Corp. (NYSE: ATU) --
http://www.actuant.com/-- is a diversified industrial company    
with operations in more than 30 countries including Australia,
China, Italy, United Kingdom, Brazil, among others.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  The company employs a workforce of more
than 6,700 worldwide.

                        *     *     *

In June 2007, Moody's Investors Service assigned a Ba2 (LGD3,
43%) rating to Actuant Corporation's US$250 million senior
unsecured notes and affirmed the company's Ba2 Corporate Family
Rating.

Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


ARQUEST LTD: Creditors' Meeting Slated for March 13
---------------------------------------------------
Creditors of Arquest Ltd. will meet at 3:30 p.m. on March 13,
2008 at:

         Room 1
         Touchbase Meeting Rooms
         7-11 Mosley Street
         Manchester  
         M2 3DW
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on March 12, 2008 at:

         T.A. Jack and S. Allport
         Joint Administrators
         Ernst & Young LLP
         100 Barbirolli Square
         Manchester  
         M2 3EY
         England

Ernst & Young -- http://www.ey.com/-- provides broad array of  
services relating to audit and risk-related services, tax, and
transactions across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of
business issues.


BLENDWORTH WINDOWS: Taps Liquidators from Tenon Recovery
--------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Blendworth Windows
Ltd. on Feb. 26 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Technopole
         Kingston Crescent
         Portsmouth
         Hampshire
         PO2 8FA
         England


CHRYSLER LLC: Corrects Erroneously Reported US$2.7 Billion Loss
---------------------------------------------------------------
Several media outlets have erroneously reported a loss of
approximately US$2.7 billion by Chrysler LLC between Aug. 4,
2007, and Sept. 30, 2007, the company said.

In fact, the company continued, from an operating earnings
standpoint, Chrysler was profitable during this time period.  
Also, Chrysler lost significantly less than what was reported
during the course of the full year.

Chrysler believes any differences are attributable due to U.S.
Generally Accepted Accounting Principles versus International
Financial Reporting Standards accounting rules.  These
differences include pension accounting for the UAW settlement
and restructuring and purchases accounting.

                   Daimler's Annual Report

After Chrysler was taken private by Cerberus Capital Management
LP and has stop making its financial statements public, the
annual report of former parent and 19.9% shareholder Daimler AG
provides a glimpse of Chrysler's loss of EUR1.94 billion or
US$2.94 billion in an eight-week period between Aug. 4 and Sept.
30, 2007, Edward Taylor and Josee Valcourt of The Wall Street
Journal report.

Daimler also disclosed that it gave Tom LaSorda, who is now
Chrysler's president and vice chairman, a EUR10.4 million bonus
and EUR2.13 million salary as a member of DaimlerChrysler AG
board of directors, the Journal says.

The Wall Street Journal suggests that these figures may spur
disapproval from the United Auto Workers union, which agreed to
a cost-saving deal last year to help Chrysler.

                        About Chrysler

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

                        *     *     *

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


CITY HI: Brings In Liquidators from Moore Stephens
--------------------------------------------------
Nigel Price and Colin Andrew Prescott of Moore Stephens LLP were
appointed joint liquidators of City Hi Life Ltd. on Feb. 26 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


CLOROX COMPANY: Prices US$500 Mln Offering of 5% Senior Notes
-------------------------------------------------------------
The Clorox Company has priced the offering of US$500 million
aggregate principal amount of its 5% senior notes due 2013 in an
underwritten registered public offering.

The offering was made pursuant to an effective shelf
registration statement Clorox filed with the Securities and
Exchange Commission on Oct. 3, 2007.  The offering is expected
to close on March 3, 2008, subject to customary closing
conditions.  Clorox intends to use the net proceeds from the
offering to retire commercial paper.  

Citigroup Global Markets Inc., J.P. Morgan Securities Inc. and
Wachovia Capital Markets LLC acted as joint lead book-running
managers.

Copies of preliminary prospectus supplement and an accompanying
prospectus are available by contacting:

     a) Citigroup Global Markets Inc.
        388 Greenwich St.
        New York, NY 10013
        Tel (877) 858-5407

     b) J.P Morgan Securities Inc.
        270 Park Ave.
        New York, NY 10017
        Tel (212) 834-4533

     c) Wachovia Capital Markets LLC
       301 South College St.
       Charlotte, NC 28202
       Tel (800) 326-5897

                      About The Clorox Company

Headquartered in Oakland, California, The Clorox Company (NYSE:
CLX) -- http://www.thecloroxcompany.com/-- manufactures and  
markets household cleaning products with fiscal year 2007
revenues of USUS$4.8 billion.  Clorox markets some of consumers'
most trusted and recognized brand names, including its namesake
bleach and cleaning products, Green Works(TM) natural cleaners,
Armor All(R) and STP(R) auto-care products, Fresh Step(R) and
Scoop Away(R) cat litter, Kingsford(R) charcoal, Hidden
Valley(R) and K C Masterpiece(R) dressings and sauces, Brita(R)
water-filtration systems, Glad(R) bags, wraps and containers,
and Burt's Bees(R) natural personal care products.

Clorox has manufacturing facilities in China, Costa Rica,
Dominican Republic, Malaysia, Panama, Peru, United Kingdom,
among others.

At Dec. 31, 2007, Clorox's balance sheet showed total assets of
US$4.85 billion and total liabilities of US$5.4 billion,
resulting to a stockholders' deficit of US$0.55 billion.


DUDLEY ENGINEERING: Calls In Liquidators from Moore Stephens
------------------------------------------------------------
Nigel Price and Colin Andrew Prescott of Moore Stephens LLP were
appointed joint liquidators of Dudley Engineering Ltd. (t/a
Hardchrome) on Feb. 12 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


DURA AUTOMOTIVE: Court Approves 2008 Annual Bonus Plan
------------------------------------------------------
The Hon. Kevin Carey of the U.S. Bankruptcy Court for the
District of Delaware approved Dura Automotive Systems Inc. and
its debtor-affiliates' 2008 Annual Bonus Plan in its entirety
after finding that payments contemplated in the Bonus Plan
constitute transfers and obligations permitted by Section
503(c)(3) of the Bankruptcy Code.

Judge Carey ruled that every payment and distribution obligation
of the Debtors under the 2008 Bonus Plan will be treated as an
administrative expense pursuant to Section 503(b)(1)(A).

Judge Carey said that if the Debtors have not emerged from
Chapter 11 on or before July 31, 2008, it would determine
whether the delay in emergence has resulted from an inter-
creditor dispute.  If emergence has not occurred on or before
July 31, no payments will be made under the 2008 Bonus Plan
without further Court order.

The compensation committee of the Debtors' board of directors
will formally review and approve the 2008 Bonus Plan prior to
any payments being made, provided that the Compensation
Committee will not modify the terms of the Bonus Plan without
further Court order.

The Debtors will make payments to participants in the 2008 Bonus
Plan in the discretion of the Debtors' management.

Judge Carey clarified that the Official Committee of Unsecured
Creditors' withdrawal of its objection to the Amended 2008 Key
Management Incentive Plan does not constitute an admission that
(i) the participants in the Bonus Plan are not "insiders" as the
term is defined in Section 101(31); and (ii) the Bonus Plan
constitutes a permitted "incentive" bonus program for insiders
under Section 503(c).

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

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

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

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

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

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


DURA AUTOMOTIVE: Court Approves US$2M Nyloncraft Settlement Pact
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
a settlement among Nyloncraft Inc. and Dura Automotive Systems
Inc. and its debtor-affiliates.  Pursuant to the settlement,
Nyloncraft will pay about US$2 million to end its obligations to
continue paying principal and interest on a US$6 million
subordinated notes it issued to the Debtors when Nyloncraft
bought the Debtors' plastics business for US$41 million in
January 2002.

As reported in the Troubled Company Reporter on Feb. 8, 2008,
shortly after the Debtors' bankruptcy filing, they were informed
that Nyloncraft was in financial covenant default with its
senior secured lenders, as well as under the Nyloncraft Note.  
Nyloncraft would not be able to make further interest payments
to the Debtors under the Nyloncraft Note.  Accordingly, during
the pendency of their Chapter 11 cases, the Debtors have not
received interest payments on the Nyloncraft Note, which
interest payments have accrued to approximately US$647,500
through Feb. 15, 2008.  Nyloncraft was also unable to make the
principal payment required by the note on Feb. 28, 2007.

The Debtors and Nyloncraft conducted discussions over a
compromise of the Nyloncraft Note amount payable to the Debtors.

As a result of good-faith negotiations, the parties agree that
Nyloncraft will pay US$1,997,500 to the Debtors in exchange for
a release from obligations under the Nyloncraft Note.

Proceeds of the settlement will be applied in accordance with
the final revolver DIP order, the interim replacement term loan
DIP order, the revolver DIP facility, the applicable
postpetition financing documents, and the replacement term DIP
credit documents.

Upon receipt of the proceeds by the postpetition revolving loan
agents, any and all liens, replacement term DIP liens, or claims
encumbering the Nyloncraft note arising under or related to the
transactions referenced in or related to the DIP Orders, as well
as any and all Liens, Replacement Term DIP Liens or claims of
any other lenders against the Nyloncrafl Note, will be released.

Upon release of the Proceeds to the Debtors, the Debtors will
disburse the Proceeds in accordance with directions of the DIP
Agents.

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

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

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

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

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

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


EMI GROUP: Announces Senior Appointments to Key Units
-----------------------------------------------------
EMI Group Ltd. appointed Stephen Alexander as executive vice
president of EMI Music Catalogue, Compilations, Studios and
Archives (CCSA), a new group that is intended to maximize the
value and the revenue from the group's back catalogue for both
the company and its artists.

Ronn Werre is appointed as executive vice president of EMI Music
Licensing and Synch, in addition to his role as EVP of Global
Sales.  In this expanded role he will look to develop EMI’s
already successful operation that maximizes the licensing
revenue opportunities for EMI and EMI’s artists across the full
media spectrum.

Mr. Alexander has been a managing director at Terra Firma for
the past five years, and has more than 25 years’ experience of
running consumer businesses.  His immediate priorities are to
ensure the continued delivery of targeted consumer products, in
multiple formats, derived from EMI’s rich and varied catalogue.

Mr. Werre joined EMI Music in 1998 as VP of major accounts and
took on increasingly expanded roles.  In 2005 he was appointed
president of EMI Music Marketing in North America overseeing
sales, catalogue, synch, licensing and special markets.

"I am looking forward to working with Stephen and Ronn in these
important roles.  We have a responsibility to all our artists to
maximize the returns on their music, both when newly released
and over many years.  Stephen's and Ronn's skills and drive will
deliver real benefits to them," Guy Hands, EMI Group chairman
disclosed.

                          About EMI

Headquartered in London, United Kingdom, EMI Group Ltd. (fka EMI
Group PLC)-- http://www.emigroup.com/-- is the world's largest  
independent music company, operating directly in 50 countries
and with licensees in a further 20.  The group has operations in
Brazil, China, and Hungary.  The group employs over 6,600
people. Revenues in 2005 were near EUR2 billion and operating
profit generated was over EUR225 million.

EMI Group's consolidated balance sheet for the fiscal year ended
March 31, 2007, showed GBP1.498 billion in total assets,
GBP2.649 billion in total liabilities and GBP1.151 billion in
shareholders' deficit.

The company issued two profit warnings since January 2007.


EXCLUSIVE DISTRIBUTION: Hires Liquidators from Vantis
-----------------------------------------------------
Frank Wessely and Peter James Hughes-Holland of Vantis Business
Recovery Services were appointed joint liquidators of Exclusive
Distribution Ltd. on Feb. 22 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England


FKI PLC: Melrose Increases Indicative Offer to 85 Pence a Share
---------------------------------------------------------------
FKI plc has confirmed that it has received a revised indicative
offer from Melrose PLC.  On the basis of this revised indicative
offer, the company has granted Melrose due diligence access and
will update the market in due course as appropriate.

This revised indicative offer comprises 43 pence in cash (which
includes a special dividend of 3 pence per share in lieu of the
final dividend that FKI shareholders would have otherwise
received in October 2008) and 0.277 of a new Melrose share per
one FKI share.  This would value each FKI share at approximately
85 pence, based on Melrose's closing share price of 152 pence
on March 4, 2008.

A mix and match facility would be made available under which FKI
shareholders would be entitled, subject to availability, to vary
the proportion of Melrose shares and cash they would receive
under the proposed offer.

The making of the proposed offer is subject to the following
non-waivable pre-conditions:

   (i) finalization of debt and equity financing documentation;

  (ii) the final FKI dividend with respect to the financial year
       ending March 31, 2008 not exceeding 3 pence per FKI
       share;

(iii) completion of due diligence satisfactory to the Board of
       Melrose; and

  (iv) final approval by the Melrose board.

It is currently envisaged that the cash element of the proposed
offer will be financed by the issue of new Melrose ordinary
shares.

Pursuant to Rule 2.4(c) of the Code, with the recommendation of
the FKI Board, Melrose may reduce the cash payable for and/or
the fraction of a new Melrose share to be issued for each FKI
share.

There is no certainty that a formal offer will be made for the
company.

                           About FKI plc

Headquartered in Loughborough, England, FKI plc --
http://www.fki.co.uk/-- is an international engineering group
active in the four specialized business areas: FKI Logistex,
Lifting Products & Services, Hardware and Energy Technology.

                            *   *   *

As of February 6, 2008, FKI Plc carries Moody's Investors
Service ratings at Ba3 long term corporate family rating, Ba3
senior unsecured debt and Ba3 probability of default with stable
outlook.

FKI carries Standard & Poor's long-term foreign issuer credit
rating at BB, long-term local issuer credit rating at BB, short-
term foreign issuer credit rating at B, and short-term local
issuer credit rating at B.


GENERAL MOTORS: S&P Says AAM Strike Won't Affect Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
General Motors Corp. (GM; B/Stable/B-3) are not immediately
affected by the United Auto Workers work stoppage at key
supplier American Axle and Manufacturing Holdings Inc.
(BB/Negative/--) that began Feb. 26.

S&P expects American Axle and the UAW to reach an agreement that
will improve American Axle's cost position.  However, if the
American Axle work stoppage were to persist beyond a brief
period (likely measured in days, not weeks), it would begin to
affect GM's production schedules and there would be a ripple
effect on many of GM's suppliers as well.
     
If S&P came to believe that the American Axle work stoppage
would draw out, S&P could place the ratings on GM on CreditWatch
with negative implications, along with the ratings on certain
suppliers that depend heavily on GM production.  S&P already
expects GM's first-quarter production to be below year-earlier
levels, which should provide some room for a short work
stoppage.
     
In addition, S&P estimates that GM has about US$27.3 billion in
cash, marketable securities, and readily available assets in its
existing VEBA trust.  The company also has access to US$7
billion in committed U.S. credit lines.


KABASSA LTD: Appoints Liquidator from Mazars
--------------------------------------------
Timothy Colin Hamilton Ball of Mazars LLP was appointed  
liquidator of Kabassa Ltd. on Feb. 25 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Mazars LLP
         Clifton Down House
         Beaufort Buildings
         Clifton
         Bristol
         BS8 4AN
         England


MOLSONS INTERIORS: Joint Liquidators Take Over Operations
---------------------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (UK) LLP were appointed
joint liquidators of Molsons Interiors Ltd. on Feb. 25 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PKF (UK) LLP
         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England


NORTHERN ROCK: FSA Head Admits Flaw in Supervision of Company
-------------------------------------------------------------
Hector Sants, Financial Services Authority chief executive, told
an industry audience on Feb. 27, 2008, that recent market
turbulence and the problems at Northern Rock would not deflect
the FSA from its commitment to more principles based regulation.

"We believe that these times of turbulent markets reinforce the
importance for both the regulator, and the industry, to focus on
the outcomes and consequences of actions.  The FSA is, and will
remain, a risk-based and evidence-based regulator," Mr. Sants
disclosed.

Speaking at an FSA conference for retail financial services
firms, Mr. Sants acknowledged that market conditions and the
economic outlook were much less benign than at the time of the
equivalent event a year ago.

"We recognize that the operating environment remains difficult,
both for you and for us, and it is likely that these pressures
will persist, particularly as investor confidence in some
markets remains low," Mr. Sants said.

He added, "You should be preparing for this changed environment
and you, and your customers, will need to recognize that there
are both short and long-term risks, and think about the
implications."

"You should not seek to divert your attention away from focusing
on conduct of business requirements and our high level
principles.  In particular, you will need to continue the focus
on treating customers fairly and to tackling areas of financial
crime," Mr. Sants told his audience.

"Senior management should engage to a greater extent to ensure
that firms are making the right judgments in delivering the
outcomes we want to achieve," he said.

                   Lessons from Northern Rock

Mr. Sants reiterated his determination that the FSA should learn
lessons from the events at Northern Rock.

"I commissioned an internal review of our supervision of
Northern Rock in the period up to July last year. We have
committed to publishing the conclusions next month," Mr. Sants
disclosed.

"I can now say it will show that the supervision of the company
did not meet the standards I would expect of the FSA, although I
should also say that it is by no means necessarily the case that
more active supervision on our part would have prevented what
later occurred," Mr. Sants admitted.

"That said, being prepared to examine ourselves and learn from
our mistakes, in my view, is a crucial characteristic of a
successful organization.  Successful organizations have a
learning culture and an institution which expresses
infallibility is not one to trust.  I would thus like to think
that our determination to be open and proactive should be seen
as being to our credit and help give confidence to industry and
consumers.  To that end, I want to assure you that we will act
decisively to address the shortcomings that emerge from the
review," Mr. Sants concluded.

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

                    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.


PETROLEOS DE VENEZUELA: Exxon Wants Freeze Order Upheld
-------------------------------------------------------
Exxon Mobil has asked the London High Court to uphold the order
freezing US$12 billion in Petroleos de Venezuela SA's assets,
various reports say.

Exxon Mobil's counsel Catharine Otton-Goulder, during last
week's hearing, said: "This ruling should be upheld in order to
support the arbitration process between both parties," El
Universal states.

Ms. Otton-Goulder, Agence France-Presse relates, says that the
English and Welsh court has jurisdiction on this case, even
though it is not linked to any of the parties.  According to the
report, Ms. Otton-Goulder has rejected the arguments of PDVSA's
lawyer Gordon Pollock asking the judge to lift the freezing
injunction.

As previously reported, the asset-freeze order against Petroleos
de Venezuela was made so that Exxon Mobil Corp. would be able to
extract compensation should it win a pending arbitration.  
Petroleos de Venezuela has appealed the asset-freeze order.  
Petroleos de Venezuela contends that the U.K. court doesn't have
the authority to award the injunction because the case involved
U.S. and Venezuelan firms.  

                  About Petroleos de Venezuela

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

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

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

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

                          *     *     *

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


PETROLEOS DE VENEZUELA: Eni to Invest Up to US$20MM in Junin 5
--------------------------------------------------------------
Petroleos de Venezuela said that Italian oil firm Eni will
invest up to US$20 million from 2009 to 2014 on reserve
certification on Junin 5 block on the Orinoco heavy crude belt.

As reported in the Troubled Company Reporter-Latin America on
March 4, 2008, Petroleos de Venezuela SA signed a new accord
with Eni.  Petroleos de Venezuela and Eni would invest US$10
billion in a joint venture to conduct exploration and production
activities in the Orinoco heavy crude belt.  

According to Petroleos de Venezuela, the reserve certification
could be extended to 2016.

Business News Americas relates that Petroleos de Venezuela and
Eni will consider creating a joint venture for exploration and
production on a block in Orinoco that would be awarded by
Venezuela's oil and energy ministry.  

"Eni's Slurry hydroprocessing process" will be used on Junin 5,
BNamericas states, citing Petroleos de Venezuela.

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

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

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

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

                          *     *     *

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


QUEBECOR WORLD: Creditors' Committee Taps Mesirow as Advisor
------------------------------------------------------------
The Official Committee of Unsecured Creditors in the bankruptcy
case of Quebecor World Inc. and its debtor-affiliates seeks
permission from the U.S. Bankruptcy Court for the Southern
District of New York to retain Mesirow Financial Consulting,
LLC, as its financial advisors, nunc pro tunc to Feb. 1, 2008.

According to Madeleine Fequeire, director of Abitibi-
Consolidated Sales Corp. and co-chairperson of the Committee,
the panel needs assistance in collecting and analyzing financial
and other information in relation to the Debtors' chapter 11
cases.  

Mesirow is a financial services firm headquartered in Chicago,
and is a primarily employee-owned, private company with more
than 1,100 employees working across the USA and Puerto Rico.

As financial advisor to the Committee, Mesirow is expected to:

  (a) review reports or filings required by the Court or the
      Office of the United States Trustee, including schedules
      of assets and liabilities, statements of financial affairs
      and monthly operating reports;

  (b) review and analyze legal entity relationships, including    
      analyzing issues, which may be raised regarding
      substantive consolidation and accounting for intercompany
      transactions and balances;

  (c) review the Debtors' financial information, including
      analyzing cash receipts and disbursements, financial
      statement items and proposed transactions for which
      Bankruptcy Court approval is sought;

  (d) review and analyze report regarding cash collateral and
      any debtor-in-possession financing arrangements and
      budgets;
     
  (e) evaluate potential employee retention and severance;

  (f) assist in identifying and implementing potential cost
      containment opportunities;

  (g) assist with identifying and implementing asset    
      redeployment opportunities;

  (h) analyze assumption and rejection issues regarding
      executory contracts and leases;

  (i) review and analyze the Debtors' proposed business plans
      and their business and financial condition generally;

  (j) review and critique the Debtors' financial projections
      and assumptions;
     
  (k) assist in preparing documents necessary for confirmation;

  (1) advise and assist the Committee in negotiations and
      meetings with the Debtors, the bank lenders and other
      stakeholders;

  (m) advise on the tax consequences of proposed plans of
      reorganization;

  (n) assist with the claims resolution procedures, including
      analyses of creditors' claims by type and entity;
     
  (o) provide litigation consulting services and expert witness
      testimony regarding confirmation issues, avoidance actions
      or other matters; and
     
  (p) provide any other functions as may be requested by the
      Committee or its counsel to assist the Committee in the
      Debtors' Chapter 11 cases.

Mesirow's current normal and customary hourly rates are:

  Level                                   Hourly Rates
  -----                                   ------------
  Senior Managing Director,
     Managing Director and Director       US$650 - US$690
  Senior Vice-President                   US$550 - US$620
  Vice President                          US$450 - US$520
  Senior Associate                        US$350 - US$420
  Associate                               US$190 - US$290
  Paraprofessional                        US$150

The Committee wants the Debtors to indemnify Mesirow from
liabilities and claims related to its engagement, except those
arising from the firm's gross negligence and willful misconduct.

Leon Szlezinger, managing director of Mesirow, says that his
firm is a "disinterested person" as that term is defined in
Section 101(14) of the Bankruptcy Code, and does not hold or
represent any interest adverse to the Debtors' estates or of any
class of creditors or equity security holders.

The firm can be reached at:

            Leon Szlezinger, Managing Director
            Mesirow Financial Consulting, LLC
            350 North Clark Street
            Chicago, IL 60610
            Tel: (800) 453-0600
            http://www.mesirowfinancial.com/

                      About Quebecor World

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

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

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

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

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

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

                       *     *     *

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


QUEBECOR WORLD: Creditors' Panel Wants Jefferies & Co. as Banker
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in the bankruptcy
case of Quebecor World Inc. and its debtor-affiliates seeks
permission from the U.S. Bankruptcy Court for the Southern
District of New York to employ Jefferies & Company, Inc., as its
investment banker, nunc pro tunc to Feb. 5, 2008.

The Committee believes that the services of an investment banker
are necessary and appropriate to enable it to evaluate the
complex financial and economic issues raised by the Debtors'
reorganization proceedings and to effectively fulfill its
statutory duties.  Madeleine Fequeire, director of Abitibi-
Consolidated Sales Corp. and co-chairperson of the Committee,
says that the Committee chose Jefferies because of the firm's
global expertise in providing investment banking services to
debtors and creditors in restructurings and distressed
situations.

Jefferies & Company, Inc., is an investment banking firm with
its principal office located at 520 Madison Avenue, 12th Floor
in New York.  Together with its subsidiaries, Jefferies Group
has approximately 2,500 employees in 30 offices around the
world.

Under an engagement letter dated Feb. 5, 2008, Jefferies is
expected to:

  (a) become familiar with and analyze the Debtors' business,
      business plan operations, assets, strategic plan,    
      financial condition and prospects;

  (b) provide a valuation analyses of the Debtors if requested,
      the form of which will be as agreed upon by Jefferies and
      the Committee, and provide expert testimony relating to
      any valuation;
     
  (c) advise the Committee on the current state of the
      restructuring and capital markets;

  (d) assist and advise the Committee in examining and analyzing
      any potential or proposed strategy for restructuring or
      adjusting the Debtors' outstanding indebtedness or overall
      capital structure, whether pursuant to a plan of
      reorganization, capital raise, M&A transaction, a sale of
      assets or equity under section 363 of the Bankruptcy Code,
      a liquidation, or otherwise, assisting the Committee in
      developing its own strategy for accomplishing a  
      restructuring;

  (e) assist and advise the Committee in evaluating and  
      analyzing the proposed implementation of any    
      restructuring, including the value of the securities, if
      any, that may be issued under any plan of reorganization;
      and
   
  (f) render other investment banking services as may from time
      to time be agreed upon by the Committee and Jefferies,
      including providing expert testimony on valuation, and
      other expert testimony and investment banking support
      related to DIP and exit financing, M&A and asset sale
      processes.

Jefferies will charge a US$150,000 monthly fee.  The firm will
also seek a US$3,500,000 transaction fee, which will be earned
in full upon substantial consummation of a chapter 11 plan that
is supported by the Committee.  Jefferies will credit 50% of all
monthly fees paid in excess of US$900,000 against the
transaction fee.

Jefferies will seek reimbursement of all out-of-pocket expenses.

The Committee wants the Debtors to indemnify Jefferies from
liabilities and claims related to its engagement, except those
arising from the firm's gross negligence and willful misconduct.

Steven Strom, managing director of Jefferies, says that his firm
is a "disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code, and does not hold or represent
any interest adverse to the Debtors' estates or of any class of
creditors or equity security holders.

The firm can be reached at:

            Steven Strom, Managing Director
            Jefferies & Company, Inc.
            520 Madison Avenue, 12th Floor
            New York, New York 10022
            Tel; (212) 284-2300
            http://www.jefferies.com/

                      About Quebecor World

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

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

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

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

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

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

                       *     *     *

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


QUEBECOR WORLD: Wants Creditor Information Protocol Approved
------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates and the Official
Committee Unsecured Creditors asked the U.S. Bankruptcy Court
for the Southern District of New York to approve a Creditor
Information Protocol.  This is to ensure that the Committee is
able to comply with its obligations under Section 1102(b)(3)(A)
of the Bankruptcy Code and to protect the Debtors' confidential,
privileged or proprietary information.

(1) Access to Creditor Information

In full satisfaction of the Committee's obligations to provide
access to information for creditors in accordance with Section
1102(b)(3)(A) and (B) of the Bankruptcy Code, the Committee
will:

  (a) establish and maintain an Internet-accessed Web site that
      provides:

      (1) general information concerning the Debtors, including,  
          case dockets, access to docket filings, and general
          information concerning significant parties in the
          cases;
     
      (2) highlights of significant events in the cases;

      (3) a calendar with upcoming significant events in the
          cases;

      (4) access to the claims docket as and when established
          by the Debtors or any claim agent retained in the
          cases, including the Web site established by Donlin
          Recano & Co., Inc.;

      (5) access to the Web site of the monitor appointed in the
          Debtors' Canadian proceedings;

      (6) a general overview of the chapter 11 process;

      (7) press releases issued by each of the Committee and
          the Debtors;

      (8) a non-public registration form for creditors to
          request "real-time" case updates via electronic mail;
   
      (9) a non-public form to submit creditor questions,
          comments and requests for access to information;

     (10) responses to creditor questions, comments and requests
          for access to information; provided, that the
          Committee may privately provide the responses in the
          exercise of its reasonable discretion;

     (11) answers to frequently asked questions; and

     (12) links to other relevant Web sites.

(2) Privileged and Confidential Information

The Committee will not be required to disseminate to any entity:

  (i) without further order of the Court, confidential,
      proprietary, or other non-public information concerning
      the Debtors or the Committee, or

(ii) any other information if the effect of the disclosure
      would constitute a general or subject matter waiver of the
      attorney-client, work-product, or other applicable
      privilege possessed by the Committee.

The Debtors will assist the Committee in identifying, receiving
any information from any entity in connection with an
examination pursuant to Rule 2004 of the Federal Rules of
Bankruptcy Procedure.  

Requests for information may be addressed to:

  Arnold & Porter LLP
  Attn: Michael J. Canning
  399 Park Avenue,
  New York, New York 10022
  quebecorservice@aporter.com

The stipulation also governs the release of confidential
information of third parties and exculpation provisions.

A full-text copy of the Creditor Information Protocol is
available for free at http://ResearchArchives.com/t/s?28b0

                      About Quebecor World

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

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

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

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

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

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

                       *     *     *

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


SCOTTISH RE: Amends Employment Terms of CEO & CFO
-------------------------------------------------
Scottish Re Group Ltd., as a result of the decision by the Board
of Directors to alter the Company's strategic focus, and in
recognition of the impact on growth prospects, the Board has
agreed to certain amendments to the employment agreements of
George Zippel and Terry Eleftheriou, the company's Chief
Executive Officer and Chief Financial Officer, respectively.

Mr. Zippel's term of employment has been shortened to end on
July 31, 2008 and Mr. Eleftheriou's term of employment has been
extended to March 31, 2010.  

"George joined Scottish Re in August 2007 to execute a global
growth strategy that, given our subprime exposure and prevailing
market conditions, is no longer considered viable. He has been
instrumental in working with the Board to identify and develop
new strategies for the Company," Jonathan Bloomer, Chairman of
the Board of Directors commented.  "The Board believes that the
actions required to affect those strategies should be materially
complete by the middle of this year. Accordingly, the Board and
George have agreed to shorten the length of his employment
agreement.  The Board thanks George for the contributions and
commitment he has provided to the Company and is counting on his
leadership for the next several months as we execute on our new
strategic focus."

"Scottish Re has been a challenging and rewarding experience,"
Mr. Zippel commented.  "I look forward to continuing to lead the
team through a successful transition to the new strategic
focus."

The Board of Directors has formed a committee to lead the search
for a new CEO and has retained an international executive search
firm to assist it in this process.

                       About Scottish Re

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. 26, 2008, Fitch Ratings has downgraded Scottish Re Group
Limited's Issuer Default Rating to 'B' from 'BB-' and the
Insurer Financial Strength ratings of its primary operating
subsidiaries to 'BB' from 'BBB-'.  All ratings have been placed
on Rating Watch Negative with the exception of Scottish Re
Limited which has been placed on Rating Watch Evolving.

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.

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.


SCOTTISH RE: A.M. Best Cuts Issuer Credit Rating to bb from bbb-
----------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to
B(Fair) from B+(Good) and the issuer credit ratings to "bb" from
"bbb-" of the primary operating insurance subsidiaries of
Scottish Re Group Limited.  A.M. Best also has downgraded the
ICR to "b-"from "bb-" and the various debt ratings of Scottish
Re.  The outlook for all ratings is negative.

These rating actions are based on A.M. Best's opinion that
continuing market deterioration in the subprime mortgage loan
market will result in additional delinquencies and losses and
that the uncertainty surrounding the ultimate impact of
investment write-downs on Scottish Re, its subsidiaries and
special purpose vehicles such as Ballantyne Re are not
appropriate for "Secure" FSRs.  The rating downgrades also
reflect A.M. Best's concerns with the ongoing pricing,
volatility, valuation and default risk in the mortgage-backed
securities market, which could result in substantial negative
impact on the company's consolidated balance sheet.

A.M. Best notes that Scottish Re remains heavily dependent upon
off-shore securitizations for its XXX reserves.  While a
majority of Scottish Re's XXX reinsurance structures are
bankruptcy remote, an additional rating concern is the
deterioration in the market value of the underlying collateral,
which reduces the amount available to fund future reserve
increases.  Large write-downs on subprime loans held in the
SPV's investment portfolio could potentially deplete the capital
held within those structures.  If any deficiency were to
develop, Scottish Re's operating subsidiaries may be required to
pledge additional assets to secure reserve credit outside of the
securitization structure.

Given the increased risk commonly associated with lower rated
companies, A.M. Best has widened the notching for its debt
ratings and downgraded the senior debt.

The FSR has been downgraded to B(Fair) from B+(Good) and the
ICRs to "bb" from "bbb-" for these subsidiaries of Scottish Re
Group Limited:

  --  Scottish Annuity & Life Insurance Company (Cayman) Ltd.
  --  Scottish Re (U.S.), Inc.
  --  Scottish Re Life Corporation
  --  Scottish Re Limited
  --  Orkney Re, Inc.

The ICR has been downgraded to "b-" from "bb-" for Scottish Re
Group Limited.

These debt ratings have been downgraded:

Scottish Re Group Limited  --
  --  to "ccc" from "b" on US$125 million non-cumulative
      preferred  shares

Stingray Pass-thru Trust  --
  --  to "bb" from "bbb-"on US$325 million 5.902% senior secured
      pass-thru certificates, due 2012

These indicative ratings for debt securities have been
downgraded:

Scottish Re Group Limited  --
  --  to "b-" from "bb-"on senior unsecured debt
  --  to "ccc+" from "b+" on subordinated debt
  --  to "ccc" from "b" on preferred stock

  --  Scottish Holdings Statutory Trust II and III  --
  --  to "ccc+" from "b+" on preferred securities


SELECT WINDOW : Appoints Joint Administrators from Vantis
---------------------------------------------------------
Glyn Mummery and Jeremy Stuart French of Vantis Business
Recovery Services were appointed joint administrators of Select
Window and Door Systems Ltd. (Company Number 02406538) on Feb.
21, 2008.

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

The company can be reached at:

          Select Window & Door Systems Ltd.
          9 10 Galliford Road Industrial Estate
          Maldon
          Essex
          CM9 4XD
          England
          Tel: 01621 843 843
          Fax: 01621 879 100


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BEARD AUDIO CONFERENCES
  Partnerships in Bankruptcy: Unwinding The Deal
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Privacy Rights, Protections & Pitfalls in Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

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

BEARD AUDIO CONFERENCES
  Reverse Mergersthe New IPO?
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Second Lien Financings and Intercreditor Agreements
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Surviving the Digital Deluge: Best Practices in E-Discovery
     and Records Management for Bankruptcy Practitioners
        and Litigators
           Audio Conference Recording
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Technology as a Competitive Advantage For Todays Legal
     Processes
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Battle of Green & Red: Effect of Bankruptcy
     on Obligations to Clean Up Contaminated Property
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Subprime Sector Meltdown:
     Legal Developments and Latest Opportunities
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

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

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite Corporate Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite M&A and Insolvency
     Proceedings
     Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Validating Distressed Security Portfolios: Year-End Price
     Validation and Risk Assessment
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  When Tenants File -- A Landlord's BAPCPA Survival Guide
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

                    *      *      *

                  Featured Conferences

Beard Conferences presents:

April 10-11, 2008
  Ninth Annual Conference on Healthcare Transactions
     Successful Strategies for Mergers, Acquisitions,    
        Divestitures and Restructurings
           The Millennium Knickerbocker Hotel, Chicago, Illinois
              Brochure available soon!

May 15-16, 2008
   Fifth Annual Conference on Distressed Investing Europe
      Maximizing Profits in the European Distressed Debt Market
         Le Meridien Piccadilly Hotel - London
            Brochure available soon!

                    *      *      *

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *