TCREUR_Public/080307.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, March 7, 2008, Vol. 9, No. 48

                            Headlines


A U S T R I A

HAFNER + PARTNER: Claims Registration Period Ends March 20
IRS VERTRIEB: Claims Registration Period Ends March 31
PRI-MA.NET: Claims Registration Period Ends April 24
ZIMMEREI SPORN: Salzburg Court Closes Bankruptcy Proceedings


B E L G I U M

SOLUTIA INC: Flexsys Unit Raises Prices to Ensure Reinvestment
SOLUTIA INC: Agreement Gives GE Betz US$255,575 in Allowed Claim
SOLUTIA INC: To Issue 7,450,000 Shares for Employee Plans


B U L G A R I A

KREMIKOVTZI AD: Merrill Lynch Starts Talks with Potential Buyers


F I N L A N D

EXIDE TECHNOLOGIES: Moody's Revises Rating Outlook to Positive


F R A N C E

DELPHI CORP: Gets Exit Financing Proposal from General Motors


G E R M A N Y

A.P.A. - AUTOMOBILE: Claims Registration Period Ends March 24
APA HANDELSGESELLSCHAFT: Claims Registration Ends March 24
ARMANDO DEL GAUDIO: Claims Registration Period Ends March 14
ASAT HOLDINGS: Expects 4% Revenue Growth in 2008 Third Quarter
BARTER TRADE: Claims Registration Period Ends April 1

BSC ENTSORGUNG: Claims Registration Ends March 31
BUENA VISTA: Creditors' Meeting Slated for March 20
CARGO & CARRIER: Claims Registration Period Ends March 28
CHARTERBOERSE REISEVERMITTLUNGS: Claims Filing Ends April 1
CONSUMERS FRUIT: Claims Registration Period Ends March 28

DIE NAHT: Claims Registration Period Ends April 1
DONLOX GMBH: Claims Registration Period Ends April 1
EB VERWALTUNGSGESELLSCHAFT: Claims Period Ends March 20
ERICH SCHENK: Claims Registration Period Ends March 17
GARBODES PARTYSERVICE: Claims Registration Ends March 31

H. MAYER GMBH: Claims Registration Period Ends March 12
HAINKE INTERNATIONALE: Claims Registration Ends March 31
HEALTH MED: Claims Registration Period Ends March 24
IKB DEUTSCHE: Fitch Lowers Ratings on Hybrid Securities to CCC-
ROLF BRANDMANN: Claims Registration Period Ends April 17

TRAUT-GMBH: Claims Registration Period Ends March 31
UNITHERM GESELLSCHAFT: Claims Registration Ends March 30
WELTZIEN & PATTBERG: Claims Registration Ends March 31


H U N G A R Y

AES CORP: Defaults on Debt Facilities due to Misrepresentation


I R E L A N D

INTL SECURITIES: Unsecured Creditors Okay Scheme of Arrangement
RITCHIE (IRELAND): Court Refuses to Review Case Against Coventry


I T A L Y

BERRY PLASTICS: B. Scheu Takes Helm at Rigid Closed Top Division
FIAT SPA: Plans to Manufacture Alfa Romeo in the U.S.


K A Z A K H S T A N

ARASLAN LLP: Creditors Must File Claims by April 1
ASPAN TRADE: Creditors Must File Claims by April 4
ATYRAU NEFT: Claims Deadline Slated for April 4
ENERGY DIAMOND: Claims Deadline Slated for April 4
ENERGOPROMSERVICE LTD: Claims Filing Period Ends April 4

GOLDEN VIP-S: Creditors' Claims Due on March 28
KAZ INTER: Claims Filing Period Ends April 4
KOKSU AJARY: Claims Registration Ends March 28
NUR SNAB: Creditors' Claims Due on April 4
ROGACHEVSKY COMBINATE: Creditors Must File Claims by April 4

RUDNY KAZ: Claims Deadline Slated for April 4
TRUST-SERVICE LLP: Claims Registration Ends April 4
UGO-VOSTOK ONLINE: Claims Filing Period Ends April 4


K Y R G Y Z S T A N

ATLANT STROY: Creditors Must File Claims by April 1
TAZA-OIL LLC: Claims Filing Period Ends March 28


N E T H E R L A N D S

KONINKLIJKE AHOLD: Earns EUR2.9 Billion for Full Year 2007
X5 RETAIL: Launches Mercado Supercenter Hypermaket Brand


N O R W A Y

DRESSER-RAND: Earnings Rise to US$44MM in Quarter Ended Dec. 31


P O L A N D

POLSKA GRUPA: Fitch Lowers National Long-Term Rating to BB(pol)
VALEANT PHARMA: To Restate Financial Statements Due to Errors


R U S S I A

AGTRO-TEKH OJSC: Creditors Must File Claims by March 16
COMSTAR-UNITED: Inks Deal to Install 10,000 Phones in Podolsky
EXPERIMENTAL-PRODUCTION: Creditors Must File Claims by March 16
IDEAL LLC: Creditors Must File Claims by March 16
KOLPASHEVSKAYA SHIPBUILDING: Asset Sale Slated for March 20

OGK-5 OAO: Unveils Agenda for Upcoming Shareholders Meeting
OGK-5 OAO: Nominates Sixteen People to Board of Directors
SERVICE-STROY-KOMPLEKT: Creditors Must File Claims by March 16
SOGORNOE CJSC: Creditors Must File Claims by March 16
TALITSKIY TRANSPORT: Creditors Must File Claims by March 16

X5 RETAIL: Launches Mercado Supercenter Hypermaket Brand


S P A I N

BANKINTER 16 FONDO: S&P Junks Rating on EUR43 Mln Class E Notes
FONDO DE TITULIZACION: S&P Puts CCC- Rating on Class D Notes


S W I T Z E R L A N D

AXENTIC LLC: Creditors' Liquidation Claims Due by March 7
COMIT RESOURCES: Creditors' Liquidation Claims Due by March 10
CPR HANDEL: Zurich Court Starts Bankruptcy Proceedings
D. S. KARLEN: Creditors' Liquidation Claims Due by March 10
MEIER SCHREINEREI: Creditors' Liquidation Claims Due by March 10

MEWOTEC LLC: Creditors' Liquidation Claims Due by March 7
NATURHEILPRAXIS: Creditors' Liquidation Claims Due by March 7
NOVA NICKEL: Creditors' Liquidation Claims Due by March 10
SISNOVA GASTRO: Creditors' Liquidation Claims Due by March 10
ZUM TEDDY: Aargau Court Starts Bankruptcy Proceedings


T U R K E Y

TURKCELL ILETISIM: To Pay TRY648.7 Million Dividend for 2008
TURKCELL ILETISIM: Earns US$1.35BB for Year Ended December 31


U K R A I N E

BANK FORUM: Fitch Upgrades Rating on Acquisition by Commerzbank
NAFTOGAZ UKRAINY: Gazprom Resumes Full Gas Supply to Ukraine


U N I T E D   K I N G D O M

ACZ REALISATIONS: Taps Liquidators from PricewaterhouseCoopers
BANKMEADOW LTD: Claims Filing Period Ends April 7
BATHROOM WAREHOUSE: Creditors' Meeting Slated for March 17
BUCKS AUTO: Creditors' Meeting Slated for March 17
CELSIUS ENERGY: Taps Abbott Fielding as Joint Administrators

CHRYSLER LLC: Can Have Unlimited Access to Daimler AG's Tech.
CLEAR CHANNEL: Trial on Sale Funding Dispute Set for April 7
D.S.B. LTD: Andrew Appleyard Leads Liquidation Procedure
DEL MONTE: Shuts Down West Lynn Factory; 80 Jobs Affected
EMI GROUP: Chairman Admits Takeover Has Not Gone to Plan

FARNDELL AND GATES: Appoints Joint Administrators from Begbies
G.M. TECHNICAL: Appoints Peter Wastell as Liquidator
GENERAL MOTORS: Offers Additional Exit Financing to Delphi Corp.
GENERAL MOTORS: Key Supplier Labor Strike Affects More GM Plants
MASHLIN FRICTION: Brings In Harrisons to Administer Assets

MYRIAD CHILDRENSWEAR: Brings In Liquidators from PwC
NIKKO U.K.: Calls In Liquidators from Grant Thornton
OFFSHORE TRAVEL: Joint Liquidators Take Over Operations
PETER ROBINSON: Taps Thomas Dixon to Liquidate Assets
QUEBECOR WORLD: WEB Printing Supports Suppliers' Objections

QUEBECOR WORLD: Reaches Settlement with Utility Providers
QUEBECOR WORLD: Wants Banc of America Aircraft Lease Rejected
SUBSEA RESOURCES: Suspends Trading of Shares to Sell Assets
VONAGE HOLDINGS: May Modify Terms of US$253 Mln Convertible Debt
WORDMAP LTD: Brings In Liquidators from BDO Stoy Hayward

ZIFF DAVIS: Files for Bankruptcy to Improve Capital Structure
ZIFF DAVIS: Case Summary and 30 Largest Unsecured Creditors

* Beard Group's Cross-Border Insolvencies Audio Primer

* BOOK REVIEW: Voluntary Assignments for the Benefit of
               Creditors, Volumes I and II


                            *********


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


HAFNER + PARTNER: Claims Registration Period Ends March 20
----------------------------------------------------------
Creditors owed money by LLC Hafner + Partner (FN 35496a) have
until March 20, 2008, to file written proofs of claim to court-
appointed estate administrator Elisabeth Simma at:

          Dr. Elisabeth Simma
          Kaiserfeldgasse 15/II
          8010 Graz
          Austria
          Tel: 0316/827720
          Fax: 0316/82772028
          E-mail: office@simma-stoff.at

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

The meeting of creditors will be held at:

          The Land Court of Graz
          Rom 222
          Second Floor
          Graz
          Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Feb. 15, 2008 (Bankr. Case No. 26 S 21/08w).


IRS VERTRIEB: Claims Registration Period Ends March 31
------------------------------------------------------
Creditors owed money by LLC IRS Vertrieb und Handel (FN 277509b)
have until March 31, 2008, to file written proofs of claim to
court-appointed estate administrator Rudolf Franzmayr at:

          Dr. Rudolf Franzmayr
          Stadtplatz 32
          4840 Voecklabruck
          Austria
          Tel: 07672/23432
          Fax: 07672/23432-4
          E-mail: dr.franzmayr@aon.at

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

The meeting of creditors will be held at:

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

Headquartered in Voecklabruck, Austria, the Debtor declared
bankruptcy on Feb. 15, 2008 (Bankr. Case No. 20 S 18/08k).


PRI-MA.NET: Claims Registration Period Ends April 24
----------------------------------------------------
Creditors owed money by LLC pri-ma.net Print Management (FN
265969g) have until April 24, 2008, to file written proofs of
claim to court-appointed estate administrator Horst Winkelmayr
at:

          Mag. Horst Winkelmayr
          c/o  Dr. Carl Knittl
          Mariahilfer Strasse 1d/13
          Porzellangasse 22A/7
          1090 Vienna
          Austria
          Tel: 532 47 77
          Fax: 532 47 77 50
          E-mail: rae@kniwi.at

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

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1701
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 15, 2008  (Bankr. Case No. 6 S 20/08w).  Carl Knittl
represents Mag. Winkelmayr in the bankruptcy proceedings.


ZIMMEREI SPORN: Salzburg Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Land Court of Salzburg closed the bankruptcy case of LLC
Zimmerei Sporn (FN 55921m) on Dec. 19, 2007, following the
Debtor's final distribution to creditors.

Creditors recovered 4% on account of their claim against the
Debtor.

Headquartered in Hallein, Austria, the Debtor declared
bankruptcy on March 7, 2007 (44 S 12/07z).  Gernot Franz Herzog
served as the court-appointed estate administrator for the
bankrupt's estate.

The estate administrator can be reached at:

          Dr. Gernot Franz Herzog
          Haunspergstr. 33
          5020 Salzburg
          Austria
          Tel: 0062-8700460
          Fax: 0662-878462
          E-mail: office@hauserherzog.com


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


SOLUTIA INC: Flexsys Unit Raises Prices to Ensure Reinvestment
--------------------------------------------------------------
Solutia Inc. said that its Flexsys subsidiary is initiating
price increases across select product groups including
Crystex(R) insoluble sulfur, Santoflex (R) 6 PPD antiozonant,
and other rubber chemicals.

"These price increases are driven by a number of factors," said
Jim Voss, president of Flexsys.  "We must continue to reinvest
to ensure our long-term success and the success of our
customers.  We have successfully differentiated ourselves from
our competition in the areas of technology, quality,
manufacturing reliability, and supply chain excellence.  We will
continue to invest in capacity expansions and new technology to
provide our customers with the high-quality and innovative
products backed by superior customer service and world-class
technical support that they have come to expect from Flexsys."

"The continued upward trend of energy and raw material costs
makes this action necessary," said Tim Wessel, vice president,
Antidegradants and Crystex.  "We have seen an unprecedented rise
in the cost of raw material ingredients, such as sulfur."  He
noted that the global agricultural boom and demand for
fertilizer has significantly tightened the sulfur market.

The price increases are effective April 1, 2008, or as soon as
permitted by contract.

Crystex insoluble sulfur is the vulcanizing agent of choice for
critical applications in the tire industry, providing the
highest level of quality and performance.  In addition, Crystex
HD insoluble sulfur offers tire manufacturers improved
prouctivity and safety in their manufacturing processes.
Santoflex 6 PPD antiozonant is used to improve tire longevity by
protecting against degradation by oxygen, ozone, and fatigue.

Flexsys products play an essential role in the manufacturing of
tires and other rubber products, such as belts, hoses, seals,
and footwear.  Flexsys is a global business with offices,
manufacturing facilities and technology centers around the
world.  Flexsys has annual sales of over US$650 million, about
two-thirds of which take place outside the United States.

                       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: Agreement Gives GE Betz US$255,575 in Allowed Claim
----------------------------------------------------------------
On Nov. 22, 2004, GE Betz, Inc., filed Claim No. 5640 alleging a
total claim of US$406,006, of which US$124,545 was secured by a
right of offset.

On Feb. 4, 2008, GE Betz filed Claim No. 14845 for US$380,119,
of which US$124,545 is secured by a right of offset.  Claim No.
14845 is intended to amend and supersede Claim No. 5640.

Solutia Inc. and GE Betz have agreed that:

   -- Claim No. 14845 will amend and supersede Claim No. 5640;

   -- GE Betz may exercise its right of setoff.  GE Betz
      withdraws the secured claim of US$124,545; and

   -- GE Betz will retain an allowed general unsecured claim of
      US$255,575.

                       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: To Issue 7,450,000 Shares for Employee Plans
---------------------------------------------------------
Solutia Inc. informed the U.S. Securities and Exchange
Commission that it is registering 7,450,000 shares of stock
common stock, US$0.01 par value, which it intends to sell at a
maximum offering price of US$20.00 a share.  The move is in
pursuance to its Plan of Reorganization, approved by the U.S.
Bankruptcy Court for the Southern District of New York, which
became effective Feb. 28, 2008, and provided for the
cancellation of its existing stock and the issuance of new
stock.

Kirkland & Ellis LLP, special counsel to Solutia, says the
company will issue the shares pursuant to its Management Long-
Term Incentive Plan and Non-Employee Director Stock Compensation
Plan.

The Non-Employee Director Stock Compensation Plan is aimed to
further the growth and profitability of the company by
increasing incentives and encouraging share ownership on the
part of the Members of the Board of Solutia.  Pursuant to the
Plan, board members will be granted awards that constitute
options, stock appreciation rights, restricted stock, restricted
stock units and other stock awards, in the aggregate of up to
250,000 shares.   A full-text copy of the Plan is available at:

             http://ResearchArchives.com/t/s?28b3

The 2007 Management Long-Term Incentive Plan is aimed to further
the growth and profitability of the company by increasing
incentives and encouraging share ownership on the part of the
employees and independent contractors of Solutia.  The Plan is
intended to permit the grant of awards that constitute Incentive
Stock Options, Non-Qualified Stock Options, Stock Appreciation
Rights, Restricted Stock, Restricted Stock Units and Other Stock
Awards, and Cash Incentive Awards.   The Up to US$7,200,000
shares will be made available for grants and awards  under the
Plan.  A copy of the Plan is available at:

              http://ResearchArchives.com/t/s?28b4

                       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.


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


KREMIKOVTZI AD: Merrill Lynch Starts Talks with Potential Buyers
----------------------------------------------------------------
Merrill Lynch has began talks with Kremikovtzi AD's potential
investors on behalf of company owner Pramod Mittal, Seeurope.net
reports citing Dnevnik.

According to the report, the investment bank's executive met
with metallurgical companies who have some tentative interest in
Kremikovtzi.

Mr. Mittal hired Merrill Lynch to advise on the alternatives
facing the company after negotiations with Konstantin Zhevago
fell through, the report said.

The possibility of plant closure is one option Merrill Lynch is
considering, Dnevnik relates citing senior management of
Kremikovtzi.

Accodring to the report, Bulgarian economy and energy minister
Petar Dimitrov said that a bankruptcy or liquidation of the
company is not an option.

As reported in the TCR-Europe on March 5, 2008, Mr. Dimitrov
confirmed that a Turkish company was interested in buying a
majority stake in Kremikovtzi and four other potential investors
have declared interest in buying the company.

Seeurope.net relates that the Bulgarian government, a 25%
shareholder, arranged the ramped down of Kremikovtzi's gas
supplies as part of its attempt to force Mr. Mittal to sell
Finmetals Holdings, a 17% shareholder in Kremikovtzi.

Mr. Dimitrov explained that the government's moves pre-empt a
siphoning-off the company through the overpriced purchases and
delayed payments to state payments to state-owned utilities.

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

                       *    *    *

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


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


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

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

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

Ratings affirmed:

Exide Technologies, Inc.

-- Caa1 Corporate Family Rating;

-- Caa1 Probability of Default;

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

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

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

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

Ratings raised:

Exide Technologies, Inc.

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

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

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

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


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


DELPHI CORP: Gets Exit Financing Proposal from General Motors
-------------------------------------------------------------
Delphi Corp. is taking the steps necessary to enable the
completion of its exit financing syndication.  Delphi said that
it has been advised by General Motors Corp. that GM is prepared
to provide additional exit financing.

The company's US$6.1 billion exit financing package is now
expected to include a US$1.6 billion asset-backed revolving
credit facility, at least US$1.7 billion of first-lien term
loan, an up to US$2.0 billion first-lien term note to be issued
to GM (junior to the US$1.7 billion first-lien term loan), and
an US$825 million second-lien term loan, of which any unsold
portion would be issued to GM.

Delphi believes that GM's increased participation in the exit
financing structure is necessary to successfully syndicate its
exit financing on a timely basis and is consistent with its
First Amended Joint Plan of Reorganization and the investment
agreement with its plan investors.  However, certain of Delphi's
plan investors have advised the company they believe the
proposed exit financing with increased GM participation would
not comply with conditions in the company's investment agreement
between Delphi and the plan investors.

To clarify that GM's increased participation complies with the
Plan and the investment agreement, and to require each of the
Plan Investors to perform their obligations under the investment
agreement, Delphi asks the U.S. Bankruptcy Court for the
Southern District of New York seeking limited relief from the
Court under section 1142 of the Bankruptcy Code with respect to
the Plan, which was confirmed by the Court on Jan. 25, 2008.

Under Section 1142 of the Bankruptcy Code, bankruptcy courts may
direct the debtor and any other necessary party to perform any
act that is necessary for the consummation of a plan that has
been confirmed by the Bankruptcy Court.

Delphi's lead plan investor has also agreed to extend from
March 31, 2008 to Apr. 5, 2008 the first date by which it could
terminate the investment agreement with Delphi if the effective
date of the Plan has not occurred, which would provide Delphi
additional time to comply with closing conditions under the
investment agreement.

                            About GM

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

                     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.


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


A.P.A. - AUTOMOBILE: Claims Registration Period Ends March 24
-------------------------------------------------------------
Creditors of A.P.A. - Automobile GmbH & Co. KG have until
March 24, 2008, to register their claims with court-appointed
insolvency manager Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Pinneberg
          Hall 5
          First Floor
          Bahnhofstrasse 17
          25421 Pinneberg
          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:

          Heiko Fialski
          Raboisen 38
          20095 Hamburg
          Germany

The District Court of Pinneberg opened bankruptcy proceedings
against A.P.A. - Automobile GmbH & Co. KG on Feb. 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          A.P.A. - Automobile GmbH & Co. KG
          Osterbrooksweg 62
          22869 Schenefeld
          Germany


APA HANDELSGESELLSCHAFT: Claims Registration Ends March 24
----------------------------------------------------------
Creditors of APA Handelsgesellschaft mbH have until
March 24, 2008, to register their claims with court-appointed
insolvency manager Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Pinneberg
          Hall 5
          First Floor
          Bahnhofstrasse 17
          25421 Pinneberg
          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:

          Heiko Fialski
          Raboisen 38
          20095 Hamburg
          Germany

The District Court of Pinneberg opened bankruptcy proceedings
against APA Handelsgesellschaft mbH on Feb. 20, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          APA Handelsgesellschaft mbH
          Attn: Richard Theurer, Manager
          Osterbrooksweg 62
          22869 Schenefeld
          Germany


ARMANDO DEL GAUDIO: Claims Registration Period Ends March 14
------------------------------------------------------------
Creditors of Armando Del Gaudio GmbH have until March 14, 2008,
to register their claims with court-appointed insolvency manager
Stefan Conrads.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Wuppertal
          Meeting Hall A234
          Second Floor
          Eiland 2
          42103 Wuppertal
          Germany

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

The insolvency manager can be reached at:

          Stefan Conrads
          Mankhauser Str. 7a
          42699 Solingen
          Germany
          Tel: 0212/22172-0
          Fax: 0212/22172-18

The District Court of Wuppertal opened bankruptcy proceedings
against Armando Del Gaudio GmbH on Feb. 29, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Armando Del Gaudio GmbH
          Attn: Armando Del Gaudio, Manager
          Schlachthofstr. 45
          42651 Solingen
          Germany


ASAT HOLDINGS: Expects 4% Revenue Growth in 2008 Third Quarter
--------------------------------------------------------------
ASAT Holdings Limited expects revenue for the third quarter
ended Jan. 31, 2008 of approximately US$41.7 million,
representing an increase of approximately 4% above second
quarter fiscal 2008 revenue of US$40.2 million.  It is also
above the guidance the company provided on Jan. 14, 2008 that
said revenue will be in line with the prior quarter.

The company's board of directors has approved a compensation
award to its acting chief executive in the form of a warrant
exercisable for an aggregate of up to 41.8 million ordinary
shares at an exercise price of US$0.01 per share, subject to
certain adjustments.

The warrant is exercisable with respect to 20.6 million ordinary
shares immediately, with the remainder subject to certain
vesting or performance criteria.

Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of
semiconductor package design, assembly and test services.  With
18 years of experience, the company offers a definitive
selection of semiconductor packages and world-class
manufacturing lines.  ASAT's advanced package portfolio includes
standard and high thermal performance ball grid arrays, leadless
plastic chip carriers, thin array plastic packages, system-in-
package and flip chip.  ASAT was the first company to develop
moisture sensitive level one capability on standard leaded
products.  The company has operations in the United States, Hong
Kong, China and Germany.

                          *     *     *

Standard & Poor's placed ASAT Holdings Limited's long-term
foreign and local issuer credit ratings at 'CCC-' in September
2007.  The outlook is negative.


BARTER TRADE: Claims Registration Period Ends April 1
-----------------------------------------------------
Creditors of Barter Trade Logistik GmbH have until
April 1, 2008, to register their claims with court-appointed
insolvency manager Carsten Morgenstern.

Creditors and other interested parties are encouraged to attend
the meeting on May 13, 2008, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Barter Trade Logistik GmbH
         Dresdner Str. 113
         09131 Chemnitz
         Germany


BSC ENTSORGUNG: Claims Registration Ends March 31
-------------------------------------------------
Creditors of BSC Entsorgung und Beteiligungs GmbH have until
March 31, 2008 to register their claims with court-appointed
insolvency manager Dr. Dirk Wittkowsk.

Creditors and other interested parties are encouraged to attend
the meeting at 11:50 a.m. on April 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against BSC Entsorgung und Beteiligungs GmbH on Feb. 20, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BSC Entsorgung und Beteiligungs GmbH
         Dorfstrasse 50
         14913 Niedergoersdorf
         Germany


BUENA VISTA: Creditors' Meeting Slated for March 20
---------------------------------------------------
The court-appointed insolvency manager for Buena Vista GmbH,
Helmut Stuermann, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:45 a.m. on
March 20, 2008.

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

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

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

Creditors have until April 1, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Helmut Stuermann
          Domshof 18-20
          28195 Bremen
          Germany
          Tel: 0421/3686-0
          Fax: 0421/3686-100
          E-mail: InsolvenzBremen@schubra.de
          Website: http://www.schubra.de/

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

The Debtor can be reached at:

          Buena Vista GmbH
          Ostertorstr. 11-13
          28195 Bremen
          Germany


CARGO & CARRIER: Claims Registration Period Ends March 28
---------------------------------------------------------
Creditors of Cargo & Carrier Logistic GmbH have until
March 28, 2008, to register their claims with court-appointed
insolvency manager Stephan Muenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 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:

         Stephan Muenzel
         Bachstrasse 85 a
         22083 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Cargo & Carrier Logistic GmbH on Feb. 25, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Cargo & Carrier Logistic GmbH
         Attn: Gerd Seele, Manager
         Buergerweide 73
         20535 Hamburg
         Germany


CHARTERBOERSE REISEVERMITTLUNGS: Claims Filing Ends April 1
-----------------------------------------------------------
Creditors of Charterboerse Reisevermittlungsgesellschaft mbH
have until April 1, 2008 to register their claims with court-
appointed insolvency manager Holger Bluemle.

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

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 178
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Holger Bluemle
         Kriegsstr. 113
         76135 Karlsruhe
         Germany
         Tel: 0721/919570
         Fax: 0721/9195711

The District Court of Stuttgart opened bankruptcy proceedings
against Charterboerse Reisevermittlungsgesellschaft mbH on
Feb. 29, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Charterboerse Reisevermittlungsgesellschaft mbH
         Attn: Alexander Sturm, Manager
         Eberhardstr. 47
         70173 Stuttgart
         Germany


CONSUMERS FRUIT: Claims Registration Period Ends March 28
---------------------------------------------------------
Creditors of Consumers Fruit Laboratories GmbH have until
March 28, 2008, to register their claims with court-appointed
insolvency manager Peter-Alexander Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting at 12:00 p.m. on April 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Peter-Alexander Borchardt
         Deichstrasse 1
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Consumers Fruit Laboratories GmbH on Feb. 25, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Consumers Fruit Laboratories GmbH
         Attn: Rolf Otto Wieckhoff, Manager
         Banksstrasse 28
         20097 Hamburg
         Germany


DIE NAHT: Claims Registration Period Ends April 1
-------------------------------------------------
Creditors of Die Naht GmbH have until April 1, 2008, to register
their claims with court-appointed insolvency manager Wolfgang
Hauser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

          Wolfgang Hauser
          Poetenweg 36
          08056 Zwickau
          Germany
          Tel: (0375) 273660
          Fax: (0375) 2736613

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

The Debtor can be reached at:

         Die Naht GmbH
         Attn: Werner Mueller, Manager
         Hauptstrasse 11
         09235 Burkhardtsdorf
         Germany


DONLOX GMBH: Claims Registration Period Ends April 1
----------------------------------------------------
Creditors of Donlox GmbH have until April 1, 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 8:30 a.m. on April 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Law Courts
         Meeting Room 162
         Alten Einlass 1
         86150 Augsburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Carlos Mack
         Brienner Str. 21
         80333 Muenchen
         Germany

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

The Debtor can be reached at:

         Donlox GmbH
         Siemensstr. 1
         86695 Nordendorf
         Germany


EB VERWALTUNGSGESELLSCHAFT: Claims Period Ends March 20
-------------------------------------------------------
Creditors of EB Verwaltungsgesellschaft mbH have until
March 20, 2008, to register their claims with court-appointed
insolvency manager Wolfgang Illig.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on April 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Wolfgang Illig
         Kriegerstr. 3
         70191 Stuttgart
         Germany

The District Court of Stuttgart opened bankruptcy proceedings
against EB Verwaltungsgesellschaft mbH on Feb. 21, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         EB Verwaltungsgesellschaft mbH
         Attn: Jens Schmelt, Manager
         Rheinstahlstr. 3
         70469 Stuttgart
         Germany


ERICH SCHENK: Claims Registration Period Ends March 17
------------------------------------------------------
Creditors of Erich Schenk GmbH have until March 17, 2008, to
register their claims with court-appointed insolvency manager
Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on April 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Duesseldorf
          Meeting Hall A 388
          Third 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:

          Georg Kreplin
          Breite Strasse 27
          40213 Duesseldorf
          Germany

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

The Debtor can be reached at:

          Erich Schenk GmbH
          Attn: Erich Schenk, Manager
          Hohe Strasse 28
          40213 Duesseldorf
          Germany


GARBODES PARTYSERVICE: Claims Registration Ends March 31
--------------------------------------------------------
Creditors of Garbodes Partyservice GmbH have until March 31,
2008 to register their claims with court-appointed insolvency
manager Burghard Wegener.

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

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B8
         Berliner Strasse 8
         37073 Goettingen
         Germany

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

The insolvency manager can be reached at:

         Burghard Wegener
         Obere Karspuele 36, D
         37073 Goettingen
         Germany
         Tel: 0551/9003660
         Fax: 0551/90036629

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

The Debtor can be reached at:

         Garbodes Partyservice GmbH
         Attn: Heinrich Domroese, Manager
         Plan 4
         37124 Rosdorf
         Germany


H. MAYER GMBH: Claims Registration Period Ends March 12
-------------------------------------------------------
Creditors of H. Mayer GmbH have until March 12, 2008, to
register their claims with court-appointed insolvency manager
Wolfgang Bilgery.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Stuttgart
          Room 178
          Hauffstr. 5 (Am Neckartor)
          70190 Stuttgart
          Germany

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

The insolvency manager can be reached at:

          Dr. Wolfgang Bilgery
          Humboldtstr. 16
          70178 Stuttgart
          Germany
          Tel: 0711/96 68 90
          Fax: 0711/96 68 919

The District Court of Stuttgart opened bankruptcy proceedings
against H. Mayer GmbH on Feb. 26, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          H. Mayer GmbH
          Steinbeisweg 14
          71364 Winnenden
          Germany


HAINKE INTERNATIONALE: Claims Registration Ends March 31
--------------------------------------------------------
Creditors of HAINKE Internationale Essplatz Collection GmbH have
until March 31, 2008 to register their claims with court-
appointed insolvency manager Dr. Markus Schadler.

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 of Wuerzburg
         Meeting Hall 14
         Second Floor
         Tiepolostr. 6
         Wuerzburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Markus Schadler
         Hofstr. 3
         97070 Wuerzburg
         Germany
         Tel: 0931/452029-50

The District Court of Wuerzburg opened bankruptcy proceedings
against HAINKE Internationale Essplatz Collection GmbH on
Feb. 26, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         HAINKE Internationale Essplatz Collection GmbH
         Attn: Ronald Hake, Manager
         Barthelsmuehle 1
         97907 Hasloch
         Germany


HEALTH MED: Claims Registration Period Ends March 24
----------------------------------------------------
Creditors of Health Med GmbH have until March 24, 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 9:00 a.m. on April 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Hall 139/I
         Residenzplatz 4-6
         87435 Kempten
         Germany

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

The insolvency manager can be reached at:

         Dr. Carlos Mack
         Brienner Str. 21
         80333 Muenchen
         Germany
         Tel: 089/54 88 88-0
         Fax: 089/54888899

The District Court of Kempten opened bankruptcy proceedings
against Health Med GmbH on Feb. 25, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Health Med GmbH
         Ortsstrasse 23
         87662 Kaltental
         Germany


IKB DEUTSCHE: Fitch Lowers Ratings on Hybrid Securities to CCC-
---------------------------------------------------------------
Fitch Ratings downgraded IKB Deutsche Industriebank AG's hybrid
securities to 'CCC-' (CCC minus) from the 'B' range and removed
them from Rating Watch Negative (RWN) where they were placed on
14 February 2008 and 21 December 2007.  Their respective
Recovery Ratings were downgraded to 'RR4' from 'RR1' and 'RR2'.
The hybrid securities affected are listed below.  This rating
action follows Fitch's updated recovery analysis.

At the same time, Fitch has revised the Rating Watch Evolving on
IKB's 'A+' Long-term Issuer Default Rating and 'F1' Short-term
IDR to RWN.  IKB's other ratings are affirmed at Individual 'E'
and Support '1'.  The RWE on the 'A' rated subordinated debt
issue is revised to RWN.

"Taken all together, our assumptions result in a long period of
time before the hybrid debt securities resume coupon payments,"
says Sabine Bauer, Director in Fitch's Financial Institutions
Group.  "The introduction of a preferential claim as part of
February's support package and higher initial losses extend the
time until hybrid debt holders will receive payments again."

Fitch sees average recovery prospects for IKB's hybrid debt
securities with corresponding recovery rates ranging between
31%-50%.  The dated securities issued by IKB International SA
(IKB Lux) are characterised by relatively high initial write-
downs and their remaining short maturities.  Fitch understands
that existing reserves at IKB Lux will not be available to
reduce the bank's balance sheet loss. Holders in securities
issued by the parent bank IKB are to some extent disadvantaged
by the structure of the February support package.  While a
EUR600m support payment was directly made into equity, its
repayment needs to be made out of future earnings with those
payments ranking above hybrid debt holders.  Fitch expects that
IKB will not use reserves to reduce its balance sheet loss on an
unconsolidated basis. The sale of structured securities at IKB
or IKB Lux may further increase the assumed losses for FY07 or
FY08.

IKB's Long- and Short-term IDRs continue to reflect the
extremely high probability of support from its main shareholder,
KfW, and IKB's importance to the key German "Mittelstand"
sector.  In light of their significant involvement in the
restructuring since end-July 2007, Fitch considers the
probability of KfW (rated 'AAA'/Stable) and the German
authorities continuing to support IKB as extremely high.  To
date, IKB benefited from EUR7bn of support from KfW and the
German authorities and EUR1.5bn from the banking community.  The
RWN reflects Fitch's opinion that KfW's planned sale of its 43%
stake would most likely result in a downgrade of the IDRs. In
Fitch's view, the universe of highly rated banks, which could be
interested in acquiring IKB in the current market environment,
has shrunk.  IKB's Support rating will be reviewed as the sales
process proceeds.

The Individual rating reflects Fitch's view that IKB's financial
position remains vulnerable.  The received support measures
include a buffer, but it is uncertain if it is sufficient to
cover potential additional losses from the planned sale of
structured securities.

IKB plans to focus on its key strength in the future, its
domestic SME franchise. The success of IKB's revised business
model, however, will depend on securing competitive funding
terms under new ownership.  In the future, the bank will focus
on corporate clients, leasing, acquisition and project
financing, private equity and property lending.

The ratings for the hybrid capital instruments are:

EUR150m Propart Funding Ltd's profit participation certificates
maturing in 2015:

Long-term rating: downgraded to 'CCC-' (CCC minus) from 'B+';
removed from RWN
Recovery Rating: downgraded to 'RR4' from 'RR1'

EUR75m IKB Funding Trust I's and EUR400m Funding Trust II's
perpetual trust preferred securities:

Long-term rating: downgraded to 'CCC-' (CCC minus) from 'B';
removed from RWN
Recovery Rating: downgraded to 'RR4' from 'RR1'

EUR200m Hybrid Raising GmbH's and EUR200m Capital Raising GmbH's
perpetual notes linked to a silent participation in IKB:

Long-term rating: downgraded to 'CCC-' (CCC minus) from 'B-' (B
minus); removed from RWN

Recovery Rating: downgraded to 'RR4' from 'RR2'

EUR70m IKB International SA's capital contribution certificates
maturing in 2010 and EUR100m IKB International SA's capital
contribution certificates maturing in 2009:

Long-term rating: downgraded to 'CCC-' (CCC minus) from 'B';
removed from RWN
Recovery Rating: downgraded to 'RR4' from 'RR1'


ROLF BRANDMANN: Claims Registration Period Ends April 17
--------------------------------------------------------
Creditors of Rolf Brandmann Logistik + Vertrieb GmbH have until
April 17, 2008, to register their claims with court-appointed
insolvency manager Yvo Dengs.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on May 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 Neumuenster
          Hall 0.31
          Boostedter Strasse 26
          Neumuenster
          Germany

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

The insolvency manager can be reached at:

          Yvo Dengs
          Sandtorkai 62
          20457 Hamburg
          Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Rolf Brandmann Logistik + Vertrieb GmbH on Feb. 15,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Rolf Brandmann Logistik + Vertrieb GmbH
          Attn: Rolf Brandmann, Manager
          Dorfstrasse 25
          24806 Lohe-Foehrden
          Germany


TRAUT-GMBH: Claims Registration Period Ends March 31
----------------------------------------------------
Creditors of TRAUT-GmbH have until March 31, 2008, to register
their claims with court-appointed insolvency manager Dr. Stephan
Schlegel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 29. 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.308
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Schlegel
         Hauptstrasse 83
         65760 Eschborn
         Germany
         Tel: 06196/77906-0
         Fax: 06196/77906-20

The District Court of Darmstadt opened bankruptcy proceedings
against TRAUT-GmbH on Feb. 20, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         TRAUT-GmbH
         Attn: Jacek Dola, Manager
         Schafstrasse 11
         64579 Gernsheim
         Germany


UNITHERM GESELLSCHAFT: Claims Registration Ends March 30
--------------------------------------------------------
Creditors of UNITHERM Gesellschaft fuer Elektroheizsysteme mbH
have until March 30, 2008 to register their claims with court-
appointed insolvency manager Frank Hanselmann.

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

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Meeting Hall 14
         Second Floor
         Tiepolostr. 6
         Wuerzburg
         Germany

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

The insolvency manager can be reached at:

         Frank Hanselmann
         Heinestr. 7 b
         97070 Wuerzburg
         Germany
         Tel: 0931/359800

The District Court of Wuerzburg opened bankruptcy proceedings
against UNITHERM Gesellschaft fuer Elektroheizsysteme mbH on
Feb. 21, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         UNITHERM Gesellschaft fuer Elektroheizsysteme mbH
         Attn: Dagmar Volkmuth, Manager
         Otto-Hahn-Str. 9 a
         97230 Estenfeld
         Germany


WELTZIEN & PATTBERG: Claims Registration Ends March 31
------------------------------------------------------
Creditors of Weltzien & Pattberg Vertriebs GmbH have until
March 31, 2008 to register their claims with court-appointed
insolvency manager Justus Schneidewind.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on May 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Justus Schneidewind
         Behlertstrasse 28 a
         14469 Potsdam
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Weltzien & Pattberg Vertriebs GmbH on Feb. 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Weltzien & Pattberg Vertriebs GmbH
         Alfred-Nobel-Strasse 6
         14641 Nauen
         Germany

         Attn: H.-U. Nyhof, Manager
         Ricarda-Huch-Strasse 30 B
         44807 Bochum
         Germany


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


AES CORP: Defaults on Debt Facilities due to Misrepresentation
--------------------------------------------------------------
The AES Corporation is in default under its senior secured
credit facility and its senior unsecured credit facility due to
a breach of representation related to its financial statements
as set forth in the credit agreements.

As a result, US$200 million of the debt under the company's
senior secured credit facility will be classified as current on
the balance sheet as of Dec. 31, 2007.  There are no outstanding
borrowings under the senior unsecured facility.

The company will seek a waiver of these defaults from its
lenders under these facilities.  The company may not borrow
additional funds under either of these facilities until it
obtains the waiver.

The company would delay the filing of its 2007 Annual Report on
Form 10-K with the Securities and Exchange Commission.  The
company discloses that it is still preparing its financial
statements as a result of its efforts to remediate the disclosed
material weaknesses.

In addition, the company relates that financial statements for
the years ended Dec. 31, 2005, and 2006, of the company's
independent registered public accounting firm, Deloitte & Touche
LLP, could no longer be relied upon.

Although the company provides no assurance that it will able to
file its 2007 Form 10-K within the 15 calendar day extension
period it relates that the Form 10-K will be filed within the
extension period.

                      About AES Corporation

AES Corporation -- http://www.aes.com/-- a global power
company, operates in South America, Europe, Africa, Asia and the
Caribbean countries.  Generating 44,000 megawatts of electricity
through 124 power facilities, the company delivers electricity
through 15 distribution companies.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.


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


INTL SECURITIES: Unsecured Creditors Okay Scheme of Arrangement
---------------------------------------------------------------
Unsecured creditors of International Securities Trading
Corporation has approved the scheme of arrangement drafted by
court-appointed examiner John McStay, Joe Brennan writes for the
Irish Independent.

Under the scheme, unsecured creditors, which include banks, are
expected to recover 12% of their EUR439 million investment, the
Irish Independent relates.

Meanwhile, subordinated creditors -- including 125 small
investors who invested EUR43 million in bonds in ISTC -- and
Asian investors, who bought EUR160 million, worth of preference
share-like instruments, will see no return, Irish Independent
relates.

According to the report, Mr. McStay only needed the vote from
unsecured creditors to get the High Court's approval for the
scheme.

Headquartered in Dublin, Ireland, International Securities
Trading Corporation Plc -- http://www.istcorporation.com/--
provides investment grade Tier 1 and Tier II hybrid bank capital
via private placement issues and primary market participation.
Acting as principal in private placement transactions, ISTC is
uniquely positioned to offer bespoke solutions and certainty of
execution to issuers.

The company disclosed on Nov. 12, 2007, that given the
uncertainty to ISTC's funding position, the company will enter
into discussions with its providers of finance with the
objective of making appropriate amendments to their respective
financing terms.  Pending the outcome of these negotiations,
ISTC decided to defer certain payments under financing
obligations.


RITCHIE (IRELAND): Court Refuses to Review Case Against Coventry
----------------------------------------------------------------
The Hon. Denise Cote of the U.S. Bankruptcy Court for the
Southern District of New York rejected a request of Ritchie
Risk-Linked Strategies Trading (Ireland), Ltd. and Ritchie Risk-
Linked Strategies Trading (Ireland) II, Ltd. to reconsider a
dismissal of claims of breach of fiduciary duty, fraud, and RICO
violations filed against Coventry First LLC, in a Feb. 29
hearing.  The judge granted Coventry First's request to dismiss
these claims filed by the Debtors on the same day.

As a result, all of Ritchie's claims against Coventry have been
dismissed by the Court.  The only remaining issue to be resolved
is a breach of contract claim.

                   The Ritchie I Complaint

The Debtors also disclose that on May 2, 2007, a complaint was
filed in the U.S. District Court for the Southern District of
New York alleging that the Debtors and their investors were
defrauded by certain companies and individuals affiliated with
the Coventry-affiliated group of companies.

In the complaint titled "Ritchie Capital Management, L.L.C., et
al. v. Coventry First, LLC, et al." (No. 07-3494 U.S. D. Ct.
S.D.N.Y.), the plaintiffs allege that Coventry partnered with
them to invest in life insurance policies with a view toward re-
selling them through a securitization transaction.  The
complaint further alleges that Coventry concealed from Ritchie
Capital that the defendants were systematically defrauding the
owners of the policies, and then further deceived Ritchie
Capital as to the existence of an investigation by the Attorney
General of New York into the defendants' misconduct.

The complaint also argued that Moody's lost confidence in the
health of the collateral -- i.e., the policies -- because it no
longer believed that representations and warranties could be
made by Ritchie I and Ritchie II to potential investors in the
securitization of the nature and character provided to, and
relied upon by, Ritchie I and Ritchie II in the purchase of the
policies.

Moody's, according to the complaint, no longer believed that the
policies had been purchased in compliance with applicable legal
requirements.

Ritchie Capital sought damages of US$700 million against
Coventry First.  Under the Federal RICO Act, these damages would
be three times the actual damages established at the trial and
potentially amount to more than US$2 billion.

                       About Coventry

Headquartered in Philadelphia, Pennsylvania, Coventry First LLC
-- http://www.coventry.com/-- is a secondary market leader for
life settlements.

                   About Ritchie (Ireland)

Based in Dublin, Ireland, Ritchie Risk-Linked Strategies Trading
(Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading
(Ireland) II Ltd. -- http://www.ritchiecapital.com/-- are
Dublin-based funds of hedge fund group Ritchie Capital
Management LLC.  The Debtors were formed as special purpose
vehicles to invest in life insurance policies in the life
settlement market.  The Debtors filed for Chapter 11 protection
on June 20, 2007 (Bankr. S.D.N.Y. Case Nos. 07-11906 and 07-
11907).  Allison H. Weiss, Esq., David D. Cleary, Esq., and
Lewis S. Rosenbloom, Esq., at LeBoeuf, Lamb, Greene & MacRae,
LLP represent the Debtors in their restructuring efforts.  No
Official Committee of Unsecured Creditors has been appointed to
date.  When the Debtors filed for bankruptcy, they listed
estimated assets and debts of more than US$100 million.  The
Debtors' exclusive period to file a Chapter 11 plan of
liquidation expires on April 15, 2008.


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


BERRY PLASTICS: B. Scheu Takes Helm at Rigid Closed Top Division
----------------------------------------------------------------
Berry Plastics Corp. disclosed on March 3, 2008 an
organizational change involving one of its operating segments.
Ben Scheu has accepted the role of president of Rigid Closed Top
Division.  Randy Hobson, who formerly served as president of
Rigid Closed Top Division, has assumed the corporate role of
executive vice president for Commercial Development.

The company did not provide any additional information.

                   About Berry Plastics

Headquartered in Evansville, Nebraska, Berry Plastics
Corporation -- http://www.berryplastics.com/-- is a
manufacturer and supplier of a diverse mix of rigid plastics
packaging products focusing on the open top container, closure,
aerosol overcap, drink cup and housewares markets.  The company
sells a broad product line to over 12,000 customers.  Berry
Plastics concentrates on manufacturing high quality, value-added
products sold to marketers of institutional and consumer
products.  In 2004, the company created its international
division as a separate operating and reporting division to
increase sales and improve service to international customers
utilizing existing resources.  The international segment
includes the company's foreign facilities and business from
domestic facilities that is shipped or billed to foreign
locations.

Berry has 25 manufacturing facilities worldwide, including in
Italy, England, and Hong Kong and more than 6,800 employees.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
Feb. 14, 2008, Moody's Investors Service affirmed the B3
Corporate Family Rating of Berry Plastics Corporation and
downgraded certain instrument ratings.  The outlook is stable.


FIAT SPA: Plans to Manufacture Alfa Romeo in the U.S.
-----------------------------------------------------
Fiat SpA intends to bring back Alfa Romeo cars to the United
States in the next two years, Bloomberg reports.  The is also
also considering the option to produce the cars in the U.S.

In an interview at the Geneva International Motor Show, Fiat SpA
CEO Sergio Marchionne reiterated that they are thinking of
producing the vehicles in the medium to long term in the U.S.

According to the report, the company is considering the option
since the U.S. dollar is currently at a record low against the
Euro thus making it more profitable to produce the cars in the
U.S. instead of exporting them from Europe.

                      About Fiat S.p.A.

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

                        *     *     *

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

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

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


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


ARASLAN LLP: Creditors Must File Claims by April 1
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Araslan insolvent on Jan. 3, 2008,

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Deribas Str. 19/1
         Pavlodar
         Kazakhstan
         Tel: 8 (3182) 34-74-67


ASPAN TRADE: Creditors Must File Claims by April 4
--------------------------------------------------
LLP Aspan Trade has declared insolvency.  Creditors have until
April 4, 2008, to submit written proofs of claims to:

         LLP Aspan Trade
         Jangozin Str. 7
         Kaskelen
         Karasaisky District
         Almaty
         Kazakhstan
         Tel: 8 700 415 63-44


ATYRAU NEFT: Claims Deadline Slated for April 4
-----------------------------------------------
LLP Atyrau Neft Gas Service Ltd. has declared insolvency.
Creditors have until April 4, 2008, to submit written proofs of
claims to:

         LLP Atyrau Neft Gas Service Ltd.
         Abai Str. 3-16
         Atyrau
         Kazakhstan
         Tel: 8 (31222) 32-46-45


ENERGY DIAMOND: Claims Deadline Slated for April 4
--------------------------------------------------
LLP Energy Diamond has declared insolvency.  Creditors have
until April 4, 2008, to submit written proofs of claims to:

         LLP Energy Diamond
         Office 43
         Jybek joly ave. 106
         Almaty
         Kazakhstan


ENERGOPROMSERVICE LTD: Claims Filing Period Ends April 4
--------------------------------------------------------
LLP Energopromservice Ltd has declared insolvency.  Creditors
have until April 4, 2008, to submit written proofs of claims to:

         LLP Energopromservice Ltd
         Tole bi Str. 196-13
         Almaty
         Kazakhstan


GOLDEN VIP-S: Creditors' Claims Due on March 28
-----------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Golden ViP-S (RNN 092000210200).

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


KAZ INTER: Claims Filing Period Ends April 4
--------------------------------------------
LLP Kaz Inter Trade has declared insolvency.  Creditors have
until April 4, 2008, to submit written proofs of claims to:

         LLP Kaz Inter Trade
         Turkestanskaya Str.
         Shymkent
         South Kazakhstan
         Kazakhstan


KOKSU AJARY: Claims Registration Ends March 28
----------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Koksu Ajary (RNN 530900000201).

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


NUR SNAB: Creditors' Claims Due on April 4
------------------------------------------
LLP Nur Snab Alliance has declared insolvency.  Creditors have
until April 4, 2008, to submit written proofs of claims to:

         LLP Nur Snab Alliance
         Nauryz Str.153
         Algabas
         Karasaisky
         040928, Almaty
         Kazakhstan


ROGACHEVSKY COMBINATE: Creditors Must File Claims by April 4
------------------------------------------------------------
LLP Rogachevsky Combinate V kazakhstane has declared insolvency.
Creditors have until April 4, 2008, to submit written proofs of
claims to:

         LLP Rogachevsky Combinate V kazakhstane
         Esenjanov Str. 42/3
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 54-90-08
              8 (3112) 54-89-40


RUDNY KAZ: Claims Deadline Slated for April 4
---------------------------------------------
LLP Rudny Kaz Stroy Standart has declared insolvency.  Creditors
have until April 4, 2008, to submit written proofs of claims to:

         LLP Rudny Kaz Stroy Standart
         Korchagin Str. 34-75
         Rudny
         111500, Kostanai
         Kazakhstan


TRUST-SERVICE LLP: Claims Registration Ends April 4
---------------------------------------------------
LLP Trust-Service has declared insolvency.  Creditors have until
April 4, 2008, to submit written proofs of claims to:

         LLP Trust-Service
         Karasaisky district, Mir Str.
         Almaty
         Kazakhstan


UGO-VOSTOK ONLINE: Claims Filing Period Ends April 4
----------------------------------------------------
LLP Ugo-Vostok Online has declared insolvency.  Creditors have
until April 4, 2008, to submit written proofs of claims to:

         LLP Ugo-Vostok Online
         Stepnoy-4, 31-17
         Karaganda
         Kazakhstan


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


ATLANT STROY: Creditors Must File Claims by April 1
---------------------------------------------------
LLC Construction Company Atlant Stroy Service has declared
insolvency.  Creditors have until April 1, 2008 to submit
written proofs of claim to:

         LLC Construction Company Atlant Stroy Service
         Den Saopin Str. 308a
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 61-08-30


TAZA-OIL LLC: Claims Filing Period Ends March 28
------------------------------------------------
LLC Taza-Oil (INN 01511200610029) has declared insolvency.
Creditors have until March 28, 2008 to submit written proofs of
claim to:

         LLC Taza-Oil
         Razzakov Str. 58
         Osh
         Kyrgyzstan
         Tel: (+996 3222) 2-22-08


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


KONINKLIJKE AHOLD: Earns EUR2.9 Billion for Full Year 2007
----------------------------------------------------------
Koninklijke Ahold N.V. has published its summary financial
report for the full year and fourth quarter 2007.

                            Full Year

Net sales were EUR28.2 billion, up 1.2% compared to 2007. At
constant exchange rates, net sales increased by 6.1%.
Operating income was EUR1.1 billion, EUR71 million higher than
in 2007. Retail operating income was EUR1.3 billion, EUR31
million higher compared to 2007.

Corporate Center costs were EUR106 million, down EUR26 million
from 2007.

Net income was EUR2.9 billion, up EUR2 billion compared to 2007,
mainly as a result of the divestment of U.S. Foodservice,
Aholdís Polish operations and Tops.

Cash flow before financing activities was EUR6.6 billion
positive, EUR5.6 billion better than in 2007, mainly as a result
of the proceeds from the sale of U.S. Foodservice, Aholdís
Polish operations and Tops.

                         Fourth Quarter

Net sales were EUR6.6 billion, up 0.2% from the same period in
2007. At constant exchange rates, net sales increased by 6.5%.
Operating income was EUR253 million, EUR51 million higher than
the same period in 2007. Retail operating income was EUR289
million, a retail operating margin of 4.4% compared to 3.7% in
the same period in 2007.

Corporate Center costs were EUR29 million for the quarter, down
EUR6 million from the same period in 2007.

Net income was EUR262 million, up EUR22 million from the same
period in 2007, reflecting a higher operating income and lower
net financial expense, partially offset by higher income taxes.

Cash flow before financing activities was EUR582 million
positive, EUR239 million better than the same period in 2007,
mainly as a result of the proceeds from the sale of Tops.
Full year 2007

"Ahold exceeded the targets we set in 2007," CEO John Rishton
said.  "We delivered an underlying retail operating margin of
4.6% against our 4% to 4.5% guidance.  We largely completed our
planned divestments, returned EUR4 billion to shareholders, and
our investment grade rating was reinstated.  We restructured the
company into two continental platforms and achieved reductions
in Corporate Center costs ahead of schedule.

"We are progressing with our strategy for profitable growth,
largely thanks to the continuing hard work and commitment of all
our employees.  In the United States, we rolled out 70% of our
VIP program at Stop & Shop and Giant-Landover by year-end while
Giant-Carlisle continued its strong performance.  In Europe,
Albert Heijn continued to exceed expectations, and we saw
promising first results from the repositioning program at Albert
and Hypernova in the Czech Republic.

"I am delighted that our improved performance has enabled us to
reinstate an annual dividend.  For 2007, the proposed dividend
is EUR0.16 per common share.  We plan increase future annual
dividends while meeting the capital needs of the business and
maintaining an efficient investment grade capital structure.

"In 2008, our focus will be on the completion of the VIP program
at Stop & Shop and Giant-Landover, the start of the remodeling
of our Giant-Landover stores, further repositioning of
Albert/Hypernova, and driving the growth of Albert Heijn.

"The VIP program will continue to impact margins with
improvements expected later in the year.  Underlying retail
operating margin for the year is projected to be between 4.5%
and 5.0%.  Capital expenditure will be around EUR1.1 billion.
Gross debt will fall further in 2008 as we progress towards our
announced EUR2 billion debt reduction target.  Net interest
expense for the year is expected to be in the range of EUR270
million to EUR290 million."

                          About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal
Ahold) -- http://www.ahold.com/-- retails food through
supermarkets, hypermarkets and discount stores in North and
South America, Europe.  It has operations in Argentina.  The
company's chain stores include Stop & Shop, Giant, TOPS, Albert
Heijn and Bompreco.  Ahold also supplies food to restaurants,
hotels, healthcare institutions, government facilities,
universities, stadiums, and caterers.

                          *     *     *

As of Nov. 19, 2007, Koninklijke Ahold carries BB+ Issuer
Default and senior unsecured ratings from Fitch Ratings.  Fitch
said the Outlook is Positive.  Its Short-term rating is B.


X5 RETAIL: Launches Mercado Supercenter Hypermaket Brand
--------------------------------------------------------
X5 Retail Group N.V. has launched a new hypermarket concept
under the Mercado Supercenter brand and detailed its plans to
open the first Mercado store in June 2008.

X5 Group has developed the Mercado Supercenter concept based on
the best practice and expertise of most successful European
retailers, while also taking local dynamics and the likes and
dislikes of Russian consumers into account.

The major advantages of Mercado Supercenter stores for customers
will include low prices, a list of products based on local
market preferences, a balanced assortment of food and non-food
goods, a customer-friendly layout for the stores, a private
label bakery and deli, and ample parking, as well as additional
services and attractions developed in line with European retail
standards.

"We see great potential for our new hypermarket format in
Russia," Antonio Melo, COO of X5 Retail Group, said.  "At the
same time, careful development and perfect execution of the
store concept and its value positioning for customers is
absolutely critical for success of large format stores.

"Success cannot simply be based on low prices and wide
assortment, but rather the ability to offer our customers a
unique shopping experience and the highest level of service.  We
sincerely hope that the new, modern Mercado Supercenter
hypermarkets will provide such an experience for our customers
and that the brandís success will further strengthen the Groupís
competitive position."

The first hypermarket under the Mercado Supercenter brand will
open on 1006 Gagarin St. in Lipetsk with a total floor space of
6000 sq. m.  The store will offer approximately 40,000 SKUs and
customers will also be able to enjoy a cafe and a kidsí room.
The opening will be the result of rebranding the My hypermarket
that X5 Group acquired when it purchased the Korzinka chain.

After opening its first store in Lipetsk, all new hypermarkets
with a floor space of 6,000-12,000 sq. meters will be opened
under the Mercado Supercenter brand.

                         About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
-- http://www.x5.ru/en/-- acts as a holding firm for the group
of companies that operate retail grocery stores.  The main
activity of the Company is the development and operation of
grocery retail stores.  The Company operated Pyaterochka and
Perekrestok retail chains in Russia, including Moscow, St.
Petersburg, Nizhniy Novgorod, Krasnodar, Kazan, Samara,
Ekaterinburg and Kiev, Ukraine.

                          *     *     *

As of March 6, 2008, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

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


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


DRESSER-RAND: Earnings Rise to US$44MM in Quarter Ended Dec. 31
---------------------------------------------------------------
Dresser-Rand Group Inc. reported financial results for fourth
quarter and year ended Dec. 31, 2007.

The company reported net income of US$43.8 million for the
fourth quarter 2007, compared with net income of US$32.9 million
for the fourth quarter 2006.

Net income was US$106.7 million for 2007 compared to a net
income of US$78.8 million for 2006.

"2007 was a year of record performance. Revenues increased 11%,
operating income increased 12% and our year-end backlog was at a
record level," Vincent R. Volpe Jr., president and chief
executive officer of Dresser-Rand, said.

"Consistent with our expectation at the start of the fourth
quarter, we experienced a strong recovery in our aftermarket
bookings and shipments," Mr. Volpe added.  "Aftermarket bookings
in the fourth quarter of 2007 increased approximately 16% over
the fourth quarter of 2006.

"I am also pleased that our bargaining unit employees at our
Painted Post, New York facility have returned to work after a
17 week work stoppage," Mr. Volpe continued.  "They have chosen
to return to work under the terms of the company's implemented
last offer, which includes important changes to work rules and
the elimination of future retiree healthcare benefits for
certain employees."

"We had expected to be able to record a non-cash curtailment
gain in 2007 in connection with the elimination of retiree
heathcare benefits for certain employees, Mr. Volpe related.
"However, it has been determined that the benefit change as
implemented represents a plan amendment.  Therefore, the
resulting curtailment amendment reduction of US$18.6 million in
the accumulated benefit obligation is expected to be amortized
to income over 36 months beginning in January 2008."

"We enter 2008 with a backlog of approximately US$1.9 billion,
continuing strong markets and a well-defined business strategy
focused on increased production and bolt-on acquisitions," he
said.

                Liquidity and Capital Resources

As of Dec. 31, 2007, cash and cash equivalents totalled
US$206.2 million and borrowing availability under the company's
US$500 million senior secured credit facility was
US$273.0 million, as US$227.0 million was used for outstanding
letters of credit.

In 2007, cash provided by operating activities was
US$216.0 million compared to US$164.1 million in 2006.  The
increase of US$51.9 million in net cash provided by operating
activities was principally from changes in working capital and
improved operating performance.

In 2007, net capital investments totaled US$26.0 million and the
company prepaid US$137.2 million of its outstanding indebtedness
under its senior secured credit facility.  As of Dec. 31, 2007,
total debt was US$370.5 million and total debt net of cash and
cash equivalents was approximately US$164.3 million.

In August 2007, the company amended its senior secured credit
facility.  The amended credit facility is a five year,
US$500 million revolving credit facility.  The amendment
increased the size of the facility by US$150 million, lowered
borrowing costs 50 basis points to LIBOR plus 150 basis points
at present leverage and extended the maturity date from Oct. 29,
2009, to Aug. 30, 2012.  The amendment also reduced the
commitment fee from 37.5 basis points to 30.0 basis points.

At Dec. 31, 2007, the company's balance sheet showed total
assets US$1.95 billion, total liabilities  of US$1.15 billion
and total stockholders' equity of US$0.80 billion.

            Internal Control Over Financial Reporting

The company concluded that its internal control over financial
reporting as of Dec. 31, 2007, was effective.  "Eliminating all
of the disclosed material weaknesses is a great milestone for
the company and reflects the hard work and excellent team effort
of many of our employees across the entire worldwide
orgnization," Lonnie A. Arnett, vice president, controller and
chief accounting officer of Dresser-Rand, said.

                  About Dresser-Rand Group

Headquartered in Houston, Texas, Dresser-Rand Group Inc. (NYSE:
DRC) -- http://www.dresser-rand.com/-- supplies rotating
equipment solutions to the worldwide oil, gas, petrochemical,
and process industries.  The company operates manufacturing
facilities in the United States, France, Germany, Norway, India,
and Brazil, and maintains a network of 26 service and support
centers covering more than 140 countries.

                         *     *     *

Moody's Investor Service placed Dresser-Rand Group Inc.'s
probability of default rating at 'Ba3' in September 2006.  The
rating still hold to date with a stable outlook.

In addition, Dresser-Rand Group Inc. continues to carry Standard
& Poor's Ratings Services' BB- rating with a stable outlook.
The company's US$500 million senior secured revolving credit
facility due 2012 was rated BB+ by S&P in September 2007.


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


POLSKA GRUPA: Fitch Lowers National Long-Term Rating to BB(pol)
---------------------------------------------------------------
Fitch Ratings downgraded Poland's largest pharmaceutical
distributor Polska Grupa Farmaceutyczna S.A.'s National Long-
term rating to 'BB(pol)' from 'BB+(pol)' and removed it from
Rating Watch Negative.  A Stable Outlook is assigned.  Its
National Short-term rating is affirmed at 'B(pol)'.

The downgrade reflects a weakening of PGF's debt protection
measures, primarily driven by debt-financed acquisitions in
Q407.  At end-2007 PGF's consolidated net debt stood at PLN506m,
up from PLN252m at end-2006 while EBITDAR (excluding profits
from asset disposals) grew 8% to PLN104m during 2007.  This led
to a marked deterioration in the group's lease-adjusted net
debt/EBITDAR to almost 6x at end-2007 from 3.5x at end-2006. Its
leverage ratio based on funds from operations was also
materially weaker.

Fitch expects PGF's lease-adjusted interest coverage ratio to
deteriorate in 2008 as the full impact of increased debt
following acquisitions completed in Q407 and higher interest
rates in Poland is expected to more than offset EBITDAR growth.
This will leave the company with lower financial flexibility.

The company has recently announced plans of further expansion
into the central European pharmaceutical distribution business,
following its acquisition of a controlling stake in a Lithuanian
wholesale and retail distribution group, UAB Limedika and
Gintarine Vastine, for EUR22.5m (PLN82m), closed in November
2007.  For 2008 PGF plans more acquisitions of regional
distributors in at least two other CE countries. Fitch
understands that these transactions will be funded through the
sale of a stake in a PGF subsidiary to investors (via a private
placement or an IPO) and, possibly, asset disposals, rather than
additional debt.

The group continues to pursue selected acquisitions in Poland.
In February 2008 PGF completed its acquisition of a 58.3% stake
in Hurtownia Aptekarz, a wholesale business located in south
eastern Poland.  The acquisition price was PLN34m, of which
PLN26m cash was injected as an equity increase into the acquired
company and effectively remained in the PGF group.

The Stable Outlook assumes PGF will not increase debt further,
while EBITDAR should improve in 2008 due to stronger
profitability and positive contributions from the recently
acquired entities.  This should help reduce the group's
financial leverage from its high level at end-2007.  Should the
company pursue sizeable debt-funded acquisitions in 2008, its
ratings may be put under pressure.

The ratings reflect PGF's aggressive financial policy and growth
strategy through selected acquisitions.  They also take into
account the company's leading position in the growing Polish
pharmaceuticals distribution market, including operations in the
retail pharmacy business through its chain of about 1,700
pharmacies under PGF's loyalty programme.


VALEANT PHARMA: To Restate Financial Statements Due to Errors
-------------------------------------------------------------
Valeant Pharmaceuticals International disclosed in a regulatory
filing that its Board of Directors on March 1, 2008, determined
that certain of the company's annual and interim financial
statements, earnings press releases and similar communications,
should no longer be relied upon.

During the preparation process for the 2007 Annual Report on
Form 10-K, the company identified certain accounting errors
related to certain foreign operations which primarily arose
during the period Jan. 1, 2002, to Sept. 30, 2007, and, in
aggregate, would have resulted in a net charge to income from
continuing operations before income taxes of approximately
US$2.8 million to correct the cumulative effect of the errors in
the fourth quarter of 2007.

These included adjustments impacting annual periods prior to
2007 with a cumulative charge to income from continuing
operations before income taxes of approximately US$5.2 million
as of Jan. 1, 2007.  The adjustments also included items
originating in the first, second and third quarters of 2007 with
a net benefit to income from continuing operations before income
taxes of approximately US$2.4 million.

The errors and the estimated cumulative effect of the
corrections
are:

a. Increase in reserves for anticipated product returns based
    on historical trends and for certain credit memos in Mexico,
    the cumulative effect of which is an expected reduction in
    revenue of approximately US$4.0 million;

b. Decrease in revenues associated with sales to certain
    customers in Italy where preexisting rights of return became
    known in the fourth quarter of 2007, the cumulative effect
    of which is an estimated reduction of revenues of
    approximately US$1.8 million;

c. Decrease in costs of goods sold related to bookkeeping
    errors in recording inventory costing and manufacturing
    variances in the UK and France, the cumulative effect of
    which is an expected reduction in cost of goods sold and a
    corresponding increase in gross profit of approximately
    US$4.9 million;

d. Increase in pension expense in the UK and the Netherlands
    resulting from incorrect application of Statement of
    Financial Accounting Standard No. 87, Employers Accounting
    for Pensions, the cumulative effect of which is an expected
    increase in general and administrative expenses of
    approximately US$1.9 million; and

e. Increase in income tax expense due to correction of deferred
    income taxes in certain foreign locations resulting in a
    decrease in income of approximately US$500,000.
    Additionally income tax expense is reduced by approximately
    US$800,000 resulting from the income tax effects of the pre-
    tax adjustments described above.

                 About Valeant Pharmaceuticals

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

                        *     *     *

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


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


AGTRO-TEKH OJSC: Creditors Must File Claims by March 16
-------------------------------------------------------
Creditors of OJSC Agtro-Tekh have until March 16, 2008, to
submit proofs of claim to:

         V. Zorin
         Insolvency Manager
         Post User Box 4608
         656049 Barnaul
         Russia

The Arbitration Court of Altay commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11967/07-B.

The Debtor can be reached at:

         OJSC Agtro-Tekh
         Zelenaya Str. 5
         Novonikolaevka
         658254 Rubtsovskiy
         Russia


COMSTAR-UNITED: Inks Deal to Install 10,000 Phones in Podolsky
--------------------------------------------------------------
Comstar Ė United TeleSystems JSC has signed a cooperation
agreement with Administration of Podolsky region, Moscow area,
in the field of telecommunication infrastructure development.

COMSTAR-UTS cooperate with the local administration of Podolsky
region to ensure reduced-price telephone services for limited
income residents.

Besides, in the near future COMSTAR-UTS Moscow Area Branch will
start construction of telecom network in Podolsky region to
provide the region residents with a set of advanced telecom
services, including telephony, broadband Internet, cable and IP
TV.  Within two years, the branch will introduce more than
10,000 phone numbers and roll out more than 50 km of backbone
network lines in the region.

"The cooperation is a prerequisite for large-scale business
development and promotion of the services in one of
strategically important areas for us, Moscow region," Dmitry
Dronov, Director of COMSTAR-UTS Moscow Area Branch, said.

                       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.


EXPERIMENTAL-PRODUCTION: Creditors Must File Claims by March 16
--------------------------------------------------------------
Creditors of OJSC Experimental-Production Centre have until
March 16, 2008, to submit proofs of claim to:

         K. Shamsutdinov
         Temporary Insolvency Manager
         Post User Box 18
         Elabuga
         423600 Tatarstan
         Russia

The Arbitration Court of Tatarstan will convene at 1:00 p.m. on
April 24, 2008, to hear the company's bankruptcy supervision
procedure.   The case is docketed under Case No. A65-25488/
2007-SG4-21.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Experimental-Production Centre
         Naberezhnye Chelny
         Tatarstan
         Russia


IDEAL LLC: Creditors Must File Claims by March 16
-------------------------------------------------
Creditors of LLC Agricultural Company Ideal (TIN 0232005792)
have until March 16, 2008, to submit proofs of claim to:

         R. Abubakirov
         Insolvency Manager
         Post User Box 55
         Baymak
         453630 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A07-3337/07-G-NLV.

The Court is located at:

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

The Debtor can be reached at:

         R. Abubakirov
         Insolvency Manager
         Post User Box 55
         Baymak
         453630 Bashkortostan
         Russia


KOLPASHEVSKAYA SHIPBUILDING: Asset Sale Slated for March 20
-----------------------------------------------------------
F. Voytsik, the insolvency manager and bidding organizer for
OJSC Kolpashevskaya Shipbuilding Yard, will open a public
auction for the company's properties at 10:00 a.m. on
March 20, 2008, at:

         OJSC Kolpashevskaya Shipbuilding Yard
         Office 206
         Nakhimova Str. 13/1
         Tomsk
         Russia

Interested participants have until March 14, 2008, to deposit an
amount equivalent to 10% of the starting price to:

         Settlement Account 40702810606100000284
         OJSC Tomsk-stroy-bank
         Tomsk
         Russia

Bidding documents must be submitted to:

         F. Voytsik
         Insolvency Manager and Bidding Organizer
         Office 207
         Nakhimova Str. 13/1
         Tomsk
         Russia
         Tel/Fax: (3822) 42-59-53

The Debtor can be reached at:

         OJSC Kolpashevskaya Shipbuilding Yard
         Office 206
         Nakhimova Str. 13/1
         Tomsk
         Russia


OGK-5 OAO: Unveils Agenda for Upcoming Shareholders Meeting
-----------------------------------------------------------
OAO OGK-5's Board of Directors has resolve to include these
issues proposed by OGK-5ís shareholders into the agenda of the
Annual General Shareholdersí Meeting:

    * ratification of the annual report;

    * ratification of the annual financial statements, including
      the profit and loss statement (profit and loss accounts);

    * approval of the Companyís profit appropriation based on
      the results of 2007;

    * size, period and form for the payment of dividends based
      on the results of 2007;

    * election of members to the Board of Directors (supervisory
      council);

    * election of members to the Internal Audit Commission
      (internal auditor);

    * ratification of the Companyís auditor; and

    * ratification of a new edition of the Articles of
      Association of JSC OGK-5.

                           About OGK-5

Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.

                          *     *     *

As of Nov. 20, 2007, OAO OGK-5 carries Ba3 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service.
Moody's said the Outlook is Stable.


OGK-5 OAO: Nominates Sixteen People to Board of Directors
---------------------------------------------------------
OAO OGK-5 has revealed the list of candidates for Board of
Directors:

    * Andrey Kozlov: Consultant, the Department for Property
      Management of Organisations in Commercial Sector, the
      Federal Property Management Agency;

    * Sergey Zhuravlev: Head of the Department for Property
      Management of Organisations in Commercial Sector, the
      Federal Property Management Agency;

    * Dmitry Akhanov: Head of the Federal Energy Agency
      (Rosenergo);

    * Andrey Kobzev: Deputy Head of the Property Relations Legal
      Support Department in TEK Rosenergo;

    * Maria Tikhonova: Deputy Head of the Property Relations
      Legal Support Department in TEK Rosenergo;

    * Dominique Fache - General Director of ENEL S.p.A in Russia
      and CIS;

    * Enrico Viale: ENELís Head of Operations for Russia;

    * Carlo Tamburi: Head of ENELís International Division;

    * Marco Piero Arcelli: Director of the Development
      Department of ENELís International Division;

    * Claudio Zito: Director of the Planning and Control
      Department of ENELís International Division;

    * Gabriele Frea: Director of Enel Investment Holding B.V.;

    * Gerald Joseph Rohan: Independent Director, Founder/CEO of
      RGC;

    * Stephane Maurice Zweguintsow: Head of the Representation
      of ENEL Produzione S.p.A.;

    * Dmitry Ponomarev: Chairman of the Executive Board of NP
      ATS;

    * Marcello Bruti: Head of the Integration Project, OGK-5
      ENEL Produzione S.p.A.; and

    * Giorgio Cimini: General Director of OOO ENEL-ESNenergo

                           About OGK-5

Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.

                          *     *     *

As of Nov. 20, 2007, OAO OGK-5 carries Ba3 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service.
Moody's said the Outlook is Stable.


SERVICE-STROY-KOMPLEKT: Creditors Must File Claims by March 16
--------------------------------------------------------------
Creditors of LLC Service-Stroy-Komplekt have until
March 16, 2008, to submit proofs of claim to:

         F. Akhmetshin
         Temporary Insolvency Manager
         Rossiyskaya Str. 59
         Tuymazy
         452750 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A07-13701/2007-G-SVI.

The Court is located at:

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

The Debtor can be reached at:

         LLC Service-Stroy-Komplekt
         Office 311
         Kirova Str. 107
         Ufa
         Bashkortostan
         Russia


SOGORNOE CJSC: Creditors Must File Claims by March 16
-----------------------------------------------------
Creditors of CJSC Agricultural Company Sogornoe (TIN 5420100487)
have until March 16, 2008, to submit proofs of claim to:

         A. Bogdanov
         Temporary Insolvency Manager
         3rd Floor
         Officer of Chamber of Commerce and Industry
         K. Marksa Pr. 1
         630064 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A45-16014/07-55/118.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk
         Russia

The Debtor can be reached at:

         CJSC Agricultural Company Sogornoe
         Sadovaya Str. 73
         Sogornoe
         Dovolenskiy
         632477 Novosibirsk
         Russia


TALITSKIY TRANSPORT: Creditors Must File Claims by March 16
-----------------------------------------------------------
Creditors of LLC Talitskiy Transport-Mechanical Factory (TIN
6654009210) have until March 16, 2008, to submit proofs of claim
to:

         A. Krylova
         Insolvency Manager
         Post User Box 398
         Ekaterinburg-144
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-34314/07-S11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         LLC Talitskiy Transport-Mechanical Factory
         Zavodskaya Str. 13
         Talitsa
         Sverdlovsk
         Russia


X5 RETAIL: Launches Mercado Supercenter Hypermaket Brand
--------------------------------------------------------
X5 Retail Group N.V. has launched a new hypermarket concept
under the Mercado Supercenter brand and detailed its plans to
open the first Mercado store in June 2008.

X5 Group has developed the Mercado Supercenter concept based on
the best practice and expertise of most successful European
retailers, while also taking local dynamics and the likes and
dislikes of Russian consumers into account.

The major advantages of Mercado Supercenter stores for customers
will include low prices, a list of products based on local
market preferences, a balanced assortment of food and non-food
goods, a customer-friendly layout for the stores, a private
label bakery and deli, and ample parking, as well as additional
services and attractions developed in line with European retail
standards.

"We see great potential for our new hypermarket format in
Russia," Antonio Melo, COO of X5 Retail Group, said.  "At the
same time, careful development and perfect execution of the
store concept and its value positioning for customers is
absolutely critical for success of large format stores.

"Success cannot simply be based on low prices and wide
assortment, but rather the ability to offer our customers a
unique shopping experience and the highest level of service.  We
sincerely hope that the new, modern Mercado Supercenter
hypermarkets will provide such an experience for our customers
and that the brandís success will further strengthen the Groupís
competitive position."

The first hypermarket under the Mercado Supercenter brand will
open on 1006 Gagarin St. in Lipetsk with a total floor space of
6000 sq. m.  The store will offer approximately 40,000 SKUs and
customers will also be able to enjoy a cafe and a kidsí room.
The opening will be the result of rebranding the My hypermarket
that X5 Group acquired when it purchased the Korzinka chain.

After opening its first store in Lipetsk, all new hypermarkets
with a floor space of 6,000-12,000 sq. m will be opened under
the Mercado Supercenter brand.

                         About X5 Retail

Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V.
-- http://www.x5.ru/en/-- acts as a holding firm for the group
of companies that operate retail grocery stores.  The main
activity of the Company is the development and operation of
grocery retail stores.  The Company operated Pyaterochka and
Perekrestok retail chains in Russia, including Moscow, St.
Petersburg, Nizhniy Novgorod, Krasnodar, Kazan, Samara,
Ekaterinburg and Kiev, Ukraine.

                          *     *     *

As of March 6, 2008, X5 Retail Group N.V. carries a B1 Corporate
Family Rating from Moody's Investors Service.  Moody's said the
outlook is positive.

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


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


BANKINTER 16 FONDO: S&P Junks Rating on EUR43 Mln Class E Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EU2 billion mortgage-backed floating-rate
securitization notes to be issued by Bankinter 16 Fondo de
Titulizacion de Activos.

At the same time, it will issue EUR43 million of class E notes.

The originator is Bankinter S.A. (Bankinter). At closing,
Bankinter will sell the issuer a EUR2 billion closed pool of
mortgage credits granted to Spanish residents.  The mortgage
credits will be backed by first-, second-, and further- ranking
mortgages.

To fund this purchase, Bankinter 16 will issue five classes of
floating-rate, quarterly paying notes.  The class E notes will
fully fund the cash reserve account at closing.

This will be the 16th securitization of Bankinter's mortgage
credit and the third where Hipoteca SIN credits are being
securitized.  Hipoteca SIN credits are flexible loans that allow
borrowers, with Bankinter's approval, to take payment holidays,
make additional draws (which, if any, are not securitized in
the current transaction), and increase the term of their
mortgage credit.

Unlike in previous Bankinter transactions, a small percentage of
the loans from the preliminary pool will not be backed by
residential properties but commercial properties.

The preliminary ratings on the notes reflect the subordination
of the respective classes of notes below them, the cash reserve
account, the interest rate swap, and comfort provided by various
other contracts.

                       Ratings List

          Bankinter 16 Fondo de Titulizacion de Activos
                EUR2,043 Million Floating-Rate Notes

       Class          Prelim. Rating       Prelim. Amount
       -----          --------------       --------------
       A              AAA                EUR1,882,000,000
       B              AA                    EUR46,000,000
       C              BBB                   EUR38,000,000
       D              BB                    EUR34,000,000
       E              CCC-                  EUR43,000,000



FONDO DE TITULIZACION: S&P Puts CCC- Rating on Class D Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its initial credit
ratings to the EUR1,723 million floating-rate notes issued by
Fondo de Titulizacion de Activos UCI 18.

UCI 18 acquired credit rights backed by mortgage loans.  To fund
this purchase, UCI 18 issued three classes of floating-rate
notes.  The initial reserve fund (1.35%) was funded at closing
using the class D note issuance proceeds.

This transaction is slightly different from Fondo de
Titulizacion de Activos UCI 17.  In UCI 18, there are no loans
covered by a mortgage insurance guarantor, or associated loans
with original LTV ratios higher than 80%.

The originator of the assets is UCI, which was created in 1989
as a specialized mortgage lending company.  The capital in its
immediate holding company (UCI), which holds 100% of the shares
in the originator, is 50% owned by Banco Santander S.A. and 50%
by BNP Paribas.


                       Ratings List

            Fondo de Titulizacion de Activos UCI 18
             EUR1,723 Million Floating-Rate Notes

           Class          Rating             Amount
           -----          ------             ------
           A              AAA          EUR1,640,500,000
           B              A               EUR38,300,000
           C              BBB             EUR21,200,000
           D              CCC-            EUR23,000,000


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


AXENTIC LLC: Creditors' Liquidation Claims Due by March 7
---------------------------------------------------------
Creditors of LLC Axentic have until March 7, 2008, to submit
their claims to:

         Schwarz + Neuenschwander
         Neuengasse 25
         Postfach 7421
         3001 Bern
         Switzerland

The Debtor can be reached at:

         LLC Axentic
         Bern
         Switzerland


COMIT RESOURCES: Creditors' Liquidation Claims Due by March 10
--------------------------------------------------------------
Creditors of JSC Comit Resources Marketing have until
March 10, 2008, to submit their claims to:

         Stefan Pfister
         Fabrikstrasse 50
         8031 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Comit Resources Marketing
         Zurich
         Switzerland


CPR HANDEL: Zurich Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Dubendorf in Zurich commenced
bankruptcy proceedings against JSC CPR Handel on Jan. 30, 2008.

The Bankruptcy Service of Dubendorf can be reached at:

         Bankruptcy Service of Dubendorf
         8600 Dubendorf 2
         Uster ZH
         Switzerland

The Debtor can be reached at:

         JSC CPR Handel
         Industriestrasse 4a
         8604 Volketswil
         Uster ZH
         Switzerland


D. S. KARLEN: Creditors' Liquidation Claims Due by March 10
-----------------------------------------------------------
Creditors of JSC D.S. Karlen Holding have until March 10, 2008,
to submit their claims to:

         Frau S. Karlen
         Liquidator
         Zurichstrasse 5
         8124 Maur
         Uster ZH
         Switzerland

The Debtor can be reached at:

         JSC D.S. Karlen Holding
         Maur
         Uster ZH
         Switzerland


MEIER SCHREINEREI: Creditors' Liquidation Claims Due by March 10
----------------------------------------------------------------
Creditors of LLC Meier Schreinerei & Einbruchschutz have until
March 10, 2008, to submit their claims to:

         Elisabeth Meier
         Liquidator
         Winterried 111
         4814 Bottenwil
         Zofingen AG
         Switzerland

The Debtor can be reached at:

         LLC Meier Schreinerei & Einbruchschutz
         Bottenwil
         Zofingen AG
         Switzerland


MEWOTEC LLC: Creditors' Liquidation Claims Due by March 7
---------------------------------------------------------
Creditors of LLC Mewotec have until March 7, 2008, to submit
their claims to:

         Erwin Wolf
         Liquidator
         Industriestrasse 8
         6055 Alpnach Dorf OW
         Switzerland

The Debtor can be reached at:

         LLC Mewotec
         Alpnach OW
         Switzerland


NATURHEILPRAXIS: Creditors' Liquidation Claims Due by March 7
-------------------------------------------------------------
Creditors of LLC Naturheilpraxis Grichting have until
March 7, 2008, to submit their claims to:

         Stucky Richard
         Liquidator
         Bahnhofstrasse 4A
         3900 Brig-Glis VS
         Switzerland

The Debtor can be reached at:

         LLC Naturheilpraxis Grichting
         Riederalp
         Raron VS
         Switzerland


NOVA NICKEL: Creditors' Liquidation Claims Due by March 10
-----------------------------------------------------------
Creditors of JSC Nova Nickel Resources have until March 10,
2008, to submit their claims to:

         Stefan Pfister
         Fabrikstrasse 50
         8031 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Nova Nickel Resources
         Zurich
         Switzerland


SISNOVA GASTRO: Creditors' Liquidation Claims Due by March 10
-------------------------------------------------------------
Creditors of LLC Sisnova Gastro have until March 10, 2008, to
submit their claims to:

         LLC Sisnova Gastro
         Metallstrasse 9
         6304 Zug
         Switzerland


ZUM TEDDY: Aargau Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC Zum Teddy Behr on Feb. 4, 2008.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Amtsstelle Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC Zum Teddy Behr
         Junkholzweg 1
         4303 Kaiseraugst
         Rheinfelden AG
         Switzerland


===========
T U R K E Y
===========


TURKCELL ILETISIM: To Pay TRY648.7 Million Dividend for 2008
------------------------------------------------------------
The  Board of Directors of Turkcell Iletisim Hizmetleri A.S. has
decided to propose distribution of cash dividends in an amount
of around TRY648.7 million which correspond to 50% of Turkcell's
distributable income of the current year.

This dividend proposal is to be evaluated and decided upon at
the Ordinary General Assembly of Shareholders to be held on
April 25, 2008.  This represents a net and gross cash dividend
of TRY0.2948699 (29.48699%) per ordinary share with a nominal
value of TRY1.

                Details of the Dividend Proposal

    * As a result of the activities of the Company, pertaining
      to the period between Jan.1, 2007, and Dec. 31, 2007, the
      Companyís profit, calculated according to the consolidated
      financial statements, which were audited independently in
      accordance with the Capital Markets Board Communique
      Serial: XI numbered 25, named "Communique Regarding the
      Accounting Standards in Capital Markets" is
      TRY1,758,625,233.  The commercial after tax profit
      calculated according to the provisions of Turkish
      Commercial Code is TRY1,901,863,845;

    * After tax profits, subject to dividend distribution,
      calculated, in accordance with article 36 of the Capital
      Markets Board Communique Serial: XI numbered 20, named
      "Communique on Principles Regarding Financial Reporting in
      Hyperinflationary Periods," modified by the
      Capital Markets Board Communique Serial: XI numbered 26 is
      TRY1,758,625,233;

    * TRY1,392,521,095 -- calculated by subtracting the total
      profits of the Companyís subsidiaries and the affiliated
      companies, which have not passed a shareholders resolution
      regarding dividend distribution or not subject to
      distribution despite such resolution, amounting to
      TRY366,104,138. shall be taken as the basis for dividend
      distribution;

    * In accordance with the CMB Communique Serial IV No: 27 on
      "Principles Regarding Distribution of Dividends and
      Interim Dividends To Be Followed by the Publicly Held
      Joint Stock Corporations Subject to Capital Market Law"
      and within the framework of article 466 of the Turkish
      Commercial Code (TCC), 5% of the commercial after tax
      profit of TRY1,901,863,845, shall be set aside as the
      first legal reserve, which amounts to TRY95,093,192;

    * TRY1,297,427,903 -- the basis for dividend distribution
      for the Company, pertaining to year 2007, which is the
      difference between TRY1,392,521,095 as stated in the
      consolidated financial reports of the Company and
      TRY95,093,192, which is the first legal reserve amount, as
      mentioned and TRY1,301,935,368, calculated by adding
      TRY4,507,465, which is the aggregate amount of the
      donations made during the year, to the mentioned amount
      shall be taken as the first dividend basis;

    * TRY260,387,074, which is 20%, the percentage declared by
      the Capital Markets Board as the minimum dividend
      distribution percentage for year 2007, of the first
      dividend basis, amounting to TRY1,301,935,368 shall be
      distributed as the first cash dividend and the secondary
      reserve amounting to TRY53,871,395 shall be separated from
      the rest of the net distributable current year profit:

      -- the total amount of TRY648,713,951, which shall be
      distributed in cash, will be distributed as:

         * TRY1,687,150 from extraordinary reserves; and
         * TRY647,026,801.- from previous years profits.

      -- as the total amount of TRY648,713,951 which shall be
         distributed in cash, has been obtained by the
         investment incentive utilized within the scope of
         the investments made during the period prior to
         April 24, 2003, and investment allowance withholding
         has been calculated on the same amount in this regard,
         it shall be distributed without any withholding tax
         deductions;

      -- in this respect, an amount of TRY0.2948699 net and
         gross, shall be paid in cash equally, to the
         shareholders for each share, having a nominal value of
         TRY1.  The aggregate net amount of cash dividend
         payment shall be TRY648,713,951.

    * TRY1,243,556,508, which is the remaining distributable
      profit after the cash dividend distribution shall be:

      -- regarded as extraordinary reserves and set aside within
         the Company;

      -- as the total of such amount, transferred to 2008
         financial year as extraordinary reserves, has been
         obtained by the investment incentive, utilized within
         the scope of the investments made during the period
         prior to April 24, 2003, and investment allowance
         withholding has been calculated on such amount, no
         withholding tax deductions shall be applicable on such
         amount in case such amount will be subject to
         redistribution;

    * TRY366,104,138, the aggregate profit of the Companyís
      subsidiaries and the affiliated companies, which is not
      subject to distribution shall be left within the Company
      as the extraordinary reserve;

    * Cash dividend payment to the Companyís shareholders shall
      commence on May 20, 2008, and shall continue for 15 days
      in Istanbul Head Office, Ciftehavuzlar, Izmir and Ankara
      branches of Finans Yat?r?m Menkul Degerler A.S. and also
      in:

         Central Registry Agency
         Suezer Plaza Askerocag? Cad. No: 15 K
         2 34367 Elmadag
         Sisli Istanbul
         TUrkey

      and shall be made in exchange of the dividend share
      denominations for year 2007.

                        About Turkcell

Headquartered in Instanbul, Turkey, Turkcell Iletisim Hizmetleri
A.S. -- http://www.turkcell.com.tr/eng-- provides high-quality
mobile voice and data services through its own GSM network, with
39.4 million proportionate GSM subscribers as of
Dec. 31,2006.  The company also operates in the Ukraine through
its indirect subsidiary Astelit, in Azerbaijan, Kazakhstan,
Georgia and Moldova through its associate Fintur, and in
Northern Cyprus through its wholly owned subsidiary Kibris
Telekom.

                         *     *     *

As reported in the TCR-Europe on Feb. 7, 2008, Moody's
Investors Service  Moody's Investors Service affirmed the Ba2
foreign currency and Ba2 domestic currency corporate family
ratings of Turkcell Iletisim Hizmetleri A.S., and changed the
outlook to positive from stable.

As reported by the TCR-Europe on Dec. 19, 2007, Standard &
Poor's Ratings Services raised its foreign currency long-term
corporate credit rating on Turkish mobile telephony operator
Turkcell Iletisim Hizmetleri A.S. to 'BB' from ' BB-'.  S&P said
the outlook is positive.

Turkcell continues to carry Fitch Ratings' BB foreign currency
Issuer Default rating with stable outlook, and BB+ local
currency Issuer Default rating with positive outlook.


TURKCELL ILETISIM: Earns US$1.35BB for Year Ended December 31
-------------------------------------------------------------
Turkcell Iletisim Hizmetleri A.S. released it consolidated
financial results for the full year and fourth quarter ended
Dec. 31, 2007.

Turkcell posted US$1.35 billion in net profit on US$6.33 billion
in net revenues for full year 2007, compared with
US$875.5 million in net profit on US$4.7 billion in net revenues
for 2006.

The company posted US$403.2 million in net profit on
US$1.81 billion in net revenues for fourth quarter 2007,
compared with US$289.6 million in net profit on US$1.2 billion
in net revenues for same period in 2006.

As of Dec. 31, 2007, Turkcell had US$9.77 billion in total
assets, US$3.61 billion in cash and cash equivalents,
US$2.94 billion in total liabilities, and US$6.83 billion in
total shareholders' equity.

"We are pleased about our performance and record results in year
2007," CEO Sureyya Ciliv said.  "In a challenging year of
intense competition, we recorded strong growth in all aspects of
our business.  Our focus on delivering the best value
and user experience for our customers, our strong brand and our
technology leadership have set us apart.

"Our 2007 revenues grew by 35% to record $6.3 billion, EBITDA
increased by 44%.  In Turkey, our subscriber base reached
35.4 million, one of the largest in any country in Europe.  In
our Ukraine operations our revenues grew 191% in 2007 and
reported positive EBITDA for the second half.  Our Fintur
operations continue to grow rapidly and contribute to our bottom
line.  Dynamic economies of Turkey and Ukraine together with the
emerging markets of Fintur operations provided the right
setting.

                        About Turkcell

Headquartered in Instanbul, Turkey, Turkcell Iletisim Hizmetleri
A.S. -- http://www.turkcell.com.tr/eng-- provides high-quality
mobile voice and data services through its own GSM network, with
39.4 million proportionate GSM subscribers as of December 31,
2006.  The company also operates in the Ukraine through its
indirect subsidiary Astelit, in Azerbaijan, Kazakhstan, Georgia
and Moldova through its associate Fintur, and in Northern Cyprus
through its wholly owned subsidiary Kibris Telekom.

                         *     *     *

As reported in the TCR-Europe on Feb. 7, 2008, Moody's
Investors Service  Moody's Investors Service affirmed the Ba2
foreign currency and Ba2 domestic currency corporate family
ratings of Turkcell Iletisim Hizmetleri A.S., and changed the
outlook to positive from stable.

As reported by the TCR-Europe on Dec. 19, 2007, Standard &
Poor's Ratings Services raised its foreign currency long-term
corporate credit rating on Turkish mobile telephony operator
Turkcell Iletisim Hizmetleri A.S. to 'BB' from ' BB-'.  S&P said
the outlook is positive.

Turkcell continues to carry Fitch Ratings' BB foreign currency
Issuer Default rating with stable outlook, and BB+ local
currency Issuer Default rating with positive outlook.


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


BANK FORUM: Fitch Upgrades Rating on Acquisition by Commerzbank
---------------------------------------------------------------
Fitch Ratings upgraded Ukraine-based Bank Forum's ratings to
Long-term foreign currency Issuer Default 'BB-' (BB minus) from
'B-' (B minus) and Support '3' from '5'.  The ratings are
removed from Rating Watch Positive.  This follows the recent
completion of the acquisition of a 60%+1 share in the bank by
German bank, Commerzbank ('A'/Outlook Stable/'F1').

A Long-term local currency IDR of 'BB' has also been assigned.
Both Long-term IDRs are on Positive Outlook.  The Short-term
foreign currency IDR and Individual rating are affirmed at 'B'
and 'D/E', respectively.  The sovereign-derived Support Rating
Floor of 'No Floor' is withdrawn as the ratings are now driven
by institutional support.  In addition, Forum's outstanding
USD100m eurobond issue due October 2009 is upgraded to 'BB-' (BB
minus) from 'B-' (B minus) and, consequently, the Recovery
Rating of 'RR4' on it is withdrawn, in accordance with Fitch's
methodology.

The upgrade reflects Fitch's view of Commerzbank's greater
ability - as indicated by its Long-term IDR - compared with that
of Forum's previous majority owner, to provide the bank with
support in case of need. However, Forum's Long-term foreign
currency IDR is constrained by Ukraine's 'BB-' (BB minus)
Country Ceiling, while the Long-term local currency IDR also
takes into account country risks.

The Outlooks on Forum's Long-term IDRs reflect the Positive
Outlook on the sovereign rating ('BB-' (BB minus)). Should
Ukraine be upgraded, Forum's Long-term foreign and local
currency IDRs would be very likely to follow suit.

The Individual rating of Forum reflects its small size by
international standards, modest profitability, relatively high
borrower risk concentration in the loan book, risks stemming
from rapid loan growth, and potentially vulnerable liquidity.
The rating also acknowledges the bank's growing franchise,
adequate asset quality to date and limited market risks.

The Individual rating may be upgraded if the bank can
demonstrate successful franchise expansion and sustained asset
quality, and a major improvement in its liquidity position and
profitability.  Downward pressure might arise mainly from
weakened asset quality.

Forum is a medium-sized bank ranked 11th by assets in Ukraine at
end-2007. Commerzbank also has an option to purchase a further
stake of up to 25% of Forum during the next 36 months.


NAFTOGAZ UKRAINY: Gazprom Resumes Full Gas Supply to Ukraine
------------------------------------------------------------
Following conversations between Ukraine president Viktor
Yushchenko and Russia Federation president Vladimir Putin,
OAO Gazprom Chairman Alexey Miller and NAK Naftogaz Ukrainy
Chairman Oleg Dubyna have reached an agreement aimed at settling
the crisis situation arisen in gas relations of the two states.

The Parties agreed that the relevant documentation certifying
the gas supplies provided from the Jan. 1 to March 1, 2008,
should be executed in full and appropriate accounts paid-up by
Naftogaz on the basis of the procedure in force as of the
beginning of this year.

Thus the issues related to the Russian gas deliveries will be
settled.  Negotiation talks concerning other matters of the gas
cooperation will continue.

The transit of Russian gas through the territory of Ukraine for
supplying to European customers is carried out in full.  All the
limitations in relation of gas supply to the Ukrainian customers
have been canceled.

Gazprom cut deliveries to Ukraine by 25% on March 3, 2008, and
another 25% on March 4, 2008, citing lack of progress of debt
settlement talks between the two countries.  Gazprom claims
Ukraine owes it US$1.5 billion for gas deliveries since November
2007.

As reported in the TCR-Europe on Feb. 19, 2008, Naftogaz Ukrainy
and Gazprom entered into an agreement to create two joint
ventures to handle domestic gas trade in Ukraine, as a result of
a gas supply/debt repayment deal between the governments of
Russia and Ukraine.

As reported in the TCR-Europe on Feb. 27, 2008, Ukrainian Deputy
Prime Miniter Oleksandr Turchinov said the country's Cabinet is
opposing plans to create joint ventures between Naftogaz and
Gazprom.  Mr. Turchinov stressed that there is no need to create
ventures since Naftogaz is capable of handling domestic
distribution.

RosUkrEnergo, a 50-50 joint venture owned by Gazprom and ARosgas
Holding AG, currently holds a 50% stake in UkrGazEnergo, giving
Gazprom a 25% share in Ukraine's domestic gas business.

According to reports, the 50-50 joint ventures of Naftogaz and
Gazprom will replace RosUkrEnergo and UkrGazEnergo, effectively
increasing the Russian firm's presence in Ukraine's domestic gas
business to 50%.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NAK Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

                          *     *     *

As reported in the TCR-Europe on Oct. 17, 2007, Fitch has placed
the ratings of Naftogaz on Rating Watch Negative.  The ratings
include the company's Long-term foreign and local currency
Issuer Default Ratings of 'B+', senior unsecured rating of 'B+'
and Recovery Rating of 'RR4'.

Naftogaz Ukraine also carries a Ba3 Corporate Family Rating, a
Ba2 Senior Unsecured Debt rating, and a Ba3 Probability-of-
Default rating from Moody's with a stable outlook.


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


ACZ REALISATIONS: Taps Liquidators from PricewaterhouseCoopers
--------------------------------------------------------------
Mark David Charles Hopkins and David Matthew Hammond of
PricewaterhouseCoopers LLP were appointed joint liquidators of
ACZ Realisations 2007 Ltd. (formerly Tu Childrenswear Ltd.) on
Feb. 20 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PricewaterhouseCoopers LLP
         Cornwall Court
         19 Cornwall Street
         Birmingham
         B3 2DT
         England


BANKMEADOW LTD: Claims Filing Period Ends April 7
-------------------------------------------------
Creditors of Bankmeadow Ltd. have until April 7, 2008 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to:

         Mark Newman
         Joint Liquidator
         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         TN9 1HG
         England

Mark Newman and Robert Knight of Vantis Business Recovery
Services were appointed joint liquidators of the company on
Feb. 26 by the members and creditors.


BATHROOM WAREHOUSE: Creditors' Meeting Slated for March 17
----------------------------------------------------------
Creditors of Bathroom Warehouse Winchester Ltd. (Company Number
3204271) will meet at 2:30 p.m. on March 17, 2008, at:

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

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

          Nigel Ian Fox and Carl Stuart Jackson
          Joint Administrators
          Tenon Recovery
          Highfield Court
          Tollgate
          Chandlers Ford
          Eastleigh
          Hampshire
          SO53 3TZ
          England

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


BUCKS AUTO: Creditors' Meeting Slated for March 17
--------------------------------------------------
Creditors of Bucks Auto Components Ltd. (Company Number
01524529) will meet at 2:30 p.m. on March 17, 2008, at:

         Smith & Williamson Limited
         Room 121
         25 Moorgate
         London
         EC2R 6AY
         England

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

         Stephen John Tancock
         Joint Administrator
         Smith & Williamson Limited
         First Floor
         89 King Street
         Maidstone
         Kent
         ME14 1BG
         England

Smith & Williamson -- http://www.smith.williamson.co.uk/--
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.


CELSIUS ENERGY: Taps Abbott Fielding as Joint Administrators
------------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were appointed
joint administrators of Celsius Energy Control Ltd. (Company
Number 02541741) on Feb. 27, 2008.

Abbott Fielding -- http://www.abbottfielding.co.uk/-- is an
independent firm specialising in Corporate Rescue, Recovery and
Insolvency procedures.  Their professionals have significant
expertise in all aspects of both corporate and personal
insolvency and are experts in business recovery and
reorganization.

The company can be reached at:

          Celsius Energy Control Ltd.
          15 Systems House
          Station Road
          High Wycombe
          Buckinghamshire
          HP13 6AD
          England
          Tel: 01494 688 000
          Fax: 01494 688 019
          Web site: http://www.celsiusenergy.co.uk/


CHRYSLER LLC: Can Have Unlimited Access to Daimler AG's Tech.
-------------------------------------------------------------
Daimler AG granted Chrysler LLC a no-frills access to its
advanced technology, Mike Spector of The Wall Street Journal
reports.

Chrysler can use the technology in order to pursue and enhance
fuel-economy and mileage on its products, says WSJ, citing
Chrysler vice chairman Jim Press at a Geneva auto convention.

Chrysler previously streamlined its production by rejecting the
"car cloning" practice, and instead will focus on selling its
remaining, unique car models.  As reported in the Troubled
Company Reporter on Feb. 27, 2008, the company's streamlining
measures came after it lost its tooling battle with Plastech
Engineered Products Inc.  The U.S. Bankruptcy Court for the
Eastern District of Michigan denied the company's request to
pull out tooling equipment from Plastech's plants.

                      About Chrysler LLC


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

                        *     *     *

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


CLEAR CHANNEL: Trial on Sale Funding Dispute Set for April 7
------------------------------------------------------------
The Hon. Leo Strine of the Chancery Court of Delaware will hold
an April 7, 2008 a hearing to determine if Wachovia Corp. should
be compelled to extend financing to Providence Equity Partners
Inc. for the purchase of Clear Channel Communications Inc.'s
television stations, The Wall Street Journal and Reuters relate.

As reported in the Troubled Company Reporter-Europe on Feb. 20,
2008, Clear Channel filed a lawsuit on Feb. 15, 2008, against
Providence Equity to compel the private equity firm to complete
its acquisition of Clear Channel's Television Group.  The TV
Group has 56 television stations, including 18 digital multicast
stations, located in 24 markets across the United States.
Providence disclosed in November 2007 that it had reservations
about the transaction, which it entered with Clear Channel in
April 2007.

               US$1.3 Billion Sale Approved by FCC

As reported in the TCR-Europe on Dec. 6, 2007, Clear Channel
received approval from the Federal Communications Commission to
sell 35 television stations to Newport Television LLC, a private
equity firm controlled by Providence, for US$1.3 billion.

In its order, the FCC denied a petition filed by Buckley
Broadcasting of Monterey, seeking reconsideration of the 2002
Commission decision granting applications to transfer control of
the Ackerley Group Inc. to Clear Channel.

However, the FCC approval comes with certain conditions that
must be met by Newport in six months, including divesting TV
stations in nine markets where it is in violation with FCC
ownership rules.  Companies must comply with the numerical
ownership limits of the FCC local television ownership rule.
The nine market areas are Bakersfield, San Francisco, Santa
Barbara, Fresno and Monterey in California; Salt Lake City;
Albany, New York; Jacksonville, Florida, and San Antonio, Texas.

Clear Channel then cut its selling price to US$1.1 billion.

                  Wachovia Wants to Get Out

Wachovia Corp.'s lawsuit filed on Feb. 22, 2008, with the North
Carolina Superior Court could thwart a sale deal between Clear
Channel and Providence.

Wachovia filed for a declaratory judgment to liberate itself
from funding the sale after the parties amended the terms of the
transaction, dropping the price to US$1.1 billion.

Wachovia, which agreed in April to finance US$500 million of the
deal, contends that the revision of the original transaction
terms nullified its financing commitment, the TCR said on
Feb. 27, 2008.

                      Newport Strikes Back

Providence previously said it may try to renegotiate the
purchase price, and should the deal fails, a US$45 million
break-up fee would have to be paid.

Newport then filed a countersuit against Wachovia in a Delaware
Court, demanding payment of break-up fee plus costs unless
Wachovia extends the needed fund.  Providence demanded that the
lenders be held to the terms of the deal it had rejected.

                       About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
Jan. 31, 2008, Standard & Poor's Ratings Services said its
ratings on Clear Channel Communications Inc., including the 'B+'
corporate credit rating, remain on CreditWatch with negative
implications. S&P originally placed them on CreditWatch on Oct.
26, 2006, following the company's announcement that it was
exploring strategic alternatives to enhance shareholder value.


D.S.B. LTD: Andrew Appleyard Leads Liquidation Procedure
--------------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed liquidator of
D.S.B. (Building Services) Ltd. on Feb. 16 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

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


DEL MONTE: Shuts Down West Lynn Factory; 80 Jobs Affected
---------------------------------------------------------
Del Monte Foods UK Ltd. is closed its West Lynn factory
yesterday, March 6, 2008, affecting around 80 jobs, Lynn News
reports.

Lynn News relates Del Monte resolved to shut down the site,
which produces fruit juices and canned foods for supermarkets
across the UK, following market pressures.

"The marketplace in which we operate is now dominated by the
supermarket's own labels," Del Monte's UK managing director
Peter Miller was quoted by Lynn News as saying.  "The site is
fairly old and needs an awful lot of investment.  There are
bigger and more efficient manufacturers out there and we are
struggling to compete."

Mr. Miller told Lynn News Del Monte is focusing on reaching a
settlement with its workers, a "significant number" of them he
disclosed have already found alternative employment.

North West Norfolk MP Henry Bellingham, however, criticized the
company's treatment of its employees, claiming "I think they
have treated staff shabbily and elected representatives
shabbily.  They did not discuss this with me or the council.
They have been arrogant and I think West Lynn and the people who
have given years of loyal service deserve better."

Meanwhile, the future of the site still remains uncertain,
although according to Mr. Bellingham, a housing development is
likely, the paper adds.

Del Monte Foods (NYSE: DLM) -Ė http://www.delmonte.com/-- is a
producer, distributor and marketer of food and pet products for
the U.S. retail market, generating more than $3.4 billion in net
sales in fiscal 2007.  The company's portfolio includes Del
Monte(R), StarKist(R), S&W(R), Contadina(R), College Inn(R),
Meow Mix(R), Kibbles 'n Bits(R), 9Lives(R), Milk-Bone(R), Pup-
Peroni(R), Meaty Bone(R), Snausages(R) and Pounce(R).

                        *     *     *

Del Monte carries Moody's Investors Service's Ba3 corporate
family rating.


EMI GROUP: Chairman Admits Takeover Has Not Gone to Plan
--------------------------------------------------------
EMI Group Ltd. chairman, Guy Hands conceded that his takeover of
the company has not gone to plan and has taken a far greater
emotional strain than he expected, David Litterick reports for
the Telegraph.

According to the report, Mr. Hands was asked by delegates
attending a private equity conference in Munich, if his first
100 days at the group had gone to plan, Mr. Hands answered, "The
honest answer to that is no."

"Strategically and financially we are 100 percent there, but
emotionally and physically it has been harder than we thought,"
Mr. Hands was quoted by the Telegraph as saying.

Mr. Hands said it had been a struggle to change 25 years of
tradition of how the music business operates, Telegraph relates.

However, Mr. Hands said the transformation of EMI was on track
and insisted that it would be seen as a success.

"We're getting there - a little slower than I would like, but
I'm always impatient," Mr. Hands said.

As previously reported, Mr. Hand's Terra Firma assumed control
of EMI Group in August 2007.

                        About Terra Firma

Terra Firma is a leading European private equity firm, created
in 2002 as the independent successor to the Principal Finance
Group, a division of Nomura that was created in 1994.  Terra
Firma focuses on buyouts of large, asset-rich and complex
businesses in need of operational and/or strategic change.

                         About EMI

Headquartered in London, United Kingdom, 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.


FARNDELL AND GATES: Appoints Joint Administrators from Begbies
--------------------------------------------------------------
David Paul Hudson and Mark Fry of Begbies Traynor (South) LLP
were appointed joint administrators of Farndell and Gates Ltd.
(Company Number 00429234) on Feb. 21, 2008.

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

The company can be reached at:

         Farndell & Gates Ltd
         Unit R
         Rudford Industrial Estate
         Arundel
         West Sussex
         BN18 0BF
         England
         Tel: 01903 736 300
         Fax: 01903 736 333


G.M. TECHNICAL: Appoints Peter Wastell as Liquidator
----------------------------------------------------
Peter Wastell of Vantis was appointed liquidator of G.M.
Technical Services Ltd. on Feb. 28 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

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


GENERAL MOTORS: Offers Additional Exit Financing to Delphi Corp.
----------------------------------------------------------------
Delphi Corp. is taking the steps necessary to enable the
completion of its exit financing syndication.  Delphi said that
it has been advised by General Motors Corp. that GM is prepared
to provide additional exit financing.

The company's US$6.1 billion exit financing package is now
expected to include a US$1.6 billion asset-backed revolving
credit facility, at least US$1.7 billion of first-lien term
loan, an up to US$2.0 billion first-lien term note to be issued
to GM (junior to the US$1.7 billion first-lien term loan), and
an US$825 million second-lien term loan, of which any unsold
portion would be issued to GM.

Delphi believes that GM's increased participation in the exit
financing structure is necessary to successfully syndicate its
exit financing on a timely basis and is consistent with its
First Amended Joint Plan of Reorganization and the investment
agreement with its plan investors.  However, certain of Delphi's
plan investors have advised the company they believe the
proposed exit financing with increased GM participation would
not comply with conditions in the company's investment agreement
between Delphi and the plan investors.

To clarify that GM's increased participation complies with the
Plan and the investment agreement, and to require each of the
Plan Investors to perform their obligations under the investment
agreement, Delphi asks the U.S. Bankruptcy Court for the
Southern District of New York seeking limited relief from the
Court under section 1142 of the Bankruptcy Code with respect to
the Plan, which was confirmed by the Court on Jan. 25, 2008.

Under Section 1142 of the Bankruptcy Code, bankruptcy courts may
direct the debtor and any other necessary party to perform any
act that is necessary for the consummation of a plan that has
been confirmed by the Bankruptcy Court.

Delphi's lead plan investor has also agreed to extend from
March 31, 2008 to Apr. 5, 2008 the first date by which it could
terminate the investment agreement with Delphi if the effective
date of the Plan has not occurred, which would provide Delphi
additional time to comply with closing conditions under the
investment agreement.

                       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)

                            About GM

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

                          *     *     *

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

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

As reported in the Troubled Company Reporter-Europe on Oct. 24,
2007, Standard & Poor's Ratings Services affirmed its 'B'
corporate credit rating and other ratings on General Motors
Corp. and removed them from CreditWatch with positive
implications, where they were placed Sept. 26, 2007, following
agreement on the new labor contract.  The outlook is stable.


GENERAL MOTORS: Key Supplier Labor Strike Affects More GM Plants
----------------------------------------------------------------
General Motors Corp. anticipates to shut down a transmission
plant in Toledo, Ohio, a metal casting plant in Saginaw,
Michigan, and a DMAX plant in Moraine, Ohio, on Monday, March
10, 2008, as United Auto Workers union workers of key supplier
American Axle & Manufacturing Inc. continue their labor strike,
according to GM's production statement.

An assembly plant in Janesville, Wisconsin will continue
production but on shortened shifts next week.  If the strike
lasts beyond next week, other alternative work schedules will be
evaluated.

Roughly 680 hourly and 170 salaried workers at the Saginaw plant
will be affected, while 1,008 hourly and 187 salaried employees
at the DMAX plant will be displaced.  About 2,246 hourly and 193
salaried workers of the Janesville plant will be affected with
the shortened shifts.

The Toledo Transmission plant is expecting 1,444 hourly and 219
salaried workers to be laid off.

As previously disclosed, UAW president Ron Gettelfinger and Vice
President James Settles disclosed that members at American Axle
began an unfair labor practices strike at 12:01 a.m. on Feb. 26,
2008, following expiration of a four-year master labor
agreement.

Lay-off numbers will vary on a day-to-day basis, as some
employees will be needed at work for training, maintenance and
other activities.  The figures of employees displaced is for
employees at manufacturing operations only, excluding Service
Parts and Operations and other automotive (non-manufacturing)
sites.

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

                          *     *     *

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

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

As reported in the Troubled Company Reporter-Europe on Oct. 24,
2007, Standard & Poor's Ratings Services affirmed its 'B'
corporate credit rating and other ratings on General Motors
Corp. and removed them from CreditWatch with positive
implications, where they were placed Sept. 26, 2007, following
agreement on the new labor contract.  The outlook is stable.


MASHLIN FRICTION: Brings In Harrisons to Administer Assets
----------------------------------------------------------
P.R. Boyle and J.C. Sallabank of Harrisons were appointed joint
administrators of Mashlin Friction Ltd. (Company Number
04746768) on Feb. 21, 2008.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.

The company can be reached at:

          Mashlin Friction Ltd.
          408 Cricket Inn Road
          Sheffield
          South Yorkshire
          S2 5AX
          England
          Tel: 0114 272 5650
          Fax: 0114 273 1665
          Web site: http://www.mashlin.f9.co.uk/


MYRIAD CHILDRENSWEAR: Brings In Liquidators from PwC
----------------------------------------------------
Mark David Charles Hopkins and David Matthew Hammond of
PricewaterhouseCoopers LLP were appointed joint liquidators of
Myriad Childrenswear Group Ltd. on Feb. 20 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PricewaterhouseCoopers LLP
         Cornwall Court
         19 Cornwall Street
         Birmingham
         B3 2DT
         England


NIKKO U.K.: Calls In Liquidators from Grant Thornton
----------------------------------------------------
David J. Dunckley and Martin G. Ellis of Grant Thornton UK LLP
were appointed joint liquidators of Nikko U.K. Ltd. on Feb. 17
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Grant Thornton UK LLP
         30 Finsbury Square
         London
         EC2P 2YU
         England


OFFSHORE TRAVEL: Joint Liquidators Take Over Operations
-------------------------------------------------------
Julie Anne Kinnison and Colin Ian Vickers of Vantis Business
Recovery Services were appointed joint liquidators of Offshore
Travel Ltd. on Feb. 28 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         BN11 1RY
         England


PETER ROBINSON: Taps Thomas Dixon to Liquidate Assets
-----------------------------------------------------
Thomas Dixon of Tenon Recovery was appointed liquidator of Peter
Robinson (Electrical) Ltd. on Feb. 25 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Tenon Recovery
         Fourth Floor
         York House
         York Street
         Manchester
         M2 3BB
         England


QUEBECOR WORLD: WEB Printing Supports Suppliers' Objections
-----------------------------------------------------------
WEB Printing Company, Inc., supports the objection raised by
Packaging Corporation of America; and Abitibi Consolidated Sales
Corp., Abitibi-Consolidated US Funding Corp., and Bowater
America Inc. regarding the reclamation procedures proposed by
Quebecor World Inc. and its debtor-affiliates.

WEB Printing also asks the U.S. Bankruptcy Court for the
Southern District of New York to require the Debtors to:

  (a) provide liquid collateral, in the form of irrevocable
      letters of credit in a amount at least equal to 125% of
      the reclamation claims; and

  (b) preclude the necessity of the Debtors obtaining the
      approval of any DIP Lender, the U.S. Trustee, or the
      Unsecured Creditors Committee to the resolution of any
      reclamation claim.

As reported in the Troubled Company Reporter-Europe on
Feb. 26, 2008, in separate filings Abitibi Consolidated Sales
Corp., Abitibi-Consolidated US Funding Corp., Bowater America
Inc. and Bowater Inc.; Packaging Corporation of America;
Catalyst Pulp and Paper Sales Inc., and Catalyst Paper (USA)
Inc.; Rock-Tenn Company; Midland Paper Company; and Day
International Inc., objected to the Debtors' proposed claims
treatment procedures.

The initial objectors demanded the return of supplies worth more
than US$30 million.

The Suppliers asserted that the proposed Reclamation Procedures
will effectively deny their right of reclamation stating that
after a 120-day stay has expired, the Suppliers' goods will have
almost certainly been entirely consumed by the Debtors.

The Suppliers believe that they have satisfied the requirements
of Section 546(c), which gives them an absolute right to reclaim
the goods they sold to the Debtors which was received 45 days
before the bankruptcy filing.

These 22 suppliers filed notices of demand for reclamation
from Feb. 5, 2008, to March 2, 2008, to recover goods supplied
to the Debtors with 45 days before the bankruptcy filing:

   Claimant                               Claim Amount
   --------                               ------------
   Forbo Adhesives                        US$106,684,453
   Abitibi Consolidated Sales Corp.         15,109,949
   Bowater America Inc.                      7,554,670
   Bowater Inc.                            unspecified
   Catalyst Paper (USA) Inc.                 8,388,821
   NewPage Corporation                       3,553,262
   Midland Paper                             3,070,833
   Packaging Corporation of America          1,454,988
   Day International                         1,225,783
   AEP Industries, Inc.                      1,099,710
   A.T. Clayton & Company                      721,305
   Rock-Tenn Company                           387,380
   MSC Industrial Supply Co.                   327,402
   ACTEGA Kelstar, Inc.                        325,711
   Goss International                          293,642
   C&W Pressroom Products                      182,170
   Roosevelt Paper Company                      74,226
   WEB Printing Controls Company, Inc.          50,482
   Holliston LLC                                45,967
   Valley Industrial Rubber Products Co.        25,610
   WESCO                                        19,544
   Newsweek, Inc.                          unspecified

                      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.  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.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

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
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 7; 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: Reaches Settlement with Utility Providers
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved five stipulations entered into by Quebecor World Inc.
and its debtor-affiliates and certain utility providers to
resolve   objections to the Utility Motion.

Consolidated Edison Company of New York, Inc., Duke Energy Ohio,
Inc., Duke Energy Carolinas, LLC, New York State Electric and
Gas Corporation, The Commonwealth Edison Company, PECO Energy
Company, Piedmont Natural Gas Company and Virginia Electric and
Power Company, d/b/a Dominion Virginia Power, CenterPoint Energy
Arkansas Gas, CenterPoint Energy Gas Transmission, Inc., and
Merced Irrigation District entered into a letter agreement dated
Feb. 20, 2008, with the Debtors pursuant to which the Debtors
will provide certain adequate assurance of payment for future
utilities services to the Utilities.

The parties agreed that upon delivery of the adequate assurance
by the Debtors pursuant to the Letter Agreement, the Utilities
will be deemed to be adequately assured of payment for future
utility services within the meaning of Section 366 of the
Bankruptcy Code.  The amount of adequate assurance was not
disclosed.

BP Canada Energy Marketing Corp., BP Energy Company, IGI
Resources, Inc., Hess Corporation formerly known as Amerada Hess
Corporation and the Debtors have engaged in negotiations to
resolve their Objections and seek an adjournment of a hearing on
the Objection to continue those efforts.

The parties agreed that the hearing on the Objections is
adjourned to March 20, 2008.

Pending the hearing and resolution or adjudication of the
Objections, BP and Hess will be excluded from the definition of
Utility Provider and none of the parties will be included on the
Utility Service List, and the Debtors, Hess and BP reserve their
rights.

Hess waives any and all objections to (a) the Proposed Adequate
Assurance for Utility Providers proposed in the Motion,
provided, however, Hess's Objection is preserved to the extent
that it seeks adequate assurance in the manner and form that
existed pre-petition, viz. posting of a US$1,500,000 letter of
credit by the Debtors with Hess as beneficiary and (b) the
Adequate Assurance Procedures and the procedures for opting out
of Adequate Assurance Procedures.

The Debtors also entered into a letter agreement with Integrys
Energy Services of Canada Corp. and Integrys Energy Services,
Inc.  The parties agreed that the Debtors agree not to assert in
their chapter 11 cases that Integrys is a "utility" within the
meaning and subject to the application of Section 366 of the
Bankruptcy Code.  The Debtors further agree that Integrys is not
subject to the Utility Motion, or any related orders.  Integrys
withdraws with prejudice, and will not seek Bankruptcy Court
consideration of, its Objection.  The parties also agree that
Integrys US is authorized to apply the prepetition deposit in
its possession to the net, outstanding prepetition balances owed
to Integrys US.

The Debtors ask the Court to enter an order:

   (i) determining that utility providers have been provided
       with adequate assurance of payment within the meaning of
       Section 366 of the Bankruptcy Code;

  (ii) approving proposed procedures for granting adequate
       assurance payments to certain utility providers; and

(iii) prohibiting utility providers from altering, refusing or
       discontinuing services on account of prepetition amounts
       owed.

Michael J. Canning, Esq., at Arnold & Porter LLP, in New York,
proposed counsel for the Debtors, tells the Court that the
Debtors operate 78 printing facilities in 29 states.  As an
indispensable part of those operations, the Debtors obtain
electric, gas, water, sewer, telephone and other similar utility
services provided by 200 utility companies.

The Debtors pay utility providers, on average, about
US$10,000,000 per month for services rendered.  The Debtors,
pursuant to an Energy Sourcing and Management agreement,
transfer US$3,000,000 every week to Summit Energy Systems, Inc.,
which then transmits payment to majority of the Debtors' utility
providers.

Mr. Canning avers that uninterrupted utility services are
essential to the Debtors' ongoing operations and, therefore, to
the success of the Debtors' reorganization.

            BP Canada Refused to Supply U.S. Plants

As reported in the Troubled Company Reporter on Feb. 7, 2008,
Craig W. Wolfe, Esq., at Kelley Drye & Warren, LLP, in New York
asserted that the Debtors' request for supply should be denied
as it relates to BP Canada, BPEC and IGI.  He argues that BP
Canada, BPEC and IGI are not "utilities," and are thus not
subject to Section 366 of the Bankruptcy Code.

Mr. Wolfe asserts that BP Canada, BPEC and IGI do not have a
monopoly over the sale of natural gas to the Debtors.  There are
numerous other providers of natural gas that are available to
the Debtors, including the local distribution company, he points
out.

For purposes of the Interim Order, BP Canada, BPEC, IGI, BP
Energy Marketing Corp., and National Fuel Resources Inc., will
be excluded from the definition of Utility Provider.

                        More Objections

(1) Consolidated Edison Company, et al.

Consolidated Edison Company of New York, Inc., Duke Energy Ohio,
Inc., Duke Energy Carolinas, LLC, New York State Electric and
Gas Corporation, The Commonwealth Edison Company, PECO Energy
Company, Piedmont Natural Gas Company, and Virginia Electric and
Power Company doing business as Dominion Virginia Power asked
the Court to deny the Debtors' request and award them
postpetition adequate assurance of payment pursuant to Section
366 of the Bankruptcy Code.

Jil Mazer-Marino, Esq., at Rosen Slome Marder LLP, in Uniondale,
New York, related that Dominion Virginia Power maintained a
letter of credit on the Debtors' prepetition accounts totaling
US$331,938.  New York State Electric and Gas maintained security
deposits on the Debtors' prepetition accounts totaling
US$85,000.

CenterPoint Energy Arkansas Gas requested a two-month deposit of
US$9,640, while CenterPoint Energy Gas Transmission seeks a 90-
day deposit of US$12,375.

(2) Clearwater Enterprises

Clearwater Enterprises, L.L.C., asked the Court to determine
that the Interim Order does not apply to Clearwater and that the
rights set forth in Section 556 of the Bankruptcy Code are
applicable to Clearwater.

According to Osman Dennis, Esq., at Peter Axelrod & Associates,
P.C., in New York, the Debtors sought to compel Clearwater to
continue to provide natural gas to the Debtors' Stillwater
Oklahoma Facility under a certain Base Contract by deeming
Clearwater as a utility.

(3) Merced Irrigation District

Merced Irrigation District proposed two alternative methods of
providing adequate assurances.

The first method is for the Debtors to post a two-month deposit
of US$1,006,098.  The second method requires the Debtors to
provide Merced a two-week deposit of US$232,176, involves
changing the billing cycle from monthly to weekly, requires the
Debtors to pay weekly invoice timely, among others.

(4) Franklin Electric, et al.

Franklin Electric Plant Board; Cumberland Electric Membership
Corporation; Memphis Light, Gas & Water Division of the City of
Memphis, Tennessee; Covington Electric System; City of
Covington; Nashville Electric Service; Trenton Light & Water
Department of the City of Trenton, Tennessee; Dyersburg Electric
System; City of Dyersburg, Tennessee; Dickson Electric System;
Alcorn County Electric Power Association; Clarksville Department
of Electricity; and Northcentral Electric Power Association
asked the Court to require the Debtors to post a security
deposit within 30 days of the Petition Date satisfactory to
Franklin Electric, et al., in an amount not less than 250% of
the highest month's usage for each of the Municipal and
Cooperative Utilities during the 12-month period preceding the
Petition Date, as adjusted by an additional proportionate
increase associated with the anticipated increases in the cost
of supplying electricity and natural gas, among others.

The Debtors' highest monthly utility consumption during the 12
months preceding the Petition Date total US$2,407,533.

Franklin Electric, et al., also asserted US$2,083,485
prepetition claims against the Debtors.

                     Stipulation With SCANA

In a Court-approved stipulation, the Debtors and SCANA Energy
Marketing have agreed that (a) the Debtors will not assert that
SCANA is a "utility" within the meaning and subject to the
application of Section 366 of the Bankruptcy Code; and (b) the
Debtors agree that SCANA is not subject to the Utility Motion
and orders related to it, and SCANA will not be listed on the
schedule of utilities attached to the Final Order.

                       Court's Final Order

Judge James Peck issued a final order determining adequate
assurance of payment for future utility services.  The Court
ordered that utilities identified by the Debtors are forbidden
to discontinue, alter or refuse service on account of any unpaid
prepetition charges, or require additional adequate assurance of
payment other than the Debtors' adequate assurance.

A copy of the Utility Service List is available for free at:
http://bankrupt.com/misc/Quebecor_FinalUtilityServiceList.pdf

                      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.  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.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

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
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 7; 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 Banc of America Aircraft Lease Rejected
-------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Southern District of New
York to reject an aircraft lease agreement with Banc of America
Leasing and Capital, LLC.

The Debtors further ask the Court to lift the automatic stay so
that Banc of America can exercise its rights to the Aircraft
Lease Agreement, which includes one Bombardier CL-601-3A
aircraft, two General Electric CF34-3A engines and certain
appliances, parts, instruments, appurtenances, accessories,
furnishings, seats and other equipment incorporated to the
aircraft.  The Aircraft Lease expired on January 18, 2008.

The Debtors want to reject the Aircraft Lease effective as of
the Petition Date out of an abundance of caution, and to confirm
that their bankruptcy estates do not retain any equitable
interest in the aircraft or the Aircraft Lease.  In addition,
the Debtors request clarification that Banc of America's
exercise of remedies under the Aircraft Lease and actions to
take possession of the aircraft will not be construed as a
violation of the automatic stay under Section 362 of the
Bankruptcy Code.

As of Jan. 7, 2008, the Debtors owe US$12,218,351 under the
Lease.

According to Michael Canning, Esq., at Arnold & Porter LLP, in
New York, the aircraft is not operational and is hangered in
Montreal, Canada.  The Debtors are also continuing to incur
costs associated with its storage and insurance.

The Debtors have determined that the fair market value of the
aircraft is significantly less than the US$12,218,351 payment
amount.  Based on an Aircraft Appraisal Report prepared by
Aeronautical Systems, Joseph T. Zulueta, ASA, dated
Jan. 28, 2008, the fair market value of the aircraft is at an
estimated US$9,633,000.

Mr. Canning relates that Banc of America desires to retake
possession of the aircraft as soon as possible, and has agreed
to waive any and all postpetition claims, as well as any
rejection damages arising from the Debtors' rejection of the
Aircraft Lease.  Accordingly, the Debtors have entered into
discussions with Banc of America regarding the Aircraft Lease
rejection and relief from the automatic stay.

                      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.  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.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

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
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 7; 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.


SUBSEA RESOURCES: Suspends Trading of Shares to Sell Assets
-----------------------------------------------------------
SubSea Resources PLC's board requested the suspension of its
ordinary shares and warrants from trading on AIM pending
clarification of its financial position on March 4, 2008.

The board decided to seek and to secure sale of the assets and
business of SubSea.  The board announced on Dec. 27, 2007, that
has been in discussions with a number of parties including the
company's bondholder.  These discussions have not been
successful.

Discussions in January and February 2008, have particularly
focused on a bid for a five month survey of seafloor massive
sulphide deposits utilizing the John Lethbridge and its
associated equipment.

The Board now believes the contract is unlikely to be awarded to
the company.  In the context of the company's cash position this
situation has caused the board to decide to seek to sell the
business of the company.

"In forming our review conclusion, we have considered the
adequacy of the disclosures made in Note 1 of the financial
statements concerning the ability of the Group to continue as a
going concern.  In addition to the cash currently available, the
group will require additional financing to remain operational
for the following 12 months," the board said.

"As set forth in Note 1 of the Financial Statements and the
chairman's statement, the directors continue to pursue a number
of potential opportunities, however should none of these
opportunities prove viable and the group is liquidated, the sale
of assets may well fail to generate sufficient funds to settle
the secured creditors," the board continued.

"These conditions indicate the existence of a material
uncertainty which may cast significant doubt on the ability of
the group to continue as a going concern.  This financial
statement does not include the adjustments that would result if
the Group was unable to continue as a going concern," the board
concluded.

The board highlighted that for immediate future, the directors
are of the opinion that the group requires debt, equity or an
alternative source of financing withing the first few weeks of
calendar 2008.

At Feb. 29, 2008, cash was GBP1.1 million.  Excluding the bond
liabilities of GBP5 million repayable in 2011.

Headquartered in London, England, SubSea Resources PLC --
http://www.subsearesources.com/-- specializes in the research,
survey and salvage of high value non-ferrous metals and other
valuable cargoes from deep-water ship-wrecks.  It is an AIM-
traded company.


VONAGE HOLDINGS: May Modify Terms of US$253 Mln Convertible Debt
----------------------------------------------------------------
Vonage Holdings Corp. disclosed in a regulatory SEC filing
Monday that the company and its financial advisor are engaged in
preliminary discussions with certain holders of its
US$253 million in convertible debt which can be "put" to the
company in December 2008.

In those discussions, the company has explored the possibility
of a transaction in which holders would agree to forego the
right to "put" the convertible notes in December 2008.

As an inducement for holders to participate in such a
transaction, the company may agree to make certain modifications
to the terms of the convertible notes including, but not limited
to:

   (a) an increase in the interest rate payable under the
       convertible notes;

   (b) a modification of the conversion price of the convertible
       notes; or

   (c) a change in maturity date of the convertible notes.

Additionally, as part of a transaction, the company disclosed it
may also agree to:

    (a) redeem a portion of the outstanding principal of the
        convertible notes with cash and/or

    (b) issue common equity or equity-type securities to
        participating holders.

                     About Vonage Holdings

Headquartered in Holmdel, New Jersey, Vonage Holdings Corp.
(NYSE:VG) -- http://www.vonage.com/-- provides broadband
telephone services with nearly 2.6 million subscriber lines.
The company's Residential Premium Unlimited and Small Business
Unlimited calling plans offer consumers unlimited local and long
distance calling, and features like call waiting, call
forwarding and voicemail  for a flat monthly rate.  Vonage's
service is sold on the web and through national retailers
including Best Buy, Circuit City, Wal-Mart Stores Inc. and
Target and is available to customers in the U.S., Canada and the
United Kingdom.

                         *     *     *

At Dec. 31, 2007, the company had US$465.0 million in total
assets and US$537.4 million in total liabilities, resulting in a
US$72.4 million total stockholders' deficit.


WORDMAP LTD: Brings In Liquidators from BDO Stoy Hayward
--------------------------------------------------------
Simon Edward Jex Girling and Mark Peter George Roach of BDO Stoy
Hayward LLP were appointed joint liquidators of Wordmap Ltd. on
Feb. 16 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


ZIFF DAVIS: Files for Bankruptcy to Improve Capital Structure
-------------------------------------------------------------
Ziff Davis Holdings Inc. and certain of its affiliates filed
Chapter 11 petitions in the U.S. Bankruptcy Court for the
Southern District of New York, in order to implement a
restructuring and improve its capital structure.  The company
intends to implement the restructuring through a pre-arranged
plan of reorganization that the company intends to file.

The company intends to seek Court approval of the pre-arranged
plan soon as possible.  Ziff Davis expects operations to
continue as usual during the reorganization process and expects
to emerge from Chapter 11 this summer.

Ziff Davis Media Inc., an indirect subsidiary of Ziff Davis,
reached an agreement with an ad hoc group of holders of more
than 80% in principal amount of its Senior Secured Floating Rate
Notes on the terms of a restructuring to reduce substantially
the company's funded indebtedness.

As part of the restructuring, the ad hoc noteholder group has
agreed to set aside up to $24.5 million to fund the company's
operations during the Chapter 11 as well as after the company
emerges from Chapter 11.

These funds, together with the company's current cash reserves
and cash flow from operations, will be sufficient to fund its
operations during the reorganization process.  In addition, the
restructuring, if approved by the Court, will result in a
substantial de-leveraging of the company's balance sheet.

Specifically, $225 million, principal amount of senior secured
indebtedness, including the Senior Secured Notes, will be
exchanged for a new $57.5 million, maximum face amount, senior
secured note and at least 88.8% of the common stock in the
reorganized company.

The restructuring provides for 11.2% of the reorganized
company's common stock to be distributed to holders of the
company's subordinated unsecured notes if the class of such
holders votes to accept the restructuring.  Holders of the
company's subordinated, unsecured notes have not yet agreed on
the restructuring; however, the company relates the
restructuring plan can be approved by the Court without their
agreement.

"This agreement underscores our Senior Secured Noteholders'
confidence in our ability to position ourselves for continued
profitable growth," Jason Young, chief executive officer of Ziff
Davis Media, said.  "This restructuring agreement goes a long
way towards resolving the burdens of a debt load and capital
structure established seven years ago, during a leveraged buyout
of the company."

"Operationally, we are also making great progress," Mr. Young
continued.  "As a result of our employees' hard work, we ended
2007 on a strong note.  We matched audience growth with
impressive digital revenue expansion.  And while the print
market continued to be challenging, we continue to be print
category leaders in the markets we serve."

Ziff Davis also disclosed that, despite good faith negotiations
with certain of its subordinated unsecured noteholders, the
company has been unable to reach a consensual agreement with
such holders.  The company intends to work with its
constituencies, including its subordinated unsecured
noteholders, throughout the Chapter 11 process.

"In light of the progress we have made with our senior secured
creditors, and after careful consideration of all of our
alternatives, we have concluded that a court-supervised process
will accelerate - and finalize - our restructuring while helping
to ensure that current business operations continue," Mr. Young
added.

"Through this process, we will improve our capital structure and
align it with the size of our current business operations," said
Mr. Young.  "We have great strength in our industry leading
brands and products and we believe that this restructuring will
allow us to unlock the underlying value of our businesses and
achieve our true growth potential."

In conjunction with this filing, the company filed a variety of
customary "first day" motions to support its employees and
vendors during the reorganization process.  As part of these
motions, the company has asked the Court for permission to
continue paying employee wages and salaries and to provide
employee benefits without interruption.

Additionally, during the restructuring process, vendors and
business partners would expect to be paid for post-filing goods
sold and services rendered to the Company in the ordinary course
of business.

Ziff Davis has retained Alvarez & Marsal as financial and
restructuring advisor and Winston & Strawn LLP as legal counsel
to provide professional services in connection with these
restructuring efforts.  The ad hoc noteholder group is advised
by Houlihan Lokey Howard & Zukin and Paul, Weiss, Rifkind,
Wharton & Garrison LLP.

                  About Ziff Davis Holdings Inc.

Headquartered in New York City, Ziff Davis Holdings Inc. --
http://www.ziffdavis.com/-- is the parent company of Ziff Davis
Media Inc.  Ziff Davis is an integrated media companies serving
the technology and videogame markets.  They are information
services and marketing solutions providers of technology media,
including publications, Websites, conferences, events,
eSeminars, eNewsletters, custom publishing, list rentals,
research and market intelligence.  Their US-based media
properties reach over 22 million people per month at work, home
and play.  They operate in three segments: the Consumer Tech
Group, which includes PC Magazine and pcmag.com; the Enterprise
Group, which includes eWEEK and eweek.com, and the Game Group,
which includes Electronic Gaming Monthly and 1up.com.

Ziff Davis' foreign affiliates include Ziff Davis Europe Ltd.
(United Kingdom), Ziff Davis Publishing (UK) Ltd. (United
Kingdom), Ziff Davis France S.A. (France), SEEC/Ziff Davis Group
(China) Ltd. (British Virgin Islands), and Ziff Davis Internet
I.  The company's non-U.S. affiliates are not included in the
bankruptcy filing.


ZIFF DAVIS: Case Summary and 30 Largest Unsecured Creditors
-----------------------------------------------------------
Lead Debtor: Ziff Davis Media, Inc.
             28 East 28th Street
             New York, NY 10016

Bankruptcy Case No.: 08-10768

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
        Ziff Davis Development Inc.                08-10769
        Ziff Davis Holdings Inc.                   08-10771
        Ziff Davis Intermediate Holdings Inc.      08-10772
        Ziff Davis Internet Inc.                   08-10773
        Ziff Davis Publishing Inc.                 08-10774
        Ziff Davis Publishing Holdings Inc.        08-10775

Type of Business: The Debtors are integrated media companies
                  serving the technology and videogame markets.
                  They are information services and marketing
                  solutions providers of technology media,
                  including publications, Websites, conferences,
                  events, eSeminars, eNewsletters, custom
                  publishing, list rentals, research and market
                  intelligence.  Their US-based media properties
                  reach over 22 million people per month at
                  work, home and play.  They operate in three
                  segments: the Consumer Tech Group, which
                  includes PC Magazine and pcmag.com; the
                  Enterprise Group, which includes eWEEK and
                  eweek.com, and the Game Group, which includes
                  Electronic Gaming Monthly and 1up.com.

                  Ziff Davis' foreign affiliates are Ziff Davis
                  Europe Ltd. (United Kingdom), Ziff Davis
                  Publishing (UK) Ltd. (United Kingdom), Ziff
                  Davis France S.A. (France), SEEC/Ziff Davis
                  Group (China) Ltd. (British Virgin Islands),
                  and Ziff Davis Internet I.  See
                  http://www.ziffdavis.com/

Chapter 11 Petition Date: March 5, 2008

Court: Southern District of New York (Manhattan)

Judge: Burton R. Lifland

Debtors' Counsel: Carey D. Schreiber, Esq.
                     (cschreiber@winston.com)
                  Winston & Strawn, LLP
                  200 Park Avenue
                  New York, NY 10166
                  Tel: (212) 294-3547
                  Fax: (212) 294-4700

Debtors' Financial
Advisors:          Alvarez & Marsal North America, LLC

Debtors' Claims
Agent:             BMC Group
                   http://www.bmcgroup.com/

Ad Hoc Noteholder
Group's Counsel:  Houlihan Lokey Howard & Zukin and Paul, Weiss,
                  Rifkind, Wharton & Garrison LLP.


Ziff Davis Media, Inc.'s Financial Condition as of June 30,
2007:

Total Assets: US$273,537,000

Total Debts:  US$1,551,432,000

Debtors' Consolidated List of 30 Largest Unsecured Creditors:

  Entity                      Nature of Claim       Claim Amount
  ------                      ---------------       ------------
Deutsche Bank Trust Company   Compounding Notes   US$152,500,000
Americas,                      due 2009
Indenture Trustee
Attention: Stanley Burg
   (stan.burg@db.com)
Trust & Securities Services
60 Wall Street, 27th Floor
MS NYC60-2720
New York, NY 10005-2858
Fax: (212) 787-0022

Deutsche Bank Trust Company   12% Senior           US$12,280,000
Americas                      Subordinated
Attention:                    Notes due 2010
Irinia Golovashchuk
   (irina.golovashchuk-ctas@db.com)
Corporate Trust & Agency
Services
25 DeForest Avenue
Second Floor, MS SUM01-0105
Summit, NJ 07901
Fax: (732) 578-4635

R.R. Donnelley & Sons          Trade Debt
US$3,896,922
Attention: Mr. Al duPont
   (al.r.dupont@rrd.com)
99 Park Avenue, 13th Floor
New York, NY 10016
Tel: (212) 503-1461
Fax: (212) 503-1313

Goldman Sachs                  Services Provided      US$900,000
Attention: Bruce Mendelsohn
   (Bruce.Mendelsohn@gs.com)
85 Broad Street
New York, NY 10004
Tel: (212) 902-0300
Fax: (212) 902-3000

800 Jorie Blvd. L.L.C.         Rent                   US$705,000
1383 Paysphere Circle
Chicago, IL 60674
Attention: James F. Ellis
Ellis Partners, Inc.
433 California Street,
Suite 610
San Francisco, CA 94104,
and
Attention: Daniel Hefter, Esq.
   (dhefter@fhslc.com)
Fox, Hefter, Swibel, Levin &
Carroll, LLP
321 North Clark Street,
Suite 3300
Chicago, IL 60610
Tel: (312) 224-1200
Fax: (312) 224-1201

American Express- Weston FL    Trade Debt             US$657,560
Attention: Lucey B. Healey
   (Lucey.B.Healey@aexp.com)
2965 West Corporate Lakes
Boulevard
Weston, FL 33331
Tel: (623) 388-4360
Fax: (623) 388-4360
and
American Express
5976 West Topika Drive
Glendale, AZ 85308

Sony Computer Entertainment    Trade Debt             US$631,264
Attention: Jim Bass
   (jim_bass@playstation.sony.com)
919 East Hillsdale Boulevard
Foster City, CA 94404
Tel: (650) 655-6099
Fax: (650) 655-8170

Perella Weinberg Partners, LP  Services Provided      US$401,091
Attention: Derron Slonecker,
Esq.
   (dslonecker@pwpartners.com)
767 Fifth Avenue
New York, NY 10153
Tel: (212) 287-3200
Fax: (212) 287-3201

Kable Fulfillment              Trade Debt             US$316,646
Attention: Amy Bardell
   (abardell@kable.com)
4515 Paysphere Circle
Chicago, IL 60674
Tel: (303) 666-7000
Fax: (815) 734-5223
and
Kable Fulfillment
335 Centennial Parkway
Louisville, CO 80027

Limelight Networks             Trade Debt             US$162,764
Attention: Mark Smith
   (msmith@limelightnetworks.com)
2220 West 14th Street
Tempe, AZ 85281
Tel: (602) 850-5079
Fax: (602) 850-5238

Cogent Communications          Trade Debt             US$129,850
Attention: Tad Weed
   (tweed@cogentco.com)
1015 31st Street, Northwest
Washington, DC 20007
Tel: (202) 295-4200
Fax: (202) 338-8798

O'Melveny & Myers, LLP         Services Provided      US$103,759
Attention: Michael J. Sage
   (msage@omm.com)
Times Square Tower
7 Times Square
New York, NY 10036
Tel: (212) 326-2000
Fax: (212) 326-2061

Solar Communications           Trade Debt              US$85,014
Attention: Michael Hudetz
   (mhudetz@solarcc.com)
5917 Paysphere Circle
Chicago, IL 60674
Tel: (630) 848-3844
Fax: (630) 983-5880
and
Solar Communications
1150 Frontenac Road
Naperville, IL 60563-1799

Three Z Printing               Trade Debt              US$82,963
Attention: Brian Jansen
   (bjansen@threez.com)
902 West Main Street
Teutopolis, IL 62467
Tel: (217) 857-3153
Fax: (217) 857-3483

Xtivia                         Trade Debt              US$81,520
Attention: Canan Coban
   (ccoban@xtivia.com)
2035 Lincoln Highway,
Suite 1010
Edison, NJ 08817
Tel: (732) 248-9399, 6050
Fax: (732) 248-9399

Isilon Systems, Inc.           Trade Debt              US$73,456
Attention: Jennifer Pressley
   (jpressley@isilon.com)
3101 Western Avenue
Seattle, WA 98121
Tel: (206) 777-7886
Fax: (206) 315-7640

ValueMags                      Trade Debt              US$52,698
Attention: Andrew Degenholtz
   (andrew@valuemags.com)
212 West Superior Street,
Suite 202
Chicago, IL 60610
Tel: (312) 482-9470
Fax: (312) 577-0471

National MicroRentals          Trade Debt              US$46,705
Attention: Mary Anne Ott
   (mott@nmrrents.com)
28 Abeel Road
Monroe Township, NJ 08331-2036
Tel: (609) 395-0550
Fax: (609) 395-7142

DoubleClick TechSolutions      Trade Debt              US$44,145
Attention: Sharon Dhanraj
   (techsol_us_billing@doubleclick.net)
111 Eighth Avenue, 10th Floor
New York, NY 10011
Tel: (973) 658-3029
Fax: (212) 287-9520

SunGard                        Trade Debt              US$42,129
Attention: Tony Marevel
757 North Eldridge Street,
Suite 200
Houston, TX 77079
Attention: Lawrence Lee
   (llee@allyance.net)
Allyance Communications
17110 Armstrong Avenue,
2nd Floor
Irvine, CA 92614
Tel: (949) 863-0051
Fax: (949) 480-0037
and

Aspire Technology Partners,    Trade Debt              US$39,150
LLC
Attention: Doug Stevens
   (dstevens@atp-us.com)
121 Monmouth Street
Red Bank, NJ 07701
Tel: (732) 345-8523
Fax: (732) 879-0210

Advantage Security             Trade Debt              US$39,075
Attention: Caroline Gagliardi
   (cgagliardi@advantagesecurity.net)
232 Madison Avenue, Suite 16
New York, NY 10016
Tel: (212) 689-0200
Fax: (212) 481-9706

Comsys Services                Trade Debt              US$36,990
Attention: Amy Bobbitt
4400 Post Oak Parkway,
Suite 1800
Houston, TX 77027
Tel: (713) 386-1400
Fax: (713) 961-0719

Princeton Information          Trade Debt              US$35,712
Attention: Jeffrey Zuckerman
   (jeffrey.zuckerman@princetoninformation.com)
2 Penn Plaza, Suite 1100
New York, NY 10121
Tel: (212) 565-5030
Fax: (212) 563-5919

VoltDelta Resources, LLC       Trade Debt              US$32,364
Attention: Gene D. Goodman
   (ggoodman@maintech.com)
MainTech
39 Paterson Avenue
Wallington, NJ 07057
Tel: (973) 330-3263
Fax: (973) 330-3187

ONE PR Studio                  Trade Debt              US$30,870
Attention: Jeane Wong
   (jeane@oneprstudio.com)
3645 Grand Avenue, Suite 305
Oakland, CA 94610
Tel: (510) 893-3271
Fax: (510) 893-2581

Terracotta Inc.                Trade Debt              US$30,000
Attention: Sandy Wallace
   (info@terracottatech.com)
650 Townsend Street, Suite 325
San Francisco, CA 94103
Tel: (415) 738-4062
Fax: (415) 738-4099

Zinio Systems                  Trade Debt              US$29,023
Attention: Jared Katzman
   (jkatzman@zinio.com)
139 Townsend Street, Suite 300
San Francisco, CA 94107
Tel: (415) 494-2732
Fax: (415) 494-2701

Clear Channel Communications,  Trade Debt              US$27,999
Inc.
Attention: Nicole Merino
   (nicolemerino@clearchannel.com)
1120 Avenue of the Americas,
18th Floor
New York, NY 10036
Tel: (212) 549-0628
Fax: (917) 206-9169
and
Clear Channel Communications, Inc.
Corporate Headquarters
200 East Basse Road
San Antonio, TX 78209

omeda                          Trade Debt              US$27,136
Attention: Jun Lim
   (jlim@omeda.com)
555 Huehl Road
Northbrook, IL 60062
Tel: (847) 564-8900 x371
Fax: (847) 564-3359

PC Connection                  Trade Debt              US$25,216
Attention: Stephanie Simpson
   (ssimpson@pcconnection.com)
730 Milford Road
Merrimack, NH 03054
Tel: (800) 426-5772
Fax: (603) 683-5797


* Beard Group's Cross-Border Insolvencies Audio Primer
------------------------------------------------------
Beard Group and the Troubled Company Reporter are pleased to
announce a new audio conference on cross-border insolvencies.

The conference, entitled "The Chapter 15 International
Insolvency Institute: An Audio Primer on Cross-Border Bankruptcy
Rules" will be held on April 3, 2008 at 1:30 PM Eastern Time.
It aims to make international bankruptcy proceedings
understandable, in a convenient, interactive learning format.

The live 90-minute telephone conference with interactive Q&A
session with unlimited enrollment per call-in site will be
presented by two Greenberg Traurig attorneys, Luis Salazar and
Paul Keenan.

Register now at:

http://beardaudioconferences.com/bin/shopping_cart?code=BR-
042&type=AC&choice=1

or learn more at

http://beardaudioconferences.com/bin/conference_details?code=BR-
042

In today's multi-national corporate world, cross-border
restructurings trigger special challenges for creditors and
debtors alike.

To avoid mistakes, enroll in this live audio conference, where
international experts will lead you step-by-step through the
major stages of a Chapter 15 filing.

Luis Salazar and Paul Keenan will explain the current Chapter 15
rules, clarify often-confusing terms such as COMI, outline your
legal options, and update you on the latest developments.
Salazar and Keenan will use real-world case studies such as Bear
Sterns and SPhinX Funds to illustrate key concepts and spotlight
crucial court decisions.

You'll receive:

      * A logical, easy-to-follow guide to international
        insolvency proceedings

      * Plain-English explanations of the most important
        concepts and buzzwords you need to know

      * Snapshots of key decision pathways, including
        determining main vs. non-main centers of interest

      * Explanations of who's eligible to file for Chapter 15

      * Descriptions of pre- and post-recognition relief
        available

      * What are the stay exceptions

      * How Chapter 15 relates to EU regulations and other
        global rules

      * Case studies of key court decisions, including

          - Tri-Continental Exchange
          - SPhinX Funds
          - Compania del Alimentos Fargo, S.A.
          - Katsumi Iida

      * Why the Bear Stearns case is important in determining
        jurisdictional oversight

      * Practical strategies for today's creditors and debtors
        facing international insolvency decisions

Early-Bird Registration Discount

Register by Thursday, March 27, and save US$50 off the regular
tuition.

Tuition is US$245 prior to March 27; US$295 afterwards.
Remember, the tuition includes written materials and an
unlimited number of attendees at each dial-in site.

Continuing Legal Education Credit:

Training is accredited for 1.50 MCLEs in California, and
applications are pending in Texas and Tennessee.  New York State
has reciprocity with California.  For non-attorneys and
attorneys practicing in other states, Certificates of Attendance
are available upon request.

About the Instructors:

Described as one of South Florida's "legal elite" by Miami's
Daily Business Review, Luis Salazar is a shareholder in the
international law firm of Greenberg Traurig.  In his practice,
he counsels a diverse group of clients through difficult
situations - from bet-the-company litigation, to surviving
severe financial distress, to dealing with the consequences of
data breaches.

Luis has led Chapter 11 reorganizations for many well-known
companies - including Gerald Stevens, Fine Air and Arrow Air,
Xpedior, Scient, and others - with combined assets exceeding
US$5 billion.  He also has led less well-known reorganizations,
work-outs and financial negotiations on behalf of clients
in the aviation, money-wiring, food service, import-export, and
entertainment fields.  He currently serves as the Co-Chair of
the International Insolvency Committee of the American
Bankruptcy Institute.

Paul J. Keenan, Jr., is an attorney in the business
reorganization and bankruptcy practice of Greenberg Traurig's
Miami office, where he represents banks and other lending
institutions, debtors, unsecured creditors and asset purchasers
in corporate restructurings, loan workouts and bankruptcy cases.

Paul speaks Spanish and has significant experience representing
lending institutions and debtors in cross-border corporate
restructurings and loan workouts, primarily in Latin America and
the Caribbean.

His experience includes representing a large Latin American
telecommunications company in all aspects of its corporate and
financial restructuring; representing a major cruise line in the
negotiation, drafting and bankruptcy court approval of a DIP
financing facility; and representing U.S. Investors in
corporate restructuring of an Argentine charter airline.  Paul
is chair of the Latin America Committee for INSOL International
and the co-author of "Chapter 15: The U.S. Cross-Border
Insolvency Law", included in the latest edition of the PLC
Cross-Border Restructuring and Insolvency Handbook.

How to Register:

      1. Call 240-629-3300 and charge the tuition investment of
         US$245 (US$295 after March 27, 2008) to a major credit
         card, or

      2. Visit www.beardaudioconferences.com for fast and
         convenient online registration.

      3. Mail a check payable to Beard Audio Conferences to:
         Beard Group, P.O. Box 4250, Frederick, MD 21705-4250
         (checks must be received 48 hours prior to conference).

Can't make the scheduled date and time? Order the Audio CD
recording of this conference.  Or get the CONFERENCE PLUS option
that allows one to attend the audio conference AND get the Audio
CD recording at a discounted price.  For either option, visit
www.beardaudioconferences.com or call (240) 629-3300.


* BOOK REVIEW: Voluntary Assignments for the Benefit of
               Creditors, Volumes I and II
----------------------------------------------------------------
Publisher: Beard Books
Softcover: 788 pages for both volumes
Price: US$34.95 each volume; US$49.95 set
Review by Henry Berry

http://www.amazon.com/exec/obidos/ASIN/189312228X/internetbankru
pt

http://www.amazon.com/exec/obidos/ASIN/1893122298/internetbankru
pt


Voluntary Assignments for the Benefit of Creditors is a 1999
update of the classic nineteenth-century work on the important
financial and business instrument known as "voluntary
assignments."  The author of the original edition was Alexander
M. Burrill, a noted legal scholar who also wrote a law
dictionary and several other texts.  Voluntary Assignments for
the Benefit of Creditors is now in its sixth edition, with
Avery-Webb authoring the update.

As defined by the authors, voluntary assignments for the benefit
of creditors are "transfers, without compulsion of law, by
debtors, of some or all of their property to an assignee or
assignees, in trust to apply the same, or the proceeds thereof,
to the payment of some or all of their debts, and to return the
surplus, if any, to the owner."  Voluntary assignments offer
businesspersons from small business owners to corporate
executives great flexibility in raising capital.  Considering
the many ways that businesses can enter into voluntary
assignments, the different ways of valuing properties
"assigned," and the changing value of these properties over
time, the law governing voluntary assignment is complex.

The authors tackle the subject of voluntary assignments in all
its breadth and depth.  During the 1800s, when Burrill's work
first came out, there were innumerable cases dealing with
voluntary assignments.  The case law of the 1800s remains
authoritative, informative, and instructive today.

To render it comprehensible, the authors break down the subject
matter into its many facets, thereby allowing lawyers and others
to quickly reference areas of interest.  These cases are listed
alphabetically, and comprise more than fifty pages in a front
section titled "Table of Cases."  Cases are also referred to in
the text proper and in copious footnotes.  The format of the
text, including the footnotes, is the standard followed by many
legal texts and handbooks, notably the multi-volume American
Jurisprudence.  The sections are numbered consecutively in
forty-five chapters.  There are 458 sections in all.  The
sections are relatively short, even though the subject of
voluntary assignments is complex and there is bountiful case
law.

Readers can peruse general topics such as execution of the
assignment, construction of assignments, sale of the assigned
property, and the rights, duties, and powers of the assignee.
More specific, detailed topics can be accessed using the index.
There are two appendices. The first contains synopses of the
statutes of every state and territory on voluntary assignments.
The second appendix contains nearly thirty standard forms that
can be used for various aspects of assignments.

Although voluminous and rigorous in its commentary and legal
citations, the two-volume Voluntary Assignments for the Benefit
of Creditors is neither dense nor ungainly.  Like a good lawyer
breaking down a case so it can be comprehended by a jury of
average persons, so does Burrill and Avery-Webb deal with the
topic of voluntary assignments.

Born in 1868 in Tennessee, James Avery-Webb (d. 1953) had a
career as a prominent attorney in New York City.


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *