TCREUR_Public/080310.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, March 10, 2008, Vol. 9, No. 49

                            Headlines


A U S T R I A

C.A.T. OIL: Moody's Puts Corporate Family Rating at B1
C.A.T. OIL: S&P Assigns Low-B Ratings with Stable Outlook
GESUNDHEITS- UND WELLNESSZENTRUM: Claims Filing Ends April 9
KUR BAU: Claims Registration Period Ends March 24
OASIS FITNESS: Claims Registration Period Ends April 24

VITAL PLUS: Claims Registration Period Ends April 1


F R A N C E

AKERYS HOLDINGS: S&P Lowers Corporate Credit Rating to B+
ARROW ELECTRONICS: To Buy Achieva's Components Distribution Biz
SMOBY-MAJORETTE SA: Court Names Simba Dickie as Buyer


G E R M A N Y

ARBITRATOR REVISIONSGESELLSCHAFT: Claims Period Ends March 17
CASA MODERNA: Creditors Must File Claims by March 28
DYLEC-ELECTRONICS GMBH: Claims Registration Ends April 1
ERHAL BAUUNTERNEHMEN: Claims Registration Ends April 1
EUROPEAN POLYMERS: Claims Registration Ends April 1

FEYOCK AUTOCENTRUM: Creditors Must File Claims by March 28
JULIUS BOCKHOLT: Creditors Must File Claims by March 28
K & P BAUTRAGERGESELLSCHAFT: Claims Registration Ends April 1
LA LOFT: Claims Registration Period Ends March 14
LUPO SPEDITIONSGESELLSCHAFTS: Claims Period Ends March 18

MM MEDIENVERMARKTUNGSKONZEPTE: Claims Registration Ends April 1
PHOENIX-POLSTERMOEBEL GMBH: Claims Period Ends March 19
PRO-DIE-LOG GMBH: Creditors Must File Claims by March 31
PW - VERTRIEB: Creditors Must File Claims by March 31
RAPID AUTOREPARATUR: Claims Registration Period Ends March 19

RM-BAU GMBH: Creditors Must File Claims by March 31
ROBERT MOELLER: Creditors Must File Claims by March 28
ROTT BAUTRAGER: Creditors Must File Claims by March 28
RUDOLF BRAUNER: Creditors Must File Claims by March 31
SCHROEDER GMBH: Creditors Must File Claims by March 28


I R E L A N D

BALLANTYNE RE: Fitch Cuts Rating on US$250 Million Notes to B+


I T A L Y

ALITALIA SPA: New Gov't to OK Sale if Flagship Status Retained
ALITALIA SPA: Foreign Minister Warns of Possible Bankruptcy


K A Z A K H S T A N

ADA-STROY LLP: Creditors Must File Claims by March 28
AGROPROM INVEST: Claims Deadline Slated for April 11
ALIYA MUNAI: Claims Filing Period Ends April 11
ALTYNEMEL LLP: Creditors' Claims Due on April 11
C.A.T. OIL: Moody's Puts Corporate Family Rating at B1

C.A.T. OIL: S&P Assigns Low-B Ratings with Stable Outlook
KAZCONSTRUCT SAUDA: Claims Registration Ends April 11
KURYLYS IPOTEKA: Creditors Must File Claims by April 11
LAME LAND: Claims Deadline Slated for March 28
NEFTEGAS-PROM NS: Claims Filing Period Ends April 11

SHANS-1 LLP: Creditors' Claims Due on April 11
TORG STROY: Claims Registration Ends April 11


K Y R G Y Z S T A N

KELECHEK PAHTA: Creditors Must File Claims by March 28
TECHNOMARKET LLC: Claims Filing Period Ends March 28


R U S S I A

BONUS LLC: Court Starts Bankruptcy Supervision Procedure
C.A.T. OIL: S&P Assigns Low-B Ratings with Stable Outlook
ENERGO LLC: Court Starts Bankruptcy Supervision Procedure
ICICI BANK: Has No Material Exposure to U.S. Sub-Prime Credit
INVESTMENT FUND: Creditors Must File Claims by April 16

KOLCHUG-MITSAR CJSC: Creditors Must File Claims by April 16
NOVO-OZERNOE OJSC: Creditors Must File Claims by April 16
ROSNEFT OIL: Two Top Executives Quit from Posts
SAMPUR-VOD-STROY: Court Names V. Sutormin as Insolvency Manager
SEVERSKAYA FUEL-ENERGY: Creditors Must File Claims by April 16

SISTEMA JSFC: Detsky Mir Unit Completes Network Reorganization
STRATEGIST OJSC: Kirov Bankruptcy Hearing Slated for June 17


S W I T Z E R L A N D

ASIAN MAKKAL: Lucerne Court Starts Bankruptcy Proceedings
B. COM HOLDING: Creditors' Liquidation Claims Due by April 15
BIREC PARTNER: Creditors' Liquidation Claims Due by March 13
KORNMART INEICHEN: Lucerne Court Starts Bankruptcy Proceedings
RESPOMO JSC: Creditors' Liquidation Claims Due by April 7

SEILER & STEFFEN: Creditors' Liquidation Claims Due by March 10
THE MCGRAW-HILL: Creditors' Liquidation Claims Due by March 13
WEBSMARTWARE JSC: Creditors' Liquidation Claims Due by March 12


U N I T E D   K I N G D O M

ALBA 2006-1: Fitch Affirms BB Rating on Class E Notes
AUBURN SECURITIES 5: S&P Puts Ratings on Positive CreditWatch
BOMBARDIER INC: Unit To Supply ELECTROSTAR Trains in the UK
BRITISH AIRWAYS: Expects 4-4.5% Revenue Growth in FY 2008/2009
BRITISH AIRWAYS: Traffic Figures Up 5.3% in February 2008

CARLYLE CAPITAL: Misses Margin Calls and Gets Notice of Default
CHRYSLER LLC: Plastech Agrees to Continue Supply Until March 17
CIRRUS LOGIC: Investigation of Stock Option Practices Completed
CITY LOFTS: Brings In Liquidators from Tenon Recovery
HUCKE LTD: Calls In Liquidators from Smith & Williamson

ICICI BANK: Has No Material Exposure to U.S. Sub-Prime Credit
INYX USA: Disclosure Statement Doesn't Provide Recovery Figures
ISLE OF CAPRI: Posts US$13.8 Mil. Net Loss in Qtr. Ended Jan. 27
PELOTON PARTNERS: To Liquidate US$1.6 Bil. Multi-Strategy Fund
QUEBECOR WORLD: Cuts 30 Positions at California Facility

QUEBECOR WORLD: Seeks OK to Pay Non-Worker Sales Commissions
QUEBECOR WORLD: NFR Wants Stay Lifted & Base Contract Terminated
S.B. ENERTECH: Taps Liquidators from Tenon Recovery
SANDWELL COMMERCIAL: S&P Says Ratings Unchanged After Review
US ENERGY: Court Gives Final Approval to Access Cash Collateral


* BOND PRICING: For the Week March 3 to March 7, 2008


                            *********

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


C.A.T. OIL: Moody's Puts Corporate Family Rating at B1
------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating
to C.A.T.oil AG.  The outlook is stable.

CAToil is an independent niche oilfield services company
organised in the form of an Austria-based holding company which
wholly owns five main operating subsidiaries in Russia.  The
company is a niche player in the overall OFS market, with strong
positioning in fracturing, sidetracking and workover services
which the company provides to the major oil and gas companies in
Russia and Kazakhstan.

CAToil is a publicly traded company with 40% of shares held by
institutional investors through an IPO which the company
completed in 2006 placing its shares on the FSE. The remaining
60% are privately held by two founders.  CAToil's market
capitalisation is around US$1.0 billion. In 2006 CAToil
generated sales of EUR194 million. It has a workforce of 3,200
people the majority of whom are located in Russia and
Kazakhstan.

CAToil's rating is based on Moody's Global Oilfield Services
Industry Rating Methodology, which assesses the company's
financial and operational performance for the past three
historical years (2005-2007) and also takes into account
CAToil's two year forecast (2008-2009).  The methodology rating
assessment maps the company into a Baa3 category and is driven
by the company's robust financial metrics, underpinned by strong
profitability and historically low leverage.  The forward
looking assessment which is factored into the rating, reflects
the CAToil's ongoing efforts to diversify its product portfolio
aimed at further development of its sidetracking operations and
diversification into the conventional drilling and seismic
segments of OFS market in the respective regions.  The company's
pro forma Debt/Total Capitalisation ratio assumes debt issuance
this year resulting in a ratio score in the "Ba" category.

The actual rating of B1 is therefore four notches lower than the
rating indicated by the methodology grid, which is in line with
the rating discount bracket applied by Moody's to companies
operating in the region characterised by evolving and
challenging political, regulatory and operational environment.

The rating is constrained by (i) the company's small size in the
context of the overall OFS market in the region, which is
becoming increasingly attractive for major global players, (ii)
its fairly concentrated customer base, (iii) CAToil's strong,
albeit decreasing, dependence on a single product line
(fracturing operations), (iv) the event risk related to the
implementation of a large scale capex programme and (v) a
significant step up in leverage following the planned debt
issuance.

At the same time Moody's recognises a significant upside
potential offered by the current market environment in the
respective region, the company's strong financial profile, well-
established customer relationships and regional expertise.

The rating also benefits from certain risk-mitigating
characteristics of the Russian OFS market, as well as the
company-specific qualities, namely: (i) a low correlation
between the demand for OFS and the oil price due to the nature
of the Russian taxation system (ii) a lower susceptibility of
OFS companies to political risks, compared to exploration and
production oil&gas players globally, (iii) significant upside
potential for OFS segment in Russia and Kazakhstan due to
historic underinvestment, (iv) the company's experienced
management team and (v) proven commitment of CAToil's management
and its key founder to adhere to a western-type corporate
governance standards and conservative financial policies.

The stable outlook is supported by Moody's expectation that
market conditions will remain supportive and the company will
pursue the execution of its capex programme as planned.  The
stable outlook also reflects Moody's expectation that CAToil
will maintain its current strategy and financial policies.

As the company's focus is on organic growth, Moody's does not
factor in any sizable acquisitions in the current rating.
Nevertheless, in the event CAToil decides to pursue an
acquisition opportunity, Moody's would expect that the strategic
fit, valuation and incremental leverage would be carefully
examined and consistent with the management's disciplined
historical standards and that Debt/Book Capitalisation would not
exceed 40% as a result of the acquisition.

The rating might experience a positive pressure if CAToil were
to realise its capex and revenue growth objectives in the next
12-18 months while maintaining the healthy level of
profitability and returns.  To support a rating upgrade, Moody's
would also expect CAToil to continue strengthening its revenue
base through product diversification and strong order book while
illustrating its ability to withstand competitive pressure and
preserve margins.

Ratings could be pressured if CAToil were to materially increase
its leverage above the expected levels, either through more
aggressive debt financed capex, or due to lower profitability.
Going forward Debt/EBITDA and Debt/Capitalization greater than
3x and 45% in upcycle conditions could result in a negative
outlook or ratings downgrade.  Also, a deterioration of the
company's operational performance resulting from a loss of a
major customer, and/or a deterioration in E&P activity that
might have a negative impact on CAToil's business fundamentals
and put significant pressure on CAToil's market position and
cash flow generation capacity, could result in a negative
outlook or ratings downgrade.

C.A.T. oil AG, which is headquartered in Vienna, Austria, and
operates through its several subsidiaries in Russia, is a
provider of oil-field services to the major oil&gas players in
Russia and Kazakhstan.  The company generated revenue of
EUR194 million in 2006.


C.A.T. OIL: S&P Assigns Low-B Ratings with Stable Outlook
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
and 'B' short-term corporate credit ratings to C.A.T. oil AG, an
Austria-registered oilfield services company that conducts all
of its operations in Russia and Kazakhstan.  The outlook is
stable.  At the same time, the 'ruA+' Russia national scale
rating was assigned.

The industry's inherent cyclicality and competitiveness, with
low entry barriers; the small scale of the company, limiting its
pricing power and diversification; and risks inherent to
operating in the Russian environment constrain the ratings.

"Favorable conditions in Russia's oilfield services industry, as
well as C.A.T. oil's strong niche positions, solid corporate
governance practices, and moderate financial policy support the
ratings," said Standard & Poor's credit analyst Andrey Nikolaev.

C.A.T. oil currently has a net cash position and no committed
unused credit lines, apart from overdrafts of about
EUR7.9 million on the subsidiary level.

"We expect C.A.T. oil to defend its market share in hydraulic
fracturing in the medium term and its cash flows from
sidetracking to grow on the back of increased capacity and a
strong order book," said Mr. Nikolaev.

Upside potential over the medium term depends on growing
diversification, scale, and share of higher-margin activities;
execution of the investment program; positive free cash flow
generation; and an improving liquidity position with committed
backup facilities.

The ratings could come under pressure if a significant increase
in competition in C.A.T. oil's core segments leads to
undercapacity and weakening margins, if the financial policy
changes, or if the company fails to secure long-term financing
prior to starting the investment program.


GESUNDHEITS- UND WELLNESSZENTRUM: Claims Filing Ends April 9
------------------------------------------------------------
Creditors owed money by LLC Gesundheits- und Wellnesszentrum
Therme Obernberg & Co. KG (FN 229901s) have until
April 9, 2008,  to file written proofs of claim to court-
appointed estate administrator Johann Kahrer at:

          Dr. Johann Kahrer
          c/o Dr. Christian Haslinger
          Dr. Dorfwirth-Strasse 3
          4910 Ried im Innkreis
          Austria
          Tel: 07752/872 55
          Fax: 07752/848 10
          E-mail: office@kahrer-haslinger.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:40 a.m. on April 16, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Ried im Innkreis
          Hall 101
          First Floor
          Ried im Innkreis
          Austria

Headquartered in Obernberg am Inn, Austria, the Debtor declared
bankruptcy on Feb. 15, 2008 (Bankr. Case No. 17 S 9/08t).
Christian Haslinger represents Dr. Kahrer in the bankruptcy
proceedings.


KUR BAU: Claims Registration Period Ends March 24
-------------------------------------------------
Creditors owed money by LLC Kur Bau und Immobilien (211448d)
have until March 24, 2008, to file written proofs of claim to
court-appointed estate administrator Gerwald Holper at:

          Mag. Gerwald Holper
          Technologiezentrum
          Marktstrasse 3
          7000 Eisenstadt
          Austria
          Tel: 02682/704 266-0
          Fax: 02682/704 266-15
          E-mail: eisenstadt@kosch-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:15 p.m. on April 7, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Eisenstadt
          Hall F
          Eisenstadt
          Austria

Headquartered in Bad Sauerbrunn, Austria, the Debtor declared
bankruptcy on Feb. 18, 2008 (Bankr. Case No. 26 S 15/08w).


OASIS FITNESS: Claims Registration Period Ends April 24
-------------------------------------------------------
Creditors owed money by LLC OASIS Fitness & Co Carl Zuckmayer
Str. 1 KG (FN 269524i) have until April 24, 2008, to file
written proofs of claim to court-appointed estate administrator
Matthias Schmidt at:

          Dr. Matthias Schmidt
          c/o  Dr. Florian Gehmacher
          Dr. Karl Lueger-Ring 12
          1010 Vienna
          Austria
          Tel: 533 16 95
          Fax: 535 56 86
          E-mail: schmidt@preslmayr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 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. 18, 2008 (Bankr. Case No. 6 S 23/08m).  Florian
Gehmacher represents Dr. Schmidt in the bankruptcy proceedings.


VITAL PLUS: Claims Registration Period Ends April 1
---------------------------------------------------
Creditors owed money by LLC Vital plus Handel (FN 232952b) have
until April 1, 2008, to file written proofs of claim to court-
appointed estate administrator Martin Koroschetz at:

          Dr. Martin Koroschetz
          Schuettelstrasse 55
          1020 Vienna
          Austria
          Tel: 72 577
          Fax: 72 577 577
          E-mail: office@blw-legal.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 15, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 15, 2008 (Bankr. Case No. 28 S 26/08i).


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


AKERYS HOLDINGS: S&P Lowers Corporate Credit Rating to B+
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on France-based homebuilder Akerys
Holdings S.A. to 'B+' from 'BB'.  The outlook is stable.

At the same time, S&P lowered our debt rating on Akerys'
EUR300 million bond to 'B' from 'BB-', one notch below the
corporate credit rating.  S&P removed both ratings from
CreditWatch, where they had been placed with negative
implications on Feb. 27, 2008.

The recovery rating on the EUR300 million bond remains at '5',
indicating our expectation of modest (10%-30%) recovery in the
event of a payment default.

"The rating actions reflect the lack of resilience of the
company's business model in a more challenging interest rate
environment; weaker-than-expected half-year results and the
company's downward revision of its EBIT guidance; and the
resulting weakening of the credit metrics, which are no longer
in line with a 'BB' rating," said Standard & Poor's credit
analyst Pierre Georges.

The ratings continue to reflect the company's aggressive
financial profile and lack of geographic diversity, as well as
the property development industry's inherent characteristics of
cyclicality, working capital intensity, low barriers to entry,
and high fragmentation.  These negative factors are only partly
mitigated by Akerys' relatively prudent risk policies; ongoing
focus on cash flows and liquidity; and the added benefits
derived from ancillary financial services.

For the first half of fiscal 2008, Akerys' EBITDA margin was 6%,
down from 12% for full fiscal 2007.  Other credit metrics also
deteriorated significantly, with debt to EBITDA at 5.1x and
funds from operations to debt at 8% (on an annualized basis).

"The outlook is stable, based on the assumption that the
operating performance and financial ratios will not deteriorate
further, and that that company will generate positive free
operating cash flow and keep adequate liquidity," said Mr.
Georges.


ARROW ELECTRONICS: To Buy Achieva's Components Distribution Biz
---------------------------------------------------------------
Arrow Electronics Inc. has signed a definitive agreement
pursuant to which Arrow will purchase the components
distribution business from parent company Achieva Ltd., a value-
added distributor in Asia Pacific.  Arrow anticipates the
transaction will be immediately accretive to earnings in the
first twelve months by US$0.01 to US$0.03 per share and will
meet the company’s acquisition objectives for return on invested
capital.  The transaction is subject to approval by the
shareholders of Achieva Ltd. and is expected to close in the
next 60 to 90 days.

"Achieva will further strengthen our position in the ASEAN
(Association of Southeast Asian Nations) and greater China
markets and enhance our existing demand creation capabilities,"
said William E. Mitchell, chairman, president and chief
executive officer of Arrow Electronics, Inc.  "With this
acquisition, Arrow will gain strong, established relationships
with major semiconductor suppliers that will expand our line
card as well as build upon existing partnerships.  The Achieva
management team is highly experienced and will be an impressive
addition of bench strength to position Arrow for continued
profitable growth in the Asia Pacific region," added Mr.
Mitchell.

                        About Achieva

Achieva is focused on creating value for its partners through
technical support and demand creation activities.  The company’s
product range covers semiconductor components such as
application specific integrated circuits, programmable logic
devices, digital signal processing chips and microchip-
controller units.  With over 200 employees, the company has a
presence in eight countries (Singapore, Taiwan, China, India,
Malaysia, Philippines, Thailand, and Korea) and primarily serves
small and medium sized customers in the data communications,
telecommunications, lighting, industrial and digital consumer
end markets.  Total 2006 sales were approximately US$200
million.

                  About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc. --
http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                           *     *     *

Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


SMOBY-MAJORETTE SA: Court Names Simba Dickie as Buyer
-----------------------------------------------------
Simba Dickie Group has been selected by the Commercial Court of
Lons-le-Saunier as the buyer for Smoby-Majorette S.A., Bloomberg
News reports.

The German toymaker offered to retain 401 of Smoby's around
1,100 employees in France as well as the resumption of
production at four French sites.

"The judge considered that to keep the toy company going in
France, another toymaker would be best," Simba Managing Director
Uwe Weiler told Bloomberg News.  "The problems of Smoby weren't
from the basic business but from acquiring business after
business without getting it all under the same roof."

The sale ends Smoby's bankuptcy proceedings.

MGA Entertainment, which bought 51% of Smoby in May 2007 but
failed to reach an agreement with Smoby's creditors, didn't make
an offer for the company.

As reported in the TCR-Europe on Jan. 8, 2008, the Court of
Appeal in Besancon rejected the recovery plan presented by MGA
Entertainment Inc. for Smoby-Majorette, maintaining the decision
of the Commercial Court of Lons-le-Saunier to place the company
under receivership on Oct. 9, 2007.

The appellate court gave interested parties until at latest
Jan. 20, 2008, to submit offers for Smoby.  Around 30 parties
have sought information on Smoby and its units.

                        About Smoby

Headquartered in Lavans les Saint-Claude, France, Smoby --
http://www.smoby.fr/-- specializes in the creation,
development, production and distribution of toys for children
from birth to age 10.  Smoby has a presence in over 90 countries
globally, with commercial and/or industrial operations in South
America, Asia and throughout Europe.  The Company's products are
sold worldwide through a network of 18 subsidiaries, with 65% of
sales generated outside of France.  In France, the Company
employs 1, 300 workers.  Its Latin America operations are found
in Argentina, Brazil and Mexico.

The Commercial Court of Lons-le-Saunier opened bankruptcy
proceedings against Smoby on March 19, 2007, upon the Debtor's
request.  Smoby was hoping to snag an investor who will inject
fresh capital yet remain a minority, as the company grapples
with a EUR330-million debt.  The company reported a net loss of
EUR15.87 million for the year ended March 31, 2006, compared
with a net profit of EUR1.56 million in 2005


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


ARBITRATOR REVISIONSGESELLSCHAFT: Claims Period Ends March 17
-------------------------------------------------------------
Creditors of ARBITRATOR Revisionsgesellschaft GmbH have until
March 17, 2008, to register their claims with court-appointed
insolvency manager Dr. jur. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 2 p.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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Dr. jur. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

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

The Debtor can be reached at:

         ARBITRATOR Revisionsgesellschaft GmbH
         Attn: Dr. rer. pol. Werner Eliass, Manager
         Herschelstr. 32
         30159 Hannover
         Germany


CASA MODERNA: Creditors Must File Claims by March 28
----------------------------------------------------
Creditors of Casa Moderna Projektmanagement GmbH have until
March 28, 2008, to register their claims with court-appointed
insolvency manager Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C205
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Sebastian Henneke
         Muelheimer Str. 100
         47057 Duisburg
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Casa Moderna Projektmanagement GmbH on Feb. 26, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Casa Moderna Projektmanagement GmbH
         Koenigstrasse 61
         47051 Duisburg
         Germany


DYLEC-ELECTRONICS GMBH: Claims Registration Ends April 1
--------------------------------------------------------
Creditors of Dylec-electronics GmbH have until April 1, 2008 to
register their claims with court-appointed insolvency manager
Reinhard Bohlig.

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 Korbach
         Hall 39
         Main Building
         Hagenstrasse 2
         34497 Korbach
         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:

         Reinhard Bohlig
         Briloner Landstrasse 14
         34497 Korbach
         Germany
         Tel: 05631-9509-70
         Fax: 05631-9509-19

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

The Debtor can be reached at:

         Dylec-electronics GmbH
         Muehlweg 14
         34497 Korbach
         Germany

         Attn: Heinz Bauer, Manager
         Sack 16
         34497 Korbach
         Germany


ERHAL BAUUNTERNEHMEN: Claims Registration Ends April 1
------------------------------------------------------
Creditors of Erhal Bauunternehmen GmbH have until April 1, 2008
to register their claims with court-appointed insolvency manager
Dr. Paul Fink.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Duesseldorf
         Meeting Hall A 341
         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:

         Dr. Paul Fink
         Koenigsallee 33
         40212 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Erhal Bauunternehmen GmbH on Feb. 22, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Erhal Bauunternehmen GmbH
         Attn: Ertugrul Erzengin, Manager
         Schuelgenstrasse 24
         41541 Dormagen
         Germany


EUROPEAN POLYMERS: Claims Registration Ends April 1
---------------------------------------------------
Creditors of european polymers GmbH have until April 1, 2008 to
register their claims with court-appointed insolvency manager
Ralph Buenning.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

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

The insolvency manager can be reached at:

         Ralph Buenning
         Domshof 18-20
         28195 Bremen
         Germany
         Tel: 0421/3686-0
         Fax: 0421/3686-100
         E-mail: InsOBremen@schubra.de
         Web site: http://www.schubra.de/

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

The Debtor can be reached at:

         european polymers GmbH
         Karl-Buecher-Strasse 5-7
         28307 Bremen
         Germany

         Attn: Michael Kriese, Manager
         Muehlenfeldstrasse 5 f
         28355 Bremen
         Germany


FEYOCK AUTOCENTRUM: Creditors Must File Claims by March 28
----------------------------------------------------------
Creditors of Feyock Autocentrum Beteiligungs GmbH have until
March 28, 2008, to register their claims with court-appointed
insolvency manager Peter Haas.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report 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 Haas
         Kaiserstrasse 77
         66386 St. Ingbert
         Germany

The District Court of Saarbruecken opened bankruptcy proceedings
against  Feyock Autocentrum Beteiligungs GmbH on Feb. 28, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Feyock Autocentrum Beteiligungs GmbH
         Kurt-Schumacher-Strasse 20a
         66130 Saarbruecken
         Germany


JULIUS BOCKHOLT: Creditors Must File Claims by March 28
-------------------------------------------------------
Creditors of Julius Bockholt GmbH & Co. KG have until March 28,
2008, to register their claims with court-appointed insolvency
manager Norbert Wischermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on April 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Norbert Wischermann
         Alter Markt 9-13
         42275 Wuppertal
         Germany

The District Court of Wuppertal opened bankruptcy proceedings
against Julius Bockholt GmbH & Co. KG on Feb. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Julius Bockholt GmbH & Co. KG
         Greulingstrasse 21
         42859 Remscheid
         Germany


K & P BAUTRAGERGESELLSCHAFT: Claims Registration Ends April 1
-------------------------------------------------------------
Creditors of K & P Bautragergesellschaft mbH have until
April 1, 2008 to register their claims with court-appointed
insolvency manager Frank Raff.

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 Esslingen
         Hall 1
         First Floor
         Ritterstr. 5
         73249 Wernau
         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 Raff
          Heilbronner Str. 86
          70191 Stuttgart
          Germany
          Tel: 0711/25 97 29-0
          Fax: 0711/25 97 29-999

The District Court of Esslingen opened bankruptcy proceedings
against K & P Bautragergesellschaft mbH on Jan. 31, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         K & P Bautragergesellschaft mbH
         Attn: Katharina Kerecseny, Manager
         Zeppelinstr. 10
         73760 Ostfildern
         Germany


LA LOFT: Claims Registration Period Ends March 14
-------------------------------------------------
Creditors of LA Loft GmbH & Co. KG have until March 14, 2008, to
register their claims with court-appointed insolvency manager
Alexander Saponjic.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 a.m on April 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Room 8/I
         Insolvency Court
         Maximilianstrasse 22-24
         Landshut
         Germany

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

The insolvency manager can be reached at:

         Alexander Saponjic
         Bachstr. 6
         84036 Landshut
         Germany
         Tel: 0871/943210
         Fax: 0871/9432150

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

The Debtor can be reached at:

         LA Loft GmbH & Co. KG
         Schlachthofstr. 47
         84034 Landshut
         Germany


LUPO SPEDITIONSGESELLSCHAFTS: Claims Period Ends March 18
---------------------------------------------------------
Creditors of LUPO Speditionsgesellschafts mbH have until
March 18, 2008, to register their claims with court-appointed
insolvency manager Dr. Peer Moeller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schwarzenbek
         Hall 3
         Moellner Str. 20
         Schwarzenbek
         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. Peer Moeller
         Untere Querstrasse 1
         23730 Neustadt / Holstein
         Germany

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

The Debtor can be reached at:

         LUPO Speditionsgesellschafts mbH
         Attn: Kathrin Popp, Manager
         Oldenburger Strasse 1b
         23883 Lehmrade
         Germany


MM MEDIENVERMARKTUNGSKONZEPTE: Claims Registration Ends April 1
---------------------------------------------------------------
Creditors of MM Medienvermarktungskonzepte GmbH have until
April 1, 2008 to register their claims with court-appointed
insolvency manager Dr. Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on April 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Christoph Niering
         Brabanter Str. 2
         50674 Cologne
         Germany

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

The Debtor can be reached at:

         MM Medienvermarktungskonzepte GmbH
         Attn: Martina Tille, Manager
         Konrad-Adenauer-Ufer 39
         50668 Cologne
         Germany


PHOENIX-POLSTERMOEBEL GMBH: Claims Period Ends March 19
-------------------------------------------------------
Creditors of Phoenix-Polstermoebel GmbH have until
March 19, 2008, to register their claims with court-appointed
insolvency manager Joachim Walterscheid.

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

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Joachim Walterscheid
         Am Kurpark 2
         32545 Bad Oeynhausen
         Germany
         Tel: 05731/84223-30
         Fax: +4957318422350

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

The Debtor can be reached at:

         Phoenix-Polstermoebel GmbH
         Attn: Friedrich Apke, Manager
         Wittenhusen 3
         32457 Porta Westfalica
         Germany


PRO-DIE-LOG GMBH: Creditors Must File Claims by March 31
--------------------------------------------------------
Creditors of Pro-die-log GmbH have until March 31, 2008, to
register their claims with court-appointed insolvency manager
Hartmut Mitze.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on May 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 Marburg/Lahn
         Hall 157
         Universitatsstrasse 48
         35037 Marburg/Lahn
         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:

         Hartmut Mitze
         Jahnstrasse 18
         35066 Frankenberg
         Germany

The District Court of Marburg/Lahn opened bankruptcy proceedings
against Pro-die-log GmbH on Jan. 21, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Pro-die-log GmbH
         Im Ried 3
         35108 Allendorf/Eder
         Germany


PW - VERTRIEB: Creditors Must File Claims by March 31
-----------------------------------------------------
Creditors of PW - Vertrieb Welker GmbH have until March 31,
2008, to register their claims with court-appointed insolvency
manager Karsten Sauter.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on April 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rottweil
         Room 0.05
         Branch Office
         Koernerstr. 29
         Rottweil
         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:

         Karsten Sauter
         Berner Feld 74
         78628 Rottweil
         Germany

The District Court of Rottweil opened bankruptcy proceedings
against PW - Vertrieb Welker GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         PW - Vertrieb Welker GmbH
         Brunnenstr. 32
         78554 Aldingen
         Germany


RAPID AUTOREPARATUR: Claims Registration Period Ends March 19
-------------------------------------------------------------
Creditors of Rapid Autoreparatur GmbH have until March 19, 2008,
to register their claims with court-appointed insolvency manager
Wolfgang Weidemann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on March 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 Pinneberg
         Hall 3
         First Floor
         Station Route 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:

         Wolfgang Weidemann
         Wendenstr. 4
         20097 Hamburg
         Germany

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

The Debtor can be reached at:

         Rapid Autoreparatur GmbH
         Attn: Hans-Detlef Reichow, Manager
         Franz-Kruckenberg-Str. 4 a
         25436 Uetersen
         Germany


RM-BAU GMBH: Creditors Must File Claims by March 31
---------------------------------------------------
Creditors of RM-Bau GmbH have until March 31, 2008, to register
their claims with court-appointed insolvency manager Frank
Kreuznacht.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Frank Kreuznacht
         Wolbecker Windmuehle 15 a
         48167 Muenster
         Germany

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

The Debtor can be reached at:

         RM-Bau GmbH
         Steinfurter Strasse 25
         59387 Ascheberg
         Germany


ROBERT MOELLER: Creditors Must File Claims by March 28
------------------------------------------------------
Creditors of Robert Moeller Transporte GmbH have until
March 28, 2008, to register their claims with court-appointed
insolvency manager Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Winfrid Andres
         Neuer Zollhof 3
         40221 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Robert Moeller Transporte GmbH on Feb. 28, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Robert Moeller Transporte GmbH
         Im Hasseldamm 3
         41352 Korschenbroich
         Germany


ROTT BAUTRAGER: Creditors Must File Claims by March 28
------------------------------------------------------
Creditors of Rott Bautrager GmbH have until March 28, 2008, to
register their claims with court-appointed insolvency manager
Klaus Reischl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Passau
         Meeting Hall 214
         Second Floor
         Schustergasse 4
         Passau
         Germany

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

The insolvency manager can be reached at:

         Klaus Reischl
         Residenzplatz 10
         94032 Passau
         Germany

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

The Debtor can be reached at:

         Rott Bautrager GmbH
         Dr.-Schindler-Str. 9
         94107 Untergriesbach
         Germany


RUDOLF BRAUNER: Creditors Must File Claims by March 31
------------------------------------------------------
Creditors of Rudolf Brauner Transport GmbH have until March 31,
2008, to register their claims with court-appointed insolvency
manager Ado Nika.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 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 Pforzheim
         Mannheimer Str. 17
         75179 Pforzheim
         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:

         Ado Nika
         Uhlandstr. 57 - 61
         74072 Heilbronn
         Germany

The District Court of Pforzheim opened bankruptcy proceedings
against Rudolf Brauner Transport GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Rudolf Brauner Transport GmbH
         Schlossstr. 8
         75223 Niefern-oeschelbronn
         Germany


SCHROEDER GMBH: Creditors Must File Claims by March 28
------------------------------------------------------
Creditors of Schroeder GmbH have until March 28, 2008, to
register their claims with court-appointed insolvency manager
Dirk Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Hagen
         Hall 259
         Second Floor
         Heinitzstrasse 42/44
         58097 Hagen
         Germany

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

The insolvency manager can be reached at:

         Dirk Andres
         Grabenstr. 28
         58095 Hagen
         Germany

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

The Debtor can be reached at:

         Schroeder GmbH
         Worthplatz 8
         58511 Luedenscheid
         Germany


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


BALLANTYNE RE: Fitch Cuts Rating on US$250 Million Notes to B+
--------------------------------------------------------------
Fitch Ratings downgrades class A-1 of Ballantyne Re Plc as:


     -- US$250,000,000 class A-1 floating-rate notes to 'B+'
        from 'BB', is placed on Rating Watch Negative.

Fitch also places these classes, rated 'B', on Rating Watch
Negative:

     -- US$10,000,000 class B-1 subordinated notes at 'B', is
        placed on Rating Watch Negative;

     -- US$40,000,000 class B-2 subordinated floating-rate notes
        at 'B', is placed on Rating Watch Negative.

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

The rating action reflects Fitch's heightened concern about
subprime and Alt-A residential ABS/RMBS.  The market values of
Ballantyne Re's residential ABS/RMBS investments continue to
decline.  At the same time, the life insurance reserves on
Ballantyne Re's block of business continue to grow.  The
residual amount available for payment of interest declined, as
evident from the most recent servicer reports received by Fitch,
and Fitch expects a further decline in the residual available
for interest payments at the end of the first quarter.  If this
decline continues, Ballantyne Re will be unable to make the
interest payments on the class A-1 floating-rate notes.

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

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


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


ALITALIA SPA: New Gov't to OK Sale if Flagship Status Retained
--------------------------------------------------------------
The next Italian government will approve the sale of its 49.9%
stake in Alitalia S.p.A. to Air-France KLM S.A. if the carrier's
national identity is retained, various reports say citing former
Prime Minister and opposition leader Silvio Berlusconi.

"The idea of an Air France-KLM-Alitalia public company is
possible, but by maintaining Alitalia as a flagship carrier,
with its own symbol and offices around the world," the former
prime was quoted by Reuters as saying.

Mr. Berlusconi had been against a possible takeover by Air
France over Alitalia.  He, however, stressed that an Italian
buyer is much preferred, Bloomberg News relates.  Mr. Berlusconi
also reiterated his stand against downsizing Alitalia's
operations in Milan.

The former prime minister added that Italian may make a
temporary "sacrifice" under exceptional circumstances to save
Alitalia, Reuters relates.

As reported in the TCR-Europe on Feb. 18, 2008, Air France said
it will seek approval from the new Italian government chosen
following the April 13-14, 2008, snap elections, for any
agreement to acquire Italy stake in Alitalia.  Air France
managing director Pierre Henri Gourgeon that the exclusive talks
may go beyond the April elections due to various procedural
steps.

The Forza Italia opposition party, headed by former Prime
Minister Silvio Berlusconi and seen to win the upcoming
election, said it will respect the possible sale of stake in
Alitalia to Air France if it emerges as the victor.

"If there were to be a contract already signed, it would be
respected," Renato Brunetta, deputy coordinator of Silvio
Berlusconi's Forta Italia, was quoted by Bloomberg News as
saying.

Alitalia and Air France-KLM SA have until mid-March to complete
exclusive talks and present a final binding offer to the Italian
government, which thereafter will decide whether to sell its
stake to the French carrier.

                          About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/ -- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The carrier serves routes to Asia, Europe, North
America and South America.

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

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


ALITALIA SPA: Foreign Minister Warns of Possible Bankruptcy
-----------------------------------------------------------
Alitalia S.p.A. may succumb to bankruptcy if the talks to sell
the Italian government's 49.9% stake in the carrier to Air
France-KLM SA fails, MF-Dow Jones Newswire reports, citing
outgoing foreign minister Massimo D'Alema.

According to the report, Mr. D'Alema was commenting on remarks
of former prime minister Silvio Berlusconi -- poised to return
to power after April's snap election -- that Alitalia should be
sold to a group of Italian investors.

Alitalia and Air France-KLM SA have until mid-March to complete
exclusive talks and present a final binding offer to the Italian
government, which thereafter will decide whether to sell its
stake to the French carrier.

                          About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/ -- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The carrier serves routes to Asia, Europe, North
America and South America.

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

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


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


ADA-STROY LLP: Creditors Must File Claims by March 28
-----------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Ada-Stroy (RNN 092200005693).

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


AGROPROM INVEST: Claims Deadline Slated for April 11
----------------------------------------------------
LLP Agroprom Invest Corporation has declared insolvency.
Creditors have until April 11, 2008, to submit written proofs of
claims to:

         LLP Agroprom Invest Corporation
         Maresyev Str. 85/19
         Aktobe
         Aktube
         Kazakhstan


ALIYA MUNAI: Claims Filing Period Ends April 11
-----------------------------------------------
LLP Aliya Munai Enterprises Ltd has declared insolvency.
Creditors have until April 11, 2008, to submit written proofs of
claims to:

         LLP Aliya Munai Enterprises Ltd
         Office 122
         Korgaljinskoye Highway, 2/2
         Astana
         Kazakhstan


ALTYNEMEL LLP: Creditors' Claims Due on April 11
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Altynemel insolvent.

Creditors have until April 11, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Samal, 15-29
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 25-43-90
              8 777 382 33-86


C.A.T. OIL: Moody's Puts Corporate Family Rating at B1
------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating
to C.A.T.oil AG.  The outlook is stable.

CAToil is an independent niche oilfield services company
organised in the form of an Austria-based holding company which
wholly owns five main operating subsidiaries in Russia.  The
company is a niche player in the overall OFS market, with strong
positioning in fracturing, sidetracking and workover services
which the company provides to the major oil and gas companies in
Russia and Kazakhstan.

CAToil is a publicly traded company with 40% of shares held by
institutional investors through an IPO which the company
completed in 2006 placing its shares on the FSE. The remaining
60% are privately held by two founders.  CAToil's market
capitalisation is around US$1.0 billion. In 2006 CAToil
generated sales of EUR194 million. It has a workforce of 3,200
people the majority of whom are located in Russia and
Kazakhstan.

CAToil's rating is based on Moody's Global Oilfield Services
Industry Rating Methodology, which assesses the company's
financial and operational performance for the past three
historical years (2005-2007) and also takes into account
CAToil's two year forecast (2008-2009).  The methodology rating
assessment maps the company into a Baa3 category and is driven
by the company's robust financial metrics, underpinned by strong
profitability and historically low leverage.  The forward
looking assessment which is factored into the rating, reflects
the CAToil's ongoing efforts to diversify its product portfolio
aimed at further development of its sidetracking operations and
diversification into the conventional drilling and seismic
segments of OFS market in the respective regions.  The company's
pro forma Debt/Total Capitalisation ratio assumes debt issuance
this year resulting in a ratio score in the "Ba" category.

The actual rating of B1 is therefore four notches lower than the
rating indicated by the methodology grid, which is in line with
the rating discount bracket applied by Moody's to companies
operating in the region characterised by evolving and
challenging political, regulatory and operational environment.

The rating is constrained by (i) the company's small size in the
context of the overall OFS market in the region, which is
becoming increasingly attractive for major global players, (ii)
its fairly concentrated customer base, (iii) CAToil's strong,
albeit decreasing, dependence on a single product line
(fracturing operations), (iv) the event risk related to the
implementation of a large scale capex programme and (v) a
significant step up in leverage following the planned debt
issuance.

At the same time Moody's recognises a significant upside
potential offered by the current market environment in the
respective region, the company's strong financial profile, well-
established customer relationships and regional expertise.

The rating also benefits from certain risk-mitigating
characteristics of the Russian OFS market, as well as the
company-specific qualities, namely: (i) a low correlation
between the demand for OFS and the oil price due to the nature
of the Russian taxation system (ii) a lower susceptibility of
OFS companies to political risks, compared to exploration and
production oil&gas players globally, (iii) significant upside
potential for OFS segment in Russia and Kazakhstan due to
historic underinvestment, (iv) the company's experienced
management team and (v) proven commitment of CAToil's management
and its key founder to adhere to a western-type corporate
governance standards and conservative financial policies.

The stable outlook is supported by Moody's expectation that
market conditions will remain supportive and the company will
pursue the execution of its capex programme as planned.  The
stable outlook also reflects Moody's expectation that CAToil
will maintain its current strategy and financial policies.

As the company's focus is on organic growth, Moody's does not
factor in any sizable acquisitions in the current rating.
Nevertheless, in the event CAToil decides to pursue an
acquisition opportunity, Moody's would expect that the strategic
fit, valuation and incremental leverage would be carefully
examined and consistent with the management's disciplined
historical standards and that Debt/Book Capitalisation would not
exceed 40% as a result of the acquisition.

The rating might experience a positive pressure if CAToil were
to realise its capex and revenue growth objectives in the next
12-18 months while maintaining the healthy level of
profitability and returns.  To support a rating upgrade, Moody's
would also expect CAToil to continue strengthening its revenue
base through product diversification and strong order book while
illustrating its ability to withstand competitive pressure and
preserve margins.

Ratings could be pressured if CAToil were to materially increase
its leverage above the expected levels, either through more
aggressive debt financed capex, or due to lower profitability.
Going forward Debt/EBITDA and Debt/Capitalization greater than
3x and 45% in upcycle conditions could result in a negative
outlook or ratings downgrade.  Also, a deterioration of the
company's operational performance resulting from a loss of a
major customer, and/or a deterioration in E&P activity that
might have a negative impact on CAToil's business fundamentals
and put significant pressure on CAToil's market position and
cash flow generation capacity, could result in a negative
outlook or ratings downgrade.

C.A.T. oil AG, which is headquartered in Vienna, Austria, and
operates through its several subsidiaries in Russia, is a
provider of oil-field services to the major oil&gas players in
Russia and Kazakhstan.  The company generated revenue of
EUR194 million in 2006.


C.A.T. OIL: S&P Assigns Low-B Ratings with Stable Outlook
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
and 'B' short-term corporate credit ratings to C.A.T. oil AG, an
Austria-registered oilfield services company that conducts all
of its operations in Russia and Kazakhstan.  The outlook is
stable.  At the same time, the 'ruA+' Russia national scale
rating was assigned.

The industry's inherent cyclicality and competitiveness, with
low entry barriers; the small scale of the company, limiting its
pricing power and diversification; and risks inherent to
operating in the Russian environment constrain the ratings.

"Favorable conditions in Russia's oilfield services industry, as
well as C.A.T. oil's strong niche positions, solid corporate
governance practices, and moderate financial policy support the
ratings," said Standard & Poor's credit analyst Andrey Nikolaev.

C.A.T. oil currently has a net cash position and no committed
unused credit lines, apart from overdrafts of about
EUR7.9 million on the subsidiary level.

"We expect C.A.T. oil to defend its market share in hydraulic
fracturing in the medium term and its cash flows from
sidetracking to grow on the back of increased capacity and a
strong order book," said Mr. Nikolaev.

Upside potential over the medium term depends on growing
diversification, scale, and share of higher-margin activities;
execution of the investment program; positive free cash flow
generation; and an improving liquidity position with committed
backup facilities.

The ratings could come under pressure if a significant increase
in competition in C.A.T. oil's core segments leads to
undercapacity and weakening margins, if the financial policy
changes, or if the company fails to secure long-term financing
prior to starting the investment program.


KAZCONSTRUCT SAUDA: Claims Registration Ends April 11
-----------------------------------------------------
LLP Kazconstruct Sauda has declared insolvency.  Creditors have
until April 11, 2008, to submit written proofs of claims to:

         LLP Kazconstruct Sauda
         Nemirovich- Danchenko Str. 1
         Almaty
         Kazakhstan


KURYLYS IPOTEKA: Creditors Must File Claims by April 11
-------------------------------------------------------
Branch of JSC Mortgage Organization Kurylys Ipoteka has declared
insolvency.  Creditors have until April 11, 2008, to submit
written proofs of claims to:

         JSC Mortgage Organization Kurylys Ipoteka
         Micro District Samal, 3-1
         Saryarka
         Astana
         Kazakhstan


LAME LAND: Claims Deadline Slated for March 28
----------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Lame Land (RNN 090300213409).

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


NEFTEGAS-PROM NS: Claims Filing Period Ends April 11
----------------------------------------------------
LLP Neftegas-Prom NS has declared insolvency.  Creditors have
until April 11, 2008, to submit written proofs of claims to:

         LLP Neftegas-Prom NS
         Abylai han ave. 2/1-3
         Astana
         Kazakhstan


SHANS-1 LLP: Creditors' Claims Due on April 11
----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Shans-1 insolvent.

Creditors have until April 11, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


TORG STROY: Claims Registration Ends April 11
---------------------------------------------
LLP Torg Stroy Complect has declared insolvency.  Creditors have
until April 11, 2008, to submit written proofs of claims to:

         LLP Torg Stroy Complect
         Kazybek bi Str. 158
         Shymkent
         South Kazakhstan
         Kazakhstan


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


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

         OJSC Kelechek Pahta
         Aral
         Nookensky District
         Djalal-Abad Region
         Kyrgyzstan


TECHNOMARKET LLC: Claims Filing Period Ends March 28
----------------------------------------------------
LLC Technomarket has declared insolvency.  Creditors have until
March 28, 2008 to submit written proofs of claim to:

         LLC Technomarket
         Abdrahmanov Str. 175
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 66-16-40


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


BONUS LLC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Krasnodar commenced bankruptcy
supervision procedure on LLC Bonus.  The case is docketed under
Case No. A32-22964/07-2/55B.

The Temporary Insolvency Manager is:

         A. Likhachev
         Chkalova Str. 10
         650025 Kemerovo
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Bonus
         Krasnodar
         Russia


C.A.T. OIL: S&P Assigns Low-B Ratings with Stable Outlook
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
and 'B' short-term corporate credit ratings to C.A.T. oil AG, an
Austria-registered oilfield services company that conducts all
of its operations in Russia and Kazakhstan.  The outlook is
stable.  At the same time, the 'ruA+' Russia national scale
rating was assigned.

The industry's inherent cyclicality and competitiveness, with
low entry barriers; the small scale of the company, limiting its
pricing power and diversification; and risks inherent to
operating in the Russian environment constrain the ratings.

"Favorable conditions in Russia's oilfield services industry, as
well as C.A.T. oil's strong niche positions, solid corporate
governance practices, and moderate financial policy support the
ratings," said Standard & Poor's credit analyst Andrey Nikolaev.

C.A.T. oil currently has a net cash position and no committed
unused credit lines, apart from overdrafts of about
EUR7.9 million on the subsidiary level.

"We expect C.A.T. oil to defend its market share in hydraulic
fracturing in the medium term and its cash flows from
sidetracking to grow on the back of increased capacity and a
strong order book," said Mr. Nikolaev.

Upside potential over the medium term depends on growing
diversification, scale, and share of higher-margin activities;
execution of the investment program; positive free cash flow
generation; and an improving liquidity position with committed
backup facilities.

The ratings could come under pressure if a significant increase
in competition in C.A.T. oil's core segments leads to
undercapacity and weakening margins, if the financial policy
changes, or if the company fails to secure long-term financing
prior to starting the investment program.


ENERGO LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Rostov commenced bankruptcy
supervision procedure on LLC Energo (TIN 6167065831).  The case
is docketed under Case No. A53-938/2008-S1-33.

The Temporary Insolvency Manager is:

         I. Zolotarev
         Osipienko Str. 24
         344058 Rostov-na-Donu
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Energo
         Voroshilovskiy Pr. 6/1
         344011 Rostov-na-Donu
         Russia


ICICI BANK: Has No Material Exposure to U.S. Sub-Prime Credit
-------------------------------------------------------------
ICICI Bank Ltd. has no material direct or indirect exposure to
U.S. sub-prime credit, the bank said in a media release after
reports of the company losing US$264 million on account of the
sub-prime crisis.

According to ICICI Bank, the widening of credit spreads in the
international markets have resulted in a negative mark-to-market
impact on the credit derivatives and fixed income investment
portfolios of the bank and its overseas banking subsidiaries,
while there has been no significant deterioration in actual
credit quality of the underlying investments.

ICICI Bank and its overseas banking subsidiaries have an
aggregate exposure of US$2.2 billion in credit derivatives, the
release noted.  As of January 31, 2008, the mark-to-market
negative on this portfolio due to movement of credit spreads was
about US$155 million of which US$88 million had been provided
for in the financial statements of the bank and its subsidiaries
for the nine months ended December 31, 2007.

In addition, ICICI Bank and its overseas banking subsidiaries
have fixed income investment portfolios, which have a mark-to-
market negative due to widening of credit spreads.  As of
January 31, 2008, this negative was about US$108 million of
which US$101 million had been accounted for in the financial
statements as of December 31, 2007.  This includes mark-to-
market on the available for sale portfolio, which has been
accounted for in the shareholders' equity.  The release added
that unrealized gains on ICICI Bank's other investment portfolio
has not been considered in above.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                       *     *     *

ICICI Bank Ltd.'s hybrid Tier-1 securities is rated BB- by
Standard & Poor's.  ICICI's  senior unsecured, five-year, fixed-
rate U.S. dollar notes is rated BB+ by S&P.


INVESTMENT FUND: Creditors Must File Claims by April 16
-------------------------------------------------------
Creditors of OJSC Investment Fund Company have until April 16,
2008, to submit proofs of claim to:

         G. Potapov
         Insolvency Manager
         Post User Box 31
         Yakutsk
         677018 Sakha–Yakutiya
         Russia

The Arbitration Court of Sakha-Yakutiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A58-8427/07.

The Court is located at:

         The Arbitration Court of Sakha-Yakutiya
         Kurashova Str. 28
         677000 Sakha-Yakutiya
         Russia

The Debtor can be reached at:

         OJSC Investment Fund Company
         Dzerzhinskogo Str. 20
         Yakutsk
         677000 Sakha–Yakutiya
         Russia


KOLCHUG-MITSAR CJSC: Creditors Must File Claims by April 16
-----------------------------------------------------------
Creditors of CJSC Trading House Kolchug-Mitsar have until
April 16, 2008, to submit proofs of claim to:

         D. Lazarev
         Insolvency Manager
         Post User Box 106
         Central Post Office
         620000 Ekaterinburg
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-3489/2007-K1-95B.

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir
         Russia

The Debtor can be reached at:

         CJSC Trading House Kolchug-Mitsar
         K. Marksa Str. 25
         Kolchugino
         601785 Vladimir
         Russia


NOVO-OZERNOE OJSC: Creditors Must File Claims by April 16
---------------------------------------------------------
Creditors of CJSC Novo-Ozernoe (TIN 5531007109) have until
April 16, 2008, to submit proofs of claim to:

         N. Shkola
         Insolvency Manager
         Post User Box 59 32
         644010 Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-4091/2007.

The Debtor can be reached at:

         CJSC Novo-Ozernoe
         Novo-Polyanskiy
         Omsk
         Russia


ROSNEFT OIL: Two Top Executives Quit from Posts
-----------------------------------------------
Ramil Valitov has resigned as OAO Rosneft Oil Co.'s vice
president, The Moscow Times reports.

According to the report, Mr. Valitov resigned from his post to
take on another job.

Rosneft has named Pavel Zablotsky to replace Mr. Valitov.

Meanwhile, Sergei Khotochkin also resigned as Rosneft's chief of
corporate governance, The Moscow Times reports citing company
sources.

"Some retired, some went on to other jobs," Rosneft spokesman
Nikolai Manvelov was quoted by The Moscow Times as sating. "This
is normal."

                         About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum
products.  The Company explores for, extracts, refines, and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                         *     *     *

As of Feb. 7, 2008, OAO Rosneft Oil Co. carries a BB+ long-term
corporate credit rating from Standard & Poor's Ratings Services.
S&P said the outlook is positive.


SAMPUR-VOD-STROY: Court Names V. Sutormin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tambov appointed V. Sutormin as
Insolvency Manager for OJSC Sampur-Vod-Stroy (TIN 6817000023).
He can be reached at:

         V. Sutormin
         Sovetskaya Str. 71
         Krasivoe
         Michurinskiy
         393760 Tambov
         Russia
         Cell: 8 (910) 652-59-31
         Fax: 8 (47545) 2-45-51

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A64-7557/07-10.

The Debtor can be reached at:

         OJSC Sampur-Vod-Stroy
         Sampur
         Sampurskiy
         Tambov
         Russia


SEVERSKAYA FUEL-ENERGY: Creditors Must File Claims by April 16
--------------------------------------------------------------
Creditors of LLC Severskaya Fuel-Energy Company have until
April 16, 2008, to submit proofs of claim to:

         I. Galotin
         Insolvency Manager
         Letter K
         Tovarnaya Str. 7
         350033 Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32-6529/2007-1/209 B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Severskaya Fuel-Energy Company
         Severskaya St.
         353240 Krasnodar
         Russia


SISTEMA JSFC: Detsky Mir Unit Completes Network Reorganization
--------------------------------------------------------------
Detsky Mir Group, a unit of Sistema JSFC, has completed
restructuring of its store management network.

In the course of the reorganization, these firms were merged
into Detsky Mir Centre OJSC:

    * Tirex Development CJSC,
    * Detsky Mir - Severo-Zapad CJSC
    * Detsky Mir - Yug CJSC,
    * Detsky Mir - Kazan CJSC, and
    * Detsky Mir Privolzhye CJSC.

"We have optimized store network management," said Maxim
Entyakov, CEO of Detsky Mir Centre OJSC.  "The company has
become more transparent, business processes have been unified,
all assets were consolidated under one legal entity - the
group's head company.  We expect further increase in the group's
operating efficiency."

                         About Sistema

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

                         *     *     *

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

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

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


STRATEGIST OJSC: Kirov Bankruptcy Hearing Slated for June 17
------------------------------------------------------------
The Arbitration Court of Kirov will convene at 11:00 a.m. on
June 17, 2008, to hear the bankruptcy supervision procedure on
OJSC Strategist (TIN 4307000128).  The case is docketed under
Case No. 28-403/07-282/6.

The Temporary Insolvency Manager is:

         V. Ryabov
         Apartment 2
         Lesnaya Str. 20
         Urzhum
         613530 Kirov
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Strategist
         Depovskaya Str. 2
         Vyatskie Polyany
         Kirov
         Russia


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


ASIAN MAKKAL: Lucerne Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Luzern-Stadt commenced bankruptcy
proceedings against LLC Asian Makkal Kadai on Jan. 29, 2008.

The Bankruptcy Service of Luzern-Stadt can be reached at:

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Switzerland

The Debtor can be reached at:

         LLC Asian Makkal Kadai
         Hofstrasse 4
         6004 Lucerne
         Switzerland


B. COM HOLDING: Creditors' Liquidation Claims Due by April 15
-------------------------------------------------------------
Creditors of JSC B.Com Holding have until April 15, 2008, to
submit their claims to:

         Schoch, Auer & Partner
         Marktplatz 4
         9004 St. Gallen
         Switzerland

The Debtor can be reached at:

         JSC B.Com Holding
         St. Gallen
         Switzerland


BIREC PARTNER: Creditors' Liquidation Claims Due by March 13
------------------------------------------------------------
Creditors of LLC Birec Partner have until March 13, 2008, to
submit their claims to:

         LLC Birec Partner
         Larchenstrasse 11
         8903 Birmensdorf
         Dietikon ZH
         Switzerland


KORNMART INEICHEN: Lucerne Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Service of Luzern-Stadt commenced bankruptcy
proceedings against LLC Kornmart Ineichen on Jan. 30, 2008.

The Bankruptcy Service of Luzern-Stadt can be reached at:

         Bankruptcy Service of Luzern-Stadt
         6000 Luzern 5
         Switzerland

The Debtor can be reached at:

         LLC Kornmart Ineichen
         Rhynauerstrasse 15
         6005 Lucerne
         Switzerland


RESPOMO JSC: Creditors' Liquidation Claims Due by April 7
---------------------------------------------------------
Creditors of JSC Respomo have until April 7, 2008, to submit
their claims to:

         Wolfgang Regensburger
         Liquidator
         Oberstmuhle 1
         6370 Stans NW
         Switzerland

The Debtor can be reached at:

         JSC Respomo
         Stans NW
         Switzerland


SEILER & STEFFEN: Creditors' Liquidation Claims Due by March 10
---------------------------------------------------------------
Creditors of LLC Seiler & Steffen have until March 10, 2008, to
submit their claims to:

         Alexander Seiler
         Erlenstrasse 43
         4058 Basel
         Switzerland

The Debtor can be reached at:

         LLC Seiler & Steffen
         Basel
         Switzerland


THE MCGRAW-HILL: Creditors' Liquidation Claims Due by March 13
--------------------------------------------------------------
Creditors of LLC The McGraw-Hill Companies Switzerland have
until March 13, 2008, to submit their claims to:

         Nils Jorgensen
         Liquidator
         Rebgasse 2
         4058 Basel
         Switzerland

The Debtor can be reached at:

         LLC The McGraw-Hill Companies Switzerland
         Basel
         Switzerland


WEBSMARTWARE JSC: Creditors' Liquidation Claims Due by March 12
---------------------------------------------------------------
Creditors of JSC WebSmartWare have until March 12, 2008, to
submit their claims to:

         Charles Alfred Keller
         Buttiweg 8
         4112 Fluh
         Dorneck SO
         Switzerland

The Debtor can be reached at:

         JSC WebSmartWare
         Hofstetten-Fluh
         Dorneck SO
         Switzerland


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


ALBA 2006-1: Fitch Affirms BB Rating on Class E Notes
-----------------------------------------------------
Fitch Ratings has affirmed all outstanding tranches of Alba
2006-1 plc following Fitch's March 7, 2008 downgrade of the
monoline insurer CIFG Europe (CIFG, rated Insurer Financial
Strength 'AA-' (AA minus)/RWN).

Alba 06-1's class A3b notes benefit from a guarantee provided by
CIFG.  The guarantee addresses the timely payment of interest
and ultimate repayment of principal on the notes by their
respective maturity dates.  When rating this transaction, Fitch
did not give any credit to this guarantee in its cashflow
analysis and therefore the ratings of the notes are unaffected.

The rating actions are:

Alba 2006-1 plc:

      -- Class A2 (ISIN XS0254829566):

         * affirmed at 'AAA'; Outlook Stable

      -- Class A3a (ISIN XS0254830499):

         * affirmed at 'AAA'; Outlook Stable

      -- Class A3b (ISIN XS0254831893):

         * affirmed at 'AAA'; Outlook Stable

      -- Class B (ISIN XS0254833089):

         * affirmed at 'AA'; Outlook Stable

      -- Class C (ISIN XS0254833758):

         * affirmed at 'A'; Outlook Stable

      -- Class D (ISIN XS0254834053):

         * affirmed at 'BBB'; Outlook Stable

      -- Class E (ISIN XS0254834301):

         * affirmed at 'BB'; Outlook Negative

      -- MERCS (ISIN XS0255419284):

         * affirmed at 'AAA'; Outlook Stable

Alba 06-1 is comprised of loans originated by GMAC-RFC and
Kensington.  The portfolio has seen a significant rise in
prepayment levels during the last period, as fixed-rate loans
from the portfolio have rest to variable rates, prompting
borrowers to refinance.  The annualised constant prepayment rate
for the last three months was 60.34%.

The loans refinancing out of the pool have predominantly been
from the GMAC portion of the portfolio which, in Fitch's
opinion, has a higher credit quality.  This leaves some concern
as to the future performance of the transaction, although this
is mitigated by the overall low level of heavy adverse borrowers
in the pool and the low level of arrears and losses to date.

Loans in arrears by more than three months currently comprise
7.15% of the current collateral balance, an increase from 5.01%
in November 2007.  This increase is partly driven by performing
loans refinancing out of the pool, although increases in the
level of LIBOR will create an element of payment shock for
borrowers on variable rate loans linked to LIBOR, which may lead
to higher arrears levels.

Fitch has employed its credit cover multiple methodology in
reviewing each tranche to assess the level of credit support
available to each class of notes.


AUBURN SECURITIES 5: S&P Puts Ratings on Positive CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its credit ratings on the subordinate
classes of notes issued by Auburn Securities 3 PLC and Auburn
Securities 5 PLC.  The other classes of notes in both
transactions are unaffected by these CreditWatch placements.

The CreditWatch placements follow initial reviews of the most
recent information received by Standard & Poor's for each
transaction.

This analysis showed that the likelihood of positive rating
actions has increased for all the classes listed below. Levels
of credit enhancement available to all the classes of notes
placed on CreditWatch positive have improved and the underlying
collateral continues to perform well.

Standard & Poor's has received loan-level data for all of these
transactions and will now carry out a more detailed loan-level
and cash flow analysis to investigate whether any or all of
these notes can attain a higher rating.  The results of this
review and any changes in the ratings are expected within three
months of this media release.

The notes, issued between 2002 and 2005, are backed by
portfolios of first-ranking prime residential mortgages secured
over owner-occupied and buy-to-let properties in England, Wales
and Northern Ireland.

                        Ratings List

     Ratings Placed On CreditWatch With Positive Implications

                     Auburn Securities 3 PLC
       GBP400 Million Mortgage-Backed Floating-Rate Notes

                                 Rating
                                 ------
         Class         To                        From
         -----         --                        ----
         M             AA-/Watch Pos             AA-

                     Auburn Securities 5 PLC
        GBP450 Million Mortgage-Backed Floating-Rate Notes

                                 Rating
                                 ------
         Class         To                        From
         -----         --                        ----
         B             AA/Watch Pos              AA
         C             A/Watch Pos               A
         D             BBB/Watch Pos             BBB
         E             BB/Watch Pos              BB



BOMBARDIER INC: Unit To Supply ELECTROSTAR Trains in the UK
-----------------------------------------------------------
Bombardier Transportation, a unit of Bombardier Inc., has won
another contract for its award winning BOMBARDIER ELECTROSTAR
Electric Multiple Units for New Southern Railway in the U.K.
The contract, valued at around EUR70 million (US$107 million),
is for the supply of 11 four-car dual-voltage Class 377 trains.
The vehicles will be manufactured at Bombardier's Derby site and
will be delivered during the first quarter of 2009.

The award winning ELECTROSTAR train is a well proven product,
with over 1,600 cars already in service with three operators in
the U.K., c2c, Southeastern and Southern.  The trains have been
named the most reliable modern EMU in the U.K. for the past
three years.  ELECTROSTAR -type trains were also ordered in 2006
by Transport for London for the "London Overground" services for
East London Line and North London Railway.  The prestigious
Gautrain new railway in South Africa will also operate
ELECTROSTAR trains, which will showcase for the 2010 Soccer
World Cup.

Since March 2007, the ELECTROSTAR fleet operated by c2c, has
switched over to a regenerative braking process designed to
reduce power consumption by returning the electrical power
generated by applying the brakes directly back into the supply
network.  c2c is already, thanks to its sophisticated MITRAC
Propulsion & Controls system, experiencing energy savings of up
to 20% and is the only train operator whose entire fleet of 74
trains has adopted this energy saving process.

                About Bombardier Transportation

Bombardier Transportation has its global headquarters in Berlin,
Germany with a presence in over 60 countries.  It has an
installed base of over 100,000 vehicles worldwide.  The Group
offers the broadest product portfolio and is recognized as the
leader in the global rail sector.

                       About Bombardier Inc.

Headquartered in Canada, Bombardier Inc. --
http://www.bombardier.com/-- (TSE:BBD.B) manufactures
innovative transportation solutions, from regional
aircraft and business jets to rail transportation equipment,
systems and services.  The company also has offices in the U.S.,
Northern Ireland, United Kingdom, Germany, Switzerland, Sweden,
Austria, Australia and China.

                          *     *     *

As reported in the TCR-Europe on March 5, 2008, Standard &
Poor's Ratings Services said its ratings, including the 'BB'
long-term corporate credit rating, on Montreal-based Bombardier
Inc. remain on CreditWatch with positive implications, pending a
review of the company's future business and financial plans.

In January 2008, Fitch Ratings upgraded Bombardier Inc.'s
ratings, including the company's Issuer Default Rating to 'BB'
from 'BB- ', and removed the ratings from Rating Watch Positive
following the company's  early redemption of approximately
US$1.0 billion of debt.  The Rating Outlook is Positive.


BRITISH AIRWAYS: Expects 4-4.5% Revenue Growth in FY 2008/2009
--------------------------------------------------------------
British Airways plc's revenue for the financial year 2008/2009
is forecast to increase by 4-4.5% to over GBP9.1 billion, based
on capacity measured in available-seat-kilometers up 2.4%.

Fuel costs are expected to be up by some GBP450 million to
GBP2.5 billion, an increase of 20%.  Non-fuel costs are expected
to rise 3-3.5%.  Total costs, excluding fuel, are forecast to be
up GBP200 million.  As a result the company is forecasting an
operating margin of about 7% for 2008/2009.

"The outlook for next year is consistent with economic slowdown,
the impact of increased fuel costs and one-off Terminal 5
transition costs, all of which analysts have already factored in
to their expectations," Keith Williams, chief financial officer
of British Airways, said.

                    About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

As of Jan. 2, 2008, British Airways Plc carries a senior
unsecured debt rating of Ba1 from Moody's Investors' Service
with a stable outlook.


BRITISH AIRWAYS: Traffic Figures Up 5.3% in February 2008
---------------------------------------------------------
British Airways plc reported traffic and capacity statistics for
February 2008.

In February 2008, passenger capacity, measured in Available-
Seat-Kilometers, was 4.4% above February 2007.  Traffic,
measured in Revenue-Passenger-Kilometers, rose by 5.3%.  This
resulted in a passenger load factor increase of 0.6 points
versus last year, to 68.4%.  Traffic comprised a 15.1% increase
in premium traffic and a 3.4% rise in non-premium traffic.
Comparatives between February 2007 and 2008 are difficult due to
the additional day in the month and the lingering effects of the
threat of industrial action on the first few days of February
2007.

Cargo, measured in Cargo-Ton-Kilometers, rose by 19.8%.

                      Market Conditions

Longhaul premium traffic remains strong, while shorthaul premium
and longhaul non-premium continue to show weakness.

                     Strategic Developments

British Airways said it will launch double daily business class-
only flights from London City airport to New York next year.
The new flights will operate on Airbus A318 aircraft with 32
seats onboard.

British Airways announced it is to partner with the London
Olympic Games Organising Committee to become the "Official
Airline of the London 2012 Olympic and Paralympic Games" and a
Top Tier sponsor of the London 2012 Games.  The deal combines
air travel for Britain's Olympic hopefuls as well as financial
support for staging the London 2012 Olympic and Paralympic
Games.

British Airways increased its fuel surcharge on all longhaul
tickets issued from Monday, February 25, 2008.  The decision
reflected continuing high oil prices.  The surcharge for
longhaul flights of less than nine hours increased by GBP5 per
flight from GBP48 to GBP53 (GBP106 return) and flights of more
than nine hours increased by GBP6 from GBP58 to GBP64 per flight
(GBP128 return).  There was no change to the shorthaul fuel
surcharge which remained at GBP10 per flight (GBP20 return).

British Airways and Virgin Atlantic agreed in principle a
settlement to resolve the class action litigation pending in the
United States District Court for the Northern District of
California, brought on behalf of U.S. and U.K. passengers
relating to alleged overcharges on longhaul passenger fuel
surcharges.



British Airways became the first airline to achieve the City &
Guilds Approved Centre Status.  New entrants on the cabin crew-
training programme are now eligible to obtain a National
Vocational Qualification Level 2 - equivalent to 5 GCSE's.

                     About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

As of Jan. 2, 2008, British Airways Plc carries a senior
unsecured debt rating of Ba1 from Moody's Investors' Service
with a stable outlook.


CARLYLE CAPITAL: Misses Margin Calls and Gets Notice of Default
---------------------------------------------------------------
Carlyle Capital Corporation Limited said that since filing its
annual report on Feb. 28, 2008, the company has been subject to
margin calls and additional collateral requirements totaling
more than USUS$60 million.

It said that until March 5, 2008, the company had met all of the
margin requirements imposed by its repo counterparties.
However, on March 5, 2008, the company received additional
margin calls from seven of its 13 repo counterparties totaling
more than US$37 million.  The company has met margin calls from
three of these financing counterparties that have indicated a
willingness to work with the company during these tumultuous
times, but did not meet the margin requirements of the four
other repo financing counterparties.

From this group of four counterparties, one notice of default
has been received by the company and management expects to
receive at least one additional default notice.

John Stomber, Chief Executive Officer, President and Chief
Investment Officer of the company, said, "The last few days have
created a market environment where the repo counterparties'
margin prices for our AAA-rated U.S. government agency floating
rate capped securities issued by Fannie Mae and Freddie Mac are
not representative of the underlying recoverable value of these
securities.  Unfortunately, this disconnect has created
instability and variability in our repo financing arrangements.
Management is actively working with the company's repo
counterparties to develop more stable financing terms."

Since the liquidity crisis in global fixed income markets
started in August, the company has sold almost US$1 billion in
non-RMBS assets to improve liquidity and reduce leverage.  The
company has also received significant support from The Carlyle
Group, most notably in the form of a US$150 million subordinated
revolving credit line.

            Fourth Quarter 2007 Highlights and Update

The company had net income for the fourth quarter of 2007 was
US$17.6 million, compared to a net loss of US$34.2 million in
the third quarter of 2007.  Fully diluted net income per Class B
share was US$0.34 in the fourth quarter, compared to a loss per
Class B share of US$0.74 in the third quarter of 2007.  Net
income for the year ended Dec. 31, 2007, was US$16.8 million, or
US$0.45 per Class B share on a fully diluted basis.

As of Feb. 27, 2008, the company's US$21.7 billion investment
portfolio is comprised exclusively of AAA-rated floating rate
capped residential mortgage backed securities issued by Fannie
Mae and Freddie Mac, which are considered to have the implied
guarantee of the U.S. government and are expected to pay at par
at maturity.

The Carlyle Group agreed to increase the US$100 million
unsecured revolving credit facility made available to the
company to US$150 million and extend the maturity to July 1,
2009.  As of Feb. 27, 2008, the company had US$80 million of
availability under this credit facility.

As of Feb. 27, 2008, the company had unused repo lines of US$2.4
billion with 11 counterparties.

As of Dec. 31, 2007, the company's "Liquidity Cushion" was
US$67.2 million and was comprised of cash and cash equivalents,
unencumbered AAA-rated mortgage backed securities and available
committed borrowings from The Carlyle Group.  As of Feb. 27,
2008, the company's Liquidity Cushion had increased to US$130
million.  The Liquidity Cushion consists of an existing US$80
million Liquidity Cushion plus the additional US$50 million
increase to the existing unsecured revolver provided by Carlyle.

The Carlyle Group with the support of the Board of Directors of
the company waived the incentive fee earned for the fourth
quarter of 2007.  The Carlyle Group also amended its Investment
Management Agreement so that the incentive fee will only be
earned with respect to a calendar quarter for which the Board
declares a dividend on the company's Class B shares.

The Board of Directors decided to retain the company's fourth
quarter earnings and not pay a dividend to achieve its short
term objective of preserving the long term value of its
shareholders' equity.

During the fourth quarter of 2007, an affiliate of Carlyle
Investment Management LLC, the company's investment manager,
purchased Class B shares of the company in the open market
increasing its ownership to approximately 15% of the issued and
outstanding Class B shares from approximately 12% at the time of
the global offering.

"During the fourth quarter our portfolio stabilized and we were
able to generate returns consistent with our near term targets,"
said John Stomber, chief executive officer, president and chief
investment officer of the company.  "We are focused on building
our liquidity cushion and broadening our available repo lines.
We continue to run our business to preserve the value of our
shareholders' equity and to position the company to meet our
long run objectives of earning an attractive risk adjusted
return and paying a consistent dividend in the future."

A full-text copy of the company's annual report can be obtained
at http://ResearchArchives.com/t/s?28d7

                      About Carlyle Capital

Carlyle Capital Corporation Limited (Euronext Amsterdam ticker
symbol: CCC; ISIN: GG00B1VYV826) --
http://www.carlylecapitalcorp.com/-- is a Guernsey investment
company that was formed on Aug. 29, 2006.  It is a closed-end
investment fund domiciled and registered as a limited company
under the laws of Guernsey, Channel Islands.  CCC's Class B
shares are listed on Eurolist by Euronext, the regulated market
of Euronext Amsterdam N.V. in the Netherlands (ticker: CCC), and
CCC is registered with the Netherlands Authority for the
Financial Markets (Stichting Autoriteit Financiele Markten).

CCC invests in a diversified portfolio of fixed income assets
including high-grade mortgages and credit products.  CCC's day-
to-day activities and investment portfolio are managed by
Carlyle Investment Management LLC, whose investment
professionals have extensive experience in the areas of mortgage
finance, leveraged finance, capital markets transaction
structuring and risk/portfolio management.

CIM manages the CCC pursuant to a management agreement.  CIM is
a registered investment adviser under the U.S. Investment
Advisers Act of 1940 and is an affiliate of The Carlyle Group.


CHRYSLER LLC: Plastech Agrees to Continue Supply Until March 17
---------------------------------------------------------------
Plastech Engineered Products Inc. and its debtor-affiliates, and
Chrysler LLC agreed to extend their supply agreement to March 17
even as Chrysler argues its tooling case before the U.S.
District Court for the Eastern District of Michigan, the
Associated Press reports.

As reported in the Troubled Company Reporter on March 4, 2008,
Chrysler LLC, Chrysler Motors Company LLC, and Chrysler Canada
Inc., took an appeal under 28 U.S.C. Section 158(a) before the
Court from the orders of the Honorable Phillip Shefferly that
denies:

   i) the lifting of the automatic stay to allow Chrysler to
      regain possession of tooling located in Plastech
      Engineered Products Inc. and its debtor-affiliates'
      plants; and

  ii) issuance of a preliminary injunction in connection with
      the proposed recovery of tooling equipment.

Judge Shefferly said in a court opinion that the Debtors needed
to keep the tooling equipment to facilitate them in their
reorganization.  The balancing of interests favored Plastech,
the Court said.

The Court affirmed the Debtors' contentions that the automatic
stay applies to both the tooling paid by Chrysler and the
tooling
that Chrysler has not paid for.  "Even assuming that the Debtor
has only a possessory interest in the tooling paid for by
Chrysler, that is a sufficient interest by itself to cause the
application of the automatic stay," Judge Shefferly said.

In addition, the Court was convinced that if Chrysler takes
immediate possession of the tooling, the Debtor will not be able
to continue to provide parts uninterrupted to its other major
customers and therefore any prospect of an effective
reorganization will be lost.

                    About Plastech Engineered

Based in Dearborn, Michigan, Plastech Engineered Products, Inc.
-- http://www.plastecheng.com/-- is full-service automotive
supplier of interior, exterior and underhood components.  It
designs and manufactures blow-molded and injection-molded
plastic products primarily for the automotive industry.
Plastech's products include automotive interior trim, underhood
components, bumper and other exterior components, and cockpit
modules.  Plastech's major customers are General Motors, Ford
Motor Company, and Toyota, as well as Johnson Controls, Inc.

Plastech is a privately held company and is the largest family-
owned company in the state of Michigan.  The company is
certified as a Minority Business Enterprise by the state of
Michigan.  Plastech maintains more than 35 manufacturing
facilities in the midwestern and southern United States.  The
company's products are sold through an in-house sales force.

The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417).  Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts.  The
Debtors chose Jones Day as their special corporate and
litigation counsel.  Lazard Freres & Co. LLC serves as the
Debtors' investment bankers, while Conway, MacKenzie & Dunleavy
provide financial advisory services.  The Debtors also employed
Donlin, Recano & Company as their claims and noticing agent.

An Official Committee of Unsecured Creditors has been appointed
in the Debtors' cases.

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.

                       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.


CIRRUS LOGIC: Investigation of Stock Option Practices Completed
---------------------------------------------------------------
Cirrus Logic Inc. disclosed that on March 3, 2008, it received
written notice from the Securities and Exchange Commission that
the regulator has completed the formal investigation of the
company's historical stock option practices. The SEC's Division
of Enforcement commenced the investigation last year.  It does
not intend to recommend any enforcement action.

Cirrus Logic Inc. (NASDAQ:CRUS) -- http://www.cirrus.com/--
develops high-precision, analog and mixed-signal integrated
circuits for a broad range of consumer and industrial markets.
Building on its diverse analog mixed-signal patent portfolio,
Cirrus Logic delivers highly optimized products for consumer and
commercial audio, automotive entertainment and industrial
applications.  The company operates is headquartered in Austin,
Texas, and has offices in the United Kingdom, China, South
Korea, Taiwan, Japan and Singapore.

                          *      *      *

Cirrus Logic continues to carry Standard & Poor's Ratings
Services' B corporate credit rating with a stable outlook.


CITY LOFTS: Brings In Liquidators from Tenon Recovery
-----------------------------------------------------
I. Cadlock and A. J. Pear of Tenon Recovery were appointed joint
liquidators of City Lofts (Queens Road) Ltd. (formerly Cardlawn
Ltd.) on Feb. 22 for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Lyndean House
         43/46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England


HUCKE LTD: Calls In Liquidators from Smith & Williamson
-------------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner of Smith &
Williamson Ltd. were appointed joint liquidators of Hucke Ltd.
(formerly Shadetwice Ltd.) on Feb. 26 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Smith & Williamson Ltd.
         Prospect House
         2 Athenaeum Road
         London
         N20 9YU
         England


ICICI BANK: Has No Material Exposure to U.S. Sub-Prime Credit
-------------------------------------------------------------
ICICI Bank Ltd. has no material direct or indirect exposure to
U.S. sub-prime credit, the bank said in a media release after
reports of the company losing US$264 million on account of the
sub-prime crisis.

According to ICICI Bank, the widening of credit spreads in the
international markets have resulted in a negative mark-to-market
impact on the credit derivatives and fixed income investment
portfolios of the bank and its overseas banking subsidiaries,
while there has been no significant deterioration in actual
credit quality of the underlying investments.

ICICI Bank and its overseas banking subsidiaries have an
aggregate exposure of US$2.2 billion in credit derivatives, the
release noted.  As of January 31, 2008, the mark-to-market
negative on this portfolio due to movement of credit spreads was
about US$155 million of which US$88 million had been provided
for in the financial statements of the bank and its subsidiaries
for the nine months ended December 31, 2007.

In addition, ICICI Bank and its overseas banking subsidiaries
have fixed income investment portfolios, which have a mark-to-
market negative due to widening of credit spreads.  As of
January 31, 2008, this negative was about US$108 million of
which US$101 million had been accounted for in the financial
statements as of December 31, 2007.  This includes mark-to-
market on the available for sale portfolio, which has been
accounted for in the shareholders' equity.  The release added
that unrealized gains on ICICI Bank's other investment portfolio
has not been considered in above.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                       *     *     *

ICICI Bank Ltd.'s hybrid Tier-1 securities is rated BB- by
Standard & Poor's.  ICICI's  senior unsecured, five-year, fixed-
rate U.S. dollar notes is rated BB+ by S&P.


INYX USA: Disclosure Statement Doesn't Provide Recovery Figures
---------------------------------------------------------------
Debtor Exaeris Inc. filed a disclosure statement explaining its
Chapter 11 plan of liquidation with the U.S. Bankruptcy Court
for the District of Delaware on March 3, 2008, Bill Rochelle of
Bloomberg News reports.

Bloomberg discloses that under the proposed plan, the Debtor's
assets will be sold to controlling shareholder Jack Kachkar in
exchange for a waiver of the US$1.2 million postpetition
financing the Debtor's owe him.  The plan, however, proposes
that an auction for the Debtor's assets be held to see whether a
higher offer than that of Mr. Kachkar will surface.  Mr.
Kachkar, pursuant to the plan, will also pay the Debtor's
US$420,000.

Unsecured creditors with US$5.5 million in claims will divide
what cash is left, Bloomberg relates.  The disclosure statement
doesn't say how much creditors can expect to receive.

Bloomberg recounts that in January 2008, the Hon. Kevin Gross
rejected Mr. Kachkar's offer to buy the Debtor's assets for
337,500 and to forgive any claims against him and parent company
Inyx Inc., which Mr. Kachkar controls.  Judge Gross determined
that the sale might not benefit the creditors and might not be
in good faith.  The judge noted the lack of evidence about the
value of the assets being sold and the claims being waived.

Bloomberg says that the Chapter 11 trustee for affiliate Inyx
USA Inc. determined that Inyx Inc. and Mr. Kachkar cheated
secured lender Westernbank Puerto Rico out of US$142.8 million.
Westernbank said that Inyx Inc. obtained loans through false and
fraudulent invoices.

                    About Inyx USA and Exaeris

Based in Manati, Puerto Rico, Inyx USA Ltd. operates a
pharmaceuticals production center that encompasses five
buildings totaling 140,000 square feet and extending over 9.5
acres.  Exaeris, Inc., located in Exton, Pennsylvania, focuses
on the strategic commercialization of niche or enhanced
pharmaceutical products, marketing and promotion activities.
Inyx USA and Exaeris are wholly owned subsidiaries of Inyx, Inc.
(OTC:IYXI) -- http://www.inyxinc.com/-- a specialty
pharmaceutical company.

Inyx USA and Exaeris filed for chapter 11 protection on July 2,
2007 (Bankr. D. Del. Case Nos. 07-10887 and 07-10888).  Anthony
M. Saccullo, Esq., at Fox Rothschild, L.L.P., represents the
Debtors.  When Inyx USA filed for protection from its creditors,
it listed estimated assets and debts between US$1 million and
US$100 million.  Exaeris estimated its assets were less than
US$10,000 but debts were between US$1 million and US$100
million.

In Court documents filed by Jack Kachkar, CEO of Inyx, Inc.,
Inyx USA is indebted to Westernbank Puerto Rico in the
approximate amount of US$35 million and secured by a first-
priority lien in substantially all of Inyx USA's assets.
Exaeris has in excess of US$5 million in prepetition unsecured
obligations outstanding to various creditors.

Ashton Pharmaceuticals and Inyx Pharma, the Debtors' UK
affiliates, were placed into an involuntary administration on
June 29, 2007.  Ernst & Young was appointed by the UK court as
administrators.


ISLE OF CAPRI: Posts US$13.8 Mil. Net Loss in Qtr. Ended Jan. 27
----------------------------------------------------------------
Isle of Capri Casinos Inc. reported financial results for the
third fiscal quarter ended Jan. 27, 2008.  The company reported
net loss for the third quarter of fiscal 2008 of US$13.8 million
compared to net loss of US$8.9 million for the third quarter of
fiscal 2007.

For nine months ended Jan. 27, 2007, the company reported net
loss of US$45.5 million compared to net income of US$9.9 million
for the same period in the previous year.

The company's results of operations for the three and nine month
periods ended Jan. 27, 2008, and Jan. 28, 2007, reflect the
consolidated operations of all of its subsidiaries.  The
Vicksburg and Bossier City properties are reflected as
discontinued operations for the periods prior to their sale in
July 2006.

Other significant factors impacting net income are:

   1. Stock based compensation expense was US$1.7 million in the
      third quarter of 2008 versus US$1.5 million in 2007.

   2. Depreciation and amortization expense increased from
      US$24.6 million to US$34.9 million due to the Pompano,
      Waterloo, Caruthersville and Coventry assets being placed
      in service.

   3. Interest expense increased US$5.3 million to
      US$27.5 million due to higher average borrowings.

   4. The income tax benefit recorded in the third quarter
      increased to US$7.4 million from US$1.9 million during the
      third quarter of last year.

                         Capital Structure

As of Jan. 27, 2008, the company has US$117.6 million of cash
and cash equivalents and total debt of US$1.57 billion.

Effective Jan. 27, 2008, the company completed the purchase of
the 43% minority interest in a Colorado operations owned by its
partner, for US$64.6 million.  On Jan. 28, 2008, the company
refinanced approximately US$187 million of debt that existed at
the Blackhawk entity through borrowings under our credit
facility.

The company has designated the subsidiaries that operate the
Blackhawk operations as "restricted subsidiaries" under the
provisions of our credit facility and its 7% subordinated notes.

At Jan. 27, 2008, the company's balance sheet showed total
assets of US$2.11 billion, total liabilities of US$1.88 billion
and total stockholders' equity US$0.23 billion.

                About Isle of Capri Casinos Inc.

Based in Biloxi, Mississippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and
Waterloo, Iowa; Boonville, Caruthersville and Kansas City,
Missouri and a casino and harness track in Pompano Beach,
Florida.  The company also operates and has a 57% ownership
interest in two casinos in Black Hawk, Colorado.  Isle of Capri
Casinos' international gaming interests include a casino that it
operates in Freeport, Grand Bahama, a casino in Coventry,
England, and a two-thirds ownership interest in casinos in
Dudley and Wolverhampton, England.

                          *     *     *

Moody's Investor Services placed Isle of Capri Casinos Inc.'s
probability of default and long-term corporate family ratings at
'B1' in June 2007.  The ratings still hold to date with a stable
outlook.


PELOTON PARTNERS: To Liquidate US$1.6 Bil. Multi-Strategy Fund
--------------------------------------------------------------
Peloton Partners LLP's US$1.6 billion (GBP800 million) Multi-
Strategy Fund is facing liquidation, Times Online reports,
citing a source familiar with the matter.

The source told Times Online that the Multi-Strategy Fund, which
has 40% of its assets invested in Peloton's US$2 billion ABS
Master Fund, will be liquidated in the coming days, although the
company is currently "working with counterparties" to determine
how much investors can recover from the fund.  According to the
report, the number of those who will be losing money is still
undetermined.

Times Online reveals Peloton is looking at a deeply discounted
firesale to bail out the fund.

Meanwhile, Peloton co-founder Ron Beller, BBC relates, informed
investors he did not know how much is remaining in the fund,
adding publicity has made the situation worse.

"Credit providers have been severely tightening terms without
regard to the creditworthiness or track record of individual
firms, which has compounded our difficulties and make it
impossible to meet margin calls," Peloton was quoted by BBC as
saying.

As reported in the Troubled Company Reporter-Europe on Feb. 29,
2008, Peloton said it was liquidating its US$2 billion ABS Fund
citing a drop in the value of highly rated mortgage securities
as well as being unable to meet the “margin calls” made by
banks.  At that time, the company also stopped redemptions from
its Multi-Strategy Fund.

Headquartered in London, England, Peloton Partners LLP --
http://www.pelotonpartners.com/-- is a hedge fund manager that
was recognized as one of the best performers in London's hedge
fund community for 2007.  The fund employs around 60 people in
London and another 10 in Montecito, California.


QUEBECOR WORLD: Cuts 30 Positions at California Facility
--------------------------------------------------------
Scott Jason of Merced Sun-Star reported that Quebecor World Inc.
laid off about 30 employees from its Merced plant in California
during the past two months.  According  to the report, Quebecor
World made the cutbacks in Merced because less work was
scheduled for the coming months.

"Hopefully, the volume will come back," Mr. Jason quoted Tony
Ross, vice president of communications, as saying.  "If it comes
back, we'll be able to afford more people to the work force,"
Mr. Ross told Merced Sun-Star.  Mr. Ross said that the company
doesn't anticipate laying off any other workers at the Merced
plant, which now employs about 850 people, the report added.

                    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)


QUEBECOR WORLD: Seeks OK to Pay Non-Worker Sales Commissions
------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates' sales and
marketing efforts are done through both employees and third-
party brokers.  The Debtors previously sought and obtained U.S.
Bankruptcy Court for the Southern District of New York's
approval to pay sales commissions that accrued prepetition to
one group of sales employees who were otherwise scheduled to
receive their commissions on Feb. 1, 2008.

The Debtors now seek the Court's permission to pay commissions
that accrued prepetition to non-employee sales brokers.  Michael
Canning, Esq., at Arnold & Porter LLP, in New York, relates that
these third-party brokers are utilized in certain segments of
the
Debtors' businesses, and it is crucial to the Debtors' sales and
marketing effort that the Debtors maintain a strong and loyal
team of sales brokers.

The Debtors have determined that there approximately 36 brokers
who are or will likely be due commissions based on prepetition
activities.  The total amount expected to be owing for these
commissions is US$705,775.  There could be some variation in the
final total based on payments from customers, but it is not
anticipated that the final total will be materially higher
than this amount, Mr. Canning says.

                    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)


QUEBECOR WORLD: NFR Wants Stay Lifted & Base Contract Terminated
----------------------------------------------------------------
National Fuel Resources and Quebecor World Buffalo Inc., debtor-
affiliate of Quebecor World Inc., are parties to a base contract
for the purchase of natural gas and a transaction confirmation,
each dated June 14, 2007.  Pursuant to the NFR Contract, NFR
provides natural gas to Quebecor World Buffalo Inc.  Quebecor
World Buffalo Inc. currently owes NFR US$277,163 for unpaid
natural gas provided before the bankruptcy filing.  This amount
constitutes invoices due and owing for gas provided by NFR to
Quebecor World Buffalo Inc. for December 2007 and the portion of
January 2008.

Under the NFR Contract, NFR may terminate the contract upon 30
days' written notice and could demand a prepayment in the event
that Quebecor World Buffalo Inc. files a petition for bankruptcy
relief.

NFR was included in the list of utilities filed by the Debtors
in their chapter 11 cases.  Before the entry of the Utility
Order, NFR and the Debtors agreed that NFR will not be subject
to the order and that each party will reserve its rights with
respect to the question of whether NFR was a utility as defined
under the Bankruptcy Code, and agreed to discuss an adequate
protection framework to protect NFR.

National Fuel Resources asks the U.S, Bankruptcy Court for the
Southern District of New York to:

   (1) lift the automatic stay to exercise its contractual right
       to terminate the NFR Contract;

   (2) grant it adequate protection to protect its interest in
       the NFR Contract until it is assumed or rejected by the
       Debtors;

   (3) compel the Debtors to assume or reject the NFR Contract;
       and

   (4) grant it adequate assurance of future payment, if the
       Court determines NFR as a utility under Section 366 of
       the Bankruptcy Code.

Allan Hill, Esq., at Phillips Lytle LLP, in New York, states
that NFR is entitled to relief from stay because the Debtors
have little to no equity in the NFR Contract and the NFR
Contract is not necessary to the Debtors' reorganization since
it will not leave the Debtors without access to natural gas.

Mr. Hill says that NFR is entitled to adequate performance of
payment.  Pursuant to Sections 361 and 363 of the Bankruptcy
Code, the Debtors can be compelled to make cash payments to NFR
if the automatic stay results in a diminution of value of NFR's
property.  The Bankruptcy Code also provides that NFR be
entitled
to other relief as will result in NFR's realization of the
equivalent of its interest in the NFR Contract.  Similarly,
Sections 365 and 366 of the Bankruptcy Code provide for a debtor
to provide adequate protection or adequate assurance of future
payment to non-debtor parties to executory contracts and to
utility providers, Mr. Hill adds.

As adequate protection of NFR's interests in the NFR Contract,
unless and until the Contract is either assumed or rejected by
the Debtors, Mr. Hill asserts that:

   (a) NFR should be allowed to bill the Debtors twice a month:

   (b) the Debtors should be required to make due payments by
       wire transfer within nine business days of the receipt of
       any valid invoice under the NFR Contract; and

   (c) the Debtors should be required to provide NFR with a
       security deposit or letter of credit that adequately
       covers NFR's financial exposure under the NFR Contract.

In addition, if the Debtors fail to timely make a payment, NFR
should be allowed to terminate the NFR Contract without further
Court order.

Mr. Hill believes that the Debtors would not suffer significant
harm if the Court compelled them to decide whether to assume or
reject the NFR Contract.  Accordingly, NFR asks the Court to
enter an Order fixing a date no later than 20 days after its
request is approved as the deadline by which the Debtors must
file any necessary pleadings seeking to assume or reject the NFR
Contract, provided that NFR may, in its sole discretion and
without further approval or notice to the Court, agree to grant
the Debtors additional time to file those pleadings.

Mr. Hill says that if the Court determines that NFR is a
utility, then under Section 366 of the Bankruptcy Code, NFR
seeks adequate assurance of future payment in a form of a letter
of credit totaling US$300,000 covering two months usage of gas
supplies, and modification of billing and payment procedures to
reduce the length of time that NFR is financially exposed on
account of natural gas supplies that NFR has supplied to the
Debtors.

                    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)


S.B. ENERTECH: Taps Liquidators from Tenon Recovery
---------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of S.B. Enertech Ltd. on
Feb. 26 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         33 George Street
         Wakefield
         WF1 1LX
         England


SANDWELL COMMERCIAL: S&P Says Ratings Unchanged After Review
------------------------------------------------------------
Standard & Poor's Ratings Services said that following its
review of Sandwell Commercial Finance No. 2 PLC, based on the
December 2007 servicer's report released by West Bromwich
Building Society, there are no changes to the ratings on the
notes.

"Our review shows that the transaction's performance is stable
and that no rating action is warranted at this time," said
credit analyst Carla Powell.

Credit enhancement levels for all classes have improved. This is
due to the sequential paydown of the notes due to prepayments
and scheduled amortization.

The increase in the class E note-to-value ratio is due to
substitutions being permitted and the decline of the market
value of the properties currently in the portfolio.  S&P will
closely monitor the situation.

The loans outstanding (by value of properties) are secured
mainly on retail properties (36.3% at the December 2007 interest
payment date (IPD), 45.9% at the December 2006 IPD, and 51.5% at
cut-off) and office properties (25.4% at the December 2007 IPD,
22.7% at the December 2006 IPD, and 20.1% at cut-off).  On the
December 2007 IPD, the properties were let to 290 tenants,
compared to 408 tenants in December 2006 and more than 510
tenants at cut-off.  The number of tenants has decreased due a
large number of loans prepaying.

The top 10 loans in the pool now account for 25% of the pool,
slightly reduced from 29% on the December 2006 IPD, and from 26%
at cut-off.  The substitutions and prepayments of the loans have
only slightly reduced the concentration in the pool.

The transaction closed in September 2005 and was originated by
WBBS.  At closing, the GBP350 million commercial mortgage-backed
floating-rate notes were backed by a pool of 187 loans secured
by 225 properties in the U.K. and let to 510 tenants.  At
closing, the last loan matures in May 2030 and the legal final
maturity date of the issued notes is September 2037.

                       Ratings List

          Sandwell Commercial Finance No. 2 PLC
  GBP350 Million Commercial Mortgage-Backed Floating-Rate Notes

Class      Original rating   Opening balance  Current balance
-----      ---------------   ---------------  ---------------
A              AAA           GBP278,250,000   GBP198,858,000
B              AA            GBP18,900,000    GBP18,900,000
C              A             GBP17,150,000    GBP17,150,000
D              BBB           GBP21,700,000    GBP21,700,000
E              BB            GBP14,000,000    14,000,000


US ENERGY: Court Gives Final Approval to Access Cash Collateral
---------------------------------------------------------------
The Hon. Robert D. Drain of the United States Bankruptcy Court
for the Southern District of New York authorized U.S. Energy
Systems Inc. and its debtor-affiliates to access, on a final
basis, the cash collateral of Credit Suisse Cayman Islands
Branch, as lien administrative agent and lien collateral agent;
and Credit Suisse Securities (USA) LLC, as sole lead arranger
and sole bookrunner.

The Debtors have borrowed up to US$143,000,000 in the aggregate
from Credit Suisse.  The Debtors were indebted and liable to
Credit Suisse of US$144,774,038 in the aggregate under a certain
credit agreement as of the Debtors' bankruptcy filing.

The Debtors have an urgent need to use Credit Suisse's cash
collateral to provide sufficient financing to their United
Kingdom Subsidiaries to allow them to continue to operate.

As adequate protection, the Debtor entitled Credit Suisse
replacement liens equal to the aggregate value of the
prepetition collateral.

The Debtors' authority to use the cash collateral will terminate
on March 31, 2008.

Kroll Talbot Hughes Limited has been named independent advisors
to monitor and provide cash flow forecasting and reports for the
Debtors.

A full-text copy of the 13 Week Short Term Cash Flow is
available for free at http://ResearchArchives.com/t/s?28d5

                       About U.S. Energy

Based in Avon, Connecticut, U.S. Energy Systems Inc. (Pink
Sheets: USEY) --  http://www.usenergysystems.com/-- owns green
power and clean energy and resources.  USEY owns and operates
energy projects in the United States and United Kingdom that
generate electricity, thermal energy and gas production.

The company filed for Chapter 11 protection on Jan. 9, 2008
(Bank. S.D.N.Y. Case No. 08-10054).  There are 34 affiliates who
filed for separate Chapter 11 petitions.  Peter S. Partee, Esq.,
at Hunton & Williams LLP, represents the Debtor in its
restructuring efforts.  Jefferies & Company, Inc. serves as the
company's financial advisor.  The Debtor also selected Epiq
Bankruptcy Solutions LLC as noticing, claims and balloting
agent.

The Official Committee of Unsecured Creditors has yet to be
appointed in these cases by the U.S. Trustee for Region 2.  When
the Debtors filed for protection from their creditors, they
listed total assets of US$258,200,000 and total debts of
US$175,300,000.


* BOND PRICING: For the Week March 3 to March 7, 2008
-----------------------------------------------------
Issuer                   Coupon   Maturity   Currency   Price
------                   ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      65.48
                          0.250    10/14/26     CDN      40.10
Raiffeisen Centrobank AG  9.250    12/19/08     EUR      69.42
Republic of Austria       4.000    06/22/22     EUR      75.56
                          1.740    08/04/25     EUR      67.75
                          0.000    10/10/25     EUR      66.54

BULGARIA
--------
Petrol AD Sofia           8.375    10/26/11     EUR      72.36


FINLAND
-------
M-Real Serla              7.250    04/01/13     EUR      67.88
Muni Finance PLC          0.500    04/26/13     AUD      69.57
                          1.000    11/21/16     NZD      58.55
                          1.000    10/30/17     AUD      55.63
                          0.500    09/24/20     CDN      59.87
                          0.250    06/28/40     CDN      20.67

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.28
Altran Technologies S.A.  3.750    01/01/09     EUR      11.96
Calyon                    6.000    06/18/47     EUR      46.93
CAP Gemini S.A.           2.500    01/01/10     EUR      52.77
                          1.000    01/01/12     EUR      44.05
Club Mediterranee S.A.    3.000    11/01/08     EUR      65.85
                          4.375    11/01/10     EUR      47.09
Europcar Groupe SA        8.130    05/15/14     EUR      68.55
Groupe Vial S.A.          2.500    01/01/14     EUR      34.18
Havas S.A.                4.000    01/01/09     EUR      10.60
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR       1.00
Ingenico                  2.750    01/01/12     EUR      16.35
Maurel & Prom             3.500    01/01/10     EUR      20.44
Publicis Group            0.750    07/17/08     EUR      28.75
                          1.000    01/18/18     EUR      42.09
Rhodia S.A.               0.500    01/01/14     EUR      35.76
Scor S.A.                 4.125    01/01/10     EUR       2.05
Soc Air France            2.750    04/01/20     EUR      24.17
Soitec                    4.625    12/20/09     EUR       3.81
Tereos Europe S.A.        6.380    04/15/14     EUR      69.92
Theolia S.A.              2.000    01/01/14     EUR      21.67
Valeo                     2.375    01/01/11     EUR      44.11
Vivendi Universal S.A.    1.750    10/30/08     EUR      30.56
Wavecom S.A.              1.750    01/01/14     EUR      21.59
Wendel Invest S.A.        2.000    06/19/09     EUR      42.40

GERMANY
-------
Grohe Holdings AG         8.630    10/01/14     EUR      74.32
KfW Bankengruppe          0.500    10/30/13     AUD      66.76
                          0.500    12/19/17     EUR      69.14
                          1.250    07/07/20     EUR      79.02
                          5.000    07/21/25     EUR      73.70
                          5.000    09/01/25     EUR      76.37
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      43.94
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      57.56


GREECE
------
Hellenic Republic         0.628    07/13/20     EUR      65.68
                          0.990    07/17/24     EUR      74.17

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      49.89

IRELAND
-------
Ardagh Glass Plc          7.130    06/15/17     EUR      73.81
Banesto Finance Plc       6.170    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      48.20
                          0.250    07/08/33     CDN      28.01
Magnolia Finance IV Plc   1.050    12/20/45     US$      25.70
Ono Finance II            8.000    05/16/14     EUR      73.28

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


LUXEMBOURG
----------
Hayes Lemmerz Finance     8.250    06/15/15     EUR      72.21
Nell AF S.A.              8.380    08/15/15     EUR      70.23
                          8.380    08/15/15     EUR      71.18

Profilo Telra             10.75    12/07/11     EUR      15.99
Sonata Securities S.A.    1.000    03/10/08     CHF      64.84


NETHERLANDS
-----------
ABN Amo Bank B.V.         6.250    06/29/35     EUR      65.88
                          9.000    02/23/09     ZAR      97.50
Air Berlin Finance B.V.   1.500    04/11/27     EUR      71.89
Biopetrol Finance B.V.    4.000    02/21/12     EUR      72.85
BK Ned Gemeenten          0.500    06/27/18     CDN      65.42
                          0.500    02/24/25     CDN      48.25
EM.TV Finance B.V.        5.250    05/08/13     EUR       4.41
Gerling Global N.V.       6.630    08/16/21     EUR      67.05
Hypo Real ES Finance      5.500    08/20/08     EUR      42.79
IVG Finance B.V.          1.750    03/29/17     EUR      74.08
KBC Ifimqa N.V.           5.880    02/07/25     US$      77.95
Lehman Bros TSY B.V.      6.000    02/15/35     EUR      66.31
                          8.250    03/16/35     EUR      55.50
                          7.000    05/17/35     EUR      61.08
                          7.250    10/05/35     EUR      55.88
                          6.000    11/02/35     EUR      59.38
Montell Finance B.V.      8.100    03/15/27     US$      66.23
Ned Waterschapbk          6.000    06/01/35     EUR      71.51
                          6.500    08/15/35     EUR      66.01
                          6.000    06/30/45     EUR      61.55
NXP B.V.                  8.630    10/15/15     EUR      71.45
                          8.630    10/15/15     EUR      72.67
Rabobank Groep N.V.       6.000    02/22/35     EUR      67.12
                          5.000    02/28/35     EUR      63.88
                          7.000    03/23/35     EUR      63.48
                          6.000    05/09/35     EUR      71.66

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.15
Norske Skogindustrier ASA 7.000    06/26/17     EUR      66.31

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      71.11


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

UNITED KINGDOM
--------------
Alliance & Leicester Plc  5.250     03/06/23    GBP      79.73
                          5.880     08/14/31    GBP      71.92
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      50.67
BAA Plc                   5.130     02/15/23    GBP      67.42
Bank of Scotland Plc      0.000     02/15/23    EUR      68.76
                          6.000     02/07/35    EUR      59.35
Britannia Building
   Society                5.880     03/28/33    GBP      82.21
Ineos Group Holding       7.880     02/15/16    EUR      70.79
                          7.880     02/15/16    EUR      70.92
Lloyds TSB Bank Plc       6.210     12/14/37    EUR      59.94
Louis No. 1 Plc           8.500     12/01/14    EUR      70.81
                         10.000     12/01/16    EUR      67.42
National Grid Gas Plc     1.754     10/17/36    GBP      40.99
                          1.771     03/30/37    GBP      40.89
Rexam Plc                 6.750     06/29/67    EUR      73.33
Royal BK Scotland         7.000     06/09/25    EUR      67.58
                          3.310     06/29/30    EUR      60.32

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *