TCREUR_Public/080313.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, March 13, 2008, Vol. 9, No. 52

                            Headlines


A U S T R I A

ANTON MARTIN: Claims Registration Period Ends April 1
EDLER & FALL: Claims Registration Period Ends April 14
NEWVISIONS MEDIA: Claims Registration Period Ends April 14
R. KNABB: Claims Registration Period Ends April 1
RESTAURANT STIFTSKELLER: Claims Registration Period Ends April 8

TIME 24: Claims Registration Period Ends March 31


B E L G I U M

GENERAL MOTORS: To Reduce European Workforce by 5,900 Jobs
SOLUTIA INC: Inks Amended Monsanto and Retiree Agreements
SOLUTIA INC: Issues New Common Stock Under Confirmed Plan
SOLUTIA INC: Terminates Pre-Emergence Stock and Select Deals


D E N M A R K

KNOLL INC: Adopts Trading Plan for Expanded Repurchase Program


F I N L A N D

BEARINGPOINT INC: Dec. 31 Bal. Sheet Upside Down by US$469.2 Mln


F R A N C E

DELPHI CORP: Re-Launches Exit Financing to Include GM, Affiliate
DELPHI CORP: Inks US$10 Million Purchase Pact with Tenneco Inc.
GRAFTECH INT'L: Dec. 31 Balance Sheet Upside Down By US$112.7MM


G E R M A N Y

AIP GMBH: Claims Registration Period Ends April 4
AS-COMMUNICATIONS GMBH: Claims Registration Period Ends March 31
AUTOHAUS KRAKOW: Creditors Must File Claims by April 3
B & B TRANSPORT: Claims Registration Period Ends April 4
BAUTRAC - GMBH: Claims Registration Period Ends April 4

CNC TECHNIK: Creditors Must File Claims by April 3
DEFENDER SICHERHEITSDIENST: Claims Registration Ends April 4
DIETER WECK: Creditors Must File Claims by April 3
DLS MATERIALFLUSSTECHNIK: Claims Registration Ends April 4
ECO GMBH: Creditors Must File Claims by April 3

FIPRO GMBH: Claims Registration Period Ends April 11
FULLCAN GMBH: Creditors Must File Claims by April 3
GERMAN FILM: Claims Registration Period Ends April 18
GROSSMARKT SIEGSDORF: Claims Registration Period Ends April 4
GRUENEISEN WOHNOBJEKTE: Claims Registration Period Ends April 4

HOWITECH GESELLSCHAFT: Claims Registration Period Ends April 4
IDV-INSOLVENZDIENSTLEISTUNG: Claims Registration Ends April 4
IFR CAPITAL: Fitch Puts Issuer Default Rating at B
KBG KILIC: Claims Registration Period Ends April 4
KOENIG GMBH: Claims Registration Ends April 4

KOMMANDITGESELLSCHAFT BOLLMEYER: Claims Period Ends April 4
KRINGS GARTENGESTALTUNG: Claims Registration Ends April 4
KUENZEL AUTOHAUS: Claims Registration Ends April 4
LAS VEGAS: Claims Registration Ends April 4
LEINENBACH GMBH: Creditors' Meeting Slated for March 19

MECKLENBURGER HOCHBAU: Claims Registration Ends April 4, 2008
NGG GASTRONOMIE: Claims Registration Ends April 4
NHB NORDDEUTSCHER: Claims Registration Period Ends April 4
NRG ENERGY: Earns US$104 Mln in 2007 Fourth Qtr. Ended Dec. 31
SEIBERT LIGHTING: Claims Registration Period Ends April 9, 2008

SPECTRUM BRANDS: Inks Standstill Agreement w/ Harbinger Capital
XXL BAUING: Claims Registration Period Ends April 7


H U N G A R Y

DELPHI CORP: Realigns Stake in Japanese & Hungarian Ventures


I T A L Y

MICRON TECH: S&P Assigns BB- Corporate Rating on Negative Watch
PARMALAT SPA: Legal Costs to Fall if Citi Trial starts May
TATA MOTORS: Subsidiary Ties Up with Italy's Maus SpA


K A Z A K H S T A N

AKSAI LLP: Creditors Must File Claims by April 18
ARLAN FIRE: Claims Deadline Slated for April 18
ARLAN SECURITY: Claims Filing Period Ends April 18
ARK VIDEO: Creditors' Claims Due on April 18
CASPIAN TRANSPORTATION: Claims Registration Ends April 18

JAYKSNABSTROY LLP: Creditors Must File Claims by April 18
LAD-OIL LLP: Claims Deadline Slated for April 18
MEREY LLP: Claims Filing Period Ends April 18
MIS-KYZYLORDA LLP: Creditors' Claims Due on April 18
RESCO LLP: Claims Registration Ends April 18


K Y R G Y Z S T A N

CENTRAL ASIAN: Creditors Must File Claims by April 4
STREET DESIGN: Claims Filing Period Ends April 4


N E T H E R L A N D S

CARLYLE CAPITAL: Seeking to Reach Standstill Deals with Lenders


P O L A N D


AMERICAN AXLE: Union Won't Accept Terms, Halts Labor Talks


P O R T U G A L

COMPANHIA SIDERURGICA: Net Income Up 150% to BRL2.9 Bil. in 2007


R U S S I A

ALTAY TRANS: Creditors Must File Claims by April 16
ARSENYEVO-AGRO-PROM-STROY: Claims Filing Period Ends April 22
COMSTAR-UNITED: Names Roman Akatov as Commercial Director
FIRST LLC : Krasnodar Bankruptcy Hearing Slated for June 6
KALITA CJSC: Court Names V. Goncharov as Insolvency Manager

KAMYSHINSKIY LLC: Volgograd Court Hearing Slated for April 21
KARASEVSKIY POTTERY: Names E. Semchenko as Insolvency Manager
MOSCOW EXPERIMENTAL: Creditors Must File Claims by April 22
NABEREZHNYE CHELNY: Bankruptcy Hearing Slated for June 5
NORTH-WEST CO: Creditors Must File Claims by April 22

PINT SERVICE: Court Starts Bankruptcy Supervision Procedure
PROD-ZERNO: Creditors Must File Claims by March 16
RTP CAR: Moscow Bankruptcy Hearing Slated for May 6
SCHIT CJSC: Creditors Must File Claims by March 22
UNION CJSC: Creditors Must File Claims by March 22


S L O V A K   R E P U B L I C

US STEEL: Unit Backs Out from Talks to Sell Wabush Mine Stake


S W I T Z E R L A N D

A + I SOMMERAUER: Creditors' Liquidation Claims Due by March 17
ANDEBEN LLC: Creditors' Liquidation Claims Due by March 16
ECHMANN: Creditors' Liquidation Claims Due by March 17
EMODRIVE PRODUCTS: Creditors' Liquidation Claims Due by March 17
GFBI GESELLSCHAFT: Creditors' Liquidation Claims Due by March 15

HEMIS SWITZERLAND: Creditors' Liquidation Claims Due by March 17
JOZITECH MED: Creditors' Liquidation Claims Due by March 14
KATRAS: Creditors' Liquidation Claims Due by March 17
PRO HYPOCRATUS: Creditors' Liquidation Claims Due by March 14
PROFORMA SOFTWARE: Creditors' Liquidation Claims Due by March 14

SEKA EXPOBOX: Creditors' Liquidation Claims Due by March 14
SWINGSYSTEMS JSC: Creditors' Liquidation Claims Due by March 15
WEMO-TECH LLC: Creditors' Liquidation Claims Due by March 14
VC HOMECARE: Claims Registration Period Ends March 15
ZIMMEREI HUMM: Claims Registration Period Ends March 17


U K R A I N E

BIG LINE: Proofs of Claim Deadline Set March 21
CENTERBUILDING GROUP: Creditors Must File Claims by March 21
EDUCATIONAL-COURSE COMBINE: Creditors' Claim Due March 21
MANKI LLC: Creditors Must File Claims by March 21
NADEZHDA CJSC: Creditors Must File Claims by March 21

NADIYA LLC: Creditors Must File Claims by March 21
UKRAINIAN-MEDITERRANEAN AIRLINES: Claims Deadline Set March 21
WHOLESALETRADELINE LLC: Creditors Must File Claims by March 21


U N I T E D   K I N G D O M


BAA LTD: Heathrow East Project Fails to Meet Olympic Deadline
BRITISH AIRWAYS: Conciliatory Talks with BALPA Fails
BUTTERFLY PUBLISHING: High Court Winds Up Business
CARTER AND CARTER: Brings In Administrators from Deloitte
CHRYSLER LLC: Idles Facility in Delaware on AAM Labor Strike

CRUZE CLOTHING: Brings In Liquidators from PKF
DJ TOOL: Appoints Joint Administrators from Deloitte & Touche
DURA AUTOMOTIVE: Seeks US$230M Financing to Execute Revised Plan
EMI GROUP: Retains Membership in IFPI
ESCAPISM LTD: Calls In Liquidators from Mazars

M&A HIRE: Brings In Administrators from Deloitte & Touche
MAGNOLIA FINANCE V: Fitch Junks Rating on Series 2006-4 Notes
MAILROOM DIRECT: High Court Winds Up Business
N REALISATIONS: Creditors' Meeting Slated for April 2
PLATINUM DEVELOPMENTS: Appoints Colin Prescott as Liquidator

RECALL SECURITY: Taps Administrators from Smith & Williamson
TALK BUSINESS: C. B. Barrett Leads Liquidation Procedure
VIRGIN MEDIA: Blackstone Consortium Mulls Up to US$7.5 Mln Bid
VIRGIN MEDIA: Names Neil Berkett as Chief Executive Officer

* Upcoming Meetings, Conferences and Seminars


                            *********

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


ANTON MARTIN: Claims Registration Period Ends April 1
-----------------------------------------------------
Creditors owed money by LLC Anton Martin Liegenschaftsverwaltung
und Bau (FN 157470z) have until April 1, 2008, to file written
proofs of claim to court-appointed estate administrator
Christoph Sauer at:

          Dr. Christoph Sauer
          c/o Dr. Frank Riel
          Gartenaugasse 1
          3500 Krems
          Austria
          Tel: 02732/86565
          Fax: 02732/86566-11
          E-mail: anwalt@riel-grohmann.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on April 16, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Krems an der Donau
          Hall A
          Second Floor
          Krems an der Donau
          Austria

Headquartered in Muehldorf, Austria, the Debtor declared
bankruptcy on Feb. 20, 2008 (Bankr. Case No. 9 S 7/08i).  Frank
Riel represents Dr. Sauer in the bankruptcy proceedings.


EDLER & FALL: Claims Registration Period Ends April 14
------------------------------------------------------
Creditors owed money by LLC Edler & Fall Sanitar- und
Heizungstechnik (FN 278356y) have until April 14, 2008, to file
written proofs of claim to court-appointed estate administrator
Georg Mi from at:

          Dr. Georg Mi from
          LLC CGO Masseverwaltung
          Neutorgasse 47/I
          8010 Graz
          Austria
          Tel: 0316/820620
          Fax: 0316/820620-4
          E-mail: office@cgo-masseverwaltung.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 on April 29, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Barnbach, Austria, the Debtor declared
bankruptcy on Feb. 20, 2008 (Bankr. Case No. 40 S 10/08f).


NEWVISIONS MEDIA: Claims Registration Period Ends April 14
----------------------------------------------------------
Creditors owed money by LLC NewVisions Media Beratung und Handel
(FN 261759s) have until April 14, 2008, to file written proofs
of claim to court-appointed estate administrator Rene Lindner
at:

          Mag. Rene Lindner
          Am Winterhafen 11
          4020 Linz
          Austria
          Tel: 0732/78 40 80-12
          Fax: 0732/78 40 80-4
          E-mail: konkurs@ra-hlp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 28, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Linz
          Room 522
          Fifth Floor
          Linz
          Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Feb. 21, 2008  (Bankr. Case No. 12 S 14/08h).


R. KNABB: Claims Registration Period Ends April 1
-------------------------------------------------
Creditors owed money by KEG R. Knabb (FN 274230f) have until
April 1, 2008, to file written proofs of claim to court-
appointed estate administrator Peter Schobel at:

          Dr. Peter Schobel
          Wiener Strasse 12
          3100 St. Poelten
          Austria
          Tel: 02742/35 42 34
          Fax: 02742/35 14 48
          E-mail: office@plusjus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on April 22, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of St. Poelten
          Room 216
          Second Floor
          Old Building
          St. Poelten
          Austria

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on Feb. 21, 2008 (Bankr. Case No. 14 S 18/08z).


RESTAURANT STIFTSKELLER: Claims Registration Period Ends April 8
----------------------------------------------------------------
Creditors owed money by  LLC Restaurant Stiftskeller (FN
115688f) have until April 8, 2008, to file written proofs of
claim to court-appointed estate administrator Matthias Schmidt
at:

          Dr. Matthias Schmidt
          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 10:15 a.m. on April 22, 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. 21, 2008 (Bankr. Case No. 28 S 30/08b).


TIME 24: Claims Registration Period Ends March 31
-------------------------------------------------
Creditors owed money by Time 24 Euroexpress Ltd. (Company No.
5974531) have until March 31, 2008, to file written proofs of
claim to court-appointed estate administrator Peter Heigenhauser
at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on April 10, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Bad Ischl, Austria, the Debtor declared
bankruptcy on Feb. 20, 2008  (Bankr. Case No. 20 S 21/08a).


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


GENERAL MOTORS: To Reduce European Workforce by 5,900 Jobs
----------------------------------------------------------
General Motors Corp. plans to cut up to 5,900 job at its Adam
Opel GmbH and SAAB AB units, Agence-France Presse reports citing
Auto Motor und Sport as its source.

The cuts, Auto Motor und Sport relates, will affect Saab's plant
in Trollhaettan, Sweden as well as Opel's sites in:

    * Antwerp, Belgium (1,300);
    * Ellesmere Port, U.K. (500);
    * Spain (900); and
    * Bochum, Germany

A GM Europe spokesman told Auto Motor und Sport that the company
is "constantly working on improving productivity" at its sites,
adding that it is holding talks with the works council over a
"series of initiatives to be implemented this year to further
increase efficiency in our factories in Europe."

"Management has presented us with a drastic job-cutting
catalogue that we are looking at," Rainer Einenkel, Opel's works
council head in Bochum, was quoted by Auto Motor und Sport as
saying.

"It is still too early to give details," an Opel spokesman told
AFP.  "We are not talking about a restructuring program or
drastic job cuts in Europe."

                      About General Motors

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

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 6,
2008, Standard & Poor's Ratings Services said that its ratings
on General Motors Corp. (GM; B/Stable/B-3) are not immediately
affected by the United Auto Workers work stoppage at key
supplier American Axle and Manufacturing Holdings Inc.
(BB/Negative/--) that began Feb. 26.

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

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


SOLUTIA INC: Inks Amended Monsanto and Retiree Agreements
---------------------------------------------------------
In accordance with its fifth amended joint plan of
reorganization, Solutia Inc. entered into an amended and
restated Monsanto settlement agreement; indemnification
agreement with Pharmacia Corporation; and first amended and
restated retiree settlement agreement with certain parties,
Rosemary L. Klein, Solutia's senior vice president, general
counsel and secretary, discloses in a regulatory filing with the
U.S. Securities and Exchange Commission.

The Monsanto Settlement Agreement and the Pharmacia Indemnity
Agreement between Solutia and Monsanto Company provide that
Monsanto will fund post-emergence the environmental remediation
obligations and related environmental liabilities at sites
owned, operated or used by Pharmacia, but which Solutia never
owned, operated or used.  Solutia and Monsanto will share the
environmental remediation obligations and related environmental
liabilities for the Anniston, Alabama, and Sauget, Illinois
offsite remediation projects, according to Ms. Klein.

Pursuant to the Monsanto Settlement Agreement, Monsanto has
agreed to assume financial responsibility for all litigation
relating to property damage, personal injury, products liability
or premises liability or other damages related to asbestos, PCB,
dioxin, and other chemicals manufactured before Solutia's spin
off from Pharmacia on Sept. 1, 1997.

Monsanto's funding of the environmental remediation activities
and the resulting claim against Solutia, which Monsanto has
asserted, are being resolved through the Plan, Ms. Klein
relates.  Solutia will remain responsible for the environmental
liabilities at sites that it owned or operated after the Spin-
off.

A full-text copy of the Monsanto Settlement Agreement is
available for free at http://ResearchArchives.com/t/s?28f6

                       Retiree Settlement

In accordance with the Plan, Solutia entered into the Retiree
Settlement Agreement with the Official Committee of Retirees.  A
2008 Retiree Welfare Plan has been agreed upon as a result of
the Retiree Settlement Agreement.  The 2008 Retiree Plan
provides post-retirement health and life insurance benefits to
certain retirees, Ms. Klein says.

A full-text copy of the 2008 Retiree Plan is available for free
at http://ResearchArchives.com/t/s?28f7

The terms of the Retiree Settlement Agreement provide that
Solutia will contribute US$175,000,000 in cash and an amount
equivalent to the recovery on a US$35,000,000 general, unsecured
claim with a specific distribution of new employer stock to the
voluntary employees' beneficiary association -- Retiree Trust.
The Retiree Trust will be comprised of two sub-accounts, which
will be funded by Solutia or the Retiree Shares and sales
proceeds.

A full-text copy of the Retiree Settlement Agreement is
available for free at http://ResearchArchives.com/t/s?28f8

                 Registration Rights Agreement

In connection with the issuance of 2,489,977 shares of New
Common Stock to Monsanto, Solutia entered into a Registration
Rights Agreement with Monsanto, pursuant to which, Solutia is
required to file a registration statement under the Securities
Act to effect the registration of the resale of the shares of
New Common Stock issued to Monsanto.

The registration rights granted in the Monsanto Registration
Rights Agreement are subject to customary restrictions.  In
addition, Monsanto's registration rights are subject to a "most
favored nation" clause, which provides, among other things, that
Solutia may not grant registration rights to any holder of its
securities that are more favorable to those holders than the
registration rights granted to Monsanto without the prior
written consent of holders of a majority of the shares held by
Monsanto on the Effective Date.

The Monsanto Registration Rights Agreement contains customary
indemnification and contribution provisions, as well as
representations and warranties by Solutia and by Monsanto.
Solutia will be responsible for expenses relating to the
registrations contemplated by the Monsanto Registration Rights
Agreement, subject to certain limitations.

                       About Solutia Inc.

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

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

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

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

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 3,
2008,  Standard & Poor's Ratings Services raised its corporate
credit rating on Solutia Inc. to 'B+' from 'D', following the
company's emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.

S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.


SOLUTIA INC: Issues New Common Stock Under Confirmed Plan
---------------------------------------------------------
Solutia Inc. and 14 of its subsidiaries consummated on Feb. 28,
2008, their reorganization under Chapter 11 through transactions
contemplated by their confirmed fifth amended joint plan of
reorganization.

On the effective date, all existing shares of common stock
outstanding before the effective date were canceled pursuant to
the Plan.  Rosemary L. Klein, Solutia's senior vice president,
general counsel and secretary, relates in a regulatory filing
with the U.S. Securities and Exchange Commission that in
satisfaction of creditor claims and stockholder interests,
Solutia issued:

  (a) 29,024,446 shares of common stock, par value US$0.01 per
      share to its general unsecured creditors and noteholders
      who hold the 2027 Notes and the 2037 Notes.  About 831,052
      of these shares are being held in a disputed claims
      reserve for the benefit of holders of disputed claims
      whose claims are subsequently allowed and any shares left
      over after all disputed claims have been resolved will be
      distributed pro rata to holders of allowed claims;

  (b) 1,221,492 shares of New Common Stock to the Retiree Trust;

  (c) 597,500 shares of New Common Stock, representing 1% of the
      total New Common Stock, to holders of at least 175 shares
      of the Old Common Stock;

  (d) 15,936,703 shares of New Common Stock to general unsecured
      creditors and noteholders pursuant to the Creditor Rights
      Offering;

  (e) 2,812,359 shares of New Common Stock to the backstop
      investors in the Creditor Rights Offering;

  (f) 7,667,523 shares of New Common Stock to holders of at
      least 11 shares of Old Common Stock pursuant to the Equity
      Rights Offering; and

  (g) 2,489,977 shares of New Common Stock, representing the
      shares of New Common Stock that were unsubscribed for in
      the Equity Rights Offering, to Monsanto Company.

According to Ms. Klein, the general unsecured claims pool has
US$786,221,598 in total claims and is comprised of (i)
US$455,400,000 in allowed noteholder claims; (ii) US$307,342,810
in allowed general unsecured claims; and (iii) US$23,478,788 in
disputed general unsecured claims.

Solutia also issued warrants to purchase an aggregate of
4,481,250 shares of New Common Stock to holders of Old Common
Stock based on a holder's prepetition stock ownership, provided
that the holder held at least 24 shares of the Old Common Stock.

In connection with issuance of the Warrants, Solutia entered
into a Warrant Agreement with American Stock Transfer & Trust
Company, as warrant agent.  Pursuant to the Warrant Agreement,
Warrant holders are entitled to purchase shares of New Common
Stock at an exercise price of US$29.70 per share.  Ms. Klein
says that the Warrants have five-year terms and will expire at
5:00 p.m., New York City time, on Feb. 27, 2013.  The Warrants
may be exercised for cash or on a net issuance basis.

Ms. Klein states that the number of shares of New Common Stock
issuable upon exercise of the Warrants and the exercise price
will be adjusted in connection with any dividend, distribution,
subdivision, combination, reclassification or recapitalization
of the New Common Stock.

The exercise price of the Warrants is also subject to downward
adjustment in connection with any distribution to all holders of
the New Common Stock evidences of indebtedness, other securities
of Solutia or any cash, property or other assets.

If on or before the fourth anniversary of the issue date of the
Warrants, Solutia undergoes any business combination in which
Solutia is not the surviving entity, or sells, transfers or
otherwise disposes of all or substantially all of its assets,
depending on the nature of the consideration to be paid to
holders of New Common Stock and the status of the successor, the
acquiring person may be required to purchase the Warrants for
cash at Black-Scholes valuation upon consummation of the Organic
Change, Ms. Klein discloses.

For any Organic Change occurring on or after the fourth
anniversary of the issue date of the Warrants, the Warrant
holders will have the right to receive the consideration that
they would have been entitled to receive had they exercised the
Warrants immediately before the Organic Change.

A copy of the Warrant Agreement is available for free at:
http://ResearchArchives.com/t/s?28f9

                       About Solutia Inc.

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

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

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

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

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 3,
2008,  Standard & Poor's Ratings Services raised its corporate
credit rating on Solutia Inc. to 'B+' from 'D', following the
company's emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.

S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.


SOLUTIA INC: Terminates Pre-Emergence Stock and Select Deals
------------------------------------------------------------
Rosemary L. Klein, Solutia's senior vice president, general
counsel and secretary, discloses in a regulatory filing with the
U.S. Securities and Exchange Commission that certain indentures,
credit facilities, shares of Old Common Stock and related
incentive plans, and other agreements were terminated on the
Effective Date.  Among these are:

  (a) 7.375% Debentures due Oct. 15, 2027;

  (b) 6.72% Debentures due Oct. 15, 2037;

  (c) 11.25% Senior Secured Notes due July 15, 2009;

  (d) Indentures dated Oct. 1, 1997, and July 9, 2002;

  (e) Euro 200 million credit facility contemplated by a
      Facility Agreement, dated July 26, 2006, as amended
      between Solutia Europe S.A./N.V., Solutia Services
      International S.C.A./Comm. V.A., Citigroup Global Markets
      Limited, Citibank International plc, and Citibank N.A.;

  (f) US$225,000,000 credit facility contemplated by a Flexsys
      Multicurrency Term and Revolving Facilities Agreement of
      2007; and

  (g) 2006 Solutia Annual Incentive Plan.

                       About Solutia Inc.

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

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

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

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

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 3,
2008,  Standard & Poor's Ratings Services raised its corporate
credit rating on Solutia Inc. to 'B+' from 'D', following the
company's emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.

S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.


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


KNOLL INC: Adopts Trading Plan for Expanded Repurchase Program
--------------------------------------------------------------
Knoll Inc. adopted a written trading plan under Rule 10b5-1 of
the Securities Exchange Act of 1934 on March 6, 2008, to
facilitate purchases during the months of March and April 2008,
under its expanded repurchase program disclosed in February
2008.

Under the Company 10b5-1 Plan, Banc of America Securities LLC
will have the authority to repurchase up to an aggregate of
approximately US$10 million worth of Knoll common stock on
behalf of the company during the period.  The Company 10b5-1
Plan does not require that any shares be purchased, and there
can be no assurance that any shares will be purchased.

Purchases may be made under the Company 10b5-1 Plan beginning
March 7, 2008.  The Share Repurchase Plan will continue to be in
effect after the expiration of the Company 10b5-1 Plan, which
expires on the earlier of April 21, 2008, or the date on which
purchases are completed.

A 10b5-1 plan allows the company to repurchase shares at times
when it would ordinarily not be in the market because of the
company's trading policies or the possession of material non-
public information.

                         About Knoll

Headquartered in East Greenville, Pennsylvania, Knoll Inc.
(NYSE: KNL) -- http://www.knoll.com/-- designs and manufactures
branded office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  In October 2007, Knoll Inc. completed the acquisition
of Teddy and Arthur Edelman, Limited.

The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal and Singapore, among others.

                        *     *     *

Standard & Poor's placed Knoll Inc.'s long-term foreign and
local issuer credit ratings at 'BB' in July 2006.  The rating
still holds to date with a stable outlook.


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


BEARINGPOINT INC: Dec. 31 Bal. Sheet Upside Down by US$469.2 Mln
----------------------------------------------------------------
BearingPoint Inc. reported that as of Dec. 31, 2008, the company
had total assets of US$1,981.4 million, total liabilities of
US$2,450.6 million resulting to a total stockholders' deficit of
US$469.2 million.

For the fourth quarter of fiscal 2007 ended Dec.31 , the company
realized a net loss of US$169.0 million, which was significantly
above the average of its net losses incurred in the first three
quarters of fiscal 2007.  Proactive management actions taken in
the fourth quarter and intended to drive further cost savings in
2008 contributed significantly to the magnitude of this loss.

These fourth quarter management actions included, among other
things, lease and facilities restructuring costs of US$20.6
million and additional severance costs of US$14.4 million.  Also
contributing to the fourth-quarter loss was US$58.8 million in
contract write-downs and loss accruals, a notable net year-over-
year increase over the fourth quarter of fiscal 2006.

Notwithstanding these fourth-quarter increases, total contract
write-downs and loss accruals for the full fiscal year continued
to show improvement, as compared to contract write-downs and
loss accruals for 2006 and 2005.

The company incurred a net loss of US$362.7 million for the
fiscal year ended Dec. 31, 2007 compared to US$213.4 million net
loss for fiscal 2006.  Contributing to the net loss for 2007
were bonuses accrued and payable to the company's employees, in
part for 2006, as well as 2007; non-cash compensation expense
related to the vesting of stock-based awards; lease and
facilities restructuring charges; external costs related to the
preparation of its financial statements, and its auditors'
review of the company's financial statements and the testing of
internal controls.  Year-over-year external accounting costs
were down significantly and the company expects continued
improvement in these costs in 2008.

"Today marks an important milestone for BearingPoint as we are
once again timely with our SEC filings," Ed Harbach,
BearingPoint's chief executive officer, said.  "In 2007, we also
significantly reduced our SG&A expenses and exceeded our year-
end cash balance target for 2007, ending the year with cash on
hand of US$468.5 million.

"While last year's financial results were disappointing overall,
we have a lot to build on. In 2008, we are focused on
controlling costs, increasing cash flow and improving
utilization of our talented workforce," Mr. Harbach continued.
"We are investing in our people, in our systems and in our
technology#all of which will lead to a stronger and more
flexible organization.

"We have some strong momentum entering the year, which we will
use to strategically leverage our global footprint and
capitalize on areas where we have a differentiated portfolio of
expertise, particularly our strong Public Services practice,"
Mr.  Harbach added.  "We will execute our plan, lead with our
strengths and make profitability our first priority.

"We are now at a clear inflection point in our business and in
our history. We are excited about what our future holds,"Mr.
Harbach concluded.

                    About BearingPoint Inc.

Headquartered in Mclean, Virginia, BearingPoint Inc. --
http://www.bearingpoint.com/--  provides I/T consulting and
managed services to commercial and governmental entities
worldwide.  The company has approximately US$3.4 billion in
revenues for the twelve months ended September 2007.

                        *     *     *

In December 2007, Moody's confirmed BearingPoint's B2 corporate
family rating and assigned a negative rating outlook.  In doing
so, Moody's has concluded its review for possible downgrade of
the company's ratings.  The B2 rating confirmation is supported
by the likelihood that, irrespective of a potential further
slowdown in the U.S. economy, the company's Public Services,
EMEA, and Asia Pacific divisions will continue to provide
support for the company's overall revenue growth and achievement
of operating profitability.  The confirmation also reflects the
likelihood that the company will continue reduce its high
finance, accounting, and infrastructure costs, raise staff
utilization levels, and lower capital expenditures, thereby
improving its overall financial operating performance.  On Dec.
3, 2007, the company reestablished and expects to maintain
current financial reporting status.


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


DELPHI CORP: Re-Launches Exit Financing to Include GM, Affiliate
----------------------------------------------------------------
Delphi Corp. will be relaunching its exit financing structure,
which will include participation from General Motors Corp., as
well as a new commitment from an affiliate of GM, to also
support the company's planned emergence from Chapter 11
reorganization.

The proposed exit facilities are being arranged on a best
efforts basis by J.P. Morgan Securities, Inc., and Citigroup
Global Markets, Inc., in accordance with prior orders entered by
the United States Bankruptcy Court for the Southern District of
New York.

As previously reported, the company's US$6.1 billion exit
financing package includes a US$1.6 billion asset-backed
revolving credit facility, at least US$1.7 billion of first-lien
term loan, an up to US$2.0 billion first-lien term note to be
issued to an affiliate of GM (junior to the US$1.7 billion
first-lien term loan), and an US$825 million second-lien term
loan, of which any unsold portion would be issued to GM and its
affiliates consistent with the terms of the company's Investment
Agreement with its plan investors.

On March 7, 2008, because certain of Delphi's plan investors had
advised the company that they believed the proposed exit
financing, including GM's increased participation, would not
comply with the Investment Agreement, Delphi presented a motion
in the Bankruptcy Court under section 1142 of the Bankruptcy
Code which permits the Court to consider matters and issue
orders in furtherance of a confirmed plan of reorganization.

At the hearing, during which the Court did not grant the
specific relief sought by the company, the Court said that while
GM could not directly provide incremental exit financing to
Delphi without the consent of the plan investors, the
prohibition against additional agreements with GM did not extend
to incremental financing provided through GM subsidiaries or
pursuant to certain other structures.  In its ruling, the
Bankruptcy Court also observed that the company had been given
sufficient guidance by the Court to proceed to seek exit
financing on terms that are potentially achievable.  Although
certain of the Investors continue to object to the proposed exit
financing, Delphi believes its proposed exit financing is
consistent with the Court's guidance and previously issued
confirmation order and will be moving forward with the
syndication efforts to raise
US$6.1 billion in financing.

                            About GM

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

                      About Delphi Corp.

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

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

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

                         *     *     *

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

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

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


DELPHI CORP: Inks US$10 Million Purchase Pact with Tenneco Inc.
---------------------------------------------------------------
Tenneco Inc. entered into a purchase agreement with Delphi
Automotive Systems LLC to acquire certain ride control assets
and inventory at Delphi's facility in Kettering, Ohio.  This
purchase agreement has been filed with the bankruptcy court as
part of Delphi's bankruptcy court proceedings.

The closing of this purchase is subject to certain closing
conditions, including bankruptcy court approval.

As part of the purchase agreement, Tenneco would pay
approximately US$10 million for existing ride control components
inventory and approximately US$9 million for certain machinery
and equipment.  Tenneco would also lease a portion of the
Kettering facility from Delphi.

In connection with the purchase agreement, Tenneco has entered
into an agreement with the International Union of Electrical
Workers, which represents the Delphi workforce at the Kettering
plant.  The agreement was ratified by the IUEA’ s rank and file
in August 2007.

Tenneco has also entered into a long-term supply agreement with
General Motors Corp. to continue to supply passenger car shock
and strut business to General Motors from the Kettering
facility.

                       About Tenneco Inc.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.  The company has
approximately 19,000 employees worldwide.

                      About Delphi Corp.

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

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

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

                         *     *     *

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

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

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


GRAFTECH INT'L: Dec. 31 Balance Sheet Upside Down By US$112.7MM
---------------------------------------------------------------
GrafTech International Ltd. reported that at Dec. 31, 2007, the
company's balance sheet reflected total assets of
US$866.7 million, total liabilities of US$979.4 million,
resulting to a total stockholders' deficit of US$112.7 million.

For the 2007 fourth quarter ended Dec. 31, the company's net
income is at US$39.9 million from US$77.2 million of the 2006
fourth quarter.  For the 2007 fiscal year ended Dec. 31, the
company reported net income of US$153.7 million from US$91.3
million income of fiscal 2006.

Net sales for the 2007 fourth quarter were US$269.4 million an
increase of US$34 million or 14% from US$235.4 million total
sales for the 2006 fourth quarter.  For the fiscal year 2007,
the company's net sales were US$1,004.8 million from
US$855.4 million sales in 2006.

"The significant improvement in the results was enabled by
better price realization and the team's relentless pursuit of
cost reductions and increased production efficiencies," Craig
Shular, chief executive officer of GrafTech, commented.
"Operating cash flow more than doubled to US$131 million,
allowing us to complete the year with net debt of US$370
million, the lowest in our company's history."

"Finally, growing sales by 18% while at the same time reducing
selling and administrative costs by 11 percent rounded out a
solid year," Mr. Shular added.

For the 2007 fourth quarter, gross profit increased
approximately 17%, to US$81 million, or 30.1% of net sales, as
compared to US$69 million, or 29.4% of net sales, in the fourth
quarter of 2006.   Gross profit in the quarter was negatively
impacted by a one-time US$5 million charge associated with the
termination and closure of our defined benefit South African
pension plan.  Excluding the impact of this charge, gross margin
for the quarter would have been 32.0%.

Income from continuing operations was US$39 million versus
US$26 million in the 2006 fourth quarter.  Income from
continuing operations before special items was US$44 million as
compared to
US$21 million in the 2006 fourth quarter.  The year on year
change included the benefit of a seven percentage point
improvement in the company's effective income tax rate from 28%
to 21%.  Net cash provided by operating activities increased to
US$55 million, versus US$20 million in the 2006 fourth quarter.

Selling and administrative and research and development expenses
were US$24 million in the 2007 fourth quarter, as compared to
US$29 million in the 2006 fourth quarter.  The decrease resulted
largely from realized benefits associated with restructuring and
productivity projects.

Interest expense was US$7 million in the 2007 fourth quarter or
US$4 million lower than the same period in the prior year as a
result of successful deleveraging efforts.

Other expense, net, was US$2 million in the 2007 fourth quarter,
as compared to other income, net, of US$8 million in the same
period in 2006.  The change in the quarter is largely due to
inter-company loan currency translation losses.

                    About Graftech International

Based Parma, Ohio, in GrafTech International Ltd. (NYSE: GTI) --
http://www.graftech.com/-- manufactures graphite electrodes,
products essential to the production of electric arc furnace
steel, and various other ferrous and non-ferrous metals.  The
company manufactures natural graphite products enabling thermal
management solutions for the electronics industry, and fuel cell
solutions for the transportation and power generation
industries.   GTI also manufactures and provides graphite and
carbon products, as well as related technical services,
including graphite and carbon materials for the semiconductor,
transportation, petrochemical and other metals markets.  GTI has
four major product categories: graphite electrodes, advanced
graphite materials, and carbon refractories and natural
graphite.  On Dec. 5, 2006, GTI completed the sale of its
cathode business, including its 70% equity interest in Carbone
Savoie S.A.S. to Alcan France.  The company has operations in
China, France and Brazil.

                           *     *     *

As reported in the Troubled Company Reporter on Jan. 18, 2008,
Standard & Poor Ratings Services said that its rating and
outlook on graphite electrodes manufacturer Graftech
International Ltd. (B+/Positive/--) are not affected at this
time by the company's announcement that it will redeem
US$125 million of its outstanding 10.25% senior notes due 2012.


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


AIP GMBH: Claims Registration Period Ends April 4
-------------------------------------------------
Creditors of AIP GmbH & Co. KG have until April 4, 2008, to
register their claims with court-appointed insolvency manager
Hans-Joerg Derra.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Ravensburg
          Room 209
          Second Floor
          Herrenstr. 42
          88212 Ravensburg
          Germany

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

The insolvency manager can be reached at:

          Hans-Joerg Derra
          Frauenstr. 14
          89073 Ulm
          Germany

The District Court of Ravensburg opened bankruptcy proceedings
against AIP GmbH & Co. KG on Feb. 15, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          AIP GmbH & Co. KG
          Attn: Ralf Rischewski, Manager
          Sennhofstr. 7
          88400 Biberach
          Germany


AS-COMMUNICATIONS GMBH: Claims Registration Period Ends March 31
----------------------------------------------------------------
Creditors of AS-Communications GmbH have until March 31, 2008,
to register their claims with court-appointed insolvency manager
Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on May 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second 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:

         Torsten Gutmann
         Kriegerstrasse 44
         30161 Hannover
         Germany
         Tel: 0511 2206268-0
         Fax: 0511 2206268-9

The District Court of Hannover opened bankruptcy proceedings
against AS-Communications GmbH on Feb. 21, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         AS-Communications GmbH
         Kanalstr. 10
         30159 Hannover
         Germany

         Attn: Rahim Sakhizada, Manager
         Otto-Steinwachs-Weg 2
         63065 Offenbach a.M.
         Germany


AUTOHAUS KRAKOW: Creditors Must File Claims by April 3
------------------------------------------------------
Creditors of Autohaus Krakow GmbH have until April 3, 2008, to
register their claims with court-appointed insolvency manager
Gerhard Brinkmann.


Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 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 Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Gerhard Brinkmann
         Freiligrathstrasse 1
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against Autohaus Krakow GmbH on Feb. 21, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Autohaus Krakow GmbH
         Attn: Reiner Minde, Manager
         Lange Strasse 5
         18292 Charlottenthal
         Germany


B & B TRANSPORT: Claims Registration Period Ends April 4
--------------------------------------------------------
Creditors of B & B Transport GmbH have until April 4, 2008, to
register their claims with court-appointed insolvency manager
Hans-Ulrich Kloz.

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

The meeting of creditors will be held at:

          The District Court of Hanau
          Area 111
          Engelhardstrasse 21
          63450 Hanau
          Germany

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

The insolvency manager can be reached at:

          Hans-Ulrich Kloz
          Gerichtsfach 75
          Kurt-Blaum-Platz 1
          D 63450 Hanau
          Germany
          Tel: 06181/93210
          Fax: 932120
          E-mail: INFO@KLOZ-HAHN.DE

The District Court of Hanau opened bankruptcy proceedings
against B & B Transport GmbH on Feb. 11, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          B & B Transport GmbH
          Bruno-Dressler-Strasse 9 b
          63477 Maintal
          Germany


BAUTRAC - GMBH: Claims Registration Period Ends April 4
-------------------------------------------------------
Creditors of BAUTRAC - GmbH Baumaschinen Landtechnik Fahrzeuge
Verkauf - Service - Vermietung have until April 4, 2008, to
register their claims with court-appointed insolvency manager
Kerstin Fleissner.

Creditors and other interested parties are encouraged to attend
the meeting at 1:35 p.m. on May 6, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Gera
          Hall 317
          Rudolf-Diener-Str. 1
          Gera
          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:

          Kerstin Fleissner
          Jonny-Schehr-Str. 1
          99085 Erfurt
          Germany

The District Court of Gera opened bankruptcy proceedings against
BAUTRAC - GmbH Baumaschinen Landtechnik Fahrzeuge Verkauf -
Service - Vermietung on Feb. 28, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          BAUTRAC - GmbH Baumaschinen Landtechnik Fahrzeuge
          Verkauf- Service - Vermietung
          Bahnhofstrasse 28
          07607 Hain-spitz
          Germany


CNC TECHNIK: Creditors Must File Claims by April 3
--------------------------------------------------
Creditors of CNC Technik J. Brinkhoff GmbH have until
April 3, 2008, to register their claims with court-appointed
insolvency manager Marianne Poeppel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 4, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Marianne Poeppel
         Hermannstr. 7
         32423 Minden
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against CNC Technik J. Brinkhoff GmbH on Feb. 13, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CNC Technik J. Brinkhoff GmbH
         Holtkampweg 27
         32278 Kirchlengern
         Germany


DEFENDER SICHERHEITSDIENST: Claims Registration Ends April 4
------------------------------------------------------------
Creditors of Defender Sicherheitsdienst GmbH have until April 4,
2008, to register their claims with court-appointed insolvency
manager Rainer U. Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on 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 Augsburg
          Meeting Hall 162
          Alten Einlass 1
          86150 Augsburg
          Germany

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

The insolvency manager can be reached at:

          Rainer U. Mueller
          Schiessstattenstr. 15
          86159 Augsburg
          Germany

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

The Debtor can be reached at:

          Defender Sicherheitsdienst GmbH
          Schwangaustr. 28
          86163 Augsburg
          Germany


DIETER WECK: Creditors Must File Claims by April 3
--------------------------------------------------
Creditors of Dieter Weck GmbH have until April 3, 2008, to
register their claims with court-appointed insolvency manager
Markus Walter.

Creditors and other interested parties are encouraged to attend
the meeting at 3:30 p.m. on June 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Koenigstein/Ts.
         Hall 106 A
         Burgweg 9
         61462 Koenigstein/Ts.
         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:

         Markus Walter
         Cronstettenstrasse 30
         60322 Frankfurt
         Germany

The District Court of Koenigstein/Ts. opened bankruptcy
proceedings against Dieter Weck GmbH on Feb. 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Dieter Weck GmbH
         Eppsteiner Strasse 95
         65779 Kelkheim
         Germany


DLS MATERIALFLUSSTECHNIK: Claims Registration Ends April 4
----------------------------------------------------------
Creditors of DLS Materialflusstechnik Handels GmbH have until
April 4, 2008, to register their claims with court-appointed
insolvency manager Joachim Buettner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

          Joachim Buettner
          Osdorfer Landstrasse 230
          22549 Hamburg
          Germany

The District Court of Hamburg opened bankruptcy proceedings
against DLS Materialflusstechnik Handels GmbH on Feb. 26, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          DLS Materialflusstechnik Handels GmbH
          Vierzigstuecken 21 a
          21129 Hamburg
          Germany


ECO GMBH: Creditors Must File Claims by April 3
-----------------------------------------------
Creditors of ECO GmbH Alles aus einer Hand have until
April 3, 2008, to register their claims with court-appointed
insolvency manager Dirk Kammertoens.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dirk Kammertoens
         Otto-Brenner-Strasse 186
         33604 Bielefeld
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against ECO GmbH Alles aus einer Hand on Feb. 11, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ECO GmbH Alles aus einer Hand
         Detmolder Str. 279
         33605 Bielefeld
         Germany

         Attn: Howard William, Manager
         Aurikelweg 1
         33739 Bielefeld
         Germany


FIPRO GMBH: Claims Registration Period Ends April 11
----------------------------------------------------
Creditors of FIPRO GmbH Funktionsglaser have until
April 11, 2008, to register their claims with court-appointed
insolvency manager Wilfried Pohle.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Arnsberg
         Meeting Room 328
         Eichholzstr. 4
         59821 Arnsberg
         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:

         Wilfried Pohle
         Bahnstrasse 1
         34431 Marsberg
         Germany

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

The Debtor can be reached at:

         FIPRO GmbH Funktionsglaser
         Attn: Ruediger Vitt, Manager
         Alte Heeresstrasse 19
         59929 Brilon
         Germany


FULLCAN GMBH: Creditors Must File Claims by April 3
---------------------------------------------------
Creditors of FULLcan GmbH & Co KG have until April 3, 2008, to
register their claims with court-appointed insolvency manager
Dieter Rasehorn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Dieter Rasehorn
         Muehlweg 16
         06108 Halle
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against FULLcan GmbH & Co KG on Feb. 18, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         FULLcan GmbH & Co KG
         Gutsstrasse 13
         99310 Dornheim
         Germany


GERMAN FILM: Claims Registration Period Ends April 18
-----------------------------------------------------
Creditors of THE GERMAN FILM SCHOOL for digital production GmbH
have until April 18, 2008, to register their claims with court-
appointed insolvency manager Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on May 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Sebastian Laboga
         Einemstrasse 24
         10785 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against THE GERMAN FILM SCHOOL for digital production GmbH on
Feb. 26, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         THE GERMAN FILM SCHOOL for
         digital production GmbH
         Attn: Dr. Bernd Willim, Manager
         Dyrotzer Ring 03
         14641 Elstal
         Germany


GROSSMARKT SIEGSDORF: Claims Registration Period Ends April 4
-------------------------------------------------------------
Creditors of grossmarkt Siegsdorf GmbH have until April 4, 2008,
to register their claims with court-appointed insolvency manager
Hans-Peter Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 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 Traunstein
         Meeting Hall C 001
         Herzog-Otto-Str. 1
         83278 Traunstein, Germany

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

The insolvency manager can be reached at:

          Hans-Peter Mueller
          Marienstr. 5
          83278 Traunstein
          Tel: 0861/69999
          Fax: 0861/69941
          Germany

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

The Debtor can be reached at:

         grossmarkt Siegsdorf GmbH
         Hochbergstr. 24
         83313 Siegsdorf
         Germany


GRUENEISEN WOHNOBJEKTE: Claims Registration Period Ends April 4
---------------------------------------------------------------
Creditors of Grueneisen Wohnobjekte GmbH have until April 4,
2008, to register their claims with court-appointed insolvency
manager Christoph Goergen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

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

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

The Debtor can be reached at:

         Grueneisen Wohnobjekte GmbH
         Kreisstr. 58
         66359 Bous
         Germany


HOWITECH GESELLSCHAFT: Claims Registration Period Ends April 4
--------------------------------------------------------------
Creditors of Howitech Gesellschaft fuer Buero- &
Informationstechnologien GmbH have until April 4, 2008, to
register their claims with court-appointed insolvency manager
Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Petra Mork
         Arndtstr. 28
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Howitech Gesellschaft fuer Buero- &
Informationstechnologien GmbH on Feb. 21, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          Howitech Gesellschaft fuer Buero- &
          Informationstechnologien GmbH
          Jupiterstr. 4
          44388 Dortmund
          Germany


IDV-INSOLVENZDIENSTLEISTUNG: Claims Registration Ends April 4
-------------------------------------------------------------
Creditors of IDV-Insolvenzdienstleistung- und
Verwertung und Wirtschaftsservice GmbH have until April 4, 2008,
to register their claims with court-appointed insolvency manager
Berthold Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on May 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         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:

          Berthold Brinkmann
          Freiligrathstrasse 1
          18055 Rostock
          Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against IDV-Insolvenzdienstleistung- und
Verwertung und Wirtschaftsservice GmbH on Feb. 15, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          IDV-Insolvenzdienstleistung- und
          Verwertung und Wirtschaftsservice GmbH
          Johannesstr. 15
          17034 Neubrandenburg
          Germany


IFR CAPITAL: Fitch Puts Issuer Default Rating at B
--------------------------------------------------
Fitch Ratings assigned IFR Capital Plc a Long-term Issuer
Default Rating of 'B' with a Negative Outlook.

Fitch has also assigned the company's EUR165.1m senior secured
loans 'BB'/'RR1' and EUR21.9m second lien loans 'B-' (B
minus)/'RR5' ratings.

The IDR reflects IFR's moderate financial leverage and the
covenant protections contained in the loan documents balanced
against the risks associated with its short track record and
aggressive growth targets.  The Negative Outlook reflects
challenges associated with turning around its acquired companies
in a difficult economic environment.  While IFR's profitability
improved in 2007, the outlook for 2008 is tempered by a
softening economy, sharply higher raw material costs and limited
pricing power.

The ratings of the senior secured and second lien loans are a
function of the IDR and the relevant Recovery Rating.  The 'RR1'
Recovery Rating on the senior secured loans implies outstanding
recovery (of more than 91%) in a distressed scenario, leading to
the 'BB' rating of the loans.  The 'RR5' Recovery Rating on the
second-lien loan implies below-average recovery prospects (11%-
30%) due to its contractual subordination to the senior debt,
leading to the 'B-' (B minus) rating of that loan.

IFR is a Dusseldorf, Germany-based holding company formed in
October 2006. The company is an acquisition platform targeting
small- and medium-sized businesses in the continental European
food industry within three sub-sectors: retail
shops/restaurants, food production, and distribution. The
company has three main holdings: Nordsee, a restaurant chain;
Homann, a producer of chilled salads; and Hamker, a producer of
sauces and dressings.  IFR's goal is to achieve a vertically
integrated food business with turnover of EUR1.5bn and an EBITDA
margin of around 10% by end-2009.

IFR's most recent acquisition, that of Hamker, was done on a
ring-fenced basis, and therefore does not currently have a
direct bearing on IFR's ratings.  Even should IFR reverse this
arrangement and bring Hamker on-balance sheet, the ratings of
IFR would remain unaffected.

It is likely that the composition of IFR's portfolio of
businesses will change significantly over the next two years as
the company pursues acquisitions.  In view of this uncertainty,
the IDR relies upon the terms of the loans that prevent the
company from increasing leverage above 3.1x on a net debt/EBITDA
basis at end-2008 (declining to 2.5x in 2010) and 5.6x on an
adjusted net debt/EBITDAR basis.  Further protection is provided
by a change-of-control provision and a requirement that
acquisitions above a certain size must be approved by the
lenders.

IFR's capital structure includes EUR48.2m of preference shares,
plus EUR50m of preference shares that were raised in the ring-
fenced acquisition of Hamker.  Fitch views these shares as
having strong equity characteristics, given the company's
intention to repay the shares with new equity and given the
tight leverage covenant described above, which effectively
prevents the company from refinancing the shares with debt.


KBG KILIC: Claims Registration Period Ends April 4
--------------------------------------------------
Creditors of KBG Kilic Bau GmbH have until April 4, 2008, to
register their claims with court-appointed insolvency manager
Friedemann U. Schade.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m on April 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Schlossgarten 4
         38518 Gifhorn
         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:

         Friedemann U. Schade
         Seelhorststrasse 64
         30175 Hannover
         Germany
         Tel: 0511/515122-0
         Fax: 0511/515122-19
         Website: http://www.kuebler-gbr.de/

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

The Debtor can be reached at:

         KBG Kilic Bau GmbH
         Attn: Salih Kilic, Manager
         Braunschweiger Str. 60a
         38518 Gifhorn
         Germany


KOENIG GMBH: Claims Registration Ends April 4
---------------------------------------------
Creditors of Koenig GmbH u. Co.KG have until April 4, 2008 to
register their claims with court-appointed insolvency manager
Mechthild Bruche.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on May 8, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ingolstadt
         Meeting Hall 28 I
         Schrannenstr. 3
         85049 Ingolstadt
         Germany

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

The insolvency manager can be reached at:

         Mechthild Bruche
         Stahlstrasse 17
         90411 Nuremberg
         Germany
         Tel: 0911/9512850
         Fax: 0911/95128510

The District Court of Ingolstadt opened bankruptcy proceedings
against Koenig GmbH u. Co.KG on Feb. 21, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Koenig GmbH u. Co.KG
         Attn: Arthur Koenig, Manager
         Ochsenmuehlstrasse 25
         85049 Ingolstadt
         Germany


KOMMANDITGESELLSCHAFT BOLLMEYER: Claims Period Ends April 4
-----------------------------------------------------------
Creditors of Kommanditgesellschaft Bollmeyer - Gefluegelhof "Ei"
GmbH have until April 4, 2008, to register their claims with
court-appointed insolvency manager Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         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:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Kommanditgesellschaft Bollmeyer - Gefluegelhof "Ei" GmbH
on Feb. 22, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Kommanditgesellschaft Bollmeyer -
         Gefluegelhof "Ei" GmbH
         Lever Wald 1 a
         32351 Stemwede
         Germany

         Attn: Herbert Brune, Manager
         Blumenkamper Str. 50
         46499 Hamminkeln
         Germany


KRINGS GARTENGESTALTUNG: Claims Registration Ends April 4
---------------------------------------------------------
Creditors of Krings Gartengestaltung und Biotopbau GmbH have
until April 4, 2008 to register their claims with court-
appointed insolvency manager Rudolf Rossmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         Germany

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

The insolvency manager can be reached at:

         Rudolf Rossmann
         Weisskopfstr. 13
         Kanzlei Gabrielli
         Kaufer u. Koll
         86343 Koenigsbrunn
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against Krings Gartengestaltung und Biotopbau GmbH on Feb. 14,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Krings Gartengestaltung und Biotopbau GmbH
         Attn: Peter Gran, Manager
         Schrannenplatz 9
         86830 Schwabmuenchen
         Germany


KUENZEL AUTOHAUS: Claims Registration Ends April 4
--------------------------------------------------
Creditors of Kuenzel Autohaus Steilshoop GmbH have until
April 4, 2008 to register their claims with court-appointed
insolvency manager Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on April 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stefan Hinrichs
         Kaiser-Wilhelm-Strasse 93
         20355 Hamburg
         Germany

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

The Debtor can be reached at:

         Kuenzel Autohaus Steilshoop GmbH
         Attn: Hilmar Paul Kuenzel, Manager
         Steilshooper Strasse 319
         22309 Hamburg
         Germany


LAS VEGAS: Claims Registration Ends April 4
-------------------------------------------
Creditors of Las Vegas Vodka Europe GmbH have until April 4,
2008 to register their claims with court-appointed insolvency
manager Stephan Schmidt.

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

The meeting of creditors will be held at:

         The District Court of Konstanz
         Hall 207
         Second Floor
         Main Building
         Untere Laube 12
         78462 Konstanz
         Germany

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

The insolvency manager can be reached at:

         Stephan Schmidt
         Carl-Benz-Str. 5
         88696 Owingen
         Germany

The District Court of Konstanz opened bankruptcy proceedings
against Las Vegas Vodka Europe GmbH on Feb. 27, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Las Vegas Vodka Europe GmbH
         Attn: Heinrich Bentler, Manager
         Riedweg 16
         88682 Salem
         Germany


LEINENBACH GMBH: Creditors' Meeting Slated for March 19
-------------------------------------------------------
The court-appointed insolvency manager for Leinenbach GmbH,
Hermann Wittebrock will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:45
a.m. on March 19, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on April 25, 2008, at:

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

Creditors have until April 4, 2008, to register their claims
with the court-appointed insolvency manager.

The insolvency manager can be reached at:

          Hermann Wittebrock
          Pestelstrasse 4
          66119 Saarbruecken
          Germany
          Tel: (0681) 581151
          Fax: (0681) 581165


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

The Debtor can be reached at:

          Leinenbach GmbH
          Attn: Ralf Leinenbach, Manager
          Herchenbacherstr. 73
          66292 Riegelsberg
          Germany


MECKLENBURGER HOCHBAU: Claims Registration Ends April 4, 2008
-------------------------------------------------------------
Creditors of Mecklenburger Hochbau GmbH & Co. KG have until
April 4, 2008 to register their claims with court-appointed
insolvency manager Stefan Denkhaus.

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

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 3
         Demmlerplatz 14
         19053 Schwerin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on June 2, 2008 at the same venue,
while creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Stefan Denkhaus
         Jungfernstieg 30
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         Mecklenburger Hochbau GmbH & Co. KG
         Otto Weltzien-Strasse 15
         19061 Schwerin
         Germany


NGG GASTRONOMIE: Claims Registration Ends April 4
-------------------------------------------------
Creditors of NGG Gastronomie GmbH have until April 4, 2008 to
register their claims with court-appointed insolvency manager
Dr. Gideon Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 11:40 a.m. on May 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Gideon Boehm
         Bachstrasse 85 a
         22083 Hamburg
         Germany

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

The Debtor can be reached at:

         NGG Gastronomie GmbH
         Attn: Marcus George Williams, Manager
         Rothenbaumchaussee 105
         20148 Hamburg
         Germany


NHB NORDDEUTSCHER: Claims Registration Period Ends April 4
----------------------------------------------------------
Creditors of NHB Norddeutscher Hochbau GmbH have until April 4,
2008, to register their claims with court-appointed insolvency
manager Stefan Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Schwerin
          Hall 3
          Demmlerplatz 14
          19053 Schwerin
          Germany

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

The insolvency manager can be reached at:

          Stefan Denkhaus
          Jungfernstieg 30
          20354 Hamburg
          Germany

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

The Debtor can be reached at:

          NHB Norddeutscher Hochbau GmbH
          Otto-Weltzien-Strasse 15
          19061 Schwerin
          Germany


NRG ENERGY: Earns US$104 Mln in 2007 Fourth Qtr. Ended Dec. 31
--------------------------------------------------------------
NRG Energy Inc. reported net income of US$104 million for the
2007 fourth quarter ended Dec. 31 compared to US$30 million net
loss for the same period in 2006.  For the 2007 fiscal year
ended Dec. 31, net income is at US$586 million from US$621
million income in 2006.

Total operating revenues for the 2007 fourth quarter is at
US$1,382 million from US$1,135 million for the 2006 fourth
quarter.  For the 2007 fiscal year, the company's total
operating revenues are US$5,989 million from US$5,585 million
revenues for 2006.

Net income from continuing operations for the quarter ended
Dec. 31, 2007 of US$100 million compared to a net loss of
US$35 million for fourth quarter of 2006.  The fourth quarter of
2006 included an US$85 million after-tax charge on the net
settlement of hedges from resetting certain legacy Texas hedges
to market.  Fourth quarter 2007 results include the after-tax
impacts of a US$24 million reimbursement for development costs
for South Texas Project units 3&4 and a US$7 million after-tax
impairment charge related to commercial paper investments.

For the year ended Dec. 31, 2007, the company reported
US$569 million in net income from continuing operations compared
to 2006 net income from continuing operations of US$543 million.
Annual operating results for 2007 were favorably impacted by
higher generation and capacity revenues in the Northeast region
and the inclusion of an additional month for NRG Texas since
this business was acquired on Feb. 2, 2006.  This year's
operating results included US$21 million of after-tax
refinancing expenses, while net income for 2006 was unfavorably
impacted by US$112 million in after-tax refinancing expenses
incurred as part of the NRG Texas acquisition, partially offset
by US$44 million in after-tax, one-time gains related to the
resolution of disputes and litigation.

Net cash flow from operations for the 12 months ended Dec. 31,
2007 was US$1,517 million, after posting US$125 million of
collateral, as compared to adjusted cash flow from operations in
2006 of US$1,473 million, after collecting US$454 million of
collateral.  "Our 2007 results demonstrate our ability to stay
focused on delivering strong operating results while moving
aggressively to position NRG for the future," David Crane, NRG
president and chief executive officer, commented.  "Particularly
gratifying to me was the top quartile safety performance
achieved across our entire fleet."

Liquidity at Dec. 31, 2007 was approximately US$2.7 billion, up
US$417 million since Sept. 30, 2007 and up approximately
US$488 million since the end of 2006.  Letter of credit
availability increased during the fourth quarter 2007 as
counterparties on trading hedges that previously required a
combination of LCs and a second lien position against the
company's assets as collateral were provided a first lien
position in exchange for the return of the posted LCs.  During
February 2008, the company moved an additional counterparty to
the first lien position that resulted in an additional return of
US$65 million in LCs.  As part of NRG's amended and restated
credit agreement executed on June 8, 2007, the company obtained
the ability to move its existing second lien counterparty
exposure to a first lien position.

The US$72 million net cash decrease during the fourth quarter of
2007 resulted from cash used to pay down debt, repurchase shares
and fund capital expenditures, which more than offset strong
cash flow from operations.  Cash used for financing activities
during the fourth quarter amounted to US$439 million and
included US$347 million of debt repayments, US$85 million for
the repurchase of 2,037,700 shares of common stock and US$14
million in preferred dividends.

Having experienced significant financial, organizational and
operational growth since emerging from bankruptcy in 2003, the
company is implementing several enhancements to the company's
management structure to position the company for further gains
through initiatives such as RepoweringNRG and FORNRG while
supporting future growth.

"Four years ago we engaged in revolutionary management change at
NRG; today we announce an evolutionary change intended to focus
our top management team on the extraordinary opportunities
available to NRG," Mr Crane stated.  "We are dedicated to
achieving a new wave of value creation for our shareholders."

As of Dec. 31, 2007, the company's balance sheet showed total
assets of US$19.2 billion, total liabilities of US$13.5 billion
and a total stockholders' equity of US$5.5 billion.

                        About NRG Energy

Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE:
NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse
portfolio of power-generating facilities, primarily in Texas and
the Northeast, South Central and West regions of the U.S.  Its
operations include baseload, intermediate, peaking, and
cogeneration and thermal energy production facilities.  NRG also
has ownership interests in generating facilities in Australia,
Germany and Brazil.

                         *     *     *

On January, 2006, Moody's Investor's Service assigned to NRG
Energy Inc. its 'Ba3' long term corporate family rating and its
'B1' senior unsecured debt rating.  Moody's gave its negative
outlook on May, 2007.  These rating actions still holds to date.


SEIBERT LIGHTING: Claims Registration Period Ends April 9, 2008
---------------------------------------------------------------
Creditors of Seibert Lighting Technologies GmbH Gesellschaft
fuer Beleuchtungstechnik have until April 9, 2008, to register
their claims with court-appointed insolvency manager Dr. Georg
Bernsau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 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 Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Dr. Georg Bernsau
         Zeilweg 42
         D 60439 Frankfurt am Main
         Germany
         Tel: 069 / 963761-130
         Fax: 069 / 963761-145

The District Court of Offenbach am Main opened bankruptcy
proceedings against Seibert Lighting Technologies GmbH
Gesellschaft fuer Beleuchtungstechnik on Feb. 26, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Seibert Lighting Technologies GmbH Gesellschaft fuer
         Beleuchtungstechnik
         Heine-Fabrik Haus 11
         Andrestrasse 51
         63067 Offenbach am Main
         Germany


SPECTRUM BRANDS: Inks Standstill Agreement w/ Harbinger Capital
---------------------------------------------------------------
In a regulatory filing with the Securities and Exchange
Commission last week, Spectrum Brands Inc. disclosed that it has
entered into a confidentiality and standstill agreement with
Harbinger Capital Partners Master Fund I Ltd. in order to
provide Harbinger with confidential information relating to
certain of the company's strategic operating assets in
connection with Harbinger's evaluation of a possible
acquisition.

In the third quarter of Spectrum Brands Inc.'s fiscal year ended
Sept. 30, 2006, the company engaged advisors to assist it in
exploring possible strategic options including divesting certain
assets, in order to sharpen its focus on strategic growth
businesses, reduce its outstanding indebtedness and maximize
long-term shareholder value.

No information was provided concerning which assets Harbinger
Capital was considering to purchase under the agreement, which
was signed on Feb. 26.

                   About Spectrum Brands Inc.

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a supplier of
batteries, portable lighting, lawn and garden products,
household insect control, shaving and grooming products,
personal care products and specialty pet supplies.  The company
has manufacturing and distribution facilities in China,
Australia and New Zealand, and sales offices in Melbourne,
Shanghai, and Singapore.  The company's European headquarters is
located in Sulzbach, Germany.  The company has approximately
8,400 employees worldwide.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 15,
2008, Spectrum Brands Inc.'s consolidated balance sheet at
Dec. 30, 2007, showed US$3.27 billion in total assets and
US$3.41 billion in total liabilities, resulting in a US$141.2
million total stockholders' deficit.


XXL BAUING: Claims Registration Period Ends April 7
---------------------------------------------------
Creditors of XXL Bauing GmbH have until April 7, 2008, to
register their claims with court-appointed insolvency manager
Henning Jung.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Braunschweig
         E 01
         Martinikirche 8
         38100 Braunschweig
         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:

         Henning Jung
         Thiestrasse 5
         38226 Salzgitter
         Germany
         Tel: 05341-86609-00
         Fax: 05341-86609-08
         E-mail: H.Jung@leonhardt-westhelle.eu

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

The Debtor can be reached at:

         XXL Bauing GmbH
         Attn: Omar Fakhro, Manager
         Bohlweg 28
         38259 Salzgitter
         Germany


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


DELPHI CORP: Realigns Stake in Japanese & Hungarian Ventures
------------------------------------------------------------
As part of its restructuring efforts to reduce its compressor
business cost structure and strengthen its global footprint,
Delphi Corp. realigned its share holdings in two compressor
joint ventures with Japan-based Calsonic Kansei Corporation.

Delphi purchased the remaining 10% venture shares from Calsonic
Kansei Europe plc in Delphi Calsonic Hungary Ltd., and sold its
remaining 49% shares in its Japan-based venture, Calsonic
Harrison Co., Ltd. to Calsonic Kansei.  The dissolution of the
two joint ventures will help the company to become more focused
and cost competitive on a global basis.

"We have enjoyed a long-running relationship with Calsonic
Kansei, which has allowed us to provide customers with the very
best advanced solutions for their compressor needs," said Ron
Pirtle, Delphi Thermal Systems President.  "Delphi has recently
expanded its compressor footprint in Mexico and has a planned
plant opening in China this year.  This expansion, coupled with
the announcement of our Hungary plant, well positions Delphi to
serve the needs of the local markets and meet increasing
customer demand."

The Hungary-based venture is located in Balassagyarmat and
manufactures compact variable compressors.  Customers,
suppliers, employees and other parties associated with the plant
will not be impacted by the share purchase.

Delphi formed its first joint venture with Calsonic Kansei in
Japan in 1986 and created its joint venture in Hungary in 1999.

                            About GM

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

                      About Delphi Corp.

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

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

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

                         *     *     *

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

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

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


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


MICRON TECH: S&P Assigns BB- Corporate Rating on Negative Watch
---------------------------------------------------------------
(Italy/tcr)
Standard & Poor's Ratings Services placed its ratings on Micron
Technology Inc., including the 'BB-' corporate credit rating, on
CreditWatch with negative implications.

The action reflects challenging market conditions in Boise,
Idaho-based Micron's key markets: DRAM (dynamic random access
memory) chips used in personal computers; NAND flash chips used
in portable music players, cell phones, and other electronic
devices; and CMOS image sensors, used in phones and cameras.  A
degree of economic diversity among the three markets has
benefited ratings in the past.  However, concurrent weakness in
all three markets, coupled with high capital expenditures to
expand and upgrade manufacturing facilities, has led to
substantial negative cash flows.  Prefinancing cash flows were
negative US$1.2 billion in the four quarters ended Nov. 30,
2007, including the benefit of capital contributions by Intel
Corp. to the companies' NAND flash memory joint venture.  Micron
had cash balances of US$2 billion as of Nov. 30, 2007, and debt
of US$2.5 billion.

"We will meet with management to review anticipated business
conditions and capital expenditure plans, and will assess the
company's likely cash requirements over the intermediate term to
resolve the CreditWatch," said Standard & Poor's credit analyst
Bruce Hyman.  "In the event that we lower the rating, it is
unlikely to be by more than one notch."

Micron Technology Inc. -- http://www.micron.com/-- (NYSE:MU)
provides advanced semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets DRAMs,
NAND Flash memory, CMOS image sensors, other semiconductor
components and memory modules for use in leading-edge computing,
consumer, networking and mobile products.  The company is
headquartered in Boise, Idaho, and has manufacturing facilities
in Italy, Scotland, Japan, Puerto Rico and Singapore.


PARMALAT SPA: Legal Costs to Fall if Citi Trial starts May
----------------------------------------------------------
Parmalat S.p.A. said legal costs may decline in the end of the
first half of 2008 if its New Jersey trial against Citigroup,
Inc. and certain of its affiliates, including Citibank, N.A.,
commences in May 2008,

"Overall, Parmalat's legal costs can fall 'towards the end of
this semester from the EUR56 million [the company spent] in
2007," a Parmalat official was quoted by Thomson Financial as
saying.

In October 2007, the Superior Court of New Jersey Citigroup's
request to dismiss the US$10-billion fraud lawsuit filed by
Parmalat Finanziaria S.p.A. Chairman Enrico Bondi, and has
rescheduled the trial to begin May 5, 2008.

Summary judgment motion in the case will be argued on
March 28, 2008, with Citigroup raising issues on U.S.
jurisdiction, and if the judge decides the case should go into
trial, it would proceed as scheduled, Dow Jones relates.

"We will answer these," the Parmalat official was further quoted
by Thomson Financial as saying.  "There is no reason to believe
the trial will not start on May 5.  There are no signals from
the judge."

The official added that the trial will take months, with the
court issuing a decision shortly afterwards.

Meanwhile, Parmalat's trial seeking damages from Bank of America
Corp. and Grant Thornton LLP may have to wait until first
quarter 2009 due to legal delays, Dow Jones says.

An Italian court may issue rulings by end of 2009 on revocatory
actions Parmalat filed against its former auditors, Dow Jones
adds.

                          About Parmalat

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

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

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

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

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

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


TATA MOTORS: Subsidiary Ties Up with Italy's Maus SpA
-----------------------------------------------------
TAL Manufacturing Solutions Ltd., a wholly owned subsidiary of
TATA Motors Ltd., has tied up with Italy-based Maus S.p.A to
manufacture a range of vertical turning centers for both the
Indian and global markets, Himanshu Thakur of the Stockwatch Web
site reports.

According to the report, the Tata Motors arm struck a deal with
Maus to use the designs and get the technological know-how from
the Italian firm for various products.

Maus is a Carraro Group Company and specializes in vertical
turning centers that are widely used in the segments like
automotive, aerospace, bearings and energy and offshore
equipment, the Stockwatch report relates.

                      About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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


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


AKSAI LLP: Creditors Must File Claims by April 18
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Aksai insolvent on Dec. 21, 2007.

Creditors have until April 18, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Abai ave. 48
         Kyzylorda
         Kazakhstan
         Tel: 8 (32422) 23-56-11


ARLAN FIRE: Claims Deadline Slated for April 18
-----------------------------------------------
LLP Arlan Fire Division has declared insolvency.  Creditors have
until April 18, 2008, to submit written proofs of claims to:

         LLP Arlan Fire Division
         Patsaev Str. 4/2
         Kargalinskoye
         Aktobe
         Aktube
         Kazakhstan


ARLAN SECURITY: Claims Filing Period Ends April 18
--------------------------------------------------
LLP Arlan Security has declared insolvency.  Creditors have
until April 18, 2008, to submit written proofs of claims to:

         LLP Arlan Security
         Patsaev Str. 4/2
         Kargalinskoye
         Aktobe
         Aktube


ARK VIDEO: Creditors' Claims Due on April 18
--------------------------------------------
LLP Ark Video Production has declared insolvency.  Creditors
have until April 18, 2008, to submit written proofs of claims
to:

         LLP Ark Video Production
         Micro District 8, 79-11
         Almaty
         Kazakhstan


CASPIAN TRANSPORTATION: Claims Registration Ends April 18
---------------------------------------------------------
LLP Caspian Transportation Services has declared insolvency.
Creditors have until April 18, 2008, to submit written proofs of
claims to:

         LLP Caspian Transportation Services
         Micro District 14, 21-19
         Aktau
         Mangistau
         Kazakhstan


JAYKSNABSTROY LLP: Creditors Must File Claims by April 18
---------------------------------------------------------
LLP Jayksnabstroy has declared insolvency.  Creditors have until
April 18, 2008, to submit written proofs of claims to:

         LLP Jayksnabstroy
         Churin Str. 162-41
         Uralsk
         West Kazakhstan
         Kazakhstan


LAD-OIL LLP: Claims Deadline Slated for April 18
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Trade House Lad-Oil insolvent on Feb. 11, 2008,

Creditors have until April 18, 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


MEREY LLP: Claims Filing Period Ends April 18
---------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Merey.

Creditors have until April 18, 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


MIS-KYZYLORDA LLP: Creditors' Claims Due on April 18
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Mis-Kyzylorda insolvent on Jan. 23, 2008.

Creditors have until April 18, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Abai ave. 48
         Kyzylorda
         Kazakhstan
         Tel: 8 (32422) 23-56-11


RESCO LLP: Claims Registration Ends April 18
--------------------------------------------
LLP Realty Service Company Resco has declared insolvency.
Creditors have until April 18, 2008, to submit written proofs of
claims to:

         LLP Realty Service Company Resco
         16 Liniya Str. 160
         Almaty
         Kazakhstan


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


CENTRAL ASIAN: Creditors Must File Claims by April 4
----------------------------------------------------
LLC Central Asian Network Development has declared insolvency.
Creditors have until April 4, 2008 to submit written proofs of
claim.

Inquiries can be addressed to (+996 312) 50-33-92.


STREET DESIGN: Claims Filing Period Ends April 4
------------------------------------------------
LLC Advertisement-Informational Agency Street Design has
declared insolvency.  Creditors have until April 4, 2008 to
submit written proofs of claim.

Inquiries can be addressed to (+996 312) 68-32-19.


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


CARLYLE CAPITAL: Seeking to Reach Standstill Deals with Lenders
---------------------------------------------------------------
Carlyle Capital Corporation Limited said on Monday, March 10,
2008, that with the assistance of The Carlyle Group, it is
continuing discussions with its lenders, on various subjects,
including the execution of standstill agreements, while
evaluating all available options to maximize value for all
interested parties.  Although the company has not received
executed standstill agreements from its lenders, the company
remains in active discussions with lenders who hold
approximately US$16 billion in securities, and the company
believes that the discussions progressed throughout the day in a
constructive manner.

No further events of defaults from the company's remaining
lenders have been received, Carlyle Capital disclosed.  The
company believes that certain lenders may have liquidated in the
open market the collateral securing approximately US$700 million
of additional indebtedness, bringing the total to approximately
US$5.7 billion.

The company said that as previously noted, to the best of the
company's knowledge, no creditors or shareholders have
instituted legal action against the company of any kind.

It said that The Carlyle Group and the company appreciate the
efforts that the remaining lenders have made in attempting to
find a workable solution to the company's financing
arrangements.

The company stated that it continues to keep its various
regulators informed of recent events.  The company will provide
updates as appropriate.

         Missed Margin Calls and Receipt of Default Notice

As reported in the Troubled Company Reporter on March 10, 2008,
Carlyle Capital 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 US$60
million.

It said that until March 5, the company had met all of the
margin requirements imposed by its repo counterparties.
However, on March 5, 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.

At that time, one notice of default has been received by the
company from the group of four counterparties and management
expects to receive at least one additional default notice.

                       Financial Highlight

As of Feb. 27, 2008, the company's $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.

                     Bankruptcy is Possible

Several analysts, including those from Citigroup and J.P. Morgan
Chase & Co., have commented that unless The Carlyle Group steps
in to rescue Carlyle Capital, the hedge fund will likely go
bankrupt.

                      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.


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


AMERICAN AXLE: Union Won't Accept Terms, Halts Labor Talks
----------------------------------------------------------
American Axle & Manufacturing Holdings Inc. and the United Auto
Workers union representatives have ceased negotiations yesterday
after a bargaining that lasted three days failed to produce
results, Terry Kodrosky and Neal Boudette of The Wall Street
Journal report.  Union officials weren't happy with the terms
proposed by the auto parts company.  The talks would have
resolved the two-week old protest of the 3,650 employees at
master-contract plants in Michigan and New York.

American Axle, which earned US$37 million on US$3.25 billion
sales in 2007, wants a deal like those UAW gave General Motors
Corp., Ford Motor Co., Chrysler LLC, and parts makers Delphi
Corp. and Dana Corp., insisting that cutting labor costs is
essential to be competitive, The Associated Press relates.  The
auto parts supplier is asking the union to approve US$20 to
US$30 hourly wage cuts from US$73 per hour to US$27 per hour,
arguing that its original U.S. locations incurred losses for
three years.

WSJ says no one is certain if talks would resume today.

As reported in the Troubled Company Reporter-Europe on Feb. 28,
2008, UAW union president Ron Gettelfinger and Vice President
James Settles disclosed that members at American Axle began an
unfair labor practices strike at 12:01 a.m. on Feb. 26, 2008,
following expiration of a four-year master labor agreement,
which expired at 11:59 p.m., Feb. 25, 2008.

GM has about 29 facilities affected by the strike at Axle as the
supplier attempts to negotiate with the union.

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

                         *     *     *

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

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


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


COMPANHIA SIDERURGICA: Net Income Up 150% to BRL2.9 Bil. in 2007
----------------------------------------------------------------
Companhia Siderurgica Nacional has reported its results for the
fourth quarter of 2007.

   -- The company reported a net income of BRL2.9 billion in
      2007, a new annual record and 150% more than in 2006.

   -- Annual steel product sales volume stood at 5.4 million
      tons, 23% more than in 2006 and also company record.  In
      the 2007 fourth quarter alone, sales volume totaled 1.4
      million tons, 18% up year-on-year.

   -- Net revenue reached an impressive BRL11.4 billion in 2007,
      27% more than in 2006 and yet another record.

   -- Annual EBITDA stood at BRL4.9 billion, 54% up on the year
      before 2006.  Once again, this was the company's highest
      ever EBITDA figure.

   -- Companhia Siderurgica's shares recorded annual
      appreciation of 157%, the highest upside of all the
      companies making up the Ibovespa Index.  Its ADRs recorded
      an even more substantial upturn of 216%, the highest
      figure among all the Latin American firms traded on the
      NYSE.

   -- Annual crude steel production totaled more than 5.3
      million tons, 52% up on 2006.

   -- In 2007, the company and its subsidiary NAMISA produced
      and acquired from third parties more than 21 million
      tons of iron ore.  Iron ore sales totaled 10.5 million
      tons in Brazil and abroad, in addition to the 7.1 million
      tons consumed internally by the Presidente Vargas
      Steelworks.

   -- The net debt/EBITDA ratio, based on EBITDA in the last 12
      months, continued to decline, falling from 1.74 in
      December 2006, to 0.99 at the close of 2007.  In monetary
      terms, the net debt fell by 28%, from BRL6.7 billion to
      BRL4.8 billion.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets, tin
mill products and tinplate.  The company also runs its own iron
ore, manganese, limestone and dolomite mines and has strategic
investments in railroad companies and power supply projects.
The group also operates in Brazil, Portugal and the U.S.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 28,
2007, Standard & Poor's Ratings Services revised its outlook on
Brazil-based steel maker Companhia Siderurgica Nacional and
related entity National Steel S.A. to positive from stable.  At
the same time, Standard & Poor's affirmed its 'BB' corporate
credit rating on CSN and its 'B+' rating on NatSteel.


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


ALTAY TRANS: Creditors Must File Claims by April 16
---------------------------------------------------
Creditors of LLC Altay Trans Holding have until April 16, 2008,
to submit proofs of claim to:

         S. Ogorodnikov
         Insolvency Manager
         Post User Box 2724
         Barnaul
         656065 Altay
         Russia

The Arbitration Court of Altay will convene on June 29, 2008, to
hear the bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No. A2-
663/2007 g.

The Debtor can be reached at:

         S. Ogorodnikov
         Post User Box 2724
         Barnaul
         656065 Altay
         Russia


ARSENYEVO-AGRO-PROM-STROY: Claims Filing Period Ends April 22
-------------------------------------------------------------
Creditors of OJSC Arsenyevo-Agro-Prom-Stroy have until April 22,
2008, to submit proofs of claim to:


         A. Gatsenko
         Insolvency Manager
         Boldina Str. 12-12
         248003 Kaluga
         Russia

The Arbitration Court of Tula commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A68-3297/07-206/B.

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         OJSC Arsenyevo-Agro-Prom-Stroy
         Bandikova Str. 112
         Arsenyevo
         Tula
         Russia


COMSTAR-UNITED: Names Roman Akatov as Commercial Director
---------------------------------------------------------
Comstar – United TeleSystems OJSC has appointed Roman Akatov as
its Commercial Director, replacing Leonid Gushturov.

Mr. Akatov had been a Deputy Director General for Commerce at
Russian Telecommunication Network OJSC.

"As Commercial Director of COMSTAR-UTS, Roman Akatov will be
responsible for developing all COMSTAR commercial activities in
the Moscow corporate communication market, including interaction
with major customers," Dmitry Karmanov," Comstar Human Resource
Director, said.  "The Moscow corporate market is viewed by the
Company to be an important line of the business, and we count on
our business to grow, in particular through new personnel
appointments.  I am sure that the knowledge Roman Akatov has
gained of the capital-city communication market and his
professional experience will enable him to achieve significant
results in promotion of COMSTAR-UTS services in Moscow."

                       About Comstar-UTS

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

                           *    *    *

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

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


FIRST LLC : Krasnodar Bankruptcy Hearing Slated for June 6
----------------------------------------------------------
The Arbitration Court of Krasnodar will convene on June 6, 2008,
to hear the bankruptcy supervision procedure on LLC First (TIN
2312068086, OGPH 1022301974287).  The case is docketed under
Case No. A-32-21298/2007-60/508B.

The Temporary Insolvency Manager is:

         S. Kochetov
         Post User Box 202
         OS-40
         350040 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC First
         Starokubanskaya 124
         350059 Krasnodar
         Russia


KALITA CJSC: Court Names V. Goncharov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Stavropol appointed V. Goncharov as
Insolvency Manager for CJSC Kalita (TIN 2634039523).  He can be
reached at:

         V. Goncharov
         Kholzunova Str. 19-9
         400123 Volgograd
         Russia

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


The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol
         Russia

The Debtor can be reached at:

         CJSC Kalita
         Lomonosova Str. 25
         Stavropol
         Russia


KAMYSHINSKIY LLC: Volgograd Court Hearing Slated for April 21
-------------------------------------------------------------
The Arbitration Court of Volgograd will convene on April 21,
2008, to hear the bankruptcy supervision procedure on LLC Butter
and Cheese Combine Kamyshinskiy.  The case is docketed under
Case No. A12-18228/07-s58.

The Temporary Insolvency Manager is:

         S. Kharchenko
         Post User Box 764
         Volzhskiy
         Volgograd
         Russia

The Debtor can be reached at:

         LLC Butter and Cheese Combine Kamyshinskiy
         Tekstilnaya Str. 4A
         Kamyshin
         Volgograd
         Russia


KARASEVSKIY POTTERY: Names E. Semchenko as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed E. Semchenko as
Insolvency Manager for CJSC Karasevskiy Pottery.  He can be
reached at:

         E. Semchenko
         Volgogradskiy Pr. 28A
         109316 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-?2-15664/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Karasevskiy Pottery
         Lesnoy
         Kolomenskiy
         140451 Moscow
         Russia


MOSCOW EXPERIMENTAL: Creditors Must File Claims by April 22
-----------------------------------------------------------
Creditors of CJSC Moscow Experimental Sport Shoes Factory have
until April 22, 2008, to submit proofs of claim to:

         V. Shishkin
         Insolvency Manager
         To be called for V. Shishkin
         126315 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-30460 /07-95-102B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Moscow Experimental Sport Shoes Factory
         Building 11
         2nd Kozhukhovskiy Proezd 25
         Moscow
         Russia


NABEREZHNYE CHELNY: Bankruptcy Hearing Slated for June 5
--------------------------------------------------------
The Arbitration Court of Tatarstan will convene on June 5, 2008,
to hear the bankruptcy supervision procedure on OJSC River Port
Naberezhnye Chelny (TIN 1650071561).  The case is docketed under
Case No. A65-31008/2007-SG4-31.

The Temporary Insolvency Manager is:

         I. Zakirov
         Post User Box 813
         Zelenodolsk
         422540 Tatarstan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC River Port Naberezhnye Chelny
         Komsomolskaya Quae 34
         Naberezhnye Chelny
         Tatarstan
         Russia


NORTH-WEST CO: Creditors Must File Claims by April 22
-----------------------------------------------------
Creditors of CJSC North-West Company have until April 22, 2008,
to submit proofs of claim to:

         V. Shishkin
         Insolvency Manager
         To be called for V. Shishkin
         126315 Moscow
         Russia


The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-33416 /07-74-112B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC North-West Company
         Building 2
         Degtyarnyj Per. 5
         Moscow
         Russia


PINT SERVICE: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Krasnodar commenced bankruptcy
supervision procedure on LLC Pint Service (TIN 2309059370, OGRN
1032307166253).  The case is docketed under Case No.
A-32-21299/2007-60/509-B.

The Temporary Insolvency Manager is:

         I. Zorin
         Office 4
         Frunze Str. 15
         350063 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Pint Service
         Sebedakhovskiy Plot
         Troitskkaya St.
         Krymskiy
         353360 Krasnodar
         Russia


PROD-ZERNO: Creditors Must File Claims by March 16
--------------------------------------------------
Creditors of LLC Prod-Zerno have until March 16, 2008, to submit
proofs of claim to:

         I. Alushkin
         Insolvency Manager
         Chakino
         Rzhakskiy
         393500 Tambov
         Russia

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A64-1761/07-21.

The Debtor can be reached at:

         LLC Prod-Zerno
         Rospopova Str. 45
         Inzhavino
         Tambov
         Russia


RTP CAR: Moscow Bankruptcy Hearing Slated for May 6
---------------------------------------------------
The Arbitration Court of Moscow will convene at 2:30 p.m. on
May 6, 2008, to hear the bankruptcy supervision procedure on
CJSC RTP Car Centre (TIN 5002002556, KPP 500201001, OGRN
1035007901642).  The case is docketed under Case No.
A-41-K2-21280/07.

The Temporary Insolvency Manager is:

         V. Dobryshkin
         Volgogradskiy Pr. 28A
         109316 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC RTP Car Centre
         Sovetskaya Str. 166
         Bronnitsy
         140170 Moscow
         Russia


SCHIT CJSC: Creditors Must File Claims by March 22
--------------------------------------------------
Creditors of CJSC Schit have until March 22, 2008, to submit
proofs of claim to:

         E. Batin
         Temporary Insolvency Manager
         Kuzmina Str. 1
         Mtsensk
         303031 Orel
         Russia

The Arbitration Court of Orel commenced bankruptcy supervision
procedure on the company.  The case is dockted under Case No.
A68-9097/07-374/B-07.

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel
         Russia

The Debtor can be reached at:

         CJSC Schit
         Ugonyj
         Kimovsk
         Russia
         Tula


UNION CJSC: Creditors Must File Claims by March 22
--------------------------------------------------
Creditors of CJSC Union have until March 22, 2008, to submit
proofs of claim to:

         A. Vladimirov
         Insolvency Manager
         Post User Box 1188
         410028 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A57-28/08-12.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         CJSC Union
         Sokurskiy Trakt 20
         410080 Saratov
         Russia


=============================
S L O V A K   R E P U B L I C
=============================


US STEEL: Unit Backs Out from Talks to Sell Wabush Mine Stake
-------------------------------------------------------------
U.S. Steel Canada Inc., a subsidiary of United States Steel
Corporation, has withdrawn from negotiations to sell its 44.6%
interest in the Wabush Mines Joint Venture to ArcelorMittal
Dofasco Inc.

Cleveland-Cliffs Inc. holds a 26.8% interest and Dofasco holds a
28.6% interest in the Wabush Mines Joint Venture.

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 31.7 million net tons.  U.S. Steel's domestic
primary steel operations are: Gary Works in Gary, Indiana; Great
Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley
Works, which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pennsylvania;
Granite City Works in Granite City, Illinois; Fairfield Works
near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and
East Chicago Tin in East Chicago, Indiana.  The company also
operates two seamless tubular mills, Lorain Tubular Operations
in Lorain, Ohio; and Fairfield Tubular Operations near
Birmingham, Alabama.

U. S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works.  On Northern Minnesota's
Mesabi Iron Range, U.S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite and Keewatin Taconite,
support the steelmaking effort, and its subsidiary ProCoil
Company provides steel distribution and processing services.

U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o.,
in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and
Smederevo, Serbia.  Acero Prime, the company's joint venture
with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico,
S.A. de C.V., provides Mexico's automotive and appliance
manufacturers with total supply chain management services
through its slitting and warehousing facility in San Luis Potosi
and its warehouse in Ramos Arizpe.

                         *    *    *

As reported in the Troubled Company Reporter-Europe on Dec. 11,
2007, Standard & Poor's Ratings Services assigned its 'BB+'
senior unsecured rating to the proposed offering of up to US$400
million in senior unsecured notes due Feb. 1, 2018, of United
States Steel Corp. (BB+/Negative/--).  These notes are being
issued under the company's unlimited shelf registration filed on
March 5, 2007.


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


A + I SOMMERAUER: Creditors' Liquidation Claims Due by March 17
---------------------------------------------------------------
Creditors of JSC A + I Sommerauer have until March 17, 2008, to
submit their claims to:

         Sommerauer-Vogel Ingrid
         Liquidator
         Hinterbergstrasse 2
         8854 Galgenen
         March SZ
         Switzerland

The Debtor can be reached at:

         JSC A + I Sommerauer
         Rumlang
         Dielsdorf ZH
         Switzerland


ANDEBEN LLC: Creditors' Liquidation Claims Due by March 16
----------------------------------------------------------
Creditors of LLC Andeben have until March 16, 2008, to submit
their claims to:

         Bernhard Anderegg
         Liquidator
         Allwegmatte 1
         6372 Ennetmoos NW
         Switzerland

The Debtor can be reached at:

         LLC Andeben
         Thun BE
         Switzerland


ECHMANN: Creditors' Liquidation Claims Due by March 17
------------------------------------------------------
Creditors of JSC Eschmann, Peter + Partner have until March 17,
2008, to submit their claims to:

         Dr. Jurg Greuter
         Steinenschanze 6
         4051 Basel
         Switzerland

The Debtor can be reached at:

         JSC Eschmann, Peter + Partner
         Riehen BS
         Switzerland


EMODRIVE PRODUCTS: Creditors' Liquidation Claims Due by March 17
----------------------------------------------------------------
Creditors of LLC Emodrive Products have until March 17, 2008, to
submit their claims to:

         Kaj Sigstam
         Coppet 22
         1291 Commugny
         Nyon VD
         Switzerland

The Debtor can be reached at:

         LLC Emodrive Products
         Sarnen OW
         Switzerland


GFBI GESELLSCHAFT: Creditors' Liquidation Claims Due by March 15
----------------------------------------------------------------
Creditors of LLC GFBI Gesellschaft fur Beteiligungen und
Immobilien have until March 15, 2008, to submit their claims to:

         Andreas Rohrer
         Neuhofstrasse 25
         Baar ZG
         Switzerland

The Debtor can be reached at:

         LLC GFBI Gesellschaft fur Beteiligungen und Immobilien
         Baar ZG
         Switzerland


HEMIS SWITZERLAND: Creditors' Liquidation Claims Due by March 17
----------------------------------------------------------------
Creditors of LLC Hemis Switzerland have until March 17, 2008, to
submit their claims to:

         JSC Krima+ Revisionen
         Industriestrasse 54
         8152 Glattbrugg
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC Hemis Switzerland
         Dubendorf
         Uster ZH
         Switzerland


JOZITECH MED: Creditors' Liquidation Claims Due by March 14
-----------------------------------------------------------
Creditors of LLC Jozitech Med have until March 14, 2008, to
submit their claims to:

         Joachim Zimolong
         Liquidator
         Dattenmattstrasse 23
         6010 Kriens LU
         Switzerland

The Debtor can be reached at:

         LLC Jozitech Med
         Kriens LU
         Switzerland


KATRAS: Creditors' Liquidation Claims Due by March 17
-----------------------------------------------------
Creditors of LLC KATRAS Installationssysteme have until March
17, 2008, to submit their claims to:

         Othmar Kuhne
         Liquidator
         Schulhausstrasse 6
         7324 Vilters SG
         Switzerland

The Debtor can be reached at:

         LLC KATRAS Installationssysteme
         Bachenbulach
         Bulach ZH
         Switzerland


PRO HYPOCRATUS: Creditors' Liquidation Claims Due by March 14
-------------------------------------------------------------
Creditors of JSC Pro Hypocratus have until March 14, 2008, to
submit their claims to:

         Dr. Daniel Thaler
         Liquidator
         Seebahnstrasse 85
         8036 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Pro Hypocratus
         Zurich
         Switzerland


PROFORMA SOFTWARE: Creditors' Liquidation Claims Due by March 14
----------------------------------------------------------------
Creditors of LLC Proforma Software & Services have until March
14, 2008, to submit their claims to:

         JSC OBT
         Hardturmstrasse 120
         8005 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Proforma Software & Services
         Zurich
         Switzerland


SEKA EXPOBOX: Creditors' Liquidation Claims Due by March 14
-----------------------------------------------------------
Creditors of LLC Seka Expobox have until March 14, 2008, to
submit their claims to:

         Karl Muhlebach
         Liquidator
         Wagnerfeldstrasse 18
         8646 Wagen SG
         Switzerland

The Debtor can be reached at:

         LLC Seka Expobox
         Opfikon
         Bulach ZH
         Switzerland


SWINGSYSTEMS JSC: Creditors' Liquidation Claims Due by March 15
---------------------------------------------------------------
Creditors of JSC SWINGSYSTEMS have until March 15, 2008, to
submit their claims to:

         JSC SWINGSYSTEMS
         Kleiner Muristalden 26
         3006 Bern
         Switzerland


WEMO-TECH LLC: Creditors' Liquidation Claims Due by March 14
------------------------------------------------------------
Creditors of LLC Wemo-Tech have until March 14, 2008, to submit
their claims to:

         Detra Treuhand
         Trachsel
         Untere Hauptgasse 12
         3600 Thun BE
         Switzerland

The Debtor can be reached at:

         LLC Wemo-Tech
         Thun BE
         Switzerland


VC HOMECARE: Claims Registration Period Ends March 15
-----------------------------------------------------
The Bankruptcy Service of Fluntern-Zurich commenced bankruptcy
proceedings against JSC VC Homecare on Dec. 14, 2007.

Creditors have until March 15, 2008, to file their written
proofs of claim.

The Bankruptcy Service of Fluntern-Zurich can be reached at:

         Bankruptcy Service of Fluntern-Zurich
         8032 Zurich
         Switzerland

The Debtor can be reached at:

         JSC VC Homecare
         Susenbergstrasse 3
         8044 Zurich
         Switzerland


ZIMMEREI HUMM: Claims Registration Period Ends March 17
-------------------------------------------------------
The Bankruptcy Service of Pfaffikon in Zurich commenced
bankruptcy proceedings against LLC Zimmerei Humm on Jan. 29,
2008.

Creditors have until March 17, 2008, to file their written
proofs of claim.

The Bankruptcy Service of Pfaffikon can be reached at:

         Bankruptcy Service of Pfaffikon
         8330 Pfaffikon ZH
         Switzerland

The Debtor can be reached at:

         LLC Zimmerei Humm
         Allmendstrasse 11
         8320 Fehraltorf
         Pfaffikon ZH
         Switzerland


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


BIG LINE: Proofs of Claim Deadline Set March 21
-----------------------------------------------
Creditors of Building Corporation Big Line (code EDRPOU
31325853) have until March 21, 2008, to submit written proofs of
claim to:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy supervision
procedure on the company.  The case is docketed as 22/4b.

The Debtor can be reached at:

         Building Corporation Big Line
         Karl Marks Str. 8
         91000 Lugansk
         Ukraine


CENTERBUILDING GROUP: Creditors Must File Claims by March 21
------------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against LLC Centerbuilding Group (code EDRPOU 34731170) after
finding it insolvent on Feb. 12, 2008.  The case is docketed as
23/35-b.

Creditors have until March 21, 2008, to submit written proofs of
claim to:

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

The Debtor can be reached at:

         LLC Centerbuilding Group
         Kotelnikov Str. 51
         03115 Kiev
         Ukraine


EDUCATIONAL-COURSE COMBINE: Creditors' Claim Due March 21
---------------------------------------------------------
Creditors of JSC Kharkov Transport Building Subsidiary Company
Educational-Course Combinehave until March 21, 2008, to submit
written proofs of claims to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 4, 2008.
The case is docketed as B-50/02-08.

The Debtor can be reached at:

         JSC Kharkov Transport Building Subsidiary Company
         Educational-Course Combine
         Estakadnaya Str. 1
         61080 Kharkov
         Ukraine


MANKI LLC: Creditors Must File Claims by March 21
-------------------------------------------------
The Economic Court of Kiev commenced bankruptcy proceedings
against LLC Manki (code EDRPOU 34692179) after finding it
insolvent on Feb. 12, 2008.  The case is docketed as 23/47-b.

Creditors have until March 21, 2008, to submit written proofs of
claim to:

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

The Debtor can be reached at:

         LLC Manki
         Moscow Str. 7
         01010 Kiev
         Ukraine


NADEZHDA CJSC: Creditors Must File Claims by March 21
-----------------------------------------------------
Creditors of CJSC Kharkov Transport Building Subsidiary Company
Nadezhda (code EDRPOU 24476902) have until March 21, 2008, to
submit written proofs of claims to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 4, 2008.
The case is docketed as B-50/02-08.

The Debtor can be reached at:

         CJSC Kharkov Transport Building Subsidiary
         Company Nadezhda
         Estakadnaya Str. 1
         61080 Kharkov
         Ukraine


NADIYA LLC: Creditors Must File Claims by March 21
--------------------------------------------------
Creditors of Agricultural LLC Nadiya (code EDRPOU 30891201) have
until March 21, 2008, to submit written proofs of claim to:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 29, 2008.
The case is docketed as 18/57.

The Debtor can be reached at:

         Agricultural LLC Nadiya
         Miakenkovka
         Reshetilovsky District
         Poltava
         Ukraine


UKRAINIAN-MEDITERRANEAN AIRLINES: Claims Deadline Set March 21
--------------------------------------------------------------
Creditors of LLC Ukrainian-Mediterranean Airlines (code EDRPOU
30180773) have until March 21, 2008, to submit written proofs of
claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed as 23/51-b.

The Debtor can be reached at:

         LLC Ukrainian-Mediterranean Airlines
         Shuliavskaya Str. 7
         03055 Kiev
         Ukraine


WHOLESALETRADELINE LLC: Creditors Must File Claims by March 21
--------------------------------------------------------------
Creditors of LLC Wholesaletradeline (code EDRPOU 35000025)  have
until March 21, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 23/36-b.

The Debtor can be reached at:

         LLC Wholesaletradeline
         Kirovogradskaya Str. 38/58
         03069 Kiev
         Ukraine


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


BAA LTD: Heathrow East Project Fails to Meet Olympic Deadline
-------------------------------------------------------------
BAA Ltd.'s Heathrow East project will not make it to the July
2012 Olympic deadline, Alistair Osborne writes for the Daily
Telegraph.

BAA, the Daily Telegraph relates, advised airlines in January
that it may not be able to complete the project, which
includes the redevelopment of Terminals 1 and 2, before December
2012.

Daniel Storey, the Civil Aviation Authority's head of airport
price control, told the Daily Telegraph that BAA resolved not to
stick to the original deadline after analyzing the construction
requirements, although according to sources close to the airport
operator, it aims to have some of the facility operational at
the time.

CAA's technical consultants, Currie & Brown, on the other hand,
stated there were too many risks to the completion date, the
Daily Telegraph discloses.

"They said it was really tight and asked if there was enough
contingency in this," Harry Bush, the CAA director of economic
regulation, was quoted by the paper as saying.

                            About BAA

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

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

                             *   *   *

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


BRITISH AIRWAYS: Conciliatory Talks with BALPA Fails
----------------------------------------------------
Conciliatory talks between British Airways Plc and the British
Airline Pilots Association have collapsed, the carrier said in a
statement.

"We are disappointed that BALPA has chosen to walk away from the
talks led by the conciliation service, ACAS," BA said.  "We
believe the opportunity remains to reach a peaceful resolution
and lift the threat of strikes from our customers."

The dispute centers on BA's proposed new subsidiary airline
OpenSkies that will fly passengers from mainland European
capitals to the U.S.A.  BALPA said it supports the growth of BA
and the launch of the OpenSkies service but opposes BA's
intention to use lower paid pilots recruited from outside.
BALPA said BA plans to keep their wages low even when OpenSkies
becomes profitable.  BA pilots also fear that BA management will
use the lower paid OpenSkies pilots as a "Trojan horse" to force
down their own pay and conditions.

During the talks, BA said it offered binding assurances that
OpenSkies will pose no threat to the terms, conditions and job
security of the pilots, as it plans to recruit more than 300 new
BA pilots in the next two years.

BA said its offer also included making available to BA pilots
50% of flight crew vacancies for the six aircraft currently
planned to go into OpenSkies.

According to BA, BALPA wants the terms and conditions for
OpenSkies pilots match those at BA as soon as the airline
becomes profitable.  BA, however, said the demand would would
generate cost and complexity that OpenSkies could not sustain.

                           Legal Threat

"We felt it right and fair to give BALPA private notice that we
have a valid legal claim against them before they took the
disproportionate step of calling a strike," BA said.  "If strike
dates are issued, we will act to protect our customers by
applying for an injunction."

BA said it is open to talk with BALPA "at any time in order to
find a peaceful solution."

                      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.


BUTTERFLY PUBLISHING: High Court Winds Up Business
--------------------------------------------------
The High Court has wound up Butterfly Publishing Ltd. (t/a
Fastpost) and Mailroom Direct Ltd. (t/a Mailroom Supplies)
following an investigation by Companies Investigation Branch of
the Insolvency Service.

Butterfly Publishing and Mailroom Direct supplied franking
labels to businesses in the UK.  Both companies used cold
calling techniques to sell their products.

An investigation by CIB revealed that customers were induced by
false statements made during unsolicited telephone calls to
order goods.  Even when it was plain that the customers' member
of staff to whom they were speaking did not have authority to
order goods, pressure was exerted to persuade the member of
staff to sign and return an order form immediately.

Customers were not informed of the price of the goods before
their order was placed, and were then charged substantially
above the market rate for the goods which they had been misled
into ordering.  Customers who attempted to return unwanted goods
were prevented from doing so by means of unnecessarily
restrictive terms and conditions.

The investigation also revealed that the sole director since
2003 of both companies had previously been involved with a
business operating in much the same way.

Butterfly Publishing was incorporated on April 10, 2002.

The registered office of the company is at:

         8 The Courtyard
         Campus Way
         Gillingham Business Park
         Gillingham
         Kent
         ME8 0NZ
         England

The sole recorded director of the company is Lee Williams.  The
secretary is shown to be Company Secretarial Services UK Ltd.

Mailroom Direct was incorporated on Sept. 30, 1994. Its name on
incorporation was Postall Supplies (GB) Ltd.  This name changed
to Mailroom Supplies (Labels) Ltd. on Sept. 19, 1995. On
Sept. 30, 2003 the name was changed again, this time to Mailroom
Direct Wholesale Ltd. and then on Feb. 22, 2005 the name was
changed to its current style.

The registered office of the company is at:

         8 The Courtyard
         Campus Way
         Gillingham Business Park
         Gillingham
         Kent
         ME8 0NZ
         England

The sole recorded director of the company is Lee Williams.  The
secretary is recorded as Company Secretarial Services UK Ltd.
and also Thanet Company Secretarial Services Ltd.

Mr. Williams has previously been the subject of inquiries by the
Office of Fair Trading.  Such inquiries were prompted from
customers regarding unfair trading practices employed by his
companies.  Following that investigation Mr. Williams, among
others, gave a written assurance to the OFT that he would not
make misleading oral statements.

The companies were put into provisional liquidation on
Jan. 23, 2008 to protect the assets and financial records of the
companies pending determination of the petitions.  The companies
were then ordered into liquidation on March 5, 2008.


CARTER AND CARTER: Brings In Administrators from Deloitte
---------------------------------------------------------
(Carmel/Bloomberg/CPR)

Carter and Carter Group PLC and its trading subsidiaries, on
March 11, 2008, filed for administration.

Nick Dargan, Dominic Wong and Chris Farrington of Deloitte and
Touche LLP were appointed joint administrators to work with the
management team to secure the ongoing survival of the group.

In a report by Tim Barwell for Bloomberg, the group failed to
reached an agreement with Barclays Plc, HBOS Plc and Lloyds TSB
Group Plc on further funding.

"It was really rather out of the blue; we thought we were
on track to meet refinancing targets," Rodney Westhead, acting
CEO of Carter and Carter told Bloomberg.

"The banks decided they couldn't put any more money in," Mr.
Westhead said.

Carter and Carter suspended trading of its shares on Oct. 2,
2007, after cutting its earnings forecast for the third time in
a span of five months and appointing auditors to examine its
accounts, Bloomberg relates.

The directors had for some time been endeavoring to secure a
consensual restructuring of the group's financial affairs.

"It is clear that the Carter & Carter Group has a number of
tremendous businesses within its portfolio.  However, it found
it increasingly difficult to sustain the significant level of
debt carried following its strategy of growth by acquisition,"
joint administrator Nick Dargan disclosed.

Mr. Dargan added, "We are delighted with the co-operation given
to our team by the management and employees, the Learning and
Skills Council and the Group's existing Lenders.  That has
provided a stable platform to allow us to review all options
available to secure the future survival of the group."

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.

Headquartered in Ruddington, England, Carter and Carter Group
PLC -- http://www.carterandcartergroup.com/-- provides
vocational learning services and employability skills training
primarily under government funded contracts as well as
outsourcing of back office and other functions to the automotive
sector.

It operates from over 100 locations across the U.K. and abroad
with 2,500 employees and provides services to over 27,000
learners in the U.K.

The group has a turnover of GBP125 million. As of Jan. 17, 2008,
it had net debt of GBP129 million from GBP86 million net debt in
2007.


CHRYSLER LLC: Idles Facility in Delaware on AAM Labor Strike
------------------------------------------------------------
Chrysler LLC will temporarily close its vehicle assembly
facility in Newark, Delaware, this week, as the strike among
members of the United Auto Workers union at American Axle &
Manufacturing Inc. stretches, Terry Kosdrosky of The Wall Street
Journal reports.

WSJ relates citing spokeswoman Michele Tinson, American Axle
supplies Chrysler components for the Dodge Durango and Chrysler
Aspen sport utility vehicles in Newark and two versions of the
Dodge Ram pickup made in Saltillo, Mexico.

As reported in the Troubled Company Reporter on Feb. 27, 2008,
UAW union president Ron Gettelfinger and Vice President James
Settles disclosed that members at American Axle began an unfair
labor practices strike at 12:01 a.m. on Feb. 26, 2008, following
expiration of a four-year master labor agreement, which expired
at 11:59 p.m., Feb. 25, 2008.

American Axle, which earned US$37 million on US$3.25 billion
sales in 2007, wants a deal like those UAW gave General Motors
Corp., Ford Motor Co., Chrysler LLC, and parts makers Delphi
Corp. and Dana Corp., insisting that cutting labor costs is
essential to be competitive, according to The Associated Press.
The auto parts supplier is asking the union to approve US$20 to
US$30 hourly wage cuts from US$73 per hour it pays now to US$27
per hour, saying that its original U.S. locations incurred
losses for three years.

TCR relates that a Chrysler assembly plant in Windsor, Ontario
was forced to temporarily shut down after Canadian Auto Workers
union members of TRW Automotive Inc. went on strike on Feb. 28,
2008, due to failed wage increase talks.  TRW supplies Chrysler
suspension modules for Dodge Caravan and Town & Country
minivans.

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

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007.  S&P
said the outlook is negative.


CRUZE CLOTHING: Brings In Liquidators from PKF
----------------------------------------------
Kerry Bailey and Jonathan Newell of PKF (UK) LLP were appointed
joint liquidators of Cruze Clothing Ltd. on Feb. 28 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PKF (UK) LLP
         Sovereign House
         Queen Street
         Manchester
         M2 5HR
         England


DJ TOOL: Appoints Joint Administrators from Deloitte & Touche
-------------------------------------------------------------
Neil Matthews and Ian Brown of Deloitte & Touche LLP were
appointed joint administrators of DJ Tool Hire Ltd. (Company
Number 03267578) on March 4, 2008.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.

The company can be reached at:

         D.J. Tool Hire Ltd.
         Tanfield Manor
         Stanley
         County Durham
         DH9 9PU
         England
         Tel: 01207 232 455
         Fax: 01207 290 336


DURA AUTOMOTIVE: Seeks US$230M Financing to Execute Revised Plan
----------------------------------------------------------------
DURA Automotive Systems, Inc., will obtain US$230 million of new
financing to implement the revised Chapter 11 Plan of
Reorganization the company, which was filed March 7.  The new
financing consists of a US$150,000,000 first lien term loan and
an US$80 million second lien loan.

The US$230 million new financing may come from the existing
banks in negotiations with DURA, including Cerberus Capital
Management's Ableco Finance, LLC, the Associated Press said
quoting DURA spokesperson Christina Stenson.  Ableco has also
extended a US$170 million bankruptcy loan to DURA in late
January.

To recall, DURA intended, but failed, to obtain US$425 million
of financing to implement the Chapter 11 Plan it filed in August
2007.  As a result of the failure to obtain the loans, DURA
scrapped its exit plan and came up with a new one.

The Revised Plan proposes to distribute DURA's new common stock
to holders of claims under the six-year US$150 million senior
secured second term loan, dated May 3, 2005, holders of 8.625%
senior notes due April 15, 2012, and other general unsecured
claimants.  DURA's August 2007 Plan intended to pay top level
creditors in full.

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

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

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

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

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

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


EMI GROUP: Retains Membership in IFPI
-------------------------------------
sEMI Group plc has decided to remain a member of the
International Federation of the Phonographic Industry.

"We undertook to work with our colleagues in the other major
labels and with John Kennedy on a cost saving plan for the IFPI
and together we have been able to find solutions which we
believe are achievable while maintaining what the IFPI does best
in representing our industry.  I am glad to say that on the
basis of those discussions we have been able to confirm our
continued membership of the IFPI and we look forward to working
with the IFPI on the crucial issues that our industry faces."
Jean-Francois Cecillon, president of EMI Music International
Labels, said.

"I am delighted that EMI has decided to continue working with
IFPI.  It is extremely valuable for us to have their support in
trying to address the many different challenges the recording
industry is facing and addressing," John Kennedy, chairman and
chief Executive of IFPI, said.

IFPI is the trade association that represents the recording
industry worldwide.  It represents more than 1,400 members in
over 73 countries and works with affiliated national groups in
48 countries.  Its mission is to promote the value of recorded
music, safeguard the rights of record producers and expand the
commercial uses of recorded music.

                            About EMI

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

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

The company issued two profit warnings since January 2007.


ESCAPISM LTD: Calls In Liquidators from Mazars
----------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint liquidators of Escapism Ltd. on Feb. 29 for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England


M&A HIRE: Brings In Administrators from Deloitte & Touche
---------------------------------------------------------
Neil Matthews and Ian Brown of Deloitte & Touche LLP were
appointed joint administrators of M&A Hire Ltd. (Company Number
05128746) on March 4, 2008.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.

The company can be reached at:

         M&A Hired Ltd.
         Deloitte & Touche LLP
         Gainsborough House
         34-40 Grey Street
         Newcastle upon Tyne
         NE1 6AE
         England


MAGNOLIA FINANCE V: Fitch Junks Rating on Series 2006-4 Notes
-------------------------------------------------------------
Fitch Ratings downgraded Magnolia Finance V Plc's US$14.875m
Series 2006-4 leveraged super senior credit-linked notes due
2048 to 'CCC' from 'BBB+'.  The notes remain on Rating Watch
Negative.

The downgrade reflects the increased probability of default of
US structured finance CDOs within Magnolia Finance's portfolio
due to worsening mortgage performance.  In February 2008, Fitch
placed five structured finance CDOs, referencing 9.44% of the
portfolio, on RWN.

A further 9.74% of the portfolio, all SF CDOs, is currently on
RWN by one or two other Nationally Recognised Statistical Rating
Organisations.  The RWN on the notes will be resolved once the
RWN status of the 11 reference entities in the portfolio is
resolved.

Currently, the weighted average rating factor (WARF) of 8.87
(equivalent to 'BBB'/'BB+') is still below the trigger of 13.78
(equivalent to 'BB'/'BB-' (BB minus)).  In this calculation
provided in the transaction's documentation, the ratings for the
entities on RWN are one notch lower than the ratings assigned.
Fitch believes that when the RWNs of SF CDOs are resolved, the
entities' ratings are likely to be downgraded by more than one
notch. Fitch therefore subjected the 11 SF CDOs currently on RWN
to different downgrade stresses to judge the impact on the WARF.

If 11 SF CDOs are downgraded by one category (three notches),
the WARF increases to 11.86 (equivalent to 'BB+'/'BB').
However, if in addition to the first stress, six of the SF CDOs
are downgraded by six notches, the WARF (13.81, equivalent to
'BB'/'BB-' (BB minus)) also breaches the WARF trigger.  In a
different stress, if six of the currently lowest-rated names on
RWN are downgraded to 'CC', the WARF 13.93 (equivalent to
'BB'/'BB-' (BB minus)) would hit the trigger as well.

Magnolia Finance is a special purpose vehicle incorporated under
the laws of Ireland.  It has entered into a leveraged super
senior transaction with Credit Suisse International and invested
the note issuance proceeds in highly rated securities.  Should
the weighted average credit rating of the reference obligations
breach pre-specified trigger levels within a specified period,
investors have the option to unwind the trade or de-leverage
their position by posting further note principal.

The ratings address the payment of interest and principal
according to the documentation terms, by the scheduled maturity
date, as well as the risk of mark-to-market losses due to an
early termination following an unwind trigger event.  Under the
documentation, the interest payment (including the LIBOR
component) may be reduced under certain circumstances, such as a
downgrade to 'AA' or below of the charged asset.


MAILROOM DIRECT: High Court Winds Up Business
---------------------------------------------
The High Court has wound up Butterfly Publishing Ltd. (t/a
Fastpost) and Mailroom Direct Ltd. (t/a Mailroom Supplies)
following an investigation by Companies Investigation Branch of
the Insolvency Service.

Butterfly Publishing and Mailroom Direct supplied franking
labels to businesses in the UK.  Both companies used cold
calling techniques to sell their products.

An investigation by CIB revealed that customers were induced by
false statements made during unsolicited telephone calls to
order goods.  Even when it was plain that the customers' member
of staff to whom they were speaking did not have authority to
order goods, pressure was exerted to persuade the member of
staff to sign and return an order form immediately.

Customers were not informed of the price of the goods before
their order was placed, and were then charged substantially
above the market rate for the goods which they had been misled
into ordering.  Customers who attempted to return unwanted goods
were prevented from doing so by means of unnecessarily
restrictive terms and conditions.

The investigation also revealed that the sole director since
2003 of both companies had previously been involved with a
business operating in much the same way.

Butterfly Publishing was incorporated on April 10, 2002.  The
sole recorded director of the company is Lee Williams.  The
secretary is shown to be Company Secretarial Services UK Ltd.

Mailroom Direct was incorporated on Sept. 30, 1994.  Its name on
incorporation was Postall Supplies (GB) Ltd.  This name changed
to Mailroom Supplies (Labels) Ltd. on Sept. 19, 1995.  On
Sept. 30, 2003 the name was changed again, this time to Mailroom
Direct Wholesale Ltd. and then on Feb. 22, 2005 the name was
changed to its current style.  The sole recorded director of the
company is Lee Williams.  The secretary is recorded as Company
Secretarial Services UK Ltd. and also Thanet Company Secretarial
Services Ltd.

Mr. Williams has previously been the subject of inquiries by the
Office of Fair Trading.  Such inquiries were prompted from
customers regarding unfair trading practices employed by his
companies.  Following that investigation Mr. Williams, among
others, gave a written assurance to the OFT that he would not
make misleading oral statements.

The companies were put into provisional liquidation on
Jan. 23, 2008 to protect the assets and financial records of the
companies pending determination of the petitions.  The companies
were then ordered into liquidation on March 5, 2008.

The registered office of the companies is at:

         8 The Courtyard
         Campus Way
         Gillingham Business Park
         Gillingham
         Kent
         ME8 0NZ
         England


N REALISATIONS: Creditors' Meeting Slated for April 2
-----------------------------------------------------
Creditors of N. Realisations 2008 Ltd. (Company Number 01224268)
will meet at 10:00 a.m. on April 2, 2008 at:

         Hilton London Gatwick Airport
         South Terminal
         London Gatwick Airport
         Crawley
         RH6 0LL
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on April 1, 2008 at:

         Christopher David Stevens
         Joint Administrator
         Vantis
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England

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


PLATINUM DEVELOPMENTS: Appoints Colin Prescott as Liquidator
------------------------------------------------------------
Colin Prescott of Moore Stephens LLP was appointed liquidator of
Platinum Developments UK Ltd. on Feb. 27 for the creditors'
voluntary winding-up procedure.

The liquidator can be reached at:

         Moore Stephens LLP
         1-2 Little King Street
         Bristol
         BS1 4HW
         England


RECALL SECURITY: Taps Administrators from Smith & Williamson
------------------------------------------------------------
Stephen John Adshead and Gregory Andrew Palfrey of Smith &
Williamson Limited were appointed joint administrators of Recall
Security Ltd. (Company Number 05788304) on March 4, 2008.

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

The company can be reached at:

         Recall Security Ltd.
         37 Victoria Square
         Aberdare
         Mid Glamorgan
         CF44 7LB
         Wales
         Tel: 01685875597


TALK BUSINESS: C. B. Barrett Leads Liquidation Procedure
--------------------------------------------------------
C. B. Barrett of Tenon Recovery was appointed liquidator of Talk
Business Ltd. on March 6 for the creditors' voluntary winding-up
procedure.

The liquidator can be reached at:

         Tenon Recovery
         Clive House
         Clive Street
         Bolton
         BL1 1ET
         England


VIRGIN MEDIA: Blackstone Consortium Mulls Up to US$7.5 Mln Bid
--------------------------------------------------------------
Blackstone Group LP, Kohlberg Kravis Roberts & Co., Cinven Ltd.,
and Providence Equity Partners LLC are interested in acquiring
Virgin Media Inc. for US$6 billion-US$7.5 billion, Mark Watts
and Richard Wachman write for The Observer, citing a document
named "Project Coaxial."

According to The Observer, the private equity firms want to take
advantage of Virgin Media's weak share price, which had slumped
to US$14 apiece.  The paper, however, said it is uncertain
whether the firms could secure takeover funding following the
recent U.S. subprime crisis.

Advisers for the consortium, Merrill Lynch & Co., Inc., Morgan
Stanley and Perella Weinberg Partners L.P., suggested a bid
price between US$17 to US$21 a share, The Observer said citing
the private document.

The consortium's advisers said they "believe the Virgin Media
board may consider a proposal, depending on premium paid."

"Perhaps these groups are prepared to bankroll a transaction by
using a greater cash sum than is usually the case," an analyst
told The Observer.

                       About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

As of Feb. 29, 2008, Virgin Media Inc. carries Ba3 Long-Term
Corporate Family and Probability-of-Default ratings from
Moody's Investors Service, which said the outlook is negative.

The company also carries B+ Local and Foreign Issuer Credit
ratings from Standard & Poor's Ratings Services, which said the
outlook is stable.

Virgin Media carries B+ Long-Term Issuer Default rating and B
Short-Term Issuer Default rating from Fitch, which said the
outlook is positive.


VIRGIN MEDIA: Names Neil Berkett as Chief Executive Officer
-----------------------------------------------------------
Virgin Media Inc. has appointed Neil Berkett to the role of
Chief Executive Officer with immediate effect.  Mr. Berkett has
been Acting Chief Executive Officer of the company since the
resignation of Steve Burch in August 2007.  Mr. Berkett will
also be joining the Board of Directors of Virgin Media.

Mr. Berkett joined the company in September 2005 as Chief
Operating Officer of NTL, prior to the merger with Telewest.
With over 25 years' management experience in customer-facing
organizations, he has a strong track record of managing change
and driving operational improvements in competitive industries.

Virgin Media also disclosed the upcoming resignation of its
Chief Financial Officer, Jacques Kerrest.  Mr. Kerrest, who
joined NTL in 2004, will leave the company in early April.  An
executive search for a permanent CFO is underway and an
announcement about Mr. Kerrest's successor will be made in due
course.

"Neil has a long and successful track record of managing and
developing consumer-facing businesses and the Board is delighted
that he has accepted the role of Chief Executive Officer," Jim
Mooney, Chairman of Virgin Media, said.  "As COO, he was the
driving force behind the successful integration of NTL and
Telewest. Since taking on the role of Acting CEO six months ago,
he's demonstrated that he has both the strategic vision and
operational experience to take the company into its next phase
of growth.

"On behalf of the Board, I would like to thank Jacques Kerrest
for his outstanding contribution to Virgin Media," Mr. Mooney
added.  "Jacques played a critical role during our company's
transition over the last several years and towards enhancing our
profile in the financial community.  Among other things, he
oversaw the complex financing of the merger with Telewest, the
acquisition of Virgin Mobile and the successful refinancing of
Virgin Media.  He also led the integration of the finance
department and oversaw the company's SEC and SOX compliance.  We
very much appreciate his willingness to remain with the Company
beyond his initial contract term and we wish him every success
for the future."

                       About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

As of Feb. 29, 2008, Virgin Media Inc. carries Ba3 Long-Term
Corporate Family and Probability-of-Default ratings from
Moody's Investors Service, which said the outlook is negative.

The company also carries B+ Local and Foreign Issuer Credit
ratings from Standard & Poor's Ratings Services, which said the
outlook is stable.

Virgin Media carries B+ Long-Term Issuer Default rating and B
Short-Term Issuer Default rating from Fitch, which said the
outlook is positive.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Mar. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Rick Cieri of Kirkland & Ellis
        Jamie Sprayregan of Goldman Sachs
           Bankers Club of Miami, Florida
              Contact: 561-882-1331 or
                 http://www.turnaround.org/

Mar. 25, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Dearfoam Slipper Turnaround
        Centre Club, Tampa, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Mar. 25-29, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Ritz Carlton Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Mar. 27-30, 2008
  NORTON INSTITUTES ON BANKRUPTCY LAW
     Bankruptcy Litigation Seminar II
        Las Vegas, Nevada
           Contact: http://www.nortoninstitutes.org/

Apr. 3, 2008
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Annual Spring Luncheon
        Renaissance Hotel, Washington, District of Columbia
           Contact: 703-449-1316 or www.iwirc.org

Apr. 3, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts for Young Practitioners - East
        The Renaissance, Washington, District of Columbia
           Contact: http://www.abiworld.org/

Apr. 3-6, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     26th Annual Spring Meeting
        The Renaissance, Washington, District of Columbia
           Contact: http://www.abiworld.org/

Apr. 7-8, 2008
  PRACTISING LAW INSTITUTE
     30th Annual Current Developments in
        Bankruptcy & Reorganization
           PLI Center New York, New York
              Contact: http://www.pli.edu/

Apr. 10-11, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Ninth Annual Conference on Healthcare -24-24Transactions
        Successful Strategies for Mergers, Acquisitions,
           Divestitures and Restructurings
              The Millennium Knickerbocker Hotel, Chicago
                 Contact: 800-726-2524; 903-595-3800;
                    http://www.renaissanceamerican.com/

Apr. 25-27, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Spring Seminar
        Eldorado Hotel & Spa, Santa Fe, New Mexico
           Contact: http://www.nabt.com/

Apr. 29, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Why Prospects Become Clients
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

May 1-2, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     2nd Annual Credit & Bankruptcy Symposium
        Foxwoods Resort Casino, Ledyard, Connecticut
           Contact: http://www.turnaround.org/

May 1-2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Debt Symposium
        Hilton Garden Inn, Champagne/Urbana, Illinois
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 9, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts for Young Practitioners - NYC
        Alexander Hamilton U.S. Custom House, New York
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 12, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Millennium Broadway Hotel & Conference Center, New York
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 12-13, 2008
  PRACTISING LAW INSTITUTE
     30th Annual Current Developments in
        Bankruptcy & Reorganization
           PLI Center San Francisco, California
              Contact: http://www.pli.edu/

May 13-16, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Litigation Skills Symposium
        Tulane University, New Orleans, Louisiana
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 15-16, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Fifth Annual Conference on Distressed Investing Europe
        Maximizing Profits in the European
           Distressed Debt Market
              Le Meridien Piccadilly Hotel - London
                 Contact: 800-726-2524; 903-595-3800;
                    http://www.renaissanceamerican.com/

May 18-20, 2008
  INTERNATIONAL BAR ASSOCIATION
     14th Annual Global Insolvency & Restructuring Conference
        Stockholm, Sweden
           Contact: http://www.ibanet.org/

May 21, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     What Happened to My Money - The Restructuring of a Loan
        Servicer
        Marriott North, Fort Lauderdale, Florida
           Contact: http://www.turnaround.org/

June 4-7, 2008
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     24th Annual Bankruptcy & Restructuring Conference
        J.W. Marriott Spa and Resort, Las Vegas, Nevada
           Contact: http://www.airacira.org/

June 12-14, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     15th Annual Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Michigan
           Contact: http://www.abiworld.org/

June 19 & 20, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Corporate Reorganizations
           Contact: 800-726-2524; 903-595-3800;
              http://www.renaissanceamerican.com/

June 24, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Fraud Panel
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

June 26-29, 2008
  NORTON INSTITUTES ON BANKRUPTCY LAW
     Western Mountains Bankruptcy Law Seminar
        Jackson Hole, Wyoming
           Contact: http://www.nortoninstitutes.org/

July 10, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Cynthia Jackson of Smith Hulsey & Busey
        University Club, Jacksonville, Florida
           Contact: http://www.turnaround.org/

July 10-13, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     16th Annual Northeast Bankruptcy Conference
        Ocean Edge Resort
           Brewster, Massachussets
              Contact: http://www.abiworld.org/events/

July 29, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Employment Issues Following Hurricanes & Disasters
        Centre Club, Tampa, Florida
           Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     4th Annual Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay
           Cambridge, Maryland
              Contact: http://www.abiworld.org/

Aug. 16-19, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     13th Annual Southeast Bankruptcy Workshop
        Ritz-Carlton, Amelia Island, Florida
           Contact: http://www.abiworld.org/

Aug. 20-24, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Convention
        Captain Cook, Anchorage, Alaska
           Contact: http://www.nabt.com/

Aug. 26, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Do's and Don'ts of Investing in a Turnaround
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Sept. 4-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Complex Financial Restructuring Program
        Four Seasons, Las Vegas, Nevada
           Contact: http://www.abiworld.org/

Sept. 4-6, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Southwest Bankruptcy Conference
        Four Seasons, Las Vegas, Nevada
           Contact: http://www.abiworld.org/

Sept. 17, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Real Estate / Condo Restructuring Panel
        Marriott North, Fort Lauderdale, Florida
           Contact: http://www.turnaround.org/

Sept. 24-26, 2008
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     IWIRC 15th Annual Fall Conference
        Scottsdale, Arizona
           Contact: http://www.ncbj.org/

Sept. 24-27, 2008
  NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
     National Conference of Bankruptcy Judges
        Desert Ridge Marriott, Scottsdale, Arizona
           Contact: http://www.iwirc.org/

Sept. 30, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Private Equity Panel
        Centre Club, Tampa, Florida
           Contact: http://www.turnaround.org/

Oct. 9, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Luncheon - Chapter 11
        University Club, Jacksonville, Florida
           Contact: http://www.turnaround.org/

Oct. 28, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     State of the Capital Markets
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Oct. 28-31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott New Orleans, Louisiana
           Contact: 312-578-6900; http://www.turnaround.org/

Oct. 30 & 31, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Physicians Agreements and Ventures
           Contact: 800-726-2524; 903-595-3800;
              http://www.renaissanceamerican.com/

Nov. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Interaction Between Professionals in a
Restructuring/Bankruptcy
        Bankers Club, Miami, Florida
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     20th Annual Winter Leadership Conference
        Westin La Paloma Resort & Spa
           Tucson, Arizona
              Contact: http://www.abiworld.org/

May 7-10, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     27th Annual Spring Meeting
        Gaylord National Resort & Convention Center
           National Harbor, Maryland
              Contact: http://www.abiworld.org/

June 11-13, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa
           Traverse City, Michigan
              Contact: http://www.abiworld.org/

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

July 16-19, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Mt. Washington Inn
           Bretton Woods, New Hampshire
              Contact: http://www.abiworld.org/

Sept. 10-12, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     17th Annual Southwest Bankruptcy Conference
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

Oct. 5-9, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Desert Ridge, Phoenix, Arizona
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     21st Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
  2006 BACPA Library
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  BAPCPA One Year On: Lessons Learned and Outlook
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Calpine's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Carve-Out Agreements for Unsecured Creditors
     Contact: 240-629-3300;
        http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changes to Cross-Border Insolvencies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changing Roles & Responsibilities of Creditors' Committees
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Chinas New Enterprise Bankruptcy Law
     Contact: 240-629-3300;
        http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Clash of the Titans -- Bankruptcy vs. IP Rights
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Coming Changes in Small Business Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
     for Navigating the Restructuring Process
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Dana's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Deepening Insolvency  Widening Controversy: Current Risks,
     Latest Decisions
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Diagnosing Problems in Troubled Companies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Claims Trading
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Market Opportunities
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Real Estate under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Employee Benefits and Executive Compensation under the New
     Code
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Equitable Subordination and Recharacterization
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Examining the Examiners: Pros and Cons of Using
     Examiners in Chapter 11 Proceedings
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Fundamentals of Corporate Bankruptcy and Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Handling Complex Chapter 11
     Restructuring Issues
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Healthcare Bankruptcy Reforms
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  High-Yield Opportunities in Distressed Investing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Homestead Exemptions under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Hospitals in Crisis: The Insolvency Crisis Plaguing
     Hospitals Across the U.S.
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  IP Rights In Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  KERPs and Bonuses under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  New 'Red Flag' Identity Theft Rules
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Non-Traditional Lenders and the Impact of Loan-to-Own
     Strategies on the Restructuring Process
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Partnerships in Bankruptcy: Unwinding The Deal
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Privacy Rights, Protections & Pitfalls in Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Real Estate Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Reverse Mergersthe New IPO?
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Second Lien Financings and Intercreditor Agreements
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Surviving the Digital Deluge: Best Practices in E-Discovery
     and Records Management for Bankruptcy Practitioners
        and Litigators
           Audio Conference Recording
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Technology as a Competitive Advantage For Todays Legal
     Processes
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Battle of Green & Red: Effect of Bankruptcy
     on Obligations to Clean Up Contaminated Property
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Subprime Sector Meltdown:
     Legal Developments and Latest Opportunities
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Twenty-Day Claims
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite Corporate Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite M&A and Insolvency
     Proceedings
     Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Validating Distressed Security Portfolios: Year-End Price
     Validation and Risk Assessment
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  When Tenants File -- A Landlord's BAPCPA Survival Guide
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

                    *      *      *

                  Featured Conferences

Beard Conferences presents:

April 10-11, 2008
  Ninth Annual Conference on Healthcare Transactions
     Successful Strategies for Mergers, Acquisitions,
        Divestitures and Restructurings
           The Millennium Knickerbocker Hotel, Chicago, Illinois
              Brochure available soon!

May 15-16, 2008
   Fifth Annual Conference on Distressed Investing Europe
      Maximizing Profits in the European Distressed Debt Market
         Le Meridien Piccadilly Hotel - London
            Brochure available soon!

                    *      *      *

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *