TCREUR_Public/080314.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, March 14, 2008, Vol. 9, No. 53

                            Headlines


A U S T R I A

A.V.E. ENERGY: Claims Registration Period Ends April 22
DIPL. ING. STEFAN: Claims Registration Period Ends April 22
NET-BAU: Claims Registration Period Ends April 10
SAS HANDEL: Claims Registration Period Ends April 22
SONNENSCHEIN VERSAND: Claims Registration Period Ends March 31

WILHELM LIPP: Claims Registration Period Ends April 8


D E N M A R K

TDC A/S: Selects Nortel Networks to Deliver 40G Capability


F R A N C E

DELPHI CORP: Closes Interiors & Closures Biz Sale to Renco Group
SMOBY-MAJORETTE: MI29 to Acquire Majorette Unit for EUR7 Million
VOLT INFORMATION: Posts US$13.2MM Net Loss in 2008 First Quarter
VOLT INFORMATION: Fitch Rates US$42 Million Facility at BB


G E R M A N Y

AD-AM WC-VERMIETUNG: Creditors' Meeting Slated for March 5
ALTER PACKHOF: Claims Registration Period Ends April 5
GLT PROJEKTENTWICKLUNGSGESELLSCHAFT: Claims Filing Ends April 4
GRAFSCHAFTER SPIELWELT: Claims Registration Period Ends April 2
GUENTER BAU: Claims Registration Period Ends April 4

HEMMER STAHL: Creditors' Meeting Slated for March 7
HOCHSTIFT BRIEF: Claims Registration Ends April 4
HOTEL ALTER: Claims Registration Period Ends April 5
IKB DEUTSCHE: Faces US$1.9 Billion Fraud Suit from FGIC
JAWU WERKZEUGTECHNIK: Claims Registration Period Ends April 15

KARTONPACK ALSFELD: Claims Registration Period Ends April 4
KAUFMANN GMBH: Claims Registration Period Ends April 4
MODERN BAUEN: Claims Registration Ends April 4
PFLEGEHEIM HAUS: Claims Registration Period Ends April 4
PRESTI & CO: Claims Registration Period Ends April 4

REHADOME GESELLSCHAFT: Claims Registration Period Ends April 7
RUEDEN GROHN-DELILLE: Claims Registration Ends April 4
SCHIRRA RADER-TECHNIK: Claims Registration Period Ends April 4
SMK SCHLOSSEREI: Claims Registration Ends April 5
STERKRADER HOCH: Claims Registration Period Ends April 4

UNICOMPUTER SERVICE: Claims Registration Period Ends April 5
VECTOR VERSANDHANDELS: Claims Registration Ends April 2


I R E L A N D

TABERNA EUROPE I: Fitch Retains Negative Watch on Notes' Ratings


I T A L Y

ALITALIA SPA: State Council Rules Exclusive Talks Legitimate
FIAT SPA: FPT Unit Acquires Tritec Motors' Site from Chrysler
FIAT SPA John Elkann Takes over as Editrice La Stampa Chairman


K A Z A K H S T A N

AGROSYSTEM-KOKSHETAU LLP: Creditors Must File Claims by April 25
BESAGASH LLP: Claims Deadline Slated for April 25
BTA BANK: Sets Annual General Meeting for April 14
COM STROY: Claims Filing Period Ends April 22
EK OIL: Creditors' Claims Due on April 22

EUROASIA NOMAD: Claims Registration Ends April 22
GELIANT LLP: Creditors Must File Claims by April 22
HALYK SAVINGS: Halyk Finance Unit Inks MOU w/ Daewoo Securities
KAZ CONSULT: Claims Deadline Slated for April 22
SBM-STROY LLP: Claims Filing Period Ends April 25

TABIGAT 2030: Creditors' Claims Due on April 25
WEST CAPITAL: Claims Registration Ends April 22


K Y R G Y Z S T A N

COSMIC TRANS: Creditors Must File Claims by April 4
GMC TRANSLATION: Claims Filing Period Ends April 4


N E T H E R L A N D S

CAPRI CONDOMINIUM: Taps GrayRobinson as Bankruptcy Counsel
X5 RETAIL: Denies Hiring Morgan Stanley to Sell Stake


R U S S I A

BOLSHEKHOMUTETSKOE OJSC: Names S. Bykhanov as Insolvency Manager
CHEESE MAKER: Creditors Must File Claims by April 22
ENTERPRISE-62 OJSC: Creditors Must File Claims by April 22
EURO-MED-SURGERY: Bankruptcy Hearing Slated for April 30
GRAIN OF KUBAN: Creditors Must File Claims by April 22

IMPULSE OJSC: Court Names A. Maltabar as Insolvency Manager
ISKRA OJSC: Creditors Must File Claims by March 22
MAGNITOGORSK IRON: Enters Strategic Alliance with Belon
MTSENSKOE CHERNOZEMYE: Creditors Must File Claims by April 22
NIVA OJSC: Court Starts Bankruptcy Supervision Procedure

NOVOPOKROVSK-AGRO-PROM-KHIMIYA: Claims Filing Ends April 22
OLE-COM LLC: Ryazan Bankruptcy Hearing Slated for May 13
REPAIR-TECHNICAL FACTORY: Creditors Must File Claims by March 22
SEVERSTAL OAO: Board Recommends RUR4 Per Share Dividend Payment
VODOKANAL ST. PETERSBURG: S&P Ups Ratings to Investment Grade

VOLGOGRADSKAYA PHARMACEUTICAL: Claims Filing Ends April 22
X5 RETAIL: Denies Hiring Morgan Stanley to Sell Stake
ZHDANOVSKAYA LLC: Creditors Must File Claims by March 22


S P A I N

GRAPHIC PACKAGING: Completes Merger Deal with Altivity
GRAPHIC PACKAGING: S&P Rates US$1.2 Billion Term Loan C at BB-


S W E D E N

TELIGENT AB: Finalizes Financing Agreement with Creditors


S W I T Z E R L A N D

AGGEN JSC: Zug Court Starts Bankruptcy Proceedings
AGK BERATUNG: St. Gallen Court Starts Bankruptcy Proceedings
BT CONSULTING: Zug Court Starts Bankruptcy Proceedings
KURT KELLER: Creditors' Liquidation Claims Due by March 17
MOMMERS JSC: Creditors' Liquidation Claims Due by March 17

NAPF TRANS: Lucerne Court Starts Bankruptcy Proceedings
ORCHIDS WORLD: Creditors' Liquidation Claims Due by March 17
SPORTBAHNEN BETEILIGUNG: Creditors Must File Claims by March 19


T U R K E Y

PROFILO TELRA: Fitch Withdraws Ratings


U K R A I N E

ALTAIR-FINANCE LLC: Creditors Must File Claims by March 22
BATKIVSCHINA LLC: Proofs of Claim Deadline Set March 22
HMELNIK PLANT: Creditors Must File Claims by March 22
KOVALEVKA OJSC: Creditors Must File Claims by March 23
LIUBAVA LLC: Creditors Must File Claims by March 22

OBRIY LLC: Proofs of Claim Deadline Set March 23
SLAY-D LLC: Creditors Must File Claims by March 22
SPECIAL ASSEMBLY: Creditors Must File Claims by March 22
STINTRADE LLC: Creditors Must File Claims by March 22
STM SERVICE: Creditors Must File Claims by March 22


U N I T E D   K I N G D O M

BAA LTD: Passenger Traffic Up 3.5% in February 2008
BRITISH AIRWAYS: BALPA Reacts to Media Tactics Over Dispute
BRITISH AIRWAYS: Demands Urgent Changes to UK Airport Regulation
BRICK SPECIALISTS: Creditors' Meeting Slated for March 25
CARLYLE CAPITAL: Unable to Reach Agreement with Lenders

CHALFONT CONSTRUCTION: Brings In Liquidators from Vantis
CHRYSLER LLC: Sells Tritec's Brazilian Site to Fiat for EUR83MM
CHRYSLER LLC: Purchases from Minority Suppliers Ups in 2007
GENERAL MOTORS: Won't Meddle in AAM & UAW Labor Dispute
HAMILTON ELECTRICAL: Appoints Liquidator from Mazars

HD CAPITAL: Fitch Downgrades then Withdraws Ratings
ITAC LTD: Appoints Joint Administrators from KPMG
KNOWLEDGE BASE: Claims Filing Period Ends April 11
PETROLEOS DE VENEZUELA: Will Discuss Asset Swap with Exxon Mobil
QUEBECOR WORLD: Suspends Payment of Preferred Dividends

RANK GROUP: Blue Square Launches New Sports Betting Service
SALISBURY JEWELLERS: Calls In Liquidators from Tenon Recovery
SIAN ACCESSORIES: Brings In Administrators from Tenon
SOLO CUP: Reports US$68 Million Net Income in Fiscal Year 2007
ZIFF DAVIS: Seeks Authority to Hire Winston & Strawn as Counsel

* UK to Amend Law Requiring Insolvency Publication in Papers

* BOOK REVIEW: Bankruptcy: A Feast for Lawyers


                            *********


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


A.V.E. ENERGY: Claims Registration Period Ends April 22
-------------------------------------------------------
Creditors owed money by A.V.E. Energy Consulting (FN 274872z)
have until April 22, 2008, to file written proofs of claim to
court-appointed estate administrator Norbert Abel at:

          Mag. Norbert Abel
          c/o Mag. Johanna Abel-Winkler
          Franz-Josefs-Kai 49/19
          1010 Vienna
          Austria
          Tel: 533 52 72
          Fax: 533 52 72 15
          E-mail: office@abel-abel.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:15 p.m. on May 6, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1701
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 29, 2008 (Bankr. Case No. 6 S 36/08y).  Johanna Abel-
Winkler represents Mag. Abel in the bankruptcy proceedings.


DIPL. ING. STEFAN: Claims Registration Period Ends April 22
-----------------------------------------------------------
Creditors owed money by LLC Dipl. Ing. Stefan Chelner Auto-
Sofort-Service (FN 284463d ) have until April 22, 2008, to file
written proofs of claim to court-appointed estate administrator
Gerhard Schultschik at:

          Dr. Gerhard Schultschik
          Poeckgasse 4
          2700 Wiener Neustadt
          Austria
          Tel: 02622/21 235
          Fax: 02622/21 235-23
          E-mail: kanzlei@schultschik.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 6, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on Feb. 29, 2008 (Bankr. Case No. 11 S 24/08b).


NET-BAU: Claims Registration Period Ends April 10
-------------------------------------------------
Creditors owed money by LLC NET-Bau (FN 210344f) have until
April 10, 2008, to file written proofs of claim to court-
appointed estate administrator Robert Igali-Igalffy at:

          Mag. Robert Igali-Igalffy
          Stojanstrasse 43
          2344 Ma. Enzersdorf
          Landstr. Hauptstr. 34
          1030 Wien
          Austria
          Tel: 01 714 57 57
          Fax: 01 714 57 57 20
          E-mail: igali-igalffy@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on April 24, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Wiener Neustadt
          Room 15
          Wiener Neustadt
          Austria

Headquartered in Wiener Neudorf, Austria, the Debtor declared
bankruptcy on Feb. 28, 2008 (Bankr. Case No. 10 S 22/08a).


SAS HANDEL: Claims Registration Period Ends April 22
----------------------------------------------------
Creditors owed money by LLC Sas Handel (FN 276892w) have until
April 22, 2008, to file written proofs of claim to court-
appointed estate administrator Georg Freimueller at:

          Dr. Georg Freimueller
          c/o Dr. Erwin Senoner
          Alser Strasse 21
          1080 Vienna
          Austria
          Tel: 406 05 51
          Fax: 406 96 01
          E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:00 p.m. on May 6, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1701
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 28, 2008 (Bankr. Case No. 6 S 35/08a).  Erwin Senoner
represents Dr. Freimueller in the bankruptcy proceedings.


SONNENSCHEIN VERSAND: Claims Registration Period Ends March 31
--------------------------------------------------------------
Creditors owed money by LLC Sonnenschein Versand Handel (FN
232973h) have until March 31, 2008, to file written proofs of
claim to court-appointed estate administrator Gerhard Lesjak at:

          Mag. Gerhard Lesjak
          Pfarrplatz 17/2
          9020 Klagenfurt
          Austria
          Tel: 0463/59 00 52
          Fax: 0463/590052-20
          E-mail: office@ra-lesjak.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on April 7, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on Feb. 28, 2008 (Bankr. Case No. 41 S 16/08p).


WILHELM LIPP: Claims Registration Period Ends April 8
-----------------------------------------------------
Creditors owed money by LLC Wilhelm Lipp (FN 87152s) have until
April 8, 2008, to file written proofs of claim to court-
appointed estate administrator Franz Mueller at:

          Mag. Franz Mueller
          Georg-Ruck-Strasse 9
          3470 Kirchberg/Wagram
          Austria
          Tel: 02279/2227
          Fax: 02279/2227-9
          E-mail: office@derguterat.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on April 29, 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 Tulln, Austria, the Debtor declared bankruptcy
on Feb. 29, 2008 (Bankr. Case No. 14 S 26/08a).


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


TDC A/S: Selects Nortel Networks to Deliver 40G Capability
----------------------------------------------------------
TDC A/S has selected Nortel Networks to deliver a 40G-ready,
next-generation optical network across Europe that will provide
four times the bandwidth of their current network to meet these
escalating demands and provides a technology path to deliver
tomorrow's networking speeds of 100G.

TDC is deploying its new adaptive all optical solution, Nortel
Meets Bandwidth Explosion with New, Revolutionary 40G to 100G
Optical Solution) initially to carry TDC European network
traffic across the United Kingdom, the Netherlands and Germany.
With this solution TDC can support industry-standard 10G
services today as well as next-generation 40G services using
Nortel 40G/100G Adaptive Optical Engine technology.  TDC will be
testing 40G products and services with the intent of launching
40G services in late 2008 due to a strong market demand.  At the
same time, the deployment provides TDC with a clear technology
path to 100G.

"The 40G capability preserves our investment in our fibre plant
that enables us to meet increasing bandwidth needs easily and
also helps us meet the needs of our customers," Morten
Bangsgaard, vice president, TDC Fixnet Nordic, said.  "Nortel's
solution will allow us to leverage adaptive optical technologies
to save both capital and operational expenses and to easily
expand our services across Europe."

"Nortel's solution is vital for carrier customers like TDC which
are taking a forward-looking approach to building out their
next-generation networks," Philippe Morin, president, Metro
Ethernet Networks, said.  "The ability to dramatically increase
bandwidth and simplify operations is of keen interest for
carriers.  With the increasing prevalence of devices that can
and should be connected to the network, as part of the coming
mega-trend of Hyperconnectivity, the demands on networks can
only continue.  The modern network must meet the requirements of
today as well as offering the most logical path to ensure their
networks are future-proof."

The TDC optical network comprises the Optical Multiservice Edge
6500 convergence platform and the Common Photonic Layer.  This
agile network solution allows service providers to deliver high-
growth, high-bandwidth broadband services with low deployment
and operational costs.

The solution features Nortel's unique 40G/100G Adaptive Optical
Engine technology that leverages the full value of
Reconfigurable Optical Add/Drop Multiplexing for all optical
networking with its integrated dispersion compensation
capabilities.  10G and 40G transponders allow information-
carrying lightwaves to be transmitted beyond 2000km, nearly
twice as far as competing approaches, without breaking down.
This requires less equipment to plan for, deploy, and maintain.

Nortel Optical Network Manager will provide the required
operations administration and management for the network and
together with advanced network planning tools, will provide the
ability to build and operate the network and management of
services.

                        About TDC A/S

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.dk/-- through its subsidiaries and affiliates,
provides communication solutions in Europe.  It provides
communication services in Denmark and Switzerland, and has a
significant presence in selected Northern and Central European
telecommunication markets.  It operates through five business
lines.

                            *   *   *

As reported in the TCR-Europe on Dec. 4, 2007, Standard & Poor's
Ratings Services affirmed all its ratings on Danish telecoms
operator TDC A/S and its parent company Nordic Telephone Co.
Holding ApS, including the 'BB-/B' corporate credit ratings on
TDC.  The outlook is stable.


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


DELPHI CORP: Closes Interiors & Closures Biz Sale to Renco Group
----------------------------------------------------------------
The Renco Group, Inc. disclosed that its wholly owned
subsidiary, Inteva Products, LLC, has completed the acquisition
of Delphi's Global Interiors and Closures businesses from Delphi
Corp.  The transaction includes the entire book of business,
manufacturing operations, intellectual property, supplier
contracts and joint venture interests.

Under the terms of the transaction, Delphi's Global Interiors
and Closures businesses and talented workforce will now become
part of Inteva.  Inteva is an engineering, manufacturing
powerhouse serving customers around the world with innovative
interior and closure solutions for vehicles ranging from entry
level compacts and luxury sedans to pick-ups and massive
commercial vehicles.  With 17 facilities on three continents,
Inteva brings more than 90 years of product experience and
expertise to customers while delivering flawless execution and
superior engineering.

"Under the strong leadership team led by Inteva CEO Lon
Offenbacher, we are excited by the opportunity this acquisition
has presented to invest in a low cost automotive supplier with
global growth opportunities," Ira Rennert, founder and chief
executive officer of Renco, commented.  "Inteva's engineering,
design and manufacturing capabilities and global footprint
position the company well for long term profitable growth."

Concurrent with the acquisition, Inteva had obtained a new
senior credit facility arranged by Wachovia Capital Markets,
LLC, and Bank of America Securities, LLC, with Wachovia Bank,
National Association, as Administrative Agent.

                      About The Renco Group

The Renco Group, Inc., is a private diversified investment
holding company with a broad portfolio of operating companies
and financial investments.  Renco holds interests in a number of
companies in the mining, automotive, magnesium, steel, metals
fabrication and material handling industries.  Operating
companies in which Renco holds an interest include AM General,
Doe Run Resources, US Magnesium, Inteva Products LLC, Unarco
Material Handling and Baron Drawn Steel.  Renco generates in
excess of US$5,500,000,000 in revenue while employing over
12,000
people 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, Issue No. 117; 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.


SMOBY-MAJORETTE: MI29 to Acquire Majorette Unit for EUR7 Million
----------------------------------------------------------------
The Commercial Court of Lons-le-Saunier has selected MI29 as
buyer for Smoby-Majorette S.A.'s Majorette unit, Bloomberg News
reports citing workers' representative Dominique Pecorella.

As reported in the TCR-Europe on March 10, 2008, the Court has
chosen Simba Dickie Group as buyer for Smoby-Majorette.  Simba's
offer, however, excluded Majorette since it competes with its
Dickie toy car unit.

According to the report, MI29 offered to acquire Majorette's
assets, including a site in Bangkok, Thailand, at EUR7 million.

Bloomberg relates that MI29 plans to keep 55 of Majorette's 77
employees.  The future of Majorette's 650-strong workforce in
Thailand however remains unseen.

                          About Smoby

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

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


VOLT INFORMATION: Posts US$13.2MM Net Loss in 2008 First Quarter
----------------------------------------------------------------
Volt Information Sciences, Inc. reported financial results for
the company’s first quarter ended January 27, 2008.

              First Quarter Fiscal 2008 Results

For the first quarter of fiscal 2008 ended January 27, 2008, the
company reported a net loss of US$13.2 million, or US$0.59 per
share, compared to net income of US$0.7 million, or US$0.03 per
share, in the fiscal 2007 first quarter.

Net sales for the 2008 quarter increased to US$590.5 million,
compared to US$548.8 million in last year’s comparable quarter.

Included in the net loss for the quarter was a previously
announced charge of US$12.2 million net of taxes, or US$0.55 per
share, (pretax charge of US$19.3 million) to establish a reserve
for certain costs included in inventory related to work
performed and for additional costs expected to be incurred to
complete that work under an installation contract in the
company’s Telecommunications Services segment.  The company
learned at the end of January 2008 that it may not be reimbursed
for certain work performed under that installation contract.
While the company believes that it is entitled to be compensated
for a certain portion of the amount included in the reserve, it
cannot at this time determine the amount for which it will be
reimbursed.

Commenting on the results for the first quarter, Mr. Steven A.
Shaw, President and CEO of Volt, stated “The establishment of
the reserve for the Telecommunications Services segment resulted
in our reporting an operating loss in what is traditionally the
least profitable quarter of the Company’s fiscal year.  The
Telecommunications Services segment’s issues are primarily
related to out of scope work performed and additional costs
incurred under a single installation contract.  We are taking
all necessary steps to address and correct the situation and the
contract has been amended on a go forward basis to allow the
segment to perform certain work under the contract with more
favorable pricing.  The Computer Systems segment is continuing
to integrate the LSSi acquisition according to plan and the
Company has replaced its expiring US$40 million secured credit
facility with a new US$42 million five-year unsecured revolving
credit facility which will provide us flexible financing
alternatives for years to come.”

                      Staffing Services

The US$14.9 million, or 3%, increase in net sales in the first
quarter of fiscal 2008 from the comparable fiscal 2007 period
was due to a US$15.9 million increase in the Technical Placement
division partially offset by a US$1.0 million decrease in the
Administrative and Industrial division.  The segment’s operating
profit increased by US$0.1 million, or 2%, as an increase in the
Administrative and Industrial’s operating profit was
substantially offset by a decrease in the Technical Placement’s
operating profit.  The Administrative and Industrial division’s
operating profit increased by US$2.7 million due to increased
gross margin percentage as a result of decreased payroll taxes
and reductions in overhead due to the closing of under-
performing offices.  Despite the increase in sales, the
operating profit of the Technical Placement division decreased
by US$2.6 million due to lower gross margins as a result of a
change in the sales mix, start-up costs and higher indirect
labor costs for VMC Consulting projects as well as increased
indirect labor in Volt Europe to sustain the increased sales
growth.

                      Computer Systems

The Computer Systems segment’s sales increase of US$4.3 million,
or 9%, in the first quarter of fiscal 2008 over the comparable
2007 period was primarily due to increases of US$5.3 million in
transaction revenue due to the acquisition of LSSi in the fourth
quarter of fiscal 2007 and an increase in the Maintech
division’s IT maintenance sales of US$2.6 million due to
increased business, partially offset by a US$3.6 million
reduction in project and other revenue primarily due to two
international projects recognized in the 2007 period.  The
decrease in operating profit of US$2.4 million, or 43%, was
attributable to lower high-margin project revenue in the first
quarter of fiscal 2008 and expenses related to the LSSi
acquisition which included a US$1.5 million (US$0.9 million net
of taxes, or US$0.04 per share) restructuring charge, as a
result of personnel downsizing due to efficiencies, and
additional amortization of intangible assets.

                  Telephone Directory

The Telephone Directory segment’s sales decrease of
US$2.9 million, or 17%, for the first quarter of fiscal 2008
from the comparable 2007 period primarily resulted from
decreases of US$3.0 million, or 31%, in publishing sales due to
the timing of delivery of telephone directories.  The segment’s
operating profit decreased by US$1.5 million, or 69%, primarily
due to lower gross margins as a result of lower publishing sales
in Uruguay.

               Telecommunications Services

The Telecommunications Services segment’s sales increase of
US$25.8 million, or 121%, in the first quarter of fiscal 2008
over the comparable 2007 period was due to increases of US$26.7
million in the Construction and Engineering division offset by a
decrease of US$0.9 million in the Network Enterprise Solutions
division.  The increased sales in the Construction and
Engineering division in fiscal 2008 resulted from revenue
recognized on two construction contracts in the first quarter of
fiscal 2008 and a large fiber optic contract which ramped up in
the latter half of fiscal 2007.  The segment sustained a loss of
US$19.2 million in the 2008 first quarter compared to US$0.7
million in the comparable prior year period due to loss reserves
established during the quarter on the installation contract as
well as lower margins on other projects completed this year as
compared to jobs completed in the comparable prior year period.

               General Corporate Expenses

The decrease in General Corporate expenses compared to the 2007
quarter resulted from a reduction in amortization of the
corporate enterprise resource planning system software and
communication expenses.

                  Cash and Cash Equivalents

Cash and cash equivalents, excluding restricted cash, was
US$44.1 million at the end of the quarter.  At Jan. 27, 2008,
the company had sold a participating interest in accounts
receivable of US$100.0 million under its securitization program
and had the ability to finance an additional US$100.0 million
under the facility.

On Feb. 28, 2008, the company’s US$40.0 million revolving
secured credit facility scheduled to terminate in April 2008 was
replaced with a new undrawn US$42.0 million five-year unsecured
revolving credit facility. At Jan. 27, 2008, there were no
borrowings under the former facility.

In addition, the company’s wholly owned subsidiary, Volt Delta
Resources, may borrow under a separate US$100.0 million
revolving secured credit facility.  The Delta Credit Facility
terminates in December 2009, unless extended.  At Jan. 27, 2008,
Volt Delta had borrowed US$79.5 million under the Delta Credit
Facility.

                About Volt Information

Volt Information Sciences, Inc. -- http://www.volt.com-- (NYSE:
VOL) provides Staffing Services and Telecommunications and
Information Solutions with a Fortune 100 customer base.
Operating through a network of over 300 Volt Services Group
branch offices, the Staffing Services segment fulfills IT and
other technical, commercial and industrial placement
requirements of its customers, on both a temporary and permanent
basis.  The Telecommunications and Information Solutions
businesses, which include the Telecommunications Services,
Computer Systems and Telephone Directory segments, provide
complete telephone directory production and directory
publishing; a full spectrum of telecommunications construction,
installation and engineering services; and advanced information
and operator services systems for telephone companies.

Through Volt Europe -- http://www.volteurope.com/--  a
specialist recruitment company, the company provides high-
quality and customised staffing services in Europe.
Specifically, Volt Europe provides Contract and Temporary
Recruitment Services; Permanent Recruitment Services; and
Managed Staffing Programmes.  Volt Europe has offices in
Belgium, France, Germany and the United Kingdom.  The company
also has a presence in Asia through Volt Asia -–
http://www.voltasia.com/-- which has offices in Malaysia and
Taiwan.


VOLT INFORMATION: Fitch Rates US$42 Million Facility at BB
----------------------------------------------------------
Fitch Ratings assigned a 'BB' rating to Volt Information
Sciences, Inc. (NYSE: VOL) US$42 million, five-year senior
unsecured revolving credit facility.

In addition, Fitch affirmed these ratings:

Volt

     -- Issuer Default Rating (IDR) Volt at 'BB'
     -- Secured 8.2% US$12.7 million term loan at 'BBB-'.

Volt Delta Resources, Inc.

     -- IDR at 'BB';
     -- US$100 million senior secured facility at 'BBB-'.

The Rating Outlook for all ratings is Stable.

Finally, Fitch has withdrawn the 'BBB-' rating assigned to
Volt's previous US$40 million senior secured revolving credit
facility due April 2008 as the facility was terminated on
Feb. 28, 2008 and replaced by the new unsecured facility.  The
terminated facility was rated 'BBB-' owing to its secured
position in the capital structure.

Volt's ratings reflect its ability to maintain solid coverage
and leverage metrics and relatively stable operating performance
in recent years, while continuing to diversify its sources of
operating income away from the staffing services segment,
largely through acquisitions in the computer systems area.
Volt's operating EBITDA margins, which were in the 3.2% to 4%
range from 2004 to 2006, further improved to 4.5% in 2007.
Leverage, as measured by total adjusted debt to EBITDAR, was 3.4
times (x) for 2007, owing to the debt used to finance the
acquisition of LSSi Corp. (LSSi) in late 2007.  Total adjusted
debt includes borrowings on the company's accounts receivable
securitization program, which is its primary source of funding,
as well as rents capitalized at 8x.  At year-end 2007 and on
Jan. 27, 2008, the company had US$120 million and US$100
million, respectively, outstanding on the accounts receivable
securitization program.

Credit concerns reflect competition in the staffing services
segment, the exposure of this segment to the business cycle, and
the relatively low margins in the segment.  Fitch notes that
even in periods of material declines in staffing business
revenue, the company is able to maintain a modest level of
operating profitability at the bottom of the cycle through the
management of its costs.  Volt is also able to maintain adequate
liquidity during downturns in the business cycle as its accounts
receivable liquidate.  Its revenue concentration with certain
clients, coupled with the short-term nature of most contracts,
is a concern which is mitigated by the long-term relationship
with key clients and high-quality nature of these customers.
Fitch expects the company to continue to invest in the non-
staffing areas, and to maintain conservative financial policies.

In September 2007, Volt completed the acquisition of LSSi for
approximately US$70 million.  LSSi's operations are
complementary to the existing Volt Delta business as it develops
and markets national databases of telephone listings, primarily
to enterprise customers, whereas Volt primarily provides a range
of directory and information solutions services to a variety of
telecommunications operators.

Liquidity is provided by unrestricted cash balances of US$44
million as of Jan. 27, 2008, and the company's US$200 million
accounts receivable securitization program that expires in April
2009.  The securitization program had US$100 million outstanding
as of Jan. 27, 2008.  Additional liquidity is provided by Volt's
new, senior unsecured US$42 million revolving facility which
expires in February 2013 and Volt Delta's US$100 million secured
facility due December 2009.  As of Jan. 27, 2008, there was
US$79.5 million outstanding on the Volt Delta facility.  The
Volt revolving credit facility requires the maintenance of
certain accounts receivable in excess of borrowings and is
guaranteed by eight subsidiaries of the company.  The main
financial covenants include a minimum interest coverage ratio of
4x and a maximum debt to EBITDA ratio of 3x.


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


AD-AM WC-VERMIETUNG: Creditors' Meeting Slated for March 5
----------------------------------------------------------
The court-appointed insolvency manager for AD-AM WC-Vermietung
GmbH, Joachim Voigt-Salus will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
12:00 p.m. on March 5, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:35 p.m. on April 30, 2008 at the same
venue.

Creditors have until April 5, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against AD-AM WC-Vermietung GmbH on Dec. 27, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AD-AM WC-Vermietung GmbH
         Oderstr. 188
         12049 Berlin
         Germany


ALTER PACKHOF: Claims Registration Period Ends April 5
------------------------------------------------------
Creditors of Alter Packhof GmbH & Co KG have until April 5,
2008, to register their claims with court-appointed insolvency
manager Sandra Mitter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Goettingen
         Hall B8
         Berliner Strasse 8
         37073 Goettingen
         Germany

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

The insolvency manager can be reached at:

         Sandra Mitter
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166311
         Fax: 0561/3166312

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

The Debtor can be reached at:

         Alter Packhof GmbH & Co KG
         Sydekumstrasse 5
         34346 Hann
         Germany


GLT PROJEKTENTWICKLUNGSGESELLSCHAFT: Claims Filing Ends April 4
---------------------------------------------------------------
Creditors of GLT Projektentwicklungsgesellschaft mbH have until
April 4, 2008, to register their claims with court-appointed
insolvency manager Dr. Harald Hess.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kaiserslautern
         Hall 8
         Bahnhofstr. 24
         67655 Kaiserslautern
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Kaiserslautern opened bankruptcy
proceedings against GLT Projektentwicklungsgesellschaft mbH on
March 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         GLT Projektentwicklungsgesellschaft mbH
         Forellenstr. 2
         67659 Kaiserslautern
         Germany


GRAFSCHAFTER SPIELWELT: Claims Registration Period Ends April 2
---------------------------------------------------------------
Creditors of Grafschafter Spielwelt GmbH have until April 2,
2008, to register their claims with court-appointed insolvency
manager Hubertus Bange.

Creditors and other interested parties are encouraged to attend
the meeting at 8:35 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 Nordhorn
          Hall 42
          Seilerbahn 15
          48529 Nordhorn
          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:

          Hubertus Bange
          Kardinal-von-Galen-Str. 5
          48268 Greven
          Germany
          Tel: 02571/8650
          Fax: 02571/8645

The District Court of Nordhorn opened bankruptcy proceedings
against Grafschafter Spielwelt GmbH on March 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Grafschafter Spielwelt GmbH
          Attn: Frieda Voet, Manager
          Hagenstrasse 10
          48529 Nordhorn
          Germany


GUENTER BAU: Claims Registration Period Ends April 4
----------------------------------------------------
Creditors of Guenter Bau GmbH & Co. KG have until April 4, 2008,
to register their claims with court-appointed insolvency manager
Christof Heil.

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

The meeting of creditors will be held at:

          The District Court of Villingen-Schwenningen
          Hall 2
          Second Floor
          Niedere Str. 94
          78050 Villingen-Schwenningen
          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. Christof Heil
          Am Niederen Tor 1
          78050 Villingen-Schwenningen
          Germany
          Tel: 077 21 / 88 78 30

The District Court of Villingen-Schwenningen opened bankruptcy
proceedings against Guenter Bau GmbH & Co. KG on March 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Guenter Bau GmbH & Co. KG
          Attn: Andreas Guenter, Manager
          Abendgrundweg 4
          78089 Unterkirnach
          Germany


HEMMER STAHL: Creditors' Meeting Slated for March 7
---------------------------------------------------
The court-appointed insolvency manager for Hemmer Stahl &
Service GmbH, Ruediger Wienberg will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:40 a.m. on March 7, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on June 6, 2008 at the same
venue.

Creditors have until April 7, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Hemmer Stahl & Service GmbH on Dec. 27,
2007.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Hemmer Stahl & Service GmbH
         Parsevalstr. 12
         12459 Berlin
         Germany


HOCHSTIFT BRIEF: Claims Registration Ends April 4
-------------------------------------------------
Creditors of Hochstift Brief GmbH have until April 4, 2008 to
register their claims with court-appointed insolvency manager
Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 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 Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         Germany

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

The insolvency manager can be reached at:

         Dr. Frank Kebekus
         Busdorfwall 22
         33098 Paderborn
         Germany
         Tel: 05251-180660
         Fax: 1806666

The District Court of Paderborn opened bankruptcy proceedings
against Hochstift Brief GmbH on March 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Hochstift Brief GmbH
         Jahnstrasse 5
         33175 Bad Lippspringe
         Germany

         Attn: Dieter Bening, Manager
         Brakeler Strasse 37
         33014 Bad Driburg
         Germany


HOTEL ALTER: Claims Registration Period Ends April 5
----------------------------------------------------
Creditors of Hotel Alter Packhof GmbH & Co KG have until
April 5, 2008, to register their claims with court-appointed
insolvency manager Sandra Mitter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 30, 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 Goettingen
          Hall B 11
          Berliner Strasse 8
          37073 Goettingen
          Germany

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

The insolvency manager can be reached at:

          Sandra Mitter
          Wilhelmshoeher Allee 270
          34131 Kassel
          Germany
          Tel: 0561/3166311
          Fax: 0561/3166312

The District Court of Goettingen opened bankruptcy proceedings
against Hotel Alter Packhof GmbH & Co KG on Feb. 2, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Hotel Alter Packhof GmbH & Co KG
          Sydekumstrasse 5
          34346 Hann
          Germany


IKB DEUTSCHE: Faces US$1.9 Billion Fraud Suit from FGIC
-------------------------------------------------------
Financial Guaranty Insurance Co. has filed a US$1.9 billion
fraud suit against IKB Deutsche Industriebank AG and its
affiliates in a court in New York, The Financial Times reports.

FGIC claims that that IKB and its affiliates provided false and
misleading information that convinced the bond insurer to assume
billions of dollars of potential losses on one of IKB’s off-
balance sheet special investment vehicles, FT relates.

According to FGIC, its potential exposure to the IKB vehicle
contributed to its ratings downgrade and adversely affected its
business, FT adds.

                      About IKB Deutsche

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

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

                         *     *     *

As reported in the TCR-Europe on March 7, 2008, Fitch Ratings
downgraded IKB Deutsche Industriebank AG's hybrid securities to
'CCC-' (CCC minus) from the 'B' range and removed them from
Rating Watch Negative (RWN) where they were placed on Feb. 14,
2008, and Dec. 21, 2007.  The company carries Fitch's 'E'
Individual rating.

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


JAWU WERKZEUGTECHNIK: Claims Registration Period Ends April 15
--------------------------------------------------------------
The court-appointed insolvency manager for JAWU Werkzeugtechnik
GmbH, Norbert Schrader, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:30
a.m. on April 15, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:15 a.m. on May 13, 2008, at the same
venue.

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

The insolvency manager can be reached at:

         Norbert Schrader
         Viehhofstr. 117
         42117 Wuppertal
         Germany
         Tel: 0202-430980
         Fax: 0202-4309843

The District Court of Wuppertal opened bankruptcy proceedings
against JAWU Werkzeugtechnik GmbH on March 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          JAWU Werkzeugtechnik GmbH
          Unterkirchen 23
          42349 Wuppertal
          Germany


KARTONPACK ALSFELD: Claims Registration Period Ends April 4
-----------------------------------------------------------
Creditors of Kartonpack Alsfeld GmbH have until April 4, 2008,
to register their claims with court-appointed insolvency manager
Dirk Pfeil.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Giessen
         Hall 408
         Fourth Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         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 Pfeil
          Eschersheimer Landstr. 60-62 D
          60322 Frankfurt
          Germany
          Tel: 069/153096-0
          Fax: 069/15309666

The District Court of Giessen opened bankruptcy proceedings
against Kartonpack Alsfeld GmbH on March 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Kartonpack Alsfeld GmbH
         Am Kreuzweg 1
         36304 Alsfeld
         Germany


KAUFMANN GMBH: Claims Registration Period Ends April 4
------------------------------------------------------
Creditors of Kaufmann GmbH have until April 4, 2008, to register
their claims with court-appointed insolvency manager Thomas
Kind.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on April 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Pforzheim
          Area 142
          First Floor
          Lindenstr. 8
          75175 Pforzheim
          Germany

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

The insolvency manager can be reached at:

          Thomas Kind
          Eisenbahnstr. 19-23
          77855 Achern
          Germany

The District Court of Pforzheim opened bankruptcy proceedings
against Kaufmann GmbH on March 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Kaufmann GmbH
          Leopoldstr. 4
          75172 Pforzheim
          Germany


MODERN BAUEN: Claims Registration Ends April 4
----------------------------------------------
Creditors of Modern Bauen GmbH Bautrager u. Projektentwicklung
have until April 4, 2008 to register their claims with court-
appointed insolvency manager Norbert Schrader.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Norbert Schrader
         Viehhofstr. 117
         42117 Wuppertal
         Germany
         Tel: 0202-430980
         Fax: 0202-4309843

The District Court of Wuppertal opened bankruptcy proceedings
against Modern Bauen GmbH Bautrager u. Projektentwicklung on
Feb. 29, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Modern Bauen GmbH Bautrager u. Projektentwicklung
         Attn: Patrick Mehr and Helmer Mehr, Managers
         Kuchhauser Str. 71
         42349 Wuppertal
         Germany


PFLEGEHEIM HAUS: Claims Registration Period Ends April 4
--------------------------------------------------------
Creditors of Pflegeheim Haus Huelsberg GmbH have until April 4,
2008, to register their claims with court-appointed insolvency
manager Dr. Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Joerg Nerlich
         Friedrich-Ebert-Str. 17
         42103 Wuppertal
         Germany
         Tel: 0202/4086 150
         Fax: 0202/4086 159

The District Court of Wuppertal opened bankruptcy proceedings
against Pflegeheim Haus Huelsberg GmbH on March 3, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Pflegeheim Haus Huelsberg GmbH
          Huelsberg 78
          42349 Wuppertal
          Germany


PRESTI & CO: Claims Registration Period Ends April 4
----------------------------------------------------
Creditors of Presti & Co. Hoch- und Tiefbau GmbH have until
April 4, 2008, to register their claims with court-appointed
insolvency manager Norbert Oberdiek.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 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
          Meeting Hall 24
          Second 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:

          Norbert Oberdiek
          Mathias-Iven-Strasse 10
          66117 Saarbruecken
          Germany
          Tel: 0681/ 954 120
          Fax: 0681/ 954 1222

The District Court of Saarbruecken opened bankruptcy proceedings
against Presti & Co. Hoch- und Tiefbau GmbH on Jan. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Presti & Co. Hoch- und Tiefbau GmbH
          Attn: Vincenzo Presto, Manager
          Saarbruecker Str. 43
          66687 Wadern
          Germany


REHADOME GESELLSCHAFT: Claims Registration Period Ends April 7
--------------------------------------------------------------
Creditors of rehaDome Gesellschaft fuer ambulante Rehabilitation
mbH have until April 7, 2008, to register their claims with
court-appointed insolvency manager Ulrike Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on April 16, 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 Frankfurt (Main)
          Hall 1
          Building F
          Klingerstrasse 20
          60313 Frankfurt (Main)
          Germany

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

The insolvency manager can be reached at:

          Ulrike Hoge-Peters
          Cronstettenstrasse 30
          D 60322 Frankfurt am Main
          Germany
          Tel: 069 / 9591100
          Fax: 069 / 959110-12

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against ehaDome Gesellschaft fuer ambulante
Rehabilitation mbH on Jan. 3, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          rehaDome Gesellschaft fuer ambulante
          Rehabilitation mbH
          Heinrich-Hoffmann-Str. 1
          60528 Frankfurt (Main)
          Germany


RUEDEN GROHN-DELILLE: Claims Registration Ends April 4
------------------------------------------------------
Creditors of Rueden, Grohn-Delille & Collegen GmbH &
Co. Brunnenstrasse KG 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 1:20 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  Rueden, Grohn-Delille & Collegen GmbH &
Co. Brunnenstrasse KG on Feb. 19, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Rueden, Grohn-Delille & Collegen GmbH & Co.
         Brunnenstrasse KG
         Hohenzieritzer Str. 9
         17235 Neustrelitz
         Germany


SCHIRRA RADER-TECHNIK: Claims Registration Period Ends April 4
--------------------------------------------------------------
Creditors of Schirra Rader-Technik GmbH have until April 4,
2008, to register their claims with court-appointed insolvency
manager Peter Depre.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on May 26, 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 Ludwigshafen am Rhein
         Meeting Hall 13
         Wittelsbachstr. 10
         67061 Ludwigshafen am Rhein
         Germany

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

The insolvency manager can be reached at:

         Peter Depre
         O 4, 13-16
         68161 Mannheim
         Germany

The District Court of Ludwigshafen am Rhein opened bankruptcy
proceedings against Schirra Rader-Technik GmbH on Feb. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schirra Rader-Technik GmbH
         Industriestrasse 29
         67136 Fussgoenheim
         Germany


SMK SCHLOSSEREI: Claims Registration Ends April 5
-------------------------------------------------
Creditors of SMK Schlosserei und Metallbau Keil GmbH have until
April 5, 2008 to register their claims with court-appointed
insolvency manager Ulrich Hassinger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on April 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 166N
         First Floor
         Building K18
         Kaiserstrasse 16-18
         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:

         Ulrich Hassinger
         Adelungstr. 55
         64283 Darmstadt
         Germany
         Tel: 06151-81760
         Fax: 06151-85 14 35

The District Court of Offenbach am Main opened bankruptcy
proceedings against SMK Schlosserei und Metallbau Keil GmbH on
March 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         SMK Schlosserei und Metallbau Keil GmbH
         Hanauer Str. 75
         63165 Muehlheim am Main
         Germany

         Attn: Gerd Keil, Manager
         Schoeffenstr. 8
         63075 Offenbach am Main
         Germany


STERKRADER HOCH: Claims Registration Period Ends April 4
--------------------------------------------------------
Creditors of Sterkrader Hoch- und Tiefbau Bernhard Schulte-
Hubbert GmbH & Co. KG have until April 4, 2008, to register
their claims with court-appointed insolvency manager Helmut
Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Duisburg
          Hall C407
          Fourth Floor
          Kardinal-Galen-Strasse 124-132
          47058 Duisburg
          Germany

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

The insolvency manager can be reached at:

          Dr. Helmut Schmitz
          Flohbusch 1
          47802 Krefeld
          Germany

The District Court of Duisburg opened bankruptcy proceedings
against Sterkrader Hoch- und Tiefbau Bernhard Schulte-Hubbert
GmbH & Co. KG on March 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

          Sterkrader Hoch- und Tiefbau Bernhard
          Schulte-Hubbert GmbH & Co. KG
          Weidenstrasse 1 A
          46149 Oberhausen
          Germany


UNICOMPUTER SERVICE: Claims Registration Period Ends April 5
------------------------------------------------------------
Creditors of Unicomputer Service GmbH have until April 5, 2008,
to register their claims with court-appointed insolvency manager
Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on April 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 13
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Stuttgart opened bankruptcy proceedings
against Unicomputer Service GmbH on March 4, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Unicomputer Service GmbH
         Am Wallgraben 99
         70565 Stuttgart
         Germany


VECTOR VERSANDHANDELS: Claims Registration Ends April 2
-------------------------------------------------------
Creditors of Vector Versandhandels GmbH have until April 2, 2008
to register their claims with court-appointed insolvency manager
Ulrike Hoge-Peters .

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on April 23, 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 Offenbach am Main
         Hall 162N
         First Floor
         Building K18
         Kaiserstrasse 16-18
         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:

         Ulrike Hoge-Peters
         Cronstettenstr. 30
         60322 Frankfurt am Main
         Germany
         Tel: 069/9591100
         Fax: 069/95911012

The District Court of Offenbach am Main opened bankruptcy
proceedings against Vector Versandhandels GmbH on March 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Vector Versandhandels GmbH
         Attn: Martin Purcell and Scott Fraser Reid, Managers
         Martin-Behaim-Str. 19-21
         63263 Neu-Isenburg
         Germany

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




TABERNA EUROPE I: Fitch Retains Negative Watch on Notes' Ratings
----------------------------------------------------------------
These five classes of notes issued by Taberna Europe CDO I,
p.l.c. (Taberna Europe I), and totaling EUR215 million, remain
on Rating Watch Negative by Fitch:

      -- EUR90,500,000 class A2 notes 'AAA';
      -- EUR48,000,000 class B notes 'AA';
      -- EUR28,500,000 class C notes 'A';
      -- EUR29,000,000 class D notes 'BBB';
      -- EUR19,000,000 class E notes 'BB'.

Taberna Europe I is a collateralized debt obligation that closed
Jan. 31, 2007 and is managed by Taberna Capital Management, LLC.

The notes issued by Taberna Europe I are backed by senior and
subordinated debentures issued by subsidiaries of real estate
investment trusts and real estate operating companies, as well
as commercial mortgage-backed securities and commercial mortgage
B-notes.  At close, Taberna Europe I represented the eighth cash
flow REIT CDO managed by TCM, although it represented the
manager's first CDO transaction backed by euro-denominated
securities issued primarily by European REITs

Fitch initially placed Taberna Europe I on Rating Watch Negative
on Feb. 29, 2008, citing concerns with respect to moderate
credit deterioration of underlying collateral and the impact of
a shortened portfolio weighted average life on junior classes of
rated notes, which rely upon excess spread in order to meet
their stated payment terms under Fitch's stress scenarios.

TCM is seeking to undertake certain remedial actions by May 5,
2008 and Aug. 5, 2008, in order to address Fitch's concerns.  If
TCM successfully completes these remedial actions, Fitch expects
to remove all classes from Rating Watch Negative.  Absent
implementation of the proposed remedial actions and any further
negative credit deterioration in the portfolio, Fitch expects
negative rating actions to range from 4-6 notches, with more
pronounced rating actions observed at the lower classes.

The ratings on the classes A1 and A2 notes address the
likelihood that investors will receive full and timely payments
of interest, as per the governing documents, as well as the
stated balance of principal by the legal final maturity date.
The ratings of the class B, C, D and E notes address the
likelihood that investors will receive ultimate and compensating
interest payments, as per the governing documents, as well as
the stated balance of principal by the legal final maturity
date.

Fitch will continue to monitor and review this transaction for
future rating adjustments.


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


ALITALIA SPA: State Council Rules Exclusive Talks Legitimate
------------------------------------------------------------
Italy's State Council, the highest administrative appeals court
in the country, has dismissed an appeal by AirOne S.p.A. to
reverse a ruling by the Italian Regional Administration Court of
Lazio that confirmed the legitimacy of the exclusive talks to
sell the Italian government's 49.9% stake in Alitalia S.p.A. to
Air France-KLM S.A., Reuters reports.

The Council ruled that the selection process for Alitalia's
potential buyer was conducted "in an adequate way, guaranteeing
the proper competition between the potential buyers."

The Lazio court rejected an appeal filed by AirOne to its
Feb. 20, 2008 decision that rejected its petition to declare
null and void a Dec. 28, 2007 decision of Italy's Ministry of
Economy and Finance to commence exclusive talks with Air France.

As reported in the TCR-Europe on Jan. 17, 2008, Alitalia and
Italy commenced exclusive sale talks with Air France-KLM.  The
carriers have until mid-March to reach an agreement, which
would be approved by the government.  Air France said it will
seek approval from the new Italian government chosen following
the April 13-14, 2008, snap elections, for any agreement to
acquire Italy's stake in Alitalia.

Air France managing director Pierre Henri Gourgeon that the
exclusive talks may go beyond the April elections due to various
procedural steps, Radiocor relates.

AirOne said it would present a binding offer once it wins its
appeal, adding that its offer would be financially backed by
Intesa Sanpaolo S.p.A., Goldman Sachs Group Inc., Morgan Stanley
and Nomura Holdings Plc.

Air France's Board of Directors has authorized the submission on
March 14, 2008, an offer for Italy's stake in Alitalia, subject
to suspensive conditions, including notably the commitment of
the trade unions.

                       About Alitalia

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

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

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


FIAT SPA: FPT Unit Acquires Tritec Motors' Site from Chrysler
-------------------------------------------------------------
Fiat Powertrain Technologies, a unit of Fiat S.p.A., signed an
agreement with Chrysler LLC to take over full ownership of the
Tritec Motors plant located in Campo Largo, in the metropolitan
region of Curitiba.

The purchase includes the facilities, the manufacturing unit,
the production lines and the license to produce the current
range of products.

Total investment in this initiative will amount to
BRL250 million (EUR83 million) including further development
costs.

In addition to acquiring one of the world’s most modern engine
factories, FPT also announced that the Campo Largo manufacturing
unit will produce a new range of mid-size gasoline and flex-fuel
engines.

This product will be developed jointly by the Engineering
Centers in Betim and Torino, working together with staff at the
Campo Largo plant.

The acquisition of this plant by FPT – FIAT Powertrain
Technologies will create approximately 500 direct jobs and 1,500
indirect jobs, thus contributing significantly to economic
growth in the city of Campo Largo, the local industrial district
and the entire state of Parana.

"Acquiring the Campo Largo manufacturing facility will enable us
to reach two main strategic goals: first, to attract an even
larger number of non-captive customers for this product,"
Alfredo Altavilla, FPT CEO, said.  "Secondly, to widen our
product portfolio, offering a new extremely modern and
competitive product range."

"The announcement is great news and provides a stable future for
Tritec under the ownership of Fiat Powertrain Technologies,"
said Chrysler Vice Chairman and President Tom LaSorda.

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.

                      About Fiat S.p.A.

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

                        *     *     *

As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries
Ba3 Corporate Family and Senior Unsecured ratings from Moody's
Investors Service, which said the outlook is positive.

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


FIAT SPA John Elkann Takes over as Editrice La Stampa Chairman
--------------------------------------------------------------
The board of directors of Editrice La Stampa S.p.A., a unit of
Fiat S.p.A., has elected John Elkann as Chairman, replacing
Sergio Pininfarina.

The Chairman and the Board thank Sergio Pininfarina, who seats
as a life Senator at Italy' s Senate, for his contribution to
the Company.

Luigi Vanetti, at present General manager of Editrice La Stampa,
was asked to join the Board of the publishing house as a
director.

Separately, the Board of directors of ITEDI, the holding company
that encompasses the Publishing operations and the Communication
activities of Fiat Group and is chaired by John Elkann, has
named Luigi Vanetti as CEO and Director general.

                      About Fiat S.p.A.

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

                        *     *     *

As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries
Ba3 Corporate Family and Senior Unsecured ratings from Moody's
Investors Service, which said the outlook is positive.

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


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


AGROSYSTEM-KOKSHETAU LLP: Creditors Must File Claims by April 25
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Agrosystem-Kokshetau insolvent.

Creditors have until April 25, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


BESAGASH LLP: Claims Deadline Slated for April 25
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Besagash insolvent on Aug. 24, 2007.

Creditors have until April 25, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Ormanov Str. 55-66
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 702 201 96-97


BTA BANK: Sets Annual General Meeting for April 14
--------------------------------------------------
JSC BTA Bank will have its General Annual Meeting of
Shareholders on April 14, 2008 at 10:30 a.m. at:

         JSC BTA Bank
         Conference Hall
         2nd Floor
         A2 Block
         97 Zholdasbekov Street
         Samal-2 microdistrict
         Almaty
         Kazakhstan

Shareholders as of March 14, 2008 will be eligible to attend the
General Meeting.

Agenda:

    * to approve annual financial statements of JSC BTA Bank;

    * to determine net income distribution procedure of JSC BTA
      Bank for the previous financial year and dividend amount
      as to the end of the year calculated on a dividend per
      share basis;

    * to discuss changes to the Board of Directors;

    * to approve the membership of the Tabulation Commission.

Should there be no quorum, the next General Meeting of
Shareholders will take place on April 15, 2008, at 10:30 a.m. at
the same place.

                         About BTA Bank

Headquartered in Almaty, Kazakhstan, JSC BTA Bank --
http://bta.kz/en/-- is among biggest banks and leader in
creation of banking network in CIS.

BTA operating in the CIS and far-abroad countries is expanding
into the CIS countries.  Activities of its strategic bank
partners cover Ukraine, 4 regions in Russia, Belarus, Georgia,
Armenia, Kyrgyzstan and Turkey.  BTA runs its representative
offices in Russia, Ukraine, China and the United Arab Emirates.

In Kazakhstan, BTA's network consists of 22 branches and 256
cash settlement units.

                          *     *     *

As reported in the TCR-Europe on Dec. 19, 2007, Standard &
Poor's Ratings Services revised its outlook on Bank TuranAlem
(BB/B) to negative from stable.

Bank TuranAlem carries Long-term foreign currency IDR at BB+
from Fitch Ratings, which said the Outlook was Stable.

The company also carries Ba1 Foreign Currency Subordinate Debt
Ratings, Ba2 Foreign Currency Junior Subordinate Debt Rating and
D- Bank Financial Strength Rating from Moody's Investor Service.


COM STROY: Claims Filing Period Ends April 22
---------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Com Stroy Snub insolvent on Feb. 11, 2008.

Creditors have until April 22, 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


EK OIL: Creditors' Claims Due on April 22
-----------------------------------------
LLP EK OIL Invest KZ has declared insolvency.  Creditors have
until April 22, 2008, to submit written proofs of claims to:

         LLP EK OIL Invest KZ
         Altyn Adam Str. 75
         Janashar
         Enbekshikazakhsky
         Almaty
         Kazakhstan


EUROASIA NOMAD: Claims Registration Ends April 22
-------------------------------------------------
LLP Euroasia Nomad Trade has declared insolvency.  Creditors
have until April 22, 2008, to submit written proofs of claims
to:

         LLP Euroasia Nomad Trade
         Room 10
         Kulmanov Str. 23
         Atyrau
         Kazakhstan


GELIANT LLP: Creditors Must File Claims by April 22
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Geliant insolvent on Feb. 12, 2008.

Creditors have until April 22, 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


HALYK SAVINGS: Halyk Finance Unit Inks MOU w/ Daewoo Securities
---------------------------------------------------------------
JSC Halyk Finance, the investment banking subsidiary of JSC
Halyk Savings Bank of Kazakhstan, and Daewoo Securities signed a
Memorandum of Understanding on Monday, March 10, 2008.  Both
firms have agreed on their mutual cooperation in investment
banking activities in Kazakhstan and Central Asia.

Daewoo Securities plans to launch various financial products to
corporate and retail clients in Korea for investments in
Kazakhstani and Central Asian companies with a solid potential
for growth through local expertise and client network of Halyk
Finance.

"Kazakhstani and Central Asian markets have a huge upside
potential and Almaty is well positioned to become the main
financial hub of this region.  We have established a strong
connection with our Eastern and Southeastern investors from
China, Japan, Malaysia, Indonesia and Vietnam," Sung Tae Kim,
CEO of Daewoo Securities, said.

"Daewoo Securities is set to further strengthen its standing as
the global investment banking company through its newly
established cooperation with such premier local investment
banking firm as Halyk Finance," he added.

"On behalf of Halyk Group, we are honored that such a
respectable financial institution as Daewoo Securities
approached Halyk Finance as a partner of choice to launch its
investment banking operations in Kazakhstan.  We believe that
presence of Daewoo Securities in Kazakhstan will not only
provide access to local financial market for a whole new client
base from Eastern and Southeastern Asia, but also help further
develop the Kazakhstani capital market," Samir Khassanov, CEO of
Halyk Finance, said.

Daewoo Securities, established in 1970, is a leading full-
service investment firm of 3,068 employees and 119 branch
offices nationwide, which offers a wide range of financial
services in South Korea.  It ranks among the nation's top
domestic brokers and is the top investment banking player in the
Korean market.  The Korean Development Bank is the majority
shareholder of Daewoo Securities with a 39.1% stake.

Halyk Finance is the premier investment banking firm in
Kazakhstan and Central Asia which has aggressive plans for
further business expansion in the region through sales and
trading activities, securities' underwriting, prime brokerage,
asset management, advisory services and research.  Halyk Finance
is wholly-owned by Halyk Bank, one of the leading Kazakhstani
financial services holdings offering a broad range of services
in commercial and investment banking, pension fund and asset
management, insurance and leasing to its retail, SME and
corporate customers across the region.

Headquartered in Almaty, Kazakhstan, Halyk Bank --
http://www.halykbank.kz/-- is the largest universal second-tier
bank of Kazakhstan.

                         *     *     *

As of February 6, 2008, JSC Halyk Savings Bank of Kazakhstan
carries a Ba1 foreign long-term deposits rating, and a D bank
financial strength rating from Moody's with a negative outlook.

Halyk holds a BB+ long-term foreign issuer credit rating, BB+
long-term local issuer credit rating, B short-term issuer credit
rating and a B short-term local issuer credit rating from
Standard and Poor's with a negative outlook.

The bank has a BB+ long-term foreign currency issuer default
rating, BB+ senior unsecured debt rating, B short-term foreign
currency issuer default rating, F3 short-term local currency
issuer default rating and a C/D individual rating from Fitch
with a negative outlook.


KAZ CONSULT: Claims Deadline Slated for April 22
------------------------------------------------
LLP Kaz Consult Ltd. has declared insolvency.  Creditors have
until April 22, 2008, to submit written proofs of claims to:

         Kaz Consult Ltd
         Jambyl Str. 176-9
         Almaty
         Kazakhstan


SBM-STROY LLP: Claims Filing Period Ends April 25
-------------------------------------------------
LLP Construction Company SBM-Stroy has declared insolvency.
Creditors have until April 25, 2008, to submit written proofs of
claims to:

         LLP Construction Company SBM-Stroy
         Gogol Str. 90
         Karaganda
         Kazakhstan


TABIGAT 2030: Creditors' Claims Due on April 25
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Tabigat 2030 insolvent.

Creditors have until April 25, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


WEST CAPITAL: Claims Registration Ends April 22
-----------------------------------------------
LLP West Capital Construction has declared insolvency.
Creditors have until April 22, 2008, to submit written proofs of
claims to:

         LLP West Capital Construction
         Room 10
         Kulmanov Str. 23
         Atyrau
         Kazakhstan


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


COSMIC TRANS: Creditors Must File Claims by April 4
---------------------------------------------------
LLC Kyrgyz-Pakistani Joint Enterprise Cosmic Trans Ltd. has
declared insolvency.  Creditors have until April 4, 2008 to
submit written proofs of claim to:

         LLC Cosmic Trans Ltd.
         Abdumomunov Str. 75
         Bishkek
         Kyrgyzstan
         Tel: (0-773) 68-16-07


GMC TRANSLATION: Claims Filing Period Ends April 4
--------------------------------------------------
LLC GMC Translation Service has declared insolvency.  Creditors
have until April 4, 2008 to submit written proofs of claim to:

         LLC GMC Translation Service
         Abdrahmanov Str. 135
         Bishkek
         Kygyzstan


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


CAPRI CONDOMINIUM: Taps GrayRobinson as Bankruptcy Counsel
----------------------------------------------------------
The Capri Condominium Limited Partnership asks the U.S.
Bankruptcy Court for the Middle District of Florida for
authority to employ John A. Anthony at GrayRobinson, P.A. as its
counsel.

Mr. Anthony is expected to:

     a) give advice to the Debtor with respect to its powers and
        duties as a debtor-in-possession and the continued
        management of its business operations;

     b) advise the Debtor with respect to its responsibilities
        in complying with the U.S. Trustee's Operating
        Guidelines and Reporting Requirements and with the rules
        of the Court;

     c) prepare motions, pleadings, orders, applications,
        adversary proceedings, and other legal documents
        necessary in the administration of this bankruptcy case;

     d) protect the interests of the Debtor in all matters
        pending before the Court; and

     e) represent the Debtor in negotiations with its creditors
        in the preparation of a plan of reorganization and in
        assessing and establishing confirmability of that plan.

The firm's billing rate ranges from US$80 to US$350 per hour.
However, specific professionals have these rates:

     Professional               Hourly Rate
     ------------               -----------
     John A. Anthony               US$350
     Stephenie Biernacki           US$250
     Cheryl Thompson               US$215
     Maureen A. Vitucci            US$200

Prior to bankruptcy filing, the firm received from the Debtor a
retainer of US$50,000.  The retainer was applied as a credit
amounting US$10,902.10 for pre-petition legal representation and
counseling regarding certain legal and financial matters
affecting the Debtor's business.  The firm retains the balance
of the retainer amount of US$39,097.90, having also advanced the
filing fee for this bankruptcy case.

Mr. Anthony assures the Court, that the firm holds no interest
adverse to the Debtor and its estates and is "disinterested" as
that term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

      GrayRobinson, P.A.
      201 North Franklin Street
      Suite 220
      Tampa, FL 33602
      Tel: (407) 843-8880
      Fax: (407) 244-5690
      http://www.gray-robinson.com

Tampa, Florida-based The Capri Condominiums LP owns and manages
condominiums.  Capri is operated by Euro American Investors
Group in The Netherlands, which runs an office in Tampa,
Florida.  Euro American Investors -- http://www.eaig.nl/-- is
an international company that offers a complete package property
with the focus on the United States and Europe.  Since its
launch in 1979, Euro American Investors built a diversified
portfolio of properties, apartments, offices, commercial
buildings, and shopping malls.

Capri Condominiums sought protection under chapter 11 on Feb. 6,
2008 (Bankr. M.D. Fla. Case No. 08-01553).  Maureen A. Vitucci,
Esq., at Gray Robinson PA represents the Debtor in its
restructuring efforts.  When the Debtor filed for bankruptcy, it
listed assets and debts between US$10 million and US$50 million.


X5 RETAIL: Denies Hiring Morgan Stanley to Sell Stake
-----------------------------------------------------
X5 Retail Group N.V., in response to a Reuters headline on
Wednesday, March 12, 2008, stated that neither the company, nor
its major shareholder, Alfa Group, have hired Morgan Stanley to
sell a stake in the company.

At the same time, X5 Retail Group is not in a position to
comment on the decisions or public comments made by its minority
shareholders with respect to sale of shares or GDRs in the
company.

Reuters reported, citing Andrei Rogachev, a shareholder of X5
Retail, that the proceeds of the sale of the company's 21% stake
will be used to finance Terraon, a new project which is expected
to gather US$5 billion worth of orders over the next
1-2 years.

                        About X5 Retail

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

                          *     *     *

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

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


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


BOLSHEKHOMUTETSKOE OJSC: Names S. Bykhanov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Lipetsk appointed S. Bykhanov as
Insolvency Manager for OJSC Bolshekhomutetskoe.  He can be
reached at:

         S. Bykhanov
         Office 30
         Kirova Str. 9
         394018 Voronezh
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A6-1192/2007.

The Court is located at:

         The Arbitration Court of Lipetsk
         Skorokhodova Str. 2
         398019 Lipetsk
         Russia

The Debtor can be reached at:

         OJSC Bolshekhomutetskoe
         Lenina Str. 199-2
         Gorno-Altaysk
         Lipetsk
         Russia


CHEESE MAKER: Creditors Must File Claims by April 22
----------------------------------------------------
Creditors of LLC Cheese Maker (TIN 2348018811) have until
April 22, 2008, to submit proofs of claim to:

         A. Bagrichev
         Insolvency Manager
         Lenina Str. 153/2
         Vyselki St.
         353100 Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32-24950/2007-2/573-b.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Cheese Maker
         Gornyj Per 35
         Severskaya St.
         353240 Krasnodar
         Russia


ENTERPRISE-62 OJSC: Creditors Must File Claims by April 22
----------------------------------------------------------
Creditors of OJSC Building Assembly Enterprise–62 (TIN
7328044202) have until April 22, 2008, to submit proofs of claim
to:

         S. Gavryutina
         Insolvency Manager
         Office 37
         Krymova Str. 12
         432071 Ulyanovsk
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A72-6453/07-22/82-B.

The Court is located at:

         The Arbitration Court of Ulyanovsk
         Zheleznodorozhnaya Str. 14
         432063 Ulyanovsk
         Russia

The Debtor can be reached at:

         OJSC Building Assembly Enterprise–62
         Brestskaya Str. 80
         432010 Ulyanovsk
         Russia


EURO-MED-SURGERY: Bankruptcy Hearing Slated for April 30
--------------------------------------------------------
The Arbitration Court of Khakasiya will convene at 10:00 a.m. on
April 30, 2008, to hear the bankruptcy supervision procedure on
LLC Euro-Med-Surgery.  The case is docketed under Case No.
A74-3015/2007.

The Temporary Insolvency Manager is:

         E. Sablin
         Sovetskoy Armii Str. 32
         655160 Chernogorsk
         Russia

The Debtor can be reached at:

         LLC Euro-Med-Surgery
         Baykalskaya Str. 35
         664000 Irkutsk
         Russia


GRAIN OF KUBAN: Creditors Must File Claims by April 22
------------------------------------------------------
Creditors of CJSC Grain of Kuban have until April 22, 2008, to
submit proofs of claim to:

         S. Mashtalenko
         Insolvency Manager
         Berezovaya Str. 48
         Kurganinsk
         352430 Krasnodar
         Russia

The Arbitration Court of Krasnodar will convene on June 4, 2008,
to hear the bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A-32-18911/2007–2/469-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Grain of Kuban
         Gagarina Str. 248
         350049 Krasnodar
         Russia


IMPULSE OJSC: Court Names A. Maltabar as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Pskov appointed A. Maltabar as
Insolvency Manager for OJSC Impulse.  He can be reached at:

         A. Maltabar
         Post User Box 619
         170006 Tver
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A52-3220/2003.

The Court is located at:

         The Arbitration Court of Pskov
         Room 123
         Nekrasova 23
         180001 Pskov
         Russia

The Debtor can be reached at:

         OJSC Impulse
         Gogolya Str. 3
         V. Luki
         Pskov
         Russia


ISKRA OJSC: Creditors Must File Claims by March 22
--------------------------------------------------
Creditors of OJSC Iskra have until March 22, 2008, to submit
proofs of claim to:

         A. Prikhodko
         Temporary Insolvency Manager
         Kuznetskiy most Str. 6/3
         125009 Moscow
         Russia

The Arbitration Court of Voronezh will convene on April 30,
2008, to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A14-12967-2007 43/27b.

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         OJSC Iskra
         Tsentralnaya Str. 133
         Orlovka
         Talovskiy
         397478 Voronezh
         Russia


MAGNITOGORSK IRON: Enters Strategic Alliance with Belon
-------------------------------------------------------
OJSC Magnitogorsk Iron & Steel Works has created a strategic
alliance with Russian coal-producing company Belon OJSC.

              Structure of the Transaction

MMK acquired a 50% interest in Onarbay Enterprises Ltd., the
82.6% owner of Belon.  The share package was purchased from
Sapwood Investments for US$230.4 million.  This investment
provides MMK with an important source of coal supplies for steel
production, raising fuel self-sufficiency in line with its long-
term strategy.

As part of a REPO transaction in October of 2007, Sapwood
Investments exercised its right of a 10.75% share repurchase of
Belon shares from MMK contributing this package to the equity of
Onarbay, and thus making it an owner of 82.6% of Belon's shares.

Key highlights of the transaction include:

   * indirect ownership of MMK in a large Russian producer of
      coal and coal concentrates Belon increased to 41.3%

   * strategic investment advances MMK's long-term raw materials
     security for its steel production

   * the move secures supplies of coal concentrates to MMK

   * the planned investment will result in Belon's coal
     production capacity increasing almost 2,3 fold to 10.8 tons
     pa by 2012

   * the transaction will secure 55% of MMK's requirement of
     coking coal, and 60% of steam coal, by 2012

"This transaction represents a major strategic step for MMK
towards our declared goal of securing supplies of essential raw
materials.  This acquisition gives MMK an opportunity to share
in Belon's profitability and the development of its coal
interests, which will meet a sizable part of our raw material
requirement.  Strengthening our strategic partnership with Belon
will provide us with additional advantages in terms of our
competitive ability," Victor Rashnikov, chairman of the MMK
Board of Directors, said.

                    About Magnitogorsk Iron

Headquartered in Magnitogorsk, Russia, OAO Magnitogorsk Iron and
Steel Works -- http://www.mmk.ru/-- manufactures steel and
accounts for about 20% of all steel products sold on the
domestic market.  MMK is a major fully integrated steel making
complex encompassing all the required processes, from
preparation of iron ore materials to high added value processing
of steel.  About half of the Company's output is exported
worldwide.

                          *     *     *

As of Dec. 5, 2007, Magnitogorsk Iron and Steel Works carries
Moody's Investor's Service's Ba2 corporate family rating.
Moody's said the outlook for both ratings is stable.

Magnitogorsk Iron also carries BB Issuer Default and senior
unsecured ratings from Fitch Ratings, which said the Outlook is
Stable.

The company also carries a BB Issuer Rating from Standard and
Poor's.


MTSENSKOE CHERNOZEMYE: Creditors Must File Claims by April 22
-------------------------------------------------------------
Creditors of CJSC Agricultural Company Mtsenskoe Chernozemye
have until April 22, 2008, to submit proofs of claim to:

          V. Solovyev
          Temporary Insolvency Manager
          Apt. 103
          Puzakova Str. 58m
          300057 Tula
          Russia
          Cell: 89107015415
          Tel.: 8-4872-340635

The Arbitration Court of Orel will convene at 11:00 a.m. on
March 19, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A48-4057/07-20b.

The Court is located at:

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

The Debtor can be reached at:

          CJSC Agricultural Company Mtsenskoe Chernozemye
          Vysokoe
          Mtsenskiy
          Orel
          Russia


NIVA OJSC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Kursk commenced bankruptcy supervision
procedure on OJSC Niva.  The case is docketed under Case No.
A35-5561/07g.

The Temporary Insolvency Manager is:

         A. Yurkshat
         Room 14-15
         Engelsa Str. 115
         305007 Kursk
         Russia

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         OJSC Niva
         Kastornoe
         Kursk
         Russia


NOVOPOKROVSK-AGRO-PROM-KHIMIYA: Claims Filing Ends April 22
-----------------------------------------------------------
Creditors of OJSC Novopokrovsk-Agro-Prom-Khimiya have until
April 22, 2008, to submit proofs of claim to:

         A. Zvyagintsev
         Insolvency Manager
         Post User Box 4387
         Krasnodar-65
         Russia

The Arbitration Court of Krasnodar will convene on April 24,
2008, to hear the bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-12954/2006-27/591-B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         A. Zvyagintsev
         Insolvency Manager
         Post User Box 4387
         Krasnodar-65
         Russia


OLE-COM LLC: Ryazan Bankruptcy Hearing Slated for May 13
--------------------------------------------------------
The Arbitration Court of Ryazan will convene on May 13, 2008, to
hear the bankruptcy supervision procedure on LLC Ole-Com.  The
case is docketed under Case No. A54-5243/2007 S19.

The Temporary Insolvency Manager is:

         M. Starynin
         Office 34
         Rozhdestvenskiy Avenue 5-7
         107045 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan
         Russia

The Debtor can be reached at:

         LLC Ole-Com
         Apt. 14
         Pushkina Str. 49
         390026 Ryazan
         Russia


REPAIR-TECHNICAL FACTORY: Creditors Must File Claims by March 22
----------------------------------------------------------------
Creditors of CJSC Repair-Technical Factory have until March 22,
2008, to submit proofs of claim to:

         V. Krotov
         Temporary Insolvency Manager
         Room 23
         Promyshlennyj Proezd 3
         308023 Belgorod
         Russia
         Tel/Fax: (4722) 34-13-74

The Arbitration Court of Belgorod will convene at 10:30 a.m. on
April 30, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A08-365/08-24B.

The Court is located at:

         The Arbitration Court of Belgorod
         Room 17
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         CJSC Repair-Technical Factory
         Lenina Str. 1
         Volokonovka
         Belgorod
         Russia


SEVERSTAL OAO: Board Recommends RUR4 Per Share Dividend Payment
---------------------------------------------------------------
OAO Severstal's Board of Directors has recommended a dividend of
RUR4 rubles per share and per global depositary receipt for the
financial year 2007 with the record date of May 15, 2008.  Each
GDR represents one share in the Company.

Approval of the dividend payment is expected at the company's
AGM on June 27, 2008.

                         About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                         *     *     *

As of Dec. 10, 2007, OAO Severstal carries Ba2 Corporate Family,
Sneior Unsecured Debt and Probability-of-Default ratings from
Moody's Investor Service, which said the the outlook on all
ratings is stable.

The company also carries BB long-term Foreign and Local Issuer
Credit ratings from Standard & Poor's, which said the outlook is
stable.

Severstal carries BB- Issuer Default and Senior Unsecured
ratings from Fitch, which said the outlook is positive.


VODOKANAL ST. PETERSBURG: S&P Ups Ratings to Investment Grade
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Russian state unitary enterprise
Vodokanal St. Petersburg, the regional water utility operating
in the City of St. Petersburg (BBB/Stable/--), to 'BBB-' from
'BB+'.  At the same time, it raised the short-term credit rating
to 'A-3' from 'B' and the Russia national scale rating to
'ruAAA' from 'ruAA+'.  The outlook is stable.

"The upgrade reflects an improvement in the credit quality of
VKSPB's 100% owner, the City of St. Petersburg, which was
upgraded to BBB/Stable/-- on March 6, 2008," said Standard &
Poor's credit analyst Evgeny Korovin.  "The city continues to
offer strong support to VKSPB and its upgrade prompted a
review of the ratings on VKSPB."

The ratings on VKSPB reflect its strategic importance to St.
Petersburg; strong financial support from the city; relatively
supportive, but insufficiently transparent tariff regulation;
and the company's monopoly position in its service area.

These strengths are mitigated by VKSPB's aged operating assets
and resulting heavy medium-term investment needs, the
significant operating risk resulting from the deteriorating
quality of its water supply, tightening quality standards,
uncertain timeliness of owner support, weak liquidity, and
aggressive liquidity management.

VKSPB supplies water and sewage services to the approximately 6
million inhabitants of St. Petersburg and its suburbs.

Mr. Korovin continued: "We consider VKSPB to be a public policy-
based government-related entity. We therefore use a top-down
approach in determining the long-term rating. We estimate the
company's stand-alone credit quality at 'BB'. The rating
differential with the parent reflects our uncertainty about
the timeliness of extraordinary support under existing
commitments and budget regulations, which could slow down the
provision of support."

S&P expects that VKSPB will continue to benefit from direct
financial support covering most of the company's ambitious
investment program.  This support, together with anticipated
tariff increases, should allow the company to maintain an
adequate financial profile for the rating level and improve its
operations over the medium term.

The ratings on VKSPB will change in line with the ratings on St.
Petersburg, if no change in government support is observed.
This will not happen automatically, however, and the ratings on
VKSPB will be subject to a separate review.

A considerable deterioration in stand-alone credit quality or
evidence of weakening owner support, including an announcement
of privatization or exposure to a higher level of competition,
would put pressure on the ratings and could result in a revision
of our analytical approach to government support.  This might
ultimately lead to a greater rating differential between
VKSPB and its owner, as well as heavier reliance on VKSPB's
stand-alone credit quality in the final ratings.


VOLGOGRADSKAYA PHARMACEUTICAL: Claims Filing Ends April 22
-----------------------------------------------------------
Creditors of LLC Volgogradskaya Pharmaceutical Factory (TIN
3443055607) have until April 22, 2008, to submit proofs of claim
to:

         O. Berezin
         Insolvency Manager
         Post User Box 1957
         400050 Volgograd
         Russia

The Arbitration Court of Volgograd commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A12-12165/07-s49.

The Debtor can be reached at:

         LLC Volgogradskaya Pharmaceutical Factory
         Aptechnyj Proezd 1
         400075 Volgograd
         Russia


X5 RETAIL: Denies Hiring Morgan Stanley to Sell Stake
-----------------------------------------------------
X5 Retail Group N.V., in response to a Reuters headline on
Wednesday, March 12, 2008, stated that neither the company, nor
its major shareholder, Alfa Group, have hired Morgan Stanley to
sell a stake in the company.

At the same time, X5 Retail Group is not in a position to
comment on the decisions or public comments made by its minority
shareholders with respect to sale of shares or GDRs in the
company.

Reuters reported, citing Andrei Rogachev, a shareholder of X5
Retail, that the proceeds of the sale of the company's 21% stake
will be used to finance Terraon, a new project which is expected
to gather US$5 billion worth of orders over the next
1-2 years.

                        About X5 Retail

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

                          *     *     *

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

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


ZHDANOVSKAYA LLC: Creditors Must File Claims by March 22
--------------------------------------------------------
Creditors of LLC Agricultural Company Zhdanovskaya have until
March 22, 2008, to submit proofs of claim to:

         N. Silakov
         Insolvency Manager
         Room 1
         Sadovaya Str. 25/69
         305004 Kursk
         Russia

The Arbitration Court of Kursk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A3-5422/07g.

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         LLC Agricultural Company Zhdanovskaya
         Zheleznogorskiy
         Kursk
         Russia


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


GRAPHIC PACKAGING: Completes Merger Deal with Altivity
------------------------------------------------------
Graphic Packaging Holding Company disclosed that it has
completed the previously announced combination of Graphic
Packaging Corporation and Altivity Packaging, LLC.  Graphic
Packaging Holding Company had 2007 pro-forma revenues of
approximately US$4.4 billion and will be a leading provider of
paperboard packaging solutions to the food, beverage and
consumer products industries.

Effective March 11, 2008, the common stock of Graphic Packaging
Holding Corporation will trade on the New York Stock Exchange
under the ticker symbol "GPK".  The new company's headquarters
are located in Marietta, Georgia but a significant presence will
be retained in Chicago, where Altivity maintained its
headquarters.

The transaction brings together two of the most progressive
paperboard packaging companies to create a new leader in the
global packaging market.  The new company has a significantly
expanded product portfolio, market reach, and technology
capabilities to provide innovative packaging solutions in the
folding carton, flexible packaging, label, multi-wall and
specialty bag markets, as well as high quality paperboard, inks
and packaging machinery to the food, beverage and consumer
product sectors worldwide.

"I am very excited to have closed the transaction that we
announced in July 2007, and to begin the implementation of the
integration plan which will enable us to achieve the US$90
million in annual gross synergies we identified at the beginning
of this process.  The integration teams are already in place and
at work," said David W. Scheible, President and Chief Executive
Officer of Graphic Packaging Holding Company.  "Although we will
be required to divest two coated-recycled board (CRB) mills, we
expect that these divestitures will have an immaterial impact on
EBITDA and no impact on our ability to achieve the US$90 million
in synergies by 2012 with two-thirds of this being realized by
2010."

The combination of Graphic Packaging and Altivity creates a
company with pro-forma 2007 revenues of over US$4.4 billion and
pro-forma 2007 Adjusted EBITDA of approximately US$553 million.
Such pro-forma 2007 Adjusted EBITDA reflects an adjustment for
one-time, non-recurring Altivity charges of approximately US$30
million.  Graphic Packaging achieved approximately US$46 million
of cost savings in 2007 with top line growth of approximately
4.3%.  Altivity achieved over US$50 million of standalone cost
reductions, while growing its top line by almost 3%. The new
company will be led by a combined management team with a strong
track record of successfully integrating businesses and
achieving performance targets.  "I am very encouraged by the
2007 results of both companies as it gives us a solid base from
which to build. We are confident that we can achieve not only
the synergies arising from the combination, but also on-going
operational cost reductions," said Scheible.

"This transaction creates an attractive combination of our
packaging strengths and high quality assets.  It increases
customer diversification, strengthens our market position, and
achieves better operational and financial results through
economies of scale and operating efficiencies," said Scheible.

                 About Graphic Packaging

Graphic Packaging Holding Company (NYSE: GPK) --
http://www.graphicpkg.com/-- is headquartered in Marietta,
Georgia, and provides paperboard packaging solutions for a wide
variety of products to food, beverage and other consumer
products companies.  Additionally, the company is one of the
largest producers of folding cartons and holds a leading market
position in coated-recycled boxboard and specialty bag
packaging.  The company's customers include some of the most
widely recognized companies in the world.  Aside from the U.S.
and Canada, the company also has facilities in Brazil, England,
France and Spain.


GRAPHIC PACKAGING: S&P Rates US$1.2 Billion Term Loan C at BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' secured
bank loan rating (one notch above the corporate credit rating)
and '2' recovery rating to Graphic Packaging International
Inc.'s US$1.2 billion term loan C, indicating that lenders can
expect substantial (70%-90%) recovery in the event of a payment
default.   Proceeds from the term loan were used to refinance
the secured bank debt of Altivity Packaging LLC in connection
with the recently completed merger of the two companies.

At the same time, Standard & Poor's affirmed its 'BB-' secured
bank loan and '2' recovery ratings on Marietta, Georgia-based
Graphic Packaging's revolving credit facility, which was
increased to US$400 million, and its US$1.055 billion term loan
B.  The ratings are one notch above the corporate credit rating
on the company.   The '2' recovery rating indicates that lenders
can expect substantial (70%-90%) recovery in the event of a
payment default.

                           Ratings List

              Graphic Packaging International Inc.

Corporate Credit Rating                    B+/Stable/--


                            New Rating

US$1.2 billion senior secured term loan C    BB-
Recovery rating                            2


                         Rating Affirmed

US$400 million senior secured revolving
credit facility                            BB-
  Recovery rating                           2

US$1.055 billion senior secured term loan B  BB-
  Recovery rating                           2


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


TELIGENT AB: Finalizes Financing Agreement with Creditors
---------------------------------------------------------
Teligent AB management said that an agreement has been
established with creditors regarding the long-term financing of
the company.

This agreement implies that the company's possibility of
securing all required, long-term financing is notably
facilitated.

The management also confirmed that concrete and constructive
discussions are underway regarding the manner in which
the major loss-making projects are to be concluded and how
future work with these clients is to be organized.

"We are currently engaged in a number of negotiations and some
of the negotiations are already completed while others remain to
be finalized.  The major implications of these agreements have
resulted in a limitation of Teligent's future commitments, the
speeding up of incoming cash flows and discussions regarding
additional orders," Henrik Sund, Teligent CEO disclosed.

Mr. Sund added, "The current and finalized negotiations with
creditors and clients is seen as a trend break.  Our assessment
is that these negotiations will be finalized during April."

Headquartered in Nynashamn, Sweden, Teligent AB --
http://www.teligent.se/-- develops and sells value-added
solutions for intelligent telephony applications for telecom and
network operators.  Its services includes messaging, mobile
office solutions, access screening and prepaid telephone.
Teligent is active in Europe and North America.

                          *    *    *

The company posted net losses for eight consecutive quarters
starting January 2006 to December 2007.

For the fourth quarter of ended Dec. 31, 2007, the company
posted SEK134.9 million net loss on SEK116.5 net sales.


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


AGGEN JSC: Zug Court Starts Bankruptcy Proceedings
--------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against JSC AGGEN on Jan. 29, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC AGGEN
         Gotthardstrasse 20
         6300 Zug
         Switzerland


AGK BERATUNG: St. Gallen Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against LLC AGK Beratung on Feb. 5, 2008.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Branch Buchs
         Arthur Kollegger
         9471 Buchs SG
         Switzerland

The Debtor can be reached at:

         LLC AGK Beratung
         Rheinstrasse 15b
         9443 Widnau
         Rheintal SG
         Switzerland


BT CONSULTING: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Zug commenced bankruptcy proceedings
against LLC BT Consulting on Feb. 12, 2008.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6301 Zug
         Switzerland

The Debtor can be reached at:

         LLC BT Consulting
         6300 Zug
         Switzerland


KURT KELLER: Creditors' Liquidation Claims Due by March 17
-----------------------------------------------------------
Creditors of JSC Kurt Keller have until March 17, 2008, to
submit their claims to:

         JSC RC Treuhand
         Liquidator
         Tonhallestrasse 33
         9500 Wil
         Wahlkreis Wil SG
         Switzerland

The Debtor can be reached at:

         JSC Kurt Keller
         Amriswil
         Bischofszell TG
         Switzerland


MOMMERS JSC: Creditors' Liquidation Claims Due by March 17
-----------------------------------------------------------
Creditors of JSC Mommers have until March 17, 2008, to submit
their claims to:

         Rene Brunner
         Liquidator
         Promenade 52
         7270 Davos Platz GR
         Switzerland

The Debtor can be reached at:

         JSC Mommers
         Davos
         Prattigau/Davos GR
         Switzerland


NAPF TRANS: Lucerne Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Willisau in Lucerne commenced
bankruptcy proceedings against LLC Napf Trans on Feb. 18, 2008.

The Bankruptcy Service of Willisau can be reached at:

         Bankruptcy Service of Willisau
         6130 Willisau LU
         Switzerland

The Debtor can be reached at:

         LLC Napf Trans
         Gibel
         6133 Hergiswil b. Willisau LU
         Switzerland


ORCHIDS WORLD: Creditors' Liquidation Claims Due by March 17
------------------------------------------------------------
Creditors of ORCHIDS WORLD Ltd have until March 17, 2008, to
submit their claims to:

         Lucie Fontenla-Mudry
         Liquidator
         Monbijoustrasse 89
         3007 Bern
         Switzerland

The Debtor can be reached at:

         ORCHIDS WORLD Ltd
         Bern
         Switzerland


SPORTBAHNEN BETEILIGUNG: Creditors Must File Claims by March 19
---------------------------------------------------------------
Creditors of JSC Sportbahnen Beteiligung have until March 19,
2008, to submit their claims to:

         JSC Walti Treuhand und Revisionen
         Taminastrasse 4
         7310 Bad Ragaz
         Sarganserland SG
         Switzerland

The Debtor can be reached at:

         JSC Sportbahnen Beteiligung
         Bad Ragaz
         Sarganserland SG
         Switzerland

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


PROFILO TELRA: Fitch Withdraws Ratings
--------------------------------------
Fitch Ratings downgraded HD Capital S.A.'s senior unsecured
rating to 'C'/'RR6' from 'CC'/RR4'. This rating, along with
those of parent company Profilo Telra Elektronik Sanayi ve
Ticaret A.S., remains on Rating Watch Negative (RWN).

At the same time, Fitch has withdrawn Profilo Telra's and HD's
ratings.

Profilo Telra's ratings are:

    -- Long-term foreign currency Issuer Default rating (IDR):
       'C'; on RWN

    -- Long-term local currency IDR: 'C'; on RWN

    -- National Long-term rating: 'C(tur)'; on RWN

HD is the issuer of EUR50m 10.75% loan participation notes
(LPNs) guaranteed by Profilo Telra, issued in December 2006 and
maturing in 2011.  HD loaned its LPN proceeds to Profilo Telra
on a senior unsecured basis.

The downgrade of the rating on the notes reflects the company's
failure to meet its interest payment of EUR5,375,000 on 7
December 2007.  It also takes into account Profilo Telra's
ongoing application to the court to grant the company
protection, for one year, from liquidation that may be enforced
by its trade and/or financial creditors.  The downgrade is based
on Fitch's opinion that increased risk of bankruptcy is expected
to have weakened the operations of the company and Fitch has
revised downward its assumptions about plant and property
values.

The ratings of Profilo Telra and HD are being withdrawn and
Fitch will no longer provide the ratings or analytical coverage
on the company or the LPNs.  Given the private ownership of
Profilo Telra and HD, the future non-participation of the issuer
in the rating process means there will not be enough information
available to continue the rating service to investors.

Fitch maintains its concerns regarding Profilo Telra's
performance and liquidity.  At end-H107, Profilo Telra had
TRY181m short-term and TRY141m long-term debt, with minimal cash
on balance sheet of TRY6m.  H107 results revealed a severe
revenue contraction to TRY144m (FY06: TRY587m) due to reduced
production.  The operating loss for the period was TRY51m and
the operating cash outflow was TRY25m (FY06:TRY66m), before the
positive effects of working capital.  The auditor's H107 report
qualified that the group's ability to continue as a going
concern is dependent on financial support from its shareholders
and creditors.  Profilo Telra is an Istanbul-based TV and
consumer electronics manufacturer.


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


ALTAIR-FINANCE LLC: Creditors Must File Claims by March 22
----------------------------------------------------------
Creditors of LLC Altair-Finance (code EDRPOU 33397888) have
until March 22, 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 on Feb. 8, 2008.
The case is docketed as 43/157.

The Debtor can be reached at:

         LLC Altair-Finance
         Gorky Str. 95
         03150 Kiev
         Ukraine


BATKIVSCHINA LLC: Proofs of Claim Deadline Set March 22
-------------------------------------------------------
Creditors of Agricultural LLC Batkivschina (code EDRPOU
03777090) have until March 22, 2008, to submit written proofs of
claim to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company on Jan. 11, 2008.  The case is docketed
as 8/4-08.

The Debtor can be reached at:

         Agricultural LLC Batkivschina
         Podoprigory
         Lebedinsky District
         42226 Sumy
         Ukraine


HMELNIK PLANT: Creditors Must File Claims by March 22
-----------------------------------------------------
Creditors of OJSC Hmelnik Plant of Low-fat Milk Solids (code
EDRPOU 00444553) have until March 22, 2008, to submit written
proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 10/170-07.

The Debtor can be reached at:

         OJSC Hmelnik Plant of Low-fat Milk Solids
         Krasnoye Kazatstvo Str. 2
         Hmelnik
         22000 Vinnica
         Ukraine


KOVALEVKA OJSC: Creditors Must File Claims by March 23
------------------------------------------------------
Creditors of Kovalevka OJSC (code EDRPOU 00855150) have until
March 23, 2008, to submit written proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 2/443/07.

The Debtor can be reached at:

         Kovalevka OJSC
         Kovalevka
         57101 Nikolaev
         Ukraine


LIUBAVA LLC: Creditors Must File Claims by March 22
---------------------------------------------------
Creditors of LLC Firm Liubava (code EDRPOU 21244404) have until
March 22, 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.  The case is
docketed as B-48/166-07.

The Debtor can be reached at:

         LLC Firm Liubava
         Apartment 8
         Gagarin Str. 165, b. 1
         Kharkov
         Ukraine


OBRIY LLC: Proofs of Claim Deadline Set March 23
------------------------------------------------
Creditors of LLC Agricultural Firm Obriy (code EDRPOU 30864513)
have until March 23, 2008, to submit written proofs of claim to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company.   The case is docketed as 8/469.

The Debtor can be reached at:

         LLC Agricultural Firm Obriy
         Kurmany
         Nedrigaylovsky District
         42137 Sumy
         Ukraine


SLAY-D LLC: Creditors Must File Claims by March 22
--------------------------------------------------
Creditors of LLC Slay-D (code EDRPOU 34651698) have until
March 22, 2008, to submit written proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 5/38/08.

The Debtor can be reached at:

         LLC Slay-D
         Apartment 66
         Novozavodskaya Str. 2
         Nikolaev
         Ukraine


SPECIAL ASSEMBLY: Creditors Must File Claims by March 22
--------------------------------------------------------
Creditors of LLC Science-Production Enterpriseal Special
Assembly (code EDRPOU 24003345) have until March 22, 2008, to
submit written proofs of claim to:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 7/240-07.

The Debtor can be reached at:

         LLC Science-Production Enterpriseal Special Assembly
         Bielopolsky road Str. 17
         40000 Sumy
         Ukraine


STINTRADE LLC: Creditors Must File Claims by March 22
-----------------------------------------------------
Creditors of LLC Stintrade (code EDRPOU 34772154) have until
March 22, 2008, to submit written proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 5/40/08.

The Debtor can be reached at:

         LLC Stintrade
         Geroev Stalingrada Str. 11
         Nikolaev
         Ukraine


STM SERVICE: Creditors Must File Claims by March 22
---------------------------------------------------
Creditors of LLC STM Service (code EDRPOU 33627250) have until
March 22, 2008, to submit written proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 5/39/08.

The Debtor can be reached at:

         LLC STM Service
         Starofortochnaya Str. 1
         Nikolaev
         Ukraine


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


BAA LTD: Passenger Traffic Up 3.5% in February 2008
---------------------------------------------------
BAA Ltd. reported traffic figures for February 2008.

BAA Group airports in the UK handled 10.2 million passengers in
February 2008, an increase of 3.5% on the same month last year.
Traffic in the first 28 days of the month (i.e. ignoring the
extra leap year day) was down by 0.5% on last February.

European scheduled traffic was up by just 0.1% while European
charters rose by 1.5%.  North Atlantic activity was 1.1% lower,
while traffic on other long haul routes was, in aggregate, up by
1%.  Domestic traffic continued its recent softness with a 3.7%
decrease.

Again adjusting for the leap year distortion, there were mixed
results for individual airports.  Heathrow's traffic was up by
0.1%, Gatwick's by 3.4% and Edinburgh by 3.9%.  Moving in the
other direction were Stansted (-7.6%), Glasgow (-5.7%) and
Aberdeen (-1.2%).

In total, and before adjusting for the extra day, air transport
movements were up by 0.8% but down 3.0% after adjustment.  On
this latter basis Gatwick (+0.6%) was the only individual
airport to handle more movements in February.

The headline result for air cargo was an increase of 8.9%
largely driven by a 12.7% increase at Heathrow.  The leap year
adjusted total figure was an increase of 5.3% (Heathrow 9.3%).

                           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: BALPA Reacts to Media Tactics Over Dispute
-----------------------------------------------------------
The British Airline Pilots' Association, on Wednesday, March 12,
2008, accused British Airways plc of misrepresenting their
position in their dispute with the airline and expressed concern
as to whether BA really wanted a negotiated settlement.

When talks between BALPA and BA broke down on Friday night of
last week, BA announced if strike dates were given it would go
to the High Court to seek an injunction preventing the strike,
basing their case on a novel approach, the use of Article 43 of
the Treaty of Rome.

BALPA did not accept this argument but rather than announce
strike dates it took the initiative and referred the matter to
the High Court to seek a ruling on whether BA's reliance on
Article 43 of the Treaty of Rome had any bearing on the
industrial dispute.

The Court has agreed to "stop the clock" on the 28 days during
which the union must serve notice of a strike to allow the High
Court to decide the matter.

"We have been shocked to learn [Wednes]day that BA has entirely
misrepresented the position to the media," BALPA General
Secretary Jim McAuslan declared.  "BA said that BALPA recognizes
that the airline has a strong legal case that any strike action
would be unlawful.  Nothing could be further from the truth."

Mr. McAuslan said that such tactics are clearly unhelpful and
are likely to hinder a negotiated settlement.  Perhaps, BALPA
says, that is BA's objective.

"What has happened is that BA has raised a novel point of law,
using the Treaty of Rome." Mr. McAuslan said.

The Court's determination will have huge implications for all
employers and trade unions.

"Our view is that the point raised by BA has no bearing on an
industrial dispute such as the one we have with BA because it
plans to outsource BA pilots' jobs and our actions are both
legitimate and proportionate," Mr. McAuslan said.

"What makes matters worse is that BA is saying publicly that our
decision to take the matter to the High Court and not announce a
strike is proof that we accept that BA has a "strong case".
This is outrageous.  We have not announced strike dates because
we wish the Court to consider the matter with great care and
without pressure.  We also thought it right to make clear to the
public, with whom we have no dispute, that there will be no
industrial action over the Easter period.

"BA's misrepresentation of our position is a disgrace and one
which has angered their pilots."

                         Strike Action

Meanwhile, BALPA confirmed that there will be no disruption to
the public over Easter.  Mr. McAuslan said "our row is not with
the traveling public who will have worked hard for their Easter
break."

The threat of disruption has arisen because BA plans to start a
new service flying passengers from mainland European capitals to
the USA.  The service, called OpenSkies, is using BA money, will
use BA planes with BA support and is being overseen by senior BA
managers but will not use BA pilots.

"Despite BALPA's willingness to accept the cost base proposed by
BA for OpenSkies, the company has not been prepared to provide
the employment security and career development opportunities
which are at the heart of the dispute. Our pilots are fighting
for their futures and the wellbeing of their families," Mr.
Mc Auslan said.

"Pilots have contributed to the success of BA for years.  Now
they are told their work is to be outsourced jeopardizing jobs
and careers.  These are legitimate and reasonable concerns that
the company has not been prepared to address.

British Airways encouraged their pilots to participate in the
strike ballot believing that this would dilute the final vote.
Their campaign backfired with 86% of BA's pilots voting for
strike action on a huge 90% poll.  This would be the first
strike of BA pilots for 30 years."

British Airways is now claiming that BA pilots cannot legally
pursue their job security concerns because of a piece of
European legislation.

"British Airways should be at the negotiating table and not
using European legislation designed to ensure free competition
between companies and not to restrict the freedoms of Trade
Unions in industrial disputes.  We have sought to place this
matter before the courts ourselves in order to resolve the
question as quickly as possible.  This is an unprecedented move
by a union and demonstrates the responsible way in which BALPA
has approached this," Mr. McAuslan added.

                        About British Airways

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

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

                        *     *     *

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


BRITISH AIRWAYS: Demands Urgent Changes to UK Airport Regulation
----------------------------------------------------------------
British Airways plc said that the Civil Aviation Authority's
decision to allow BAA Ltd. to ramp up airport charges
significantly demonstrates conclusively that the airport
regulation system has failed, to the detriment of customers.

On March 11, 2008, the CAA announced that Heathrow's charges
over five years from April 1, 2008 will rise by 23.5% above
inflation in year one and by 7.5% above inflation each year
between 2009 and 2013.  BAA will be allowed a cost of capital of
6.2%.

"When BAA's new owners, Ferrovial, bought them, the CAA said
they would not be influenced by Ferrovial's high debt levels.
In practice, they have ignored their own policy and caved in to
intense pressure from BAA by setting excessive price increases.
Heathrow passengers will pay, on average, 17% more than the
Competition Commission recommended in September 2007," Paul
Ellis, British Airways' general manager airport policy and
infrastructure, said.

The airline believes urgent changes must be made to current UK
airport regulation and has made its views known to the
Competition Commission and the Pilling Review on the future of
the CAA.

"We suffer from very poor regulation and the whole process needs
a root and branch review.  The objective of the regulator should
be to ensure that BAA provides the infrastructure and services
that customers require but in a cost effective and efficient way
that does not overcompensate the airport operator financially.
Mr. Ellis said.  "These overly generous charges far exceed what
is required to upgrade facilities across Heathrow through
investment in infrastructure and improved service quality
levels.  The CAA must hold BAA to account throughout the five
year period to ensure the airport operator delivers improvements
and does not divert funds to pay off Ferrovial's debts".

                    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.


BRICK SPECIALISTS: Creditors' Meeting Slated for March 25
---------------------------------------------------------
Creditors of Brick Specialists Ltd. (Company Number 01710152)
will meet at 11:00 a.m. on March 25, 2008 at:

          Freemasons Hall
          36 Bridge Street
          Manchester
          M33 BT25
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on March 22, 2008 at:

          G.N. Lee
          Joint Administrator
          Begbies Traynor LLP
          340 Deansgate
          Manchester
          M3 4LY
          England

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


CARLYLE CAPITAL: Unable to Reach Agreement with Lenders
-------------------------------------------------------
Carlyle Capital Corporation Limited said Wednesday that although
it has been working diligently with its lenders, the company has
not been able to reach a mutually beneficial agreement to
stabilize its financing.  The company expects that its lenders
will promptly take possession of substantially all of the
Company’s remaining assets.

The only assets held in the Company’s portfolio as of March 12.
2008. are U.S. government agency AAA-rated residential mortgage-
backed securities.  During the last seven business days, the
company received margin calls in excess of US$400 million.  As
the company was unable to pay these margin calls, its lenders
proceeded to foreclose on the RMBS collateral.  In total,
through March 12, the Company has defaulted on approximately
US$16.6 billion of its indebtedness.  The remaining indebtedness
is expected soon to go into default.

The Company explored a variety of proposals with its lenders in
an attempt to refinance its portfolio on sustainable terms.  The
Carlyle Group participated actively in those negotiations and
was prepared to provide substantial additional capital if a
successful refinancing could be achieved.  Negotiations
deteriorated late on March 12 when, among other things, the
pricing service utilized by certain lenders reported a drop in
the value of the RMBS collateral that is expected to result in
additional margin calls tomorrow of approximately
US$97.5 million.

Overall, it has become apparent to the company that the basis on
which lenders are willing to provide financing against the
Company’s collateral has changed so substantially that a
successful refinancing is not possible.


       Missed Margin Calls and Receipt of Default Notice

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

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

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

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

                     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: 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.
The company invests in a diversified portfolio of fixed income
assets including high-grade mortgages and credit products.  The
company'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 company 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.


CHALFONT CONSTRUCTION: Brings In Liquidators from Vantis
--------------------------------------------------------
David Rubin and Paul Atkinson of Vantis Business Recovery
Services were appointed joint liquidators of Chalfont
Construction Co. Ltd. on Feb. 29 for the creditors' voluntary
winding-up proceeding.

The joint liquidators can be reached at:

         David Rubin & Partners
         Pearl Assurance House
         319 Ballards Lane
         London
         N12 8LY
         England


CHRYSLER LLC: Sells Tritec's Brazilian Site to Fiat for EUR83MM
---------------------------------------------------------------
Chrysler LLC has signed an agreement with Fiat Powertrain
Technologies, a unit of Fiat S.p.A. to sell whole of the Tritec
Motors plant located in Campo Largo, Brazil.

The purchase includes the facilities, the manufacturing unit,
the production lines and the license to produce the current
range of products.

Total investment in this initiative will amount to
BRL250 million (EUR83 million) including further development
costs.

In addition to acquiring one of the world’s most modern engine
factories, FPT also announced that the Campo Largo manufacturing
unit will produce a new range of mid-size gasoline and flex-fuel
engines.

This product will be developed jointly by the Engineering
Centers in Betim and Torino, working together with staff at the
Campo Largo plant.

The acquisition of this plant by FPT will create approximately
500 direct jobs and 1,500 indirect jobs, thus contributing
significantly to economic growth in the city of Campo Largo, the
local industrial district and the entire state of Parana.

"Acquiring the Campo Largo manufacturing facility will enable us
to reach two main strategic goals: first, to attract an even
larger number of non-captive customers for this product,"
Alfredo Altavilla, FPT CEO, said.  "Secondly, to widen our
product portfolio, offering a new extremely modern and
competitive product range."

"The announcement is great news and provides a stable future for
Tritec under the ownership of Fiat Powertrain Technologies,"
said Chrysler Vice Chairman and President Tom LaSorda.

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

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


CHRYSLER LLC: Purchases from Minority Suppliers Ups in 2007
-----------------------------------------------------------
Chrysler LLC spent US$4.8 billion with minority suppliers in
2007, representing 15.5% of its total purchasing and an increase
of US$900 million from the previous year.  In the last nine
years, the company has increased the amount spent with minority
suppliers by 182%, from US$1.7 billion in 1998 to US$4.8 billion
in 2007.  This significant increase reinforces Chrysler’s long-
term commitment to the economic development and growth of its
minority suppliers.

"Given the tremendous cost pressures facing the industry as a
whole, it is heartening to see minority suppliers continue to
increase their share of Chrysler business year-over-year," John
Campi, Executive Vice President – Global Sourcing, Chrysler LLC,
said.  "Moving forward, it is imperative that Chrysler and all
of its suppliers work together to collaborate on innovations and
wring cost out of the supply chain.  Our ability to reach these
goals together and weather the economic challenges will, in some
large measure, determine our future success."

The company’s diversity supplier development initiatives extend
to its Tier 1 and Tier 2 supplier base.  Tier 1 suppliers are
expected to source at least nine percent of their procurement
through qualified minority suppliers during the 2008 calendar
year.

"With the entire automotive industry facing tough economic
challenges, Chrysler has never wavered in its commitment to
diversity" Jethro Joseph, Senior Manager – Diversity Supplier
Development, Chrysler LLC, said.  "Success takes a team effort
and our employees and supply base continue to hold themselves
accountable to achieve diversity."

Since 1983, Chrysler has purchased more than US$38 billion from
minority-owned companies and has developed a number of programs
to build its minority supplier base.  Chrysler continues to
support several organizations geared to assisting Tier 1
suppliers achieve their minority sourcing goals, including the
National Minority Supplier Development Council and the Canadian
Aboriginal Minority Supplier Council.

In 2007, Chrysler launched its Diverse Employee Initiative that
aims to recognize and reward suppliers who demonstrate a
commitment to diversity in their hiring processes.

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


GENERAL MOTORS: Won't Meddle in AAM & UAW Labor Dispute
-------------------------------------------------------
General Motors Corp. president and chief operating officer
Frederick A. Henderson said that although many of its assembly
plants have been partially or fully shut down by the strike of
United Auto Workers union members at American Axle and
Manufacturing Holdings Inc., GM won't interfere with the
parties' labor dispute, Nick Bunkley and Bill Vlasic of The New
York Times report.

Mr. Henderson added that GM were not losing sales because of the
strike, which started on Feb. 26, 2008, following expiration of
a four-year master labor agreement, NY Times relates.  However,
he said, if GM was struggling because of the union protest, the
company would be one of those sitting on the negotiation table.

As reported in yesterday's Troubled Company Reporter, GM has
about 29 facilities affected by the strike at Axle as the
supplier attempts to negotiate with the union.

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.


HAMILTON ELECTRICAL: Appoints Liquidator from Mazars
----------------------------------------------------
Martin Dominic Pickard of Mazars LLP was appointed liquidator of
Hamilton Electrical Services (Milton Keynes) Ltd. on March 5 for
the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Mazars LLP
         Sovereign Court
         Witan Gate
         Milton Keynes
         MK9 2HP
         England


HD CAPITAL: Fitch Downgrades then Withdraws Ratings
---------------------------------------------------
Fitch Ratings downgraded HD Capital S.A.'s senior unsecured
rating to 'C'/'RR6' from 'CC'/RR4'. This rating, along with
those of parent company Profilo Telra Elektronik Sanayi ve
Ticaret A.S., remains on Rating Watch Negative (RWN).

At the same time, Fitch has withdrawn Profilo Telra's and HD's
ratings.

Profilo Telra's ratings are:

    -- Long-term foreign currency Issuer Default rating (IDR):
       'C'; on RWN

    -- Long-term local currency IDR: 'C'; on RWN

    -- National Long-term rating: 'C(tur)'; on RWN

HD is the issuer of EUR50m 10.75% loan participation notes
(LPNs) guaranteed by Profilo Telra, issued in December 2006 and
maturing in 2011.  HD loaned its LPN proceeds to Profilo Telra
on a senior unsecured basis.

The downgrade of the rating on the notes reflects the company's
failure to meet its interest payment of EUR5,375,000 on 7
December 2007.  It also takes into account Profilo Telra's
ongoing application to the court to grant the company
protection, for one year, from liquidation that may be enforced
by its trade and/or financial creditors.  The downgrade is based
on Fitch's opinion that increased risk of bankruptcy is expected
to have weakened the operations of the company and Fitch has
revised downward its assumptions about plant and property
values.

The ratings of Profilo Telra and HD are being withdrawn and
Fitch will no longer provide the ratings or analytical coverage
on the company or the LPNs.  Given the private ownership of
Profilo Telra and HD, the future non-participation of the issuer
in the rating process means there will not be enough information
available to continue the rating service to investors.

Fitch maintains its concerns regarding Profilo Telra's
performance and liquidity.  At end-H107, Profilo Telra had
TRY181m short-term and TRY141m long-term debt, with minimal cash
on balance sheet of TRY6m.  H107 results revealed a severe
revenue contraction to TRY144m (FY06: TRY587m) due to reduced
production.  The operating loss for the period was TRY51m and
the operating cash outflow was TRY25m (FY06:TRY66m), before the
positive effects of working capital.  The auditor's H107 report
qualified that the group's ability to continue as a going
concern is dependent on financial support from its shareholders
and creditors.  Profilo Telra is an Istanbul-based TV and
consumer electronics manufacturer.


ITAC LTD: Appoints Joint Administrators from KPMG
-------------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint administrators of Itac (U.K.) Ltd. (Company Number
03569475) on March 3, 2008.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

The company can be reached at:

          Itac (U.K.) Ltd.
          Ardent Way
          Manchester
          Lancashire
          M25 9WE
          England
          Tel: 0161 798 4444
          Fax: 0161 798 5777


KNOWLEDGE BASE: Claims Filing Period Ends April 11
--------------------------------------------------
Creditors of Knowledge Base (UK) Ltd. have until April 11, 2008
to send their names and addresses and particulars of their
claims to:

         David Antony Willis
         Joint Liquidator
         Tenon Recovery
         2a Low Ousegate
         York
         YO1 9QU
         England

         Richard Dixon Fleming
         Joint Liquidator
         KPMG
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England

David Antony Willis of Tenon Recovery and Richard Dixon Fleming
of KPMG were appointed joint liquidators of the company on
Feb. 29 for the creditors' voluntary winding-up proceeding.


PETROLEOS DE VENEZUELA: Will Discuss Asset Swap with Exxon Mobil
----------------------------------------------------------------
Petroleos de Venezuela S.A. will discuss an asset swap with
Exxon Mobil Cop. for the Chalmette plant in Louisiana, after a
London court rules on the US$12 billion asset freeze case,
Reuters reports, citing Venezuelan Oil and Energy Minister
Rafael Ramirez.

As previously reported, the Venezuelan government asked the
Organization of Petroleum Exporting Countries to discuss during
a March 5 meeting Exxon Mobil's seeking of asset freeze court
order against Petroleos de Venezuela.  Exxon Mobil asked the
London High Court to uphold the order freezing US$12 billion in
Petroleos de Venezuela's assets to support the arbitration
process between both parties.  The asset-freeze order against
Petroleos de Venezuela was made so that Exxon Mobil Corp. would
be able to extract compensation should it win a pending
arbitration.  Petroleos de Venezuela has appealed the asset-
freeze order.  Petroleos de Venezuela contends that the U.K.
court doesn't have the authority to award the injunction because
the case involved U.S. and Venezuelan firms.  Exxon Mobil didn't
explain why it is seeking to freeze Petroleos de Venezuela's
assets when the U.S. giant is demanding compensation of no more
than US$5 billion.  OPEC said it will support Venezuela in the
legal dispute between Petroleos de Venezuela and Exxon Mobil.

Petroleos de Venezuela could offer its stake in Chalmette
refinery, a 50/50 joint venture between Exxon and Petroleos de
Venezuela, as compensation for the company's stake in the Cerro
Negro heavy oil project, Reuters relates, citing Exxon Mobil's
Chief Executive Rex Tillerson.

Mr. Tillerson commented to Reuters, "We will discuss (Chalmette)
once this issue of the London court is resolved.  (But) we are
not going to have conversations until we resolve the London
issue."  Venezuela wouldn't negotiate any accord to resolve the
conflict until the court asset freeze order is lifted, Reuters
relates, citing Mr. Tillerson.

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

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

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

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

                          *    *    *

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


QUEBECOR WORLD: Suspends Payment of Preferred Dividends
-------------------------------------------------------
Quebecor World Inc. suspended dividend payments on its Series 3
and Series 5 preferred shares, according to The Canadian Press.

The Canadian Press reports that with the payments put on hold,
Quebecor World will ask shareholders to approve a reduction of
stated capital at its annual meeting in May 2008, which would
allow it to resume paying dividends.

In a release, The Canadian Press quoted Quebecor World saying,
"While the company has the funds available to pay [the]
dividends, it has been advised by counsel that as a result of
recent developments, the company may be prevented from paying
dividends to holders of its preferred shares because it may not
satisfy the applicable capital adequacy test contained in the
Canada Business Corporations Act".

                          *     *     *

Quebecor World said that Robert Coallier has resigned from the
company's board of directors due to personal reasons, according
to The Canadian Press.

                       About Quebecor World

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

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

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

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

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

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000.

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


RANK GROUP: Blue Square Launches New Sports Betting Service
-----------------------------------------------------------
Blue Square, a part of The Rank Group plc, has launched
www.888sport.com, a pan-European sports betting service
developed and marketed with 888 Holdings plc.

The launch of 888sport.com, which marks Blue Square's first move
into international markets, gives 888's customers access to Blue
Square's market leading sports betting services under a "white
label" agreement.

888sport is initially available in English, Spanish, German,
Swedish and Danish and covers the full range of Blue Square's
traditional sports (including horse racing, football, tennis and
golf) as well as a number of new sports (such as handball), and
increased coverage on more "continental European" focused sports
like basketball and ice-hockey.

"Blue Square has earned a strong reputation in the UK for
innovation in interactive betting and gaming.  Today marks the
company's first move overseas, bringing together Blue Square's
market-leading sports betting products with 888's international
brand strength.  The launch of a multi-lingual sportsbook is
part of our strategy to access a broader customer base by
developing and marketing gaming and sports betting products for
the international marketplace," Martin Belsham, managing
director of Blue Square, said.

Blue Square plans further international development, with the
launch later this year of www.bingouniversal.com, an
online bingo business for the Spanish gaming market.

"We are delighted to offer our customers an international
betting experience with endless options to take part in sports
events, whether live, seasonal or in the future.  Our
international launch reinforces 888's strategy of creating a
large community of people consuming entertainment content
online.  The complementary skills and work cultures of the 888
and Blue Square teams mean we are confident of completing a
global rollout by the end of 2008," Gabi Campos, senior VP, head
of offering for 888, said.

                  About Blue Square

Blue Square is an interactive betting and gaming company.  Blue
Square has grown from its traditional bookmaking business to
offer all aspects of the gaming market including casino, slots,
poker and bingo, while its fixed odds betting services covers
many channels including the Internet, Interactive TV, WAP and
telephone.  Blue Square also operates online bingo for Mecca
Bingo as well as the poker and casino sites for the Grosvenor
Casinos chain.

Blue Square was a wholly owned subsidiary of the Intercapital
Group Ltd until January 2003 when it was acquired by The Rank
Group Plc.

                        About Rank Group

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

                          *     *     *

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

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

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

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


SALISBURY JEWELLERS: Calls In Liquidators from Tenon Recovery
-------------------------------------------------------------
Stanley Donald Burkett-Coltman and Nigel Ian Fox of Tenon
Recovery were appointed joint liquidators of The Salisbury
Jewellers Ltd. on Feb. 28 for the creditors' voluntary winding-
up proceeding.

The joint liquidators can be reached at:

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


SIAN ACCESSORIES: Brings In Administrators from Tenon
-----------------------------------------------------
Dilip K. Dattani and Patrick Ellward of Tenon Recovery were
appointed joint administrators of Sian Accessories Ltd. (Company
Number 05326149) on Feb. 29, 2008.

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

The company can be reached at:

          Sian Accessories Ltd.
          Distillery Street
          Nottingham
          NG11 6HL
          England
          Tel: 0115 984 4545
          Fax: 0115 984 4544


SOLO CUP: Reports US$68 Million Net Income in Fiscal Year 2007
--------------------------------------------------------------
Solo Cup Company reported its fiscal year 2007 financial
results.  The results of the company's Hoffmaster(R) and
Japanese businesses have been classified as discontinued
operations for all periods presented in its consolidated
financial statements.  As previously disclosed, these businesses
were fully divested in the fourth quarter of 2007.

* Fourth Quarter 2007 Results

For the thirteen weeks ended Dec. 30, 2007, the company reported
net sales from continuing operations of US$522 million, versus
US$534 million for the thirteen weeks ended Dec. 31, 2006.
Gross profit from continuing operations for the quarter
increased from the year ago period by US$40 million to US$74
million, reflecting a gross margin of 14.3% for the current
quarter versus 6.4% for the comparable period in 2006.
Operating income from continuing operations for the fourth
quarter 2007 was US$23 million, which represents a US$40 million
improvement over the prior year.  The company reported net
income of US$99 million for the quarter, which included a gain
on the sale of discontinued operations of US$77 million,
compared to a net loss of US$34 million in the comparable period
in 2006.

"Our solid results in the fourth quarter reflect the significant
progress made throughout 2007 in focusing the company on its
core business and improving profitability," said Solo Cup
president and chief executive officer, Robert M. Korzenski.  "We
have integrated the Performance Improvement Program into our
company culture, successfully transitioning it from a formal,
stand-alone project into an ongoing and sustainable process."

* Fiscal Year 2007 Results

For the fiscal year ended Dec. 30, 2007, the company reported
net sales from continuing operations of US$2,106 million, versus
US$2,123 million for the fiscal year ended Dec. 31, 2006.  The
decrease in net sales reflects a decrease in sales volume
partially offset by higher sales prices.  The volume decrease
reflects general industry trends as well as shifts in the
company's product mix, including a de-emphasis of certain
higher-volume commodity products such as straws and stirrers.
The increase in sales prices reflects price increases
implemented over the past year in response to higher costs for
resin, paper and energy, as well as more disciplined selling
practices.

Gross margin from continuing operations in fiscal year 2007 was
11.7% compared to 9.5% in the prior year period, primarily
driven by improved product mix and greater efficiencies
resulting from implementation of the company's performance
improvement initiatives.  Selling, general and administrative
expenses from continuing operations decreased 6% this year to
US$204 million.  The company reported net income in fiscal year
2007 of US$68 million, compared to a net loss of US$375 million
in fiscal year 2006.

As of Dec. 30, 2007, the company had in excess of US$136 million
of liquidity under its revolving credit facilities and cash on
hand.  Net cash provided by operating activities during the
fiscal year 2007 was US$96 million compared to net cash used in
operating activities of US$52 million during 2006, a US$148
million improvement.  During 2007, the company reduced its net
debt by approximately US$400 million.  Capital expenditures for
2007 totaled US$49 million versus US$61 million during 2006.

The company's Performance Improvement Program, announced in
December 2006, was designed to reduce costs and build
profitability.  Initiatives in Supply Chain and Operations, SG&A
and Commercial Optimization focused on maximizing cash flow,
reducing costs, improving margin, increasing value and building
a performance culture. As of its formal conclusion in December
2007, the program generated approximately US$75 million in
annualized run-rate EBITDA improvements, exceeding its original
targets.

"With cash flow from operations now helping to fund the business
and gross margins trending in the right direction, the company
is back on track," said Mr. Korzenski.  "However, there is still
more work to be done to bring our performance to industry
levels.  As our full-year results show, we have the right
leadership team in place to manage and now grow our business."

Mr. Korzenski continued, "Solo Cup Company is in a far better
position than it was one year ago.  The company has regained the
financial flexibility necessary for focused investments in the
business.  We are now better equipped to service and grow with
our customers, and to compete in an increasingly competitive
marketplace."

              Company Divests Dairy Packaging Assets

On March 7, 2008, the company completed the sale of its dairy
packaging assets.  Terms of the transaction were not disclosed.
A portion of the proceeds will be reinvested in the company's
core business with the remainder to be applied to the Company's
term loan.

"Dairy packaging requires a different business model and a
significant investment to remain competitive," said Mr.
Korzenski.  "This transaction is part of Solo's larger effort to
improve performance by divesting non-core, non-strategic assets
in order to focus resources on more strategic growth
opportunities."

                    About Solo Cup Company

Headquartered in Highland Park, Illinois, Solo Cup Company --
http://www.solocup.com/-- manufactures disposable foodservice
products for the consumer and retail, foodservice, packaging,
and international markets.  Solo Cup has broad expertise in
plastic, paper, and foam disposables and creates brand name
products under the Solo, Sweetheart, Fonda, and Hoffmaster
names.  The company was established in 1936 and has a global
presence with facilities in Asia, Canada, United Kingdom,
Mexico, Panama and the United States.

                        *    *    *

As reported in the Troubled Company Reporter-Europe on
Oct. 30, 2007, Fitch Ratings upgraded Solo Cup Company's senior
secured first lien term loan rating to 'BB-/RR1' from 'B+/RR2',
senior secured revolving credit facility rating to 'BB-/RR1'
from 'B+/RR2' and senior subordinated notes rating to 'CCC+/RR5'
from 'CCC/RR6'.  Fitch also affirmed Solo Cup's Issuer default
rating at 'B-'.


ZIFF DAVIS: Seeks Authority to Hire Winston & Strawn as Counsel
---------------------------------------------------------------
Ziff Davis Media, Inc. and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Southern of District of
New York to employ Winston & Strawn LLP as their attorneys, nunc
pro tunc to their bankruptcy filing.

Winston & Strawn will act as the Debtors' counsel for insolvency
and related matters, and will render legal services relating to
the day-to-day administration of the Chapter 11 cases.

Pursuant to an engagement agreement entered into by the Debtors
and Winston & Strawn, dated February 4, 2008, the Debtors hired
the firm to provide legal advice in connection with their
efforts to resolve their financial difficulties, including
advice related to the filing of the Chapter 11 cases.

Mark D. Moyer, chief restructuring officer of Ziff Davis Media
Inc., relates that the Debtors selected Winston & Strawn because
the firm's attorneys have extensive experience, knowledge and
resources in the area of debtors' and creditors' rights, and in
addition to a national bankruptcy practice, have extensive
experience with the bankruptcy courts in various jurisdictions.
Furthermore, Winston & Strawn has become familiar with the
complex factual and legal issues that will have to be addressed
in these cases as a result of its prepetition representation of
the Debtors.

As the Debtors' counsel for insolvency and related matters,
Winston & Strawn will:

   * advise the Debtors of their powers and duties as debtors-
     in-possession, as well as matter regarding bankruptcy law;

   * represent the Debtors in proceedings and hearings in the
     United States District and Bankruptcy Courts for the
     Southern District of New York;

   * prepare on behalf of the Debtors any necessary motions,
     applications, orders and other legal papers;

   * provide assistance, advice and representation concerning
     any potential sale of the Debtors as a going concern or the
     sale of substantially all or a significant portion of the
     Debtors' assets;

   * provide assistance, advice and representation concerning
     the confirmation of any proposed plans and solicitation of
     any acceptances or responding to rejections of the plans;

   * provide assistance, advice and representation concerning
     any investigation of the assets, liabilities and financial
     condition of the Debtors that may be required under local,
     state or federal law;

   * prosecute and defend litigation matters and other matters
     that might arise during the Chapter 11 cases;

   * provide counseling and representation with respect to
     assumption or rejection of executory contracts and leases,
     sales of assets and other bankruptcy-related matters
     arising from the Chapter 11 cases;

   * render advice with respect to general corporate and
     litigation issues relating to these cases; and

   * perform other legal services as may be necessary and
     appropriate for the efficient and economical administration
     of the Chapter 11 cases.

In exchange for the contemplated services, the Debtors will
pay Winston & Strawn based on the firm's applicable hourly
rates:

        Professional                     Hourly Rate
        ------------                     -----------
        Partner                         US$405 to US$975
        Associate                       US$270 to US$590
        Paralegal/Legal Assistant       US$135 to US$285

Four professionals are presently expected to have primary
responsibility for providing services to the Debtors:

     1. Mark K. Thomas
     2. Carey D. Schreiber
     3. Daniel J. McGuire
     4. Mindy D. Cohn.

Pursuant to the parties' prepetition engagement agreement,
Winston & Strawn received advance fee payments totaling
US$700,000 in connection with its representation of the Debtors
prior to the bankruptcy filing, including, without limitation,
preparation of the Chapter 11 cases and other matters.

Mark K. Thomas, a partner of Winston & Strawn, assures the Court
that his firm is a "disinterested person," as the term is
defined in Section 101(14) of the Bankruptcy Code.

                   About Ziff Davis Media, Inc.

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

The company and six debtor-affiliates filed for bankruptcy
protection on March 5, 2008 (Bankr. S.D.N.Y., Case No. 08-
10768).  Carey D. Schreiber, Esq. at Winston & Strawn, LLP
represents the Debtors in their restructuring efforts.  When
Ziff Davis filed for bankruptcy protection, it listed assets of
between $100 million to $500 million and debts of $500 million
to $1 billion.

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

(Ziff Davis Bankruptcy News, Issue No. 2, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstandor 215/945-7000).


* UK to Amend Law Requiring Insolvency Publication in Papers
------------------------------------------------------------
The U.K. government will amend in 2009 a current legislation
that requires companies to publish key insolvency events in a
newspaper, as disclosed in the country's Enterprise White Paper,
published along the 2008 Budget.

Baroness Vadera, U.K.'s Business and Enterprise Minister, told
The Daily Telegraph that too many people fear business risk and
failures, thus fewer businesses are established.

"There is a culture issue," Ms. Vadera told The Daily Telegraph.
"Most people don't feel they can go out and start a business.
The fear of failing is a much bigger deal here than in the
[United] States."

According to the Enterprise White Paper, it is within
government's control to encourage local businesses, which means
needs changes on insolvency rules.

"In order to remove unnecessary burdens on creditors of
insolvent estates the Government proposes to change the law by
the end of 2009 so that insolvency officers have discretion to
decide whether or not to place an advertisement in the local
press, having regard to the particular circumstances of the
case," Enterprise White Paper says.

"As virtually all advertisements currently placed appear in
local newspapers, this change is likely to lead to a reduction
in the perceived level of stigma associated with bankruptcy,"
The Enterprise White Paper concluded.

Insolvency notices, however, will continue to be published in
the London, Edinburgh and Belfast Gazettes.


* BOOK REVIEW: Bankruptcy: A Feast for Lawyers
----------------------------------------------
Author:     Sol Stein
Publisher:  Beard Books
Paperback:  341 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1893122123/internetbankrupt

Described by the Chicago Tribune as a "latter-day version of
Dicken's Bleak House," this book is a shattering indictment of
bankruptcy law by a CEO who lived through the experience of a
Chapter 11.

The author exposes a system that is supposed to provide an
opportunity for troubled companies to reorganize, but kills more
than 70 percent of the businesses that take refuge in it while
enriching legions of lawyers.

In the nightmare world of Chapter 11, the gainers are seldom the
creditors or the debtor company, but rather the bankruptcy bar,
impeached in this book by its own conduct and the condemnation
of its ethical brethren.

Besides his own experience, the author draws examples from
diverse industries including trucking, food, real estate, oil
and publishing.

Sol Stein, the author of this book, was the former CEO of now-
defunct Stein and Day, one of the last independent American
publishing houses operating in the 1980s.

                            *********

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.


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