TCREUR_Public/080317.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, March 17, 2008, Vol. 9, No. 54

                            Headlines


A U S T R I A

REWI REORGANISATIONS: Claims Registration Period Ends April 11
RUSTANPASIC ZENIT: Claims Registration Period Ends March 31
TUI AG: TUI Travel Buys Austrian Air’s 25% TUI Austria Stake
WEISS & PROKES: Claims Registration Period Ends April 24


B E L A R U S

SISTEMA JSFC: Inks Partnership Agreement with Government


G E R M A N Y

ACONTHERM GMBH: Claims Registration Ends April 7
ADAMS BAU: Claims Registration Ends April 7
DARGE INFORMATIK: Claims Registration Period Ends March 25
GROSSMANN BAUGESCHAFT: Claims Registration Period Ends March 28
HAMA GRUNDSTUECKSGESELLSCHAFT: Claims Period Ends March 28

KASPAR SCHULTE: Claims Registration Period Ends March 28
KENEDDIE GMBH: Claims Registration Period Ends March 25
LEWIN GMBH: Claims Registration Ends April 7
LORENIT STOFFE: Claims Registration Ends April 7
MCR GALVANISCHE: Claims Registration Ends April 7

NONNENDAMMALLEE 82: Claims Registration Ends April 7
NRG ENERGY: S&P Gives Positive Outlook on 'B+' Corporate Rating
PRIME 2006-1: S&P Puts Ratings on All Notes Under Negative Watch
TUI AG: TUI Travel Buys Austrian Air’s 25% TUI Austria Stake


H U N G A R Y

MAGYAR TELECOM: Moody's Holds B1 Rating with Stable Outlook


I R E L A N D

ASHCOIN LTD: High Court Approves Rescue Deal
BALLANTYNE RE: Moody's Lowers Ratings on US$300 Million Notes
FARRINGDON MORTGAGES 1: Fitch Says Outlook on 3 Tranches is Pos.
FARRINGDON MORTGAGES 2: Fitch Holds BB Rating on Class B2a


I T A L Y

PARMALAT SPA: Main Trial Over Collapse Commenced Last Friday


K A Z A K H S T A N

ALTAISKY GEOLOG: Creditors Must File Claims by April 22
BUTYA OJSC: Claims Deadline Slated for April 18
ELECTROMONTAJNOYE UPRAVLENIYE-1: Claims Period Ends April 22
SAT CARGO: Creditors' Claims Due on April 22
SWISS KAZAKH: Claims Registration Ends April 25

TONIK-99 LLP: Creditors Must File Claims by April 25
TUYAK LLP: Claims Deadline Slated for April 25


K Y R G Y Z S T A N

AFINA-COM LTD: Claims Filing Period Ends April 18
CENTRAL ASIA: Creditors Must File Claims by April 8


L U X E M B O U R G

DELPHI LUXEMBOURG: Moody's Ups Rating on US$200MM Loan to (P)Ba2
EVRAZ GROUP: Acquires IPSCO from Svenskt Stal AB for US$2.3 Bln


R U S S I A

ALEKSEEVSKOE REPAIR: Creditors Must File Claim by April 22
AVEST OJSC: Creditors Must File Claim by April 22
BALAKHNINSKIY FACTORY: Bankruptcy Hearing Slated for July 8
BAYKINSKOE OJSC: Creditors Must File Claims by March 22
CHEBOKSARSKIY MEAT: Creditors Must File Claim by April 22

COMSTAR-UNITED: Inks Infrastructure Deal in Klyazminskoye
COMSTAR–UNITED: Completes NGN Networks in Saratov, Russia
EVRAZ GROUP: Acquires IPSCO from Svenskt Stal AB for US$2.3 Bln
FAETON CJSC: Creditors Must File Claim by April 22
KAMENOBRODSKOE OJSC: Creditors Must File Claims by March 22

RIF-INVEST-MICHURINA: Creditors Must File Claim by April 22
ROSNEFT OIL: Board Sets Annual General Meeting for June 5
MIRAX GROUP LLC: Fitch Places Ratings Under Negative Watch
NORD-WOOD LLC: Creditors Must File Claims by March 22
SISTEMA JSFC: Issues RUR6 Billion Bond to Refinance Debt

SISTEMA JSFC: Inks Partnership Agreement with Belarus Government
START LLC: Creditors Must File Claims by March 22
TAMBOV-SEWER: Creditors Must File Claim by April 22
TRANS-STROY LLC: Tyumen Bankruptcy Hearing Slated for May 15
VELIKOMIKHAYLOVSKOE OJSC: Creditors Must File Claim by April 22

VERKHOVSKIY DISTILLERY: Asset Sale Slated for March 25
VIMPEL-COMMUNICATIONS: Earns US$1.46 Billion in 2007
VOLGATELECOM OJSC: Pays Coupon yield on BT-4 Series Bonds
VTB BANK: Completes Repurchase Transaction with VTB-NW
WOOD-STROY-MATERIALS: Creditors Must File Claims by March 22


S P A I N

EMPRESAS TDA: Moody's Rates EUR60 Million Notes at (P)Ba3
TDA 30: Moody's Junks Rating on EUR8.2 Million Series D Notes


S W I T Z E R L A N D

CJB- CONSULTING: Creditors' Liquidation Claims Due by March 20
EPR LABAUTOMATION: Creditors' Liquidation Claims Due by March 22
ERNST ARMIERUNGEN: Creditors' Liquidation Claims Due by March 21
GREEN-STREAM JSC: Creditors' Liquidation Claims Due by March 20
MOHL + RODRIGUEZ: Creditors' Liquidation Claims Due by March 23

PARR MANAGEMENT: Creditors' Liquidation Claims Due by March 20
PERSONAL BERATUNG: Creditors' Liquidation Claims Due by March 20
PETROPLUS HOLDINGS: S&P Puts BB- Rating on Unit's US500MM Bonds
PUCCI, SULZER: Creditors' Liquidation Claims Due by March 23
REMEDYWORKS LLC: Creditors' Liquidation Claims Due by March 22

WDT-TELEMATIK LLC: Creditors' Liquidation Claims Due by March 25


U K R A I N E

ALBATROS LLC: Creditors Must File Claims by March 27
APOCALYPSE-PLUS LLC: Proofs of Claim Deadline Set March 27
CRYSTAL-FLOR-1: Creditors Must File Claims by March 23
ENERGYRESOURCE LLC: Creditors Must File Claims by March 23
FAVORIT LLC: Creditors Must File Claims by March 23

LAGUNA DNIEPR: Creditors Must File Claims by March 27
MAYSTRY LLC: Creditors Must File Claims by March 23
MET-RAGE LLC: Creditors Must File Claims by March 23
PARITET ASK: Creditors Must File Claims by March 27
ROMNY PLANT: Proofs of Claim Deadline Set March 23

TOREZ-SM LLC: Creditors Must File Claims by March 27


U N I T E D   K I N G D O M

CHRYSLER LLC: Plans to Shutter Company for Two Weeks in July
DIOMED HOLDINGS: To Sell Assets to Biolitec Under Bankruptcy
DIOMED HOLDINGS: Receives Delisting Notice from AMEX
DIOMED LIMITED: Files for Administration
DURA AUTOMOTIVE: Tax Advisor Seeks US$962,541 in Fees for Jan.

BRITISH ENERGY: S&P Affirms BB Rating with Negative Outlook
EUROFLEET EXPRESS: Taps Liquidators from BDO Stoy Hayward
FORD MOTOR: Europe Sales Rise 5.4% in February 2008
KENNEDY PRINT: Brings In Liquidators from PKF
MANSARD 2006-1: Fitch Holds BB Rating on Class B2a

MANSARD 2007-1: Fitch Affirms BB Rating on Class B2a
MAXJET AIRWAYS: Still in Talks to Sell Assets After Bid Deadline
MOIST LTD: Peter Wastell Leads Liquidation Procedure
NUTRICIA WELLS: Calls In Liquidators from PricewaterhouseCoopers
QUEBECOR WORLD: Has Strong Position to Survive, Teamsters Says

QUEBECOR WORLD: Ex-Corby Workers Set Up Taskforce with Unite
QUEEN STREET: S&P Puts Low-B Ratings on EUr170 Million Notes
TATLOW GLASS: Taps M. H. Abdulali to Liquidate Assets
TOM SHELDON: Hires Liquidators from Moore Stephens
TOTAL CLADDING: Appoints Liquidator from Deloitte & Touche


* BOND PRICING: For the Week March 10 to March 14, 2008


                            *********


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


REWI REORGANISATIONS: Claims Registration Period Ends April 11
--------------------------------------------------------------
Creditors owed money by LLC ReWi Reorganisations- und
Wirtschaftsberatung (FN 202321g) have until April 11, 2008, to
file written proofs of claim to court-appointed estate
administrator Maximilian Schludermann at:

          Dr. Maximilian Schludermann
          Reisnerstrasse 32/12
          1030 Vienna
          Austria
          Tel: 715 50 45
          Fax: 715 50 474
          E-mail: office@anwalt-vienna.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on April 25, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1607
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 25, 2008 (Bankr. Case No. 28 S 32/08x).


RUSTANPASIC ZENIT: Claims Registration Period Ends March 31
-----------------------------------------------------------
Creditors owed money by KEG RUSTANPASIC ZENIT (FN 192305b) have
until March 31, 2008, to file written proofs of claim to court-
appointed estate administrator Gerwald Holper at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:30 p.m. on April 14, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Eisenstadt
          Hall F
          Eisenstadt
          Austria

Headquartered in Eisenstadt, Austria, the Debtor declared
bankruptcy on Feb. 25, 2008 (Bankr. Case No. 26 S 20/08f).


TUI AG: TUI Travel Buys Austrian Air’s 25% TUI Austria Stake
------------------------------------------------------------
TUI Travel PLC has confirmed that it is acquiring Austrian
Airlines' 25% holding in TUI Austria.  The transaction will
complete in the current quarter of the TUI Travel financial
year.  TUI Austria had gross assets of GBP60.2 million as of
Sept. 30, 2007.

                           About TUI

Headquartered in Hanover, Germany, TUI AG --
http://www.tui-group.com/-- engages in the tourism and shipping
sectors.   The company's core activities are in the tourism
business, focusing mainly on the markets of Central, Northern
and Western Europe.  TUI AG's shipping and logistics activities
are contained within its Hapag-Lloyd Container Linie GmbH and CP
Ships Ltd. subsidiaries.

                         *     *     *

As reported in the TCR-Europe on Aug. 21, 2007, Moody's
Investors Service placed the B1 Corporate Family Rating for TUI
Aktiengesellschaft on review for possible downgrade.

At the same time, the senior unsecured debt ratings are lowered
to B2 from B1, and left on review for possible downgrade.  The
ratings of the unsecured notes were originally placed on review
for possible downgrade on March 20, 2007, following the
announcement of the planned merger between TUI's tourism
division and First Choice PLC.

In a TCR-Europe report on July 27, 2007, Standard & Poor's
Ratings Services lowered its ratings on the senior unsecured
issues of Germany-based tourism and shipping group TUI AG to 'B'
from 'B+' and removed them from CreditWatch, where they were
originally placed with negative implications on March 19, 2007.

This follows the approval of the merger of its tourism business
with U.K. travel operator First Choice Holidays PLC to TUI
Travel PLC by antitrust authorities and First Choice
shareholders, resulting in increased structural subordination of
the group's senior unsecured indebtedness.  At the same time,
Standard & Poor's affirmed the 'BB-' long-term corporate credit
rating on TUI.  S&P said the outlook is negative.


WEISS & PROKES: Claims Registration Period Ends April 24
--------------------------------------------------------
Creditors owed money by LLC Weiss & Prokes (FN 113541y) have
until April 24, 2008, to file written proofs of claim to court-
appointed estate administrator Alexander Schoeller at:

          Dr. Alexander Schoeller
          c/o Dr. Stephan Riel
          Landstrasser Hauptstrasse 1/2
          1030 Vienna
          Austria
          Tel: 713 44 33
          Fax: 713 10 33
          E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1703
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 25, 2008 (Bankr. Case No. 5 S 19/08s).  Stephan Riel
represents Dr. Schoeller in the bankruptcy proceedings.


=============
B E L A R U S
=============


SISTEMA JSFC: Inks Partnership Agreement with Government
--------------------------------------------------------
Sistema JSFC has signed a partnership agreement with the
Government of the Republic of Belarus.

The agreement was signed by Vladimir Semashko, First Deputy
Prime Minister of the Republic of Belorus, and Alexander
Goncharuk, President of Sistema.

The main goal of the agreement is to attract investments to the
Republic of Belarus through the implementation of economically
viable and socially significant investment projects in a number
of industries.  Within the framework of this agreement both
parties expect to sign individual agreements between
governmental bodies of Belarus and Sistema and its subsidiaries.

A Steering Committee has been set up to execute joint projects,
and consists of 12 representatives of the Government of the
Republic of Belarus and ten representatives of Sistema and its
subsidiaries.

"We have strong interest in the expansion of the unified
economic area of the Russian Federation and Belarus, and a
closer integration between Russian and Belarusian companies,"
Alexander Goncharuk, Sistema President and Chief Executive
Officer, said.  "We believe that Sistema's experience as a
diversified corporation will give us an opportunity to establish
efficient partnerships in different industries of the Republic
such as real estate, telecommunications, healthcare, retail,
banking and high-tech industries."

                         About Sistema

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

                         *     *     *

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

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

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


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


ACONTHERM GMBH: Claims Registration Ends April 7
------------------------------------------------
Creditors of acontherm GmbH have until April 7, 2008 to register
their claims with court-appointed insolvency manager Stefan
Haas.

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

The meeting of creditors will be held at:

         The District Court of Straubing
         Hall 227/II
         Straubing
         Germany

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

The insolvency manager can be reached at:

         Stefan Haas
         Theresienplatz 29
         94315 Straubing
         Germany
         Tel: 09421/3303930

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

The Debtor can be reached at:

         acontherm GmbH
         Sachsenring 50
         94315 Straubing
         Germany


ADAMS BAU: Claims Registration Ends April 7
-------------------------------------------
Creditors of GmbH have until April 7, 2008 to register their
claims with court-appointed insolvency manager Dr. Ulrich
Wenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 21, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Ulrich Wenzel
         Grossbeerenstrasse 231
         14480 Potsdam
         Germany

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

The Debtor can be reached at:

         ADAMS Bau GmbH
         Attn: Norbert Adams and Marco Zimmer, Manager
         Ebelstrasse 38-40
         14959 Trebbin
         Germany


DARGE INFORMATIK: Claims Registration Period Ends March 25
----------------------------------------------------------
Creditors of Darge Informatik GmbH have until March 25, 2008, to
register their claims with court-appointed insolvency manager
Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on April 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Rolf Rattunde
         Kurfuerstendamm 26a
         10719 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Darge Informatik GmbH on Feb. 4, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Darge Informatik GmbH
         Angermünder Strasse 9
         16278 Angermuende
         Germany


GROSSMANN BAUGESCHAFT: Claims Registration Period Ends March 28
---------------------------------------------------------------
Creditors of Grossmann Baugeschaft GmbH have until
March 28, 2008, to register their claims with court-appointed
insolvency manager Sandra Bitter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 18, 2008, at which time the
insolvency manager will present her 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:

         Sandra Bitter
         Busdorfwall 22
         33098 Paderborn
         Germany

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

The Debtor can be reached at:

         Grossmann Baugeschaft GmbH
         Attm: Michael Grossmann, Manager
         Seefelder Strasse 30
         33154 Salzkotten
         Germany


HAMA GRUNDSTUECKSGESELLSCHAFT: Claims Period Ends March 28
----------------------------------------------------------
Creditors of HaMa Grundstuecksgesellschaft mbH have until
March 28, 2008, to register their claims with court-appointed
insolvency manager Ulrich Rosenkranz.

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

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse 18057
         Rostock
         Germany

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

The insolvency manager can be reached at:

         Ulrich Rosenkranz
         Lange Strasse 50
         18311 Ribnitz-Damgarten
         Germany

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

The Debtor can be reached at:

         HaMa Grundstuecksgesellschaft mbH
         Attn: Jens Hameyer, Manager
         Lohgerberstrasse 32
         18055 Rostock
         Germany


KASPAR SCHULTE: Claims Registration Period Ends March 28
--------------------------------------------------------
Creditors of Kaspar Schulte GmbH & Co. KG have until
March 28, 2008, to register their claims with court-appointed
insolvency manager Thorsten Klepper.

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

The meeting of creditors will be held at:

         The District Court of Hagen
         Meeting Hall 252
         Heinitzstrasse 42/44
         58097 Hagen
         Germany

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

The insolvency manager can be reached at:

         Thorsten Klepper
         Hochstr. 124
         58095 Hagen
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Kaspar Schulte GmbH & Co. KG on Feb. 27, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kaspar Schulte GmbH & Co. KG
         Attn: Bernd Plum, Manager
         Brinkstr. 62
         58097 Hagen
         Germany


KENEDDIE GMBH: Claims Registration Period Ends March 25
-------------------------------------------------------
Creditors of Keneddie GmbH have until March 25, 2008, to
register their claims with court-appointed insolvency manager
Thomas Schaefer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Thomas Schaefer
         Fuggerstr. 16
         86150 Augsburg
         Germany

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

The Debtor can be reached at:

         Keneddie GmbH
         Attn: Aysun Yorulmaz, Manager
         Heilig-Grab-Gasse 1
         86150 Augsburg
         Germany


LEWIN GMBH: Claims Registration Ends April 7
--------------------------------------------
Creditors of Lewin GmbH & Co.Zillestrasse 30 KG have until
April 7, 2008 to register their claims with court-appointed
insolvency manager Christian Koehler-Ma.

Claims set out in the insolvency manager's report will be
verified at 11:40 a.m. on June 9, 2008 at:

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

Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Lewin GmbH & Co.Zillestrasse 30 KG on
Jan. 15, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Lewin GmbH & Co.Zillestrasse 30 KG
         Uhlandstr. 7/8
         10623 Berlin
         Germany


LORENIT STOFFE: Claims Registration Ends April 7
------------------------------------------------
Creditors of Lorenit Stoffe GmbH & Co. Farberei KG have until
April 7, 2008 to register their claims with court-appointed
insolvency manager Knut Rebholz.

Claims set out in the insolvency manager's report will be
verified at 11:45 a.m. on June 9, 2008 at:

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

Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Lorenit Stoffe GmbH & Co. Farberei KG on
Jan. 16, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Lorenit Stoffe GmbH & Co. Farberei KG
         Gerhart-Hauptmann-Str. 15
         03044 Cottbus
         Germany


MCR GALVANISCHE: Claims Registration Ends April 7
-------------------------------------------------
Creditors of MCR Galvanische Diamantbeschichtung GmbH have until
April 7, 2008 to register their claims with court-appointed
insolvency manager Prof. Rolf Rattunde.

Claims set out in the insolvency manager's report will be
verified at 10:00 a.m. on June 2, 2008 at:

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

Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Prof. Rolf Rattunde
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against MCR Galvanische Diamantbeschichtung GmbH on
Jan. 11, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         MCR Galvanische Diamantbeschichtung GmbH
         Goerzallee 307
         14167 Berlin
         Germany


NONNENDAMMALLEE 82: Claims Registration Ends April 7
----------------------------------------------------
Creditors of Nonnendammallee 82 KG Suedstern
Grundstuecksverwaltungs- und Bautrager GmbH & Co. have until
April 7, 2008 to register their claims with court-appointed
insolvency manager Christian Koehler-Ma.

Claims set out in the insolvency manager's report will be
verified at 11:55 a.m. on Feb. 18, 2008 at:

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


Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against  Nonnendammallee 82 KG Suedstern
Grundstuecksverwaltungs- und Bautrager GmbH & Co. on Jan. 10,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Nonnendammallee 82 KG Suedstern
         Grundstuecksverwaltungs- und Bautrager GmbH & Co.
         Oranienstr. 25
         10999 Berlin
         Germany


NRG ENERGY: S&P Gives Positive Outlook on 'B+' Corporate Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on NRG
Energy Inc.'s 'B+' corporate credit rating to positive from
stable.  The revision reflects the company's strong cash flows
over the past couple of years, improved prospects for the next
few years, and S&P's expectations that ratings could be upgraded
as the company continues to sweep debt and strengthen its
financial profile.

"The 'B+' corporate credit rating reflects NRG's leveraged
financial profile, risks associated with the merchant power
business, and significant growth plans.  These factors are
mitigated by significant near-term cash flow stability created
by the company's substantial hedging program, albeit one that
creates operational risks; significant fleet diversity in terms
geography, fuel, and dispatch position; as well as the current
favorable market conditions for merchant power companies," said
Standard & Poor's credit analyst Swami Venkataraman.  "High gas
prices and tightening reserve margins across the U.S.,
accentuated by a growing difficulty in building new baseload
generation, are expected to result in strong cash flows over the
next few years.   This, combined with a mandatory cash flow
sweep associated with NRG's bank term loan B, support a
strengthening financial profile over the next few years."

Funds from operations coverage of interest and debt were strong
at 3.0x and 18.1%, respectively, for the year 2007.  Using S&P's
conservative merchant price assumptions, these ratios still
exceed 2.5x and 12% over the next few years, adequate for the
rating.   NRG's leverage is high for a merchant generator but
continues to decline as the company sweeps cash to pay down
debt.  Leverage stood at roughly 60.4% of total capitalization
as of Dec. 31, 2007.  Given the company's hedging policy, this
leverage can be supported at the rating level.  Under NRG's base
case, leverage drops to about 52% at the end of 2009 and to 56%
under S&P's gas price deck.

Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE:
NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse
portfolio of power-generating facilities, primarily in Texas and
the Northeast, South Central and West regions of the U.S.  Its
operations include baseload, intermediate, peaking, and
cogeneration and thermal energy production facilities.  As of
Dec. 31, 2007, NRG also had net ownership in approximately 1,235
MW of power generating capacity outside the United States in
Australia, Brazil, and Germany.  In addition to traditional
power generation facilities, NRG also owns equity interests in
certain coal mines in Germany.


PRIME 2006-1: S&P Puts Ratings on All Notes Under Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its ratings on all the notes issued by
PRIME 2006-1 Funding Limited Partnership, a German SME CLO
transaction.

The CreditWatch placements follow the full credit analysis of
the underlying portfolio of participation rights issued by
German SMEs.  This analysis relies on updated probabilities of
default for each company in the portfolio, which were
quantitatively derived by using CreditRiskTracker.  Standard &
Poor's has examined the observed credit migration and carried
out a comparative analysis of the new probabilities of default.

Standard & Poor's also examined the latest transaction
reporting, which shows the portfolio distribution with regard to
the internal bank ratings.  The combined information gained from
both analyses demonstrates deterioration in the portfolio credit
quality.

"The underlying portfolio in PRIME 2006-1 Funding has low
granularity and is markedly concentrated.  The top 10 obligors,
out of 29 companies initially included in the portfolio,
constitute more than 65% of the entire portfolio," explained
credit analyst Viktor Milev.  "As such, the portfolio is
naturally very sensitive to credit migration of single obligors,
in particular if this concerns exposures of €10 million or
higher."

Standard & Poor's credit analysis has demonstrated that the
scenario default rates derived by modeling the current portfolio
in CDO Evaluator are higher than the scenario default rates at
closing.  The higher level of expected defaults will put
pressure on the ratings assigned to each class of notes when
carrying out the cash flow analysis of the transaction.

Despite the observed credit migration, PRIME 2006-1 has not
experienced defaults so far.  Furthermore, Fitch have not
observed deferrals until now, nor have delinquencies in the
transaction been reported.

Mr. Milev added: "So far, the only PDL entry was due to the
early termination of one of the underlying participation rights,
due to sale of the companies operating business; this
participation right has fully repaid the principal due on it.
Thus, the PDL entry will be cleared as of the next reporting
date and will decrease to zero, provided no new entries have to
be booked.  In our cash-flow analysis, which we will carry out
over the next few weeks, we will assume a PDL balance of zero.
At the same time, we will factor in the resulting de-leverage
which will occur once the PDL is cleared and the EUR4.5 million
is used to repay senior notes."

                            Ratings List

             PRIME 2006-1 Funding Limited Partnership
               EUR186.5 Million Floating-Rate Notes

             Ratings Placed On CreditWatch Negative

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


TUI AG: TUI Travel Buys Austrian Air’s 25% TUI Austria Stake
------------------------------------------------------------
TUI Travel PLC has confirmed that it is acquiring Austrian
Airlines' 25% holding in TUI Austria.  The transaction will
complete in the current quarter of the TUI Travel financial
year.  TUI Austria had gross assets of GBP60.2 million as of
Sept. 30, 2007.

                           About TUI

Headquartered in Hanover, Germany, TUI AG --
http://www.tui-group.com/-- engages in the tourism and shipping
sectors.   The Company's core activities are in the tourism
business, focusing mainly on the markets of Central, Northern
and Western Europe.  TUI AG's shipping and logistics activities
are contained within its Hapag-Lloyd Container Linie GmbH and CP
Ships Ltd. subsidiaries.

                         *     *     *

As reported in the TCR-Europe on Aug. 21, 2007, Moody's
Investors Service placed the B1 Corporate Family Rating for TUI
Aktiengesellschaft on review for possible downgrade.

At the same time, the senior unsecured debt ratings are lowered
to B2 from B1, and left on review for possible downgrade.  The
ratings of the unsecured notes were originally placed on review
for possible downgrade on March 20, 2007, following the
announcement of the planned merger between TUI's tourism
division and First Choice PLC.

In a TCR-Europe report on July 27, 2007, Standard & Poor's
Ratings Services lowered its ratings on the senior unsecured
issues of Germany-based tourism and shipping group TUI AG to 'B'
from 'B+' and removed them from CreditWatch, where they were
originally placed with negative implications on March 19, 2007.

This follows the approval of the merger of its tourism business
with U.K. travel operator First Choice Holidays PLC to TUI
Travel PLC by antitrust authorities and First Choice
shareholders, resulting in increased structural subordination of
the group's senior unsecured indebtedness.  At the same time,
Standard & Poor's affirmed the 'BB-' long-term corporate credit
rating on TUI.  S&P said the outlook is negative.


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


MAGYAR TELECOM: Moody's Holds B1 Rating with Stable Outlook
-----------------------------------------------------------
Moody's Investors Service confirmed a B1 Corporate Family Rating
of Magyar Telecom B.V. with a stable outlook.  Magyar Telecom is
a wholly-owned subsidiary of Hungarian Telephone and Cable
Corporation.  Concurrently, the rating agency confirmed ratings
on the existing debt obligations.  This concludes the review
initiated in December 2007 following the company's announcement
to acquire Memorex Telex Communications AG for total
consideration of US$130 million.

The confirmation of the rating reflects Moody's view that the
acquisition is consistent with the group's strategy to gain
scale, to stimulate growth via internet and wholesale data
services and to diversify its revenue base amidst continuing
pressure on fixed-line voice.  The integration of Magyar Telecom
and Memorex is likely to strengthen its position as a leading
alternative provider of wholesale services in the CEE region
going forward.

At the same time, the B1 rating takes into account (i) continued
pressure on the company's fixed-line revenues and profitability
driven by fixed-to-mobile substitution and continued price
erosion in traditional voice services and migration to VoIP;
(ii) strong competition from the incumbent and cable operators
for the provision of broadband services; (iii) uncertainty
associated with the company's final capital structure; and (iv)
tight liquidity, particularly in 2008 and, to a lesser degree,
in 2009.  Additionally, Moody's notes that the company's
shareholding structure is likely to evolve over the near to
medium term which creates limited visibility as regards future
financial policies. The B1 rating with a stable outlook does not
incorporate any further financial flexibility.

Magyar Telecom's Cash Debt to EBITDA pro forma for the
acquisition of Memorex was 3.8x (adjusted for various one-off
items and operating leases and excluding PIK notes) as at 31 of
December 2007.  To finance the acquisition, the company raised a
bridge facility in the amount of EUR100 million.  Although the
presence of the facility increases refinancing risk in the near
term, Moody's notes that the facility automatically converts
into a term loan after 12 months.  Moreover, Moody's understands
that the company is currently considering various options to
streamline its capital structure.  The final capital structure
could potentially lead to a change in the instrument ratings and
their LGD assessments; the instrument ratings could be
downgraded if the company materially increases senior secured
debt in the capital structure.

The B1 rating assumes that the company will report improvements
in revenue and EBITDA growth when compared to 2007 and synergy
realisation from the combination of HTCC and Magyar Telecom.
The rating also acknowledges that the company will still need to
rely on the existing liquidity facility and cash balances to
meet its amortisation requirements.

Moody's has applied its loss given default methodology to the
instruments ratings after including the EUR100 million bridge
facility in the company's capital structure.  Moody's confirms
the Ba1 (LGD1 - 8%) rating on the senior secured facility,
reflecting its most senior position in the capital structure,
with a change in LGD assessment to LGD1 from LGD2.  The B2
rating on the existing notes (LGD-4, 62%) reflects their
structural and contractual subordination to the senior secured
facilities.  LGD assessments for the notes remain unchanged.

The stable outlook on the ratings reflects Moody's expectations
that the company will be able to offset the decline in fixed
line voice revenue and EBITDA with growth in broadband Internet
and wholesale services while achieving operating synergies
anticipated at the time of HTCC and Magyar Telecom merger and
from the integration of Memorex.

Positive pressure on the ratings could develop if the company
sustainably de-leverages towards 3.0x cash Debt to EBITDA in
combination with greater visibility on the company's
shareholding and capital structure over the medium term.

Negative pressure on the ratings could develop if the company
fails to grow its Internet and wholesale revenue and EBITDA to
offset pressure on traditional voice and / or it increases its
leverage over 4.5x cash Debt to EBITDA.  Furthermore, any
deterioration in the company's ability to meet its liquidity
requirements would put a downward pressure on the rating.

Headquartered in Budaors, Hungary, Magyar Telecom is the second
largest fixed-line telecommunications provider in Hungary.


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


ASHCOIN LTD: High Court Approves Rescue Deal
--------------------------------------------
A High Court in Dublin approved a scheme of arrangement for
bankrupt company Ashcoin Ltd., the Post.ie reports.

Under the rescue proposal put forward by examiner Declan Taite
of FGS, an EUR1 million will be put into the business, the
report says.  Mr. Taite however did not disclosed the name of
the investor.

According to the report, the investor will take 98% of Ashcoin's
Fit-Out subsidiary and will make the EUR1 million investment
through Fit-Out.

Majority of Ashcoin's creditors approved the scheme of
arrangement, where preferential creditors will receive 20 cents
for every Euro owed, while unsecured creditors will receive 10%
of their debts, Post.ie relates.

The company sought bankruptcy protection in January 2008, after
incurring EUR8 million of debt, Post.ie said.

Headquartered in Dublin, Ireland, Ashcoin Ltd. -- http://
www.ashcoin.ie/ -- is a mechanical and electrical engineering
and fit-out company.  For the financial year 2006, the company
has turnover of EUR16 million and operating profit of
EUR706,000.


BALLANTYNE RE: Moody's Lowers Ratings on US$300 Million Notes
-------------------------------------------------------------
Moody's Investors Service downgraded these notes issued by
Ballantyne Re plc and Orkney Re II plc:

Ballantyne Re

  -- US$250 million of 30-year Class A-1 Floating Rate Notes

     -- Current Rating: Ba1, on review for downgrade
     -- Prior Rating: Baa3, on review for downgrade

  -- US$10 million of 30-year Class B-1 Subordinated Fixed Rate
     Notes

     -- Current Rating: B2, on review for downgrade
     -- Prior Rating: B1, on review for downgrade

  -- US$40 million of 30-year Class B-2 Subordinated Floating
     Rate Notes

     -- Current Rating: B2, on review for downgrade
     -- Prior Rating: B1, on review for downgrade

Orkney Re II

  -- US$42.5 million of 30-year Series A-2 Floating Rate Notes

     -- Current Rating: Ba1, on review for downgrade
     -- Prior Rating: Aa2, on review for downgrade

  -- US$30.0 million of 30-year Series B Floating Rate Notes

     -- Current Rating: Ba3, on review for downgrade
     -- Prior Rating: Baa2, on review for downgrade

Ballantyne Re and Orkney Re II are independent special purpose
reinsurers each sponsored by Scottish Annuity & Life Insurance
Company (Cayman) Ltd. (Ba3 insurance financial strength, on
review for downgrade) for the purpose of financing the excess
reserve requirement associated with distinct blocks of business
ceded by Scottish Re (U.S.), Inc. (Ba3 IFS rating, on review for
downgrade), a subsidiary of Scottish Re Group Limited (Scottish
Re; NYSE: SCT; Caa3 preferred stock, on review for downgrade).
The reinsurance agreements between Scottish Re (U.S.) and the
two special purpose reinsurers covers defined blocks of level
premium term life policies subject to the statutory reserve
requirements of Regulation XXX.  Moody's rating analysis views
the actuarial assumptions in Regulation XXX as producing
economically redundant statutory reserves for level premium term
products.

According to Moody's, the downgrades are based on both the
projected losses in Ballantyne Re and Orkney Re II's investment
portfolios --particularly investments in subprime and Alt-A
residential mortgage-backed securities -- that support the
repayment of the notes, as well as the impact of unrealized
investment losses on the probability of the notes defaulting.
The losses on the RMBS securities include both realized credit
impairments as well as substantial unrealized mark-to-market
losses, although none of the securities in the Ballantyne Re or
Orkney Re II portfolios have experienced a payment default to
date.  The performance of the underlying level premium term
business supporting both of the reserve funding structures is
consistent with Moody's original expectations, and is not
directly affected by movements in the investment portfolio.

According to Scott Robinson, Vice President & Senior Credit
Officer, "the quarterly requirement for Ballantyne Re and Orkney
Re II to true up the market value of the assets held in the
reserve credit trust to the level of the statutory reserves,
combined with the investment losses on the RMBS securities, have
significantly eroded unencumbered surplus in the two vehicles."
Robinson added that "absent a recovery of unrealized losses or
changes to the structures in their current form, it is likely
that transactional restrictions would prevent the payment of
interest on the notes -- essentially based on a measure of
unencumbered capital to required capital --in the near-term."
Moody's emphasized that despite the possibility of an
interruption of interest payments, primarily driven by a decline
in the market value of investments in the special purpose
reinsurers, the ultimate loss on the notes (which are not
insured by financial guarantors) will be driven both by the
performance of the underlying term life business and the
performance of the invested assets. We expect that Ballantyne Re
will experience higher relative investment-related losses than
Orkney Re II, given the different composition of the investment
portfolios within the two structures, which helps to explain the
lower rating on the subordinated notes of Ballantyne Re.

Moody's added that for Orkney Re II, the credit profile has also
been negatively impacted by the triggering of contractual
provisions increasing fees paid to financial guarantors.
According to Robinson, "the fees that are paid by Orkney Re II
to insure certain classes of their notes have increased as a
result of downgrades of Scottish Re (U.S.) since the deals were
originally rated. This places greater pressure on the deal,
especially if it is assumed that the increased fees are paid
over a long period of time."  In the Ballantyne Re transaction,
the increased payments to the financial guarantors are
subordinate to both Class A and B notes.  As a result of this
feature, increased fees paid to the guarantors have no impact on
the ratings of Ballantyne Re.

Most of the notes issued by these two special purpose reinsurers
to fund the collateral requirements for the statutory reserves
are insured by financial guarantors, while some of the notes
were issued without financial guaranty insurance.  The ratings
of the uninsured notes (and the underlying ratings of the
insured notes) consider the results of stochastic modeling of
insurance and investment cash flows from the level premium term
business supporting the transaction, including the modeled
expected losses to the note holders.

The review for downgrade will focus on the potential for
additional investment losses in the RMBS portfolio and the
nature and likely effectiveness of any actions that may be
pursued by Ballantyne Re, Orkney Re II, and/or Scottish Re to
mitigate the impact of losses on the ability of the special
purpose reinsurer to pay interest on the notes.

These rated notes are not affected by the current rating action:

Ballantyne Re:

    -- US$500 million of Class A-2, Series A Floating Rate
       Notes, insured by Ambac Assurance UK Ltd.

       * Current Rating: Aaa, negative outlook

    -- US$500 million of Class A-2, Series B Floating Rate
       Notes, insured by Assured Guaranty (UK) Ltd.

       * Current Rating: Aaa, stable outlook

    -- US$400 million of Class A-3 Floating Rate Notes, insured
       by Ambac Assurance UK Ltd.

       * Current Rating: Aaa, negative outlook

Orkney Re II:

    -- US$382.5 million of Class A-1 Floating Rate Notes,
       insured by Assured Guaranty (UK) Ltd.

       * Current Rating: Aaa, stable outlook

The rating action concludes a review for downgrade on Orkney Re
II's uninsured debt that was initiated on September 7, 2006.  On
Feb. 1, 2008, Moody's downgraded the uninsured notes of
Ballantyne Re.

Ballantyne Re plc and Orkney Re II plc are public limited
companies established in Ireland as special purpose vehicles.
Scottish Re is a Cayman Islands company with principal executive
offices located in Bermuda.  On Sept. 30, 2007, Scottish Re
reported total assets of US$13.4 billion and shareholder's
equity of US$869 million.


FARRINGDON MORTGAGES 1: Fitch Says Outlook on 3 Tranches is Pos.
----------------------------------------------------------------
Fitch Ratings changed the Outlook on three tranches of
Farringdon Mortgages No. 1 Plc to Positive from Stable.  The
ratings are affirmed, along with Farringdon Mortgages No. 2 Plc,
Mansard Mortgages 2006-1 Plc and Mansard Mortgages 2007-1 Plc.
All of these transactions are originated by Rooftop Mortgages
Limited, a subsidiary of Bear Stearns Companies Inc (rated
'A+'/Negative Outlook /'F1+').  The rating actions are:

Farringdon Mortgages No. 1 Plc:

   -- Class A2a (ISIN XS0211295778) affirmed at 'AAA'; Outlook
      Stable

   -- Class A2a detachable coupons (DACs) (ISIN XS0211296313)
      affirmed at 'AAA'; Outlook Stable

   -- Class M2a (ISIN XS0211300362) affirmed at 'A'; Outlook
      revised to Positive from Stable

   -- Class B1a (ISIN XS0211301766) affirmed at 'BBB'; Outlook
      revised to Positive from Stable

   -- Class B2a (ISIN XS0211303382) affirmed at 'BB-'
      (BB minus); Outlook revised to Positive from Stable

   -- MERCS (ISIN XS0211306641) affirmed at 'AAA'; Outlook
      Stable

Farringdon Mortgages No. 2 Plc:

   -- Class A2a (ISIN XS0228709985) and A2a DAC (ISIN
      XS0228710561) affirmed at 'AAA'; Outlook Stable

   -- Class M2a (ISIN XS0228711882) affirmed at 'A'; Outlook
      Stable

   -- Class B1a (ISIN XS0228712260) affirmed at 'BBB'; Outlook
      Stable

   -- Class B2a (ISIN XS0228712930) affirmed at 'BB'; Outlook
      Stable

   -- MERCS (ISIN XS0228713235) affirmed at 'AAA'; Outlook
      Stable

Mansard Mortgages 2006-1 Plc:

   -- Class A1a (ISIN XS0272296384) affirmed at 'AAA'; Outlook
      Stable

   -- Class A2a (ISIN XS0272297358) affirmed at 'AAA'; Outlook
      Stable

   -- Class M1a (ISIN XS0272298752) affirmed at 'AA'; Outlook
      Stable

   -- Class M2a (ISIN XS0272299131) affirmed at 'A'; Outlook
      Stable

   -- Class B1a (ISIN XS0272304311) affirmed at 'BBB'; Outlook
      Stable

   -- Class B2a (ISIN XS0272305045) affirmed at 'BB'; Outlook
      Stable

Mansard Mortgages 2007-1 Plc:

   -- Class A1a (ISIN XS0293436910) affirmed at 'AAA'; Outlook
      Stable

   -- Class A2a (ISIN XS0293438965) affirmed at 'AAA'; Outlook
      Stable

   -- Class M1a (ISIN XS0293458054) affirmed at 'AA'; Outlook
      Stable

   -- Class M2a (ISIN XS0293460381) affirmed at 'A'; Outlook
      Stable

   -- Class B1a (ISIN XS0293442215) affirmed at 'BBB'; Outlook
      Stable

   -- Class B2a (ISIN XS0293446711) affirmed at 'BB'; Outlook
      Stable

The reserve funds in FM1 and FM2 are still far from reaching
their target levels.  However, high prepayment speed is
benefiting these deals.  Prepayments have had a positive impact
on de-leveraging the deal and building levels of credit
enhancement, such that there is sufficient credit cover to
noteholders.

The affirmation of FM1 and Outlook change reflect its stable
performance over several consecutive quarters.  Since October
2006, loans in arrears by more than three months have stabilised
and are currently at 20.37% of the current collateral balance,
while weighted average loss severities have been decreasing.
Sold repossessions and losses are increasing at a slower pace.
The notes have started paying pro-rata for FM1 from 15 January
2008 interest payment dates all triggers for pro-rata payment
are satisfied.

In FM2, loans in arrears by more than three months have been
increasing slowly each quarter for the last year and are
currently at 17.97% of the current collateral balance.  Realised
losses per quarter have been stable in the last year.  Loss
severities have been decreasing from the highs seen in 2006.

In MM06-1 and MM07-1 the prepayment rates, in contrast, have
been low and, as a result, these transactions have not de-
leveraged like FM1 and FM2 at similar seasoning.  However the
three-month delinquency for MM06-1 transaction is low at 5.57%
in comparison with 19.91% for FM1 and 13.88% for FM2 transaction
at similar seasoning.  The three-month delinquency rate for
MM07-1 transaction is also low at 3.65% in comparison with
12.19% for FM1 and 12.21% for FM2 transaction at similar
seasoning.  The difference in performance is due to MM06-1 and
MM07-1 having more near-prime and buy-to-let collateral in
comparison with FM1 and FM2 transactions.

Rating Outlooks for European Structured Finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-
year period.


FARRINGDON MORTGAGES 2: Fitch Holds BB Rating on Class B2a
----------------------------------------------------------
Fitch Ratings changed the Outlook on three tranches of
Farringdon Mortgages No. 1 Plc to Positive from Stable.  The
ratings are affirmed, along with Farringdon Mortgages No. 2 Plc,
Mansard Mortgages 2006-1 Plc and Mansard Mortgages 2007-1 Plc.
All of these transactions are originated by Rooftop Mortgages
Limited, a subsidiary of Bear Stearns Companies Inc (rated
'A+'/Negative Outlook /'F1+').  The rating actions are:

Farringdon Mortgages No. 1 Plc:

   -- Class A2a (ISIN XS0211295778) affirmed at 'AAA'; Outlook
      Stable

   -- Class A2a detachable coupons (DACs) (ISIN XS0211296313)
      affirmed at 'AAA'; Outlook Stable

   -- Class M2a (ISIN XS0211300362) affirmed at 'A'; Outlook
      revised to Positive from Stable

   -- Class B1a (ISIN XS0211301766) affirmed at 'BBB'; Outlook
      revised to Positive from Stable

   -- Class B2a (ISIN XS0211303382) affirmed at 'BB-'
      (BB minus); Outlook revised to Positive from Stable

   -- MERCS (ISIN XS0211306641) affirmed at 'AAA'; Outlook
      Stable

Farringdon Mortgages No. 2 Plc:

   -- Class A2a (ISIN XS0228709985) and A2a DAC (ISIN
      XS0228710561) affirmed at 'AAA'; Outlook Stable

   -- Class M2a (ISIN XS0228711882) affirmed at 'A'; Outlook
      Stable

   -- Class B1a (ISIN XS0228712260) affirmed at 'BBB'; Outlook
      Stable

   -- Class B2a (ISIN XS0228712930) affirmed at 'BB'; Outlook
      Stable

   -- MERCS (ISIN XS0228713235) affirmed at 'AAA'; Outlook
      Stable

Mansard Mortgages 2006-1 Plc:

   -- Class A1a (ISIN XS0272296384) affirmed at 'AAA'; Outlook
      Stable

   -- Class A2a (ISIN XS0272297358) affirmed at 'AAA'; Outlook
      Stable

   -- Class M1a (ISIN XS0272298752) affirmed at 'AA'; Outlook
      Stable

   -- Class M2a (ISIN XS0272299131) affirmed at 'A'; Outlook
      Stable

   -- Class B1a (ISIN XS0272304311) affirmed at 'BBB'; Outlook
      Stable

   -- Class B2a (ISIN XS0272305045) affirmed at 'BB'; Outlook
      Stable

Mansard Mortgages 2007-1 Plc:

   -- Class A1a (ISIN XS0293436910) affirmed at 'AAA'; Outlook
      Stable

   -- Class A2a (ISIN XS0293438965) affirmed at 'AAA'; Outlook
      Stable

   -- Class M1a (ISIN XS0293458054) affirmed at 'AA'; Outlook
      Stable

   -- Class M2a (ISIN XS0293460381) affirmed at 'A'; Outlook
      Stable

   -- Class B1a (ISIN XS0293442215) affirmed at 'BBB'; Outlook
      Stable

   -- Class B2a (ISIN XS0293446711) affirmed at 'BB'; Outlook
      Stable

The reserve funds in FM1 and FM2 are still far from reaching
their target levels.  However, high prepayment speed is
benefiting these deals.  Prepayments have had a positive impact
on de-leveraging the deal and building levels of credit
enhancement, such that there is sufficient credit cover to
noteholders.

The affirmation of FM1 and Outlook change reflect its stable
performance over several consecutive quarters.  Since October
2006, loans in arrears by more than three months have stabilised
and are currently at 20.37% of the current collateral balance,
while weighted average loss severities have been decreasing.
Sold repossessions and losses are increasing at a slower pace.
The notes have started paying pro-rata for FM1 from 15 January
2008 interest payment dates all triggers for pro-rata payment
are satisfied.

In FM2, loans in arrears by more than three months have been
increasing slowly each quarter for the last year and are
currently at 17.97% of the current collateral balance.  Realised
losses per quarter have been stable in the last year.  Loss
severities have been decreasing from the highs seen in 2006.

In MM06-1 and MM07-1 the prepayment rates, in contrast, have
been low and, as a result, these transactions have not de-
leveraged like FM1 and FM2 at similar seasoning.  However the
three-month delinquency for MM06-1 transaction is low at 5.57%
in comparison with 19.91% for FM1 and 13.88% for FM2 transaction
at similar seasoning.  The three-month delinquency rate for
MM07-1 transaction is also low at 3.65% in comparison with
12.19% for FM1 and 12.21% for FM2 transaction at similar
seasoning.  The difference in performance is due to MM06-1 and
MM07-1 having more near-prime and buy-to-let collateral in
comparison with FM1 and FM2 transactions.

Rating Outlooks for European Structured Finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-
year period.


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


PARMALAT SPA: Main Trial Over Collapse Commenced Last Friday
------------------------------------------------------------
A court in Parma, Italy, commenced last Friday, March 14, 2008,
the main trial against people allegedly involved in the collapse
of Parmalat S.p.A., the Associated Press reports.

According to the report, 24 former executives of Parmalat,
including founder Calisto Tanzi and CFO Fausto Tonna, are facing
charges of fraudulent bankruptcy and criminal association that
carry a maximum 15 years in prison.

Mr. Tanzi and Mr. Tonna, however, failed to show up on the first
day of the trial, although the founder declared he will
"actively participate" once it gets going.  The trial, reports
disclose, could last up to three years.

The court, the AP adds, also opened four related trials,
bringing the total number of defendants to 56, among them are
Italian bankers Cesare Geronzi and Matteo Arpe.

The prosecutors, the AP relates, submitted a list of 247
witnesses, who according to defense lawyer Giampiero Biancolella
will be asked "why they bought the Parmalat bonds, to understand
if they were persuaded by Parmalat's accounts or if someone else
convinced them to buy."

The defense, which has argued in various trials that it was the
financial institutions selling the bonds that were responsible
for the fraud, on the other hand, listed 35,000 small
bondholders, who have the joined the trial as civil
complainants, the AP reveals.

According to Mr. Biancolella, Mr. Tanzi apologized to the
bondholders, who lost their investment in the crash, saying "the
only thing he can do, as the one who was running Parmalat, is to
create a situation in which situation in which all who are
responsible must answer for their conduct," the paper discloses.

                        About Parmalat

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

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

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

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

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

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


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


ALTAISKY GEOLOG: Creditors Must File Claims by April 22
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared JSC Altaisky Geolog insolvent on Jan. 22, 2008.

Creditors have until April 22, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Protozanov Str. 25
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 24-29-03


BUTYA OJSC: Claims Deadline Slated for April 18
-----------------------------------------------
OJSC Butya has declared insolvency.  Creditors have until
April 18, 2008, to submit written proofs of claims to:

         OJSC Butya
         Bogenbai batyr Str. 80
         Almaty
         Kazakhstan
         Tel: 8 (3272) 66-49-39


ELECTROMONTAJNOYE UPRAVLENIYE-1: Claims Period Ends April 22
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Firm Electromontajnoye Upravleniye-1
Electrosredazmontage insolvent Jan. 30, 2008.

Creditors have until April 22, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Satpaev Str. 136-208
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-15-92


SAT CARGO: Creditors' Claims Due on April 22
--------------------------------------------
JSC Sat Cargo International has declared insolvency.  Creditors
have until April 22, 2008, to submit written proofs of claims
to:

         JSC Sat Cargo International
         Satpaev Str. 36
         Atyrau
         Kazakhstan


SWISS KAZAKH: Claims Registration Ends April 25
-----------------------------------------------
LLP Swiss Kazakh Phoenix Holding has declared insolvency.
Creditors have until April 25, 2008, to submit written proofs of
claims to:

         LLP Swiss Kazakh Phoenix Holding
         Tole bi Str. 63
         Almaty
         Kazakhstan
         Tel: 8 (3272) 311-03-74
         FAX: 8 (3272) 311-03-72


TONIK-99 LLP: Creditors Must File Claims by April 25
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Tonik-99 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


TUYAK LLP: Claims Deadline Slated for April 25
----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Tuyak 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


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


AFINA-COM LTD: Claims Filing Period Ends April 18
-------------------------------------------------
LLC Afina-Com Ltd. has declared insolvency.  Creditors have
until April 18, 2008 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 64-49-76, 64-64-27,
(0-775) 98-62-55.


CENTRAL ASIA: Creditors Must File Claims by April 8
---------------------------------------------------
LLC Central Asia Minerals Holding in Kyrgyzstan has declared
insolvency.  Creditors have until April 8, 2008 to submit
written proofs of claim to:

         LLC Central Asia Minerals Holding in Kyrgyzstan
         Bakaev Str. 124
         Bishkek
         Kyrgyzstan


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


DELPHI LUXEMBOURG: Moody's Ups Rating on US$200MM Loan to (P)Ba2
----------------------------------------------------------------
Moody's Investors Service affirmed Delphi Corporation's
Corporate Family Rating of (P)B2 but revised the rating on the
company's US$3.7 billon of first lien term loans.

Moody's also affirmed Delphi's (P)B3 rating on the company's
proposed US$825 million of second lien term loans and its
Speculative Grade Liquidity rating of SGL-2.

The actions follow revisions to Delphi's financing arranged for
its planned emergence from Chapter 11 bankruptcy protection.

While the total amount of the first lien term loan is unchanged
at US$3.7 billion, it will now be separated into a senior
tranche ("B-1") for US$1.7 billion, and a junior tranche ("B-2")
for US$2.0 billion which an affiliate of General Motors
Corporation will hold as consideration as part of GM's emergence
claims.  Moody's upgraded the rating on US$1.7 billion of the
more senior B-1 tranche to (P)Ba2 from (P)Ba3 (the rating
applies to both the domestic portion of US$1.5 billion
(previously US$2.95 billion), and the Euro equivalent of US$0.2
billion to its European subsidiary borrower (previously the
Euro equivalent of US$0.75 billion)).  Moody's assigned a rating
of (P)B2 to the B-2 tranche.  The outlook is stable.

Moody's assigned prospective ratings to Delphi's emergence
financing on January 14, 2008.  Those facilities were launched
on a "best efforts" basis.  In response to challenging credit
markets, certain provisions to the earlier structure have been
revised.  GM will now receive a lower amount of cash at the time
of Delphi's emergence and will accept Delphi notes.  An
affiliate of GM has agreed to accept US$2.0 billion of notes
under the B-2 tranche whose principal will be junior in a
bankruptcy waterfall to claims of the B-1 tranche.  The amount
of cash GM will receive will depend upon amounts raised from
market sources of the second lien term loan issuance but will be
at least US$175 million.  The first US$75 million obtained from
market sources from the second lien term loan would be retained
by Delphi.  GM would be paid any amounts received above US$75
million.  To the extent that market sources subscribe to less
than US$825 million, GM would accept the remainder of the notes
as reimbursement.

Pricing and certain other provisions have also been altered from
the earlier structure.  While lending margins have been
increased from previous levels, LIBOR rates to which those
margins would be added have materially declined in response to
actions taken by the Federal Reserve Bank.  As a result, Delphi
anticipates that its prospective interest expense post emergence
will be slightly less than earlier expectations, but it has
agreed to a floor on LIBOR and would be exposed to any increases
in LIBOR above the floor to the extent it has not hedged that
exposure.

Delphi's operating performance in the final quarter of 2007
exceeded levels in its approved Plan of Reorganization, and, on
a pro forma basis, it would expect to emerge with slightly more
consolidated cash balances than previously contemplated.  While
such trends are encouraging, prospects for North American
automotive production in 2008 have dimmed as macro-economic
factors have increased uncertainty on consumer expenditures on
durable goods such as automobiles.  Should North American
production volumes decline as a result, operating profitability
would likely diminish and could offset any assumption of
incremental performance based on recent experience.  In Moody's
view, there has been no material change in Delphi's prospective
aggregate indebtedness, interest expense or cash flows from
previous expectations.  As a result, Moody's affirmed the (P)B2
Corporate Family Rating since many key metrics remain consistent
with the B2 rating category.

The (P)B2 CFR reflects the magnitude of the company's
indebtedness upon emergence, weak but improving coverage over
the intermediate term as the anticipated benefits of
restructuring initiatives take hold, and the absence of free
cash flow in its initial year after emergence.  The rating
recognizes substantial improvements in the company's cost
structure and operational efficiencies achieved during its
period of bankruptcy re-organization and ongoing benefits from
its global scale and manufacturing footprint.  However, the
rating also considers the extent of the company's exposure to
General Motors Corporation's North American operations.  While
GMNA exposure has significantly declined, it will continue as
the largest individual component in the customer base, leaving
Delphi vulnerable to any further reduction in GM's production
volumes or market share in this critical region.

Delphi's strengths include its geographic diversification, and
large book of long term contracts to supply components for
various vehicle platforms.  The company will have significantly
reduced its legacy liabilities through the bankruptcy process,
shed unprofitable operations, and identified other initiatives
that should improve its operating cost structure and better
position it to compete in the auto parts supply business.
However, the full benefit of these initiatives will only be
achieved over time, and during the near term the company's
financial metrics will remain consistent with ratings at the low
end of the B range. In particular, it is noted that Delphi will
require incremental restructuring disbursements of roughly
US$800 million over the next few years, which will likely
preclude free cash flow generation during 2008.  It is also
noted that Delphi will be emerging from bankruptcy at a time
when economic trends suggest potential for further weakness in
automotive sales.  While the benefits of restructuring
initiatives should yield improvement in financial metrics over
time, economic pressures could temper the rate of improvement.
Consequently, Moody's continues to view the company's rating
profile as more consistent with the B2 rating category at this
time.

The stable outlook is supported by Delphi's liquidity profile,
expectations that the pace of operational improvements will gain
traction over the intermediate term, and the company's
participation in multiple geographic regions with different
growth prospects.  These factors along with an expected
transition to positive free cash flow in 2009 have the potential
to produce stronger coverage ratios and lower leverage going
forward.  Nonetheless, should a weaker environment for
automotive sales develop in 2008, pressure on Delphi's liquidity
and outlook could ensue.

Ratings affirmed with updated LGD assessment:

Delphi Corporation

   -- Corporate Family Rating, (P)B2
   -- Probability of Default Rating, (P)B2
   -- US$825 million second lien term loan, (P)B3 (LGD-4, 65%)
   -- Speculative Grade Liquidity rating, SGL-2

Ratings revised on reduced amounts issued:

Delphi Corporation

   -- US$1,500 million first lien secured term loan,
      tranche B-1, (P)Ba2 (LGD 2, 17%) from (P)Ba3, (LGD-2-62%)

Delphi Holdings Luxembourg S.ar.l.

   -- Euro equivalent of US$200 million first lien term loan,
      tranche B-1, guaranteed by Delphi Corporation, (P)Ba2
      (LGD-2, 17%) from (P)Ba3 (LGD-2, 26%)

Ratings assigned

Delphi Corporation

   -- US$2,000 million first lien secured term loan,
      tranche B-2, (P)B2 (LGD-3, 47%)

The higher rating on the B-1 tranche of the first lien term loan
reflects the application of a probability of default rating of
(P)B2 and a loss given default assessment of LGD-2, 17%. The
rating benefits from the priority of its secured claims and a
substantial increase in the amount of junior debt from the
introduction of the B-2 tranche.  The assigned rating of (P)B2
to the B-2 tranche results from the application of the same PDR
and an LGD of LGD-3, 47%.  Its rating, level with the underlying
CFR, flows from its secured position in the waterfall behind the
B-1 tranche but ahead of the second lien obligation.  The rating
on the second lien term loan is unchanged as the total amount of
more senior claims has not changed.  Its LGD assessment has
changed slightly as a result of up-dated amounts of unsecured
non-debt claims.

The above ratings were assigned on a prospective basis and
assumed a full subscription to Delphi's proposed financing (the
arrangers continue to be retained on a best efforts basis) as
well as recieving bankruptcy court affirmation of an effective
date of emergence.  Upon confirmation that those events have
occurred, the (P) modifier will be removed.  Should any of those
assumptions prove to be incorrect, the ratings may be subject to
change or could be withdrawn.

Delphi Corporation, headquartered in Troy, MI, is a global tier-
1 automotive supplier with products and services addressing
electrical/electronic architecture, electronics & safety,
powertrain systems, thermal systems, and aftermarket product and
service solutions.  The company expects to have revenues from
continuing operations of roughly US$20 billion and employs
approximately 171,000 people at 163 manufacturing sites around
the world.


EVRAZ GROUP: Acquires IPSCO from Svenskt Stal AB for US$2.3 Bln
---------------------------------------------------------------
Evraz Group S.A. disclosed the acquisition of IPSCO’s Canadian
plate and pipe business for a net cost of US$2.3 billion.  The
final value will be subject to certain closing adjustments.

With plants in Regina, Calgary and Red Deer, IPSCO Canada is a
leading North American producer of steel plate, as well as pipe
for the oil and gas industry.  This purchase is yet another step
in the implementation of Evraz’s strategy to build a strong
platform in the North American downstream markets of steel plate
and tubular products.

"Following the successful acquisition of Oregon Steel Mills,
this transaction will further enhance Evraz’s existing North
American presence in high value-added steel segments," Alexander
Frolov, Evraz’s Chairman and CEO, said.  This deal will increase
our exposure to the attractive energy and infrastructure sectors
throughout the region.  We expect substantial synergies from the
combination of IPSCO Canada and Evraz’s existing North American
operations.  We are delighted to acquire a company with the long
history and outstanding track-record of IPSCO Canada and look
forward to welcoming IPSCO Canada’s employees to the Evraz
family of companies."

Under the structure of the agreed transaction, Evraz will
acquire the IPSCO Tubulars business from SSAB for US$4.025
billion.  Evraz has also entered into definitive back-to-back
agreements with OAO TMK and its affiliates, Russia’s leading
tubular player, to sell certain of the acquired US businesses
for US$1.2 billion.  In addition, Evraz expects to sell the
remaining acquired US businesses of IPSCO Tubulars to TMK for
approximately US$0.5 billion in 2009.  All of these transactions
are subject to certain closing adjustments and conditions.  As a
result of these transactions, the net cost of the acquisition
for Evraz is expected to be approximately US$2.3 billion.

The transaction will be financed by a combination of a bridge
loan raised at the Evraz level, as well as a non-recourse term
loan arranged at the acquired company level.

Credit Suisse Securities (Europe) Limited and Goldman Sachs
International are acting as joint financial advisors to Evraz.
Cleary Gottlieb Steen & Hamilton LLP and Blake, Cassels &
Graydon LLP are acting as legal counsel to Evraz.

                        About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on Feb. 26, 2008, Standard &
Poor's Ratings Services affirmed its 'BB-' long-term corporate
credit and senior unsecured debt ratings on Evraz Group S.A. and
its core subsidiary Mastercroft Ltd.  The outlook is positive.

In addition, Standard & Poor's assigned its 'BB-' long-term debt
rating to a US$3.2 billion structured credit facility.  Evraz is
the borrower, guaranteed by Mastercroft.

As reported in the TCR-Europe on Feb. 26, 2008, Fitch Ratings
affirmed Evraz Group SA's Long-term Issuer Default and senior
unsecured ratings at 'BB' and Short-term IDR at 'B'.

At the same time, Fitch has affirmed the ratings of Mastercroft
Limited (Evraz's core subsidiary with most of its assets
concentrated in Russia) at Long-term IDR 'BB' and Short-term IDR
'B'.  Evraz Securities SA's (ES) senior unsecured rating is
affirmed at 'BB'.  The Outlooks for Evraz's and Mastercroft
Limited's Long-term IDRs are Stable.

As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family
and Probability-of-Default ratings and B2 Senior Unsecured Debt
rating from Moody's Investor Service.  Moody's said the Outlook
is Positive.


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


ALEKSEEVSKOE REPAIR: Creditors Must File Claim by April 22
----------------------------------------------------------
Creditors of OJSC Alekseevskoe Repair Technical Enterprise have
until April 22, 2008, to submit proofs of claim to:

         S. Dzhembulatov
         Insolvency Manager
         Proletarskaya Str. 216
         460035 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A47-4954/07-14 GK.

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         OJSC Alekseevskoe Repair Technical Enterprise
         Asekeevo
         Asekeevskiy
         Orenburg
         Russia


AVEST OJSC: Creditors Must File Claim by April 22
-------------------------------------------------
Creditors of OJSC Production-Trading Company Avest have until
April 22, 2008, to submit proofs of claim to:

         V. Ignatov
         Insolvency Manager
         Vokzalnaya Str. 19-6
         Priamurskiy
         Smidovichskiy
         679180 EAO
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A73-7274/2007-38.

The Debtor can be reached at:

         OJSC Production-Trading Company Avest
         Krasnorechenskaya Str. 111
         Khabarovsk
         Russia


BALAKHNINSKIY FACTORY: Bankruptcy Hearing Slated for July 8
-----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod will convene on
July 8, 2008, to hear the bankruptcy supervision procedure on
OJSC Balakhninskiy Factory of Metal Constructions and Metal
Rigging.  The case is docketed under Case No. A43-30173/
2007-36-279.

The Temporary Insolvency Manager is:

         I. Grigoryeva
         Post User Box 166
         603000 Nizhniy Novgorod
         Russia

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         OJSC Balakhninskiy Factory of Metal Constructions and
         Metal Rigging
         Administrativnaya Str. 16
         Gidrotorf
         Balakhninskiy
         Nizhniy Novgorod
         Russia


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

         F. Fajrushin
         Temporary Insolvency Manager
         M. Zhukova Str. 9-12
         Ufa
         450099 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene on April 16,
2008, to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A07-11180/07-G-ShAB.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Baykinskoe
         Bayki
         Karaidelskiy
         452381 Bashkortostan
         Russia


CHEBOKSARSKIY MEAT: Creditors Must File Claim by April 22
---------------------------------------------------------
Creditors of LLC Cheboksarskiy Meat Combine (TIN 2110051668)
have until April 22, 2008, to submit proofs of claim to:

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

The Arbitration Court of Chuvashiya commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A79-6311/2007.

The Debtor can be reached at:

         LLC Cheboksarskiy Meat Combine
         Kanashskoe Shosse 27
         Cheboksary
         428003 Chuvashiya
         Russia


COMSTAR-UNITED: Inks Infrastructure Deal in Klyazminskoye
---------------------------------------------------------
Comstar – United TeleSystems has signed an agreement with
Klyazminskoye Vodokhranilische Tourist Complex to build telecom
infrastructure at the territory of this large recreation area.

The area of about 100 ha will host 50 low-rise hotel premises
(cottages) for temporary and permanent residence, business
center, coffee houses and restaurants, sporting and other
facilities.  The complex is to be completed in the year 2009.

Presently, COMSTAR-UTS are finishing design stage for a local
distribution multi-service fiber-optic network and will start
network roll-out early in the second quarter of 2008. In the
nearest future, the operator will implement a 50-channel
switchboard, scalable if necessary. Before the end of the second
quarter 2008 one more switchboard is planned to be implemented
at the territory of the facility residence area.

Provision of services is planned to be started in the second
quarter 2008. The network being rolled out will provide the
tourist facility residents and guests with a full range of
digital telecom services, including voice telephony, broadband
Internet, cable and IP TV, with a number of value-added services
such as virtual private networks (VPN), dedicated digital data
transmission channels (point-to-point), video conferencing, etc.
Besides, COMSTAR-UTS infrastructure shall ensure operation of
the facility auxiliary systems: security and fire alarms, video
monitoring, etc.

                       About Comstar-UTS

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

                           *    *    *

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

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


COMSTAR–UNITED: Completes NGN Networks in Saratov, Russia
---------------------------------------------------------
Comstar – United TeleSystems JSC has completed both multiservice
NGN-based network transport segment in Engels, Saratov Region,
and Saratov-Engels regional NGN backbone.

Konversiya Svyaz CJSC, a daughter company of Comstar-UTS JSC in
Saratov, has completed construction and commissioned transport
multiservice IP- MPLS-based NGN network in Engels.  An overall
length of the network with its own fiber-optic lines makes 4 km;
its data rate is 1 Gbps with scalability up to 10 Gbps

Metro network of Engels is connected by a fiber-optic line with
Saratov transport NGN comprising 22 access nodes covering the
whole city area. Saratov-Engels backbone length is 11 km with a
bandwidth of 1 Gbps scalable up to 10 Gbps. Fiber-optic cable
between Saratov and Engels goes along the bridge across Volga
River to connect two cities.

Based on the constructed network in Engels, COMSTAR-UTS have
already started to provide data transmission services.

"COMSTAR-UTS group regional strategy envisages increase of its
market segment in the group presence areas, first of all, by
means of creating its own infrastructure," Victor Koresh
Regional Development Vice President of COMSTAR-United
TeleSystems says, . NGN launch in Engels to expand COMSTAR-UTS
presence, means strengthening the company market position in
Saratov Region and transition of Konversiya Svyaz CJSC and TK
Overta CJSC from local to regional-level operator”.

Oleg Korolkov General Director of Konversiya Svyaz CJSC adds,
“Our network employs new technologies and has huge potential
both for traffic increase and for full range of telecom services
in demand. We are going to further increase the capacity of our
core transport network in Saratov Region, given a growing demand
for integrated communication services, including broadband
Internet”.

Presently, in Saratov, Konversiya Svyaz CJSC and
Telecommunication Company Overta CJSC, COMSTAR-UTS affiliates,
provide individuals and corporative clients with digital
telephony service, ADSL2+ and radio access broadband Internet,
data transmission and system integration services. Active works
are under way to connect residential and commercial estate to
the local telecom network. On the basis of Konversiya Svyaz CJSC
and TK Overta CJSC acquired by COMSTAR-UTS in December 2005
Saratov branch is to be created.

                       About Comstar-UTS

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

                           *    *    *

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

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


EVRAZ GROUP: Acquires IPSCO from Svenskt Stal AB for US$2.3 Bln
---------------------------------------------------------------
Evraz Group S.A. disclosed the acquisition of IPSCO’s Canadian
plate and pipe business for a net cost of US$2.3 billion.  The
final value will be subject to certain closing adjustments.

With plants in Regina, Calgary and Red Deer, IPSCO Canada is a
leading North American producer of steel plate, as well as pipe
for the oil and gas industry.  This purchase is yet another step
in the implementation of Evraz’s strategy to build a strong
platform in the North American downstream markets of steel plate
and tubular products.

"Following the successful acquisition of Oregon Steel Mills,
this transaction will further enhance Evraz’s existing North
American presence in high value-added steel segments," Alexander
Frolov, Evraz’s Chairman and CEO, said.  This deal will increase
our exposure to the attractive energy and infrastructure sectors
throughout the region.  We expect substantial synergies from the
combination of IPSCO Canada and Evraz’s existing North American
operations.  We are delighted to acquire a company with the long
history and outstanding track-record of IPSCO Canada and look
forward to welcoming IPSCO Canada’s employees to the Evraz
family of companies."

Under the structure of the agreed transaction, Evraz will
acquire the IPSCO Tubulars business from SSAB for US$4.025
billion.  Evraz has also entered into definitive back-to-back
agreements with OAO TMK and its affiliates, Russia’s leading
tubular player, to sell certain of the acquired US businesses
for US$1.2 billion.  In addition, Evraz expects to sell the
remaining acquired US businesses of IPSCO Tubulars to TMK for
approximately US$0.5 billion in 2009.  All of these transactions
are subject to certain closing adjustments and conditions.  As a
result of these transactions, the net cost of the acquisition
for Evraz is expected to be approximately US$2.3 billion.

The transaction will be financed by a combination of a bridge
loan raised at the Evraz level, as well as a non-recourse term
loan arranged at the acquired company level.

Credit Suisse Securities (Europe) Limited and Goldman Sachs
International are acting as joint financial advisors to Evraz.
Cleary Gottlieb Steen & Hamilton LLP and Blake, Cassels &
Graydon LLP are acting as legal counsel to Evraz.

                        About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                         *     *     *

As reported in the TCR-Europe on Feb. 26, 2008, Standard &
Poor's Ratings Services affirmed its 'BB-' long-term corporate
credit and senior unsecured debt ratings on Evraz Group S.A. and
its core subsidiary Mastercroft Ltd.  The outlook is positive.

In addition, Standard & Poor's assigned its 'BB-' long-term debt
rating to a US$3.2 billion structured credit facility.  Evraz is
the borrower, guaranteed by Mastercroft.

As reported in the TCR-Europe on Feb. 26, 2008, Fitch Ratings
affirmed Evraz Group SA's Long-term Issuer Default and senior
unsecured ratings at 'BB' and Short-term IDR at 'B'.

At the same time, Fitch has affirmed the ratings of Mastercroft
Limited (Evraz's core subsidiary with most of its assets
concentrated in Russia) at Long-term IDR 'BB' and Short-term IDR
'B'.  Evraz Securities SA's (ES) senior unsecured rating is
affirmed at 'BB'.  The Outlooks for Evraz's and Mastercroft
Limited's Long-term IDRs are Stable.

As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family
and Probability-of-Default ratings and B2 Senior Unsecured Debt
rating from Moody's Investor Service.  Moody's said the Outlook
is Positive.


FAETON CJSC: Creditors Must File Claim by April 22
--------------------------------------------------
Creditors of CJSC Faeton (TIN 1105009500) have until April 22,
2008, to submit proofs of claim to:

         O. Zuev
         Insolvency Manager
         Pechorskiy Pr. 83-44
         Pechora
         169600 Komi
         Russia

The Arbitration Court of Komi commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A29-169/2008.

The Court can be reached at:

         The Arbitration Court of Komi
         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar
         Russia

The Debtor can be reached at:

         CJSC Faeton
         Ostrovskogo Str. 52
         169600 Komi
         Russia


KAMENOBRODSKOE OJSC: Creditors Must File Claims by March 22
-----------------------------------------------------------
Creditors of OJSC Agricultural Enterprise Kamenobrodskoe have
until March 22, 2008, to submit proofs of claim to:

         M. Kovaleva
         Temporary Insolvency Manager
         Office 317
         Serafimovicha Str. 58
         344002 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A53-1372/08-S1-30.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Agricultural Enterprise Kamenobrodskoe
         Shkolnaya Str. 2
         Vozrozhdeninyj
         Aksayskiy
         Rostov
         Russia


RIF-INVEST-MICHURINA: Creditors Must File Claim by April 22
-----------------------------------------------------------
Creditors of OJSC Rif-Invest-Michurina (TIN 3121060225) have
until April 22, 2008, to submit proofs of claim to:

         Y. Ganzikov
         Insolvency Manager
         Post User Box 22
         308022 Belgorod
         Russia

The Arbitration Court of Belgorod commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A08-4775/07-14.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         OJSC Rif-Invest-Michurina
         Krivtsovo
         Yakovlevskiy
         Belgorod
         Russia


ROSNEFT OIL: Board Sets Annual General Meeting for June 5
---------------------------------------------------------
The Board of Directors of OAO Rosneft Oil Co. met on March 5,
2008, to review:

    * preparations for the Company’s Annual General
      Shareholders’ meeting,

    * results of the Board’s Committees for Audit, Strategic
      Planning, and Personnel and Remuneration during 2007; and

    * shareholder proposals concerning candidates for election
      to the Company’s Board of Directors and the Internal Audit
      Committee, as well as to approve proposed related-party
      transactions.

The Board resolved to call the AGM of Rosneft in Moscow at the
Expocenter on Krasnaya Presnya, on June 5, 2008, at 11:00 a.m.

The list of shareholders entitled to participate in the AGM will
be prepared on the basis of the shareholder register as of
April 16, 2008.

The Board of Directors also approved OJSC Rosneftegaz’ proposal
to include these questions in the agenda for the AGM:

    * approval of the Company’s annual report for 2007;

    * approval of annual accounting reports, including the
      profit and loss account (accounts);

    * approval of profit allocations, based on the 2007 results;

    * discussing the amount, timeframe and method of paying
      dividends, based on the 2007 results;

    * discussing remunerations and compensations of expenses of
      the members of the Board of Directors;

    * election of the members of the Board of Directors;

    * election of the members of the Internal Audit Committee;

    * approval of the Company’s independent auditor;

    * proposed changes and amendments to the Company’s Charter.

The list of candidates for elections to the Board of Directors
of OJSC Rosneft at the Annual General Shareholders’ meeting
included 12 people.  From OJSC Rosneftegaz and the Federal
Property Management Agency, owners of more than 75% of voting
shares, these joint candidates were nominated:

    * Denis Arkadievich Askinadze — Director of Department of
      State Regulation of Tariffs, Infrastructural Reforms and
      Economics of Natural Resources, the Ministry of Economic
      Development and Trade of the Russian Federation;

    * Andrey Removich Belousov — Deputy Minister of Economic
      Development and Trade of the Russian Federation;

    * Sergey Mikhailovich Bogdanchikov — President of OJSC
      Rosneft;

    * Sergey Evgenievich Naryshkin — Deputy Prime Minister of
      the Government of the Russian Federation, Head of the
      Administration of the Government of the Russian
      Federation;

    * Gleb Sergeevich Nikitin — Deputy Head of the Federal
      Agency for Federal Property Management;

    * Yury Alexandrovich Petrov — Chairman of the Russian
      Federal Property Fund;

    * Andrey Georgievich Reus — General Director of OJSC OPK
      Oboronprom;

    * Vladimir Yurievich Salamatov — Director of State
      Industrial Policy Department, the Ministry of Industry and
      Energy of the Russian Federation;

    * Igor Ivanovich Sechin — Deputy Head of the Administration
      of the President of the Russian Federation, Aide to the
      President of the Russian Federation.

From LLC RN-Razvitie, owner of 9.44% of voting shares of
Rosneft, these candidates were nominated:

    * Andrey Leonidovich Kostin — President, Chairman of the
      Management Board of JSC VTB Bank;

    * Alexander Dmitrievich Nekipelov — Vice-President of the
      Russian Academy of Sciences;

    * Hans-Joerg Rudloff — Chairman of Barclays Capital.

The list of candidates for the Internal Audit Committee included
five people:

    * Sergey Igorevich Zhuravlev — Head of Property Department,
      Fuel and Energy Sector, the Federal Agency for Federal
      Property Management;

    * Andrei Nikolaevich Kobzev — Deputy Head of Legal Support
      and Property Relations in the Fuel and Energy Sector, the
      Federal Agency for Energy;

    * Dmitry Sergeevich Logunov — Advisor, Property Department,
      Fuel and Energy Sector, the Federal Agency for Federal
      Property Management;

    * Viktoria Vladimirovna Oseledko — Deputy Director of State
      Industrial Policy Department, the Ministry of Industry and
      Energy of the Russian Federation;

    * Andrey Sergeevich Fomin — Deputy Head of Corporate
      Policies Division, Department of State Policy of the
      Ministry of Industry and Energy of the Russian Federation.

                         About Rosneft

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

                         *     *     *

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


MIRAX GROUP LLC: Fitch Places Ratings Under Negative Watch
----------------------------------------------------------
Fitch Ratings placed Russian construction company LLC Mirax
Group's Long-term Issuer Default rating of 'B', Short-term IDR
of 'B', Long-term local currency IDR of 'B' and National Long-
term rating of 'BBB-(BBB minus)(rus)' on Rating Watch Negative
following changes to the group's structure.

The RWN does not relate to Mirax Group Holding B.V. (a new
parent company which Fitch does not currently rate) or other
group companies which are not part of LLC Mirax Group.

The agency notes that the historic financial performance of LLC
Mirax Group has been good.  In FY06, the consolidated LLC Mirax
Group (which then contained all material subsidiaries) generated
RUR14,101m (approximately US$590m) of revenue, up by more than
100% year-on-year, with strong EBITDAR margins of 43% and
leverage (net debt-to-EBITDAR) of 1.0x.  Based on unaudited
management guidance, FY07 results for the new group (defined as
the group in which Mirax Group Holding B.V. is parent) are
expected to show continued sales growth, and largely unchanged
EBITDA margins and leverage levels.

Nevertheless, the ratings action follows new information
received by Fitch regarding a change in LLC Mirax Group
structure.  Based on information provided by LLC Mirax Group's
management, LLC Mirax Group, which was the main holding company,
has now become an operating subsidiary, with a new offshore
holding company (Mirax Group Holding B.V.) created higher up in
the group structure.

As a result of this structural change, there appears to have
been a material reduction in the assets now held by LLC Mirax
Group than when held under the old structure, with some large
projects, such as the Federation Tower and Mirax Plaza, now
falling outside of LLC Mirax Group's ownership.  This may have a
significant negative impact on the level of cash flow that LLC
Mirax Group can access, and therefore may have materially
increased the credit risk at the LLC Mirax Group level.
However, the full financial impact of the recent group
restructuring on LLC Mirax Group has yet to be established.

Fitch still needs to gain a thorough understanding of the new
group structure from LLC Mirax Group's management before it can
analyse the full impact of the structural change.  Fitch will
therefore seek to resolve the RWN status once this analysis is
complete.

A downgrade in the ratings may occur if this analysis concludes
that the creditworthiness of LLC Mirax Group has indeed
materially deteriorated as a result of the restructuring.
Similarly, the ratings could be affirmed at current levels if
evidence emerges that the restructuring has had no material
impact on LLC Mirax Group's credit profile.

LLC Mirax Group currently has public debt in the form of two
rouble bond issues, with approximately US$160m equivalent
currently outstanding.  This represents approximately 20% of the
total gross debt held within the new group.

The ratings of LLC Mirax Group continue to be limited by the
operational risks inherent within its construction activities as
well as by corporate governance concerns, both in terms of
below-average disclosure levels and the lack of independent
oversight (such as independent directors) in the decision making
process.


NORD-WOOD LLC: Creditors Must File Claims by March 22
-----------------------------------------------------
Creditors of LLC Nord-Wood have until March 22, 2008, to submit
proofs of claim to:

         A. Stankevich
         Temporary Insolvency Manager
         Apt. 5
         Kommunisticheskaya Str. 44/2
         Syktyvkar
         167001 Komi
         Russia

The Arbitration Court of Komi will convene on March 18, 2008, to
hear the company's bankruptcy supervision procedure.  The case
is docketed under Case No. A29-6629/2007.


The Court can be reached at:

         The Arbitration Court of Komi
         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar
         Russia

The Debtor can be reached at:

         LLC Nord-Wood
         Syktyvkar
         Komi
         Russia


SISTEMA JSFC: Issues RUR6 Billion Bond to Refinance Debt
--------------------------------------------------------
Sistema JFSC has successfully placed its RUR6 billion corporate
Bond issue.  The annual interest rate for the first and second
coupon payments has been set at 9.45%.  The Bonds mature in five
years time and coupon payments will be made on a semi-annual
basis.  The issue was fully placed and over-subscribed, with
application levels of over RUR9 billion.

The prospectus for the Bond issue was registered by Russia's
Federal Financial Markets Service on Feb. 21, 2008.

VTB Bank and Joint Stock Commercial Bank acted as the Co-Lead
Managers of the issue. Bank Petrocommerce, URALSIB Financial
Corporation, Promsvyazbank and Sberbank acted as the
Underwriters of the issue.  The Bonds were placed on the Moscow
Interbank Currency Exchange.

"We are pleased to announce the placement of our bond issue,
especially in the challenging prevailing credit market
environment," Alexey Buyanov, Sistema Senior Vice President and
Head of the Finance and Investment Group.  The proceeds of the
issue will be used to refinance our existing debt facilities and
fund our investment program.

"This demonstrates the continued support in the capital markets
for our development strategy, as well as the financial solidity
of the Group.  We would like to highlight the work of the Co-
Lead Managers and the high levels of their professionalism
exhibited throughout the process."

                         About Sistema

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

                         *     *     *

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

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

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


SISTEMA JSFC: Inks Partnership Agreement with Belarus Government
----------------------------------------------------------------
Sistema JSFC has signed a partnership agreement with the
Government of the Republic of Belarus.

The agreement was signed by Vladimir Semashko, First Deputy
Prime Minister of the Republic of Belorus, and Alexander
Goncharuk, President of Sistema.

The main goal of the agreement is to attract investments to the
Republic of Belarus through the implementation of economically
viable and socially significant investment projects in a number
of industries.  Within the framework of this agreement both
parties expect to sign individual agreements between
governmental bodies of Belarus and Sistema and its subsidiaries.

A Steering Committee has been set up to execute joint projects,
and consists of 12 representatives of the Government of the
Republic of Belarus and ten representatives of Sistema and its
subsidiaries.

"We have strong interest in the expansion of the unified
economic area of the Russian Federation and Belarus, and a
closer integration between Russian and Belarusian companies,"
Alexander Goncharuk, Sistema President and Chief Executive
Officer, said.  "We believe that Sistema's experience as a
diversified corporation will give us an opportunity to establish
efficient partnerships in different industries of the Republic
such as real estate, telecommunications, healthcare, retail,
banking and high-tech industries."

                         About Sistema

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

                         *     *     *

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

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

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


START LLC: Creditors Must File Claims by March 22
-------------------------------------------------
Creditors of LLC Start (TIN 4633018980) have until March 22,
2008, to submit proofs of claim to:

         Y. Zvyagintseva
         Temporary Insolvency Manager
         Room 406
         Dzerzhinskogo Str. 68
         305001 Kursk
         Russia

The Arbitration Court of Kursk will convene at 10:20 a.m. on May
28, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A35-7436/07g.

The Court is located at:

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

The Debtor can be reached at:

         LLC Start
         Shkolnaya Str. 22
         Razvetye
         Zheleznogorskiy
         Kursk
         Russia


TAMBOV-SEWER: Creditors Must File Claim by April 22
---------------------------------------------------
Creditors of CJSC Company Tambov-Sewer have until April 22,
2008, to submit proofs of claim to:

         Y. Barbolin
         Insolvency Manager
         Apt. 536
         Bazarnaya Str. 115/59
         Tambov
         Russia

The Arbitration Court of Tambov commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A64-5346/07-10.

The Debtor can be reached at:

         CJSC Company Tambov-Sewer
         Mendeleeva Str. 1-A
         Tambov
         Russia


TRANS-STROY LLC: Tyumen Bankruptcy Hearing Slated for May 15
------------------------------------------------------------
The Arbitration Court of Tyumen will convene at 9:15 a.m. on May
15, 2008, to hear the bankruptcy supervision procedure on LLC
Trans-Stroy.  The case is docketed under Case No. A70-7574/3-
2007.

The Temporary Insolvency Manager is:

         A. Kazantsev
         Office 302
         Building 5
         Kamchatskaya 194
         625034 Tyumen
         Russia

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         LLC Trans-Stroy
         Veteranov Truda 34B
         397478 Tyumen
         Russia


VELIKOMIKHAYLOVSKOE OJSC: Creditors Must File Claim by April 22
---------------------------------------------------------------
Creditors of OJSC Velikomikhaylovskoe (TIN 3114001123) have
until April 22, 2008, to submit proofs of claim to:

         O. Berezin
         Insolvency Manager
         Post User Box 118
         308000 Belgorod
         Russia

The Arbitration Court of Belgorod commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A08-3088/07-14.

The Court is located at:

         The Arbitration Court of Belgorod
         Narodnyj Avenue 135
         308600 Belgorod
         Russia

The Debtor can be reached at:

         OJSC Velikomikhaylovskoe
         Kakhovka Str. 65
         Velikomukhaylovka
         Novooskolskiy
         309620 Belgorod
         Russia


VERKHOVSKIY DISTILLERY: Asset Sale Slated for March 25
------------------------------------------------------
I. Talanov, the insolvency manager and bidding organizer for
CJSC Verkhovskiy Distillery, will open a public auction for the
company's properties at 11:00 a.m. on March 25, 2008, at:

         CJSC Verkhovskiy Distillery
         2nd Kurskaya Str. 77
         Orel
         Russia

Insterested participants have until March 22, 2008, to submit
bidding documents to:

         I. Talanov
         Tsentralnaya Str. 2
         Zarechenskiy
         Orel
         Russia
         Tel: 8 (4862) 74-65-62

The Debtor can be reached at:

         CJSC Verkhovskiy Distillery
         2nd Kurskaya Str. 77
         Orel
         Russia


VIMPEL-COMMUNICATIONS: Earns US$1.46 Billion in 2007
----------------------------------------------------
OJSC Vimpel-Communications has released its financial results
for the full year and fourth quarter ended Dec. 31, 2007.

Vimpelcom posted US$1.46 billion in net income on
US$7.17 billion in net revenues for 2007, compared with
US$811.49 million in net income on US$4.87 billion in net
revenues for 2006.

Vimpelcom posted US$368.11 million in net income on
US$2.01 billion for fourth quarter 2007, compared with US$197.95
million in net income on US$1.45 billion in net revenues for the
same period in 2006.

As of Dec. 31, 2007, Vimpelcom had US$10.57 billion in total
assets, US$5.16 billion in total liabilities and US$5.41 billion
in shareholders' equity.

Consolidated figures represent the combined effect of the
company’s operations in Russia, Kazakhstan, Ukraine, Uzbekistan,
Tajikistan, Georgia and Armenia.  The Company’s consolidated
operating and financial results do not include the operating and
earnings results of Golden Telecom, Inc., the acquisition of
which was completed in February 2008.  The Company plans to
include Golden Telecom’s operating and earnings results with the
Company’s consolidated operating and earnings results beginning
in the first quarter of 2008.

"2007 was another excellent year for VimpelCom," Alexander
Izosimov, Chief Executive Officer of VimpelCom, said.  "Our
revenues exceeded US$7 billion and grew at a remarkable rate of
47%.  We maintained our OIBDA margin at an impressive level of
50%.  Strong revenue growth, coupled with a healthy margin and a
balanced investment policy, resulted in free cash flow of $1.26
billion, almost tripling the 2006 level."

"Our strong financial position supports our aspiration to expand
into adjacent businesses and new geographic areas," Mr. Izosimov
added.

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications
(NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile
telecommunications services in Russia and Kazakhstan with newly
acquired operations in Ukraine, Tajikistan and Uzbekistan.  The
Company operates under the 'Beeline' brand in Russia and
Kazakhstan.  In addition, VimpelCom is continuing to use 'K-
mobile' and 'EXCESS' brands in Kazakhstan.  The group wholly
owns Mobitel in Georgia.

                          *     *     *

As reported in the TCR-Europe on Feb. 25, 2008, Standard &
Poor's Ratings Services affirmed its 'BB+' long-term corporate
credit rating on Russian mobile operator Vimpel-Communications
(JSC), following the successful closing of its tender offer for
Russian alternative telecoms operator Golden Telecom Inc. (GT),
in which VimpelCom acquired about 90.5% of shares.

At the same time, VimpelCom's US$2 billion senior unsecured
syndicated loan and US$1.5 billion bridge loan, which have
three- year and one-year maturities, respectively, were assigned
'BB+' ratings.  At the same time, the long-term corporate credit
rating on GT was raised to 'BB+' from 'BB', equalizing the
rating with that on VimpelCom.

The outlook on both VimpelCom and GT is stable.

The company also carries Ba2 Corporate Family, Probability-of-
Default and Senior Unsecured Debt Ratings from Moody's Investors
Service.


VOLGATELECOM OJSC: Pays Coupon yield on BT-4 Series Bonds
---------------------------------------------------------
OJSC VolgaTelecom has paid coupon yield on its inconvertible
interest bearing certified bearer bonds of BT-4 series with
obligatory centralized custody.

The interest rate of the sixth coupon yield on BT-4 series bonds
is 7.99% per annum or RUR19.92 per bond.  The coupon yield on
BT-4 series bonds to the amount of RUR59,760,000 was transferred
by the Company to the bonds owners in full.  The total coupon
yield paid on BT-4 series bonds amounted to RUR358,560,000.

VolgaTelecom BT-4 series bonds were floated on Sept. 12, 2006,
at MICEX by public offering.  On Oct. 19, 2006, Russia’s Federal
Financial Markets Service registered the report on the results
of the issue of OJSC VolgaTelecom inconvertible interest bearing
certified bearer bonds of BT-4 series to the amount of
RUR3 billion (the issue state registration number: 4-46-00137-
?).

Headquartered in Nizhny Novgorod, Russia, OJSC VolgaTelecom
-- http://www.vt.ru/-- provides wide range of telephony,
cellular, Internet and data transmission, TV and radio
broadcasting services in 11 regions of the Volga Federal
district.  The Company’s shares are traded at RTS and MICEX. I-
level American Depositary Receipts program is effective since
1997; the ADRs are traded at Frankfurt, Berlin Stock Exchanges
and USA OTC market.

                         *     *     *

As reported in the TCR-Europe on Feb. 18, 2008, Fitch Ratings
assigned OJSC Volgatelecom a Long-term Issuer Default rating of
'BB-', National Long-term rating of 'A+(rus)' and Short-term IDR
of 'B'.  The Outlooks for the Long-term IDR and National Long-
term rating are Stable.

As reported in the TCR-Europe on Jan. 23, 2008, Standard &
Poor's Ratings Services affirmed its 'BB-' long-term corporate
credit and 'ruAA-' Russia national scale ratings on Russian
regional telecoms operator VolgaTelecom OJSC.  The outlook is
stable.


VTB BANK: Completes Repurchase Transaction with VTB-NW
------------------------------------------------------
VTB has completed a share repurchase transaction (REPO) with VTB
North-West shares that was initiated in February 2008.  VTB's
stake in VTB North-West increased from 71.5482% to 86.4572%.

The REPO was carried out as a standard commercial trade with an
unaffiliated company.

                      About OJSC VTB Bank

Headquartered in St. Petersburg, Russia, OJSC VTB -- www.vtb.com
-- is a leading Russian universal banking group offering a wide
range of banking services and products across Russia, certain
CIS countries and selected countries in Western Europe, Asia and
Africa.

                        *     *     *

In November 2007, Moody's Investors Service rates OJSC VTB
Bank's Financial Strength at D.


WOOD-STROY-MATERIALS: Creditors Must File Claims by March 22
------------------------------------------------------------
Creditors of LLC Wood-Stroy-Materials have until March 22, 2008,
to submit proofs of claim to:

         A. Lyutyj
         Insolvency Manager
         Post User Box 103
         119415 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A41-K2-8200/06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Wood-Stroy-Materials
         Lesnaya Str. 1
         Uvarovka
         143260 Moscow
         Russia


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


EMPRESAS TDA: Moody's Rates EUR60 Million Notes at (P)Ba3
---------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
the debt to be issued by Empresas TDA CAM 6, Fondo de
Titulizacion de Activos:

     - (P)Aaa to the EUR635 million Series A1 notes
     - (P)Aaa to the EUR240 million Series A2 notes
     - (P)A3 to the EUR65.0 million Series B notes
     - (P)Ba3 to the EUR60.0 million Series C notes

Empresas TDA CAM 6, Fondo de Titulizacion de Activos is the
sixth SME transaction carried out by Caja de Ahorros del
Mediterraneo.  The portfolio consists of loans to Spanish small-
and medium-sized enterprises granted by CAM.

In Moody's view, strengths of the transaction include, among
others:

      (1) a strong swap agreement guaranteeing an excess spread
          of 0.50%;

      (2) a 6.50% cash reserve, funded up front, providing both
          liquidity and credit protection to the structure; and

      (3) a 12-month artificial write-off mechanism.

However, weaknesses of this deal include:

      (1) geographical concentration in the regions of
          Valencia (43.05%), Murcia (12.79%), Madrid (11.44%),
          and Cataluna (10.03%);

      (2) a high concentration in the Building and Real Estate
          sector;

      (3) a significant portion of unsecured loans; and

      (4) pro-rata amortisation of the notes, which negatively
          impacts the more senior series.

These risks were considered in Moody's quantitative analysis.

The provisional pool of underlying assets, as of 29 February
2008, amounted to EUR1,359,982,206 and it was composed of 6,870
loans and 5,881 borrowers.  The loans have been originated
between 1994 and 2007, with a weighted average seasoning of 1.38
years, and a weighted average remaining life of 7.12 years.
Around 35% of the outstanding of the portfolio is secured by
mortgage guarantee over different types of properties (with a
weighted average LTV of 53.24%).  At closing, there will be no
loans more than 30 days in arrears.

Moody's analysis was based on the representation given by CAM
that the final portfolio, totalling EUR1 billion, will be
selected so as to obtain the least possible concentrated
portfolio.  In addition, according to Moody's, the provisional
ratings also take into account -- among other factors: (i) an
evaluation of the underlying portfolio of loans; (ii) historical
performance information; (iii) the swap agreement hedging the
interest rate risk; (iv) the credit enhancement provided by the
guaranteed excess spread, the cash reserve and the subordination
of the notes; and (v) the legal and structural integrity of the
transaction.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavour
to assign definitive ratings to the Notes.  A definitive rating
may differ from a provisional rating. Moody's will disseminate
the assignment of any definitive ratings through its Client
Service Desk.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Series A1, A2, B and C
notes by the legal final maturity.  Moody's ratings address only
the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.


TDA 30: Moody's Junks Rating on EUR8.2 Million Series D Notes
-------------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
four series of notes issued by TDA 30 Fondo de Titulizacion de
Activos, a Spanish Asset Securitisation Fund that has been
created by Titulizacion de Activos, S.G.F.T, S.A.

Moody's has assigned these ratings:

    -- Aaa to the EUR364.2 million Series A notes
    -- A1 to the EUR8.8 million Series B notes
    -- Baa2 to the EUR7 million Series C notes
    -- C to the EUR8.2 million Series D notes.

TDA 30 represents the securitization of Spanish Prime
residential mortgages, with an average LTV of 62.45% originated
by Banca March; the portfolio will also be serviced by Banca
March.

In Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal at par on or before
the rated final legal maturity date on Series A/B/C, and for
ultimate payment of interest and principal at par on or before
the rated final legal maturity date on Class D.  The ratings do
not address full redemption of the notes on the expected
maturity date.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have
not been addressed, but may have a significant effect on yield
to investors.

Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been addressed
but may have a significant effect on the yield to investors.

The ratings of the Notes are based upon the analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, the legal and
structural integrity of the issue and the credit quality of the
parties involved in the transaction.

In Moody's opinion, the collateral backing the notes are of good
quality, yet there are certain issues that have been taken into
account in our analysis:

     (1) some mortgages are granted to non residents,

     (2) some mortgages are granted for the purpose of financing
         secondary residences,

     (3) some mortgages are originated via real estate brokers,

     (4) high LTV loans are present in the portfolio and

     (5) there is a very strong regional concentration in Canary
         Islands and in Balearic Islands.

Moody's based its rating on (1) a evaluation of the underlying
portfolio of mortgage loans securing the structure, and on (2)
the transaction's structural protections which include the
subordinate position of the Series B and C Subordinate notes
with respect to the Series A notes, the strength of the cash
flows, which include the reserve fund and any excess spread
available to cover losses.


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


CJB- CONSULTING: Creditors' Liquidation Claims Due by March 20
--------------------------------------------------------------
Creditors of LLC CJB-Consulting have until March 20, 2008, to
submit their claims to:

         JSC TWS Confides
         Hauptstrasse 67
         8274 Tagerwilen
         Kreuzlingen TG
         Switzerland

The Debtor can be reached at:

         LLC CJB-Consulting
         Tagerwilen
         Kreuzlingen TG
         Switzerland


EPR LABAUTOMATION: Creditors' Liquidation Claims Due by March 22
----------------------------------------------------------------
Creditors of JSC EPR Labautomation have until March 22, 2008, to
submit their claims to:

         Dr. Ernst Burgisser
         Marktgasse 10
         Rheinfelden AG
         Switzerland

The Debtor can be reached at:

         JSC EPR Labautomation
         Allschwil BL
         Switzerland


ERNST ARMIERUNGEN: Creditors' Liquidation Claims Due by March 21
----------------------------------------------------------------
Creditors of JSC Ernst Armierungen have until March 21, 2008, to
submit their claims to:

         Wilhelm Friedrich Ernst
         Liquidator
         Buelstrasse 29
         8317 Tagelswangen SZ
         Switzerland

The Debtor can be reached at:

         JSC Ernst Armierungen
         Lindau
         Pfaffikon ZH
         Switzerland


GREEN-STREAM JSC: Creditors' Liquidation Claims Due by March 20
---------------------------------------------------------------
Creditors of JSC Green-Stream have until March 20, 2008, to
submit their claims to:

         Peter M. Studer
         Baarerstrasse 2
         Postfach 1045
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Green-Stream
         Zurich
         Switzerland


MOHL + RODRIGUEZ: Creditors' Liquidation Claims Due by March 23
---------------------------------------------------------------
Creditors of JSC Mohl + Rodriguez dipl. Architekten ETH/SIA have
until March 23, 2008, to submit their claims to:

         JSC Bischof Treuhand & Revision
         Dorfstrasse 37
         8155 Niederhasli
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         JSC Mohl + Rodriguez dipl. Architekten ETH/SIA
         Zurich
         Switzerland


PARR MANAGEMENT: Creditors' Liquidation Claims Due by March 20
--------------------------------------------------------------
Creditors of LLC PARR Management Consulting have until March 20,
2008, to submit their claims to:

         Ronny Rutsche
         Liquidator
         Im Lerchenfeld 2
         9535 Wilen b. Wil TG
         Switzerland

The Debtor can be reached at:

         LLC PARR Management Consulting
         Thalwil
         Horgen ZH
         Switzerland


PERSONAL BERATUNG: Creditors' Liquidation Claims Due by March 20
----------------------------------------------------------------
Creditors of LLC PERSONAL BERATUNG MIOTTI have until March 20,
2008, to submit their claims to:

         Leonardo Miotti
         Oberdorfstrasse 13
         8479 Altikon
         Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC PERSONAL BERATUNG MIOTTI
         Altikon
         Winterthur ZH
         Switzerland


PETROPLUS HOLDINGS: S&P Puts BB- Rating on Unit's US500MM Bonds
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' senior
secured rating to the US$500 million convertible bonds issued by
Petroplus Finance Ltd. (Bermuda), the financing subsidiary of
Switzerland-based oil refiner Petroplus Holdings AG (Petroplus;
BB/Stable/--), one notch lower than the corporate credit rating
on the group.

In addition, a recovery rating of '5' has been assigned,
indicating S&P's expectation of modest (10%-30%) recovery for
bondholders in the event of a payment default, taking into
account that security is limited to parent and subsidiary
guarantees and a pledge over the issuer's shares.

At the same time, a recovery rating of '5' was assigned to the
US$600 million 6.75% and US$600 million 7.0% notes issued by
Petroplus Finance Ltd. (Bermuda), guaranteed by Petroplus and
ranking pari passu with the convertible bond.  The issue-level
ratings on the notes remain at 'BB-'.

The issue and recovery ratings on the secured high-yield notes
and convertible bonds take into account valuations volatility,
reflecting the cyclical nature of the business, the potential
for cross-jurisdictional insolvency issues, and the high level
of committed asset secured debt facilities designed to fund the
refineries' large working capital requirements.

Proceeds from the placement will be used to fund a portion of
the purchase price of the acquisition of the Petit Couronne and
Reichstett Vendenheim refineries and for general corporate
purposes.


PUCCI, SULZER: Creditors' Liquidation Claims Due by March 23
------------------------------------------------------------
Creditors of JSC Pucci, Sulzer have until March 23, 2008, to
submit their claims to:

         Josef Fuchs
         Balbweg 5
         8832 Wollerau
         Hofe SZ
         Switzerland

The Debtor can be reached at:

         JSC Pucci, Sulzer
         Zurich
         Switzerland


REMEDYWORKS LLC: Creditors' Liquidation Claims Due by March 22
--------------------------------------------------------------
Creditors of LLC Remedyworks have until March 22, 2008, to
submit their claims to:

         Lawrence Graham
         Zollikerstr. 20
         8702 Zollikon
         Meilen ZH
         Switzerland

The Debtor can be reached at:

         LLC Remedyworks
         Zurich
         Switzerland


WDT-TELEMATIK LLC: Creditors' Liquidation Claims Due by March 25
----------------------------------------------------------------
Creditors of LLC WDT-Telematik have until March 25, 2008, to
submit their claims to:

The Debtor can be reached at:

         LLC WDT-Telematik
         Rebmoosweg 43
         5200 Brugg AG
         Switzerland


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


ALBATROS LLC: Creditors Must File Claims by March 27
----------------------------------------------------
Creditors of LLC Albatros (code EDRPOU 33838643) have until
March 27, 2008, to submit written proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent Feb. 7, 2008.
The case is docketed as 2/13-08-392.

The Debtor can be reached at:

         LLC Albatros
         Apartment 6
         Malaya Arnautskaya Str. 1
         Odessa
         Ukraine


APOCALYPSE-PLUS LLC: Proofs of Claim Deadline Set March 27
----------------------------------------------------------
Creditors of LLC Apocalypse-Plus (code EDRPOU 33426227) have
until March 27, 2008, to submit written proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on Dec. 26, 2007.  The case is docketed
as 45/280B.

The Debtor can be reached at:

         LLC Apocalypse-Plus
         Apartment 12
         Kirov Str. 80
         Novoazovsk
         87600 Donetsk
         Ukraine


CRYSTAL-FLOR-1: Creditors Must File Claims by March 23
------------------------------------------------------
Creditors of LLC Crystal-Flor-1 (code EDRPOU 34507998) have
until March 23, 2008, to submit written proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 2/22-08-481.

The Debtor can be reached at:

         LLC Crystal-Flor-1
         Apartment 205
         Shevchenko Str. 1
         Bielgorod-Dniestrovsky
         67700 Odessa
         Ukraine


ENERGYRESOURCE LLC: Creditors Must File Claims by March 23
----------------------------------------------------------
Creditors of LLC Energyresource (code EDRPOU 30267927) 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 proceedings
against the company after finding it insolvent on Feb. 11, 2008.
The case is docketed as 6/8-08.

The Debtor can be reached at:

         LLC Energyresource
         Internatsionalistov Str. 5
         40035 Sumy
         Ukraine


FAVORIT LLC: Creditors Must File Claims by March 23
---------------------------------------------------
Creditors of LLC Favorit (code EDRPOU 25274276) have until
March 23, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/874-b.

The Debtor can be reached at:

         LLC Favorit
         Artem Str. 66
         04050 Kiev
         Ukraine


LAGUNA DNIEPR: Creditors Must File Claims by March 27
-----------------------------------------------------
Creditors of LLC Laguna Dniepr (code EDRPOU 31726283) have until
March 27, 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 Jan. 30, 2008.
The case is docketed as 43/35.

The Debtor can be reached at:

         LLC Laguna Dniepr
         Apartment 414
         Gnat Jury Str. 9
         03148 Kiev
         Ukraine


MAYSTRY LLC: Creditors Must File Claims by March 23
---------------------------------------------------
Creditors of LLC Creative Community Maystry (code EDRPOU
22900655) have until March 23, 2008, to submit written proofs of
claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 15/589-b.

The Debtor can be reached at:

         LLC Creative Community Maystry
         Pobeda Avenue 25
         03055 Kiev
         Ukraine


MET-RAGE LLC: Creditors Must File Claims by March 23
----------------------------------------------------
Creditors of LLC Met-Rage (code EDRPOU 33422065) have until
March 23, 2008, to submit written proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Feb. 12, 2008.  The case is docketed as B 24/78-08.

The Debtor can be reached at:

         LLC Met-Rage
         Zaporozhye Highway Str. 74/105
         Dnipropetrovsk
         Ukraine


PARITET ASK: Creditors Must File Claims by March 27
---------------------------------------------------
Creditors of LLC Paritet Ask (code EDRPOU 32111997) have until
March 27, 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 Jan. 30, 2008.
The case is docketed as 43/36.

The Debtor can be reached at:

         LLC Paritet Ask
         General Naumov Str. 23-b
         03164 Kiev
         Ukraine


ROMNY PLANT: Proofs of Claim Deadline Set March 23
--------------------------------------------------
Creditors of OJSC Romny Plant of Polygraphic Machines (code
EDRPOU 00243168) 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 6/54-06.

The Debtor can be reached at:

         OJSC Romny Plant of Polygraphic Machines
         Zheleznodorozhnaya Str. 143
         Romny
         42007 Sumy
         Ukraine


TOREZ-SM LLC: Creditors Must File Claims by March 27
----------------------------------------------------
Creditors of LLC Torez-SM (code EDRPOU 32530585) have until
March 27, 2008, to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 43/706.

The Debtor can be reached at:

         LLC Torez-SM
         General Naumov Str. 23-b
         03164 Kiev
         Ukraine


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


CHRYSLER LLC: Plans to Shutter Company for Two Weeks in July
------------------------------------------------------------
Chrysler LLC disclosed its intention to shutter its entire
operations for two weeks starting July 7, 2008, various sources
report citing an e-mail message sent to Chrysler employees.

Although, it isn't unusual for plants to idle production during
the summer, the corporate-wide shutdown will affect Chrysler's
19,000 salaried workers, who will also be asked to go on a
holiday together with the 52,500 hourly workers, Mike Ramsey of
Bloomberg News says.

Mr. Ramsey relates that the summer closing was once set for car
manufacturers to transfer new tools for model-year switchovers,
now July is scheduled for plant maintenance.

Those working on special projects will have to remain, Dee-Ann
Durbin of The Associated Press quotes Chrysler spokeswoman Mary
Beth Heilprin.

As reported in the Troubled Company Reporter on March 11, 2008,
Chrysler disclosed that it was closing its Pacifica Advance
Product Design Center outside Diego, and consolidate the
advanced design studio to its home base in Auburn Hills,
Michigan.

Increasingly, the company is leveraging resources worldwide,
forming new joint ventures and alliances and consolidating
operations in order to better achieve global balance and manage
fixed costs.  These moves, Chrysler said, are designed to help
it become a more globally focused manufacturer, with design,
engineering, and sourcing, as well as a local presence to serve
local customers.

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

                          *     *     *

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


DIOMED HOLDINGS: To Sell Assets to Biolitec Under Bankruptcy
------------------------------------------------------------
Diomed Holdings, Inc., together with its wholly owned
subsidiary, Diomed, Inc., filed a voluntary petition under
Chapter 11 of the United States Bankruptcy Code with the United
States Bankruptcy Court for the District of Massachusetts,
Western Division.

The petition contemplates that Diomed will sell certain of its
operating assets to Biolitec AG, a manufacturer of medical
lasers, optical fibers and other products, thereby enabling
Biolitec to continue to operate Diomed’s business in the United
States.

Diomed and Biolitec have entered into a non-binding letter of
intent for the sale of specified assets for a purchase price of
between US$6 and US$7 million.  Biolitec reported revenues of
EUR39 million and profits of EUR5.6 million for its fiscal year
ended June 30, 2007.  Its shares are listed on the Prime
Standard of the Frankfurt Stock Exchange. Biolitec is
headquarted in Jena, Germany, and employs approximately 60
personnel at its U.S. operations based in East Longmeadow,
Massachusetts.

“The decision to pursue the sale of the company’s assets and
operations through the bankruptcy process was an extremely
difficult but appropriate decision for our Board of Directors to
make,” commented James A. Wylie, Jr., Diomed’s Chief Executive
Officer.  “In spite of our intensive efforts to seek a buyer for
the Company outside of bankruptcy and to work with our secured
lenders to avoid seeking bankruptcy protection, the impact of
infringement of the Company’s products in the marketplace and
delays in the judicial process proved impossible to overcome,”
Wylie stated.  “We believe that, given the ongoing financial and
legal challenges facing Diomed, bankruptcy is the best means
available to protect the company’s assets and allow the
company’s operations to be sold through an orderly process.”

With court approval, Diomed will continue operating in the
ordinary course of business as a debtor-in-possession while it
pursues the sale of specified assets to Biolitec and the sale of
its other assets to third parties.  Diomed expects to complete
the asset sale to Biolitec within approximately 60 to 90 days
and to sell its remaining assets in due course, under the
court’s direction.  These other assets include judgments in
Diomed’s favor of approximately US$14.7 million arising from
Diomed’s successful patent infringement litigation in 2007
against defendants AngioDynamics, Inc. and Vascular Solutions,
Inc.  This litigation is currently on appeal, under bond, with a
hearing on the appeal scheduled for April 10, 2008 at the
appellate court.

Diomed and Biolitec have entered into a non-binding letter of
intent for the sale of specified assets.  The letter of intent
contemplates that to fund its operations during bankruptcy,
Diomed will use its cash and receipts and will obtain debtor-in-
possession financing from its senior secured creditor, Hercules
Technology Growth Capital, Inc.  If Hercules and Diomed are
unable to reach agreement on the terms of such financing,
Biolitec has agreed in principle under the letter of intent to
provide necessary financing of up to $2 million during the
transition period. Such debtor-in-possession financing will be
subject to court approval.

The proceeds of the sale of Diomed’s assets will be distributed
to Diomed’s creditors and equity holders as determined by the
bankruptcy court.  With court approval, Diomed expects to
complete the asset sale to Biolitec within approximately 60 to
90 days and to sell its remaining assets in due course, under
the court’s direction.

“We believe that Biolitec’s acquisition of Diomed’s operating
assets and U.S. sales and marketing organization provides our
loyal physician partners the best opportunity for an improved
level of service, flow of new and innovative technologies, and
continuity of supply of lasers and disposable products,”
concluded Wylie.  “Finally, I would be remiss if I did not thank
each and every employee of the Company for their loyalty,
dedication and commitment during the last several months.  They
stood the course and performed above all expectations during
this very difficult time.”

                          About Diomed

Diomed (AMEX: DIO) -– http://www.evlt.vom/-- develops and
commercializes minimal and micro-invasive medical procedures
that use its proprietary laser technologies and disposable
products.  Diomed’s EVLT(R) laser vein ablation procedure is
used in varicose vein treatments.  Diomed also provides
photodynamic therapy for use in cancer treatments, and dental
and general surgical applications.  The EVLT(R) procedure and
the company’s related products were cleared by the United States
FDA in January of 2002.  Along with lasers and single-use
procedure kits for its EVLT(R) laser vein treatment, the Company
provides its customers with state of the art physician training
and practice development support.  The company's subsidiary,
Diomed, Ltd., operates in the United Kingdom and its chief
activities are product development, manufacturing and
international sales and marketing.


DIOMED HOLDINGS: Receives Delisting Notice from AMEX
----------------------------------------------------
Diomed Holdings, Inc., disclosed last week that it received
notice from the American Stock Exchange advising the company
that the AMEX has determined to seek to delist the company's
common stock on the basis that the company has not demonstrated
a reasonable probability that the company will regain compliance
with Sections 1003(a)(ii) and (iii) of the AMEX Company Guide's
standards for continued listing on the Exchange.

The standards require that a company maintain at least US$4
million in stockholders' equity if the company has sustained
losses from continuing operations in three of its four most
recent fiscal years and at least US$6 million in stockholders'
equity if the company has sustained losses from continuing
operations in its five most recent fiscal years.

The company had previously submitted a compliance plan to the
AMEX seeking to demonstrate its ability to regain compliance
with these listing standards by Feb. 3, 2009, the deadline that
the AMEX established for compliance with these listing
standards.

In its notice, the AMEX also advised the company that it has
determined that the low trading price of the company' common
stock raises concern that the common stock may not be suitable
for auction market trading, which would necessitate a reverse
stock split within a reasonable period of time under Section
1003(f)(v) of the AMEX Company Guide.

                          About Diomed

Diomed (AMEX: DIO) -– http://www.evlt.vom/-- develops and
commercializes minimal and micro-invasive medical procedures
that use its proprietary laser technologies and disposable
products.  Diomed’s EVLT(R) laser vein ablation procedure is
used in varicose vein treatments.  Diomed also provides
photodynamic therapy for use in cancer treatments, and dental
and general surgical applications.  The EVLT(R) procedure and
the company’s related products were cleared by the United States
FDA in January of 2002.  Along with lasers and single-use
procedure kits for its EVLT(R) laser vein treatment, the Company
provides its customers with state of the art physician training
and practice development support.  The company's subsidiary,
Diomed, Ltd., operates in the United Kingdom and its chief
activities are product development, manufacturing and
international sales and marketing.


DIOMED LIMITED: Files for Administration
----------------------------------------
Diomed Limited, a wholly-owned subsidiary of Diomed Holdings,
Inc.,  has filed for Administration under the laws of the United
Kingdom.  The move is in conjunction with Diomed Holdings'
filing for protection under Chapter 11 of the U.S. Code with the
United States Bankruptcy Court for the District of
Massachusetts.

Diomed (AMEX: DIO) -– http://www.evlt.vom/-- develops and
commercializes minimal and micro-invasive medical procedures
that use its proprietary laser technologies and disposable
products.  Diomed’s EVLT(R) laser vein ablation procedure is
used in varicose vein treatments.  Diomed also provides
photodynamic therapy for use in cancer treatments, and dental
and general surgical applications.  The EVLT(R) procedure and
the company’s related products were cleared by the United States
FDA in January of 2002.  Along with lasers and single-use
procedure kits for its EVLT(R) laser vein treatment, the Company
provides its customers with state of the art physician training
and practice development support.  The company's subsidiary,
Diomed, Ltd., operates in the United Kingdom and its chief
activities are product development, manufacturing and
international sales and marketing.


DURA AUTOMOTIVE: Tax Advisor Seeks US$962,541 in Fees for Jan.
--------------------------------------------------------------
Ernst & Young LLP seeks allowance and payment of US$941,946 for
fees and reimbursement of US$20,595 for expenses it incurred in
providing tax advisory and risk advisory services to the Chapter
11 estate of DURA Automotive Systems, Inc., for January 2008.

The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware authorized Dura Automotive Systems Inc.
and its debtor-affiliates to employ Ernst & Young as tax
advisory and risk advisory services providers, nunc pro tunc to
Oct. 30, 2006.

From October 2006 through December 2007, Ernst & Young has
billed  US$6,122,905 in fees and US$437,219 in expenses.

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

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

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

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

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

(Dura Automotive Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


BRITISH ENERGY: S&P Affirms BB Rating with Negative Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit ratings on U.K.-based nuclear generator British
Energy Group PLC and its subsidiary British Energy Holdings PLC.

At the same time, S&P removed the ratings on both entities from
CreditWatch with negative implications, where they were placed
on Oct. 23, 2007.  The outlook is negative.

"The rating affirmation and CreditWatch removal reflect BE's
expectation of returning to service the four units at Hartlepool
and Heysham 1 during the second and third quarters of financial
2008/2009.  These units have been subject to outages since
October 2007," said Standard & Poor's credit analyst
Mark Davidson.

"There remains, however, some uncertainty as to the successful
completion of this plan," said Mr. Davidson.

Moreover, the financial effect of the outages on BE's results in
fiscal 2007/2008 and 2008/2009 will be significant, reflecting
the group's high operating leverage.  In 2007/2008, BE has also
had to buy approximately 7 terawatt-hours of electricity on the
market to satisfy its fixed-price sales contracts.

The ratings on the BE group continue to reflect its predominant
focus on nuclear power, which makes it a price taker given the
group's lack of downstream integration in retail supply, and the
exposure of its cash flows to volatile wholesale forward
electricity market prices.  The ratings are also constrained by
some risk of unplanned outages, weaker-than-expected nuclear
output over the past few years, and the group's limited ability
to retain cash flows given the mechanism that currently sweeps
35.2% of excess cash flows into the Nuclear Liabilities Fund and
allows the rest to be distributed to shareholders.

These risks are partially offset by BE's strong liquidity,
considerably reduced outstanding debt service, strong financial
ratios, supportive covenants, fuel supply agreements that
provide a partial hedge against the risk of decreasing
electricity prices, and lack of exposure to asset-retirement
obligations.  The group has also benefited from a significant
improvement in base load wholesale power prices, which has
offset its lower-than-expected production, and from its success
in achieving more low-collateral, longer-term, fixed-price
trades.

The negative outlook reflects the expectation of significantly
lower earnings and cash flows in 2007/2008 and 2008/2009 as a
result of the outages at Hartlepool and Heysham 1 and some
uncertainty as to exactly when these units will return to
service.  A lack of improvement or a deterioration in BE's
operating performance would likely lead to a downgrade.
Conversely, an improvement in BE's operational performance could
lead to a revision of the outlook to stable.  To sustain the
'BB' ratings, we would expect BE's nuclear output to be above 40
TWh in 2008/2009 and above 50 TWh from 2009/2010.


EUROFLEET EXPRESS: Taps Liquidators from BDO Stoy Hayward
---------------------------------------------------------
Graham David Randall and Simon Edward Jex Girling of BDO Stoy
Hayward LLP were appointed joint liquidators of Eurofleet
Express Ltd. (formerly Oak International Express Ltd.) on
March 7 for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

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


FORD MOTOR: Europe Sales Rise 5.4% in February 2008
---------------------------------------------------
Ford of Europe's growth momentum continued in February 2008 with
year-over-year sales in its main 21 markets increasing by 5.4%
to 125,500 units.  The company's market share was 8.1%.

This strong performance, driven by its acclaimed new models,
boosted the company's year-to-date sales by 3.3%, to 267,900
vehicles.

The Focus was Ford's most popular model in February with sales
totaling 32,800.  This was followed by the Fiesta with sales of
24,900, while the Ford Fusion added a further 9,950 units.

The new Mondeo continued to accelerate, with sales leaping by
66% to 13,370 versus February 2007.  The Ford Ranger pick-up
also performed strongly during the month, with sales surging by
a remarkable 200%, to 1,760.  The popular Ford Transit medium
commercial vehicle also continued to win sales, rising 13% to
15,470.

Ford sales in February improved in virtually all of its main
markets.  Britain was the best-selling market, with sales of
14,650, slightly ahead of Germany, which increased by 870 to
14,630 units.

Spain and France also turned in strong performances: Spain
improving by 935 units to 14,390, while France climbed by 770 to
a total of 11,620.

The largest increase came in Russia, however, where Ford sales
surged over 11% to 13,900.  Sales in Turkey also continued to
move ahead, rising by 9.3% to 5,400.

In percentage terms, the largest increases were posted in
Portugal (up 44% to 1,935), the Czech Republic (up 34.9% to
1,065) and Poland (up 33.6% to 2,470).

"Our strong performance in February, coupled with an outstanding
reaction to our new models at the Geneva Motor Show keeps us on
course to maintain our growth momentum in the coming months,"
said Stephen Odell, vice president, Marketing, Sales & Service,
Ford of Europe.

"The media and public reaction to the new cars we revealed at
Geneva, particularly the all-new Fiesta and Kuga crossover, was
outstanding.  This demonstrates clearly that we are keeping our
promise to deliver products that appeal to the heart as well as
the head.  This year alone we will introduce more than 20
individual new models and derivatives across our entire
portfolio."

                       About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F)
-- http://www.ford.com/-- manufactures or distributes
automobiles in 200 markets across six continents.  With about
260,000 employees and about 100 plants worldwide, the company's
core and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The
company provides financial services through Ford Motor Credit
Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 18,
2008, Fitch Ratings affirmed the Issuer Default Ratings of Ford
Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.

As reported in the Troubled Company Reporter-Europe on Nov. 20,
2007, Moody's Investors Service affirmed the long-term ratings
of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured, and B3 probability of default),
but changed the rating outlook to Stable from Negative and
raised the company's Speculative Grade Liquidity rating to SGL-1
from SGL-3.  Moody's also affirmed Ford Motor Credit Company's
B1 senior unsecured rating, and changed the outlook to Stable
from Negative.  These rating actions follow Ford's announcement
of the details of the newly ratified four-year labor agreement
with the UAW.


KENNEDY PRINT: Brings In Liquidators from PKF
---------------------------------------------
Jonathan Newell and Kerry Bailey of PKF (UK) LLP were appointed
joint liquidators of Kennedy Print Ltd. on March 6 for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         PKF (UK) LLP
         5 Temple Square
         Temple Street
         Liverpool
         L2 5RH
         England


MANSARD 2006-1: Fitch Holds BB Rating on Class B2a
--------------------------------------------------
Fitch Ratings changed the Outlook on three tranches of
Farringdon Mortgages No. 1 Plc to Positive from Stable.  The
ratings are affirmed, along with Farringdon Mortgages No. 2 Plc,
Mansard Mortgages 2006-1 Plc and Mansard Mortgages 2007-1 Plc.
All of these transactions are originated by Rooftop Mortgages
Limited, a subsidiary of Bear Stearns Companies Inc (rated
'A+'/Negative Outlook /'F1+').  The rating actions are:

Farringdon Mortgages No. 1 Plc:

   -- Class A2a (ISIN XS0211295778) affirmed at 'AAA'; Outlook
      Stable

   -- Class A2a detachable coupons (DACs) (ISIN XS0211296313)
      affirmed at 'AAA'; Outlook Stable

   -- Class M2a (ISIN XS0211300362) affirmed at 'A'; Outlook
      revised to Positive from Stable

   -- Class B1a (ISIN XS0211301766) affirmed at 'BBB'; Outlook
      revised to Positive from Stable

   -- Class B2a (ISIN XS0211303382) affirmed at 'BB-'
      (BB minus); Outlook revised to Positive from Stable

   -- MERCS (ISIN XS0211306641) affirmed at 'AAA'; Outlook
      Stable

Farringdon Mortgages No. 2 Plc:

   -- Class A2a (ISIN XS0228709985) and A2a DAC (ISIN
      XS0228710561) affirmed at 'AAA'; Outlook Stable

   -- Class M2a (ISIN XS0228711882) affirmed at 'A'; Outlook
      Stable

   -- Class B1a (ISIN XS0228712260) affirmed at 'BBB'; Outlook
      Stable

   -- Class B2a (ISIN XS0228712930) affirmed at 'BB'; Outlook
      Stable

   -- MERCS (ISIN XS0228713235) affirmed at 'AAA'; Outlook
      Stable

Mansard Mortgages 2006-1 Plc:

   -- Class A1a (ISIN XS0272296384) affirmed at 'AAA'; Outlook
      Stable

   -- Class A2a (ISIN XS0272297358) affirmed at 'AAA'; Outlook
      Stable

   -- Class M1a (ISIN XS0272298752) affirmed at 'AA'; Outlook
      Stable

   -- Class M2a (ISIN XS0272299131) affirmed at 'A'; Outlook
      Stable

   -- Class B1a (ISIN XS0272304311) affirmed at 'BBB'; Outlook
      Stable

   -- Class B2a (ISIN XS0272305045) affirmed at 'BB'; Outlook
      Stable

Mansard Mortgages 2007-1 Plc:

   -- Class A1a (ISIN XS0293436910) affirmed at 'AAA'; Outlook
      Stable

   -- Class A2a (ISIN XS0293438965) affirmed at 'AAA'; Outlook
      Stable

   -- Class M1a (ISIN XS0293458054) affirmed at 'AA'; Outlook
      Stable

   -- Class M2a (ISIN XS0293460381) affirmed at 'A'; Outlook
      Stable

   -- Class B1a (ISIN XS0293442215) affirmed at 'BBB'; Outlook
      Stable

   -- Class B2a (ISIN XS0293446711) affirmed at 'BB'; Outlook
      Stable

The reserve funds in FM1 and FM2 are still far from reaching
their target levels.  However, high prepayment speed is
benefiting these deals.  Prepayments have had a positive impact
on de-leveraging the deal and building levels of credit
enhancement, such that there is sufficient credit cover to
noteholders.

The affirmation of FM1 and Outlook change reflect its stable
performance over several consecutive quarters.  Since October
2006, loans in arrears by more than three months have stabilised
and are currently at 20.37% of the current collateral balance,
while weighted average loss severities have been decreasing.
Sold repossessions and losses are increasing at a slower pace.
The notes have started paying pro-rata for FM1 from 15 January
2008 interest payment dates all triggers for pro-rata payment
are satisfied.

In FM2, loans in arrears by more than three months have been
increasing slowly each quarter for the last year and are
currently at 17.97% of the current collateral balance.  Realised
losses per quarter have been stable in the last year.  Loss
severities have been decreasing from the highs seen in 2006.

In MM06-1 and MM07-1 the prepayment rates, in contrast, have
been low and, as a result, these transactions have not de-
leveraged like FM1 and FM2 at similar seasoning.  However the
three-month delinquency for MM06-1 transaction is low at 5.57%
in comparison with 19.91% for FM1 and 13.88% for FM2 transaction
at similar seasoning.  The three-month delinquency rate for
MM07-1 transaction is also low at 3.65% in comparison with
12.19% for FM1 and 12.21% for FM2 transaction at similar
seasoning.  The difference in performance is due to MM06-1 and
MM07-1 having more near-prime and buy-to-let collateral in
comparison with FM1 and FM2 transactions.

Rating Outlooks for European Structured Finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-
year period.



MANSARD 2007-1: Fitch Affirms BB Rating on Class B2a
----------------------------------------------------
Fitch Ratings changed the Outlook on three tranches of
Farringdon Mortgages No. 1 Plc to Positive from Stable.  The
ratings are affirmed, along with Farringdon Mortgages No. 2 Plc,
Mansard Mortgages 2006-1 Plc and Mansard Mortgages 2007-1 Plc.
All of these transactions are originated by Rooftop Mortgages
Limited, a subsidiary of Bear Stearns Companies Inc (rated
'A+'/Negative Outlook /'F1+').  The rating actions are:

Farringdon Mortgages No. 1 Plc:

   -- Class A2a (ISIN XS0211295778) affirmed at 'AAA'; Outlook
      Stable

   -- Class A2a detachable coupons (DACs) (ISIN XS0211296313)
      affirmed at 'AAA'; Outlook Stable

   -- Class M2a (ISIN XS0211300362) affirmed at 'A'; Outlook
      revised to Positive from Stable

   -- Class B1a (ISIN XS0211301766) affirmed at 'BBB'; Outlook
      revised to Positive from Stable

   -- Class B2a (ISIN XS0211303382) affirmed at 'BB-'
      (BB minus); Outlook revised to Positive from Stable

   -- MERCS (ISIN XS0211306641) affirmed at 'AAA'; Outlook
      Stable

Farringdon Mortgages No. 2 Plc:

   -- Class A2a (ISIN XS0228709985) and A2a DAC (ISIN
      XS0228710561) affirmed at 'AAA'; Outlook Stable

   -- Class M2a (ISIN XS0228711882) affirmed at 'A'; Outlook
      Stable

   -- Class B1a (ISIN XS0228712260) affirmed at 'BBB'; Outlook
      Stable

   -- Class B2a (ISIN XS0228712930) affirmed at 'BB'; Outlook
      Stable

   -- MERCS (ISIN XS0228713235) affirmed at 'AAA'; Outlook
      Stable

Mansard Mortgages 2006-1 Plc:

   -- Class A1a (ISIN XS0272296384) affirmed at 'AAA'; Outlook
      Stable

   -- Class A2a (ISIN XS0272297358) affirmed at 'AAA'; Outlook
      Stable

   -- Class M1a (ISIN XS0272298752) affirmed at 'AA'; Outlook
      Stable

   -- Class M2a (ISIN XS0272299131) affirmed at 'A'; Outlook
      Stable

   -- Class B1a (ISIN XS0272304311) affirmed at 'BBB'; Outlook
      Stable

   -- Class B2a (ISIN XS0272305045) affirmed at 'BB'; Outlook
      Stable

Mansard Mortgages 2007-1 Plc:

   -- Class A1a (ISIN XS0293436910) affirmed at 'AAA'; Outlook
      Stable

   -- Class A2a (ISIN XS0293438965) affirmed at 'AAA'; Outlook
      Stable

   -- Class M1a (ISIN XS0293458054) affirmed at 'AA'; Outlook
      Stable

   -- Class M2a (ISIN XS0293460381) affirmed at 'A'; Outlook
      Stable

   -- Class B1a (ISIN XS0293442215) affirmed at 'BBB'; Outlook
      Stable

   -- Class B2a (ISIN XS0293446711) affirmed at 'BB'; Outlook
      Stable

The reserve funds in FM1 and FM2 are still far from reaching
their target levels.  However, high prepayment speed is
benefiting these deals.  Prepayments have had a positive impact
on de-leveraging the deal and building levels of credit
enhancement, such that there is sufficient credit cover to
noteholders.

The affirmation of FM1 and Outlook change reflect its stable
performance over several consecutive quarters.  Since October
2006, loans in arrears by more than three months have stabilised
and are currently at 20.37% of the current collateral balance,
while weighted average loss severities have been decreasing.
Sold repossessions and losses are increasing at a slower pace.
The notes have started paying pro-rata for FM1 from 15 January
2008 interest payment dates all triggers for pro-rata payment
are satisfied.

In FM2, loans in arrears by more than three months have been
increasing slowly each quarter for the last year and are
currently at 17.97% of the current collateral balance.  Realised
losses per quarter have been stable in the last year.  Loss
severities have been decreasing from the highs seen in 2006.

In MM06-1 and MM07-1 the prepayment rates, in contrast, have
been low and, as a result, these transactions have not de-
leveraged like FM1 and FM2 at similar seasoning.  However the
three-month delinquency for MM06-1 transaction is low at 5.57%
in comparison with 19.91% for FM1 and 13.88% for FM2 transaction
at similar seasoning.  The three-month delinquency rate for
MM07-1 transaction is also low at 3.65% in comparison with
12.19% for FM1 and 12.21% for FM2 transaction at similar
seasoning.  The difference in performance is due to MM06-1 and
MM07-1 having more near-prime and buy-to-let collateral in
comparison with FM1 and FM2 transactions.

Rating Outlooks for European Structured Finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-
year period.


MAXJET AIRWAYS: Still in Talks to Sell Assets After Bid Deadline
----------------------------------------------------------------
MAXjet Airways Inc. disclosed in a Court filing that it is
currently involved in negotiations with interested buyers for
its assets, even well after the Feb. 27 bid deadline, Bill
Rochelle of Bloomberg News reports.

As reported in the Troubled Company Reporter on Feb. 26, 2008,
MAXjet Airways further extended the deadline for receipt of
qualified bids to Feb. 27, 2008, from Feb. 6, 2008.  The Debtor
expects that all proceeds from the sale of its assets will be
for the benefit of its creditors, but not for the shareholders.

Headquartered in Dulles, Virginia, MAXjet Airways Inc. --
http://www.maxjet.com/-- is an all-business class, long-haul
airline company.  It has introduced scheduled services with
flights from London Stansted Airport to New York.  As of
December, 2006, it leased five B767 aircraft.  Its customers are
both business and leisure travelers.  At the airport, its
product features check-in facilities located in primary
terminals, security and a business class departure lounge and
arrivals facility.  Its flights features deep-recline seats (170
degree) spaced at a 60 inch pitch, portable entertainment
systems, stowage space and business class catering.

The Debtor filed for chapter 11 protection on Dec. 24, 2007
(Bankr. D. Del. Case No. 07-11912).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP and Pillsbury Winthrop Shaw
Pittman LLP as its bankruptcy counsels.  Arent Fox LLP
represents the Official Committee of Unsecured Creditors.  The
Debtor's summary of schedules shows assets of US$14,836,147 and
debts of US$23,601,824.


MOIST LTD: Peter Wastell Leads Liquidation Procedure
----------------------------------------------------
Peter Wastell of Vantis was appointed liquidator of Moist Ltd.
on March 6 for the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

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


NUTRICIA WELLS: Calls In Liquidators from PricewaterhouseCoopers
----------------------------------------------------------------
Tim Walsh and Richard Setchim of PricewaterhouseCoopers LLP were
appointed joint liquidators of Nutricia Wells Ltd. (formerly
Nutricia Dietary Products Ltd., G F Dietary Group of Companies
Ltd.) on March 6 for the creditors' voluntary winding-up
proceeding.

Mr. Walsh can be reached at:

         PricewaterhouseCoopers LLP
         One Kingsway
         Cardiff
         CF10 3PW
         Wales

Mr. Setchim can be reached at:

         PricewaterhouseCoopers LLP
         Plumtree Court
         London
         EC4A 4HT
         England

The company can be reached at:

         Nutricia Wells Ltd.
         Newmarket Avenue
         White Horse Business Park
         Trowbridge
         Wiltshire
         BA14 0XQ
         England


QUEBECOR WORLD: Has Strong Position to Survive, Teamsters Says
--------------------------------------------------------------
Quebecor World Inc.'s insolvency has made many of its European
employees nervous but those in Quebec, Canada, are confident
about the future, according to The Canadian Press.

The report relates that Union Network International, Britain's
union for graphical workers, said it's "extremely concerned and
worried at the development."  On a March 4 release Tony Burke,
the union's assistant general secretary, said "A lack of
information from the company has added to employee fears."  "The
only communication our members have had is a letter from the CEO
Jacques Mallette in Canada advising that the bankruptcy
protection only covers the U.S.A. and Canada and it's 'business
as usual' in its European, Asian and Latin American companies,"
The Canadian Press quoted Mr. Burke, as saying.

The Canadian Press reported that employees are confused since
Mr. Mallette blamed the bankruptcy on industry pressures,
particularly in Europe, the company's inability to raise new
capital, and inability to complete the sale of its European
operations.

Mr. Burke, according to the report, said that "The fact that the
company has failed to communicate with its own workforce and
unions has lead to speculation, rumor and uncertainty."

But the Teamsters union, which represents some 1,500 workers,
said
"the mood is completely different in Quebec."  The Canadian
Press quoted Teamsters as stating, "[Quebecor World] is in a
strong position to survive because of recent technological
upgrades."

The Canadian Press quoted Stephane Lacroix, director of
communications for Teamster Canada, saying, "We're reasonably
confident that we'll be OK at the end of this crisis."

                       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)


QUEBECOR WORLD: Ex-Corby Workers Set Up Taskforce with Unite
------------------------------------------------------------
William Mitting of PrintWeek reports that former employees of
Quebecor World Inc.'s site in Corby, central United Kingdom,
have set up a taskforce with Unite, a local union, and local
authorities to attain funding for training to help them find
work.

The taskforce is aiming to secure funds from the government to
pay for training for workers at the Corby site, and at other
firms who lost their jobs in the area recently, the report
relates.  Almost 1,000 employees lost their jobs as a result of
Quebecor World's decision to close its Corby plant.

               Job Cuts with Corby Unit Receivership

As reported in the Troubled Company Reporter on Feb. 4, 2008,
Unite Assistant General Secretary, Tony Burke, said the labor
group expects to see 300 potential job losses at Quebecor World
PLC, Quebecor World's United Kingdom subsidiary, after the
Corby-based facility has been placed into receivership in
Jan. 28, 2008.

The Canadian Press reported in early February 2008, that Ian
Best and David Duggins of Ernst & Young LLP, the joint
administrators of Quebecor World's British operation, have
decided to shut down the printing plant in Corby.

The Corby facility is located in the central U.K. about 70 miles
north of London.  It employed approximately 290 people and
produced magazines, catalogs and specialty print products for
marketing and advertising campaigns.

According to the report, at least 250 workers will lose their
jobs due to the closure.

The Canadian Press related that Messrs. Best and Duggins were
not able to find a buyer who would continue operating the plant.
"The only interest expressed by potential investors were in the
assets, including the building and machinery, of Quebecor World
in the United Kingdom," The Canadian Press reported.

Tony Burke, assistant secretary-general of Unite, the union
representing workers at the Corby plant, blamed the Quebecor
parent company in Canada, The Canadian press noted.

                      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)

                           *     *     *

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


QUEEN STREET: S&P Puts Low-B Ratings on EUr170 Million Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned credit ratings to
these variable-rate notes issued by Queen Street Ltd. under its
principal at-risk variable-rate note program:

     -- EUR70 million series 1 class A principal at-risk
        variable rate notes due March 21, 2011 were rated 'BB+'.

     -- EUR100 million series 1 class B principal at-risk
        variable rate notes due March 21, 2011 were rated 'B'.

Munich Reinsurance Co. (Munich Re) (AA-/Stable/--) entered into
counterparty contracts with Queen Street to gain a source of
multiyear coverage for losses due to European windstorms.

The rating is based on the modeled probability of attachment and
the structural analysis.  A proprietary model from EQECAT Inc.
(a wholly owned subsidiary of ABS Consulting Inc.) was used to
determine the attachment probability of the notes.  When
assigning its rating, Standard & Poor's relied on the results
determined the EQECAT software, WORLDCAT Enterprise(R), version
3.10.

Queen Street is a special-purpose Cayman Islands exempted
company whose ordinary shares are held in a charitable trust.
With the proceeds from the sale of the notes, Queen Street has
entered into total return swaps with the London branch of
Deutsche Bank AG (AA/Negative/A-1+).  Interest on the deposit
will be paid quarterly and based on three-month Euro Interbank
Offered Rate (EURIBOR).  Queen Street will use the premium it
receives under the counterparty contract, combined with the
payments it receives under the bank deposit, to make the
scheduled interest payments to the noteholders.

Both classes of notes have attachment and exhaustion points
calibrated on a parametric basis.  The annualized attachment
probability is 1.46% for the class A notes and 4.12% for the
class B notes.  If the U.K. Meteorological Office, the reporting
agency, reports a European windstorm event then EQECAT will use
a formula defined in the transaction documents to calculate if
there are any losses to the notes.

The parametric index value of each windstorm will be calculated
using peak-gust wind speeds in excess of 29 meters per second,
at least four of the 216 Europe Qualified Recording stations.

The class A notes have a per-event threshold index value of
110.38 and a limit of 820.70.  The index value of each windstorm
between these points is fed into an aggregate formula, which has
an attachment point of 809.67 and a limit of 878.90.  It would
need at least two windstorm events to breach the aggregate
attachment point.  The class A notes can be considered a
parametric equivalent of an aggregate excess of loss reinsurance
contract.

The class B notes simply have attachment and exhaustion points
of 820.70 and 990.80, respectively.  They are akin to a
parametric risk excess reinsurance contract.

The notes cover

     -- Germany (62.75% of total insured values);

     -- France (16.70%);

     -- U.K. (14.76%), excluding the Isle of Man, the Channel
        Islands and the area north of 55 degrees latitude (which
        is in the border area between England and Scotland); and

     -- The Netherlands, Belgium, Denmark, Ireland, and
        Luxemburg.

Munich Re will pay Queen Street's upfront and ongoing expenses
in connection with this security issuance.


TATLOW GLASS: Taps M. H. Abdulali to Liquidate Assets
-----------------------------------------------------
M. H. Abdulali of Moore Stephens was appointed liquidator of
Tatlow Glass Ltd. on March 5 for the creditors' voluntary
winding-up procedure.

The liquidator can be reached at:

         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         England


TOM SHELDON: Hires Liquidators from Moore Stephens
--------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint liquidators of Tom Sheldon Ltd. on Feb. 13
for the creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England

TOTAL CLADDING: Appoints Liquidator from Deloitte & Touche
----------------------------------------------------------
Christopher James Farrington of Deloitte & Touche LLP was
appointed liquidator of Total Cladding Solutions Ltd. on March 6
for the creditors' voluntary winding-up procedure.

The liquidator can be reached at:

         Deloitte & Touche LLP
         1 Woodborough Road
         Nottingham
         NG1 3FG
         England


* BOND PRICING: For the Week March 10 to March 14, 2008
-------------------------------------------------------
Issuer                   Coupon   Maturity   Currency   Price
------                   ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      65.49
                          0.250    10/14/26     CDN      40.13
Raiffeisen Centrobank AG  9.250    12/19/08     EUR      62.23
Republic of Austria       4.000    06/22/22     EUR      75.87
                          1.740    08/04/25     EUR      67.75
                          0.000    10/10/25     EUR      66.63

BULGARIA
--------
Petrol AD Sofia           8.375    10/26/11     EUR      72.21


FINLAND
-------
M-Real Serla              7.250    04/01/13     EUR      68.96
Muni Finance PLC          1.000    03/09/13     AUD      73.43
                          0.500    04/26/13     AUD      69.72
                          1.000    11/21/16     NZD      58.11
                          1.000    10/30/17     AUD      55.94
                          1.000    02/27/18     AUD      55.22
                          0.500    09/24/20     CDN      62.29
                          0.250    06/28/40     CDN      20.69

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.27
Altran Technologies S.A.  3.750    01/01/09     EUR      12.00
Calyon                    6.000    06/18/47     EUR      50.54
CAP Gemini S.A.           2.500    01/01/10     EUR      51.68
                          1.000    01/01/12     EUR      43.96
Club Mediterranee S.A.    3.000    11/01/08     EUR      65.02
                          4.375    11/01/10     EUR      47.15
Europcar Groupe SA        8.130    05/15/14     EUR      68.55
Havas S.A.                4.000    01/01/09     EUR      10.61
Infogrames
   Entertainment S.A.     1.500    04/01/09     EUR       0.67
Ingenico                  2.750    01/01/12     EUR      18.43
Maurel & Prom             3.500    01/01/10     EUR      20.46
Publicis Group            0.750    07/17/08     EUR      28.79
                          1.000    01/18/18     EUR      42.06
Rhodia S.A.               0.500    01/01/14     EUR      35.02
Scor S.A.                 4.125    01/01/10     EUR       2.05
Soc Air France            2.750    04/01/20     EUR      22.28
Soitec                    4.625    12/20/09     EUR       3.67
Tereos Europe S.A.        6.380    04/15/14     EUR      71.94
Theolia S.A.              2.000    01/01/14     EUR      22.76
Wendel Invest S.A.        2.000    06/19/09     EUR      42.40

GERMANY
-------
Grohe Holdings AG         8.630    10/01/14     EUR      74.06
KfW Bankengruppe          0.500    10/30/13     AUD      67.82
                          0.500    12/19/17     EUR      69.49
                          1.250    07/07/20     EUR      73.45
                          5.000    07/21/25     EUR      75.75
                          5.000    09/01/25     EUR      76.37
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      44.13
Landwirtschaftliche
   Rentenbank AG          1.000    03/29/17     NZD      56.71


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

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      50.51

IRELAND
-------
Banesto Finance Plc       6.170    11/07/37     EUR       6.12
Depfa ACS Bank            0.500    03/03/25     CDN      48.42
                          0.250    07/08/33     CDN      28.01
Magnolia Finance IV Plc   1.050    12/20/45     US$      25.70
Ono Finance II            8.000    05/16/14     EUR      73.94

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

LUXEMBOURG
----------
Hayes Lemmerz Finance     8.250    06/15/15     EUR      71.49
Nell AF S.A.              8.380    08/15/15     EUR      70.99
                          8.380    08/15/15     EUR      71.49

Profilo Telra             10.75    12/07/11     EUR      15.99


NETHERLANDS
-----------
ABN Amo Bank B.V.         6.250    06/29/35     EUR      65.88
                          9.000    02/23/09     ZAR      97.52
Air Berlin Finance B.V.   1.500    04/11/27     EUR      67.50
Biopetrol Finance B.V.    4.000    02/21/12     EUR      72.85
BK Ned Gemeenten          0.500    06/27/18     CDN      65.42
                          0.500    02/24/25     CDN      48.25
EM.TV Finance B.V.        5.250    05/08/13     EUR       4.54
Gerling Global N.V.       6.630    08/16/21     EUR      67.09
Hypo Real ES Finance      5.500    08/20/08     EUR      42.79
IVG Finance B.V.          1.750    03/29/17     EUR      74.08
KBC Ifimqa N.V.           5.880    02/07/25     US$      77.95
Lehman Bros TSY B.V.      4.170    02/16/17     EUR      71.78
                          6.000    02/15/35     EUR      63.43
                          8.250    03/16/35     EUR      53.17
                          7.000    05/17/35     EUR      59.03
                          7.250    10/05/35     EUR      55.04
Ned Waterschapbk          6.000    06/01/35     EUR      70.57
                          6.500    08/15/35     EUR      65.61
                          6.000    06/30/45     EUR      60.93
NXP B.V.                  8.630    10/15/15     EUR      72.84
                          8.630    10/15/15     EUR      72.67
Rabobank Groep N.V.       6.000    02/22/35     EUR      67.16
                          5.000    02/28/35     EUR      64.41
                          7.000    03/23/35     EUR      63.81
                          6.000    05/09/35     EUR      71.41

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.73
Norske Skogindustrier ASA 7.000    06/26/17     EUR      60.85

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      70.94

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

UNITED KINGDOM
--------------
Alliance & Leicester Plc  5.250     03/06/23    GBP      76.78
                          5.880     08/14/31    GBP      72.78
Anglian Water
   Finance Plc            2.400     04/20/35    GBP      49.85
BAA Plc                   5.130     02/15/23    GBP      72.14
Bank of Scotland Plc      0.000     02/15/23    EUR      67.75
                          6.000     02/07/35    EUR      52.44
Britannia Building
   Society                5.880     03/28/33    GBP      81.36
FCE Bank Plc              7.130     01/16/12    EUR      73.10
Ford Credit Europe Plc    7.130     01/15/13    EUR      70.57
Ineos Group Holding       7.880     02/15/16    EUR      71.17
                          7.880     02/15/16    EUR      70.64
Lloyds TSB Bank Plc       6.210     12/14/37    EUR      60.31
Louis No. 1 Plc           8.500     12/01/14    EUR      71.21
National Grid Gas Plc     1.754     10/17/36    GBP      40.33
                          1.771     03/30/37    GBP      40.25
Rexam Plc                 6.750     06/29/67    EUR      72.24
Royal BK Scotland         7.000     06/09/25    EUR      67.58
                          3.310     06/29/30    EUR      65.35

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *