TCREUR_Public/080318.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

             Tuesday, March 18, 2008, Vol. 9, No. 55

                            Headlines


A U S T R I A

AXEL GINNER: Claims Registration Period Ends April 4
BRIMMO ROTSCHADL: Claims Registration Period Ends April 21
ESTRICHVERLEGUNG NOVAKOVIC: Claims Registration Ends April 7
FORLIFE LLC: Claims Registration Period Ends April 8
GAT GARTNER: Claims Registration Period Ends March 24

JUST-NETWORK LLC: Claims Registration Period Ends April 7


B E L G I U M

POPE & TALBOT: Court Extends Exclusivity Period to June 2


F R A N C E

DOLE FOOD: Posts US$57.5 Million Net Loss in Year Ended Dec. 29


G E O R G I A

CANARGO ENERGY: L J Soldinger Expresses Going Concern Doubt


G E R M A N Y

AKS SCHILDERPRODUKTION: Claims Registration Period Ends March 28
BKS-SATTRONIX: Claims Registration Period Ends April 7
CAVIS GESELLSCHAFT: Claims Registration Period Ends April 7
CMI UNTERNEHMENSBERATUNG: Claims Registration Ends April 7
CONSALTO GMBH: Claims Registration Period Ends April 7

DELPHA REHA: Claims Registration Period Ends April 7
DELTAPACK PACKAGING: Claims Registration Period Ends April 7
DEUBAG WOHN: Claims Registration Period Ends April 7
DIGITEL INFORMATION: Claims Registration Period Ends April 7
DUERR AG: South Carolina Plant Gets EUR100 Mln Order from BMW

ELCO-PRO GMBH: Claims Registration Ends April 8
ELKA FINANZ: Claims Registration Ends April 8
ESPACE SERVICE: Claims Registration Ends April 8
EUROPORT FAHRZEUG-HANDELS: Claims Registration Ends April 8
FASHION & COSMETICS: Claims Registration Ends April 8

FERIENTEAM REISEN: Claims Registration Period Ends April 7
FRIESS GMBH: Claims Registration Period Ends March 31
FX GLOBAL: Claims Registration Period Ends April 7
GALAXY ENERGY: Case Summary & 40 Largest Unsecured Creditors
GERHARD WAGENBAUER: Claims Registration Period Ends March 28

HTM GMBH: Claims Registration Period Ends March 28
MAYERTHALER GMBH: Claims Registration Period Ends March 28
NUNTIUS DIE LOGISTIKER: Claims Registration Period Ends April 7
PENTA BETEILIGUNGS: Claims Registration Period Ends April 7
REGOS BAU- UND MANAGEMENT: Claims Registration Ends April 8

SCHENK PLASTIC: Dobler Says There Is Interest in Company
W & M MEIXNER: Claims Registration Period Ends March 28


I R E L A N D

MOTIF FINANCE: S&P Junks Rating on EUR30 Million Notes


I T A L Y

ALITALIA SPA: Air France-KLM Offers EUR747 Mln for Italy's Stake
ALITALIA SPA: Board Accepts Air France-KLM's Binding Offer
ALITALIA SPA: Board Approves 2008-2010 Industrial Plan
TRW AUTOMOTIVE: Earns US$56 Mln in Quarter Ended December 31


K A Z A K H S T A N

ABYLAIHAN LLP: Creditors Must File Claims by April 15
BTA BANK: Repays US$530.9 Million of US$1.1 Billion Loan
CENTRE SNAB-2004: Claims Deadline Slated for April 11
EURO FOOD-1: Claims Filing Period Ends April 11
DDU CONSULTING: Creditors' Proofs of Claim Due April 11

GAL PLAST: Proofs of Claim Registration Ends April 11
GOLDEN STONES: Creditors Must File Claims by April 15
JETYSU-AK JAL: Claims Deadline Slated for March 28
JOLDYBAI AGRO: Claims Filing Period Ends April 11
KURYLYS SERVICE-K.S.: Creditors' Claims Due on April 11

NATIONAL ATOMIC: Fitch Lifts Ratings to Investment Grade Level
RUSTEM LLP: Claims Registration Ends March 28


K Y R G Y Z S T A N

ENERGO RESOURCE: Creditors Must File Claims by April 18
UNIVERSAL OIL: Claims Filing Period Ends April 22


N E T H E R L A N D S

FIRST DATA: Posts US$273.2 Million Net Loss in 2007 4th Qtr.
KHAMSIN CREDIT: Moody's Lowers Rating on US$12.5 Million Notes


P O L A N D

NETIA SA: Expects to Close Sale of 23.4% P4 Stake on April 30
NETIA SA: S&P Revises Outlook to Stable from Negative


R O M A N I A

TMK OAO: Romanian Units Hike Revenues & EBITDA in 2007


R U S S I A

AKA-TEKH-SERVICE: Creditors Must File Claims by April 1
BARYSHSKIY CJSC: Creditors Must File Claims by May 1
BEZHANITSY-AGRO-PROM-SERVICE: Claims Filing Period Ends May 1
CEDAR-L LLC: Creditors Must File Claims by May 1
CHEREPOVETS-STEEL-CONSTRUCTION-2: Claims Filing Ends May 1

DOBROVSKOE PEAT: Creditors Must File Claims by April 1
EVRAZ GROUP: SSAB Deal Prompts Moody's to Review Ratings
EVRAZ GROUP: S&P Holds Ratings on SSAB Deal
KD GROUP: S&P Puts Long-Term Corporate Credit Rating at B-
KOCHETKOVSKIE JUICES: Bankruptcy Hearing Slated for July 8

KUMYLZHENSKAYA OJSC: Bankruptcy Hearing Slated for June 24
KUSKINSKOE CJSC: Creditors Must File Claims by May 1
NEDRA-M LLC: Buryatiya Bankruptcy Hearing Slated for June 11
NEW LLC: Creditors Must File Claims by May 1
NIPO CJSC: Creditors Must File Claims by May 1

PROM-MET-SERVICE: Creditors Must File Claims by March 22
ROS-TEKS LLC: St. Petersburg Court Hearing Slated for June 2
ROSTELECOM OJSC: S&P Revises Outlook to Positive from Stable
TMK OAO: Romanian Units Hike Revenues & EBITDA in 2007
TMK OAO: Moody's Puts Ratings Under Review and May Downgrade

VOLGATELECOM OJSC: Estimates 2007 Net Profit at RUR2.99 Billion
VOSKRESENSKIY COMBINED: Creditors Must File Claims by April 1


S W I T Z E R L A N D

AIRCRAFT LEASING: Berne Court Closes Bankruptcy Proceedings
ARCH-HAUS: Appenzell Ausserrhoden Court Ends Bankruptcy Process
DENIS JOST: Basel-Country Court Starts Bankruptcy Proceedings
FUR SIE: Creditors' Liquidation Claims Due by March 23
HERMANN EMCH: Creditors' Liquidation Claims Due by March 22

JOCHEN UHL: Creditors' Liquidation Claims Due by March 22
LEISI IT: Creditors' Liquidation Claims Due by March 22
MYTHEN FINANZ: Creditors' Liquidation Claims Due by March 22
VG DREAM: Creditors' Liquidation Claims Due by March 22
ZAALI TRANSPORTE: Basel-Country Court Starts Bankruptcy Process


T U R K E Y

OYAK BANK: Fitch Withdraws Ratings
ULKER BISKUVI: Moody's Puts Rating on Review & May Downgrade


U N I T E D   K I N G D O M

ADTECH LTD: Brings In Liquidators from Vantis
CAMBERLEY CONSERVATORY: Calls In Liquidators from Tenon Recovery
CARLYE CAPITAL: To File for Compulsory Liquidation in Guernsey
DEREK CROXSON: Brings In Joint Administrators from Menzies
DIOMED HOLDINGS: Case Summary & 20 Largest Unsecured Creditors

E-COM CONSULTING: Appoints Joint Administrators from David Rubin
INDIGO FUSION: Creditors' Meeting Slated for March 27
INVENSYS PLC: Notes Redemption Cues S&P to Withdraw B+ Ratings
IRONMARKET HOME: Brings In Begbies Traynor to Administer Assets
JPS LITHO: Appoints Administrators from Begbies Traynor

MAILTECH LTD: Taps Liquidators from Baker Tilly
MONITOR OIL: Wants Exclusive Plan Filing Deadline Extended
MONITOR OIL: Wants to Transfer US$43.5 Mln to Secured Lenders
NEIL MARTIN: NatWest Bank Appoints Receivers from KPMG
NORTEL NETWORKS: Plans 2,100 Job Cuts in the US and UK

NORTHERN ROCK: Chairman Ron Sandler to Present Business Plan
NORTHERN ROCK: Charity Arm Increases Grants to GBP11 Million
PIRANHA STUDIOS: Names Joint Administrators from PwC
POWERFRESH LTD: Appoints Begbies as Joint Administrators
RAINBOW ACCIDENT: Taps Moore Stephens to Administer Assets

REFCO INC: Faces US$263 Million Damage Suit in New York
ROO GROUP: Lars Kroijer Appointed as Independent Director
SCOTTISH RE: NYSE Regulation Suspends Shares from Trading
SIMPLY SAUSAGES: Brings In Smith & Williamson as Administrators
SOHO SHEET: Claims Filing Period Ends August 31

SPIRO-GILLS LTD: Names Joint Administrators from Menzies
SUNKING FLOWERS: Appoints KPMG as Joint Administrators
TATA MOTORS: Taps SBI as Lead Manager in Raising US$3 Billion
TATA MOTORS: Sees Improved Utility Vehicle Sales in FY2009
ULTRA PLAY: Appoints Joint Administrators from P&A

VERINE LTD: Brings In Joint Administrators from Vantis

* Large Companies with Insolvent Balance Sheet


                            *********


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


AXEL GINNER: Claims Registration Period Ends April 4
----------------------------------------------------
Creditors owed money by LLC Axel Ginner (FN 245114m) have until
April 4, 2008, to file written proofs of claim to court-
appointed estate administrator Christoph Sauer at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 23, 2008, for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Zwettl, Austria, the Debtor declared bankruptcy
on Feb. 26, 2008 (Bankr. Case No. 9 S 11/08b).  Frank Riel
represents Dr. Sauer in the bankruptcy proceedings.


BRIMMO ROTSCHADL: Claims Registration Period Ends April 21
----------------------------------------------------------
Creditors owed money by LLC BRIMMO Rotschadl Bernhard
Immobilienentwicklung have until April 21, 2008, to file written
proofs of claim to court-appointed estate administrator Arno
Lerchbaumer at:

          Dr. Arno Lerchbaumer
          Marburger Kai 47
          8010 Graz
          Austria
          Tel: 0316/82 22 44-0
          Fax: 0316/82 22 44-22
          E-mail: office@lerchbaumer.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:10 p.m. on May 8, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Graz
          Hall L
          Room 230
          Second Floor
          Graz
          Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Feb. 19, 2008 (Bankr. Case No. 25 S 18/08x).


ESTRICHVERLEGUNG NOVAKOVIC: Claims Registration Ends April 7
------------------------------------------------------------
Creditors owed money by KEG Estrichverlegung Novakovic (FN
258239p) have until April 7, 2008, to file written proofs of
claim to court-appointed estate administrator osef Ebner at:

          Dr. Josef Ebner
          Mahlerstrasse 7
          1010 Vienna
          Austria
          Tel: 512 29 94
          Fax: 512 29 04
          E-mail: ra.ebner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on April 21, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 26, 2008 (Bankr. Case No. 38 S 14/08y).


FORLIFE LLC: Claims Registration Period Ends April 8
----------------------------------------------------
Creditors owed money by  LLC FORLIFE (FN 265375h) have until
April 8, 2008, to file written proofs of claim to court-
appointed estate administrator Raoul Wagner at:

          Dr. Raoul Wagner
          Rathausstrasse 15/4
          1010 Vienna
          Austria
          Tel: 405 33 82
          Fax: 408 84 67
          E-mail: office@hopmeier.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 22, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1606
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 18, 2008 (Bankr. Case No. 4 S 19/08h).


GAT GARTNER: Claims Registration Period Ends March 24
-----------------------------------------------------
Creditors owed money by LLC GAT Gartner-Abwasser-Technik (FN
258973v) have until March 24, 2008, to file written proofs of
claim to court-appointed estate administrator Gerwald Holper at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on April 7, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Land Court of Feldkirch
          Hall F
          Feldkirch
          Austria

Headquartered in Oberwart, Austria, the Debtor declared
bankruptcy on Feb. 18, 2008 (Bankr. Case No. 26 S 9/08p).


JUST-NETWORK LLC: Claims Registration Period Ends April 7
---------------------------------------------------------
Creditors owed money by LLC Just-Network (FN 275683t) have until
April 7, 2008, to file written proofs of claim to court-
appointed estate administrator Georg Freimueller at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 21, 2008, for the
examination of claims.

The meeting of creditors will be held at:

          The Trade Court of Vienna
          Room 1609
          Vienna
          Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 26, 2008 (Bankr. Case No. 38 S 13/08a).


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


POPE & TALBOT: Court Extends Exclusivity Period to June 2
---------------------------------------------------------
The Hon. Christopher S. Sontchi of the Unites States Bankruptcy
Court for the District of Delaware extends Pope & Talbot Inc.
and its debtor-affiliates’:

   (a) time within which they have the exclusive right to file a
       Chapter 11 plan, through and including June 2, 2008; and

   (b) time within which the Debtors have the exclusive right
       to solicit acceptances of that plan, through and
       including July 30, 2008.

The Debtors relate that the size and complexity of their
businesses, corporate structure, employee relationships, vendor
relationships and financing arrangements place a heavy burden on
their management and personnel.  This burden has been
exacerbated in the context of the Debtors' Chapter 11
proceedings and the concurrently pending Canadian proceedings,
James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware, avers.

Given the business and restructuring matters that the Debtors
have been, and must be, resolved, neither the Debtors nor any
other party-in-interest had been in a realistic position to
create and build acceptance for a Chapter 11 plan, Mr. O'Neill
notes.

Pursuant to Section 1121(b) of the Bankruptcy Code, a chapter 11
debtor has the exclusive right to file a plan of reorganization
during the first 120 days following the filing of its chapter 11
petition, and thereafter to solicit acceptances to any plan so
filed for a period of an additional 60 days.

Section 1121(d) empowers the Court to extend the Exclusivity
Periods for "cause."  Upon the request of a party in interest
made and after notice and a hearing, a court may for cause
reduce or increase the Exclusive Plan Filing Period and the
Exclusive Solicitation Period.

The extension of the Exclusive Periods will not harm creditors
or equity security holders, but would afford the Debtors a
reasonable opportunity to pursue a meaningful and consensual
Plan, Mr. O'Neill maintains.

Mr. O'Neill adds that despite the complexities of their
bankruptcy cases, the Debtors have accomplished a significant
amount in the approximately three months that they have been in
Chapter 11.  Since the Petition Date, the Debtors have:

   (1) obtained "first day" relief designed to, among other
       things, minimize disruptions to their businesses as a
       result of their Chapter 11 cases;

   (2) entered into an agreement to obtain a secured
       postpetition financing;

   (3) negotiated, conducted auctions with respect to, and
       entered into, four separate asset purchase agreements
       that together encompass the sale of substantially all of
       their operating assets.  The Debtors also anticipate that
       the total recoveries will be sufficient to satisfy the
       claims of their secured creditors;

   (4) obtained the Bankruptcy Court's and Canadian Court's
       approval of a cross-border insolvency protocol;

   (5) filed the Schedules of Assets and Liabilities;

   (6) have filed a motion seeking to establish bar dates for
       the filing of proofs of claim and to approve a cross-
       border insolvency protocol governing the filing and
       resolution of claims in the CCAA Proceedings; and

   (7) rejected certain executory contracts and have commenced a
       review and analysis of those executory contracts and
       unexpired leases which are not being assumed and assigned
       in connection with the asset sales.

"Affording the Debtors a full opportunity to close the asset
sales, realize on the assets excluded from the sales, and begin
the claims process will provide a platform from which serious
negotiations toward a plan can be based," Mr. O'Neill maintains.

                       About Pope & Talbot

Based in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood
products business.  Pope & Talbot was founded in 1849 and
produces market pulp and softwood lumber at mills in the US and
Canada.  Markets for the company's products include the US,
Europe, Canada, South America and the Pacific Rim.

The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007.  The Debtors' CCAA Stay expired
on Jan. 16, 2008.

The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738).  Shearman & Sterling LLP is the Debtor's
bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski,
Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy
co-counsel.  The Official Committee of Unsecured Creditors
selected Fried, Frank, Harris, Shriver & Jacobson LLP as its
bankruptcy counsel.  When the Debtors filed for bankruptcy, they
listed total assets of US$681,960,000 and total debts of
US$601,090,000.

Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels.  If the Belgian court
grants Pope & Talbot Europe's application, it is expected it
will be liquidated through the bankruptcy proceeding.

(Pope & Talbot Bankruptcy News, Issue No. 16; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


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


DOLE FOOD: Posts US$57.5 Million Net Loss in Year Ended Dec. 29
---------------------------------------------------------------
Dole Food Company Inc. reported a net loss of US$57.5 million
for the year ended Dec. 29, 2007, compared to a net loss of
US$89.6 million for the year ended Dec. 30, 2006.

For the year ended Dec. 29, 2007, revenues increased 13.0% to
US$6.93 billion from US$6.15 billion in the prior year.  Higher
worldwide sales of fresh fruit and packaged foods products in
North America and Europe drove the increase in revenues during
2007.

Higher volumes of bananas and pineapples accounted for
approximately US$222.0 million or 28.0% of the overall revenues
increase.  Higher revenues in the company's European ripening
and distribution operations contributed an additional
US$528.0 million.  Higher sales of packaged foods products,
primarily for FRUIT BOWLS, fruit in plastic jars, pineapple
juice and packaged frozen fruit accounted for approximately
US$85.0 million or 11.0% of the overall revenues increase.
Favorable foreign currency exchange movements in the company's
selling locations also positively impacted revenues by
approximately US$171 million.

These increases were partially offset by a reduction in fresh
vegetables sales due to lower volumes of commodity vegetables
sold in North America and Asia. In addition, the company's
fresh-cut flowers business reported overall lower sales volumes
due primarily to the changes in the customer base and product
offerings attributable to the implementation of the 2006
restructuring plan.

                       Operating Income

For the year ended Dec. 29, 2007, operating income was
US$130.1 million compared with US$79.0 million in 2006.  The
increase was primarily attributable to improved operating
results in the company's banana operations worldwide which
benefited from stronger pricing and higher volumes.  In
addition, operating income improved in the European ripening and
distribution business and the fresh-cut flowers segment due to
the absence of restructuring costs of US$12.8 million and
US$29.0 million, respectively.

These improvements were partially offset by lower earnings in
the company's packaged salads business and packaged foods
segment primarily due to higher product costs.

        Interest Income and Other Income (Expense), Net

For the year ended Dec. 29, 2007, interest income increased
slightly to US$7.6 million from US$7.2 million in 2006. The
slight increase in interest income was primarily related to
higher levels of cash at JP Fresh during 2007.

Other income (expense), net decreased to income of US$1.8
million in 2007 from income of US$15.2 million in 2006.  The
decrease was due to a reduction in the gain generated on the
company's cross currency swap of US$22.7 million, partially
offset by a reduction in the foreign currency exchange loss on
the company's British pound sterling capital lease vessel
obligation of US$9.2 million.

                          Interest Expense

Interest expense for the year ended Dec. 29, 2007, was
US$194.9 million compared to US$174.7 million in 2006.  The
increase was primarily related to higher levels of borrowings
during 2007 on the company's term loan facilities and the asset
based revolving credit facility.

                            Income Taxes

The company recorded US$1.1 million of income tax expense on
US$55.3 million of pretax losses from continuing operations for
the year ended Dec. 29, 2007, reflecting a 1.9% effective income
tax rate for the year.  Income tax expense decreased US$17.1
million from US$18.2 million in 2006 primarily due to a shift in
the mix of earnings in foreign jurisdictions taxed at a lower
rate than in the U.S.  The effective tax rate in 2006 was 24.8%.

        Equity in Earnings of Unconsolidated Subsidiaries

Equity in earnings of unconsolidated subsidiaries for the year
ended Dec. 29, 2007, increased to US$1.7 million from US$177,000
in 2006.  The increase was primarily related to higher earnings
generated by one of the company's European investments.

                      Discontinued Operations

During the fourth quarter of 2006, the company sold all of the
assets and substantially all of the liabilities associated with
its Pacific Coast Truck operations for US$20.7 million.  The
company received net proceeds of US$15.3 million from the sale
after the assumption of US$5.4 million of debt, realizing a gain
of approximately US$2.8 million, net of income taxes of
US$2.0 million.

                          Long-Term Debt

At Dec. 29, 2007, the company had total outstanding long-term
borrowings of US$2.41 billion, consisting primarily of
US$1.10 billion of unsecured senior notes and debentures due
2009 through 2013 and US$1.22 billion of secured debt
(consisting of revolving credit and term loan facilities and
capital lease obligations).

The company has US$350.0 million of unsecured senior notes
maturing May 1, 2009.  The company is currently evaluating its
available options to refinance the notes.

                          Balance Sheet

At Dec. 29, 2007, the company's consolidated balance sheet
showed US$4.64 billion in total assets, US$4.29 billion in total
liabilities, US$29.9 million in minority interests, and
US$325.0 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 29, 2007, are available for
free at http://researcharchives.com/t/s?2910

                          About Dole Food

Based in Westlake Village, California, Dole Food Company Inc. --
http://www.dole.com/-- is the world's largest producer and
marketer of high-quality fresh fruit, fresh vegetables and
fresh-cut flowers.  Dole markets a growing line of packaged and
frozen foods and is a produce industry leader in nutrition
education and research.  Dole's fresh-cut! Flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia and Ecuador, primarily to wholesale florists and
supermarkets in the U.S.

                          *    *    *

As reported in the Troubled Company Reporter-Europe on
Feb. 28, 2008, Moody's Investors Service lowered Dole Food
Company Inc.'s corporate family rating and probability of
default ratings to B3 from B2, and downgraded the ratings of the
company's unsecured shelf filings. Moody's said the rating
outlook is stable.


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G E O R G I A
=============


CANARGO ENERGY: L J Soldinger Expresses Going Concern Doubt
------------------------------------------------------------
L J Soldinger Associates LLC raised substantial doubt about the
ability of CanArgo Energy Corporation to continue as a going
concern after it audited the company's financial statements for
the year ended Dec. 31, 2007.

The auditor pointed reported that the company has incurred net
losses since inception and does not have sufficient funds to
execute its business plan or fund operations through the end of
2008.

Management estimates its current cash will last through to the
third quarter 2008.  In addition, the company is restricted from
incurring additional debt obligations unless it receives
permission from its current lenders.

The company incurred net losses from continuing operations to
common stockholders of approximately US$65,315,000 US$54,432,000
and US$12,522,000 for the years ended Dec. 31, 2007, 2006, and
2005, respectively.  These net losses included non-cash charges
related to depreciation and depletion, impairments, loan
interest, amortization of debt discount, extinguishment of debt
and stock-based compensation of approximately US$61,936,000,
US$48,213,000 and US$7,175,000 for the years ended Dec. 31,
2007, 2006, and 2005, respectively.

CanArgo Energy posted a net loss of US$53,777,214 on total sales
of US$7,208,666 for the year ended Dec. 13, 2007, as compared
with a net loss of US$60,540,851 on total sales of US$6,526,660
in the prior year.

In the years ended Dec. 31, 2007, and 2006, the company's
revenues from its Georgian operations did not cover the costs of
its operations.  At Dec. 31, 2007, the company had unrestricted
cash and cash equivalents available for general corporate use or
for use in the Georgian operations of about US$6,869,000.  In
2007, the company experienced a net cash outflow from operations
of about US$1,800,000 in Georgia.

In addition, the company has a planned capital expenditure
budget in 2008 of about US$12,000,000 in Georgia.  The
exploration and development wells currently undergoing or
waiting to undergo production testing in Georgia currently do
not produce enough commercially available quantities of oil and
or gas and the company will not have sufficient working capital
and may have to delay or suspend its capital expenditure plans
and possibly make cutbacks in its operations.

At Dec. 31, 2007, the company's balance sheet showed
US$59,552,077 in total assets, US$19,423,727 in total
liabilities, and US$38,008,820 in stockholders' equity.

The company's consolidated balance sheet at Dec. 31, 2007,
showed strained liquidity with US$8,172,654 in total current
assets available to pay US$7,457,998 in total current
liabilities.

A full-text copy of the company's 2007 annual report is
available for free at: http://ResearchArchives.com/t/s?2937

About CanArgo Energy

CanArgo Energy Corporation (AMEX: CNR) -- http://www.canargo.com
-- engages in the acquisition, exploration, development,
production, and marketing of crude oil and natural gas primarily
in Georgia and the Republic of Kazakhstan.  The company's
properties include the Ninotsminda Field covering approximately
3,276 acres located approximately 25 miles north east of the
Georgian capital, Tbilisi; and the Kyzyloi Gas Field covering an
area of approximately 70,919 gross acres and Akkulka block in
Kazakhstan.  As of December 31, 2006, it had proved developed
and undeveloped gross reserves of 3.379 million barrels of oil
and 2.808 billion cubic feet of gas.  The company was founded in
1971 and is headquartered in St. Peter Port, British Isles.


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


AKS SCHILDERPRODUKTION: Claims Registration Period Ends March 28
---------------------------------------------------------------
Creditors of AKS Schilderproduktion GmbH have until
March 28, 2008, to register their claims with court-appointed
insolvency manager Stefan Hahn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Stefan Hahn
         Morianstrasse 45
         42103 Wuppertal
         Germany
         Tel: 0202/283310
         Fax: 0202/2833175

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

The Debtor can be reached at:

         AKS Schilderproduktion GmbH
         Attn: Robin Pahl, Manager
         Potshauser Str. 20
         42651 Solingen
         Germany


BKS-SATTRONIX: Claims Registration Period Ends April 7
------------------------------------------------------
Creditors of BKS-Sattronix GmbH have until April 7, 2008, to
register their claims with court-appointed insolvency manager
Prof. Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         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:

          Prof. Rolf Rattunde
          Kurfuerstendamm 26a
          10719 Berlin
          Germany

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

The Debtor can be reached at:

         BKS-Sattronix GmbH
         Daimlerstr. 10
         32108 Bad Salzuflen
         Germany


CAVIS GESELLSCHAFT: Claims Registration Period Ends April 7
-----------------------------------------------------------
Creditors of Cavis Gesellschaft fuer Immobilisierungssysteme mbH
have until April 7, 2008, to register their claims with court-
appointed insolvency manager Dr. Wolfgang Petereit.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mainz
         Hall 174
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         Germany

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

The insolvency manager can be reached at:

          Dr. Wolfgang Petereit
          GF 48
          Kaiserstrasse 24a
          D 55116 Mainz
          Germany
          Tel: 06131/626080
          Fax: 06131/6260813

The District Court of Mainz opened bankruptcy proceedings
against Cavis Gesellschaft fuer Immobilisierungssysteme mbH on
Feb. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Cavis Gesellschaft fuer Immobilisierungssysteme mbH
         Friedrich-Koenig-Str. 3
         55129 Mainz
         Germany


CMI UNTERNEHMENSBERATUNG: Claims Registration Ends April 7
----------------------------------------------------------
Creditors of CMI Unternehmensberatung GmbH have until
April 7, 2008, to register their claims with court-appointed
insolvency manager Oliver Schartl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on April 28, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         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:

         Oliver Schartl
         Schwanthalerstr. 32
         80336 Munich
         Germany
         Tel: 089-545110
         Fax: 089-54511-444

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

The Debtor can be reached at:

         CMI Unternehmensberatung GmbH
         Nymphenburger Strasse 20A
         80335 Munich
         Germany


CONSALTO GMBH: Claims Registration Period Ends April 7
------------------------------------------------------
Creditors of Consalto GmbH & Co. KG have until April 7, 2008, to
register their claims with court-appointed insolvency manager
Michael Moenig.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Michael Moenig
         Von-Steuben-Strasse 20
         48143 Muenster
         Germany
         Tel: 0251/53599-0
         Fax: +492515359910

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

The Debtor can be reached at:

          Consalto GmbH & Co. KG
          Buldernweg 42
          48163 Muenster
          Germany


DELPHA REHA: Claims Registration Period Ends April 7
----------------------------------------------------
Creditors of Delpha Reha & Concept GmbH have until April 7,
2008, to register their claims with court-appointed insolvency
manager Vera Mai.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on April 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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:

         Vera Mai
         Berliner Platz 6
         46236 Bottrop
         Germany

The District Court of Essen opened bankruptcy proceedings
against Delpha Reha & Concept GmbH on Feb. 22, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Delpha Reha & Concept GmbH
         Recklinghauser Str. 8
         45721 Haltern
         Germany


DELTAPACK PACKAGING: Claims Registration Period Ends April 7
------------------------------------------------------------
Creditors of Deltapack Packaging GmbH have until April 7, 2008,
to register their claims with court-appointed insolvency manager
Bernd Reuss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 5, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Giessen
         Hall 408
         Fourth Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         Germany

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

The insolvency manager can be reached at:

         Bernd Reuss
         Mainzer-Tor-Anlage 33D
         61169 Friedberg
         Germany
         Tel: 06031/797-0
         Fax: 06031/797100

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

The Debtor can be reached at:

         Deltapack Packaging GmbH
         Weissenburgring 23
         35415 Pohlheim
         Germany


DEUBAG WOHN: Claims Registration Period Ends April 7
----------------------------------------------------
Creditors of deubag Wohn- und Stadtbau Dresden GmbH have until
April 7, 2008, to register their claims with court-appointed
insolvency manager Horst Helberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 19, 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 Dresden
          Hall D131
          Olbrichtplatz 1
          01099 Dresden
          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:

          Horst Helberg
          Selliner Str. 6-8
          01109 Dresden
          Germany
          Web site: http://www.pfefferle.de/

The District Court of Dresden opened bankruptcy proceedings
against deubag Wohn- und Stadtbau Dresden GmbH on Feb. 27, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          deubag Wohn- und Stadtbau Dresden GmbH
          Attn: Alexander Sylvester, Manager
          Leonhardistr. 1
          01326 Dresden
          Germany


DIGITEL INFORMATION: Claims Registration Period Ends April 7
------------------------------------------------------------
Creditors of Digitel Information - und Telekommunikation-
Systeme GmbH have until April 7, 2008, to register their claims
with court-appointed insolvency manager Winfried Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Essen
          Meeting Hall 291
          Second Floor
          Zweigertstr. 52
          45130 Essen
          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. Winfried Andres
          Heinrich-Held-Str. 16
          45133 Essen
          Germany
          Tel: 0201 330550

The District Court of Essen opened bankruptcy proceedings
against  Digitel Information - und Telekommunikation- Systeme
GmbH on Feb. 20, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

          Digitel Information - und Telekommunikation-
          Systeme GmbH
          Technologiepark 1
          45307 Essen
          Germany



DUERR AG: South Carolina Plant Gets EUR100 Mln Order from BMW
-------------------------------------------------------------
The Duerr Group has received a major order from the BMW Group
for its U.S. plant in Spartanburg, South Carolina, worth more
than EUR100 million.  The production capacity will be increased
from 160,000 to 240,000 units by 2012.  The required expansion
of the paint shop will be realized largely by Duerr.

Duerr has received several small and medium-sized orders for
paint systems in the United States in 2007.

"This large order from BMW Group now assures us very good
capacity utilization in the United States for the long term. It
also underscores the confidence placed in Duerr as a capable
provider of comprehensive systems and technology expertise,"
says Ralf Dieter, CEO of Duerr AG.

The order will be executed under the leadership of U.S.
subsidiary Duerr Systems Inc.

The paint shop, built by Duerr in 1996, is to be expanded so the
X3's successor model and the X6 can be produced there in the
future in addition to the BMW X5.

                          About Duerr

Headquartered in Stuttgard, Germany, The Duerr Group
-- http://www.durr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Duerr designs and builds
paint shops and final assembly plants.

The Duerr Group also operates in Czech Republic, France, U.K.,
Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey,
Australia, Brazil, China, India, Japan, Mexico, South Africa,
South Korea and the U.S.A.

                          *     *     *

As reported in the TCR-Europe on March 3, 2008, Standard &
Poor's Ratings Services revised its outlook to positive from
stable on Duerr AG.  S&P also affirmed its 'B' long-term
corporate credit rating on the group.

Duerr AG also carries B2 Corporate Family, B2 Probability of
Default and Caa1 Senior Subordinate ratings from Moody's
Investor Service.  Moody's said the outlook is stable.


ELCO-PRO GMBH: Claims Registration Ends April 8
-----------------------------------------------
Creditors of ELCO-PRO GmbH & Co. KG have until April 8, 2008, to
register their claims with court-appointed insolvency manager
Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 9, 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 Dortmund
         Meeting Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Petra Mork
         Arndtstr. 28
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against ELCO-PRO GmbH & Co. KG on Feb. 6, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         ELCO-PRO GmbH & Co. KG
         Attn: Roland Giller, Manager
         Olpe 16
         44135 Dortmund
         Germany


ELKA FINANZ: Claims Registration Ends April 8
---------------------------------------------
Creditors of Elka Finanz Makler GmbH have until April 8, 2008,
to register their claims with court-appointed insolvency manager
Tilo Kolb.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on May 6, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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:

         Tilo Kolb
         Sternstrasse 13
         06108 Halle
         Germany
         Tel: 0345/5200111
         Fax: 0345/5200066

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Elka Finanz Makler GmbH on Feb. 22, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Elka Finanz Makler GmbH
         Karl-Witte-Str. 2
         06258 Schkopau
         Germany

         Attn: Karsten Syring, Manager
         Waldstrasse 44
         06120 Halle
         Germany


ESPACE SERVICE: Claims Registration Ends April 8
------------------------------------------------
Creditors of ESPACE Service GmbH have until April 8, 2008, to
register their claims with court-appointed insolvency manager
Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 119 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Ulrich Zerrath
         Lange Wanne 57
         45665 Recklinghausen
         Germany
         Tel: 02361/4884-0
         Fax: +492361488499

The District Court of Muenster opened bankruptcy proceedings
against ESPACE Service GmbH on Jan. 30, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ESPACE Service GmbH
         Wierlings Hook 7
         48249 Duelmen
         Germany

         Attn: Andre Wollenberg, Manager
         von-Holte-Strasse 7
         48167 Muenster
         Germany


EUROPORT FAHRZEUG-HANDELS: Claims Registration Ends April 8
-----------------------------------------------------------
Creditors of EUROPORT Fahrzeug-Handels GmbH have until April 8,
2008, to register their claims with court-appointed insolvency
manager Dr. Frank Kreuznacht.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on May 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Jena
         Hall 91
         Jena
         Germany

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

The insolvency manager can be reached at:

         Dr. Frank Kreuznacht
         Untermarkt 23
         99974 Muehlhausen
         Germany

The District Court of Jena opened bankruptcy proceedings against
EUROPORT Fahrzeug-Handels GmbH on Jan. 23, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         EUROPORT Fahrzeug-Handels GmbH
         Attn: Sigurd Unglaub, Manager
         Frankenhauser Strasse 1
         06567 Esperstedt
         Germany


FASHION & COSMETICS: Claims Registration Ends April 8
-----------------------------------------------------
Creditors of Fashion & Cosmetics Frank Schroeder GmbH have until
April 8, 2008, to register their claims with court-appointed
insolvency manager Horst Piepenburg.

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

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Fashion & Cosmetics Frank Schroeder GmbH on March 4,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Fashion & Cosmetics Frank Schroeder GmbH
         Attn: Kerstin Schroeder, Manager
         Blasiusstrasse 29
         40221 Duesseldorf
         Germany


FERIENTEAM REISEN: Claims Registration Period Ends April 7
----------------------------------------------------------
Creditors of Ferienteam Reisen & Sparen GmbH have until
April 7, 2008, to register their claims with court-appointed
insolvency manager Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on June 3, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The Court will also verify the claims set out in the insolvency
manager's report 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 Nacke
          Gross-Berliner Damm 73 c
          12487 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Ferienteam Reisen & Sparen GmbH on
Feb. 7, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

          Ferienteam Reisen & Sparen GmbH
          Orionstr. 37
          12435 Berlin
          Germany


FRIESS GMBH: Claims Registration Period Ends March 31
-----------------------------------------------------
Creditors of Friess GmbH have until March 31, 2008, to register
their claims with court-appointed insolvency manager Undine
Haller.

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

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Undine Haller
         Bismarckstrasse 39
         74074 Heilbronn
         Germany
         Tel: 07131/173032
         Fax: 07131/171112

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

The Debtor can be reached at:

         Friess GmbH
         Attn: Dietmar Drixler, Manager
         Carmauxstrasse 53
         74172 Neckarsulm
         Germany


FX GLOBAL: Claims Registration Period Ends April 7
--------------------------------------------------
Creditors of FX Global GmbH have until April 7, 2008, to
register their claims with court-appointed insolvency manager
Bruno M. Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on April 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

          The District Court of Essen
          Meeting Hall 293
          Second Floor
          Zweigertstr. 52
          45130 Essen
          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. Bruno M. Kuebler
          Moltkestrasse 29
          45138 Essen
          Germany

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

The Debtor can be reached at:

          FX Global GmbH
          Attn: Sylvia Gadjigo, Manager
          Vogelwiesche 4
          45329 Essen
          Germany


GALAXY ENERGY: Case Summary & 40 Largest Unsecured Creditors
------------------------------------------------------------
Lead Debtor: Galaxy Energy Corp.
             fka Galaxy Investments, Inc.
             1331 17th Street, Suite 1050
             Denver, CO 80202

Bankruptcy Case No.: 08-13164

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
        Dolphin Energy Corp.                       08-13166

Type of Business: As independent oil and gas companies, the
                  Debtors, founded in 2002 and based in Denver,
                  Colorado, engage in the acquisition,
                  exploration, development, and production of
                  crude oil and natural gas primarily in the US.
                  They have operations in the Piceance Basin of
                  western Colorado and the Powder River Basin
                  located in Wyoming and Montana.  They also own
                  interests in Neues Bergland exploration permit
                  covering an area of 149,000 acre leaseholding
                  near Kusel in southwest Germany; and Jiu
                  Valley project covering an area of 21,500 acre
                  coalbed methane project in Romania.

                  As Nov. 30, 2006, they had proved reserves of
                  approximately 320 barrels of oil and 1,005,421
                  thousand cubic feet of gas.  As April 1, 2007,
                  they had interests in 175 completed wells, 60
                  wells in various stages of completion, and 8
                  water disposal wells.  See
                  http://www.galaxyenergy.com/

Chapter 11 Petition Date: March 14, 2008

Court: District of Colorado (Denver)

Judge: Sidney B. Brooks

Debtors' Counsel: Alice A. White, Esq.
                     (jmail@jessopco.com)
                  Douglas W. Jessop, Esq.
                     (jmail@jessopco.com)
                  303 East 17th Avenue, Suite 930
                  Denver, CO 80203
                  Tel: (303) 860-7700
                  http://www.jessopco.com/

Galaxy Energy Corp's Financial Condition:

Total Assets: US$43,797,124

Total Debts:  US$54,378,324

A. Galaxy Energy Corp's 20 Largest Unsecured Creditors:

   Entity                      Nature of Claim      Claim Amount
   ------                      ---------------      ------------
Eversource Group Ltd.          Loan                 US$3,213,014
Suite 906, Ocean Centre,
Harbour City 5,
TST, Kowloon, Hong Kong

Asset Protection Fund          Loans                US$3,150,342
Aeulestrasse 5
FL-9490 Vaduz, Liechtenstein

Vanguard Capital Limited       Loans                US$1,566,099
Shirley House
50 Shirley Street
Nassau, Bahamas

Centrum Bank AG                Loans                US$1,459,271
Kirchstrasse 3
FL-9490 Vaduz, Liechtenstein

Capriccio Investments, Inc.    Loans                US$1,427,945
Calle 53, Urbanizacion Obarrio
Swiss Tower, Pisa 16
Panama

Desmodio Management, Inc.      Loan                 US$1,427,945
Kirchstrasse 79, P.O. Box 6
FL-9490 Vaduz, Liechtenstein

Bank Sal. Oppenheim Jr. & Cie. Loans                US$1,365,929
Uraniastrasse 28
CH-8011 Zurich, Switzerland

Finter Bank Zurich             Loans                US$1,299,430
Claridenstrasse 35
CH-8002 Zurich, Switzerland

Nicolas Mathys                 Loans                US$1,285,205
Weinberghohe 17
6349 Baar, Switzerland

Bruno Sauter                   Loans                US$1,285,205
Im Leeacher 3
8123 Ebmatingen, Switzerland

Julius Baer Fund Trading       Loans                  US$978,142
Bahnhofstrasse 36
CH-8010 Zurich, Switzerland

Bost & Co                      Loans                  US$961,042
Mellon Bank, P.O. Box 3195
Pittsburgh, PA 15230-3195

Partner Marketing AG           Loan                   US$610,126

Clarion Finanz AG              Loans                  US$466,903
Gerbergasse 5
8001 Zurich, Switzerland

Rahn & Bodmer                  Loans                  US$30,690

Shimmerlik Corporate Comm.,    Trade Debt             US$12,018
Inc.

CTA Public Relations           Trade debt             US$10,000

Gustavson Associates           Trade debt             US$10,000

Welborn Sullivan Meck          Legal services          US$6,465

Dill Dill Carr Stonbraker      Legal Services          US$5,000

B. Dolphin Energy Corp's 20 Largest Unsecured Creditors:

   Entity                      Nature of Claim      Claim Amount
   ------                      ---------------      ------------
Asset Protection Fund          Loans                US$3,150,342
Aeulestrasse 5
FL-9490 Vaduz, Liechtenstein

Capriccio Investments, Inc.    Loan                 US$1,427,945
Calle 53, Urbanizacion Obarrio
Swiss Tower, Piso 16
Panama

Eversource Group Ltd.          Loans                US$3,213,014
Suite 906, Ocean Centre
Harbour City 5, Canton Road
TST, Kowloon, Hong Kong

Vanguard Capital Ltd.          Loans                US$1,566,099
Shirley House, 50 Shirley
Street, P.O. B
Nassau, Bahamas

Centrum Bank AG                Loans                US$1,459,271
Kirchstrasse 3
FL-9490 Vaduz, Liechtenstein

Desmodio Management, Inc.      Loan                 US$1,427,945
Kirchstrasse 79, P.O. Box 6
FL-9490 Vaduz, Liechtenstein

Bank Sal. Oppenheim Jr. & Cie. Loans                US$1,365,929
Uraniastrasse 28
CH-8011 Zurich, Switzerland

Finter Bank Zurich             Loans                US$1,299,430
Claridenstrasse 35
CH-8002 Zurich, Switzerland

Nicolas Mathys                 Loans                US$1,285,205
Weinberghohe 17
6349 Baar, Switzerland

Bruno Sauter                   Loan                 US$1,285,205
Im Leeacher 3
8123 Ebmatingen, Switzerland

Julius Baer Fund Trading       Loans                  US$978,142
Bahnhofstrasse 36
CH-8010 Zurich, Switzerland

Bost & Co                      Loans                  US$961,042
Mellon Bank, P.O. Box 3195
Pittsburgh, PA 15230-3195

Clarion Finanz AG              Loan                   US$466,903
Gerbergasse 5
8001 Zurich, Switzerland

Partner Marketing AG           Loans                  US$610,126

Bill Barrett Corp.             Trade Debt             US$47,391

Continental Production         Trade Debt             US$41,742

Continental Industries, LC     Trade Debt             US$39,194

Rahn & Bodmer                  Loan                   US$30,690

Powder River Energy Corp.      Trade debt and         US$30,000
                               utility

Cascade Earth Sciences         Trade Debt             US$14,625


GERHARD WAGENBAUER: Claims Registration Period Ends March 28
------------------------------------------------------------
Creditors of Gerhard Wagenbauer Bauunternehmung GmbH have until
March 28, 2008, to register their claims with court-appointed
insolvency manager Michael Mansfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on April 10, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Michael Mansfeld
         Marschallstr. 19
         84028 Landshut
         Germany
         Tel: 0871/430944-0
         Fax: 0871/430944-22

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

The Debtor can be reached at:

         Gerhard Wagenbauer Bauunternehmung GmbH
         Johann-Strauss-Strasse 9
         84130 Dingolfing
         Germany


HTM GMBH: Claims Registration Period Ends March 28
--------------------------------------------------
Creditors of HTM 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 9:00 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
         Tel: 05251/ 180660
         Fax: 05251 / 1806666

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

The Debtor can be reached at:

         HTM GmbH
         Kapenberg 3
         37671 Hoexter
         Germany

         Attn: Thomas Schlickwei, Manager
         Eilversen 16
         37696 Marienmuenster
         Germany


MAYERTHALER GMBH: Claims Registration Period Ends March 28
----------------------------------------------------------
Creditors of Mayerthaler GmbH have until March 28, 2008, to
register their claims with court-appointed insolvency manager
Matthias Dieckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on April 11, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Room 9/I
         Insolvency Court
         Maximilianstrasse 22-24
         Landshut
         Germany

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

The insolvency manager can be reached at:

         Matthias Dieckmann
         Gute Anger 11
         85356 Freising
         Germany
         Tel: 08161/988110
         Fax: 08161/82472

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

The Debtor can be reached at:

         Mayerthaler GmbH
         Raiffeisenstr. 31
         85356 Freising
         Germany


NUNTIUS DIE LOGISTIKER: Claims Registration Period Ends April 7
---------------------------------------------------------------
Creditors of Nuntius "Die Logistiker" Medienlogistik GmbH have
until April 7, 2008, to register their claims with court-
appointed insolvency manager Knut Rebholz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 9, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The Court will also verify the claims set out in the insolvency
manager's report 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:

          Knut Rebholz
          Cicerostr. 22
          10709 Berlin
          Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Nuntius "Die Logistiker" Medienlogistik GmbH
on Jan. 10, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

          Nuntius "Die Logistiker" Medienlogistik GmbH
          Pestalozzistr. 66
          10627 Berlin
          Germany


PENTA BETEILIGUNGS: Claims Registration Period Ends April 7
-----------------------------------------------------------
Creditors of PENTA Beteiligungs GmbH have until April 7, 2008,
to register their claims with court-appointed insolvency manager
Christian Gerloff.

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

The meeting of creditors will be held at:

          The District Court of Munich
          Meeting Hall 101
          Infanteriestr. 5
          80097 Munich
          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. Christian Gerloff
          Nymphenburger Str. 139
          80636 Munich
          Germany
          Tel: 089/120260
          Fax: 089/12026127

The District Court of Munich opened bankruptcy proceedings
against PENTA Beteiligungs GmbH on Feb. 27, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

          PENTA Beteiligungs GmbH
          Bahnhofstr. 106
          82166 Grafelfing
          Germany


REGOS BAU- UND MANAGEMENT: Claims Registration Ends April 8
-----------------------------------------------------------
Creditors of REGOS Bau- und Management GmbH have until
April 8, 2008, to register their claims with court-appointed
insolvency manager Dr. Mark Zeuner.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on April 22, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stendal
         Hall 112
         Albrecht der Bar
         Scharnhorststrasse 40
         39576 Stendal
         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. Mark Zeuner
         Lehmweg 17, D
         20251 Hamburg
         Germany
         Tel: 040/480 63 90
         Fax: 040/480 63 999

The District Court of Stendal opened bankruptcy proceedings
against REGOS Bau- und Management GmbH on Feb. 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         REGOS Bau- und Management GmbH
         Giessereistrasse 8
         39517 Tangerhuette
         Germany

         Attn: Helmut Juergen Barike, Manager
         Weststr. 3
         04420 Markranstadt
         Germany


SCHENK PLASTIC: Dobler Says There Is Interest in Company
--------------------------------------------------------
Dobler & Partner GmbH, administrator of Schenk Plastic
Solutions, disclosed that there is a “certain amount of
interest” in the company, Plastics Information Europe reports.

Schenk Plastic was placed into administration last Feb. 28,
2008, the report adds.   Argantis, the report relates, which
bought the company in 2005, has been looking for new investors
since late September 2007.

Schenk Plastic Solutions GmbH -– http://www.schenk-ps.de/--
designs and manufactures functional and trim parts, and
decorative accessories for vehicle interiors.  The company
provides parts and assemblies for the manufacturers of electric
and motor-driven machines; and ventilation systems of electric
motors.  The company also offers rear armrests, seat cover
modules, petrol tank cavity modules, casings, and handles; and
design and functional parts for car interiors, as well as for
luggage and engine compartments.  The company has production
facilities in Bretten, Germany; and Liberec, the Czech Republic.


W & M MEIXNER: Claims Registration Period Ends March 28
-------------------------------------------------------
Creditors of W & M Meixner Bauunternehmung GmbH have until
March 28, 2008, to register their claims with court-appointed
insolvency manager Dr. Hans von Gleichenstein.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 a.m. on April 18, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Room 9/I
         Insolvency Court
         Maximilianstrasse 22-24
         Landshut
         Germany

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

The insolvency manager can be reached at:

         Dr. Hans von Gleichenstein
         Am Kleinen Platz 6
         85435 Erding
         Germany
         Tel: 08122/227 6196
         Fax: 08122/227 6218

The District Court of Landshut opened bankruptcy proceedings
against W & M Meixner Bauunternehmung GmbH on March 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         W & M Meixner Bauunternehmung GmbH
         Waldstr. 10
         85570 Ottenhofen
         Germany


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


MOTIF FINANCE: S&P Junks Rating on EUR30 Million Notes
------------------------------------------------------
Standard & Poor's Ratings Services lowered and placed on
CreditWatch with negative implications its ratings on the
spread-based leveraged super senior secured credit-linked notes
issued by Motif Finance (Ireland) PLC series 2007-7.

This rating action follows continued widening in spreads for the
underlying assets in this transaction.  The increased portfolio
spreads have led to an increased probability of default
calculated for each transaction, so that it is no longer
commensurate with the initial rating assigned to this
transaction.  The current weighted-average portfolio spread for
this transaction is currently very close to its trigger level.

LSS transactions contain both credit and market value risks
associated with the underlying portfolio. These transactions
have a market value trigger based on the weighted-average
portfolio spread and portfolio losses at a given point in time.
If this trigger is breached, it would lead to an unwind event.


Standard & Poor's assesses the likelihood of breaching the
attachment point (credit risk) as well as the probability of
breaching a specific spread trigger (market value risk) when
assigning a rating.

                       Ratings List

     Ratings Lowered and Placed on Creditwatch Negative

                 Motif Finance (Ireland) PLC

                                   Ratings
                                   -------
Class                      To                 From
-----                      --                 ----
EUR30 Million Limited      CCC/Watch Neg      AAA
Recourse Leveraged
Synthetic CDO Notes
Series 2007-7



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


ALITALIA SPA: Air France-KLM Offers EUR747 Mln for Italy's Stake
----------------------------------------------------------------
Alitalia S.p.A. has disclosed the binding offer submitted by
Air France-KLM SA, and approved by its Board of Directors.

Strategic Rational

The new group will benefit from the comprehensive, competitive
and efficient market coverage that will strengthen its position
as the leading global airline group, offering its customers an
unmatched network.

The network design of the three companies rests upon jointly
defined principles and on three main intercontinental hubs
(Amsterdam, Paris and Rome).  It will be based on natural flows
having regards to the respective size of the hubs.

With the new industrial set up, Alitalia:

    * will continue to play an autonomous role with Air France
      and KLM;

    * will benefit from the global alliance SkyTeam;

    * will provide a wide range of services in the best interest
      of its customers; and

    * will directly manage certain activities currently carried
      out by Alitalia Servizi.

Alitalia's integration with the Air France-KLM Group will
enable:

    * A product offering in line with Italy's economic and
      industrial features consistent with the country's economic
      strength and of its successful exports;

    * A complete offer of services for Italian corporate
      clients;

    * The possibility of access for every Alitalia client to a
      single fare structure for all the groups' airlines;

    * The access to all the clients to the world's most powerful
      frequent-flyer program characterized by a growing number
      of partners; and

    * The improvement on board and ground services.

In terms of integration, Alitalia will pursue the recovery of
its leading positioning in the Italian market and in the
international traffic flows to/from Italy, developing a strategy
of profitable growth.

With the full support of Air France-KLM, Alitalia is expected to
strengthen its position as the Italian flag carrier benefiting
from synergies in the principle areas of its business model
(Sales and Distribution, Network and Revenue Management, FFP,
Fleet and Procurement).

Alitalia's brand and Italian identity are core and valuable
assets of the Company and will be further developed for the
benefits of the new group.

The new industrial set up envisages the re-internalization by
Alitalia of certain activities included in the areas of ground
handling and maintenance (including expertise and technologies)
currently in Alitalia Servizi's perimeter.  These activities are
considered key in the day to day management of the business
operations and in the direct relationships with the clients.

This restructuring is consistent with the goal to significantly
improve the quality of the service which is the base of
Alitalia's re-launch within the new Air France-KLM group.

Technical Characteristics

The agreement following the acceptance of the Offer cannot be
executed immediately as it is subject to certain effectiveness
conditions which have to be fulfilled by March 31, 2008.

Such agreement, once executed, will entail, subject to certain
additional conditions, the launch of an exchange public offer on
100% of the Alitalia shares and a public cash tender offer on
100% of the 2010 Alitalia convertible bond.

The formal notification (in accordance to article 102 of T.U.F.)
of the decision to launch the offers is therefore subject to the
fulfillment of the aforementioned additional conditions.

As customary when the control of a company receiving such offers
is in the hands of a single subject, the Ministry of Economy and
Finance has been requested to give its commitment to tender its
shares and convertible bonds to the offers before these are
launched, as it would be not useful to proceed with the such
offers knowing already that they would not be successful.

In line with the T.U.F. provisions and in order to comply with
the principles of transparency and non-discrimination that the
MEF has to adhere to, the preemptive commitment of the MEF shall
become void should a better competing public offer be pursued by
the MEF.

Aside from the aforementioned conditions, there are other
relevant effectiveness conditions:

    * finalization of an agreement with trade unions, for
      Alitalia and Alitalia Servizi's employees, as their full
      cooperation is key to the re-launch of the Company;

    * formal written undertaking from the competent Italian
      governmental authority to maintain the current portfolio
      of Alitalia's air traffic rights, continue to address in
      a transparent and non-discriminatory manner any future
      requests from Alitalia for air traffic rights and provide
      cooperation and assistance in the case of any major
      difficulties with non-European countries; such conditions
      should be deemed satisfied by the agreement underwritten
      with ENAC on March 14, 2008;

    * an agreement signed between Alitalia and Aeroporti di Roma
      S.p.A. on the service standards required for the
      implementation of the Industrial Plan 2008-2010;

    * the finalization of an agreement between Alitalia,
      Fintecna and Alitalia Servizi, for what concerns each's
      own interest, to re-internalize in Alitalia certain sector
      of activities and to renegotiate certain clauses of the
      service agreements.  In order to underline the value of
      the re-internalization proposal, the finalization of an
      Unions agreement relative to Alitalia Servizi employees
      represents an effectiveness condition in the interest of
      both parties;

    * the identification of an applicable solution to definitely
      remove the risk connected to the SEA claim.

In addition, in the context of the finalisation of the
negotiation with Air France-KLM it emerged the need to ensure
the necessary financial flexibility to face the longer expected
timing for the integration and the subsequent capital increase,
and the delay in the disposal of non core assets planned in the
budget.

Consequently, is a further effectiveness condition is envisaged
relies on the MEF's granting to Alitalia a credit line to be
repaid immediately after the capital increase.

After contacts held with the main shareholder, the MEF itself
has expressed its intention to consider the possibility to
promote the necessary steps to grant such credit line only
in case the Binding Offer from Air France-KLM becomes effective
in its entirety even after a positive assessment expressed by
the MEF itself.

Subject to the satisfactory achievement of the all the
effectiveness conditions set out and subject to filing
conditions set out below, Air France-KLM shall formally notify
(in accordance to article 102 of the T.U.F.) the decision to
launch two separate public offers to all the shareholders and
all the bondholders of Alitalia respectively and shall proceed
to file all the required documentation with Consob for:

    * a voluntary exchange offer on all the Alitalia shares with
      a parity of 1 Air France-KLM share for 160 Alitalia
      shares; and

    * a voluntary cash offer on all the Alitalia convertible
      bonds at the market price of March 14, 2008, equal to a
      unit price of EUR0.3145.

The Air France-KLM decision to launch the Offers will become
executable and hence the Offers will only take place only when
all the filing conditions are fulfilled:

    * there shall be no material breach by Alitalia of its
      obligations under the Agreement that is not remedied
      within four weeks of Air France-KLM's having notified
      Alitalia thereof in writing;

    * there shall have been no material adverse change in
      respect of Alitalia;

    * the Italian government taken as a whole shall not have
      taken any formal decision or made any official public
      statement, which is materially against the transaction;

    * the European Commission shall have issued a positive
      decision on the transaction, even if subject to conditions
      deemed reasonably acceptable for Air France-KLM;

    * any applicable waiting period under the U.S. antitrust law
      shall have expired;

    * all the agreements and effectiveness conditions in the
      Agreement shall have been fulfilled;

    * if, with respect to the SEA claim, the solution to
      definitely remove the risk should come from the enactment
      of an appropriate law decree, such law decree shall
      have been converted into law.

The conditions shall remain in force until clearance to publish
the offer documents is received; in case these conditions will
not be duly executed, the Offers can be withdrawn.

After receiving clearance to publish the offer documents the
filing conditions shall become effectiveness conditions to the
Offers.

The Offer documents, both with respect to the Exchange Offer and
Cash Offer, will include customary effectiveness conditions. In
addition, the Exchange Offer and the Cash Offer will include
respectively a minimum acceptance threshold condition of 49.9%
and 62%.  It is noted that such thresholds can be achieved
through the acceptance to the offers by the MEF.

The Cash Offer is conditional to the successful completion of
the Exchange Offer.

The agreement foresees that, following the completion of the
Offers, Alitalia will approve a EUR1 billion rights issue to be
offered for subscription to all shareholders and convertible
bondholders, at a price to be determined closer to the offer
considering the price for the public exchange offer.

Air France-KLM undertakes to exercise all subscription rights of
the Alitalia shares owned by Air France-KLM or any and all
subscription rights not exercised by the other Alitalia
shareholders.

Should the Offers be successful, and as a consequence, Air
France-KLM becomes the owner of a controlling stake in Alitalia,
a series of transactions will be completed to create a structure
adequate to allow Alitalia, also within the Enlarged Group, to
be considered as an Italian airline company and preserve its
traffic rights on extra European routes.

As part of the Agreement, Air France-KLM committed to grant for
a five years period as from the completion date, certain
assurances with the objective to preserve the long term interest
of the Company.

Such Assurances are granted by Air France-KLM in favor of the
Italian State and/or Alitalia.

The obligation of Air France-KLM to comply with certain
Assurances is subject to the fact that the Italian state
maintain the current air traffic rights portfolio, continue to
address in a transparent and non discriminatory manner any
future request from Alitalia for new air traffic rights, provide
cooperation and assistance in the case of any major difficulties
with non-European Union countries, particularly in cases where
air traffic rights of Alitalia could be jeopardized and/or where
commercial access is hindered (it is being provided however that
such condition shall lapse upon the expiration of the initial
period should the controlling structure, be dissolved at that
time).

Certain Assurances regarding the network will also be suspended
in case of a non-adequate development, by Aeroporti di Roma
S.p.A. and the air traffic control, of the required
infrastructures and facilities in Rome Fiumicino.

A Foundation will be in charge of verifying the compliance with
the Assurances.  The Foundation will be managed by a board
comprising three independent directors:

    * one shall be designated by Air France-KLM;

    * one shall be designated by Alitalia (before being
      controlled by Air France-KLM); and

    * one director jointly by the parties.

The directors will render binding advice to Alitalia in order to
ensure the compliance of the Assurances.

The Assurances, granted by Air France- KLM to the Italian State
considering at all times the best interest of the Alitalia and
the Enlarged Group and its shareholders, include:.

    * Corporate Governance

      -- appointment in the Air France-KLM Board of Directors of
         an additional member of Italian nationality, with
         significant business experience, and who shall fulfill
         the independence criteria, to be proposed to the
         nominating committee, after consultation and upon
         indication of the MEF.  Such board member will be
         appointed for a six-year term.  Following the
         expiration of such term of appointment, the Chairman of
         the Board of Director shall do its reasonable
         efforts to propose to the Board's nominating committee
         a member who shall replace the Italian director and who
         shall be Italian with a significant business
         experience, who shall fulfil the independence criteria;

      -- commitment by Air France to a three years lock up
         period from the date of completion of the transaction
         on the directly/indirectly held shares.

    * On the airline Status

      -- Air France agrees that Alitalia shall remain an airline
         company established in and operating from its home base
         in Italy; and

      -- Air France agrees that Alitalia shall retain its air
         operation certificate and its operating licenses and
         shall continue to fulfill the conditions necessary for
         that purpose.

    * Network and Hubs

      -- the Enlarged Group will operate a multi-hub system
         leveraging on the natural flows based on the
         intercontinental hubs of Amsterdam, Paris and Rome with
         a development fair and consistent with the identified
         growth opportunities.

      -- the parties confirm that the infrastructural potential
         for growth at the respective hubs (Schiphol, Fiumicino
         and Charles de Gaulle airports) are fundamental
         requirements to the success of the Enlarged Group.

      -- Air France-KLM will strive to maintain, in an
         harmoniously and financially sound way, and taking into
         account the economic rationale of overall profitability
         of Alitalia and the Enlarged Group:

          * an adequate coverage of the Italian territory and
            appropriate level of service;

          * a long term development of international and
            intercontinental services to/from Fiumicino hub (in
            the first instance to/from North America and South
            America, Far East, Middle East, North Africa and
            Europe);

          * a product offering in Fiumicino in line with Italy's
            economic and industrial features;

          * the business operations at the airports of Malpensa
            and Linate will be reorganized to foster its long-
            term development in an harmonious and financially
            sound way having due considerations to traffic
            demand, economic conditions of the respective routes
            and the business customers request.

            This having regards to the economic rationale and
            targets of overall profitability and financial
            soundness of Alitalia and the EnlargedGroup.

      -- Air France-KLM will evaluate restarting the services to
         India and China (in particular, as a top priority to
         Shanghai) as soon as those operations can be profitable
         for both Alitalia and the Enlarged Group.

    * Safeguarding National Identity and Brands

      -- Air France-KLM recognizes that the Alitalia brands,
         trademark and logo have an established value and
         heritage and is intending to build on it.

         Air France-KLM also recognizes that the Alitalia brand
         benefits from a significant influence and visibility on
         the Italian market and that the Enlarged Group will
         work towards strengthening it;

      -- as in the case of Air France and KLM, Alitalia will
         keep its own brand, livery and logo and will, alongside
         with the products of the Enlarged Group also develop
         its own customer experience giving the Enlarged Group a
         wide and diversified offer.

         It is in the commercial interest of the Enlarged Group
         to give to the brand of each carrier the appropriate
         standing corresponding to the customers' expectations.

      -- Air France-KLM, is ready to consider amending the
         holding company name in order to include the name
         Alitalia at a second stage once it has acquired 100% of
         the share capital.

                       About Alitalia

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

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

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


ALITALIA SPA: Board Accepts Air France-KLM's Binding Offer
----------------------------------------------------------
Alitalia S.p.A.'s Board of Directors resolved unanimously on
March 15, 2008, in favor of Air France-KLM's proposal and
decided to give the mandate to Chairman Maurizio Prato to sign
the acceptance letter.

The offer is subject to a number of effectiveness conditions to
be fulfilled by March 31, 2008.

The Board has carried out its evaluation of the Binding Offer
also in light of the worsened airline sector and macro economic
scenario, as well as considering the critical situation of the
Company and available alternatives.

The Board believes that such proposal offers the appropriate
solution to preserve the Company's assets and to promote its
rapid and stable restructuring and its development in the long-
term, also in light of the benefits coming from the synergies
deriving from the integration with the global leader of the
airline industry.

Consistently with the resolution taken, the Chairman signed the
acceptance letter of the Agreement.

                       Strategic Premises

The scenario and the competitive environment of the air
transport sector are rapidly moving towards forms of integration
and consolidation involving a very limited number of hub
carriers, which enable the achievement of some important
benefits:

    * Higher critical mass, which allows to benefit from
      relevant economies of scale in terms of costs and
      revenues, and decreases the carrier's vulnerability to the
      high cyclicality and volatility that characterize the
      industry;

    * Access to very significant and stable synergies, which
      cannot be achieved through traditional alliances amongst
      airlines.

In this environment, there is an emerging trend in the industry
to leave only niche positioning to traditional carriers, which
although operating efficiently, have a limited size and operate
on a stand-alone basis.

The airline industry is currently facing a cyclical downturn,
worsened by the steep increase in fuel costs during these last
months and by the general deterioration of the macro economic
scenario.

Alitalia is going through a highly critical situation, causing a
progressive erosion of its liquidity position worsened by the
aforementioned economic and industrial scenario.

The Company has confirmed on a number of occasions, including
when it approved the 2008 Budget, the need of a significant
capital increase and to reduce in a sizeable manner
its losses and the erosion of its equity through strategic
actions marked by strong discontinuity with the past.

The Plan for Survival/Transition, approved by the Company in
September 2007, already included such actions of discontinuity
through the new network design, the suspension of flights
recording significantly negative economic results, and the
subsequent downsizing of the fleet.  Key strategic premise to
that plan was the impossibility to pursue a stand alone
positioning of the Company outside an industrial and financial
integration with a strong carrier able to generate synergies.

Following the approval of the Plan, the Company initiated a
process aimed at identifying a partner who would share the need
to favor the restructuring, the re-launch and the development of
the Company.

On Dec. 6, 2007, Air France-KLM presented a non binding offer
for the potential integration with Alitalia.  On Dec. 21, 2007,
the Board of Directors resolved in favur of Air France-KLM's
proposal considering it appropriate to offer to the Company the
adequate solution to preserve the Company's assets and to
promote its rapid and stable restructuring, giving mandate to
the Chairman to start a period of exclusive negotiations.

The Industrial Plan 2008-2010, prepared during the exclusivity
period -- Jan. 18, 2008, to March 14, 2008, ended the and
assumes the execution of a EUR1billion rights issue.

Such Plan is the platform on which to add the synergies deriving
from the integration of the Company with the Air France-KLM
group.

For Air France-KLM the approval of such plan represents an
essential condition for the the integration of Alitalia in the
French-Dutch Group.

                       About Alitalia

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

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

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


ALITALIA SPA: Board Approves 2008-2010 Industrial Plan
------------------------------------------------------
Alitalia S.p.A.'s Board of Directors has approved a new three
year industrial plan (2008-2010).  This plan was prepared by
Alitalia starting from the Plan for Survival Transition as a
basis and incorporating the outcomes of the exclusivity
negotiations completed with Air France-KLM SA for the Company's
restructuring and relaunch in the context of the integration
with the Franco-Dutch group.

                           Assumptions

The Industrial Plan 2008-2010, which maintains a close
continuity with the Plan of Survival/Transition approved in
September 2007 and is in line with the 2008 Budget, envisages:

    * an initial restructuring phase -- pursued through a
      shrinking of the fleet, suspend flights with strongly
      negative economic results, an increase in the efficiency
      of the cost structure and a significant recovery in
      productivity; and

    * A re-launch and development phase from 2010, through the
      renewal of the fleet.

The new strategic positioning Alitalia confirms its historical
mission: a carrier which serves Italy, focusing on Italy as
the center of its network, offering better schedules and
connections from all the most important Italian cities to the
rest of the world and vice versa.

The new Alitalia's industrial mission hinges on:

    * choosing Roma Fiumicino as reference hub, pivotal to the
      Italian market and a natural traffic basin, to maximize
      exploitation of Fiumicino's characteristics;

    * focusing on Milan as a key gateway, with point-to-point
      activity from/to international and intercontinental
      destinations;

    * suspending flights with negative economic results and
      increasing connections and frequencies;

    * re-launching Alitalia's brand in Italy and all over the
      world, in line with the new network positioning;

    * focusing product and marketing investments on the most
      important origin/destination markets from and to Italy:
      United States, Canada, Japan, South America and
      Mediterranean basin.

Key Strategic Actions

Hub and Spoke

There will be a single "hub and spoke" network organization,
offering a financially sound portfolio of international and
intercontinental destinations to Italian customers as well as to
customers from foreign countries.  The choice of Rome as
Alitalia's single hub is consistent with the features of point-
to-point traffic to Rome, mainly inbound, which is better and
more efficiently served with a hub and spoke network
organization, on a single airport concentrating strong services
to major medium and short haul destinations.

Milan as Gateway

Milan will be a strong gateway, with services to and from
international cities and selected intercontinental destinations
characterized by consistent traffic flows.

The network strategy for the Milanese airports platform will be
organized to recover Alitalia's market share in Milan through:

    * meeting business travelers needs through morning
      departures and late afternoon return flights to targeted
      domestic and international destinations;

    * additional developments within the SkyTeam alliance;

    * development of low-cost activities of Volare as done by
      Transavia Netherlands from Amsterdam and Rotterdam and
      more recently by Transavia France from Orly; and

Flight Suspensions

The company will Suspend flights with strongly negative economic
results and with no prospects for recovery in the short term
and, in light of the sharp increase of fuel cost, preserve group
profitability by further rationalizing the network compared to
the Plan for Survival/Transition.

It is important to note that the implementation of such network
adjustments will begin from the 2008 summer season and therefore
the network's structure envisaged in the Industrial Plan is
already reflected on the Alitalia's offer as of March 31, 2008.

Such plan does not envisage any additional relevant changes to
the network for 2009 and 2010, maintaining a nearly constant
product offering over the three years.

Therefore it becomes relevant to highlight the key
characteristics of the product on offer during the 2008 summer
season, comparing it with the 2007 summer season:

    * destinations where the Company operated at a loss in Italy
      and in Europe (Zagreb, Sarajevo, etc) and in the rest of
      the world (Dakar, Shanghai, Mumbai and Delhi) have been
      suspended;

    * increase of the number of connections, with a focus on
      Rome, which in terms of weekly frequencies increase from
      1,406 to 1,601;

    * the new Company's network sizing synthetically envisages
      for the domestic market 24 destinations (served by 44
      routes and 1,265 weekly frequencies), for the
      international market 45 destinations (served by 73
      routes and 928 weekly frequencies) and for the
      intercontinental market 14 destinations (served by 17
      routes and 101 weekly frequencies), considering the
      opening from June 1, 2008, of the new destination of Los
      Angeles;

    * Turin, Verona, Cagliari and Brindisi will be connected
      again to Alitalia's intercontinental network;

    * significant improvement of connectivity between Italian
      cities and intercontinental destinations, with transit via
      Fiumicino reducing connection timing;

    * the connectivity also improves for foreign customers who
      want to get to an Italian city, passing through the
      Alitalia hub, thanks to the wide offering of domestic
      connections throughout the day for each destination (for
      example: flights to Genoa increase from 3 to 6, to Catania
      from 3 to 11, to Venice from 3 to 8, etc.).

Until 2010, as a result of the network redesign, the Industrial
Plan 2008-2010 considers a decrease in activity and passengers,
with a strong increase in the load factor (increase of 1.5
percentage points without considering Volare).

In summary, the overall passenger capacity reduction in 2010 as
compared to 2007 in terms of Average Seats Kilometres offered,
excluding Volare, will be around 10% with a 1% reduction in the
domestic network, 19% in the international network and 6% in the
intercontinental one.

The rationalization of the passenger network will lead to an
increased in yield stemming from the targeted cuts on the worse
performing routes and from a renewed revenue management strategy
able to improve the traffic mix (total increase of average
revenues in passenger business in 2010 for around 9%).

Once the results of the new network structure are consolidated
in 2009 and 2010, the Industrial Plan 2008-2010 envisages a
return to activity growth and to development starting from 2011.

The fleet plan foresees as a consequence a decrease in the short
term, with fewer MD80 and regional aircraft, with growth from
2011 with the entrance of new generation aircrafts.

In 2010 the passenger fleet, excluding Volare, will consist of
137 aircrafts, of which 20 are long haul aircrafts, 101
medium/short haul and 16 regional (of which 4 of the new
generation).

Starting from 2011, the Company will start expanding with the
addition of new generation aircrafts and the complete phase out
of the B767 fleet by 2016 and of the MD80 fleet by 2020.

The 2008-2010 Industrial Plan envisages total investments in the
three years of around EUR850 million mainly related to the
renewal of the fleet and to marketing initiatives aimed to the
product re-launch.

Revenue Improvement

Alitalia will Implement specific commercial actions aimed at
improving revenue and distribution cost performance through:

    * strengthening Alitalia's leadership on the Italian
      domestic market with an improved focus on high value
      customers and an easier access to product;

    * increasing direct sales through a more effective web
      proposition to customers;

    * GDS (Global Distribution System) cost reduction;

    * Leveraging direct marketing strategies.

Service Quality Improvement

Alitalia will implement specific actions to improve the quality
of service to the client, both on the ground and in the air,
through:

    * the renewal of the Fiumicino-Linate shuttle brand, with
      dedicated services at the airports and new services on
      board;

    * the improvement of services for higher value customers
      (check-in, transit desk, fast track at airport security,
      etc.);

    * the improvement of VIP airport lounges with a new design
      and improvement of services (catering, magazine, free
      WI-FI, etc.);

    * the launch of a new policy for punctuality recovery,
      decrease cancellations and baggage handling;

    * the Airbus fleet cabin reconfiguration, with new high
      comfort solutions;

    * the long-haul aircraft cabin reconfiguration with the
      introduction of the Lie-Flat seats in the Magnifica class;

    * the aircraft cabin style refurbishment (colors and
      materials) with a continuous focus on cabin maintenance
      and cleaning;

    * the in flight entertainment improvements in line with the
      Air France-KLM standards;

    * the launch of new catering concept for the Business Class
      and the Magnifica class leveraging on Italian style and
      heritage;

    * the overall brand re-launch, also through new image and
      communication guidelines.

Streamline Cost Structure

The company will implement specific actions to streamline cost
structure.

Concerning labor cost the plan identifies an efficient sizing of
labor force with an overall personnel reduction of around
1,600 units in line with the Plan of Survival/Transition in 2010
compared to 2007.  Redundancies will be managed via normal staff
turnover, incentives for voluntary leaves, utilization of social
tools.

Reduction of costs related to services provided by Alitalia
Servizi, thanks to the revision of service tariffs to market
levels.

In short, the increase in the total cost structure efficiency
generates a decrease in the passenger area unit costs which,
without considering the fuel cost evolution, is in the order of
2% despite the activities reduction versus 2007 earlier
described.

Cargo Business

The Cargo business continues to show extremely critical economic
performances due to a series of reasons:

    * excess capacity due to constant increase in gap between
      offer and demand;

    * consequent yield reduction;

    * rising fuel cost;

    * unfavorable exchange rates evolution (Euro/dollar); and

    * MD11 operating features which combines a high level of
      fuel consumption with constraints on transportable load,
      especially on long-haul routes over nine hours.

The Industrial Plan 2008-2010 assumes that the cargo bellies
activity will continue its normal operations, whereas in 2008
and 2009, the activity of the all-cargo fleet will focus on
those routes with higher operating margins, towards the Far East
and North America, to decrease progressively until closure in
2010.

Expected results from the 2008-2010 Business Plan The Industrial
Plan prepared by Alitalia and Air France-KLM does not include
the synergies generated from the integration.  The plan is, in
fact, developed on a stand alone basis and envisages an
important economic turn around, which will enable the Company
to achieve a positive operating result in 2010.

The synergies arising from the integration with the Air France-
KLM Group will allow the Company to improve the Plan operating
result and, in the medium-long term, to achieve EBITDAR and EBIT
margins in line with those of the main European carriers.

In particular, thanks to the industrial agreement with Air
France-KLM, Alitalia will be able to obtain significant economic
benefits which, as already experienced in the past in other
similar integrations, will involve many business areas, like:
revenue management, network, sales, distribution, purchases, IT,
fleet, etc.

The path aimed at achieving these results requires a capital
increase without which the goals set out in the Industrial Plan
2008-2010 would surely not be achievable.

Thus, the capital increase of EUR1 billion, fully guaranteed by
Air France-KLM, is an essential element for the successful
implementation of the new plan.  The resources given by Air
France-KLM will allow Alitalia to re-balance its financial
structure, as well as providing the Company with the necessary
resources to face an important investment plan.

                       About Alitalia

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

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

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


TRW AUTOMOTIVE: Earns US$56 Mln in Quarter Ended December 31
------------------------------------------------------------
TRW Automotive Holdings Corp. reported financial results for
fourth-quarter ended Dec. 31, 2007, with net earnings of
US$56 million, which compares to the prior year result of
US$33 million.

The company's full-year 2007 net earnings for the year were
US$90 million, which compares to 2006 earnings of
US$176 million.

"In 2007, TRW delivered solid operating results, including
record sales and outstanding cash flow, that exceeded the
business objectives set at the beginning of the year," John
Plant, president and chief executive officer, said.  "Our
achievements in 2007 related to our financial performance,
together with steady expansion overseas, debt refinancing and
safety advancements have helped the company grow stronger
despite challenging industry conditions."

"We have performed remarkably well since becoming an independent
company, providing solid results to our stakeholders and
capitalizing on our position as the world's preeminent active
and passive safety systems supplier," Mr. Plant added.  "Now in
2008, we are a significantly larger, more diverse enterprise
that is reaching further into the world's growing markets with a
portfolio of safety technology that is unrivaled in the
marketplace.  We continue to build for the future and are
focused on moving the company forward profitably over the long
term."

               Cash Flow and Capital Structure

Net cash provided by operating activities during the fourth
quarter was US$826 million, which compares to US$397 million in
the prior year period.  Fourth quarter capital expenditures were
US$174 million compared to US$195 million in 2006.

For full-year 2007, net cash flow from operating activities was
US$737 million, which compares to US$649 million in the prior
year. Capital expenditures were US$513 million in 2007, which
compares to US$529 million in 2006.

Full year 2007 operating cash flow after capital expenditures,
referred to as free cash flow, was US$224 million, which
compares to US$120 million in 2006.

The company completed its debt recapitalization plan during the
second quarter of 2007, including the refinancing of its
US$2.5 billion credit facilities on May 9, 2007.  Additionally,
on March 26, 2007, the company completed its US$1.5 billion
Senior Note offering and repurchased substantially all of the
existing US$1.3 billion Notes through a tender offer.  The
company incurred debt retirement charges of approximately
US$155 million in 2007 related to these transactions.

As of Dec. 31, 2007, the company had US$3,244 million of debt
and US$899 million of cash and marketable securities, resulting
in net debt of US$2,345 million.  This net debt outcome is
US$98 million lower than the balance at the end of 2006.

At Dec. 31, 2007, the company's balance sheet showed total
assets of US$12.29 billion, total liabilities of US$8.96 billion
and total stockholders' equity of US$3.19 billion.

                About TRW Automotive Holdings

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. -- http://www.trwauto.com/-- is an automotive
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries including Brazil, China, Germany,
Italy, among others.  Its primary business lines encompass the
design, manufacture and sale of active and passive safety
related products.  Annual revenues are approximately
US$14 billion.


                         *     *     *

As reported in the Troubled Company Reporter-Europe on
Jan. 25, 2008, Moody's Investors Service affirmed the ratings of
TRW Automotive Inc.: Corporate Family Rating, Ba2; senior
secured bank credit facilities, Baa3; and senior unsecured
notes, Ba3, but revised the rating outlook to negative from
stable.


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


ABYLAIHAN LLP: Creditors Must File Claims by April 15
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Abylaihan insolvent.

Creditors have until April 15, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


BTA BANK: Repays US$530.9 Million of US$1.1 Billion Loan
--------------------------------------------------------
JSC BTA Bank has repaid US$530.9 million representing the first
tranche of US$1.111 billion, global syndicated loan facility and
US$15 million accrued interest thereon.

The facility was attracted in Sept. 13, 2006, and arranged by
Bank of Tokyo-Mitsubishi UFJ, Ltd., Commerzbank
Aktiengesellschaft and Standard Chartered Bank and named tranche
beared 0.35% margin.

The second tranche of this facility US$580.1 million will be
paid out in three equal parts in September 2008, March 2009 and
September 2009.

"This repayment, the largest in 2008 representing almost half of
the Bank's obligations due this year, has been done from the
Bank's internal recourses and was not refinanced through
internal or external markets.

The Bank intends to repay the rest of its obligations due this
year (US$670 million) from its internal resources and has no
refinancing plans at least till the end of the current year.

As of March 1, 2008, bank's assets rose to US$22,611 million by
US$594 million. from the beginning of 2008, retail deposits
increased by US$109 million.

"The Bank, as an agent, is successfully participating in
governmental programs to support sustainable growth of the
economy," Sadyr Shaguzhayev, Director, Loan & Capital Markets
and Investor Relations.

                         About BTA Bank

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

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

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

                          *     *     *

As of March 17, 2008, JSC BTA Bank carries Moody's Investor
Service's Ba1 Senior Unsecured and Foreign and Local Long-Term
Deposit Debt ratings, Ba2 Subordinated Debt rating, Ba3 Junior
Subordinate Debt rating  and D- Bank Financial Strength rating.
Moody's said the outlook is stable.

BTA Bank also carries Standard & Poor's Ratings Services' BB
Long-term foreign and local credit ratings and B Short-term
foreign and local credit rating.  S&P said the outlook is
negative.

The company Bank TuranAlem carries BB+ Long-term foreign
currency Issuer Default from Fitch Ratings, which said the
Outlook was Stable.


CENTRE SNAB-2004: Claims Deadline Slated for April 11
-----------------------------------------------------
LLP Centre Snab-2004 has declared insolvency.  Creditors have
until April 11, 2008, to submit written proofs of claims to:

         LLP Centre Snab-2004
         Zelinsky Str. 30/2-26
         Karaganda
         Kazakhstan


EURO FOOD-1: Claims Filing Period Ends April 11
-----------------------------------------------
LLP Euro Food-1 has declared insolvency.  Creditors have until
April 11, 2008, to submit written proofs of claims to:

         LLP Euro Food-1
         Micro District Samal-2, 98
         Almaty
         Kazakhstan
         Tel: 8 (3272) 73-90-97


DDU CONSULTING: Creditors' Proofs of Claim Due April 11
-------------------------------------------------------
LLP DDU Consulting has declared insolvency.  Creditors have
until April 11, 2008, to submit written proofs of claims to:

         LLP DDU Consulting
         Namanganskaya Str. 6-69
         Almaty
         Kazakhstan
         Tel: 8 701 347 19-81


GAL PLAST: Proofs of Claim Registration Ends April 11
-----------------------------------------------------
LLP Gal Plast has declared insolvency.  Creditors have until
April 11, 2008, to submit written proofs of claims to:

         LLP Gal Plast
         Building 3
         Priozerny
         Aktau
         130000, Mangistau
         Kazakhstan
         Tel: 8 729 241 61-32


GOLDEN STONES: Creditors Must File Claims by April 15
-----------------------------------------------------
LLP Golden Stones has declared insolvency.  Creditors have until
April 15, 2008, to submit written proofs of claims to:

         LLP Golden Stones
         Volgodonovka
         Arshalynski
         Akmola
         Kazakhstan


JETYSU-AK JAL: Claims Deadline Slated for March 28
--------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Jetysu-Ak Jal (RNN 092100210375).

Creditors have until March 28, 2008, to submit written proofs of
claims to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


JOLDYBAI AGRO: Claims Filing Period Ends April 11
-------------------------------------------------
LLP Joldybai Agro has declared insolvency.  Creditors have until
April 11, 2008, to submit written proofs of claims to:

         LLP Joldybai Agro
         Tolagai
         Kokpektinski
         East Kazakhstan
         Kazakhstan


KURYLYS SERVICE-K.S.: Creditors' Claims Due on April 11
-------------------------------------------------------
LLP Kurylys Service-K.S. has declared insolvency.  Creditors
have until April 11, 2008, to submit written proofs of claims
to:

         LLP Kurylys Service-K.S.
         Geolog, 60-11
         Atyrau
         Kazakhstan


NATIONAL ATOMIC: Fitch Lifts Ratings to Investment Grade Level
--------------------------------------------------------------
Fitch Ratings upgraded Kazakhstan-based JSC National Atomic
Company Kazatomprom's Long-term foreign currency Issuer Default
rating to 'BBB-' (BBB minus) from 'BB+' and Short-term IDR to
'F3' from 'B'.  The Outlook for the Long-term rating has been
changed to Stable from Positive.

The upgrade was driven by the strong financial profile of the
company, delivery of operational results in line with previous
forecasts and its strong position in the world uranium market.

The ratings take into account the fact that Kazatomprom
increased its revenue by 71% in 2006, whilst maintaining solid
credit metrics, and despite the implementation of a very
aggressive expansion programme.  The company is well positioned,
compared to its mining and energy peers involved in nuclear
power, having both high profitability (FY06 EBITDAR margin:
27.9%) and low leverage (FY06 net leverage: 0.2x).  In Fitch's
view, the company's goal - to be involved in all stages of the
nuclear fuel cycle and thus increase its share of value-added
processes - will underpin future profitability and growth.  In
this respect, Fitch considers the acquisition of a 10% stake in
Westinghouse Electric Company LLC (Westinghouse) by Kazatomprom
in October 2007 as a positive strategic move for the latter, as
it enables Kazatomprom to gain access for fuel deliveries to the
power plants designed by Westinghouse.  Despite an anticipated
increase in debt necessary for financing the strategy's
implementation, Fitch expects net leverage to remain below 1.0x
in 2007-2010.

The ratings also factor in the company's ability to deliver
operational results in line with the production expansion
schedule.  Fitch believes that further uranium output growth is
feasible, due to Kazatomprom's large reserve base, and a
resurgence of nuclear activity globally.

However, Fitch notes certain risks inherent in the rapid
expansion strategy, including cost overruns, delays and high
capex intensity, the potential negative impact of which could be
amplified by Kazatomprom's current limited scale of operations.
Furthermore, the agency notes limited diversification of
business risk and high levels of commodity risk to uranium
prices (which have been historically volatile).  Fitch believes,
however, that favourable industry trends, as well as the
company's goal to shift to production of more value-added
products, may mitigate these risks.

The Stable Outlook reflects a balance of risks inherent in the
implementation of the company's growth strategy.

Kazatomprom is Kazakhstan's national uranium operator.  It is
100%-owned by the Kazakh government through the Ministry of
Energy and Mineral Resources (MEMR).  Kazatomprom is involved in
uranium, beryllium and tantalum production, as well as in
electricity production (MAEK-Kazatomprom).


RUSTEM LLP: Claims Registration Ends March 28
---------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Rustem (RNN 531400002246).

Creditors have until March 28, 2008, to submit written proofs of
claims to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


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


ENERGO RESOURCE: Creditors Must File Claims by April 18
-------------------------------------------------------
LLC Energo Resource has declared insolvency.  Creditors have
until April 18, 2008, to submit written proofs of claim to:

         LLC Energo Resource
         Kulikovskaya Str. 8
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 40-06-76


UNIVERSAL OIL: Claims Filing Period Ends April 22
-------------------------------------------------
LLC Universal Oil has declared insolvency.  Creditors have until
April 22, 2008, to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 61-19-38.


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


FIRST DATA: Posts US$273.2 Million Net Loss in 2007 4th Qtr.
------------------------------------------------------------
First Data Corp. reported its financial results for the fourth
quarter and full year ended Dec. 31, 2007.  Consolidated
revenues for the quarter were up 11% to US$2.1 billion.
Adjusted EBITDA excluding projected near-term cost savings for
the quarter was up 5% to US$662 million.  The company posted a
net loss of US$273.2 million for the three months ended Dec. 31,
2007, compared to net income of US$278.5 million for the same
period in 2006.

For the quarter, the loss from continuing operations was
US$273 million but included US$499 million of merger related
costs and other costs directly attributable to the transaction
with affiliates of Kohlberg Kravis Roberts & Co.  These costs
are referred to collectively as "Merger Impacts."

For the full year, consolidated revenues were up 14% to US$8.1
billion.  Adjusted EBITDA excluding projected near-term cost
savings was up 6% to US$2.5 billion.  Income from continuing
operations was US$163 million, but included Merger Impacts of
US$720 million.  Excluding Merger Impacts, full-year 2007 income
from continuing operations grew 4%.

"Our performance reflects continued execution in a challenging
economic environment," said Michael Capellas, chairman and chief
executive officer.  "In the fourth quarter, First Data saw
accelerated momentum in the areas of new product innovation,
sales execution and operational efficiency."

                          Other Matters

Effective Jan. 1, 2008, First Data adopted a revised segment
reporting structure.  The company's segments will include
Merchant Services, Financial Services, International, Prepaid
Services and Integrated Payment Systems.  For applicable prior
year and quarterly periods, the company will provide financials
realigned to these segments.

In January 2008, the company's Official Check and Money Order
business  repositioned its investment portfolio to mostly short-
term taxable securities.  This repositioning did not result in
material gains or losses to the company.  The Official Check
Business comprises most of First Data's Integrated Payment
Systems segment which the company is winding down.  The Official
Check Business processes official checks and money orders and
the revenue is primarily driven from its investment portfolio.
First Data's TeleCheck business is not related to the Official
Check Business and is not impacted by the portfolio
repositioning.

First Data's largest merchant alliance, Chase Paymentech
Solutions, LLC, is 51% owned by J.P. Morgan Chase Bank, N.A. and
49% owned by First Data.  The current term of the existing
alliance agreement expires in 2010; however, JPMorgan had the
right to terminate the alliance due to the change of control
upon the closing of the Transaction.  First Data has extended
the time period to exercise this right to allow for further
discussions regarding the alliance.  If JPMorgan exercises its
termination right, First Data has the right to receive 49% of
the alliance's merchant contracts by value and be allocated 49%
of the alliance's sales force.  A termination is not expected to
have a material impact to income from continuing operations or
adjusted EBITDA and First Data's reported revenues would
increase.  Potential risks if the alliance is terminated include
the potential loss of certain processing volume over time, the
loss of JPMorgan branch referrals, the loss of access to the
JPMorgan brand, and post-termination competition by JPMorgan.

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/--
provides  electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico.  The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
receivables management solutions; electronic check acceptance
services through TeleCheck; as well as Internet commerce and
mobile payment solutions.  The company's STAR Network offers
PIN-secured debit acceptance at 2 million ATM and retail
locations.

                        *     *     *

In February 2008, Moody's Investors Service lowered First Data
Corporation's untendered senior unsecured stub notes rating to
Caa1 from A2.  Upon completion of the tender process, First Data
had approximately US$200 million of the pre-LBO senior unsecured
notes outstanding at the end of December 2007, of which
US$68 million will be due in August 2008.


KHAMSIN CREDIT: Moody's Lowers Rating on US$12.5 Million Notes
--------------------------------------------------------------
Moody's Investors Service downgraded the rating on these notes
issued by Khamsin Credit Products B.V., a leveraged super senior
certificate issuer:

Issue Description: Khamsin Credit Products (Netherlands) B.V.
                   US$2,000,000,000 Limited Recourse Secured
                   Note Programme Series 10

  * US$12,500,000 Leveraged Super Senior Portfolio Credit Linked
    Notes due Feb. 2, 2050

    -- Current Rating: B3, on review for possible downgrade
    -- Prior Rating: A3, on review for possible downgrade

Khamsin issued notes providing investors with a leveraged
exposure to the super senior portion of a CDO, whose underlying
reference portfolio is comprised of a variety of structured
finance securities, including RMBS, Home Equity Loans, CMBS and
CDO Securities.

The transaction incorporates a trigger event that looks to the
total losses of the underlying reference portfolio.  According
to a notice dated March 13, 2008, this trigger event has
occurred.  Following a trigger event, the investors may decide
to incur the mark-to-market loss of the super senior tranche up
to the initial investment or increase the size of their
investment.

The rating downgrade reflects the continued deterioration in the
credit quality of the reference portfolio and the occurrence of
the trigger event.  The rating addresses the expected loss to
the investors relative to their initial investment and is based
on an analysis of the credit risk in the transaction as well as
the notes' legal structure.


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

NETIA SA: Expects to Close Sale of 23.4% P4 Stake on April 30
-------------------------------------------------------------
Netia SA disclosed last week that it has waived all the
conditions precedent regarding the agreement for the sale of a
23.4% interest in P4 Sp. z o.o.

As a result of satisfaction of all the conditions precedent, the
payment of the purchase price and the closing of the transaction
will be on April 30, 2008.

Notwithstanding such waiver Novator and Tolleron are to use
their best efforts to cause the satisfaction of the conditions
precedent listed in the current report No. 11/2008 at an
earliest practicable date.  Furthermore as long as Netia and
Netia Spolka Akcyjna UMTS S.K.A. have not received a
confirmation of full discharge from all obligations arising out
of CDB Facility Agreement and agreements securing repayment,
Novator and Tollerton have indemnified Netia and Netia Spó?ka
Akcyjna UMTS S.K.A. against all possible losses suffered in
connection with CDB Facility Agreement and agreements securing
repayment.

                         P4 Stake

In Feb. 22, 2008, the company disclosed that it concluded an
agreement to sell the 23.4% interest in P4, held by the
company’s subsidiary, Netia Spolka Akcyjna UMTS S.K.A., formerly
Netia Mobile sp. z o.o., to Tollerton Investments Limited and
Novator Telecom Poland S.a.r.l.

The company had earlier said that it had signed a non-binding
letter of intent to sell all Netia’s shares in P4 for the price
of EUR130 million to Tollerton and Novator.

Following negotiations, the company, Tollerton and Novator
signed a binding agreement in which the company agreed to sell
1,605 of Netia’s shares in P4 to Tollerton (presently
representing 3% of P4 share capital) and 10,914 of Netia’s
shares in P4 to Novator (presently representing 20.4% of P4
share capital), on these terms:

    (i) the price of EUR 130 million, payable in cash on
        closing;

   (ii) an additional amount payable to the company in case of a
        future change of control over P4 or the disposal of the
        enterprise of P4 by Tollerton and Novator during the 12
        months after signing of the agreement;

  (iii) The agreement foresees changes to be made to the
        commercial agreements between the Company and P4 that
        will bring them into line with non-related party
        agreements (such changes to be executed after the
        closing).

The completion of the transaction is dependent on the
satisfaction or waiver of these conditions precedent:

      (i) the company and Netia receive from China Development
          Bank, Comverse Limited and Huawei the release and
          confirmation of the full discharge from all
          obligations and liability of the Company and Netia
          under the CDB Facility Agreement and subordinate
          agreements.  The company is entitled to waive this
          condition and upon such waiver Tollerton, Novator will
          be obliged to indemnify the Company and Netia for all
          loses incurred under the Facility Agreement and
          subordinate agreements;

     (ii) the company receives confirmation from P4’s Facility
          Agent stating that the Facility Agent has received a
          duly-executed Accession Deed together with the
          documents required by the Share Retention Agreement.
          By executing the Accession Deed the new shareholder of
          P4 assumes all rights and duties of the former
          shareholder under the Guarantee and Share Retention
          Agreement.

   (iii) the audited financial statements of Novator One L.P.
          indicate that its net assets comply with the required
          net asset level as specified in the Share Retention
          Agreement; The sale agreement does not contain clauses
          regarding contractual penalties.

                   Supervisory Board Consent

On Feb. 21, 2008 the management board of the company received
the unanimous consent of the Supervisory Board of the company to
sign the agreement.  Supervisory Board members affiliated with
P4’s majority shareholder (Novator), Constantine Gonticas and
Bruce McInroy, neither participated in the Supervisory Board’s
discussions nor voted on the resolution on this matter.

In Management’s opinion, the price of EUR130 million is very
attractive for a minority stake and will provide the funding
necessary for the Company to implement its broadband-driven
growth strategy.  Moreover, in line with its strategy, the
Company expects to continue to leverage the results of its
founding investment in P4 through the continuation of existing
UMTS Transmission and Mobile Service Provider contracts.
Management reached this opinion partly on the basis of a
fairness opinion received on Feb. 21, 2008 from ING Bank N.V.
who acted as financial advisor to the Company with respect to
the transaction.

The total price for the P4 shares is EUR130 million (which is
subject to increase if certain conditions are fulfilled), which
exceeds 10% of the Company equity and hence the sale is a
material agreement.

                        About Netia

Netia S.A. -- http://investor.netia.pl/company.html-- is a
leading independent fixed-line telephony operator in Poland.  It
operates on the basis of its own state-of-the-art fibre-optic
backbone network which covers major Polish cities (5,002 km
long) as well as on the basis of local access networks.  Netia
provides a wide range of fixed-line telecommunications services
including voice, data transmission and Internet access, and
wholesale network services.


NETIA SA: S&P Revises Outlook to Stable from Negative
-----------------------------------------------------
Standard & Poor's Ratings Services revised to stable from
negative its outlook on Poland-based alternative fixed-line
telecommunications operator Netia S.A., following the
publication of full-year results and the announcement of the
planned sale of its 23.4% stake in the fourth-largest Polish
mobile operator P4 Sp. z o.o.

The cash proceeds will be used to fund its broadband strategy
until free cash flow breaks even in 2010.

At the same time, Standard & Poor's affirmed its 'B' long-term
corporate credit rating on the company.

The rating reflects Netia's negative and weakening free
operating cash flow profile; high business risk in light of
substantial competition; high start-up costs associated with its
broadband strategy; and declining traditional voice business.

The rating is supported by Netia's well-established fixed-line
brand; low debt burden; more favorable regulatory environment;
and the sensible strategic move to focus on the growing
broadband segment.

At Dec. 31, 2007, Netia reported total debt of Polish zloty
(PLN)95 million (EUR27 million), drawn under its existing PLN300
million senior secured facilities, available since May 2007, to
fund part of its immediate capital expenditures and current
operations.

"We expect that Netia's investments in its broadband strategy
will be fully funded with existing cash," said Standard & Poor's
credit analyst Karim Nadji.  "To meet its business plan, Netia's
broadband subscriber base will need to continue to quickly grow
over the next two years as average revenue per user declines
rapidly."

A slower-than-expected broadband uptake or deterioration in
operating performance below public guidance could lead to a
negative outlook revision.  Materially lower-than-expected
negative free cash flow, resulting in an inadequate liquidity
position could also put downward pressure on the ratings.

A positive rating action would require Netia to generate
sustainable positive FOCF and to improve operating margins.


=============
R O M A N I A
=============


TMK OAO: Romanian Units Hike Revenues & EBITDA in 2007
------------------------------------------------------
OAO TMK disclosed of significant improvements in the financial
and operating performance of its Romanian subsidiaries for the
year 2007.

TMK-Artrom revenues jumped 79% up to US$214.3 million and EBITDA
rose by 20% to reach US$25.8 million compared to 2006 results.

Revenues at TMK-Resita increased 43% to reach US$205.6 million
and EBITDA grew to US$21 million, a 79% jump on 2006 results.

In 2007, the TMK-Artrom pipe mill shipped 155,800 tons of
seamless pipes to its customers, representing a 61% increase on
previous year shipments.  TMK's Romanian steelmaking subsidiary,
TMK-Resita, shipped 314,200 tons of billets to third parties, a
21% increase over 2006.

The strong improvement in results was mostly due to ongoing
technical upgrading programs.  In early 2007, a new cross
piercing elongator (CPE) pipe rolling mill was commissioned at
TMK-Artrom and a continuous caster was put into operation at
TMK-Resita, the latter cutting down production costs and
increasing production yields.

                          About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmk-group.ru/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                          *     *     *

As of March 17, 2008, OAO TMK carries Ba3 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service,
which said the outlook is positive.

The company also carries BB- long-term foreign and local issuer
credits Standard & Poor's, which said the outlook is stable.


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


AKA-TEKH-SERVICE: Creditors Must File Claims by April 1
-------------------------------------------------------
Creditors of CJSC Aka-Tekh-Service have until April 1, 2008, to
submit proofs of claim to:

         E. Smolyakova
         Insolvency Manager
         Post User Box 75
         398902 Lipetsk
         Russia

The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A36-3325/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Aka-Tekh-Service
         Druzhby Str. 1
         Lipetsk
         Russia


BARYSHSKIY CJSC: Creditors Must File Claims by May 1
----------------------------------------------------
Creditors of OJSC City Diary Baryshskiy (TIN 7301000832, OGRN
102730056528) have until May 1, 2008, to submit proofs of claim
to:

         S. Epifanov
         Insolvency Manager
         Krasnormeyskaya Str. 45
         Barysh
         433750 Ulyanovsk
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A72-4803/07-20/15-b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC City Diary Baryshskiy
         Stepnaya Str. 55
         Barysh
         433754 Ulyanovsk
         Russia


BEZHANITSY-AGRO-PROM-SERVICE: Claims Filing Period Ends May 1
-------------------------------------------------------------
Creditors of OJSC Bezhanitsy-Agro-Prom-Service (TIN 6001000036)
have until May 1, 2008, to submit proofs of claim to:

         A. Dzhamaldaev
         Insolvency Manager
         Konnaya Str. 2
         180007 Pskov
         Russia

The Arbitration Court of Pskov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A52-2551/2007.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Bezhanitsy-Agro-Prom-Service
         Sovetskaya Str. 90
         Bezhanitsy
         Pskov
         Russia


CEDAR-L LLC: Creditors Must File Claims by May 1
------------------------------------------------
Creditors of LLC Cedar-L have until May 1, 2008, to submit
proofs of claim to:

         S. Rassadin
         Insolvency Manager
         Radiozavodskoe Shosse 2a
         Murom
         602264 Vladimir
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-8773/2007-K1-160B/13B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Cedar-L
         Zavokzalnaya Str. 10
         Melenki
         601120 Vladimir
         Russia


CHEREPOVETS-STEEL-CONSTRUCTION-2: Claims Filing Ends May 1
----------------------------------------------------------
Creditors of OJSC Cherepovets-Steel-Construction-2 have until
May 1, 2008, to submit proofs of claim to:

         M. Vdovin
         Insolvency Manager
         Ryazanskiy Pr. 38-18
         Moscow
         Russia

The Arbitration Court of Vologda commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A13-4909/2007.

The Court is located at:

         The Arbitration Court of Vologda
         Hall 4
         Gertsena Str. 1a
         Vologda
         Russia

The Debtor can be reached at:

         OJSC Cherepovets-Steel-Construction-2
         Bordshodskaya Str. 48
         Cherepovets
         Russia


DOBROVSKOE PEAT: Creditors Must File Claims by April 1
------------------------------------------------------
Creditors of OJSC Dobrovskoe Peat Enterprise have until
April 1, 2008, to submit proofs of claim to:

         E. Smolyakova
         Insolvency Manager
         Post User Box 75
         398902 Lipetsk
         Russia

The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A36-3321/2007.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Dobrovskoe Peat Enterprise
         Lenina Str. 106
         Dobroe
         Lipetsk
         Russia


EVRAZ GROUP: SSAB Deal Prompts Moody's to Review Ratings
--------------------------------------------------------
Moody's Investors Service placed Evraz's Ba2 corporate family
rating, Ba2 rating for Senior Notes due 2009 and Ba3 rating for
Senior Notes due 2015 on review for possible downgrade following
the recent announcement of the acquisition of IPSCO's Canadian
plate and pipe business from SSAB for a net cost of US$2.3
billion.

Evraz has announced on March 15 that it has reached a definitive
agreement to acquire IPSCO tubular business for US$4.025 billion
with a back to back agreement with OAO TMK and its affiliates to
resell certain of the acquired businesses for US$1.2 billion in
2008 and an expectation for an additional US$0.5 billion to be
executed in 2009.

Moody's will focus its review on:

    1) the strategic logic of the acquisition of the IPSCO
       tubular business which is coming after a number of
       different transactions announced by the company over the
       past year, as well as the integration risk of such
       businesses,

    2) the level and stability of the anticipated contribution
       of these new businesses to the cash flow generation of
       Evraz,

   3) the impact on the financial flexibility of the company,
       and

   4) the nature and tenor of the funding arrangements put in
       place to ensure smooth execution of this transaction.

Moody's last rating action was to upgrade the company from Ba3
with positive outlook to Ba2 (Stable) on 28 November 2007.

Evraz Group is one of the largest vertical integrated steel
companies in Russia (by volume and assets) with assets also in
Europe, North America and South Africa that produced 16.1
million tones of steel products, reported revenue of USD 8,292
million and EBITDA of USD 2,652 million in 2006.  In 1 H 2007
the company reported revenue of USD 6,023 million and EBITDA of
USD 2,050 million. Evraz's principal assets are steel plants in
Russia, Europe, North America and South Africa; iron ore and
processing facilities, as well as coal mines, logistics and
trading assets.


EVRAZ GROUP: S&P Holds Ratings on SSAB Deal
-------------------------------------------
Standard & Poor's Ratings Services revised its outlook to stable
from negative on Sweden-based midsize steel manufacturer SSAB
Svenskt Stal AB and its subsidiary North American steel producer
IPSCO Inc.  S&P also affirmed the 'BBB' long-term corporate
credit and senior unsecured debt ratings on SSAB and IPSCO and
raised the short-term rating on SSAB to 'A-2' from 'A-3'.

At the same time, Standard & Poor's affirmed its 'BB-' long-term
corporate credit and senior unsecured debt ratings on Russia-
based steel producer Evraz Group S.A. and its core subsidiary
Mastercroft Ltd.  S&P also affirmed the Russia national scale
ratings on Evraz and Mastercroft at 'ruAA'.


The outlook is positive.

The rating actions on SSAB and Evraz follow announcements that
SSAB has agreed to sell its North American tubular operations to
Evraz for US$4.025 billion in cash.

"The outlook revision of SSAB reflects a significant reduction
in adjusted debt owing to the planned disposal proceeds of about
Swedish krone 25 billion, which we view positively with regard
to SSAB's financial risk profile," said Standard & Poor's credit
analyst Alex Herbert.  "In addition, we see the transaction as a
demonstration of management's commitment to deleverage and
return to a more conservative financial policy."

The disposal has an overall positive impact on SSAB's financial
risk profile due to the sizable disposal proceeds, which will be
used for debt repayment, although some cash flow generation will
be lost.  The sale is broadly neutral to SSAB's business risk:
It lessens the group's geographic, product, and end-market
diversification, but reduces its exposure to volatile
scrap input costs.

"The affirmation of Evraz reflects our view that leverage will
stay moderate, remaining broadly in line with the group's
financial policy and the levels assumed for the ratings," Mr.
Herbert added.

Nevertheless, the transaction is the latest in a string of
deals, as the group's acquisition-led growth strategy has
accelerated in recent months.  Since December 2007, Evraz has
announced four acquisitions that it is financing mostly with
additional debt of approximately US$6 billion (including
this transaction).  This strategy importantly depends on strong
growth in cash flow generation –- especially from existing
operations -- to continue to mitigate pressure on leverage,
without which the impact on Evraz's credit protection ratios
would be more significant.  S&P notes that the businesses being
acquired bring little cash flow generation to the group.

Positively, S&P views the acquisition as incrementally
strengthening Evraz's business risk profile by expanding its
production into growing energy and infrastructure end-markets
while further improving geographic diversification in Canada.
Although the individual impact on the group is small, the SSAB
transaction follows the acquisition of U.S. steel producers
Claymont Steel Inc. (B/Watch Pos/--) in January 2008 and Oregon
Steel Mills Inc. in January 2007.  Smooth integration will be
needed to ensure that benefits from these acquisitions come
through.

Standard & Poor's expects that SSAB will continue to generate
positive free operating cash flow and maintain leverage in line
with the ratings, notably a ratio of funds from operations to
adjusted debt of about 35%.  S&P views favorably SSAB's plans to
expand production and achieve operating synergies.

For Evraz and Mastercroft, a one-notch upgrade to the long-term
corporate credit ratings is a possibility if strong cash flow
generation continues and leverage remains moderate.  This is
despite higher debt caused by recent acquisitions, which will
continue to consume cash flows that could otherwise be used to
reduce debt.  S&P expects the ratings to be supported by
incremental business risk profile improvements from increased
raw material supply and broader geographic diversification.


KD GROUP: S&P Puts Long-Term Corporate Credit Rating at B-
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate credit rating and 'ruBBB-' Russia national scale
rating to OJSC KD GROUP, a leading Perm-based Russian property
development company.  The outlook is stable.

"The ratings on KD are constrained by the company's high
exposure to financial risk, stemming from limited liquidity
position, weak cash flow generation burdened by considerable
working-capital requirements, and high financial leverage," said
Standard & Poor's analyst Izabela Listowska.

The ratings are constrained further by the company's ambitious
expansion plans; the industry's cyclical nature, with heightened
sensitivity to economic dynamics and uncertainty associated with
Russia's evolving political and business climate; and the
country's lack of administrative transparency and
predictability.  Other negative rating factors are the group's
dependence on property development in a single region of Russia,
and the property development industry's risky profile, including
high competition and volume and price cyclicality.  Property
investors' penchant for speculation, heavy working-capital
needs, and complex corporate structure, combined with
convoluted accounting policies, also limit the ratings.

"The stable outlook reflects Standard & Poor's expectation that
KD will maintain sufficient liquidity to service its debt
requirements and fund its ambitious expansion plans," added Ms.
Listowska.  Given the company's high financial leverage and
constrained liquidity position, S&P expects it to prudently
manage its operating costs and growth-oriented spending while
enhancing profitability.  Nevertheless, we would consider a
negative rating action if the company faces liquidity
disruption, experiences operational pressures such as
significant project delays and/or material cost overruns, or
encounters adverse changes in the evolving regulatory and
administrative environment, which is yet to mature.  Conversely,
positive ratings action would be considered if planned rapid
expansion delivers material increases in revenues and earnings
and the company starts to generate stronger operating cash flow
on a recurring basis, and if the company is successful in
extending its debt maturity profile.


KOCHETKOVSKIE JUICES: Bankruptcy Hearing Slated for July 8
----------------------------------------------------------
The Arbitration Court of Tambov will convene on July 8, 2008, to
hear the bankruptcy supervision procedure on OJSC Kochetkovskie
Juices and Concentrates (OGRN 1026800631373, TIN 6807002744, KPP
680701001).  The case is docketed under Case No. A64-5582/07-21.

The Temporary Insolvency Manager is:

         S. Evtushenko
         Apt 3
         Kutsygina Str. 35/1
         394006 Voronezh
         Russia
         Tel: 8 (910) 342-71-97
         Tel/Fax: 8 (4732) 77-55-34, 51-24-67

The Court is located at:

         The Arbitration Court of Tambov
         Penzenskaya Str. 67/12
         392020 Tambov
         Russia

The Debtor can be reached at:

         OJSC Kochetkovskie Juices and Concentrates
         Zavodskaya Str. 1
         Kochetovka
         Michurinskiy
         393737 Tambov
         Russia


KUMYLZHENSKAYA OJSC: Bankruptcy Hearing Slated for June 24
----------------------------------------------------------
The Arbitration Court of Volgograd will convene at 10:00 a.m. on
June 24, 2008, to hear the bankruptcy supervision procedure on
OJSC Poultry Farm Kumylzhenskaya (TIN 3424006121).  The case is
docketed under Case No. A12-1493/08-s49.
The Temporary Insolvency Manager is:

         A. Minin
         Post User Box 199
         400050 Volgograd
         Russia

The Debtor can be reached at:

         OJSC Poultry Farm Kumylzhenskaya
         Let Oktyabrya Str. 85
         Kumylzhenskaya St. 50
         Kumylzhenskiy
         Volgograd
         Russia


KUSKINSKOE CJSC: Creditors Must File Claims by May 1
----------------------------------------------------
Creditors of CJSC Kuskinskoe have until May 1, 2008, to submit
proofs of claim to:

         R. Bronnikov
         Temporary Insolvency Manager
         Apt. 42
         Building 2
         Pobedy Str. 49
         308600 Belgorod
         Russia

The Arbitration Court of Kursk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A35-6928/07g.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Kuskinskoe
         Kuskino
         Manturovskiy
         Kursk
         Russia


NEDRA-M LLC: Buryatiya Bankruptcy Hearing Slated for June 11
------------------------------------------------------------
The Arbitration Court of Buryatiya will convene on June 11,
2008, to hear the bankruptcy supervision procedure on LLC
Nedra-M (TIN 0313003899, OGRN 1020300738985).  The case is
docketed under Case No. A10-4764/07.

The Temporary Insolvency Manager is:

         A. Kapustin
         Apt. 103
         Tobolskaya Str. 47
         Ulan-Ude
         670042 Buryatiya
         Russia

The Debtor can be reached at:

         LLC Nedra-M
         Tonnelnyj
         Muyskiy
         671573 Buryatiya
         Russia


NEW LLC: Creditors Must File Claims by May 1
--------------------------------------------
Creditors of LLC New have until May 1, 2008, to submit proofs of
claim to:

         G. Punegova
         Insolvency Manager
         Room 205
         Ordzhonikidze Str. 49-a
         Syktyvkar
         167000 Komi
         Russia

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A64-5045/07-18.

The Court is located at:

         The Arbitration Court of Tambov
         Penzenskaya Str. 67/12
         392020 Tambov
         Russia

The Debtor can be reached at:

         LLC New
         Krasnoarmeyskaya Str.
         Rasskazovo
         Tambov
         Russia


NIPO CJSC: Creditors Must File Claims by May 1
----------------------------------------------
Creditors of CJSC Nipo (TIN 7724142147) have until May 1, 2008,
to submit proofs of claim to:

         M. Knutova
         Insolvency Manager
         Leninskiy Pr. 9
         125040 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. 40-28996/07-74-104B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Nipo
         Borisovskiy Proezd 7
         115563 Moscow
         Russia


PROM-MET-SERVICE: Creditors Must File Claims by March 22
--------------------------------------------------------
Creditors of LLC Prom-Met-Service have until March 22, 2008, to
submit proofs of claim to:

         E. Mochalov
         Temporary Insolvency Manager
         Room 11
         Zhukovskogo Proezd, 12
         Saransk
         430005 Mordoviya
         Russia

The Arbitration Court of Mordoviya commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A39-4797/2007-4/6.

The Court is located at:

         The Arbitration Court of Mordoviya
         Kommunisticheskaya Str. 33
         Saransk
         Mordoviya
         Russia

The Debtor can be reached at:

         LLC Prom-Met-Service
         St. Razina Str. 17 A
         Saransk
         430005 Mordoviya
         Russia


ROS-TEKS LLC: St. Petersburg Court Hearing Slated for June 2
------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad will
convene at 10:10 a.m. on June 2, 2008, to hear the commenced
bankruptcy supervision procedure on LLC Ros-Teks (TIN
7825424772).  The case is docketed under Case No. A56-
48019/2007.

The Temporary Insolvency Manager is:

         O. Gonzharov
         Apt. 66
         Pyatnitskoe Shosse 38
         115432 Moscow
         Russia

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Room 121
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         LLC Ros-Teks
         Premise 5
         Nevskiy Pr. 100
         St. Petersburg
         Russia


ROSTELECOM OJSC: S&P Revises Outlook to Positive from Stable
------------------------------------------------------------
tandard & Poor's Ratings Services revised its outlook on
Russia's largest provider of long-distance telecommunication
services, OJSC Rostelecom, to positive from stable.  At the same
time, the 'BB-' long-term corporate credit rating was affirmed.

"The outlook revision reflects our opinion that Rostelecom's
increasing financial flexibility provides an opportunity for the
company to strengthen its business profile," said Standard &
Poor's credit analyst Alexander Griaznov.

Rostelecom's recent divestment of an 11% stake in Golden Telecom
Inc. (BB+/Stable/--) will contribute additional cash of more
than Russian ruble (RUR) 11.5 billion (about US$460 million),
which will provide additional support to the company's financial
risk profile, featuring minimal debt, ample liquidity, and
limited capital expenditure.

The positive outlook reflects the possibility that we could
raise the ratings if Rostelecom continues to strengthen its
business risk profile," said Mr. Griaznov.

An upgrade would require the company to keep its leading
positions in the long-distance market, increase revenue
diversification, and continue recovering its profitability.  The
financial risk profile would need to remain supportive, meaning
the company must sustain limited debt leverage and sound
credit protection.

Conversely, S&P would revise the outlook back to stable if the
company is unable to protect its market position in long-
distance telephony and diversify its revenues, or if its
expansion in other sectors materializes in a debt increase,
which would be incompatible with the current rating.


TMK OAO: Romanian Units Hike Revenues & EBITDA in 2007
------------------------------------------------------
OAO TMK disclosed of significant improvements in the financial
and operating performance of its Romanian subsidiaries for the
year 2007.

TMK-Artrom revenues jumped 79% up to US$214.3 million and EBITDA
rose by 20% to reach US$25.8 million compared to 2006 results.

Revenues at TMK-Resita increased 43% to reach US$205.6 million
and EBITDA grew to US$21 million, a 79% jump on 2006 results.

In 2007, the TMK-Artrom pipe mill shipped 155,800 tons of
seamless pipes to its customers, representing a 61% increase on
previous year shipments.  TMK's Romanian steelmaking subsidiary,
TMK-Resita, shipped 314,200 tons of billets to third parties, a
21% increase over 2006.

The strong improvement in results was mostly due to ongoing
technical upgrading programs.  In early 2007, a new cross
piercing elongator (CPE) pipe rolling mill was commissioned at
TMK-Artrom and a continuous caster was put into operation at
TMK-Resita, the latter cutting down production costs and
increasing production yields.

                          About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmk-group.ru/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.


TMK OAO: Moody's Puts Ratings Under Review and May Downgrade
------------------------------------------------------------
Moody's Investors Service has today placed TMK's Ba3 corporate
family rating and B1 rating for loan participation notes on
review for possible downgrade following the recent announcement
of the acquisition from Evraz Group S.A. of the assets and
subsidiaries of IPSCO Tubular's business in the USA for
approximately US$1.2 billion, following the acquisition of IPSCO
Tubular's business by Evraz Group from SSAB.

TMK will acquire 100% of IPSCO Tubulars Inc. and 51% of NS Group
Inc.  In addition, TMK and Evraz have entered into a call/put
option for the remaining 49% of NS Group Inc. which will be
exercised in 2009 for app. USD 0.5 billion.

Though Moody's recognizes that TMK had some room in its existing
rating (which was reflected in the positive outlook assigned to
the Ba3 rating), Moody's notes that this transaction can be
characterised as a transforming acquisition for TMK by its
relative size and the significant increase in the geographical
footprint that it brings to the company.

Moody's review will focus on :

     1) the strategic logic and the execution risk of the
        transaction given the existing sizeable capital
        expenditure programme of the company,

     2) the level and stability of the anticipated contribution
        of the business being acquired, as well as the
        integration risk for a company whose operations have
        been so far mainly centered on Russia (apart from two
        relatively small steel mills in Romania),

     3) the resulting capital structure and leverage of the
        company as well as TMK's ability to bring the debt back
        to levels commensurate with the existing rating,

     4) the nature and resilience of the funding plans
        considered for this acquisition as well as the impact on
        the liquidity profile of the company.

Moody's last rating action was the change of rating outlook to
positive on November 14, 2007.

TMK is Russia's largest and one of the world's leading
manufacturers of value-added steel pipe products for the oil &
gas industry.  In the first half of 2007, the company reported
US$2.03 billion in revenues, an increase of 28% and
US$500 million in EBITDA leading to an improvement by 27%
compared to 1H 2006.  Following an IPO in 2006 the company is
76.98% owned by the founder, Mr. Pumpyanskiy.


VOLGATELECOM OJSC: Estimates 2007 Net Profit at RUR2.99 Billion
---------------------------------------------------------------
OJSC VolgaTelecom released its preliminary operations results
for full year 2007.

VolgaTelecom posted a 20.5% in EBITDA to RUR8.58 billion in
EBITDA in 2008, on RUR25.16 billion in proceeds from ordinary
activities and RUR23.89 billion revenues from telecommunications
services.

The company estimates its net profit at RUR2.99 billion for
2007, with some adjustments possible.

VolgaTelecom said it improved its business efficiency in all
directions, including headcount optimization.  As a result of
reforming the structure of regional subsidiaries and revision of
working positions in 2007, VolgaTelecom's headcount was reduced
by 4,185 and at Jan. 1, 2008, it accounted for 35,168 employees.

In 2007 VolgaTelecom continued to realize the investment
programs intended to the upgrade of communications network and
the development of new, high-tech services.  For the reporting
period the investment portfolio amounted to RUR7.45 billion.

"During 2007 we successfully solved the challenges coming from
tougher competition in telecommunications market of the Volga
region," Sergey Omelchenko, VolgaTelecom's General Director,
noted.  "The change of competitive environment required from us
the new approach to doing business and all our actions were
intended to create a solid foundation for sustainable and
profitable growth and development."

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.


VOSKRESENSKIY COMBINED: Creditors Must File Claims by April 1
-------------------------------------------------------------
Creditors of OJSC Voskresenskiy Combined Trade have until
April 1, 2008, to submit proofs of claim to:

         O. Kraskovskaya
         Temporary Insolvency Manager
         Post User Box 281
         107078 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A41-K2-7171/07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Voskresenskiy Combined Trade
         Engelsa Str. 1/2
         Voskresensk
         140200 Moscow
         Russia


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


AIRCRAFT LEASING: Berne Court Closes Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Bern-Mittelland entered Feb. 4, 2008,
an order closing the bankruptcy proceedings of Aircraft Leasing
Ltd.

The Bankruptcy Service of Bern-Mittelland can be reached at:

         Bankruptcy Service of Bern-Mittelland
         Amtsstelle Seftigen
         3123 Belp
         Seftigen BE
         Switzerland

The Debtor can be reached at:

         Aircraft Leasing Ltd
         Flughafenstrasse 67
         3123 Belp
         Seftigen BE
         Switzerland


ARCH-HAUS: Appenzell Ausserrhoden Court Ends Bankruptcy Process
---------------------------------------------------------------
The Bankruptcy Service of Appenzell Ausserrhoden entered Feb.
15, 2008, an order closing the bankruptcy proceedings of JSC
Arch-Haus.

The Bankruptcy Service of Appenzell Ausserrhoden can be reached
at:

         Bankruptcy Service of Appenzell Ausserrhoden
         Branch Teufen
         9053 Teufen AR
         Switzerland

The Debtor can be reached at:

         JSC Arch-Haus
         Schutzenbergstrasse 13
         9053 Teufen AR
         Switzerland


DENIS JOST: Basel-Country Court Starts Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Liestal in Basel-Country commenced
bankruptcy proceedings against LLC Denis Jost Gastro on Jan 30,
2008.

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal BL
         Switzerland

The Debtor can be reached at:

         LLC Denis Jost Gastro
         Kasernenstrasse 22b
         4410 Liestal BL
         Switzerland


FUR SIE: Creditors' Liquidation Claims Due by March 23
------------------------------------------------------
Creditors of JSC Fur Si? have until March 23, 2008, to submit
their claims to:

         Raggenbass Rechtsanwalte
         Kirchstrasse 24a
         8580 Amriswil
         Bischofszell TG
         Switzerland

The Debtor can be reached at:

         JSC Fur Si?
         St. Gallen
         Switzerland


HERMANN EMCH: Creditors' Liquidation Claims Due by March 22
-----------------------------------------------------------
Creditors of JSC Hermann Emch have until March 22, 2008, to
submit their claims to:

         Anton Kofmel
         Liquidator
         Derendingenstrasse 31
         4543 Deitingen
         Wasseramt SO
         Switzerland

The Debtor can be reached at:

         JSC Hermann Emch
         Grenchen SO
         Switzerland


JOCHEN UHL: Creditors' Liquidation Claims Due by March 22
---------------------------------------------------------
Creditors of JSC Jochen Uhl have until March 22, 2008, to submit
their claims to:

         Heike Uhl-Hansen
         Im Wiesengrund 11
         8700 Kusnacht ZH
         Switzerland

The Debtor can be reached at:

         JSC Jochen Uhl
         Kusnacht ZH
         Switzerland


LEISI IT: Creditors' Liquidation Claims Due by March 22
-------------------------------------------------------
Creditors of LLC Leisi IT Consulting have until March 22, 2008,
to submit their claims to:

         JSC B&B Concept Treuhand
         Lindenweg 6
         8153 Rumlang
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         LLC Leisi IT Consulting
         Rumlang
         Dielsdorf ZH
         Switzerland


MYTHEN FINANZ: Creditors' Liquidation Claims Due by March 22
------------------------------------------------------------
Creditors of JSC Mythen Finanz have until March 22, 2008, to
submit their claims to:

         Robert Roder
         Stollen
         8824 Schonenberg
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         JSC Mythen Finanz
         Wollerau
         Hofe SZ
         Switzerland


VG DREAM: Creditors' Liquidation Claims Due by March 22
-------------------------------------------------------
Creditors of JSC VG Dream '96 have until March 22, 2008, to
submit their claims to:

         BDO Visura
         Fabrikstrasse 50
         8005 Zurich
         Switzerland

The Debtor can be reached at:

         JSC VG Dream '96
         Zurich
         Switzerland


ZAALI TRANSPORTE: Basel-Country Court Starts Bankruptcy Process
---------------------------------------------------------------
The Bankruptcy Service of Waldenburg in Basel-Country commenced
bankruptcy proceedings against LLC Zaali Transporte & Umzuge on
Jan. 28, 2008.

The Bankruptcy Service of Waldenburg can be reached at:

         Bankruptcy Service of Waldenburg
         4437 Waldenburg BL
         Switzerland

The Debtor can be reached at:

         LLC Zaali Transporte & Umzuge
         Dorfgasse 68
         4435 Niederdorf BL
         Switzerland


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


OYAK BANK: Fitch Withdraws Ratings
----------------------------------
Fitch Ratings affirmed Turkey-based Oyak Bank A.S.'s ratings at
Long-term foreign currency Issuer Default 'BB' with Stable
Outlook, Long-term local currency IDR 'BBB-' (BBB minus) with
Stable Outlook, Short-term foreign currency IDR 'B', Short-term
local currency IDR 'F3', National Long-term 'AAA(tur)' with
Stable Outlook, Individual 'C/D' and Support '3'.  At the same
time, Fitch has withdrawn all the ratings and will no longer
provide ratings or analytical coverage of this issuer.


ULKER BISKUVI: Moody's Puts Rating on Review & May Downgrade
------------------------------------------------------------
Moody's Investors Service placed on review for possible
downgrade the Ba3 Corporate Family Rating and Probability of
Default Rating of Ulker Biskuvi San. A.S., formerly known as
Ulker Gida San. Tic. A.S.

The rating action follows the company's announcement that it has
agreed to acquire a 25.23% interest in Godiva through the
utilisation of a US$240 million bank loan in conjunction with
also establishing guarantees alongside its parent Yildiz Holding
A.S. and its affiliate Ulker Cikolata Sanayi A.S.

This announcement follows the earlier announcement, on Dec. 20,
2007, by Ulker Biskuvi's parent company, Yildiz Holding, that it
had agreed to acquire the entire share capital of Godiva from
the Campbell Investment Company for a cash consideration of
US$850 million.  As part of the transaction, Ulker Biskuvi will
be directly incurring US$240 million in debt and providing
guarantees in support of its affiliates' financing commitments
totalling US$710 million.  Moody's notes that conclusion of the
review process- expected within the next 30 to 60 days -- could
result in an affirmation of the rating.

Moody's rating review will focus on the impact of the overall
transaction (i) on the company's financial risk profile
including the impact of providing the guarantees and (ii) the
group's strategies for reducing leverage at the Ulker Biskuvi
level subsequent to the conclusion of the transaction.  This
reflects Moody's preliminary observation that the increase in
direct indebtedness incurred to finance the 25.23% stake in
Godiva may increase leverage to a range originally not
anticipated for the rating category.

Moody's previous rating action on Ulker Biskuvi was the upgrade
of the ratings to Ba3 from B1 in October 2007.

Headquartered in Istanbul, Turkey, Ulker Biskuvi is a 42.19%
owned subsidiary of the larger Ulker Group, while 31.24% of its
shares are publicly quoted on the Istanbul Stock Exchange, with
the rest owned by UEB Dynamic Growth Fund.  The company is
involved in the manufacturing and commercialisation of a variety
of consumer products including biscuits, chocolate coated
biscuits, bars, wafers, crackers and baby food.  In 2006, Ulker
Biskuvi reported net sales and EBITDA of approximately YTL1.8
billion (US$1.26 billion) and YTL120 million (US$84.5 million),
respectively.


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


ADTECH LTD: Brings In Liquidators from Vantis
---------------------------------------------
Martin Weller and Paul Atkinson of Vantis Business Recovery
Services were appointed joint liquidators of Adtech Ltd. on
March 5, 2008, for the creditors' voluntary winding-up
proceeding.

The joint liquidators can be reached at:

         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


CAMBERLEY CONSERVATORY: Calls In Liquidators from Tenon Recovery
----------------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of The Camberley Conservatory Co. Ltd. for the
creditors' voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


CARLYE CAPITAL: To File for Compulsory Liquidation in Guernsey
--------------------------------------------------------------
Carlyle Capital Corporation Limited's Board of Directors has
recommended that Class A Shareholders vote in favor of a
compulsory winding up proceeding under the Companies Law in
Guernsey.

The shareholder approval process was completed on March 16,
2008, with Class A Shareholders voting unanimously in favor of a
compulsory winding up proceeding under the Companies Law in
Guernsey.

The company will now move forward with the winding up and
liquidation application.  During a compulsory winding up, all
remaining CCC assets will be liquidated by a court appointed
liquidator in a timely and orderly manner.

As expected, the company received default notices from its
remaining two lenders and it believes that its lenders have now
taken possession of substantially all of its U.S. government
agency AAA-rated residential mortgage-backed securities.  As a
result, the company believes its liabilities exceed its assets.

The recommendation was made by the Board following extensive
analysis of the company's prospects and careful consideration of
other options for continuing the business.  The company will
work with the court appointed liquidator to ensure an orderly
realization of assets and their subsequent distribution.

The company will provide updates as appropriate.

A TCR-Europe report on March 14, 2008, disclosed that although
the company has been working diligently with its lenders, it has
not been able to reach a mutually beneficial agreement to
stabilize its financing.

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

The company explored a variety of proposals with its lenders in
an attempt to refinance its portfolio on sustainable terms.  The
Carlyle Group participated actively in those negotiations and
was prepared to provide substantial additional capital if a
successful refinancing could be achieved.  Negotiations
deteriorated late on March 12, 2008, when, among other things,
the pricing service utilized by certain lenders reported a drop
in the value of the RMBS collateral that is expected to result
in additional margin calls tomorrow of approximately
US$97.5 million.

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

       Missed Margin Calls and Receipt of Default Notice

As reported in the TCR-Europe on March 10, 2008, Carlyle Capital
said that since filing its annual report on Feb. 28, 2008, the
company has been subject to margin calls and additional
collateral requirements totaling more than US$60 million.

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

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

                       Financial Highlight

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

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

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

                     Bankruptcy is Possible

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

                     About Carlyle Capital

Carlyle Capital Corporation Limited (Euronext Amsterdam: CCC;
ISIN: GG00B1VYV826) -- http://www.carlylecapitalcorp.com/-- is
a Guernsey investment company that was formed on Aug. 29, 2006.
It is a closed-end investment fund domiciled and registered as a
limited company under the laws of Guernsey, Channel Islands.
The company invests in a diversified portfolio of fixed income
assets including high-grade mortgages and credit products.  The
company's day-to-day activities and investment portfolio are
managed by Carlyle Investment Management LLC, whose investment
professionals have extensive experience in the areas of mortgage
finance, leveraged finance, capital markets transaction
structuring and risk/portfolio management.

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


DEREK CROXSON: Brings In Joint Administrators from Menzies
----------------------------------------------------------
Jason Godefroy and Andrew Stoneman of Menzies Corporate
Restructuring were appointed joint administrators of Derek
Croxson Ltd. (Company Number 01271475) on March 7, 2008.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

          Derek Croxson Ltd.
          Unit 1
          Chess Business Park
          Moor Road
          Chesham
          Buckinghamshire
          HP5 1SD
          England
          Tel: 01494 777 900
          Fax: 01494 777 930


DIOMED HOLDINGS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: Diomed Holdings, Inc.
             One Dundee Park
             Andover, MA 01810
             Tel: (978) 824-1811

Bankruptcy Case No.: 08-40750

Debtor-affiliate filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
        Diomed, Inc.                               08-40749

Type of Business: The Debtor 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.  See http://www.diomedinc.com

                  The company's subsidiary, Diomed, Ltd.,
                  operates in the United Kingdom and its chief
                  activities are product development,
                  manufacturing and international sales and
                  marketing.  In connection with Diomend
                  Holdsings’ Chapter 11 filing, Diomed Ltd.
                  Intends to file for Administration under the
                  laws of the United Kingdom.

Chapter 11 Petition Date: March 14, 2008

Court: District of Massachusetts (Worcester)

Judge: Joel B. Rosenthal

Debtors' Counsel: Douglas R. Gooding, Esq.
                     (dgooding@choate.com)
                  Choate, Hall & Stewart
                  Two International Place
                  Boston, MA 02110
                  Tel: (617) 248-5000
                  http://www.choate.com/

                        Estimated Assets       Estimated Debts
                        ----------------       ---------------
Diomed Holdings, Inc.   Less than              US$1 million to
                        US$10,000              US$10 million

Diomed, Inc.            US$10 million to       US$10 million to
                        US$50 million          US$50 million

A. Diomed Holdings, Inc. does not have any creditors that are
not insiders.

B. Diomed, Inc.'s 20 Largest Unsecured Creditors:

   Entity                                    Claim Amount
   ------                                    ------------
Wolf, Greenfield & Sacks, PC                   US$464,645
Attn: Accounting
600 Atlantic Avenue
Boston, MA 02210

Endolaser Associates                           US$392,684
Luis Navarro, MD
327 East 65th Street
New York, NY 10021

Luminetx Corp.                                 US$287,609
1256 Union Avenue, 3rd Floor
Memphis, TN 38104

Endovenous Laser Associates                    US$239,279

Professional Sterile Concepts, Inc.            US$196,874

BDO Siedman, LLP                               US$122,058

Medical Device Resource Corp.                   US$62,180

Galt Medical Corp.                              US$54,500

Lord & Benoit, LLC                              US$50,250

Pioneer Optics Co.                              US$45,383

Duke University Medical Center                  US$38,125

ACOM Healthcare                                 US$31,616

Dan Stempel                                     US$30,647

SIR                                             US$25,000

Coblentz, Patch, Duffy & Bass, LLP              US$22,192

Bryn Mawr Communications, LLC                   US$22,000

MEDLEADS                                        US$20,930

Garfield Group Interactive, Inc.                US$18,040

Oscar Bottini                                   US$16,500

Intermountain Vein Center                       US$14,000


E-COM CONSULTING: Appoints Joint Administrators from David Rubin
----------------------------------------------------------------
Asher Miller and David Rubin of David Rubin & Partners were
appointed joint administrators of E-Com Consulting Ltd. (Company
Number 03772787) on March 6, 2008.

David Rubin & Partners -- http://www.drpartners.com/--
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.

The company can be reached at:

          E-Com Consulting Ltd.
          Beaufort Court
          Admirals Way
          Poplar
          London
          E14 9XL
          England
          Tel: 020 7345 3737
          Fax: 020 7345 4546
          Web site: http://www.ecom-consulting.com/


INDIGO FUSION: Creditors' Meeting Slated for March 27
-----------------------------------------------------
Creditors of Indigo Fusion Ltd. (Company Number 00532124) will
meet at 10:00 a.m. on March 27, 2008, at:

         Deloitte & Touche LLP
         1 City Square
         Leeds
         LS1 2AL
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on March 26, 2008, at:

         Adrian Peter Berry
         Joint Administrator
         Deloitte & Touche LLP
         1 City Square
         Leeds
         West Yorkshire
         LS1 2AL
         England

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


INVENSYS PLC: Notes Redemption Cues S&P to Withdraw B+ Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said today it withdrew its
'B+' ratings on the senior unsecured notes issued by U.K.-based
capital goods group Invensys PLC (BB/Positive/NR).  The rating
withdrawal follows Monday's complete redemption of the company's
9.875% U.S. dollar- and euro-denominated notes.


IRONMARKET HOME: Brings In Begbies Traynor to Administer Assets
---------------------------------------------------------------
Robert Michael Young and Paul Finnity of Begbies Traynor were
appointed joint administrators of Ironmarket Home Loans &
Mortgages Ltd. (Company Number 03497076) on March 6, 2008.

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

The company can be reached at:

          Ironmarket Home Loans & Mortgages Ltd.
          International House
          Bellringer Road
          Stoke on Trent
          Staffordshire
          ST4 8LJ
          England
          Tel: 01782 646 700
          Fax: 01782 646 100


JPS LITHO: Appoints Administrators from Begbies Traynor
-------------------------------------------------------
Julie Anne Palmer and Ian Walker of Begbies Traynor were
appointed joint administrators of JPS Litho Ltd. (Company Number
04342171) on March 7, 2008.

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

The company can be reached at:

          JPS Litho Ltd.
          Unit 1
          Dalling Road
          Poole
          Dorset
          BH12 1DJ
          England
          Tel: 01202757579


MAILTECH LTD: Taps Liquidators from Baker Tilly
-----------------------------------------------
Adrian David Allen and Philip Edward Pierce of Baker Tilly
Restructuring and Recovery LLP were appointed joint liquidators
of Mailtech (UK) Ltd. on Feb. 29, 2008, for the creditors'
voluntary winding-up proceeding.

The joint liquidators can be reached at:

         Baker Tilly Restructuring and Recovery LLP
         2 Whitehall Quay
         Leeds
         LS1 4HG
         England


MONITOR OIL: Wants Exclusive Plan Filing Deadline Extended
----------------------------------------------------------
Monitor Oil PLC and its debtor-affiliates ask the United States
Bankruptcy Court for the Southern District of New York to
further extend their exclusive rights to:

   a) file a Chapter 11 plan until June 17, 2008; and

   b) solicit acceptances of that plan until Aug. 18, 2008.

The Debtors say that they have not had the time to look into
their restructuring alternatives, and to develop and negotiate a
plan of reorganization with their major creditor groups.

Michael Foreman, Esq., at Dorsey & Whitney LLP in New York, says
that the Debtors will continue to push the business plan which
involved the marketing of a fully-packaged single-lift vessel
and power buoys projects despite additional cost problems.

The Debtors' exclusive plan filing deadline will expire on
March 19, 2008.

A hearing has been set on March 21, 2008, at 10:00 a.m., to
consider approval of the Debtors' extension request.

                        About Monitor Oil

Monitor Oil, P.L.C. -- htpp://www.monitoroil.com/ -- an oil
and gas service company that provides oil and gas production
solutions, offshore services and engineering services.  The
company and two of its affiliates,  Monitor Single Lift 1, Ltd.,
and Monitor US FinCo, Inc., filed for Chapter 11 Protection on
Nov. 21, 2007 (Bankr. S.D.N.Y. Case No. 07-13709).  Eric Lopez
Schnabel, Esq., at Dorsey & Whitney, L.L.P., represents the
Debtor.  The U.S. Trustee for Region 2 appointed five creditors
to serve on an Official Committee of Unsecured Creditors in the
Debtors' cases.  Ira L. Herman, Esq., at Thompson & Knight, LLP,
represents the Committee.  As of Dec. 31, 2007, the company
disclosed total assets of US$98,340,000 and total debts of
US$56,125,000.


MONITOR OIL: Wants to Transfer US$43.5 Mln to Secured Lenders
-------------------------------------------------------------
Monitor Oil PLC and its debtor-affiliates ask the Hon. Martin
Glenn of the United States Bankruptcy Court for the Southern
District of New York for permission to transfer the remaining
cash of US$43.5 million to the second lien lenders owed US$80
million in principal, US$1.45 million in interest and certain
fees.

The move intends to stem further interest from accruing on the
principal, according to papers filed with the Court.  The Debt
is accruing interest daily at an annualized rate of 19%.

The Debtors say that the fund was used to finance construction
of a new semi-submersible single-lift vessel in China but some
US$47 million has not been used as of the Debtor's bankruptcy
filing.

The lenders have allowed the Debtors to use the remaining
US$3.5 million balance to fund their business operations and
agreed to waive any repayment penalty, if the US$43.5 million is
paid in full.  Failure to transfer of the amount could result in
a default.

A hearing has been set on April 4, 2008, 10:00 a.m., in
Courtroom 701, whether to approve the Debtors' request.

Objection to approval, if any, must be filed no later than
4:00 p.m. on March 28, 2008.

                        About Monitor Oil

Monitor Oil, P.L.C. -- htpp://www.monitoroil.com/ -- an oil
and gas service company that provides oil and gas production
solutions, offshore services and engineering services.  The
company and two of its affiliates,  Monitor Single Lift 1, Ltd.,
and Monitor US FinCo, Inc., filed for Chapter 11 Protection on
Nov. 21, 2007 (Bankr. S.D.N.Y. Case No. 07-13709).  Eric Lopez
Schnabel, Esq., at Dorsey & Whitney, L.L.P., represents the
Debtor.  The U.S. Trustee for Region 2 appointed five creditors
to serve on an Official Committee of Unsecured Creditors in the
Debtors' cases.  Ira L. Herman, Esq., at Thompson & Knight, LLP,
represents the Committee.  As of Dec. 31, 2007, the company
disclosed total assets of US$98,340,000 and total debts of
US$56,125,000.


NEIL MARTIN: NatWest Bank Appoints Receivers from KPMG
------------------------------------------------------
National Westminster Bank plc appointed Richard James Philpott
and Allan Watson Graham of KPMG LLP joint administrative
receivers of Neil Martin International Ltd. (Company Number
02976445) on March 6, 2008.

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

The company can be reached at:

          Neil Martin International Ltd.
          Brookside Way
          Sutton in Ashfield
          Nottinghamshire
          NG17 2NL
          England
          Tel: 01623 555 568
          Fax: 01623 446 250
          Web site: http://www.neilmartininternational.co.uk/


NORTEL NETWORKS: Plans 2,100 Job Cuts in the US and UK
------------------------------------------------------
Nortel Networks Corporation plans to abolish 2,100 jobs in the
United States and United Kingdom and relegate another 1,000 jobs
to India, China and Mexico by 2009, as part of its move to cut
costs and restructure operations, Regina Anthony of The Wall
Street Journal reports.

A greater number of the 1,000 jobs in contact center services,
managed services and consulting areas will be delegated in
India, WSJ reports.

According to various reports, Nortel recorded net losses of
US$957 million for 2007 and net loss of US$844 million in the
quarter ended December.

Wojtek Dabrowski cited that Nortel's shares slumped this week to
CA$6.45 on the Toronto Stock Exchange, the lowest since 1981.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate today's barriers to efficiency, speed and performance
by simplifying networks and connecting people to the information
they need, when they need it.  Nortel does business in more than
150 countries around the world.  Nortel Networks Limited is the
principal direct operating subsidiary of Nortel Networks
Corporation.

Nortel does business in more than 150 countries including
Indonesia, the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.

                          *    *    *

Nortel Networks Corp. still carries Moody's Investors Service's
'B3' Senior Unsecured Debt rating which was placed on March 22,
2007.


NORTHERN ROCK: Chairman Ron Sandler to Present Business Plan
------------------------------------------------------------
Ron Sandler, executive chairman of Northern Rock plc, is
expected to unveil a business plan for the bank this week,
Philip Aldrick writes for the Daily Telegraph.

According to the Daily Telegraph, the plan, which is aimed at
repaying Northern Rock's GBP25 billion taxpayer loan within
three years, was expected to go through the European regulators
for clearance yesterday, March 17, 2008.

Mr. Sandler, the Telegraph cites sources as saying, plans to cut
the bank's GBP113 billion loan book in half through writing
fewer mortgages and selling packages of assets under the plan,
the Daily Telegraph discloses.  He also plans to attract new
retail savings as it seeks to lure potential future buyers for
the bank.

Simon Ward, economist at fund manager New Star, told the
Telegraph that Northern Rock could repay GBP13 billion of its
mortgages and attract GBP10 billion of retail deposits this
year.  The Treasury, Mr. Ward added, expects the GBP25 billion
loan to fall to GBP14 billion by March 2009.

The plan however, also entails 2,000-2,500 job cuts.

"If there are any redundancies, we will be seeking redundancy
pay rates equivalent to the highest in the EU," Derek Simpson,
general secretary of Unite, declared.  In France it can cost up
to 10 times more to make worker redundant than in the UK," the
paper adds.

                     About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- deals with
mortgages, savings accounts, loans and insurance.  The company
also promotes secured loans to its existing mortgage customers.
The company had more than US$200 billion in assets at the end of
June 2007.

                          *     *     *

In December 2007, Moody's Investors Service downgraded to E+
from D+ Northern Rock's Bank Financial Strength Rating.  The E+
maps into a Baseline Credit Assessment of B1.

The bank's dated subordinated debt was downgraded to B1 from
Baa1 and the undated subordinated debt and Tier-1 securities
were downgraded to B3 from Baa1 and Baa3 respectively.  All of
these ratings have negative outlooks.  Northern Rock's short-
term rating was affirmed at Prime-1.


NORTHERN ROCK: Charity Arm Increases Grants to GBP11 Million
------------------------------------------------------------
The Northern Rock Foundation has decided to increase its grants
budget to GBP11 million after Northern Rock plc pledged to
continue donations, guaranteeing a minimum of GBP15 million per
year until 2010 amid nationalization, BBC News reports.

According to the report, Northern Rock, which got nationalized
on Feb. 21, 2008, sets aside 5% of its annual pre-tax profits
for donations.

"We now know that there will be a continued donation from
Northern Rock under its new ownership arrangements," Alastair
Balls, chairman of Northern Rock Foundation, was quoted by BBC
as saying.  "This is excellent news which means we can increase
our grant-making plans, initially by a further GBP4 million.

Among the voluntary organizations to benefit this year are
Tyneside Rape Crisis Centre, Hartlepool Parents in Need of
Support, Barnardo's, Care In Durham and DiGS (Cumbria) Ltd., BBC
relates.

Mr. Balls, BBC adds, is set to unveil how the additional funding
will be allocated in May.

                   About Northern Rock plc

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- deals with
mortgages, savings accounts, loans and insurance.  The company
also promotes secured loans to its existing mortgage customers.
The company had more than US$200 billion in assets at the end of
June 2007.

                          *     *     *

In December 2007, Moody's Investors Service downgraded to E+
from D+ Northern Rock's Bank Financial Strength Rating.  The E+
maps into a Baseline Credit Assessment of B1.

The bank's dated subordinated debt was downgraded to B1 from
Baa1 and the undated subordinated debt and Tier-1 securities
were downgraded to B3 from Baa1 and Baa3 respectively.  All of
these ratings have negative outlooks.  Northern Rock's short-
term rating was affirmed at Prime-1.


PIRANHA STUDIOS: Names Joint Administrators from PwC
----------------------------------------------------
Ian David Stokoe and Ian David Green of PricewaterhouseCoopers
LLP were appointed joint administrators of Piranha Studios Ltd.
(Company Number 02994849) on March 10, 2008.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.

The company can be reached at:

          Piranha Studios Ltd.
          Studio
          Benfield Road
          Newcastle Upon Tyne
          NE6 4NQ
          England
          Tel: 0191 224 4461
          Fax: 0191 224 4462
          Web site: http://www.piranhastudios.com/


POWERFRESH LTD: Appoints Begbies as Joint Administrators
--------------------------------------------------------
Gary Steven Pettit and Timothy John Edward Dolder of Begbies
Traynor (South) LLP were appointed joint administrators of
Powerfresh Ltd. (Company Number 01986938) on March 10, 2008.

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

The company can be reached at:

          Powerfresh Ltd.
          21 Rotherstorpe Crescent
          Northampton
          Northamptonshire
          NN4 8JD
          England
          Tel: 0845 130 4565
          Fax: 0845 130 4563


RAINBOW ACCIDENT: Taps Moore Stephens to Administer Assets
----------------------------------------------------------
Nigel Price and Colin Andrew Prescott of Moore Stephens LLP were
appointed joint administrators of Rainbow Accident Repair Centre
Ltd. (Company Number 03267618) on Feb. 22, 2008.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

The company can be reached at:

          Rainbow Accident Repair Centre Ltd.
          Nomex House
          Powke Lane
          Cradley Heath
          West Midlands
          B64 5PX
          England
          Tel: 01384263542
          Web site: http://www.rainbow-arc.co.uk/



REFCO INC: Faces US$263 Million Damage Suit in New York
-------------------------------------------------------
Sphinx Providence Ltd. has filed a US$263 million suit against
Refco Inc. and former CEO Phillip Bennett in the New York
Supreme Court, the Bloomberg News reports.

According to the report, Sphinx claims that it lost at least
US$263 million in hedge funds when Refco shut down in October
2005.  Sphinx also seeks unspecified funds lost in loans and
damages.

"Culpable defendants allowed Sphinx's cash to be used to support
a massive fraud orchestrated by Phillip Bennett," lawyers for
Sphinx said in court documents.

The lawsuit was filed by Sphinx's Cayman Islands liquidators,
Kenneth Krys and Christopher Stride.

The case is docketed as Kenneth Krys v. Christopher Sugrue,
600653/2008, New York Supreme Court (Manhattan).

                          About Refco

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.


ROO GROUP: Lars Kroijer Appointed as Independent Director
---------------------------------------------------------
Lars Kroijer was appointed to ROO Group Inc.'s board of
directors as an independent director.  The addition of Mr.
Kroijer brings the company's board of directors to a total of
six members, including three independent directors.

Mr. Kroijer, 36, is the CEO of Holte Capital Ltd., a London-
based special situations hedge fund which he founded in 2002.
Prior to establishing Holte Capital, Mr. Kroijer served in the
London office of HBK Investments focusing on special situations
investing and event-driven arbitrage.

In addition, he worked at SC Fundamental, a value-focused hedge
fund based in New York, and the investment banking division of
Lazard Freres in New York.  Mr. Kroijer graduated Magna Cumme
Laude from Harvard University and received a MBA from Harvard
Business School.

Mr. Kroijer was simultaneously appointed as chairman of ROO's
Compensation Committee.

"I have known Lars for over 15 years and believe his intellect,
oversight and knowledge of Wall Street will be of great value to
ROO going forward," Kaleil Isaza Tuzman, chairman and chief
executive officer of ROO Group, commented.

Additionally, the company disclosed that Steve Quinn, president
and chief operating officer resigned effective immediately.
Appointed head of network operations and product management,
Sean Coutts, will assume Mr. Quinn's overall operational
responsibilities.  Paula Balzer, head of sales and marketing,
will assume Mr. Quinn's sales coordination and business
development responsibilities.

The company also disclosed the release of 2 million shares to
News Corporation pursuant to the services agreement between the
companies of Jan. 25, 2007.  The shares released were already
outstanding, hence current total common shares outstanding
remains at 38.94 million.

Under this agreement, ROO issued shares to News Corporation
contingent on ROO's meeting revenue milestones related to its
provision of products and services to various units of News
Corporation.  The milestones have been met to date.

Under the terms of the original agreement, News Corporation
still has the ability to receive an additional 2 million of
ROO's common shares on Jan. 25, 2010, based on achieving a
separate, three-year revenue milestone.  The shares pursuant to
this final milestone have not yet been issued.  News Corporation
has not made a financial investment in ROO.

                        About ROO Group

Headquartered in New York, ROO Group Inc. (OTC BB: RGRP) --
http://www.roo.com/-- is a provider of digital media
solutions and advercasting technology that enables the
activation, marketing and distribution of digital media video
content over the Internet and emerging broadcasting platforms
such as set top boxes and mobile communication devices.   ROO
was founded in 2001 and went public in 2003.  ROO has over 100
employees with worldwide operations in New York, Los Angeles,
London and Australia.

                      Going Concern Doubt

Moore Stephens PC expressed substantial doubt about ROO Group
Inc.'s ability to continue as a going concern after auditing the
company's consolidated financial statements as of the years
ended Dec. 31, 2006, and 2005.  The auditing firm pointed to the
company's recurring losses and negative cash flows from
operations.


SCOTTISH RE: NYSE Regulation Suspends Shares from Trading
---------------------------------------------------------
Scottish Re Group Limited has received notification from NYSE
Regulation Inc. that its common stock and 7.25% non-cumulative
perpetual preferred stock was suspended March 14, 2008, prior to
the market opening.

NYSE Regulation also stated that an application to the
Securities and Exchange Commission to delist the Company is
pending completion of applicable procedures.

                       About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
Feb. 26, 2008, Fitch Ratings has downgraded Scottish Re Group
Limited's Issuer Default Rating to 'B' from 'BB-' and the
Insurer Financial Strength ratings of its primary operating
subsidiaries to 'BB' from 'BBB-'.  All ratings have been placed
on Rating Watch Negative with the exception of Scottish Re
Limited which has been placed on Rating Watch Evolving.

As reported in the Troubled Company Reporter-Europe on
Feb. 21, 2008, Moody's Investors Service placed Scottish Re
Group Limited's Senior unsecured  shelf of (P)Ba3; subordinate
shelf of (P)B1; junior subordinate shelf of (P)B1; preferred
stock of B2; and preferred stock shelf of (P)B2 ratings on
review for downgrade.

As reported in the Troubled Company Reporter-Europe on
Feb. 5, 2008, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B' from
'B+'.   At the same time, it lowered its counterparty credit and
financial strength ratings on Scottish Re's operating companies
to 'BB' from 'BB+' and also lowered the ratings on all these
companies' dependent unwrapped securitized deals by one notch.
In addition, S&P placed the ratings on all these companies on
CreditWatch with negative implications.


SIMPLY SAUSAGES: Brings In Smith & Williamson as Administrators
---------------------------------------------------------------
Stephen John Tancock and Stephen John Adshead of Smith &
Williamson Ltd. were appointed joint administrators of Simply
Sausages Retail Ltd. (Company Number 2913663) on March 4, 2008.

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

The company can be reached at:

          Simply Sausages Retail Ltd.
          Unit 13
          Bermondsey Trading Estate
          Rotherhithe
          London
          SE16 3LL
          England
          Tel: 020 7394 7776
          Fax: 020 7394 9477


SOHO SHEET: Claims Filing Period Ends August 31
-----------------------------------------------
Creditors of Soho Sheet Metal (Hanley) Ltd. have until
Aug. 31, 2008, to send in their full forenames and surnames,
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their solicitors (if
any), to:

         M. H. Abdulali
         Liquidator
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         England

M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on March 6 for the creditors' voluntary winding-up
procedure.


SPIRO-GILLS LTD: Names Joint Administrators from Menzies
--------------------------------------------------------
Philip Francis Duffy and Geoffrey Bouchier of Menzies Corporate
Restructuring were appointed joint administrators of Spiro-Gills
Ltd. (Company Number 01344190) on March 3, 2008.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

          Spiro-Gills Ltd.
          St. Albans Road
          Stafford
          ST16 3DR
          England
          Tel: 01785 254 554
          Fax: 01785 259 501


SUNKING FLOWERS: Appoints KPMG as Joint Administrators
------------------------------------------------------
Richard James Philpott and Mark Jeremy Orton of KPMG LLP were
appointed joint administrators of Sunking Flowers Ltd. (Company
Number 03478130) on Feb. 22, 2008.

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

The company can be reached at:

          Sunking Flowers Ltd.
          Manor Farm
          West Cobgate
          Moulton
          Spalding
          Lincolnshire
          PE12 6QN
          England


TATA MOTORS: Taps SBI as Lead Manager in Raising US$3 Billion
-------------------------------------------------------------
Tata Motors Ltd. has tapped the State Bank of India as sole lead
manager in raising US$3 billion, Hemang Palan of The Financial
Expres reports.

As previously reported, Tata Motors is seeking US$3 billion in
loans to fund its planned acquisition of Ford Motor Co.'s Jaguar
and Land Rover brands.

Tata Motors became the front-runner to buy Ford's Jaguar and
Land Rover, outbidding Mahindra & Mahindra in collaboration with
buyout firm Apollo; and One Equity Partners LLC.  A deal
for the sale is expected to be announced early March, but recent
reports say it will be delayed by more than 10 days.
According to the Indo-Asian News Service, a memorandum of sales
will now take place in the week beginning March 17.

"For Tata Motors' acquisition corpus, we have already initiated
the process for raising debt worth [US]$3 billion in the
overseas market through a syndicated approach," the report
quoted an unnamed SBI official as saying.  The Express says Tata
Group wants the acquisition corpus to be ready by April 10.

Tata Motors expects to raise the funds as a foreign exchange
bridge loan of 12 to 15 months at around 4.29% in the overseas
market, the SBI officer told the financial daily.  The unnamed
bank official is hopeful that even with tight liquidity
condition in the overseas market, SBI can raise the funds at
that interest rates without difficulty.

The bank officer further told the news agency that the other
banks that will pool the resources are Citi-bank, Standard
Chartered, BNP Paribas, JP Morgan, Tokyo Mitsubishi UFJ and
Mizuho Financial Group.  SBI may approach other Indin public
sector banks too, the spokesperson added.

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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


TATA MOTORS: Sees Improved Utility Vehicle Sales in FY2009
----------------------------------------------------------
Tata Motors Ltd. sees improved Utility Vehicle sales in fiscal
year 2009, the Press Trust of India reports.

The UV market grew by 10.3% this fiscal with volumes of about
2.18 lakh units, PTI quoted Tata Motors Head Utility Vehicles S.
G. Saxena as telling reporters.  This is expected to touch over
2.35 lakh in the upcoming fiscal, he added.

According to Mr. Saxena, Tata Motors expects that its UV sales
is even better than the industry growth with the company's new
products.

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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


ULTRA PLAY: Appoints Joint Administrators from P&A
--------------------------------------------------
Christopher Michael White and Andrew Philip Wood of The P&A
Partnership were appointed joint administrators of Ultra Play
Ltd. (Company Number 05493829) on March 4, 2008.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

The company can be reached at:

          Ultra Play Ltd.
          Aldwarke Lane
          Rotherham
          South Yorkshire
          S65 3SR
          England
          Tel: 01709721044


VERINE LTD: Brings In Joint Administrators from Vantis
------------------------------------------------------
Frank Wessely and James Paul Shaw of Vantis Business Recovery
Services were appointed joint administrators of Verine Ltd.
(Company Number 01071165) on Feb. 28, 2008.

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

The company can be reached at:

          Verine Ltd.
          52 Broton Drive
          Halstead
          Essex
          CO9 1HB
          England
          Tel: 01787 472 551
          Fax: 01787 476 589
          Web site: http://www.verine.co.uk/


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                               (85)       1,573      210


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CYPRUS
------
Cyprus Airways            CAIR       (30)         262      (97)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19

FRANCE
------
Arbel                     ARB       (150)         138      (96)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (67)         301      (13)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Outremer Telecom          OMT        (33)         229      (88)
Pagesjaunes GRP           PAJ     (2,718)       1,121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX       (18)         128      (22)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Babcock Borsig            BBX      (1608)         137   (1,309)
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (27)         177      (30)
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kabel Deutschland                 (1,199)        2280     (306)
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Schaltbau Hold            SLTG       (13)         185        3
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)

GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

ICELAND
-------
Decode Genetics Inc.      DCGN      (55)         216      146

IRELAND
-------
Elan Corp PLC             ELN      (235)         171       459
Waterford Wed Ut          WTFU     (145)         897       208


ITALY
-----
A.S. Roma S.p.A.          ASR        (12)         188      (49)
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE        (64)         529      (88)
Lazio S.p.A.              SSL        (32)         254      (33)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (39)         275       36
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


ROMANIA
-------
Rafo Onesti               RAF       (354)         475   (1,421)


RUSSIA
------
East Siberia Brd          VSNK       (79)         107     (278)
Omskij Kauchu             OMKA        (4)         125   (1,794)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                  ZILLP     (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41


TURKEY
------
Nergis Holding                       (24)         125       26
Turk Tuborg              TBORG        (1)         153     (109)
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dniprooblenergo           DNON       (40)         477     (807)
Donetskoblenergo          DOON      (286)         597   (1,991)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd                (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Carlisle Group                       (12)         204       15
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST      (108)         595      (61)
Dowson Holding            DWN        (18)         226       31
Dignity Plc               DTY        (55)         552       36
Easybroker PLC                        (1)         287       (1)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (296)
Galiform Plc              GFRM      (152)         889       35
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV        (26)       1,273     (277)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                        (276)       3,914      357
Jarvis Plc                JRVS.L     (28)         370      (22)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3
London and Overs                  (1,507)         397      N.A.
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Pii Group Ltd                        (84)         236      (47)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)       3,507     (457)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP        (95)         211        2
Spirit Group                         (75)         365      (56)
Telereal Security                    (35)       3,418     1,948
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Trio Finance              TRIO       (14)         592      N.A.
Unilever U.K. Cent.               (1,170)       4,509       82
Upperpoint Manufac.                  (10)         280      (10)
Webley Stadium                       (55)       1,561      (45)
Wincanton Plc             WIN        (27)       1,451      (78)

                            *********

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 * * *